10-Q 1 asb-20240331.htm 10-Q asb-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2024
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to 
Commission file number: 001-31343

Associated Banc-Corp
(Exact name of registrant as specified in its charter)
Wisconsin39-1098068
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
433 Main Street
Green Bay,Wisconsin54301
(Address of principal executive offices)(Zip Code)
(920) 491-7500
(Registrant’s telephone number, including area code)
(not applicable)
(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareASBNew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs EASB PrENew York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs FASB PrFNew York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033ASBANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☑        No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☑        No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer ☐
Non-accelerated filer  ☐Smaller reporting company  ☐
Emerging growth company ☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐        No  ☑
APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at April 26, 2024 was 150,766,697.
1

ASSOCIATED BANC-CORP
Table of Contents

2

ASSOCIATED BANC-CORP
Commonly Used Terms
The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document:
ACLLAllowance for Credit Losses on Loans
AFSAvailable for Sale
ALCO Asset / Liability Committee
ASUAccounting Standards Update
the BankAssociated Bank, National Association
Basel IIIInternational framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bpbasis point(s)
BTFPBank Term Funding Program
CDsCertificates of Deposit
CDIsCore Deposit Intangibles
CECLCurrent Expected Credit Losses
CET1Common Equity Tier 1
CFPBConsumer Financial Protection Bureau
Corporation / ourAssociated Banc-Corp collectively with all of its subsidiaries and affiliates
CRACommunity Reinvestment Act
CRECommercial Real Estate
EAREarnings at Risk
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FFELPFederal Family Education Loan Program
FHLBFederal Home Loan Bank
FHLMCFederal Home Loan Mortgage Corporation
FICOFair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
FNMAFederal National Mortgage Association
FTEsFull-time equivalent employees
FTPFunds Transfer Pricing
GAAPGenerally Accepted Accounting Principles
GNMAGovernment National Mortgage Association
GSEGovernment-Sponsored Enterprise
HTMHeld to Maturity
LTVLoan-to-Value
Moody's
Moody’s Investors Service
MSRsMortgage Servicing Rights
MVEMarket Value of Equity
NAVMeasured at fair value using Net Asset Value per share (or its equivalent) as a practical expedient
Net Free FundsNoninterest-bearing sources of funds
NPAsNonperforming Assets
OCIOther Comprehensive Income
OREOOther Real Estate Owned
Parent CompanyAssociated Banc-Corp individually
RAPRetirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
3

Repurchase AgreementsSecurities sold under agreements to repurchase
Restricted Stock AwardsRestricted common stock and restricted common stock units to certain key employees
Retirement Eligible ColleaguesColleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan
ROCET1
Return on Common Equity Tier 1
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
Series E Preferred StockThe Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred StockThe Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFRSecured Overnight Finance Rate
YTDYear-to-Date

4
PART I - FINANCIAL INFORMATION
ITEM 1.Financial Statements:
ASSOCIATED BANC-CORP
Consolidated Balance Sheets
 Mar 31, 2024Dec 31, 2023
 (In thousands, except share and per share data)
(Unaudited)(Audited)
Assets
Cash and due from banks$429,859 $484,384 
Interest-bearing deposits in other financial institutions420,114 425,089 
Federal funds sold and securities purchased under agreements to resell1,610 14,350 
AFS investment securities, at fair value3,724,148 3,600,892 
HTM investment securities, net, at amortized cost3,832,967 3,860,160 
Equity securities19,571 41,651 
FHLB and Federal Reserve Bank stocks, at cost173,968 229,171 
Residential loans held for sale52,414 33,011 
Commercial loans held for sale— 90,303 
Loans29,494,263 29,216,218 
Allowance for loan losses(356,006)(351,094)
Loans, net29,138,257 28,865,124 
Tax credit and other investments255,252 258,067 
Premises and equipment, net367,618 372,978 
Bank and corporate owned life insurance685,089 682,649 
Goodwill1,104,992 1,104,992 
Other intangible assets, net38,268 40,471 
Mortgage servicing rights, net85,226 84,390 
Interest receivable167,092 169,569 
Other assets640,638 658,604 
Total assets$41,137,084 $41,015,855 
Liabilities and stockholders' equity
Noninterest-bearing demand deposits$6,254,135 $6,119,956 
Interest-bearing deposits27,459,023 27,326,093 
Total deposits33,713,158 33,446,049 
Short-term funding765,671 326,780 
FHLB advances1,333,411 1,940,194 
Other long-term funding536,055 541,269 
Allowance for unfunded commitments31,776 34,776 
Accrued expenses and other liabilities588,341 552,814 
Total liabilities$36,968,412 $36,841,882 
Stockholders’ equity
Preferred equity$194,112 $194,112 
Common equity
Common stock$1,752 $1,752 
Surplus1,708,652 1,714,822 
Retained earnings2,991,571 2,946,805 
Accumulated other comprehensive (loss)(209,881)(171,096)
Treasury stock, at cost(517,533)(512,421)
Total common equity3,974,561 3,979,861 
Total stockholders’ equity4,168,673 4,173,973 
Total liabilities and stockholders’ equity$41,137,084 $41,015,855 
Preferred shares authorized (par value $1.00 per share)
750,000 750,000 
Preferred shares issued and outstanding200,000 200,000 
Common shares authorized (par value $0.01 per share)
250,000,000 250,000,000 
Common shares issued175,216,409 175,216,409 
Common shares outstanding150,738,678 151,036,674 
Numbers may not sum due to rounding.

See accompanying notes to consolidated financial statements.
5
Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Income (Unaudited)
 Three Months Ended Mar 31,
 (In thousands, except per share data)
20242023
Interest income
Interest and fees on loans$454,472 $391,320 
Interest and dividends on investment securities
Taxable46,548 30,142 
Tax-exempt14,774 16,025 
Other interest7,595 5,329 
Total interest income523,388 442,817 
Interest expense
Interest on deposits226,231 109,422 
Interest on federal funds purchased and securities sold under agreements to repurchase2,863 3,143 
Interest on other short-term funding4,708 — 
Interest on FHLB advances21,671 49,960 
Interest on long-term funding10,058 6,281 
Total interest expense265,530 168,807 
Net interest income257,858 274,010 
Provision for credit losses24,001 17,971 
Net interest income after provision for credit losses233,857 256,039 
Noninterest income
Wealth management fees21,694 20,189 
Service charges and deposit account fees12,439 12,994 
Card-based fees11,267 10,586 
Other fee-based revenue4,402 4,276 
Capital markets, net4,050 5,083 
Mortgage banking, net2,662 3,545 
Bank and corporate owned life insurance 2,570 2,664 
Asset (losses) gains, net(306)263 
Investment securities gains, net3,879 51 
Other2,327 2,422 
Total noninterest income64,985 62,073 
Noninterest expense
Personnel119,395 116,420 
Technology26,200 23,598 
Occupancy13,633 15,063 
Business development and advertising6,517 5,849 
Equipment4,599 4,930 
Legal and professional4,672 3,857 
Loan and foreclosure costs1,979 1,138 
FDIC assessment13,946 6,875 
Other intangible amortization2,203 2,203 
Other4,513 7,479 
Total noninterest expense197,657 187,412 
Income before income taxes101,185 130,700 
Income tax expense20,016 27,340 
Net income81,169 103,360 
Preferred stock dividends2,875 2,875 
Net income available to common equity$78,294 $100,485 
Earnings per common share
Basic$0.52 $0.67 
Diluted$0.52 $0.66 
Average common shares outstanding
Basic149,855 149,763 
Diluted151,292 151,128 
Numbers may not sum due to rounding.
See accompanying notes to consolidated financial statements.
6
Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended Mar 31,
($ in thousands)20242023
Net income$81,169 $103,360 
Other comprehensive income (loss), net of tax
AFS investment securities
Net unrealized (losses) gains(29,889)36,478 
Amortization of net unrealized losses on AFS securities transferred to HTM securities2,060 2,267 
Reclassification adjustment for net losses realized in net income197 — 
Income tax benefit (expense)6,885 (9,892)
Other comprehensive (loss) income on AFS securities(20,746)28,853 
Cash flow hedge derivatives
Net unrealized (losses) gains(19,461)13,763 
Reclassification adjustment for net losses realized in net income4,823 1,262 
Income tax (expense)(1,688)(4,694)
Other comprehensive (loss) income on cash flow hedge derivatives(16,326)10,331 
Defined benefit pension and postretirement obligations
Amortization of prior service cost(72)(81)
Amortization of actuarial (gain) loss(7)30 
Income tax (expense) benefit(1,633)79 
Other comprehensive (loss) income on pension and postretirement obligations(1,712)27 
Total other comprehensive (loss) income(38,785)39,211 
Comprehensive income$42,384 $142,571 
Numbers may not sum due to rounding.
See accompanying notes to consolidated financial statements.

7
Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(In thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings		Accumulated
Other
Comprehensive
 (Loss)		Treasury StockTotal
Balance, December 31, 2023$194,112 $1,752 $1,714,822 $2,946,805 $(171,096)$(512,421)$4,173,973 
Comprehensive income:
Net income— — — 81,169 — — 81,169 
Other comprehensive (loss)— — — — (38,785)— (38,785)
Comprehensive income42,384 
Common stock issued:
Stock-based compensation plans, net— — (13,839)— — 17,749 3,910 
Purchase of treasury stock, open market purchases— — — — — (18,289)(18,289)
Purchase of treasury stock, stock-based compensation plans— — — — — (4,572)(4,572)
Cash dividends:
Common stock, $0.22 per share— — — (33,527)— — (33,527)
Preferred stock(a)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 7,669 — — — 7,669 
Balance, March 31, 2024$194,112 $1,752 $1,708,652 $2,991,571 $(209,881)$(517,533)$4,168,673 
Numbers may not sum due to rounding.
(a) Series E, $0.3671875 per share; and Series F, $0.3515625 per share.

(In thousands, except per share data)Preferred EquityCommon StockSurplusRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Treasury StockTotal
Balance, December 31, 2022$194,112 $1,752 $1,712,733 $2,904,882 $(272,799)$(525,190)$4,015,490 
Comprehensive income:
Net income— — — 103,360 — — 103,360 
Other comprehensive income— — — — 39,211 — 39,211 
Comprehensive income142,571 
Common stock issued:
Stock-based compensation plans, net— — (12,612)— — 14,379 1,766 
Purchase of treasury stock, stock-based compensation plans— — — — — (5,362)(5,362)
Cash dividends:
Common stock, $0.21 per share— — — (32,013)— — (32,013)
Preferred stock(a)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 6,086 — — — 6,086 
Balance, March 31, 2023$194,112 $1,752 $1,706,206 $2,973,354 $(233,588)$(516,173)$4,125,663 
Numbers may not sum due to rounding.
(a) Series E, $0.3671875 per share; and Series F, $0.3515625 per share.

See accompanying notes to consolidated financial statements.




8
Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended Mar 31,
 ($ in thousands)
20242023
Cash flows from operating activities
Net income$81,169 $103,360 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses24,001 17,971 
Depreciation and amortization12,352 11,425 
Change in MSRs valuation(1,646)1,857 
Amortization of other intangible assets2,203 2,203 
Amortization and accretion on earning assets, funding, and other, net10,673 338 
Net amortization of tax credit investments8,990 8,574 
(Gains) on sales of investment securities, net(3,857)— 
Asset losses (gains), net306 (263)
(Gains) loss on mortgage banking activities, net(22)251 
Mortgage loans originated and acquired for sale(105,394)(69,254)
Proceeds from sales of mortgage loans held for sale91,026 54,652 
Changes in certain assets and liabilities:
Decrease (increase) in interest receivable2,477 (7,955)
Increase in interest payable15,590 14,775 
(Decrease) in expense payable(30,827)(52,396)
Increase (decrease) in net derivative position35,008 (42,403)
Net change in other assets and other liabilities12,453 4,336 
Net cash provided by operating activities154,500 47,470 
Cash flows from investing activities
Net (increase) in loans(222,656)(414,268)
Purchases of:
AFS securities(341,275)(681,386)
HTM securities— (41,524)
FHLB and Federal Reserve Bank stocks and equity securities(16,585)(56,892)
Proceeds from:
Sales of AFS securities9,472 — 
Sale of FHLB and Federal Reserve Bank stocks and equity securities98,005 15,765 
Prepayments, calls, and maturities of AFS securities 176,266 79,746 
Prepayments, calls, and maturities of HTM securities 28,026 33,053 
Sales, prepayments, calls, and maturities of other assets4,337 10,115 
Premises, equipment, and software(8,500)(13,898)
Net change in tax credit and alternative investments(2,409)(7,033)
Net cash (used in) investing activities(275,320)(1,076,322)
Cash flows from financing activities
Net increase in deposits267,109 695,723 
Net increase (decrease) in short-term funding438,891 (379,329)
Net (decrease) increase in short-term FHLB advances(602,000)660,000 
Repayment of long-term FHLB advances(664)(507)
Proceeds from long-term FHLB advances619 115 
Proceeds from issuance of long-term funding— 292,740 
(Repayment) of finance lease principal(22)(21)
Proceeds from issuance of common stock for stock-based compensation plans3,910 1,766 
Purchase of treasury stock, open market purchases(18,289)— 
Purchase of treasury stock, stock-based compensation plans(4,572)(5,362)
Cash dividends on common stock(33,527)(32,013)
Cash dividends on preferred stock(2,875)(2,875)
Net cash provided by financing activities48,580 1,230,238 
Net (decrease) increase in cash and cash equivalents(72,239)201,385 
Cash and cash equivalents at beginning of period923,823 621,455 
Cash and cash equivalents at end of period(a)
$851,583 $822,840 
Numbers may not sum due to rounding.
(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero.
9
ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended Mar 31,
 ($ in thousands)
20242023
Supplemental disclosures of cash flow information
Cash paid for interest$249,660 $153,760 
Cash paid for income and franchise taxes1,995 1,086 
Loans and bank premises transferred to OREO577 3,599 
Capitalized mortgage servicing rights877 474 
Loans transferred (from) into held for sale from (into) portfolio, net(86,096)94 
Fair value adjustments on hedged long-term FHLB advances and subordinated debt10,210 (10,724)
Fair value adjustments on foreign currency exchange forwards2,708 (341)
Fair value adjustment on cash flow hedges(16,326)10,331 

10
Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Notes to Consolidated Financial Statements
These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2023 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim consolidated financial statements.
Note 1 Basis of Presentation
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation and Parent Company for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. Management has evaluated subsequent events for potential recognition or disclosure.
Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes.
Note 2 Summary of Significant Accounting Policies
The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2023 Annual Report on Form 10-K.
New Accounting Pronouncements Adopted
StandardDescriptionDate of adoptionEffect on financial statements
ASU 2023-02 Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization MethodThe amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update also remove certain guidance for Qualified Affordable Housing Project investments and require the application of the delayed equity contribution guidance to all tax equity investments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and must be applied on either a modified retrospective or a retrospective basis. Early adoption is permitted in any interim period, however if adopted in an interim period the entity shall adopt the amendments in this update as of the beginning of the fiscal year that includes the interim period.1st Quarter 2024The Corporation has determined the impact on its results of operation, financial position, liquidity, and disclosures is immaterial.
11
Future Accounting Pronouncements
The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review.
StandardDescriptionDate of anticipated adoptionEffect on financial statements
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThe amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.Fiscal year 2024 and interim periods beginning in 1st quarter 2025The Corporation is currently evaluating the impact on its disclosures.
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax DisclosuresThe amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted.1st Quarter 2025The Corporation is currently evaluating the impact on its disclosures.
Note 3 Earnings Per Common Share
Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:
 Three Months Ended Mar 31,
 ($ in thousands, except per share data)20242023
Net income$81,169 $103,360 
Preferred stock dividends(2,875)(2,875)
Net income available to common equity$78,294 $100,485 
Common shareholder dividends(33,407)(31,808)
Unvested share-based payment awards(120)(205)
Undistributed earnings$44,767 $68,472 
Undistributed earnings allocated to common shareholders$44,524 $68,086 
Undistributed earnings allocated to unvested share-based payment awards242 386 
Undistributed earnings$44,767 $68,472 
Basic
Distributed earnings to common shareholders$33,407 $31,808 
Undistributed earnings allocated to common shareholders44,524 68,086 
Total common shareholders earnings, basic$77,932 $99,894 
Diluted
Distributed earnings to common shareholders$33,407 $31,808 
Undistributed earnings allocated to common shareholders44,524 68,086 
Total common shareholders earnings, diluted$77,932 $99,894 
Weighted average common shares outstanding149,855 149,763 
Effect of dilutive common stock awards1,436 1,365 
Diluted weighted average common shares outstanding151,292 151,128 
Basic earnings per common share$0.52 $0.67 
Diluted earnings per common share$0.52 $0.66 
12
Approximately 2 million anti-dilutive common stock options were excluded from the earnings per common share calculations for both the three months ended March 31, 2024 and 2023.
Note 4 Stock-Based Compensation
The fair values of stock options and restricted stock awards are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2017 Incentive Compensation Plan and the 2020 Incentive Compensation Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.
A summary of the Corporation’s stock option activity for the three months ended March 31, 2024 is presented below:
Stock Options
Shares(a)
Weighted Average
Exercise Price		Weighted Average Remaining Contractual Term
Aggregate Intrinsic Value(a)
Outstanding at December 31, 20233,792 $21.25 4.26 years$5,834 
Exercised179 17.27 
Outstanding at March 31, 20243,613 $21.45 4.08 years$5,299 
Options Exercisable at March 31, 20243,613 $21.45 4.08 years$5,299 
(a) In thousands
Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the three months ended March 31, 2024, the intrinsic value of stock options exercised was approximately $722,000, compared to approximately $219,000 for the three months ended March 31, 2023. For the three months ended March 31, 2024, the total fair value of stock options vested was approximately $489,000 compared to approximately $955,000 for the three months ended March 31, 2023.
The Corporation also has issued time-based and performance-based restricted stock awards under the 2017 Incentive Compensation Plan and subsequent 2020 Incentive Compensation Plan. Performance awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.
The following table summarizes information about the Corporation’s restricted stock awards activity for the three months ended March 31, 2024:
Restricted Stock
Shares(a)
Weighted Average
Grant Date Fair Value
Outstanding at December 31, 20232,349 $21.20 
Granted802 21.00 
Vested631 24.39 
Forfeited4 22.05 
Outstanding at March 31, 20242,516 $21.33 
(a) In thousands
The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2023 and 2024 will cliff-vest after the three year performance period has ended. Service-based restricted stock awards granted during 2023 and 2024 will generally vest ratably over a period of four years. Expense for restricted stock awards of $8 million was recorded for the three months ended March 31, 2024, compared to $6 million for the three months ended March 31, 2023. Included in compensation expense for the first three months of 2024 was $3 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $30 million of unrecognized compensation costs related to restricted stock awards at March 31, 2024 that are expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2028.
The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.
13
Note 5 Investment Securities
Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at March 31, 2024 were as follows:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
U.S. Treasury securities$39,985 $— $(4,427)$35,558 
Obligations of state and political subdivisions (municipal securities)83,823 1 (2,995)80,830 
Residential mortgage-related securities:
FNMA/FHLMC1,247,657 221 (156,880)1,090,998 
GNMA2,219,058 6,114 (10,658)2,214,513 
Commercial mortgage-related securities:
FNMA/FHLMC18,603 — (1,595)17,008 
GNMA159,523 — (7,291)152,232 
Asset backed securities:
FFELP130,196 22 (1,065)129,154 
SBA916 1 (28)890 
Other debt securities3,000 — (35)2,965 
Total AFS investment securities$3,902,762 $6,359 $(184,973)$3,724,148 
HTM investment securities
U.S. Treasury securities$999 $— $(30)$969 
Obligations of state and political subdivisions (municipal securities)1,676,275 2,292 (154,833)1,523,734 
Residential mortgage-related securities:
FNMA/FHLMC930,148 26,023 (184,227)771,944 
GNMA48,043 24 (3,609)44,457 
Private-label341,153 9,399 (69,484)281,069 
Commercial mortgage-related securities:
FNMA/FHLMC779,310 12,068 (162,450)628,928 
GNMA57,114 338 (7,270)50,183 
Total HTM investment securities$3,833,043 $50,145 $(581,903)$3,301,284 


14
The amortized cost and fair values of AFS and HTM securities at December 31, 2023 were as follows:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
U.S. Treasury securities$39,984 $— $(4,083)$35,902 
Obligations of state and political subdivisions (municipal securities)94,008 23 (2,214)91,817 
Residential mortgage-related securities:
FNMA/FHLMC1,274,052 294 (153,552)1,120,794 
GNMA2,021,242 24,254 (2,822)2,042,675 
Commercial mortgage-related securities:
FNMA/FHLMC18,691 — (1,755)16,937 
GNMA161,928 — (7,135)154,793 
Asset backed securities:
FFELP135,832 5 (1,862)133,975 
SBA1,077 2 (28)1,051 
Other debt securities3,000 — (50)2,950 
Total AFS investment securities$3,749,814 $24,579 $(173,501)$3,600,892 
HTM investment securities
U.S. Treasury securities$999 $— $(36)$963 
Obligations of state and political subdivisions (municipal securities)1,682,473 5,638 (134,053)1,554,059 
Residential mortgage-related securities:
FNMA/FHLMC941,973 27,007 (164,587)804,393 
GNMA48,979 92 (2,901)46,170 
Private-label345,083 9,796 (65,372)289,507 
Commercial mortgage-related securities:
FNMA/FHLMC780,995 12,699 (160,781)632,914 
GNMA59,733 386 (7,500)52,619 
 Total HTM investment securities$3,860,235 $55,619 $(535,230)$3,380,624 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at March 31, 2024, are shown below:
 AFSHTM
($ in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$1,915 $1,902 $11,061 $11,011 
Due after one year through five years47,142 42,470 58,092 57,522 
Due after five years through ten years50,863 48,613 166,954 162,309 
Due after ten years26,888 26,368 1,441,167 1,293,862 
Total debt securities126,808 119,353 1,677,274 1,524,703 
Residential mortgage-related securities:
FNMA/FHLMC1,247,657 1,090,998 930,148 771,944 
GNMA2,219,058 2,214,513 48,043 44,457 
Private-label— — 341,153 281,069 
Commercial mortgage-related securities:
FNMA/FHLMC18,603 17,008 779,310 628,928 
GNMA159,523 152,232 57,114 50,183 
Asset backed securities:
FFELP 130,196 129,154 — — 
SBA916 890 — — 
Total investment securities$3,902,762 $3,724,148 $3,833,043 $3,301,284 
Ratio of fair value to amortized cost95.4 %86.1 %
15
On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at March 31, 2024:
($ in thousands)AAAAAANot RatedTotal
U.S. Treasury securities$999 $— $— $— $999 
Obligations of state and political subdivisions (municipal securities)768,220 901,215 5,685 1,154 1,676,275 
Residential mortgage-related securities:
FNMA/FHLMC930,148 — — — 930,148 
GNMA48,043 — — — 48,043 
Private-label341,153 — — — 341,153 
Commercial mortgage-related securities:
FNMA/FHLMC779,310 — — — 779,310 
GNMA 57,114 — — — 57,114 
Total HTM securities$2,924,988 $901,215 $5,685 $1,154 $3,833,043 
The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2023:
($ in thousands)AAAAAANot RatedTotal
U.S. Treasury securities$999 $— $— $— $999 
Obligations of state and political subdivisions (municipal securities)760,329 915,303 5,687 1,155 1,682,473 
Residential mortgage-related securities:
FNMA/FHLMC941,973 — — — 941,973 
GNMA48,979 — — — 48,979 
Private-label345,083 — — — 345,083 
Commercial mortgage-related securities:
FNMA/FHLMC780,995 — — — 780,995 
GNMA 59,733 — — — 59,733 
Total HTM securities$2,938,090 $915,303 $5,687 $1,155 $3,860,235 
The following table summarizes gross realized gains and losses on AFS securities, the gain on sale and net write-up of equity securities, and proceeds from the sale of AFS investment securities for the three months ended March 31, 2024 and 2023:
Three Months Ended Mar 31,
($ in thousands)20242023
Gross realized (losses) on AFS securities$(197)$— 
Gain on sale and net write-up (down) of equity securities4,076 51 
Investment securities gains (losses), net$3,879 $51 
Proceeds from sales of AFS investment securities$9,472 $— 
During the first quarter of 2024, the Corporation sold its remaining Visa Class B restricted shares at a gain of $4 million.
Investment securities with a carrying value of $1.5 billion and $1.6 billion at March 31, 2024 and December 31, 2023, respectively, were pledged as required to secure certain deposits or for other purposes.
Accrued interest receivable on HTM securities totaled $16 million and $18 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on AFS securities totaled $16 million and $15 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.
The allowance for credit losses on HTM securities was approximately $76,000 at March 31, 2024 and approximately $75,000 at December 31, 2023, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 15% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.

16
The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at March 31, 2024:
 Less than 12 months12 months or moreTotal
($ in thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
AFS investment securities
U.S. Treasury securities— $— $— 1 $(4,427)$35,558 $(4,427)$35,558 
Obligations of state and political subdivisions (municipal securities)27 (218)13,847 108 (2,777)64,217 (2,995)78,064 
Residential mortgage-related securities:
FNMA/FHLMC24 (694)31,375 71 (156,185)1,045,343 (156,880)1,076,718 
GNMA59 (7,016)1,122,930 10 (3,643)105,462 (10,658)1,228,391 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,595)17,008 (1,595)17,008 
GNMA1 (337)13,668 30 (6,954)138,564 (7,291)152,232 
Asset backed securities:
FFELP2 (116)40,177 12 (949)75,411 (1,065)115,588 
SBA— — — 5 (28)677 (28)677 
Other debt securities1 (7)993 2 (28)1,972 (35)2,965 
Total114 $(8,388)$1,222,990 240 $(176,585)$1,484,212 $(184,973)$2,707,201 
HTM investment securities
U.S. Treasury securities— $— $— 1 $(30)$969 $(30)$969 
Obligations of state and political subdivisions (municipal securities)287 (2,536)324,576 653 (152,297)916,225 (154,833)1,240,801 
Residential mortgage-related securities:
FNMA/FHLMC5 (40)3,489 113 (184,186)768,182 (184,227)771,671 
GNMA6 (99)8,674 79 (3,511)34,346 (3,609)43,020 
Private-label— — — 18 (69,484)281,069 (69,484)281,069 
 Commercial mortgage-related securities:
FNMA/FHLMC1 (263)8,003 44 (162,187)620,926 (162,450)628,928 
GNMA— — — 13 (7,270)50,183 (7,270)50,183 
Total299 $(2,938)$344,741 921 $(578,965)$2,671,899 $(581,903)$3,016,640 
17
For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2023:
 Less than 12 months12 months or moreTotal
($ in thousands)Number
of
Securities		Unrealized
(Losses)		Fair
Value		Number
of
Securities		Unrealized
(Losses)		Fair
Value		Unrealized
(Losses)		Fair
Value
AFS investment securities
U.S. Treasury securities— $— $— 1 $(4,083)$35,902 $(4,083)$35,902 
Obligations of state and political subdivisions (municipal securities)41 (347)23,762 92 (1,867)53,022 (2,214)76,784 
Residential mortgage-related securities:
FNMA/FHLMC18 (333)22,870 71 (153,219)1,080,337 (153,552)1,103,207 
GNMA13 (924)156,847 5 (1,898)26,643 (2,822)183,490 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,755)16,937 (1,755)16,937 
GNMA9 (3,160)103,055 22 (3,975)51,738 (7,135)154,793 
Asset backed securities:
FFELP— — — 14 (1,862)125,339 (1,862)125,339 
SBA— — — 5 (28)761 (28)761 
Other debt securities1 (9)991 2 (42)1,958 (50)2,950 
Total82 $(4,773)$307,527 213 $(168,728)$1,392,635 $(173,501)$1,700,162 
HTM investment securities
U.S. Treasury securities— $— $— 1 $(36)$963 $(36)$963 
Obligations of state and political subdivisions (municipal securities)182 (1,535)180,270 537 (132,518)792,940 (134,053)973,210 
Residential mortgage-related securities:
FNMA/FHLMC20 (511)30,323 94 (164,076)771,042 (164,587)801,365 
GNMA2 (17)2,128 78 (2,884)34,626 (2,901)36,754 
Private-label— — — 18 (65,372)289,507 (65,372)289,507 
Commercial mortgage-related securities:
FNMA/FHLMC1 (121)8,144 44 (160,660)624,770 (160,781)632,914 
GNMA— — — 13 (7,500)52,619 (7,500)52,619 
Total205 $(2,184)$220,865 785 $(533,046)$2,566,468 $(535,230)$2,787,333 
The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in this impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.
Based on the Corporation’s evaluation, management does not believe any unrealized losses at March 31, 2024 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of March 31, 2024, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.
FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member bank of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $86 million and $143 million at March 31, 2024 and December 31, 2023, respectively. The Corporation had Federal Reserve Bank stock of $88 million and $87 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on FHLB stock totaled $2 million and $4 million at March 31, 2024 and December 31, 2023, respectively. There was approximately $921,000 of accrued interest receivable on Federal Reserve Bank Stock at March 31, 2024 and none at December 31, 2023. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.
18
Equity Securities
Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of CRA Qualified Investment mutual funds and other mutual funds. The Corporation had equity securities with readily determinable fair values of $7 million at both March 31, 2024 and December 31, 2023.
Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $13 million and $35 million at March 31, 2024 and December 31, 2023, respectively. During the first quarter of 2024, the Corporation sold all of its remaining Visa Class B restricted shares.
Note 6 Loans
The period end loan composition was as follows:
($ in thousands)Mar 31, 2024Dec 31, 2023
Commercial and industrial$9,858,329 $9,731,555 
Commercial real estate — owner occupied1,095,894 1,061,700 
Commercial and business lending10,954,223 10,793,255 
Commercial real estate — investor5,035,195 5,124,245 
Real estate construction2,287,041 2,271,398 
Commercial real estate lending7,322,237 7,395,644 
Total commercial18,276,460 18,188,898 
Residential mortgage7,868,180 7,864,891 
Auto finance2,471,257 2,256,162 
Home equity619,764 628,526 
Other consumer258,603 277,740 
Total consumer11,217,802 11,027,319 
Total loans$29,494,263 $29,216,218 
Accrued interest receivable on loans totaled $133 million at March 31, 2024, and $132 million at December 31, 2023, and is included in interest receivable on the consolidated balance sheets. Interest accrued but not received is reversed against interest income when a loan is placed on nonaccrual.

19
The following table presents loans by credit quality indicator by origination year at March 31, 2024:
Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost BasisYTD 20242023202220212020PriorTotal
Commercial and industrial:
Risk rating:
Pass$279 $1,732,197 $318,587 $1,758,151 $2,806,636 $1,701,638 $380,164 $774,950 $9,472,322 
Special mention— 14,287 — 13,305 24,216 27,909 3,392 865 83,973 
Substandard434 23,288 44,013 2,283 82,394 59,491 17,184 1,138 229,791 
Nonaccrual3,157 — 2,938 12,629 14,495 17,599 — 24,582 72,243 
Commercial and industrial$3,869 $1,769,772 $365,538 $1,786,369 $2,927,740 $1,806,637 $400,739 $801,535 $9,858,329 
Commercial real estate - owner occupied:
Risk rating:
Pass$— $11,455 $56,257 $196,065 $191,357 $234,852 $133,883 $218,224 $1,042,093 
Special mention— 94 — — — — — — 94 
Substandard— 950 2,667 18,003 2,083 12,376 8,423 7,114 51,616 
Nonaccrual— — 722 1,368 — — — — 2,090 
Commercial real estate - owner occupied$— $12,500 $59,646 $215,436 $193,440 $247,228 $142,306 $225,339 $1,095,894 
Commercial and business lending:
Risk rating:
Pass$279 $1,743,652 $374,844 $1,954,216 $2,997,992 $1,936,490 $514,047 $993,174 $10,514,415 
Special mention— 14,381 — 13,305 24,216 27,909 3,392 865 84,068 
Substandard434 24,239 46,680 20,286 84,477 71,867 25,606 8,252 281,408 
Nonaccrual3,157 — 3,659 13,997 14,495 17,599 — 24,582 74,333 
Commercial and business lending$3,869 $1,782,272 $425,184 $2,001,805 $3,121,180 $2,053,865 $543,045 $1,026,873 $10,954,223 
Commercial real estate - investor:
Risk rating:
Pass$— $131,383 $196,066 $1,162,643 $1,274,328 $1,014,759 $418,534 $550,600 $4,748,313 
Special mention— 502 — — 22,494 9,238 — 35,614 67,848 
Substandard— — 38,662 94,918 33,540 25,949 975 6,293 200,338 
Nonaccrual— — — — — — — 18,697 18,697 
Commercial real estate - investor$— $131,886 $234,727 $1,257,561 $1,330,362 $1,049,946 $419,509 $611,204 $5,035,195 
Real estate construction:
Risk rating:
Pass$— $24,266 $58,519 $474,768 $1,177,598 $494,047 $45,034 $12,792 $2,287,023 
Nonaccrual— — — — — — — 18 18 
Real estate construction$— $24,266 $58,519 $474,768 $1,177,598 $494,047 $45,034 $12,810 $2,287,041 
Commercial real estate lending:
Risk rating:
Pass$— $155,649 $254,585 $1,637,410 $2,451,926 $1,508,806 $463,568 $563,392 $7,035,336 
Special mention— 502 — — 22,494 9,238 — 35,614 67,848 
Substandard— — 38,662 94,918 33,540 25,949 975 6,293 200,338 
Nonaccrual— — — — — — — 18,715 18,715 
Commercial real estate lending$— $156,151 $293,246 $1,732,329 $2,507,960 $1,543,993 $464,543 $624,014 $7,322,237 
Total commercial:
Risk rating:
Pass$279 $1,899,301 $629,429 $3,591,627 $5,449,918 $3,445,296 $977,615 $1,556,566 $17,549,751 
Special mention— 14,883 — 13,305 46,710 37,146 3,392 36,480 151,916 
Substandard434 24,239 85,342 115,205 118,017 97,816 26,582 14,545 481,745 
Nonaccrual3,157 — 3,659 13,997 14,495 17,599 — 43,297 93,047 
Total commercial$3,869 $1,938,423 $718,430 $3,734,133 $5,629,140 $3,597,858 $1,007,588 $1,650,888 $18,276,460 
20
Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost BasisYTD 20242023202220212020PriorTotal
Residential mortgage:
Risk rating:
Pass$— $— $23,550 $396,223 $1,657,013 $2,086,129 $1,389,566 $2,244,891 $7,797,372 
Special mention— — — — — — — 94 94 
Substandard— — — 467 92 — — 199 759 
Nonaccrual— — 877 1,264 10,501 9,712 8,575 39,026 69,954 
Residential mortgage$— $— $24,427 $397,954 $1,667,606 $2,095,841 $1,398,141 $2,284,210 $7,868,180 
Auto finance:
Risk rating:
Pass$— $— $384,126 $1,133,964 $874,922 $68,423 $137 $352 $2,461,925 
Special mention— — — 634 1,398 117 — — 2,148 
Substandard— — — 26 — — — — 26 
Nonaccrual— — 21 1,682 4,898 554 — 2 7,158 
Auto finance$— $— $384,147 $1,136,306 $881,218 $69,094 $137 $354 $2,471,257 
Home equity:
Risk rating:
Pass$3,830 $514,998 $21 $1,508 $29,539 $5,949 $2,278 $56,995 $611,286 
Special mention17 53 — 46 38 — — 175 312 
Substandard— — — 9 — — — 56 65 
Nonaccrual505 76 31 — 671 141 120 7,061 8,100 
Home equity$4,352 $515,127 $51 $1,563 $30,248 $6,090 $2,398 $64,286 $619,764 
Other consumer:
Risk rating:
Pass$75 $186,540 $1,489 $4,995 $2,823 $1,474 $781 $57,722 $255,824 
Special mention3 850 — 14 24 6 7 3 904 
Substandard— 1,788 — — — — — — 1,788 
Nonaccrual4 61 — 9 7 — — 11 87 
Other consumer$82 $189,238 $1,489 $5,018 $2,854 $1,480 $788 $57,735 $258,603 
Total consumer:
Risk rating:
Pass$3,905 $701,538 $409,186 $1,536,690 $2,564,297 $2,161,975 $1,392,762 $2,359,959 $11,126,407 
Special mention20 904 — 694 1,459 123 7 272 3,459 
Substandard— 1,788 — 502 92 — — 255 2,637 
Nonaccrual509 137 928 2,955 16,077 10,407 8,695 46,100 85,299 
Total consumer$4,434 $704,365 $410,115 $1,540,841 $2,581,926 $2,172,506 $1,401,464 $2,406,586 $11,217,802 
Total loans:
Risk rating:
Pass$4,184 $2,600,839 $1,038,615 $5,128,316 $8,014,215 $5,607,272 $2,370,376 $3,916,525 $28,676,159 
Special mention20 15,787 — 13,999 48,169 37,270 3,399 36,752 155,375 
Substandard434 26,026 85,342 115,707 118,109 97,816 26,582 14,800 484,383 
Nonaccrual3,666 137 4,588 16,952 30,572 28,007 8,695 89,396 178,346 
Total loans$8,303 $2,642,788 $1,128,545 $5,274,974 $8,211,066 $5,770,365 $2,409,052 $4,057,474 $29,494,263 
(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.


21
The following table presents loans by credit quality indicator by origination year at December 31, 2023:
Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost Basis20232022202120202019PriorTotal
Commercial and industrial:
Risk rating:
Pass$1,380 $1,693,249 $1,736,617 $2,877,173 $1,824,362 $398,046 $383,695 $449,006 $9,362,149 
Special mention— 21,779 4,017 46,610 8,525 3,529 — 25,341 109,801 
Substandard804 81,924 10,515 39,748 47,279 17,732 94 291 197,582 
Nonaccrual6,414 — 13,317 14,188 33,891 627 — — 62,022 
Commercial and industrial$8,598 $1,796,951 $1,764,466 $2,977,719 $1,914,057 $419,934 $383,789 $474,638 $9,731,555 
Commercial real estate - owner occupied:
Risk rating:
Pass$— $15,393 $204,039 $188,003 $239,218 $136,535 $135,730 $92,339 $1,011,259 
Special mention— 271 — — 6,150 2,635 — 1,293 10,349 
Substandard— 292 14,735 2,791 6,416 8,537 3,086 2,841 38,699 
Nonaccrual— — 1,394 — — — — — 1,394 
Commercial real estate - owner occupied$— $15,957 $220,168 $190,794 $251,783 $147,708 $138,816 $96,473 $1,061,700 
Commercial and business lending:
Risk rating:
Pass$1,380 $1,708,642 $1,940,657 $3,065,177 $2,063,580 $534,581 $519,426 $541,345 $10,373,408 
Special mention— 22,050 4,017 46,610 14,675 6,164 — 26,634 120,150 
Substandard804 82,216 25,250 42,539 53,695 26,269 3,180 3,132 236,281 
Nonaccrual6,414 — 14,710 14,188 33,891 627 — — 63,416 
Commercial and business lending$8,598 $1,812,909 $1,984,635 $3,168,514 $2,165,840 $567,642 $522,606 $571,111 $10,793,255 
Commercial real estate - investor:
Risk rating:
Pass$— $155,109 $1,263,866 $1,247,434 $1,080,425 $471,371 $358,996 $239,230 $4,816,433 
Special mention— 502 4,248 25,474 26,208 — 29,772 6,014 92,218 
Substandard— — 106,002 69,584 15,000 983 — 24,025 215,595 
Commercial real estate - investor$— $155,611 $1,374,116 $1,342,492 $1,121,633 $472,355 $388,768 $269,269 $5,124,245 
Real estate construction:
Risk rating:
Pass$— $23,307 $422,277 $1,176,608 $547,825 $87,680 $5,740 $7,954 $2,271,392 
Nonaccrual— — — — — — — 6 6 
Real estate construction$— $23,307 $422,277 $1,176,608 $547,825 $87,680 $5,740 $7,960 $2,271,398 
Commercial real estate lending:
Risk rating:
Pass$— $178,416 $1,686,143 $2,424,042 $1,628,250 $559,052 $364,737 $247,184 $7,087,824 
Special mention— 502 4,248 25,474 26,208 — 29,772 6,014 92,218 
Substandard— — 106,002 69,584 15,000 983 — 24,025 215,595 
Nonaccrual— — — — — — — 6 6 
Commercial real estate lending$— $178,918 $1,796,393 $2,519,100 $1,669,458 $560,035 $394,508 $277,230 $7,395,644 
22
Term Loans Amortized Cost Basis by Origination Year(a)
($ in thousands)
Rev Loans Converted to Term(a)
Rev Loans Amortized Cost Basis20232022202120202019PriorTotal
Total commercial:
Risk rating:
Pass$1,380 $1,887,058 $3,626,800 $5,489,219 $3,691,830 $1,093,633 $884,162 $788,529 $17,461,232 
Special mention— 22,552 8,265 72,084 40,882 6,164 29,772 32,648 212,368 
Substandard804 82,216 131,253 112,123 68,695 27,253 3,180 27,157 451,876 
Nonaccrual6,414 — 14,710 14,188 33,891 627 — 6 63,422 
Total commercial$8,598 $1,991,827 $3,781,028 $5,687,614 $3,835,298 $1,127,677 $917,114 $848,341 $18,188,898 
Residential mortgage:
Risk rating:
Pass$— $— $352,321 $1,617,409 $2,110,577 $1,414,186 $647,778 $1,650,542 $7,792,813 
Special mention— — — — — — 95 57 152 
Substandard— — 490 93 — — 174 26 784 
Nonaccrual— — 1,425 9,567 9,259 10,397 6,628 33,865 71,142 
Residential mortgage$— $— $354,236 $1,627,070 $2,119,836 $1,424,583 $654,675 $1,684,490 $7,864,891 
Auto finance:
Risk rating:
Pass$— $— $1,218,820 $952,839 $75,209 $163 $456 $132 $2,247,618 
Special mention— — 619 1,850 205 — — — 2,674 
Substandard— — — 73 — — — — 73 
Nonaccrual— — 1,032 4,332 430 — 3 — 5,797 
Auto finance$— $— $1,220,471 $959,094 $75,844 $163 $458 $132 $2,256,162 
Home equity:
Risk rating:
Pass$8,703 $521,000 $1,678 $29,863 $6,084 $2,327 $4,891 $53,350 $619,192 
Special mention179 200 — 87 — 29 15 378 708 
Substandard10 75 10 — — — 33 — 118 
Nonaccrual1,302 160 29 495 132 144 368 7,180 8,508 
Home equity$10,195 $521,434 $1,717 $30,445 $6,217 $2,500 $5,308 $60,907 $628,526 
Other consumer:
Risk rating:
Pass$121 $196,632 $6,419 $3,732 $2,658 $1,127 $460 $64,121 $275,149 
Special mention26 843 9 — 3 20 — 6 881 
Substandard— 1,582 — — — — — — 1,582 
Nonaccrual27 71 10 1 6 2 8 29 128 
Other consumer$174 $199,129 $6,438 $3,733 $2,668 $1,149 $468 $64,156 $277,740 
Total consumer:
Risk rating:
Pass$8,824 $717,632 $1,579,238 $2,603,843 $2,194,529 $1,417,802 $653,584 $1,768,145 $10,934,773 
Special mention205 1,043 628 1,936 208 49 110 441 4,416 
Substandard10 1,656 500 166 — — 207 26 2,556 
Nonaccrual1,330 231 2,496 14,396 9,827 10,544 7,007 41,073 85,574 
Total consumer$10,369 $720,563 $1,582,862 $2,620,341 $2,204,564 $1,428,395 $660,909 $1,809,685 $11,027,319 
Total loans:
Risk rating:
Pass$10,204 $2,604,690 $5,206,038 $8,093,062 $5,886,359 $2,511,435 $1,537,747 $2,556,674 $28,396,005 
Special mention205 23,595 8,893 74,020 41,091 6,213 29,882 33,089 216,784 
Substandard814 83,872 131,753 112,289 68,695 27,253 3,387 27,183 454,432 
Nonaccrual7,744 231 17,206 28,584 43,718 11,170 7,007 41,080 148,997 
Total loans$18,966 $2,712,389 $5,363,890 $8,307,956 $6,039,862 $2,556,071 $1,578,023 $2,658,026 $29,216,218 
(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

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The following table presents gross charge offs by origination year for the three months ended March 31, 2024:
Gross Charge Offs by Origination Year
($ in thousands)Rev Loans Amortized Cost BasisYTD 20242023202220212020PriorTotal
Commercial and industrial$1,024 $— $125 $553 $17,724 $3 $— $19,429 
Commercial real estate-owner occupied— — — — — — 3 3 
Commercial and business lending1,024 — 125 553 17,724 3 3 19,432 
Total commercial1,024 — 125 553 17,724 3 3 19,432 
Residential mortgage— — 40 — — 2 47 89 
Auto finance— — 767 1,675 158 — — 2,600 
Home equity93 — — — — — 15 108 
Other consumer1,688 — 15 8 17 28 34 1,790 
Total consumer1,782 — 822 1,683 175 30 95 4,586 
Total gross charge offs$2,806 $— $947 $2,236 $17,899 $33 $98 $24,018 
The following table presents gross charge offs by origination year for the year ended December 31, 2023:
Gross Charge Offs by Origination Year
($ in thousands)Rev Loans Amortized Cost Basis20232022202120202019PriorTotal
Commercial and industrial$4,130 $717 $9,594 $25,270 $5,958 $— $18 $45,687 
Commercial real estate-owner occupied— — — — — 25 — 25 
Commercial and business lending4,130 717 9,594 25,270 5,958 25 18 45,713 
Commercial real estate-investor— — — — — — 252 252 
Real estate construction— — — — — — 25 25 
Commercial real estate lending— — — — — — 277 277 
Total commercial4,130 717 9,594 25,270 5,958 25 295 45,989 
Residential mortgage— 2 32 42 148 5 723 952 
Auto finance— 795 4,524 626 — 5 — 5,950 
Home equity53 21 3 31 — 22 294 424 
Other consumer4,884 — 72 124 131 72 170 5,453 
Total consumer4,937 818 4,630 823 279 105 1,187 12,779 
Total gross charge offs$9,068 $1,535 $14,224 $26,093 $6,237 $130 $1,482 $58,768 
Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate policies for ACLL, nonaccrual loans, and charge offs.
For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms.
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that warrant specific attention from management. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit. Accruing loan modifications could be pass or special mention, depending on the risk rating on the loan. Substandard loans are considered inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged. These loans generally have a well-defined weakness, or weaknesses, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Management has determined commercial loan relationships in nonaccrual status, and commercial and consumer loan relationships with their terms restructured in a loan modification, meet the criteria to be individually evaluated. Commercial loans classified as special mention, substandard, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted.
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The following table presents loans by past due status at March 31, 2024:
Accruing
($ in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due
Nonaccrual(a)(b)
Total
Commercial and industrial$9,785,140 $371 $150 $426 $72,243 $9,858,329 
Commercial real estate - owner occupied1,093,804 — — — 2,090 1,095,894 
Commercial and business lending10,878,944 371 150 426 74,333 10,954,223 
Commercial real estate - investor4,997,335 — 19,164 — 18,697 5,035,195 
Real estate construction2,285,763 1,260 — — 18 2,287,041 
Commercial real estate lending7,283,098 1,260 19,164 — 18,715 7,322,237 
Total commercial18,162,042 1,631 19,314 426 93,047 18,276,460 
Residential mortgage7,788,322 9,808 94 — 69,954 7,868,180 
Auto finance2,451,552 10,373 2,148 26 7,158 2,471,257 
Home equity608,821 2,506 312 24 8,100 619,764 
Other consumer254,313 1,298 963 1,942 87 258,603 
Total consumer11,103,009 23,985 3,517 1,992 85,299 11,217,802 
Total loans$29,265,051 $25,617 $22,831 $2,417 $178,346 $29,494,263 
(a) Of the total nonaccrual loans, $98 million, or 55%, were current with respect to payment at March 31, 2024.
(b) No interest income was recognized on nonaccrual loans for the three months ended March 31, 2024. In addition, there were $20 million of nonaccrual loans for which there was no related ACLL at March 31, 2024.

The following table presents loans by past due status at December 31, 2023:
Accruing
($ in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days 
Past Due
Nonaccrual(a)(b)
Total
Commercial and industrial$9,663,587 $5,374 $191 $380 $62,022 $9,731,555 
Commercial real estate - owner occupied1,059,948 — 358 — 1,394 1,061,700 
Commercial and business lending10,723,536 5,374 549 380 63,416 10,793,255 
Commercial real estate - investor5,086,117 — 18,697 19,432 — 5,124,245 
Real estate construction2,271,392 — — — 6 2,271,398 
Commercial real estate lending7,357,509 — 18,697 19,432 6 7,395,644 
Total commercial18,081,044 5,374 19,246 19,812 63,422 18,188,898 
Residential mortgage7,780,304 13,294 152 — 71,142 7,864,891 
Auto finance2,232,906 14,712 2,674 73 5,797 2,256,162 
Home equity615,810 3,500 708 — 8,508 628,526 
Other consumer273,644 1,233 932 1,803 128 277,740 
Total consumer10,902,664 32,739 4,467 1,876 85,574 11,027,319 
Total loans$28,983,708 $38,113 $23,712 $21,689 $148,997 $29,216,218 
(a) Of the total nonaccrual loans, $80 million, or 53%, were current with respect to payment at December 31, 2023.
(b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2023. In addition, there were $23 million of nonaccrual loans for which there was no related ACLL at December 31, 2023.

Loan Modifications
The following tables show the composition of loan modifications made to borrowers experiencing financial difficulty by the loan portfolio and type of concessions granted during the three months ended March 31, 2024 and March 31, 2023. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at March 31, 2024.
Interest Rate Concession
Amortized Cost
($ in thousands)March 31, 2024March 31, 2023
Commercial and industrial$159 $47 
Auto46 61 
Home equity— 31 
Other consumer534 498 
Total loans modified$739 $637 
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Term Extension
Amortized Cost
($ in thousands)March 31, 2024March 31, 2023
Residential mortgage$— $209 
Total loans modified$— $209 
Combination - Interest Rate Concession and Term Extension
Amortized Cost
($ in thousands)March 31, 2024March 31, 2023
Residential mortgage$643 $165 
Home equity31 93 
Total loans modified$674 $258 
The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans as of March 31, 2024 and March 31, 2023:
Interest Rate Concession
Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase(a)
Loan TypeMarch 31, 2024March 31, 2023
Commercial and industrial(16)%(16)%
Residential mortgage3 %— %
Auto(9)%(2)%
Home equity(3)%1 %
Other consumer(21)%(20)%
Weighted average of total loans modified(9)%(17)%
(a) Due to market conditions, some interest rate concessions on floating rate loans may involve an increase in rate that was lower in comparison to the rate of increase for floating rate loans not modified.
Term Extension
Financial Effect, Weighted Average Term Increase(a)
Loan TypeMarch 31, 2024March 31, 2023
Residential mortgage158 months26 months
Home equity64 months0 months
Weighted average of total loans modified153 months26 months
(a) During the three months ended March 31, 2024 and March 31, 2023, term extensions changed the weighted average term on modified loans from 254 to 407 months and 334 to 360 months, respectively.
The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the twelve months ended March 31, 2024:
Payment Status (Amortized Cost Basis)
($ in thousands)Current30-89 Days Past Due90+ Days Past DueNonaccrual
Commercial and industrial$377 $— $— $— 
Residential mortgage345 — — 991 
Auto63 3 — 11 
Home equity135 47 — 139 
Other consumer1,487 — — — 
Total loans modified$2,407 $50 $— $1,141 
The following table depicts the performance of loans that have been modified in the three months ended March 31, 2023:
Payment Status (Amortized Cost Basis)
($ in thousands)Current30-89 Days Past Due90+ Days Past DueNonaccrual
Commercial and industrial$47 $— $— $— 
Residential mortgage126 — — 248 
Auto61 — — — 
Home equity31 — — 93 
Other consumer498 — — — 
Total loans modified$763 $— $— $341 
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The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous twelve months and subsequently had a payment default during the three months ended March 31, 2024:
Amortized Cost of Loan Modifications that Subsequently Defaulted
($ in thousands)Interest Rate ConcessionTerm ExtensionCombination Interest Rate Reduction and Term Extension
Auto$11 $— $— 
Total loans modified$11 $— $— 
The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous three months and subsequently had a payment default during the three months ended March 31, 2023:
Amortized Cost of Loan Modifications that Subsequently Defaulted
($ in thousands)Interest Rate ConcessionTerm ExtensionCombination Interest Rate Reduction and Term Extension
Home equity$— $— $60 
Total loans modified$— $— $60 
The nature and extent of the impairment of modified loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.
Allowance for Credit Losses on Loans
The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The forecast the Corporation used for March 31, 2024 was the Moody's baseline scenario from February 2024, which was reviewed against the March 2024 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 11 for additional information on the change in the allowance for unfunded commitments.

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The following table presents a summary of the changes in the ACLL by portfolio segment for the three months ended March 31, 2024:
($ in thousands)Dec 31, 2023Charge offsRecoveriesNet Charge offsProvision for credit lossesMar 31, 2024ACLL / Loans
Allowance for loan losses
Commercial and industrial$128,263 $(19,429)$791 $(18,638)$23,202 $132,826 
Commercial real estate — owner occupied10,610 (3)5 2 1,768 12,381 
Commercial and business lending138,873 (19,432)796 (18,636)24,970 145,207 
Commercial real estate — investor67,858 — — — 4,137 71,995 
Real estate construction53,554 — 30 30 (4,281)49,303 
Commercial real estate lending121,412 — 30 30 (144)121,298 
Total commercial260,285 (19,432)826 (18,606)24,826 266,506 
Residential mortgage37,808 (89)27 (62)(1,831)35,915 
Auto finance24,961 (2,600)506 (2,094)3,248 26,114 
Home equity15,403 (108)319 211 (874)14,740 
Other consumer12,638 (1,790)252 (1,537)1,630 12,731 
Total consumer90,809 (4,586)1,104 (3,482)2,174 89,501 
Total loans$351,094 $(24,018)$1,930 $(22,088)$27,000 $356,006 
Allowance for unfunded commitments
Commercial and industrial$13,319 $— $— $— $(757)$12,562 
Commercial real estate — owner occupied149 — — — 15 164 
Commercial and business lending13,468 — — — (742)12,725 
Commercial real estate — investor480 — — — 37 517 
Real estate construction17,024 — — — (2,103)14,921 
Commercial real estate lending17,504 — — — (2,066)15,438 
Total commercial30,972 — — — (2,808)28,164 
Home equity2,629 — — — (316)2,313 
Other consumer1,174 — — — 124 1,298 
Total consumer3,803 — — — (192)3,612 
Total loans$34,776 $— $— $— $(3,000)$31,776 
Allowance for credit losses on loans
Commercial and industrial$141,582 $(19,429)$791 $(18,638)$22,445 $145,388 1.47 %
Commercial real estate — owner occupied10,759 (3)5 2 1,783 12,544 1.14 %
Commercial and business lending152,341 (19,432)796 (18,636)24,227 157,933 1.44 %
Commercial real estate — investor68,338 — — — 4,174 72,512 1.44 %
Real estate construction70,578 — 30 30 (6,383)64,225 2.81 %
Commercial real estate lending138,916 — 30 30 (2,209)136,737 1.87 %
Total commercial291,257 (19,432)826 (18,606)22,018 294,669 1.61 %
Residential mortgage37,808 (89)27 (62)(1,831)35,915 0.46 %
Auto finance24,961 (2,600)506 (2,094)3,248 26,114 1.06 %
Home equity18,032 (108)319 211 (1,190)17,054 2.75 %
Other consumer13,812 (1,790)252 (1,537)1,755 14,029 5.43 %
Total consumer94,613 (4,586)1,104 (3,482)1,982 93,112 0.83 %
Total loans$385,870 $(24,018)$1,930 $(22,088)$24,000 $387,782 1.31 %




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The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2023:
($ in thousands)Dec 31, 2022Charge offsRecoveriesNet Charge offsProvision for credit lossesDec 31, 2023ACLL / Loans
Allowance for loan losses
Commercial and industrial$119,076 $(45,687)$3,015 $(42,672)$51,859 $128,263 
Commercial real estate — owner occupied9,475 (25)11 (15)1,150 10,610 
Commercial and business lending128,551 (45,713)3,026 (42,687)53,009 138,873 
Commercial real estate — investor54,398 (252)3,016 2,763 10,697 67,858 
Real estate construction45,589 (25)80 55 7,910 53,554 
Commercial real estate lending99,986 (277)3,095 2,819 18,607 121,412 
Total commercial228,538 (45,989)6,121 (39,868)71,616 260,285 
Residential mortgage38,298 (952)541 (411)(79)37,808 
Auto finance19,619 (5,950)1,241 (4,709)10,051 24,961 
Home equity14,875 (424)1,262 837 (310)15,403 
Other consumer11,390 (5,453)978 (4,475)5,723 12,638 
Total consumer84,182 (12,779)4,021 (8,758)15,384 90,809 
Total loans$312,720 $(58,768)$10,142 $(48,626)$87,000 $351,094 
Allowance for unfunded commitments
Commercial and industrial$12,997 $— $— $— $321 $13,319 
Commercial real estate — owner occupied103 — — — 46 149 
Commercial and business lending13,101 — — — 367 13,468 
Commercial real estate — investor710 — — — (230)480 
Real estate construction20,583 — — — (3,558)17,024 
Commercial real estate lending21,292 — — — (3,788)17,504 
Total commercial34,393 — — — (3,421)30,972 
Home equity2,699 — — — (70)2,629 
Other consumer1,683 — — — (509)1,174 
Total consumer4,382 — — — (579)3,803 
Total loans$38,776 $— $— $— $(4,000)$34,776 
Allowance for credit losses on loans
Commercial and industrial$132,073 $(45,687)$3,015 $(42,672)$52,181 $141,582 1.45 %
Commercial real estate — owner occupied9,579 (25)11 (15)1,195 10,759 1.01 %
Commercial and business lending141,652 (45,713)3,026 (42,687)53,376 152,341 1.41 %
Commercial real estate — investor55,108 (252)3,016 2,763 10,467 68,338 1.33 %
Real estate construction66,171 (25)80 55 4,351 70,578 3.11 %
Commercial real estate lending121,279 (277)3,095 2,819 14,819 138,916 1.88 %
Total commercial262,931 (45,989)6,121 (39,868)68,195 291,257 1.60 %
Residential mortgage38,298 (952)541 (411)(79)37,808 0.48 %
Auto finance19,619 (5,950)1,241 (4,709)10,051 24,961 1.11 %
Home equity17,574 (424)1,262 837 (380)18,032 2.87 %
Other consumer13,073 (5,453)978 (4,475)5,214 13,812 4.97 %
Total consumer88,565 (12,779)4,021 (8,758)14,805 94,613 0.86 %
Total loans$351,496 $(58,768)$10,142 $(48,626)$83,000 $385,870 1.32 %
Note 7 Goodwill and Other Intangible Assets
Goodwill
Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
The Corporation conducted its most recent annual impairment testing in May 2023, utilizing a qualitative assessment. Factors that management considered in this assessment included macroeconomic conditions, industry and market considerations, overall financial performance of the Corporation and each reporting unit (both current and projected), changes in management strategy, and changes in the composition or carrying amount of net assets. In addition, management considered the changes in both the Corporation's common stock price and in the KBW Nasdaq Regional Banking Index (KRX), as well as the Corporation's earnings per common share trend over the past year. Based on these assessments, management concluded that it is
29
more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2023 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2023 or the first three months of 2024.
The Corporation had goodwill of $1.1 billion at both March 31, 2024 and December 31, 2023.
Core Deposit Intangibles
The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:
($ in thousands)Three Months Ended March 31, 2024Year Ended Dec 31, 2023
Core deposit intangibles
Gross carrying amount at the beginning of period$88,109 $88,109 
Accumulated amortization(49,841)(47,638)
Net book value$38,268 $40,471 
Amortization during the period$2,203 $8,811 
Mortgage Servicing Rights
The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are not traded in active markets. As a result, a cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, are used in measuring the fair value of the MSRs asset. These assumptions are considered significant unobservable inputs. See Note 11 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 12 which further discusses fair value measurement relative to the MSRs asset.
A summary of changes in the balance of the MSRs asset under the fair value measurement method for the three months ended March 31, 2024 and the year ended December 31, 2023 is as follows:
($ in thousands)Three Months Ended March 31, 2024Year Ended Dec 31, 2023
Mortgage servicing rights
Mortgage servicing rights at beginning of period$84,390 $77,351 
Additions877 3,564 
Paydowns(1,687)(7,185)
Valuation:
Change in fair value model assumptions— 8,881 
Changes in fair value of asset1,646 1,778 
Mortgage servicing rights at end of period$85,226 $84,390 
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)(a)
$6,349,049 $7,364,492 
Mortgage servicing rights to servicing portfolio(a)
1.34 %1.15 %
(a) During the fourth quarter of 2023, the Corporation transferred $969 million of residential mortgages into held for sale and subsequently sold them for $844 million. After sale, the servicing was retained for a short period until full servicing was transferred to the purchaser in January 2024.
The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of March 31, 2024. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for CDIs and decay for MSRs:
($ in thousands)Core Deposit IntangiblesMortgage Servicing Rights
Nine months ended December 31, 2024$6,608 $6,930 
20258,811 11,133 
20268,811 11,013 
20278,811 10,506 
20283,485 9,628 
20291,681 8,614 
Beyond 202961 27,402 
Total estimated amortization expense and MSRs decay$38,268 $85,226 
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Note 8 Short and Long-Term Funding
The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):
($ in thousands)Mar 31, 2024Dec 31, 2023
Short-term funding
Federal funds purchased$175,135 $220,160 
Securities sold under agreements to repurchase90,536 106,620 
Federal funds purchased and securities sold under agreements to repurchase265,671 326,780 
BTFP funding500,000 — 
Total short-term funding$765,671 $326,780 
Long-term funding
Corporation subordinated notes, at par$550,000 $550,000 
Discount and capitalized costs(7,468)(7,748)
Subordinated debt fair value hedge(a)
(6,838)(1,366)
Finance leases361 383 
Total long-term funding$536,055 $541,269 
   Total short and long-term funding, excluding FHLB advances$1,301,726 $868,049 
FHLB advances
Short-term FHLB advances$138,000 $740,000 
Long-term FHLB advances1,209,862 1,209,907 
FHLB advances fair value hedge(a)
(14,451)(9,713)
Total FHLB advances$1,333,411 $1,940,194 
Total short and long-term funding$2,635,137 $2,808,243 
(a) For additional information on the fair value hedges, see Note 9.
Securities Sold Under Agreements to Repurchase
The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities).
The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At March 31, 2024, the Corporation had pledged securities valued at 215% of the gross outstanding balance of repurchase agreements to manage this risk.
The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of March 31, 2024 and December 31, 2023 are presented in the following table:
Overnight and Continuous
($ in thousands)Mar 31, 2024Dec 31, 2023
Repurchase agreements
Agency mortgage-related securities$90,536 $106,620 
Long-Term Funding
Subordinated Notes 
In November 2014, the Corporation issued $250 million of 10-year subordinated notes, due January 2025, and callable October 2024. The subordinated notes have a fixed coupon interest rate of 4.25% and were issued at a discount.
In February 2023, the Corporation issued $300 million of 10-year subordinated notes, due March 1, 2033 and redeemable (i) on the reset date of March 1, 2028 and any interest payment date thereafter, (ii) at any time on or after the three month period prior to the maturity date, and (iii) upon the occurrence of a Regulatory Capital Treatment Event (as defined in the Global Note). The subordinated notes have a fixed coupon interest rate of 6.625% until the reset date, after which the rate will be equal to the Five-Year U.S. Treasury Rate as of the reset date plus 2.812% per annum. The notes were issued at a discount.
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Finance Leases
Finance leases are used in conjunction with branch operations. See Note 16 for additional disclosure regarding the Corporation’s leases.
Note 9 Derivative and Hedging Activities
The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, foreign currency, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates and/or foreign currency exchange rates. The Corporation's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation's known or expected cash receipts and its known or expected cash payments principally related to the Corporation's assets.
The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $89 million and $93 million of investment securities as collateral at March 31, 2024 and December 31, 2023, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation had no required cash collateral at March 31, 2024, compared to $5 million at December 31, 2023.
To qualify for hedge accounting, a hedging relationship must be highly effective at mitigating the risk associated with the exposure being hedged. The Corporation performs effectiveness assessments of its derivative financial instruments prospectively at inception and both prospectively and retrospectively quarterly thereafter. The initial prospective assessment is performed on a quantitative basis unless the hedging relationship meets certain conditions, and subsequent assessments are performed on a quantitative basis unless certain conditions are met where a qualitative basis may be used. If it is determined that a derivative financial instrument is not highly effective at hedging the designated exposure, hedge accounting is discontinued.
Federal regulations require the Corporation to clear all compound SOFR interest rate swaps through a clearing house, if possible. For derivatives cleared through central clearing houses, the variation margin payments are legally characterized as daily settlements of the derivative rather than collateral. The Corporation's clearing agent for interest rate derivative contracts that are centrally cleared through the Chicago Mercantile Exchange and the London Clearing House settles the variation margin daily. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position, the fair value is reported in other assets or accrued expenses and other liabilities on the consolidated balance sheets. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument.
Fair Value Hedges of Interest Rate Risk
The Corporation is exposed to changes in the fair value of its fixed-rate debt due to changes in benchmark interest rates. The Corporation uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rates. Interest rate swaps designated as fair value hedges involve receiving payment of fixed-rate amounts from a counterparty in exchange for the Corporation paying variable-rate payments over the life of the agreements without the exchange of the underlying notional amount.
For derivatives designated and that qualify as fair value hedges, as allowed under U.S. GAAP, the Corporation applied the "shortcut" method of accounting, which permits the assumption of perfect effectiveness. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest expense. These items, along with the net interest from the derivative, are reported in the same income statement line as the fixed-rate debt expense.
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Fair Value Hedges of Foreign Currency Exchange Rate Risk
The Corporation is exposed to changes in the fair value of its foreign currency denominated loans due to changes in foreign currency exchange rates. The Corporation uses foreign currency exchange forward contracts to manage its exposure to changes in fair value on these foreign currency denominated loans.
To assess effectiveness of the foreign currency exchange forward contracts, the Corporation has elected to utilize the critical terms match method. Under the critical terms match method, if the hedging relationship meets certain criteria, it allows the Corporation to assume that the hedging relationship is perfectly effective, eliminating the quantitative aspect of assessing effectiveness. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in capital markets, net.
Cash Flow Hedges of Interest Rate Risk
The Corporation is exposed to variability in cash flows on its floating rate assets due to changes in benchmark interest rates. The Corporation uses interest rate swaps to hedge certain forecasted transactions for the variability in cash flows attributable to the contractually specified interest rate in order to add stability to net interest income and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve receiving fixed-rate amounts from a counterparty in exchange for the Corporation making variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. These items, along with the net interest from the derivative, are reported in the same income statement line as the interest income from the floating-rate assets.
To assess effectiveness of interest rate swaps, the Corporation performs a quantitative analysis using a period by period regression method. When the relationship between the hedged item and hedging instrument is highly effective at achieving offsetting changes in cash flows attributable to the hedged risk, changes in the fair value of these cash flow hedges are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified to interest income as interest payments are made on such variable rate loans.
Derivatives to Accommodate Customer Needs
The Corporation facilitates customer borrowing activity by entering into various derivative contracts which are designated as free standing derivative contracts. Free standing derivative products are entered into primarily for the benefit of commercial customers seeking to manage their exposures to interest rate risk and foreign currency. These derivative contracts are not designated against specific assets and liabilities on the consolidated balance sheets or forecasted transactions and, therefore, do not qualify for hedge accounting treatment. Such derivative contracts are carried at fair value in other assets and accrued expenses and other liabilities on the consolidated balance sheets with changes in the fair value recorded as a component of capital markets, net, and typically include interest rate-related instruments (swaps and caps) and foreign currency exchange forwards. See Note 10 for additional information and disclosures on balance sheet offsetting.
Interest rate-related and other instruments: The Corporation provides interest rate risk management services to commercial customers, primarily interest rate swaps and caps. The Corporation’s market risk from unfavorable movements in interest rates related to these derivative contracts is generally economically hedged by concurrently entering into offsetting derivative contracts. The offsetting derivative contracts have identical notional values, terms, and indices, except in rare circumstances where the indices are not identical which creates a negligible basis mismatch. The Corporation also enters into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans as either a participant or a lead bank. The risk participation agreements entered into by the Corporation as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution.
Foreign currency exchange forwards: The Corporation provides foreign currency exchange services to customers, primarily forward contracts. The Corporation's customers enter into a foreign currency exchange forward with the Corporation as a means for them to mitigate exchange rate risk. The Corporation mitigates its risk by then entering into an offsetting foreign currency exchange derivative contract.
Mortgage Derivatives
Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair values of these commitments are recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets with the changes in fair value recorded as a component of mortgage banking, net on the consolidated statements of income.
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Interest rate-related instruments for MSRs hedge: The fair value of the Corporation's MSRs asset changes in response to changes in primary mortgage loan rates and other assumptions. To mitigate the earnings volatility caused by changes in the fair value of MSRs, the Corporation designates certain financial instruments as an economic hedge. Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSRs and are recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets with the changes in fair value recorded as a component of mortgage banking, net on the consolidated statements of income.
The following table presents the total notional amounts and gross fair values of the Corporation’s derivatives, as well as the balance sheet netting adjustments as of March 31, 2024 and December 31, 2023. The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of March 31, 2024 and December 31, 2023. The resulting net derivative asset and liability fair values are included in other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets.
 Mar 31, 2024Dec 31, 2023
AssetLiabilityAssetLiability
($ in thousands)Notional AmountFair ValueNotional AmountFair ValueNotional AmountFair ValueNotional AmountFair Value
Designated as hedging instruments:
Interest rate-related instruments$1,350,000 $2,164 $1,750,000 $10,685 $2,300,000 $8,075 $550,000 $930 
Foreign currency exchange forwards147,695 624 263,335 230 231,566 632 189,212 2,946 
Total designated as hedging instruments2,788 10,915 8,707 3,876 
Not designated as hedging instruments:
Interest rate-related and other instruments3,770,832 113,337 6,262,958 222,303 3,603,513 111,623 6,528,471 195,662 
Foreign currency exchange forwards115,002 5,276 88,602 4,956 87,526 2,954 135,654 2,746 
Mortgage banking(a)
49,808 666 98,000 222 29,490 439 51,500 673 
Total not designated as hedging instruments119,279 227,482 115,016 199,082 
Gross derivatives before netting122,067 238,397 123,723 202,958 
Less: Legally enforceable master netting agreements6,463 6,463 18,234 18,234 
Less: Cash collateral pledged/received55,681 — 35,855 — 
Total derivative instruments, after netting$59,923 $231,934 $69,634 $184,724 

(a) The notional amount of the mortgage derivative asset includes interest rate lock commitments, while the notional amount of the mortgage derivative liability includes forward commitments.

The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges:
Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included
Carrying Amount of the Hedged Assets/(Liabilities)(a)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Carrying Amount of the Hedged Assets/(Liabilities)(a)
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
($ in thousands)March 31, 2024December 31, 2023
Other long-term funding$(543,162)$6,838 $(548,634)$1,366 
FHLB advances(585,549)14,451 (590,287)9,713 
Total$(1,128,711)$21,289 $(1,138,921)$11,079 

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At March 31, 2024 and December 31, 2023, the carrying amount excluded for foreign currency denominated loans was $411 million and $421 million, respectively.
The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At March 31, 2024, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $260 million and is included in loans on the consolidated balance sheets. This amount includes $1 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above.
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The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income for the three months ended March 31, 2024 and 2023:
Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value and Cash Flow Hedging Relationships
Three months ended Mar 31,
20242023
($ in thousands)Interest Income Interest ExpenseInterest IncomeInterest Expense
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded(a)
$(4,863)$5,322 $(1,321)$2,515 
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items (40)(10,210)(59)10,724 
Derivatives designated as hedging instruments(a)
(4,823)15,532 (1,262)(8,209)
(a) Includes net settlements on the derivatives.
Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value Hedging Relationships
Three months ended Mar 31,
20242023
($ in thousands)Capital Markets, NetCapital Markets, Net
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded$— $— 
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items(9,070)1,802 
Derivatives designated as hedging instruments9,070 (1,802)
The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023:
Three Months Ended Mar 31,
($ in thousands)20242023
Interest rate-related instruments designated as cash flow hedging instruments
Amount of (loss) income recognized in OCI on cash flow hedge derivative(a)
$(19,461)$13,763 
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a)
4,823 1,262 
(a) The entirety of gains (losses) recognized in OCI as well as the losses reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness.
Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedge derivatives are reclassified to interest income as interest payments are made on the hedged variable interest rate assets. The Corporation estimates that $12 million will be reclassified as a decrease to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to March 31, 2024. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 38 months as of March 31, 2024.
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The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three months ended March 31, 2024 and 2023:
Consolidated Statements of Income Category of Gain / (Loss) 
Recognized in Income		Three Months Ended Mar 31,
($ in thousands)20242023
Derivative instruments
Interest rate-related and other instruments — customer and mirror, netCapital markets, net$(71)$(70)
Interest rate-related instruments — MSRs hedgeMortgage banking, net(2,937)2,521 
Foreign currency exchange forwardsCapital markets, net746 228 
Interest rate lock commitments (mortgage)Mortgage banking, net227 252 
Forward commitments (mortgage)Mortgage banking, net451 (395)
Note 10 Balance Sheet Offsetting
Interest Rate-Related Instruments and Foreign Exchange Forwards (“Interest and Foreign Exchange Agreements”)
The Corporation enters into interest rate-related instruments to facilitate the interest rate risk management strategies of commercial customers and foreign exchange forwards to manage customers' exposure to fluctuating foreign exchange rates. The Corporation typically mitigates these risks by entering into equal and offsetting agreements with highly rated third-party financial institutions, though in rare circumstances the agreements are not perfectly equal and offsetting, which creates a negligible basis mismatch. The Corporation is party to master netting arrangements with some of its financial institution counterparties that create single net settlements of all legal claims or obligations to pay or receive the net amount of settlement of the individual interest and foreign exchange agreements. Collateral, usually in the form of investment securities and cash, is posted by the counterparty with net liability positions in accordance with contract thresholds. Derivatives subject to a legally enforceable master netting agreement are reported with assets and liabilities offset resulting in a net position which is further offset by any cash collateral, and is reported in other assets and accrued expenses and other liabilities on the face of the consolidated balance sheets. For disclosure purposes, the net position on the consolidated balance sheets can be further netted down by investment securities collateral received or pledged. See Note 9 for additional information on the Corporation’s derivative and hedging activities.
The following table presents the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement as of March 31, 2024 and December 31, 2023. The interest rate and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from this table:
 Gross Amounts RecognizedGross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance SheetsNet Amounts Presented on the Consolidated Balance SheetsGross Amounts Not Offset on the Consolidated Balance Sheets 
 ($ in thousands)Derivative
Liabilities Offset		Cash Collateral ReceivedSecurity Collateral ReceivedNet
 Amount
Derivative assets
March 31, 2024$102,956 $(6,463)$(55,681)$40,812 $(32,683)$8,129 
December 31, 202387,075 (18,234)(35,855)32,985 (32,985)— 
 Gross Amounts RecognizedGross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance SheetsNet Amounts Presented on the Consolidated Balance SheetsGross Amounts Not Offset on the Consolidated Balance Sheets 
 ($ in thousands)Derivative
Assets Offset		Cash Collateral PledgedSecurity Collateral PledgedNet
 Amount
Derivative liabilities
March 31, 2024$17,172 $(6,463)$— $10,709 $— $10,709 
December 31, 202318,767 (18,234)— 533 — 533 
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Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters
The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 9). The following is a summary of lending-related commitments:
($ in thousands)Mar 31, 2024Dec 31, 2023
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b)
$10,828,869 $11,170,147 
Commercial letters of credit(a)
4,580 3,697 
Standby letters of credit(c)
230,396 212,029 
(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at March 31, 2024 or December 31, 2023.
(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 9.
(c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2 million at both March 31, 2024 and December 31, 2023, as an estimate of the fair value of these financial instruments.
Lending-related Commitments
As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit).
The following table presents a summary of the changes in the allowance for unfunded commitments:
($ in thousands)Three Months Ended March 31, 2024Year Ended December 31, 2023
Allowance for unfunded commitments
Balance at beginning of period$34,776 $38,776 
Provision for unfunded commitments(3,000)(4,000)
Balance at end of period$31,776 $34,776 
Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 9. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party.
Other Commitments
The Corporation invests in qualified affordable housing projects, historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation, and deferral or elimination of capital gain recognition for tax purposes. The aggregate carrying value of these investments at March 31, 2024 was $215 million, compared to $219 million at December 31, 2023, included in tax credit and other investments on the consolidated balance sheets. The Corporation utilizes the proportional amortization method to account for investments in qualified affordable housing projects.
Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $9 million for both the three months ended March 31, 2024 and
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March 31, 2023. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $212 million at March 31, 2024 and $215 million at December 31, 2023.
The Corporation’s unfunded equity contributions relating to investments in qualified affordable housing and historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded equity contributions totaled $31 million at March 31, 2024 and $27 million at December 31, 2023. Additionally, at March 31, 2024, the Corporation also invests in a private SBA loan fund, recorded in equity securities on the consolidated balance sheets, the purpose of which is to identify CRA qualifying loans within a target region, which has a remaining unfunded equity contribution of $3 million.
For the three months ended March 31, 2024 and the year ended December 31, 2023, the Corporation did not record any impairment related to qualified affordable housing investments.
The Corporation has principal investment commitments to provide capital-based financing to private companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The Corporation also invests in loan pools that support CRA loans. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $40 million at both March 31, 2024 and December 31, 2023, included in tax credit and other investments on the consolidated balance sheets.
Legal Proceedings
The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders.
On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter by matter basis, an accrual for loss is established for those matters which the Corporation believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established.
Resolution of legal claims is inherently unpredictable, and in many legal proceedings various factors exacerbate this inherent unpredictability, including where the damages sought are unsubstantiated or indeterminate, it is unclear whether a case brought as a class action will be allowed to proceed on that basis, discovery is not complete, the proceeding is not yet in its final stages, the matters present legal uncertainties, there are significant facts in dispute, there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants), or there is a wide range of potential results.
Management believes that the legal proceedings currently pending against it should not have a material adverse effect on the Corporation’s consolidated financial condition. However, in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves the Corporation has currently accrued or that a matter will not have material reputational or other qualitative consequences. As a result, the outcome of a particular matter may be material to the Corporation’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of the Corporation’s income for that period.
Regulatory Matters
A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against the Corporation in regard to these consumer products. The Bank could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products, fees and charges. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters.
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In recent consent orders with financial institutions, the CFPB has asserted that certain overdraft charges constitute “unfair and abusive acts and practices.” In certain instances, these financial institutions have agreed to make restitution to customers and to pay civil money penalties. Included in the practices that the CFPB has asserted are “unfair and abusive” are 1) overdraft fees on transactions that had a sufficient balance at the time authorized but then later settled with an insufficient balance (“APSN Fees”), and 2) repeat insufficient funds fees on transactions resubmitted for payment after they were initially declined (“Representment Fees”). In light of these orders, the Corporation has undertaken a review of its current and past practices regarding APSN Fees and Representment Fees. Such review could result in changes to our overdraft fee policies, which would reduce our fee income in future periods and which could also result in a decision to make remediation payments to current and past customers who incurred such fees. The Corporation’s financial results may be materially impacted in any period in which the Corporation determines to make any such remediation payments. In addition to the review described above, the Corporation received an arbitration request in July 2023 which, among other things, sought to recover APSN Fees and Representment Fees on behalf of approximately 1,400 current and former deposit customers of the Corporation (the “arbitration request”). After mediation of the arbitration request, a settlement of up to $2.1 million including attorneys' fees was concluded in February 2024.
Mortgage Repurchase Reserve
The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance. The Corporation also sells qualifying residential mortgage loans guaranteed by U.S. government agencies into GNMA pools.
As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $1 million and $5 million for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively. There were no loss reimbursement and settlement claims paid in the three months ended March 31, 2024 or for the year ended December 31, 2023. Make whole requests since January 1, 2023 generally arose from loans originated since January 1, 2021 with such balances totaling $3.9 billion at the time of sale, consisting primarily of loans sold to GSEs. As of March 31, 2024, $3.3 billion of those loans originated since January 1, 2021 remain outstanding.
The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was approximately $704,000 at March 31, 2024 and $835,000 at December 31, 2023.
The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and/or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At both March 31, 2024 and December 31, 2023, there were $15 million of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria.
The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB Mortgage Partnership Finance Traditional program in exchange for a monthly credit enhancement fee. The Corporation resumed selling loans to the FHLB with such credit risk retention in February 2024, but prior to that, had not sold any loans with this credit risk retention since February 2005. At March 31, 2024 and December 31, 2023, there were $37 million and $16 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been immaterial historical losses to the Corporation.
Note 12 Fair Value Measurements
Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).
The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2023 Annual Report on Form 10-K.
39
The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments as of March 31, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall:
Mar 31, 2024
($ in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$429,859 $429,859 $429,859 $— $— 
Interest-bearing deposits in other financial institutions420,114 420,114 420,114 — — 
Federal funds sold and securities purchased under agreements to resell1,610 1,610 1,610 — — 
AFS investment securities:
U.S. Treasury securities35,558 35,558 35,558 — — 
Obligations of state and political subdivisions (municipal securities)80,830 80,830 — 80,830 — 
Residential mortgage-related securities:
FNMA / FHLMC1,090,998 1,090,998 — 1,090,998 — 
GNMA2,214,513 2,214,513 — 2,214,513 — 
Commercial mortgage-related securities:
FNMA / FHLMC17,008 17,008 — 17,008 — 
GNMA152,232 152,232 — 152,232 — 
Asset backed securities:
FFELP129,154 129,154 — 129,154 — 
SBA890 890 — 890 — 
Other debt securities2,965 2,965 — 2,965 — 
Total AFS investment securities3,724,148 3,724,148 35,558 3,688,590 — 
HTM investment securities:
U.S. Treasury securities999 969 969 — — 
Obligations of state and political subdivisions (municipal securities), net1,676,199 1,523,658 — 1,523,658 — 
Residential mortgage-related securities:
FNMA / FHLMC930,148 771,944 — 771,944 — 
GNMA48,043 44,457 — 44,457 — 
Private-label341,153 281,069 — 281,069 — 
Commercial mortgage-related securities:
FNMA / FHLMC779,310 628,928 — 628,928 — 
GNMA57,114 50,183 — 50,183 — 
Total HTM investment securities, net3,832,967 3,301,209 969 3,300,239 — 
Equity securities:
Equity securities7,071 7,071 6,966 — 105 
Equity securities at NAV12,500 12,500 
Total equity securities19,571 19,571 
FHLB and Federal Reserve Bank stocks173,968 173,968 — 173,968 — 
Residential loans held for sale52,414 52,414 — 52,414 — 
Loans, net29,138,257 27,739,448 — — 27,739,448 
Bank and corporate owned life insurance685,089 685,089 — 685,089 — 
Mortgage servicing rights, net85,226 85,226 — — 85,226 
Interest rate-related instruments designated as hedging instruments(a)
2,164 2,164 — 2,164 — 
Foreign currency exchange forwards designated as hedging instruments(a)
624 624 — 624 — 
Interest rate-related and other instruments not designated as hedging instruments(a)
113,337 113,337 — 113,337 — 
Foreign currency exchange forwards not designated as hedging instruments(a)
5,276 5,276 — 5,276 — 
Interest rate lock commitments to originate residential mortgage loans held for sale666 666 — — 666 
Total selected assets at fair value$38,685,290 $36,754,723 $895,077 $8,021,701 $27,825,445 

(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the
    same counterparty where there is a legally enforceable master netting agreement in place.
40
Mar 31, 2024
($ in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Noninterest-bearing demand$6,254,135 $6,254,135 $— $— $6,254,135 
Savings5,124,639 5,124,639 — — 5,124,639 
Interest-bearing demand8,747,127 8,747,127 — — 8,747,127 
Money market6,721,674 6,721,674 — — 6,721,674 
Brokered CDs(a)
3,931,230 3,931,230 — 3,931,230 — 
Other time deposits(a)
2,934,352 2,934,352 — 2,934,352 — 
Total deposits33,713,158 33,713,158 — 6,865,582 26,847,575 
Short-term funding:
Federal funds purchased and securities sold under agreements to repurchase265,671 265,661 — 265,661 — 
BTFP funding500,000 497,959 — 497,959 — 
Total short-term funding765,671 763,620 — 763,620 — 
FHLB advances1,333,411 1,320,280 — 1,320,280 — 
Other long-term funding536,055 517,009 — 517,009 — 
Standby letters of credit(b)
2,347 2,347 — 2,347 — 
Interest rate-related instruments designated as hedging instruments(c)
10,685 10,685 — 10,685 — 
Foreign currency exchange forwards designated as hedging instruments(c)
230 230 — 230 — 
Interest rate-related and other instruments not designated as hedging instruments(c)
222,303 222,303 — 222,303 — 
Foreign currency exchange forwards not designated as hedging instruments(c)
4,956 4,956 — 4,956 — 
Forward commitments to sell residential mortgage loans222 222 — — 222 
Total selected liabilities at fair value$36,589,039 $36,554,811 $— $9,707,013 $26,847,797 

(a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.
(b) The commitment on standby letters of credit was $230 million at March 31, 2024. See Note 11 for additional information on the standby letters of credit and for information on    the fair value of lending-related commitments.
(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
41
Dec 31, 2023
($ in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$484,384 $484,384 $484,384 $— $— 
Interest-bearing deposits in other financial institutions425,089 425,089 425,089 — — 
Federal funds sold and securities purchased under agreements to resell14,350 14,350 14,350 — — 
AFS investment securities:
U.S. Treasury securities35,902 35,902 35,902 — — 
Obligations of state and political subdivisions (municipal securities)91,817 91,817 — 91,817 — 
Residential mortgage-related securities:
FNMA / FHLMC1,120,794 1,120,794 — 1,120,794 — 
GNMA2,042,675 2,042,675 — 2,042,675 — 
Commercial mortgage-related securities:
FNMA / FHLMC16,937 16,937 — 16,937 — 
GNMA154,793 154,793 — 154,793 — 
Asset backed securities:
FFELP133,975 133,975 — 133,975 — 
SBA1,051 1,051 — 1,051 — 
Other debt securities2,950 2,950 — 2,950 — 
Total AFS investment securities3,600,892 3,600,892 35,902 3,564,990 — 
HTM investment securities:
U.S. Treasury securities999 963 963 — — 
Obligations of state and political subdivisions (municipal securities), net1,682,398 1,553,984 — 1,553,984 — 
Residential mortgage-related securities:
FNMA / FHLMC941,973 804,393 — 804,393 — 
GNMA48,979 46,170 — 46,170 — 
Private-label345,083 289,507 — 289,507 — 
Commercial mortgage-related securities:
FNMA / FHLMC780,995 632,914 — 632,914 — 
GNMA59,733 52,619 — 52,619 — 
Total HTM investment securities, net3,860,160 3,380,550 963 3,379,586 — 
Equity securities:
Equity securities31,651 31,651 6,883 — 24,769 
Equity securities at NAV10,000 10,000 
Total equity securities41,651 41,651 
FHLB and Federal Reserve Bank stocks229,171 229,171 — 229,171 — 
Residential loans held for sale33,011 33,011 — 33,011 — 
Commercial loans held for sale90,303 90,303 — 90,303 — 
Loans, net28,865,124 27,371,086 — — 27,371,086 
Bank and corporate owned life insurance682,649 682,649 — 682,649 — 
Mortgage servicing rights, net84,390 84,390 — — 84,390 
Interest rate-related instruments designated as hedging instruments(a)
8,075 8,075 — 8,075 — 
Foreign currency exchange forwards designated as hedging instruments(a)
632 632 — 632 — 
Interest rate-related and other instruments not designated as hedging instruments(a)
111,623 111,623 — 111,623 — 
Foreign currency exchange forwards not designated as hedging instruments(a)
2,954 2,954 — 2,954 — 
Interest rate lock commitments to originate residential mortgage loans held for sale439 439 — — 439 
Total selected assets at fair value$38,534,897 $36,561,249 $967,570 $8,102,995 $27,480,684 

(a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the
    same counterparty where there is a legally enforceable master netting agreement in place.
42
Dec 31, 2023
($ in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Noninterest-bearing demand$6,119,956 $6,119,956 $— $— $6,119,956 
Savings4,835,701 4,835,701 — — 4,835,701 
Interest-bearing demand8,843,967 8,843,967 — — 8,843,967 
Money market6,330,453 6,330,453 — — 6,330,453 
Brokered CDs(a)
4,447,479 4,447,479 — 4,447,479 — 
Other time deposits(a)
2,868,494 2,868,494 — 2,868,494 — 
Total deposits33,446,049 33,446,049 — 7,315,973 26,130,076 
Federal funds purchased and securities sold under agreements to repurchase326,780 326,757 — 326,757 — 
FHLB advances1,940,194 1,944,600 — 1,944,600 — 
Other long-term funding541,269 534,983 — 534,983 — 
Standby letters of credit(b)
2,157 2,157 — 2,157 — 
Interest rate-related instruments designated as hedging instruments(c)
930 930 — 930 — 
Foreign currency exchange forwards designated as hedging instruments(c)
2,946 2,946 — 2,946 — 
Interest rate-related and other instruments not designated as hedging instruments(c)
195,662 195,662 — 195,662 — 
Foreign currency exchange forwards not designated as hedging instruments(c)
2,746 2,746 — 2,746 — 
Forward commitments to sell residential mortgage loans673 673 — — 673 
Total selected liabilities at fair value$36,459,407 $36,457,504 $— $10,326,755 $26,130,749 

(a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.
(b) The commitment on standby letters of credit was $212 million at December 31, 2023. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
The table below presents a rollforward of the consolidated balance sheets amounts for the three months ended March 31, 2024 and the year ended December 31, 2023, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:
($ in thousands)Interest rate lock commitments to originate residential mortgage loans held for saleForward commitments to sell residential mortgage loansTotal
Balance December 31, 2022$86 $46 $40 
New production6,557 (1,816)8,373 
Closed loans / settlements(4,171)2,494 (6,665)
Other(2,033)(51)(1,982)
Change in mortgage derivative352 627 (274)
Balance December 31, 2023$439 $673 $(234)
New production$1,820 $(590)$2,409 
Closed loans / settlements(1,546)188 (1,734)
Other(46)(49)3 
Change in mortgage derivative227 (451)678 
Balance March 31, 2024$666 $222 $444 
The following table presents a rollforward of the fair value of Level 3 equity securities, for the three months ended March 31, 2024 and the year ended December 31, 2023, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes:
 ($ in thousands)
Fair value as of December 31, 2022$19,225 
Gains recognized in investment securities gains, net5,861 
Purchases11 
Sales(329)
Fair value as of December 31, 2023
$24,769 
Gains recognized in investment securities gains, net$4,054 
Purchases8 
Sales(28,725)
Fair value as of March 31, 2024
$105 
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The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:
($ in thousands)Fair Value HierarchyFair ValueConsolidated Statements of Income Category of Adjustment Recognized in Income
Adjustment Recognized on the Consolidated Statements of Income(a)
March 31, 2024
Assets
Individually evaluated loansLevel 3$67,625 Provision for credit losses$22,305 
OREO(b)
Level 2102 
Other noninterest expense / provision for credit losses(c)
21 
December 31, 2023
Assets
Individually evaluated loansLevel 3$47,221 Provision for credit losses$45,709 
OREO(b)
Level 23,139 
Other noninterest expense / provision for credit losses(c)
2,532 
Equity securities without readily determinable fair valuesLevel 324,671 Investment securities gains (losses), net5,785 
(a) Includes the YTD impact on the consolidated statements of income.
(b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value and is therefore not included in the table.
(c) When a property's value is written down at the time it is transferred to OREO, the charge off is booked to the provision for credit losses. When a property is already in OREO and subsequently written down, the charge off is booked to other noninterest expense.
Certain nonfinancial assets and nonfinancial liabilities measured at fair value on a nonrecurring basis include the fair value analysis in the goodwill impairment test as well as intangible assets and other nonfinancial long-lived assets measured at fair value for the purpose of impairment assessment.
The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:
March 31, 2024Valuation TechniqueSignificant Unobservable InputRange of InputsWeighted Average Input Applied
Mortgage servicing rightsDiscounted cash flowOption adjusted spread5%-8%5%
Mortgage servicing rightsDiscounted cash flowConstant prepayment rate—%-100%6%
Individually evaluated loansAppraisals / Discounted cash flowCollateral / Discount factor11%-56%52%
Interest rate lock commitments to originate residential mortgage loans held for saleDiscounted cash flowClosing Ratio25%-100%86%
Note 13 Retirement Plans
The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet the eligibility requirements. The benefits are based primarily on years of service and the employee’s eligible compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Retirement plans of acquired entities are typically merged into the RAP depending on the terms of the merger agreement, and, as applicable, credit is usually applied to employees for years of service at the acquired institution for vesting and eligibility purposes.
The Corporation also provides healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.
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The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three months ended March 31, 2024 and 2023 were as follows:
Three Months Ended Mar 31,
($ in thousands)20242023
RAP
Service cost$874 $796 
Interest cost2,719 2,686 
Expected return on plan assets(8,650)(8,202)
Amortization of prior service cost(53)(63)
Amortization of actuarial loss— 37 
Total net periodic pension cost$(5,111)$(4,746)
Postretirement Plan
Interest cost$18 $20 
Amortization of prior service cost(19)(19)
Amortization of actuarial (gain)(7)(7)
Total net periodic benefit cost$(8)$(7)
The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the line item other of noninterest expense on the consolidated statements of income. The service cost components are included in personnel on the consolidated statements of income.
The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during 2023 or the three months ended March 31, 2024.
Note 14 Segment Reporting
The Corporation utilizes a risk-based internal profitability measurement system to provide strategic business unit reporting. The profitability measurement system is based on internal management methodologies designed to produce consistent results and reflect the underlying economics of the units. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments has been compiled utilizing the accounting policies described in the Corporation’s 2023 Annual Report on Form 10-K, with certain exceptions. The more significant of these exceptions are described herein.
The reportable segment results are presented based on the Corporation's internal management accounting process. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in previously reported segment financial data. Additionally, the information presented is not indicative of how the segments would perform if they operated as independent entities.
To determine financial performance of each segment, the Corporation allocates FTP assignments, the provision for credit losses, certain noninterest expenses, income taxes, and equity to each segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed.
The Corporation allocates net interest income using an internal FTP methodology that charges users of funds (assets, primarily loans) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment and/or re-pricing characteristics of the assets and liabilities. The net effect of this allocation is offset in the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's net interest income. The net FTP allocation is reflected as net intersegment interest income (expense) in the accompanying tables.
The provision for credit losses is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is determined based on an ACLL model using the methodologies described in the Corporation’s 2023 Annual Report on Form 10-K. The net effect of the credit provision is recorded in Risk Management and Shared Services. Indirect
45
expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including, when applicable, amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated to segments. Income taxes are allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses. Equity is allocated to the segments based on regulatory capital requirements and in proportion to an assessment of the inherent risks associated with the business of the segment (including interest, credit and operating risk).
A brief description of each business segment is presented below. A more in-depth discussion of these segments can be found in the Segment Reporting note in the Corporation’s 2023 Annual Report on Form 10-K.
The Corporate and Commercial Specialty segment serves a wide range of customers including larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions as well as the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses. The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. The Risk Management and Shared Services segment includes key shared operational functions and also includes residual revenue and expenses, representing the difference between actual amounts incurred and the amounts allocated to operating segments, including interest rate risk residuals (FTP mismatches) and credit risk and provision residuals (long-term credit charge mismatches).
Information about the Corporation’s segments is presented below:
Corporate and Commercial Specialty
Three Months Ended Mar 31,
($ in thousands)20242023
Net interest income$242,931 $219,123 
Net intersegment interest (expense)(93,736)(80,980)
Segment net interest income149,195 138,143 
Noninterest income34,422 32,717 
Total revenue183,617 170,860 
Provision for credit losses15,428 13,782 
Noninterest expense66,350 62,119 
Income before income taxes101,839 94,960 
Income tax expense21,081 17,726 
Net income$80,758 $77,234 
Allocated goodwill$525,836 $525,836 
Community, Consumer, and Business
Three Months Ended Mar 31,
($ in thousands)20242023
Net interest income$58,192 $80,284 
Net intersegment interest income130,159 88,079 
Segment net interest income188,351 168,363 
Noninterest income24,494 25,947 
Total revenue212,845 194,310 
Provision for credit losses6,825 6,758 
Noninterest expense110,490 111,735 
Income before income taxes95,530 75,817 
Income tax expense20,062 15,922 
Net income$75,468 $59,895 
Allocated goodwill$579,156 $579,156 
46
 Risk Management and Shared Services
Three Months Ended Mar 31,
($ in thousands)20242023
Net interest (loss)$(43,266)$(25,397)
Net intersegment (expense)(36,422)(7,099)
Segment net interest (loss)(79,688)(32,496)
Noninterest income6,068 3,409 
Total revenue(73,620)(29,087)
Provision for credit losses1,747 (2,568)
Noninterest expense20,817 13,558 
(Loss) before income taxes(96,184)(40,077)
Income tax (benefit)(21,127)(6,307)
Net (loss)$(75,058)$(33,770)
Allocated goodwill$— $— 
Consolidated Total
Three Months Ended Mar 31,
($ in thousands)20242023
Net interest income$257,858 $274,010 
Net intersegment interest income— — 
Segment net interest income257,858 274,010 
Noninterest income64,985 62,073 
Total revenue322,842 336,083 
Provision for credit losses24,001 17,971 
Noninterest expense197,657 187,412 
Income before income taxes101,185 130,700 
Income tax expense20,016 27,340 
Net income$81,169 $103,360 
Allocated goodwill$1,104,992 $1,104,992 
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Note 15 Accumulated Other Comprehensive Income (Loss)
The following tables summarize the components of accumulated other comprehensive income (loss) at March 31, 2024 and 2023, including changes during the preceding three month periods as well as any reclassifications out of accumulated other comprehensive income (loss):
($ in thousands)AFS Investment
Securities		Cash Flow Hedge DerivativesDefined Benefit
Pension and
Postretirement
Obligations		Accumulated
Other
Comprehensive
Income (Loss)
Balance December 31, 2023
$(148,641)$3,080 $(25,535)$(171,096)
Other comprehensive (loss) before reclassifications(29,889)— — (29,889)
Amounts reclassified from accumulated other comprehensive income (loss):
Investment securities losses, net197 — — 197 
HTM investment securities, net, at amortized cost(a)
2,060 — — 2,060 
Other assets / accrued expenses and other liabilities— (19,461)— (19,461)
Interest income— 4,823 — 4,823 
Personnel expense— — (72)(72)
Other expense— — (7)(7)
Income tax benefit (expense)6,885 (1,688)(1,633)3,564 
Net other comprehensive (loss) during period(20,746)(16,326)(1,712)(38,785)
Balance March 31, 2024$(169,388)$(13,246)$(27,247)$(209,881)
Balance December 31, 2022
$(233,192)$3,360 $(42,968)$(272,799)
Other comprehensive income before reclassifications36,478 — — 36,478 
Amounts reclassified from accumulated other comprehensive income (loss):
HTM investment securities, net, at amortized cost(a)
2,267 — — 2,267 
Other assets / accrued expenses and other liabilities— 13,763 — 13,763 
Interest income— 1,262 — 1,262 
Personnel expense— — (81)(81)
Other expense— — 30 30 
Income tax (expense) benefit(9,892)(4,694)79 (14,507)
Net other comprehensive income during period28,853 10,331 27 39,211 
Balance March 31, 2023$(204,339)$13,691 $(42,940)$(233,588)

(a) Amortization of net unrealized losses on AFS securities transferred to HTM securities.
Note 16 Leases
The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices.
These leases have original terms of 1 year or longer with remaining maturities up to 39 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization.
The discount rate used to capitalize the operating leases is the Corporation's FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered.
Operating and finance lease costs and cash flows resulting from these leases are presented below:
Three Months Ended Mar 31,
($ in thousands)20242023
Operating lease costs$1,545 $1,464 
Finance lease costs23 23 
Operating lease cash flows1,844 1,828 
Finance lease cash flows23 22 
48
The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows:
($ in thousands)Consolidated Balance Sheets CategoryMar 31, 2024Dec 31, 2023
Operating lease right-of-use assetPremises and equipment$23,310 $24,712 
Finance lease right-of-use assetOther assets347 368 
Operating lease liabilityAccrued expenses and other liabilities25,813 27,311 
Finance lease liabilityOther long-term funding361 383 
The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows:
Mar 31, 2024Dec 31, 2023
($ in thousands)Lease paymentsWeighted-average lease term (in years)Weighted-average discount rateLease paymentsWeighted-average lease term (in years)Weighted-average discount rate
Operating leases
Retail and corporate offices$24,223 5.613.14 %$25,729 5.763.12 %
Land3,846 6.873.49 %4,050 6.983.48 %
Equipment408 2.254.62 %408 2.504.62 %
Total operating leases$28,476 5.733.21 %$30,187 5.883.19 %
Finance leases
Retail and corporate offices$370 4.001.32 %$394 4.251.32 %
Total finance leases$370 4.001.32 %$394 4.251.32 %
Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:
($ in thousands)Operating LeasesFinance LeasesTotal Leases
Nine months ended December 31, 2024$4,828 $69 $4,898 
20255,629 93 5,721 
20265,023 93 5,116 
20274,312 93 4,404 
20283,428 23 3,451 
Beyond 20285,257 — 5,257 
Total lease payments$28,476 $370 $28,847 
Less: interest2,663 9 2,673 
Present value of lease payments$25,813 $361 $26,174 
As of March 31, 2024 and December 31, 2023, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $6 million and $3 million, respectively. The leases that had not yet commenced as of March 31, 2024 will commence between May 2024 and April 2025 with lease terms of 1 year to 11 years.
49
ITEM 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Special Note Regarding Forward-Looking Statements
This report contains statements that may constitute forward-looking statements within the meaning of the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, such as statements other than historical facts contained or incorporated by reference into this report. These forward-looking statements include statements with respect to the Corporation’s financial condition, results of operations, plans, objectives, future performance and business, including statements preceded by, followed by or that include the words “believes,” “expects,” or “anticipates,” references to estimates or similar expressions. Future filings by the Corporation with the SEC, and future statements other than historical facts contained in written material, press releases and oral statements issued by, or on behalf of the Corporation may also constitute forward-looking statements.
All forward-looking statements contained in this report or which may be contained in future statements made for or on behalf of the Corporation are based upon information available at the time the statement is made and the Corporation assumes no obligation to update any forward-looking statements, except as required by federal securities law. Forward-looking statements are subject to significant risks and uncertainties, and the Corporation’s actual results may differ materially from the expected results discussed in such forward-looking statements. Factors that might cause actual results to differ from the results discussed in forward-looking statements include, but are not limited to, the risk factors in Item 1A, Risk Factors, in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, and as may be described from time to time in the Corporation’s subsequent SEC filings.
Overview
The following discussion and analysis is presented to assist in the understanding and evaluation of the Corporation’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. Management continually evaluates strategic acquisition opportunities and various other strategic alternatives that could involve the sale or acquisition of branches or other assets, or the consolidation or creation of subsidiaries. Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes.
Performance Summary
•Average loans of $29.4 billion increased $523 million, or 2%, from the first three months of 2023, driven primarily by increases in auto finance and real estate construction loans, partially offset by a decrease in residential mortgage loans.
•Average deposits of $33.3 billion increased $3.4 billion, or 11%, from the first three months of 2023, driven primarily by increases in brokered CDs and other time deposits, partially offset by decreases in noninterest bearing demand and money market deposits.
•Net interest income of $258 million decreased $16 million, or 6%, from the first three months of 2023, and net interest margin was 2.79% compared to 3.07% for the first three months of 2023. The decreases in net interest income and net interest margin were driven by increases in interest bearing liabilities outpacing the increase in earning assets and higher costs associated with those interest bearing liabilities.
•Provision for credit losses was $24 million, compared to a provision of $18 million for the first three months of 2023, driven by a mix of portfolio loan growth, nominal credit movement, and general macroeconomic trends.
•Noninterest income of $65 million increased $3 million, or 5%, from the first three months of 2023, driven by an increase in investment securities gains (losses), net primarily as a result of the sale of the Corporation's remaining Visa B shares in the first quarter of 2024, as well as higher wealth management fees.
•Noninterest expense of $198 million increased $10 million, or 5%, from the first three months of 2023, primarily driven by an increase in FDIC expense related to the special assessment.
50
Table 1 Summary Results of Operations: Trends
Three months ended
($ in thousands, except per share data)Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023
Net income (loss)$81,169 $(90,806)$83,248 $87,154 $103,360 
Net income (loss) available to common equity78,294 (93,681)80,373 84,279 100,485 
Earnings (loss) per common share - basic 0.52 (0.63)0.53 0.56 0.67 
Earnings (loss) per common share - diluted0.52 (0.62)0.53 0.56 0.66 
Effective tax rate19.78 %N/M18.92 %21.26 %20.92 %
51
Table 2 Net Interest Income Analysis
 Three Months Ended,
 Mar 31, 2024Dec 31, 2023Mar 31, 2023
 ($ in thousands)Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate		Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate		Average
Balance		Interest
Income /
Expense		Average
Yield /
Rate
Assets
Earning assets
Loans(a)(b)(c)
Commercial and business lending$10,816,255 $194,090 7.22%$10,820,214 $193,808 7.11%$10,616,026 $167,174 6.39%
Commercial real estate lending7,389,962 138,850 7.56%7,397,809 138,437 7.42%7,251,193 119,087 6.66%
Total commercial18,206,217 332,940 7.35%18,218,024 332,245 7.24%17,867,219 286,262 6.50%
Residential mortgage7,896,956 68,787 3.48%8,691,258 76,035 3.50%8,584,528 70,711 3.30%
Auto finance2,373,720 32,603 5.52%2,138,536 29,221 5.42%1,490,115 16,458 4.48%
Other retail892,128 20,661 9.28%904,618 21,026 9.27%903,956 18,494 8.23%
Total loans29,369,022 454,991 6.22%29,952,435 458,527 6.08%28,845,818 391,925 5.49%
Investment securities
Taxable5,517,023 46,727 3.39%5,344,578 41,809 3.13%4,912,416 30,142 2.45%
Tax-exempt(a)
2,133,352 18,024 3.38%2,209,662 19,244 3.48%2,329,519 20,192 3.47%
Other short-term investments576,782 8,311 5.80%767,256 10,418 5.39%493,061 5,329 4.37%
Investments and other8,227,158 73,062 3.55%8,321,495 71,471 3.43%7,734,996 55,664 2.88%
Total earning assets37,596,179 $528,053 5.64%38,273,931 $529,998 5.51%36,580,814 $447,589 4.94%
Other assets, net3,173,027 3,056,772 3,026,251 
Total assets$40,769,206 $41,330,703 $39,607,065 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$4,928,031 $21,747 1.77%$4,861,913 $20,334 1.66%$4,664,624 $9,859 0.86%
Interest-bearing demand7,490,119 49,990 2.68%7,156,151 47,277 2.62%6,814,487 29,918 1.78%
Money market6,116,604 47,306 3.11%6,121,105 47,110 3.05%7,536,393 41,637 2.24%
Network transaction deposits1,651,937 22,205 5.41%1,616,719 22,034 5.41%1,147,089 12,825 4.53%
Time deposits7,198,315 84,983 4.75%6,264,621 72,121 4.57%2,362,260 15,182 2.61%
Total interest-bearing deposits27,385,005 226,231 3.32%26,020,510 208,875 3.18%22,524,853 109,422 1.97%
Federal funds purchased and securities sold under agreements to repurchase263,979 2,863 4.36%347,204 3,734 4.27%429,780 3,143 2.97%
Other short-term funding449,999 5,603 5.01%— — —%17,339 — 0.01%
FHLB advances1,540,247 21,671 5.66%3,467,433 49,171 5.63%4,254,532 49,960 4.76%
Long-term funding539,106 10,058 7.46%531,155 10,185 7.67%408,175 6,281 6.16%
Total short and long-term funding2,793,331 40,194 5.78%4,345,793 63,090 5.77%5,109,826 59,384 4.71%
Total interest-bearing liabilities30,178,337 $266,425 3.55%30,366,302 $271,965 3.55%27,634,679 $168,807 2.48%
Noninterest-bearing demand deposits5,882,052 6,171,240 7,340,219 
Other liabilities527,437 672,597 570,166 
Stockholders’ equity4,181,381 4,120,564 4,062,001 
Total liabilities and stockholders’ equity$40,769,206 $41,330,703 $39,607,065 
Interest rate spread2.09%1.96%2.46%
Net free funds0.70%0.73%0.61%
Fully tax-equivalent net interest income and net interest margin$261,628 2.79%$258,033 2.69%$278,782 3.07%
Fully tax-equivalent adjustment3,770 4,630 4,772 
Net interest income$257,858 $253,403 $274,010 

(a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.
(b) Nonaccrual loans and loans held for sale have been included in the average balances.
(c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.



52
Notable Contributions to the Change in Net Interest Income
•Fully tax-equivalent net interest income and net interest income were $17 million, or 6%, and $16 million, or 6%, lower than the first three months of 2023, respectively. Since March 31, 2023, the Federal Reserve increased the federal funds target interest rate 50 bp, which contributed to the yield on earning assets increasing by 70 bp and the cost of interest-bearing liabilities increasing 107 bp from the first three months of 2023. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.
•Average loans increased $523 million, or 2%, from the first three months of 2023, and average investments and other short-term investments increased $492 million, or 6%, from the first three months of 2023.
•    Average interest-bearing liabilities increased $2.5 billion, or 9%, compared to the first three months of 2023. Average interest-bearing deposits increased $4.9 billion, or 22%, from the first three months of 2023, primarily driven by increases in time deposits, interest-bearing demand deposits, network transaction deposits, and savings deposits, partially offset by a decrease in money market deposits. Average noninterest-bearing demand deposits decreased $1.5 billion, or 20%, versus the first three months of 2023. Average FHLB advances decreased $2.7 billion, or 64%, from the first three months of 2023, partially offset by an increase in other short-term funding related to utilizing the BTFP.
Provision for Credit Losses
The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. The forecast the Corporation used for March 31, 2024 was the Moody's baseline scenario from February 2024, which was reviewed against the March 2024 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. See additional discussion under the sections titled Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest Income
Table 3 Noninterest Income
Three months endedChanges vs
($ in thousands, except as noted)Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2023Mar 31, 2023
Wealth management fees$21,694 $21,003 $20,828 $20,483 $20,189 3 %7 %
Service charges and deposit account fees12,439 10,815 12,864 12,372 12,994 15 %(4)%
Card-based fees11,267 11,528 11,510 11,396 10,586 (2)%6 %
Other fee-based revenue4,402 4,019 4,509 4,465 4,276 10 %3 %
Total fee-based revenue49,802 47,365 49,710 48,715 48,045 5 %4 %
Capital markets, net4,050 9,106 5,368 5,093 5,083 (56)%(20)%
Mortgage banking, net2,662 1,615 6,501 7,768 3,545 65 %(25)%
Loss on mortgage portfolio sale— (136,239)— — — (100)%N/M
Bank and corporate owned life insurance2,570 3,383 2,047 2,172 2,664 (24)%(4)%
Other2,327 2,850 2,339 2,080 2,422 (18)%(4)%
Subtotal61,411 (71,919)65,965 65,827 61,758 N/M(1)%
Asset gains (losses), net(306)(136)625 (299)263 125 %N/M
Investment securities gains (losses), net3,879 (58,958)(11)14 51 N/MN/M
Total noninterest income (loss)$64,985 $(131,013)$66,579 $65,543 $62,073 N/M5 %
Mortgage loans originated for sale during period$105,394 $112,365 $115,075 $99,141 $69,254 (6)%52 %
Mortgage loan settlements during period91,026 957,450 103,452 96,514 54,652 (90)%67 %
Assets under management, at market value(a)
14,171 13,545 12,543 12,995 12,412 5 %14 %
N/M = Not Meaningful
(a) $ in millions. Excludes assets held in brokerage accounts.
53
Notable Contributions to the Change in Noninterest Income
•Wealth management fees increased $2 million from the first three months of 2023, mainly driven by increased assets under management.
•Investment securities gains (losses), net increased $4 million from the first three months of 2023, as a result of the sale of the Corporation's remaining Visa B shares.
Noninterest Expense
Table 4 Noninterest Expense
Three months endedChange vs
($ in thousands)Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2023Mar 31, 2023
Personnel$119,395 $120,686 $117,159 $114,089 $116,420 (1)%3 %
Technology26,200 28,027 26,172 24,220 23,598 (7)%11 %
Occupancy13,633 14,429 14,125 13,587 15,063 (6)%(9)%
Business development and advertising6,517 8,350 7,100 7,106 5,849 (22)%11 %
Equipment4,599 4,742 5,016 4,975 4,930 (3)%(7)%
Legal and professional4,672 6,762 4,461 4,831 3,857 (31)%21 %
Loan and foreclosure costs1,979 585 2,049 1,635 1,138 N/M74 %
FDIC assessment13,946 41,497 9,150 9,550 6,875 (66)%103 %
Other intangible amortization2,203 2,203 2,203 2,203 2,203 — %— %
Other4,513 12,110 8,771 8,476 7,479 (63)%(40)%
Total noninterest expense$197,657 $239,391 $196,205 $190,673 $187,412 (17)%5 %
Average FTEs(a)
4,070 4,130 4,220 4,227 4,219 (1)%(4)%

(a) Average FTEs without overtime
Notable Contributions to the Change in Noninterest Expense
•Personnel expense increased $3 million from the first three months of 2023, largely as a result of increased fringe benefit expense.
•Technology expense increased $3 million from the first three months of 2023, driven by digital investments tied to our strategic initiatives.
•FDIC expense increased $7 million from the first three months of 2023, primarily driven by the special assessment applied to the Corporation and other banks relating to the FDIC's increased estimated loss attributable to the protection of depositors at Silicon Valley Bank and Signature Bank.
Income Taxes
The Corporation records income tax expense during interim periods based on the best estimate of the full year's effective tax rate as adjusted for discrete items, if any, taken into account in the relevant interim period. Each quarter, the Corporation updates its estimate of the annual effective tax rate and the effect of any change in the estimated rate is recorded on a cumulative basis. The Corporation recognized income tax expense of $20 million for the three months ended March 31, 2024, compared to income tax expense of $27 million for the three months ended March 31, 2023. The Corporation's effective tax rate from continuing operations was 19.78% and 20.92% for the three months ended March 31, 2024, and 2023, respectively. The decreases in income tax expense and effective tax rate during the first three months of 2024 were primarily driven by a decrease in pretax income partially offset by an increase in nondeductible expenses. The Corporation expects a full year effective tax rate of 19 to 21%, assuming no change in the statutory corporate tax rate.
Income tax expense recorded on the consolidated statements of income involves the interpretation and application of certain accounting pronouncements and federal and state tax laws and regulations. The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and/or the reserve for uncertainty in income taxes if their interpretations differ from those of management, based on their judgments about information available to them at the time of their examinations.
54
Balance Sheet Analysis
•At March 31, 2024, total assets were $41.1 billion, up $121 million from December 31, 2023, and up $435 million, or 1%, from March 31, 2023.
•Interest bearing deposits in other financial institutions were $420 million at March 31, 2024, down $5 million, or 1%, from December 31, 2023, and down $91 million, or 18%, from March 31, 2023.
•AFS investment securities, at fair value were $3.7 billion at March 31, 2024, up $123 million, or 3%, from December 31, 2023, and up $343 million, or 10%, from March 31, 2023. HTM investment securities, net, at amortized cost were $3.8 billion at March 31, 2024, down $27 million, or 1%, from December 31, 2023, and down $134 million, or 3%, from March 31, 2023. Additionally, FHLB and Federal Reserve Bank stocks, at cost were $174 million, down $55 million, or 24%, from December 31, 2023 and down $157 million, or 48%, from March 31, 2023, as a result of the paydown of FHLB advances. See Note 5 Investment Securities of the notes to consolidated financial statements for additional details.
•Loans of $29.5 billion at March 31, 2024 were up $278 million, or 1%, from December 31, 2023, and up $287 million, or 1%, from March 31, 2023. See Note 6 Loans of the notes to consolidated financial statements for additional details.
•At March 31, 2024, total deposits of $33.7 billion were up $267 million, or 1%, from December 31, 2023, and were up $3.4 billion, or 11%, from March 31, 2023. See section Deposits and Customer Funding for additional information on deposits.
•Federal funds purchased and securities sold under agreements to repurchase were $266 million at March 31, 2024, down $61 million, or 19%, from December 31, 2023, and up $57 million, or 27%, from March 31, 2023. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.
•FHLB advances were $1.3 billion at March 31, 2024, down $607 million, or 31%, from December 31, 2023, and down $3.7 billion, or 73%, from March 31, 2023. BTFP funding was $500 million at March 31, 2024, which was used to pay down FHLB advances during the quarter. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.
Loans
Table 5 Period End Loan Composition
 Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023
 ($ in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Commercial and industrial$9,858,329 33 %$9,731,555 33 %$10,099,068 33 %$10,055,487 34 %$9,869,781 34 %
Commercial real estate — owner occupied1,095,894 4 %1,061,700 4 %1,054,969 3 %1,058,237 4 %1,050,236 4 %
Commercial and business lending10,954,223 37 %10,793,255 37 %11,154,037 37 %11,113,724 37 %10,920,017 37 %
Commercial real estate — investor5,035,195 17 %5,124,245 18 %5,218,980 17 %5,312,928 18 %5,094,249 17 %
Real estate construction2,287,041 8 %2,271,398 8 %2,130,719 7 %2,009,060 7 %2,147,070 7 %
Commercial real estate lending7,322,237 25 %7,395,644 25 %7,349,699 24 %7,321,988 25 %7,241,318 25 %
Total commercial18,276,460 62 %18,188,898 62 %18,503,736 61 %18,435,711 62 %18,161,335 62 %
Residential mortgage7,868,180 27 %7,864,891 27 %8,782,645 29 %8,746,345 29 %8,605,164 29 %
Auto finance2,471,257 8 %2,256,162 8 %2,007,164 7 %1,777,974 6 %1,551,538 5 %
Home equity619,764 2 %628,526 2 %623,650 2 %615,506 2 %609,787 2 %
Other consumer258,603 1 %277,740 1 %275,993 1 %273,367 1 %279,248 1 %
Total consumer11,217,802 38 %11,027,319 38 %11,689,451 39 %11,413,193 38 %11,045,737 38 %
Total loans$29,494,263 100 %$29,216,218 100 %$30,193,187 100 %$29,848,904 100 %$29,207,072 100 %
The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loan commitments within the overall loan portfolio, with each targeted to represent 30 to 40% of the overall loan portfolio. The targeted long-term guidelines were unchanged during 2023 and the first three months of 2024. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the Enterprise Risk Committee of the Corporation’s Board of Directors. These guidelines and limits are designed to create balance and diversification within the loan portfolios.
55
The Corporation’s loan distribution and interest rate sensitivity as of March 31, 2024 are summarized in the following table:
Table 6 Loan Distribution and Interest Rate Sensitivity
($ in thousands)
Within 1 Year(a)
1-5 Years5-15 YearsOver 15 YearsTotal% of Total
Commercial and industrial$8,836,304 $686,351 $326,893 $8,780 $9,858,329 33 %
Commercial real estate — owner occupied679,920 293,112 122,863 — 1,095,894 4 %
Commercial real estate — investor4,677,835 292,300 65,061 — 5,035,195 17 %
Real estate construction2,244,789 32,646 1,766 7,840 2,287,041 8 %
Commercial - adjustable11,232,462 36,821 3,538 — 11,272,820 38 %
Commercial - fixed5,206,386 1,267,588 513,045 16,620 7,003,640 24 %
Residential mortgage - adjustable203,699 602,574 1,549,413 295 2,355,982 8 %
Residential mortgage - fixed4,712 72,493 499,394 4,935,599 5,512,198 19 %
Auto finance651 1,075,501 1,395,104 — 2,471,257 8 %
Home equity565,196 10,358 34,966 9,245 619,764 2 %
Other consumer194,771 32,113 20,666 11,052 258,603 1 %
Total loans$17,407,877 $3,097,448 $4,016,126 $4,972,812 $29,494,263 100 %
Fixed-rate$5,220,674 $2,456,672 $2,463,175 $4,972,517 $15,113,038 51 %
Floating or adjustable rate12,187,203 640,776 1,552,950 295 14,381,225 49 %
Total$17,407,877 $3,097,448 $4,016,126 $4,972,812 $29,494,263 100 %
(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.
At March 31, 2024, $19.6 billion, or 66%, of the loans outstanding and $16.5 billion, or 90%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.
Credit Risk
An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location are performed to monitor trends, financial performance, and concentrations. See Note 6 Loans of the notes to consolidated financial statements for additional information on managing overall credit quality.
The loan portfolio is widely diversified by types of borrowers, industry groups, and market areas primarily within the Corporation's lending footprint. Significant loan concentrations are considered to exist when there are amounts loaned to numerous borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At March 31, 2024, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loan exposure.
Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and asset-based and equipment financing.
Table 7 Largest Commercial and Industrial Industry Group Exposures, by NAICS Subsector
March 31, 2024NAICS SubsectorOutstanding BalanceTotal Exposure% of Total Loan Exposure
($ in thousands)
Real Estate(a)
531$1,768,102 $3,292,974 8 %
Utilities(b)
2212,584,397 3,190,718 8 %
Credit Intermediation and Related Activities(c)
522786,948 1,741,721 4 %
Merchant Wholesalers, Durable Goods423453,915 931,764 2 %
(a) Includes REIT lines.
(b) 59% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).
(c) Includes mortgage warehouse lines.
The remaining commercial and industrial portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.
The CRE-owner occupied portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.
The credit risk related to commercial and business lending is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any.
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Commercial real estate - investor: CRE-investor is comprised of loans secured by various non-owner occupied or investor income producing property types.
Table 8 Largest Commercial Real Estate Investor Property Type Exposures
March 31, 2024% of Total Loan Exposure% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family4 %33 %
Industrial3 %25 %
Office3 %21 %
The remaining CRE-investor portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.
Credit risk is managed in a similar manner to commercial and business lending by employing sound underwriting guidelines, lending primarily to borrowers in local markets and businesses, periodically evaluating the underlying collateral, and formally reviewing the borrower’s financial soundness and relationship on an ongoing basis.
Real estate construction: Real estate construction loans are primarily short-term or interim loans that provide financing for the acquisition or development of commercial income properties, multi-family projects, or residential development, both single family and condominium. Real estate construction loans are made to developers and project managers who are generally well known to the Corporation and have prior successful project experience. The credit risk associated with real estate construction loans is generally confined to specific geographic areas but is also influenced by general economic conditions. The Corporation controls the credit risk on these types of loans by making loans in familiar markets to developers, reviewing the merits of individual projects, controlling loan structure, and monitoring project progress and construction advances.
Table 9 Largest Real Estate Construction Property Type Exposures
March 31, 2024% of Total Loan Exposure% of Total Real Estate Construction Loan Exposure
Multi-Family5 %49 %
Industrial2 %23 %
The remaining real estate construction portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.
The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and/or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and/or sell out.
Residential mortgages: Residential mortgage loans are primarily first lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g. private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the Corporation's three-state branch footprint, with approximately 88% of the outstanding loan balances in the Corporation's branch footprint at March 31, 2024. The rates on adjustable rate mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term. Most of the adjustable rate mortgages have an initial fixed rate term of 3, 5, 7 or 10 years.
The Corporation generally retains certain fixed-rate residential real estate mortgages in its loan portfolio, including retail and private banking jumbo mortgages and CRA-related mortgages. As part of management’s historical practice of originating and servicing residential mortgage loans, generally the Corporation’s 30 year, agency conforming, fixed-rate residential real estate mortgage loans have been sold in the secondary market with servicing rights retained. Subject to management’s analysis of the current interest rate environment, among other market factors, the Corporation may choose to retain mortgage loan production on its balance sheet.
The Corporation’s underwriting and risk-based pricing guidelines for residential mortgage loans include minimum borrower FICO score and maximum LTV of the property securing the loan. Residential mortgage products generally are underwritten using FHLMC and FNMA secondary marketing guidelines.
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Home equity: Home equity consists of both home equity lines of credit and closed-end home equity loans. The Corporation’s credit risk monitoring guidelines for home equity are based on an ongoing review of loan delinquency status, as well as a quarterly review of FICO score deterioration and property devaluation. The Corporation does not routinely obtain appraisals on performing loans to update LTV ratios after origination; however, the Corporation monitors the local housing markets by reviewing the various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring process. For junior lien home equity loans, the Corporation is unable to track the performance of the first lien loan if it does not own or service the first lien loan. However, the Corporation obtains a refreshed FICO score on a quarterly basis and monitors this as part of its assessment of the home equity portfolio.
The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO score and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90%. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required.
Indirect Auto: The Corporation currently purchases retail auto sales contracts via a network of approved auto dealerships across 16 states throughout the Northeast, Mid-Atlantic, and Midwestern United States. The auto dealerships finance the sale of automobiles as the initial lender and then assign the contracts to the Corporation pursuant to dealer agreements. The Corporation’s underwriting and pricing guidelines are based on a dual risk grade derived from a combination of FICO auto score and proprietary internal custom score. Minimum grade and FICO score standards ensure the credit risk is appropriately managed to the Corporation’s risk appetite. Further, the grade influences loan-specific parameters such as vehicle age, term, LTV, loan amount, mileage, payment and debt service thresholds, and pricing. Maximum loan terms offered are 84 months on select grades with vehicle age, mileage, and other limitations in place to qualify. The program is designed to capture primarily prime and super prime contracts. Over time, the Corporation expects roughly 60% of originations to be secured by used vehicles.
Other consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. Credit risk for student loans, short-term personal installment loans, and credit cards is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions.

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Nonperforming Assets
Management is committed to a proactive nonaccrual and problem loan identification philosophy. This philosophy is implemented through the ongoing monitoring and review of all pools of risk in the loan portfolio to ensure that problem loans are identified quickly and the risk of loss is minimized. Table 10 provides detailed information regarding NPAs, which include nonaccrual loans, OREO, and repossessed assets, and also includes information on accruing loans past due and restructured loans:
Table 10 Nonperforming Assets
 ($ in thousands)Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023
Nonperforming assets
Commercial and industrial$72,243 $62,022 $74,812 $34,907 $22,735 
Commercial real estate — owner occupied2,090 1,394 3,936 1,444 1,478 
Commercial and business lending74,333 63,416 78,748 36,352 24,213 
Commercial real estate — investor18,697 — 10,882 22,068 25,122 
Real estate construction18 6 103 125 178 
Commercial real estate lending18,715 6 10,985 22,193 25,300 
Total commercial93,047 63,422 89,732 58,544 49,513 
Residential mortgage69,954 71,142 66,153 61,718 58,274 
Auto finance7,158 5,797 4,533 3,065 2,436 
Home equity8,100 8,508 7,917 7,788 7,246 
Other consumer87 128 222 163 100 
Total consumer85,299 85,574 78,826 72,733 68,056 
Total nonaccrual loans178,346 148,997 168,558 131,278 117,569 
Commercial real estate owned914 914 1,062 1,062 3,071 
Residential real estate owned920 1,290 989 870 2,987 
Bank properties real estate owned(a)
6,603 8,301 6,400 5,643 9,125 
OREO8,437 10,506 8,452 7,575 15,184 
Repossessed assets1,241 919 658 348 92 
Total nonperforming assets$188,025 $160,421 $177,668 $139,201 $132,845 
Accruing loans past due 90 days or more
Commercial$426 $19,812 $441 $366 $323 
Consumer1,992 1,876 1,715 1,360 1,380 
Total accruing loans past due 90 days or more$2,417 $21,689 $2,156 $1,726 $1,703 
Restructured loans (accruing)
Commercial$377 $306 $234 $168 $47 
Consumer2,080 2,414 1,855 1,271 716 
Total restructured loans (accruing)$2,457 $2,719 $2,089 $1,439 $763 
Nonaccrual restructured loans (included in nonaccrual loans)$1,141 $805 $961 $796 $341 
Ratios
Nonaccrual loans to total loans0.60 %0.51 %0.56 %0.44 %0.40 %
NPAs to total loans plus OREO and repossessed assets0.64 %0.55 %0.59 %0.47 %0.45 %
NPAs to total assets0.46 %0.39 %0.43 %0.34 %0.33 %
Allowance for credit losses on loans to nonaccrual loans217.43 %258.98 %225.78 %287.20 %311.48 %
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Table 10 Nonperforming Assets (continued)
 ($ in thousands)Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023
Accruing loans 30-89 days past due
Commercial and industrial$521 $5,565 $1,507 $12,005 $4,239 
Commercial real estate — owner occupied— 358 1,877 1,484 2,955 
Commercial and business lending521 5,923 3,384 13,489 7,195 
Commercial real estate — investor19,164 18,697 10,121 — — 
Real estate construction1,260 — 10 76 — 
Commercial real estate lending20,424 18,697 10,131 76 — 
Total commercial20,945 24,619 13,515 13,565 7,195 
Residential mortgage 9,903 13,446 11,652 8,961 7,626 
Auto finance12,521 17,386 16,688 11,429 8,640 
Home equity 2,819 4,208 3,687 4,030 4,113 
Other consumer2,260 2,166 1,880 2,025 1,723 
Total consumer27,503 37,205 33,908 26,444 22,102 
Total accruing loans 30-89 days past due$48,448 $61,825 $47,422 $40,008 $29,297 
(a) Primarily closed branches and other bank operated real estate facilities, pending disposition.
Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See Note 6 Loans of the notes to consolidated financial statements for additional nonaccrual loan disclosures. See also sections Credit Risk and Allowance for Credit Losses on Loans.
Accruing loans past due 90 days or more: Loans past due 90 days or more but still accruing interest are classified as such where the underlying loans are both well secured (the collateral value is sufficient to cover principal and accrued interest) and are in the process of collection.
Restructured loans: Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See also Note 6 Loans of the notes to consolidated financial statements for additional restructured loans disclosures.
OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation’s risk of loss.
Allowance for Credit Losses on Loans
Credit risks within the loan portfolio are inherently different for each loan type. Credit risk is controlled and monitored through the use of lending standards, a thorough review of potential borrowers, and ongoing review of loan payment performance. Active asset quality administration, including early problem loan identification and timely resolution of problems, aids in the management of credit risk and the minimization of loan losses. Credit risk management for each loan type is discussed in the section entitled Credit Risk. See Note 6 Loans of the notes to consolidated financial statements for additional disclosures on the ACLL.
To assess the appropriateness of the ACLL, the Corporation focuses on the evaluation of many factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, credit report refreshes, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the risk characteristics of the various classifications of loan segments, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, funding assumptions on lines, and other qualitative and quantitative factors which could affect potential credit losses. The forecast the Corporation used for March 31, 2024 was the Moody's baseline scenario from February 2024, which was reviewed against the March 2024 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. Assessing these factors involves significant judgment. Because each of the criteria used is subject to change, the ACLL is not necessarily indicative of the trend of future credit losses on loans in any particular segment. Therefore, management considers the ACLL a critical accounting estimate, see section Critical Accounting Estimates for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 6 Loans of the notes to consolidated financial statements for additional ACLL disclosures. Table 5 provides information on loan growth and period end loan composition, Table 10 provides additional information regarding NPAs, and Table 11 and Table 12 provide additional information regarding activity in the ACLL.
The loan segmentation used in calculating the ACLL at March 31, 2024 and December 31, 2023 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for
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commercial and consumer loans determined by the Corporation to be individually evaluated, using discounted cash flows, estimated fair value of underlying collateral, and/or other data available. Loans are segmented for criticized loan pools by loan type as well as for non-criticized loan pools by loan type, primarily based on risk rating rates after considering loan type, historical loss and delinquency experience, credit quality, and industry classifications. Loans that have been criticized are considered to have a higher risk of default than non-criticized loans, as circumstances were present to support the lower loan grade, warranting higher loss factors. Additionally, management allocates ACLL to absorb losses that may not be provided for by the other components due to qualitative factors evaluated by management, such as limitations within the credit risk grading process, known current economic or business conditions that may not yet show in trends, industry or other concentrations with current issues that impose higher inherent risks than are reflected in the loss factors, and other relevant considerations. The total allowance is available to absorb losses from any segment of the loan portfolio.
Table 11 Allowance for Credit Losses on Loans
Quarter Ended
($ in thousands)Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023
Allowance for loan losses
Balance at beginning of period$351,094 $345,795 $338,750 $326,432 $312,720 
Provision for loan losses27,000 21,000 25,500 23,500 17,000 
Charge offs(24,018)(17,878)(20,535)(14,855)(5,501)
Recoveries1,930 2,177 2,079 3,674 2,212 
Net (charge offs) recoveries(22,088)(15,701)(18,455)(11,181)(3,289)
Balance at end of period$356,006 $351,094 $345,795 $338,750 $326,432 
Allowance for unfunded commitments
Balance at beginning of period$34,776 $34,776 $38,276 $39,776 $38,776 
Provision for unfunded commitments(3,000)— (3,500)(1,500)1,000 
Balance at end of period$31,776 $34,776 $34,776 $38,276 $39,776 
Allowance for credit losses on loans$387,782 $385,870 $380,571 $377,027 $366,208 
Provision for credit losses on loans24,000 21,000 22,000 22,000 18,000 
Net loan (charge offs) recoveries
Commercial and industrial(18,638)(13,178)(16,558)(11,177)(1,759)
Commercial real estate — owner occupied2 (22)2 3 3 
Commercial and business lending(18,636)(13,200)(16,556)(11,174)(1,756)
Commercial real estate — investor— 216 272 2,276 — 
Real estate construction30 38 18 (18)18 
Commercial real estate lending30 253 290 2,257 18 
Total commercial(18,606)(12,947)(16,266)(8,917)(1,738)
Residential mortgage(62)(53)(22)(283)(53)
Auto finance(2,094)(1,436)(1,269)(1,048)(957)
Home equity211 185 128 183 340 
Other consumer(1,537)(1,450)(1,027)(1,117)(881)
Total consumer(3,482)(2,754)(2,189)(2,264)(1,550)
Total net (charge offs) recoveries$(22,088)$(15,701)$(18,455)$(11,181)$(3,289)
Ratios
Allowance for credit losses on loans to total loans1.31 %1.32 %1.26 %1.26 %1.25 %
Allowance for credit losses on loans to net charge offs (annualized)4.4x6.2x5.2x8.4x27.5x
Loan evaluation method for ACLL
Individually evaluated for impairment$25,335 $15,492 $11,033 $12,268 $11,585 
Collectively evaluated for impairment362,447 370,378 369,538 364,759 354,623 
     Total ACLL$387,782 $385,870 $380,571 $377,027 $366,208 
Loan balance
Individually evaluated for impairment$92,960 $62,712 $86,195 $58,109 $48,934 
Collectively evaluated for impairment29,401,303 29,153,505 30,106,993 29,790,795 29,158,138 
     Total loan balance$29,494,263 $29,216,218 $30,193,187 $29,848,904 $29,207,072 
N/M = Not Meaningful
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Table 12 Annualized Net (Charge Offs) Recoveries(a)
Quarter Ended
(In basis points)Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023
Net loan (charge offs) recoveries
Commercial and industrial(77)(54)(66)(46)(7)
Commercial real estate — owner occupied— (1)— — — 
Commercial and business lending(69)(48)(60)(41)(7)
Commercial real estate — investor— 2 2 18 — 
Real estate construction1 1 — — — 
Commercial real estate lending— 1 2 12 — 
Total commercial(41)(28)(35)(20)(4)
Residential mortgage— — — (1)— 
Auto finance(35)(27)(27)(25)(26)
Home equity14 12 8 12 22 
Other consumer(232)(208)(148)(163)(125)
Total consumer(13)(9)(7)(8)(6)
Total net (charge offs) recoveries(30)(21)(25)(15)(5)
(a) Annualized ratio of net charge offs to average loans by loan type.
Notable Contributions to the Change in the Allowance for Credit Losses on Loans
•Total loans increased $278 million, or 1%, from December 31, 2023, and increased $287 million, or 1%, from March 31, 2023. The increase from December 31, 2023 was primarily due to growth in auto finance and commercial and business lending, partially offset by a decrease in CRE - investor lending. The increase from March 31, 2023 was driven by growth in auto finance and real estate construction lending, partially offset by a decrease in residential mortgage lending resulting from the Corporation's strategic initiatives. See also Note 6 Loans of the notes to consolidated financial statements for additional information on loans.
•Total nonaccrual loans increased $29 million, or 20%, from December 31, 2023, and increased $61 million, or 52%, from March 31, 2023. The increase from December 31, 2023 was driven by increases in nonaccrual loans within CRE-investor lending and commercial and industrial lending. The increase from March 31, 2023 was primarily due to increases in nonaccrual loans within commercial and industrial lending and residential mortgage lending, partially offset by a decrease in CRE-investor lending. See Note 6 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.
•YTD net charge offs increased $19 million from March 31, 2023, primarily driven by an increase in net charge offs within commercial and industrial lending. See Table 11 and Table 12 for additional information on the activity in the ACLL.
Management believes the level of ACLL to be appropriate at March 31, 2024.
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Deposits and Customer Funding
The following table summarizes the composition of our deposits and customer funding:
Table 13 Period End Deposit and Customer Funding Composition
Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023
 ($ in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Noninterest-bearing demand$6,254,135 19 %$6,119,956 18 %$6,422,994 20 %$6,565,666 21 %$7,328,689 24 %
Savings5,124,639 15 %4,835,701 14 %4,836,735 15 %4,777,415 15 %4,730,472 16 %
Interest-bearing demand8,747,127 26 %8,843,967 26 %7,528,154 23 %7,037,959 22 %6,977,121 23 %
Money market6,721,674 20 %6,330,453 19 %7,268,506 23 %7,521,930 23 %8,357,625 28 %
Brokered CDs3,931,230 12 %4,447,479 13 %3,351,399 10 %3,818,325 12 %1,185,565 4 %
Other time deposits2,934,352 9 %2,868,494 9 %2,715,538 8 %2,293,114 7 %1,752,351 6 %
   Total deposits$33,713,158 100 %$33,446,049 100 %$32,123,326 100 %$32,014,409 100 %$30,331,824 100 %
Other customer funding(a)
90,536 106,620 151,644 170,873 226,258 
Total deposits and other customer funding$33,803,694 $33,552,669 $32,274,971 $32,185,282 $30,558,081 
Network transaction deposits(b)
$1,792,820 $1,566,139 $1,649,389 $1,600,619 $1,273,420 
Net deposits and other customer funding(c)
28,079,644 27,539,051 27,274,183 26,766,338 28,099,096 
Time deposits of more than $250,000543,469 522,626 533,853 465,446 345,169 
(a) Includes repurchase agreements and commercial paper.
(b) Included above in interest-bearing demand and money market.
(c) Total deposits and other customer funding, excluding brokered CDs and network transaction deposits.
•Total deposits, which are the Corporation's largest source of funds, increased $267 million, or 1%, from December 31, 2023, and increased $3.4 billion, or 11%, from March 31, 2023, the latter primarily due to increases in brokered CDs, interest-bearing demand, other time deposits, network transaction deposits and savings, partially offset by decreases in money market and noninterest-bearing demand.
•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 22.9% of total deposits at March 31, 2024, compared to 22.7% at December 31, 2023 and 26.2% at March 31, 2023.
Liquidity
The objective of liquidity risk management is to ensure that the Corporation has the ability to generate sufficient cash or cash equivalents in a timely and cost effective manner to satisfy the cash flow requirements of depositors and borrowers and to meet its other commitments as they become due. The Corporation’s liquidity risk management process is designed to identify, measure, and manage the Corporation’s funding and liquidity risk to meet its daily funding needs in the ordinary course of business, as well as to address expected and unexpected changes in its funding requirements. The Corporation engages in various activities to manage its liquidity risk, including diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity, if needed.
The Corporation performs dynamic scenario analysis in accordance with industry best practices. Measures have been established to ensure the Corporation has sufficient high quality short-term liquidity to meet cash flow requirements under stressed scenarios. In addition, the Corporation also reviews static measures such as deposit funding as a percentage of total assets and liquid asset levels. Strong capital ratios, credit quality, and core earnings are also essential to maintaining cost effective access to wholesale funding markets. At March 31, 2024, the Corporation was in compliance with its internal liquidity objectives and had sufficient asset-based liquidity to meet its obligations even under a stressed scenario.
The Corporation maintains diverse and readily available liquidity sources, including:
•Lines of credit with the Federal Reserve Bank and FHLB, which require eligible loan and investment collateral to be pledged. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances, and issue letters of credit in favor of public fund depositors, against the collateral. As of March 31, 2024, the Bank had $7.0 billion available for future funding. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of March 31, 2024, the Bank had $1.4 billion available for discount window borrowings.
•A $200 million Parent Company commercial paper program, of which there was none outstanding as of March 31, 2024.
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•Dividends and service fees from subsidiaries, as well as the proceeds from issuance of capital, which are also funding sources for the Parent Company.
•Acquisition related equity issuances by the Parent Company; the Corporation has filed a shelf registration statement with the SEC under which the Parent Company may, from time to time, offer shares of the Corporation’s common stock in connection with acquisitions of businesses, assets, or securities of other companies.
•Other issuances by the Parent Company; the Corporation maintains on file with the SEC a universal shelf registration statement, under which the Parent Company may offer the following securities, either separately or in units: debt securities, preferred stock, depositary shares, common stock, and warrants.
•Bank issuances; the Bank may also issue institutional CDs, network transaction deposits, and brokered CDs.
•Global Bank Note Program issuances; the Bank has implemented a program pursuant to which it may from time to time offer up to $2.0 billion aggregate principal amount of its unsecured senior and subordinated notes.
The following table presents secured and total available liquidity sources, estimated uninsured and uncollateralized deposits (excluding intercompany deposits), and coverage of estimated uninsured and uncollateralized deposits:
Table 14 Liquidity Sources and Uninsured Deposit Coverage Ratio
($ in thousands)Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2023
Federal Reserve Bank balance$419,554 $421,848 $314,287 $178,983 $504,169 
Available FHLB Chicago capacity7,035,768 5,985,385 5,377,628 5,148,360 3,453,813 
Available Federal Reserve Bank discount window capacity1,438,992 1,433,655 1,335,938 1,635,140 1,799,453 
Available BTFP capacity— 522,465 618,829 633,817 644,915 
     Funding available within one business day(a)
8,894,314 8,363,353 7,646,682 7,596,300 6,402,351 
Available federal funds lines1,670,000 1,550,000 2,518,000 2,623,000 2,773,000 
Available brokered deposits capacity(b)
446,513 138,512 1,240,488 761,301 3,646,393 
Unsecured debt capacity(c)
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 
     Total available liquidity$12,010,827 $11,051,865 $12,405,170 $11,980,601 $13,821,744 
Uninsured and uncollateralized deposits$7,710,911 $7,586,047 $7,269,248 $7,081,826 $7,938,690 
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day115 %110 %105 %107 %81 %
Coverage ratio of uninsured and uncollateralized deposits with total funding156 %146 %171 %169 %174 %
(a) Estimated based on normal course of operations with indicated institution.
(b) Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits.
(c) Availability based on internal policy limitations.
Based on contractual obligations and ongoing operations, the Corporation's sources of liquidity are sufficient to meet present and future liquidity needs. See Table 17 for information about the Corporation's contractual obligations and other commitments. See section Deposits and Customer Funding for information about uninsured deposits and concentrations.
Credit ratings impact the Corporation's ability to issue debt securities and the cost to borrow money. Adverse changes in credit ratings impact not only the ability to raise funds in the capital markets but also the cost of these funds. For additional information regarding risks related to adverse changes in our credit ratings, see Part II, Item 1A, Risk Factors.
For the three months ended March 31, 2024, net cash provided by operating and financing activities was $155 million and $49 million, respectively, while net cash used in investing activities was $275 million, for a net decrease in cash and cash equivalents of $72 million since year-end 2023. At March 31, 2024, assets of $41.1 billion increased $121 million from year-end 2023. On the funding side, deposits of $33.7 billion increased $267 million, or 1%, from year-end 2023, short-term funding increased $439 million, or 134%, and FHLB advances decreased $607 million, or 31%.
For the three months ended March 31, 2023, net cash provided by operating and financing activities was $47 million and $1.2 billion, respectively, while net cash used in investing activities was $1.1 billion, for a net increase in cash and cash equivalents of $201 million since year-end 2022. At March 31, 2023, assets of $40.7 billion increased $1.3 billion, or 3%, from year-end 2022, primarily due to increases in AFS Securities, loan growth and cash balances. On the funding side, deposits of $30.3 billion increased $696 million, or 2%, from year-end 2022, FHLB advances increased $666 million, or 15%, and other long-term funding increased $296 million, or 119%, the latter due to the issuance of subordinated debt.
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Quantitative and Qualitative Disclosures about Market Risk
Market risk and interest rate risk are managed centrally. Market risk is the potential for loss arising from adverse changes in the fair value of fixed-income securities, equity securities, other earning assets, and derivative financial instruments as a result of changes in interest rates or other factors. Interest rate risk is the potential for reduced net interest income resulting from adverse changes in the level of interest rates. As a financial institution that engages in transactions involving an array of financial products, the Corporation is exposed to both market risk and interest rate risk. In addition to market risk, interest rate risk is measured and managed through a number of methods. The Corporation uses financial modeling simulation techniques that measure the sensitivity of future earnings due to changing rate environments to measure interest rate risk.
Policies established by the Corporation’s ALCO and approved by the Board of Directors are intended to limit these risks. The Board has delegated day-to-day responsibility for managing market and interest rate risk to ALCO. The primary objectives of market risk management are to minimize any adverse effect that changes in market risk factors may have on net interest income and to offset the risk of price changes for certain assets recorded at fair value.
Interest Rate Risk
The primary goal of interest rate risk management is to control exposure to interest rate risk within policy limits approved by the Board of Directors. These limits and guidelines reflect the Corporation's risk appetite for interest rate risk over both short-term and long-term horizons.
The major sources of the Corporation's non-trading interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, and the potential exercise of explicit or embedded options. We measure these risks and their impact by identifying and quantifying exposures through the use of sophisticated simulation and valuation models which are employed by management to understand interest rate sensitive EAR and MVE at risk. The Corporation’s interest rate risk profile is such that, generally, a higher yield curve adds to income while a lower yield curve has a negative impact on earnings. The Corporation's EAR profile is asset sensitive at March 31, 2024.
For further discussion of the Corporation's interest rate risk and corresponding key assumptions, see the Interest Rate Risk section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2023 Annual Report on Form 10-K.
The sensitivity analysis included below is measured as a percentage change in EAR due to gradual moves in benchmark interest rates from a baseline scenario over 12 months. We evaluate the sensitivity using: 1) a dynamic forecast incorporating expected growth in the balance sheet, and 2) a static forecast where the current balance sheet is held constant.
While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a more significant impact. No EAR breaches occurred during the first three months of 2024.
Table 15 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months
Mar 31, 2024Dec 31, 2023
 Dynamic ForecastStatic ForecastDynamic ForecastStatic Forecast
Gradual Rate Change
100 bp increase in interest rates1.7 %1.6 %1.9 %2.2 %
200 bp increase in interest rates3.2 %3.1 %3.8 %4.3 %
100 bp decrease in interest rates(1.0)%(1.0)%(1.3)%(1.5)%
200 bp decrease in interest rates(1.9)%(1.8)%(2.6)%(3.1)%
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At March 31, 2024, the MVE profile indicates a decrease in net balance sheet value due to instantaneous upward changes in rates and an increase in net balance sheet value due to instantaneous downward changes in rates.
Table 16 Market Value of Equity Sensitivity
Mar 31, 2024Dec 31, 2023
Instantaneous Rate Change
100 bp increase in interest rates(9.5)%(10.1)%
200 bp increase in interest rates(19.0)%(20.1)%
100 bp decrease in interest rates9.1 %9.7 %
200 bp decrease in interest rates17.4 %18.5 %
Since MVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in MVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, MVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changes in product spreads that could mitigate the adverse impact of changes in interest rates. The MVE measure in the 200 bp increase in interest rates scenario is outside of the policy limit, which has been reported to the Corporation's Board.
The above EAR and MVE measures do not include all actions that management may undertake to manage this risk in response to anticipated changes in interest rates.
Contractual Obligations, Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities
The following table summarizes significant contractual obligations and other commitments at March 31, 2024, at those amounts contractually due to the recipient, including any unamortized premiums or discounts, hedge basis adjustments, or other similar carrying value adjustments.
Table 17 Contractual Obligations and Other Commitments
($ in thousands)Note ReferenceOne Year
or Less		One to
Three Years		Three to
Five Years		Over
Five Years		Total
Time deposits$6,744,548 $103,594 $17,435 $5 $6,865,582 
Short-term funding8765,671 — — — 765,671 
FHLB advances8138,000 997,989 196,981 440 1,333,411 
Other long-term funding8249,913 180 92 285,869 536,055 
Operating leases165,578 9,367 6,875 3,994 25,813 
Total$7,903,710 $1,111,130 $221,383 $290,308 $9,526,532 
The Corporation also has obligations under its derivatives, lending-related commitments, and retirement plans as described in Note 9 Derivative and Hedging Activities, Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters, and Note 13 Retirement Plans of the notes to consolidated financial statements, respectively. Further discussion of the nature of each obligation is included in the referenced note to the consolidated financial statements.
Capital
Management actively reviews capital strategies for the Corporation and each of its subsidiaries in light of perceived business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, stability of earnings, changing competitive forces, economic conditions in markets served, and strength of management. At March 31, 2024, the capital ratios of the Corporation and its banking subsidiaries were in excess of regulatory minimum requirements. The Corporation’s capital ratios are summarized in the following table.
Compliance with regulatory minimum capital requirements is a tool used in assessing the Corporation's capital adequacy, but not determinative of how the Corporation would fare under extreme stress. Factors that may affect the adequacy of the Corporation's capital include the inherent limitations of fair value estimates and the assumptions thereof, the inherent limitations of the regulatory risk-weights assigned to various asset types, the inherent limitations of accounting classifications of certain investments and the effect on their measurement, external macroeconomic conditions and their effects on capital and the Corporation's ability to raise capital or refinance capital commitments, and the extent of steps taken by state or federal government authorities in periods of extreme stress.
For additional information regarding the potential for additional regulation and supervision, see Part I, Item 1A, Risk Factors in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023.
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Table 18 Capital Ratios
Quarter Ended
 ($ in thousands)
Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023
Risk-based capital(a)
CET1$3,088,613 $3,074,938 $3,197,445 $3,143,131 $3,085,618 
Tier 1 capital3,282,725 3,269,050 3,391,557 3,337,243 3,279,730 
Total capital3,957,879 3,997,205 4,103,998 4,051,096 3,990,606 
Total risk-weighted assets32,753,344 32,732,710 33,497,484 33,143,953 32,645,966 
Modified CECL transitional amount22,425 44,851 44,851 44,851 44,851 
CET1 capital ratio9.43 %9.39 %9.55 %9.48 %9.45 %
Tier 1 capital ratio10.02 %9.99 %10.12 %10.07 %10.05 %
Total capital ratio12.08 %12.21 %12.25 %12.22 %12.22 %
Tier 1 leverage ratio8.24 %8.06 %8.42 %8.40 %8.46 %
Selected equity and performance ratios
Total stockholders’ equity / total assets10.13 %10.18 %9.91 %10.00 %10.14 %
Dividend payout ratio(b)
42.31 %N/M39.62 %37.50 %31.34 %
Return on average assets0.80 %(0.87)%0.80 %0.86 %1.06 %
Annualized noninterest expense / average assets1.95 %2.30 %1.90 %1.89 %1.92 %
N/M = Not Meaningful
(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The Corporation follows Basel III, subject to certain
    transition provisions. These regulatory capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and
    composition of the Corporation's capital with the capital of other financial services companies.
(b) Ratio is based upon basic earnings per common share.
See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the first quarter of 2024.
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Non-GAAP Measures
Table 19 Non-GAAP Measures
Quarter Ended
($ in thousands)Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023		Mar 31,
2023
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets7.08 %7.11 %6.88 %6.94 %7.03 %
Return on average equity7.81 %(8.74)%7.99 %8.47 %10.32 %
Return on average tangible common equity11.31 %(13.13)%11.67 %12.38 %15.26 %
Return on average CET110.27 %(11.85)%10.08 %10.88 %13.38 %
Return on average tangible assets0.84 %(0.88)%0.84 %0.90 %1.11 %
Average stockholders' equity / average assets10.26 %9.97 %10.06 %10.18 %10.26 %
Tangible common equity reconciliation(a)
Common equity$3,974,561 $3,979,861 $3,933,531 $3,928,762 $3,931,551 
Goodwill and other intangible assets, net(1,143,261)(1,145,464)(1,147,666)(1,149,869)(1,152,072)
Tangible common equity$2,831,300 $2,834,398 $2,785,865 $2,778,893 $2,779,480 
Tangible assets reconciliation(a)
Total assets$41,137,084 $41,015,855 $41,637,381 $41,219,473 $40,702,519 
Goodwill and other intangible assets, net(1,143,261)(1,145,464)(1,147,666)(1,149,869)(1,152,072)
Tangible assets$39,993,824 $39,870,392 $40,489,715 $40,069,604 $39,550,448 
Average tangible common equity and average CET1 reconciliation(a)
Common equity$3,987,269 $3,926,452 $3,937,940 $3,934,949 $3,867,890 
Goodwill and other intangible assets, net(1,144,588)(1,146,677)(1,148,951)(1,151,039)(1,153,173)
Tangible common equity2,842,681 2,779,775 2,788,989 2,783,910 2,714,716 
Modified CECL transitional amount22,425 44,851 44,851 44,851 44,851 
Accumulated other comprehensive loss188,067 286,402 302,043 251,624 258,827 
Deferred tax assets, net12,303 26,580 27,694 27,714 28,157 
Average CET1$3,065,475 $3,137,608 $3,163,577 $3,108,099 $3,046,551 
Average tangible assets reconciliation(a)
Total assets$40,769,206 $41,330,703 $41,075,980 $40,558,311 $39,607,065 
Goodwill and other intangible assets, net(1,144,588)(1,146,677)(1,148,951)(1,151,039)(1,153,173)
Tangible assets$39,624,617 $40,184,026 $39,927,029 $39,407,273 $38,453,892 
Adjusted net income reconciliation(b)
Net income$81,169 $(90,806)$83,248 $87,154 $103,360 
Other intangible amortization, net of tax1,652 1,652 1,652 1,652 1,652 
Adjusted net income$82,821 $(89,154)$84,900 $88,806 $105,012 
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity$78,294 $(93,681)$80,373 $84,279 $100,485 
Other intangible amortization, net of tax1,652 1,652 1,652 1,652 1,652 
Adjusted net income available to common equity$79,946 $(92,029)$82,025 $85,931 $102,137 
End of period core customer deposits reconciliation
Total deposits$33,713,158 $33,446,049 $32,123,326 $32,014,409 $30,331,824 
Network transaction deposits(1,792,820)(1,566,139)(1,649,389)(1,600,619)(1,273,420)
Brokered CDs(3,931,230)(4,447,479)(3,351,399)(3,818,325)(1,185,565)
     Core customer deposits$27,989,108 $27,432,431 $27,122,539 $26,595,465 $27,872,839 
Efficiency ratio reconciliation(d)
Federal Reserve efficiency ratio 61.03 %132.01 %60.06 %58.49 %56.07 %
Fully tax-equivalent adjustment(0.71)%(3.29)%(0.89)%(0.85)%(0.79)%
Other intangible amortization(0.69)%(1.21)%(0.69)%(0.68)%(0.66)%
Fully tax-equivalent efficiency ratio59.63 %127.54 %58.50 %56.96 %54.64 %
(a) Tangible common equity and tangible assets exclude goodwill and other intangible assets, net.
(b) Adjusted net income and adjusted net income available to common equity, which are used in the calculation of return on average tangible assets and return on average tangible common equity, respectively, add back other intangible amortization, net of tax.
(c) These capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of our capital with the capital of other financial services companies.
(d) The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains (losses), net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net.
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Sequential Quarter Results
The Corporation reported net income of $81 million for the first quarter of 2024, compared to net loss of $91 million for the fourth quarter of 2023, due to the balance sheet repositioning executed in the fourth quarter of 2023. Net income available to common equity was $78 million for the first quarter of 2024, or $0.52 for both basic and diluted earnings per common share. Comparatively, net loss available to common equity for the fourth quarter of 2023 was $94 million, or a loss of $0.63 for basic and $0.62 for diluted earnings per common share (see Table 1).
Fully tax-equivalent net interest income for the first quarter of 2024 was $262 million, $4 million, or 1%, higher than the fourth quarter of 2023. The net interest margin in the first quarter of 2024 was up 10 bp to 2.79%. The increases in net interest income and net interest margin were due to a full quarter of benefit from the balance sheet repositioning announced during the fourth quarter of 2023. Average earning assets decreased $678 million, or 2%, to $37.6 billion in the first quarter of 2024. Average loans decreased $583 million, or 2%, driven primarily by a decrease in residential mortgages and partially offset by growth in auto finance. On the funding side, average total interest-bearing deposits increased $1.4 billion, or 5%, due to increases in time deposits, interest-bearing demand, savings, and network transaction deposits, partially offset by a decrease in money market. Average FHLB advances decreased $1.9 billion, or 56%, due to deposit growth, paydowns with the proceeds of the mortgage portfolio sale in the fourth quarter of 2023, and the utilization of the BTFP (see Table 2).
The provision for credit losses was $24 million for the first quarter of 2024 and $21 million for the fourth quarter of 2023 (see Table 11). See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest income for the first quarter of 2024 was $65 million, up $196 million from the fourth quarter of 2023, primarily due to one-time items related to the balance sheet repositioning announced in the fourth quarter of 2023 (see Table 3).
Noninterest expense for the first quarter of 2024 was $198 million, down $42 million, or 17%, from the fourth quarter of 2023, driven primarily by the FDIC special assessment (see Table 4).
For the first quarter of 2024, the Corporation recognized income tax expense of $20 million, compared to income tax benefit of $47 million for the fourth quarter of 2023. See section Income Taxes for a detailed discussion on income taxes.
Segment Review
As discussed in Note 14 Segment Reporting of the notes to consolidated financial statements, the Corporation’s reportable segments have been determined based upon its internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services.
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Table 20 Selected Segment Financial Data
Three Months Ended Mar 31,
($ in thousands)20242023% Change
Corporate and Commercial Specialty
Total revenue$183,617 $170,860 7%
Provision for credit losses15,428 13,782 12%
Noninterest expense66,350 62,119 7%
Income tax expense21,081 17,726 19%
Net income80,758 77,234 5%
Average earning assets17,643,512 17,106,092 3%
Average loans17,638,414 17,090,623 3%
Average deposits9,313,790 9,692,711 (4)%
Average allocated capital (Average CET1)(a)
1,711,227 1,704,400 —%
Return on average allocated capital(a)
18.98 %18.38 %60 bp
Community, Consumer, and Business
Total revenue$212,845 $194,310 10%
Provision for credit losses6,825 6,758 1%
Noninterest expense110,490 111,735 (1)%
Income tax expense20,062 15,922 26%
Net income75,468 59,895 26%
Average earning assets11,169,320 11,253,794 (1)%
Average loans11,169,320 11,253,794 (1)%
Average deposits18,091,904 18,121,871 —%
Average allocated capital (Average CET1)(a)
736,489 711,504 4%
Return on average allocated capital(a)
41.21 %34.14 %N/M
Risk Management and Shared Services
Total revenue$(73,620)$(29,087)153%
Provision for credit losses1,747 (2,568)N/M
Noninterest expense20,817 13,558 54%
Income tax (benefit)(21,127)(6,307)N/M
Net (loss)(75,058)(33,770)122%
Average earning assets8,783,348 8,220,928 7%
Average loans561,288 501,401 12%
Average deposits5,861,362 2,050,490 186%
Average allocated capital (Average CET1)(a)
617,759 630,647 (2)%
Return on average allocated capital(a)
(50.74)%(23.57)%N/M
Consolidated Total
Total revenue$322,842 $336,083 (4)%
Return on average allocated capital(a)
10.27 %13.38 %N/M
N//M = Not meaningful
(a) The Federal Reserve establishes capital adequacy requirements for the Corporation, including CET1. For segment reporting purposes, the ROCET1 reflects return on average allocated CET1. The ROCET1 for the Risk Management and Shared Services segment and the Consolidated Total is inclusive of the annualized effect of the preferred stock
dividends.
Notable Changes in Segment Financial Data
The Corporate and Commercial Specialty segment consists of lending and deposit solutions to larger businesses, developers, not-for-profits, municipalities, and financial institutions, and the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses.
•Total revenue increased $13 million from the three months ended March 31, 2023, primarily attributable to higher loan volumes and interest rates driving net interest income higher.
•Noninterest expense increased $4 million from the three months ended March 31, 2023, primarily due to higher personnel costs and allocated corporate overhead.
•Average loans increased $548 million from the three months ended March 31, 2023, primarily driven by growth in commercial and business lending and CRE lending.
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•Average deposits decreased $379 million from the three months ended March 31, 2023, driven by decreases in noninterest-bearing demand deposits and money market deposits, partially offset by an increase in interest-bearing demand deposits.
The Community, Consumer, and Business segment consists of lending and deposit solutions to individuals and small to mid-sized businesses.
•Total revenue increased $19 million from the three months ended March 31, 2023, primarily attributable to receiving net FTP credit for providing funding for the Corporation and higher interest rates.
The Risk Management and Shared Services segment includes key shared Corporate functions, Parent Company activity, intersegment eliminations, and residual revenues and expenses.
•Total revenue decreased $45 million from the three months ended March 31, 2023, primarily driven by increased interest expense as a result of holding more brokered CDs and other short term funding.
•Provision for credit losses increased $4 million from the three months ended March 31, 2023, driven by loan growth, nominal credit movement, and general macroeconomic trends.
•Noninterest expense increased $7 million from the three months ended March 31, 2023, driven by the FDIC special assessment.
•Average earning assets increased $562 million from the three months ended March 31, 2023, primarily driven by higher balances of AFS investment securities in the portfolio.
•Average deposits increased $3.8 billion from the three months ended March 31, 2023, primarily driven by increases in brokered CDs and network deposits.
Critical Accounting Estimates
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. A discussion of these estimates can be found in the Critical Accounting Estimates section in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2023 Annual Report on Form 10-K. There have been no changes in the Corporation's application of critical accounting estimates since December 31, 2023.
Recent Developments
On April 30, 2024, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.22 per common share, payable on June 17, 2024 to shareholders of record at the close of business on June 3, 2024. The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Series E Perpetual Preferred Stock, payable on June 17, 2024 to shareholders of record at the close of business on June 3, 2024. The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Series F Perpetual Preferred Stock, payable on June 17, 2024 to shareholders of record at the close of business on June 3, 2024.
ITEM 3.    Quantitative and Qualitative Disclosures About Market Risk
Information required by this item is set forth in Item 2 under the captions Quantitative and Qualitative Disclosures about Market Risk and Interest Rate Risk.
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ITEM 4.    Controls and Procedures
The Corporation maintains disclosure controls and procedures as required under Rule 13a-15 promulgated under the Securities Exchange Act of 1934, as amended, that are designed to ensure that information required to be disclosed in the Corporation's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Corporation’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
As of March 31, 2024, the Corporation’s management carried out an evaluation, under the supervision and with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on the foregoing, its Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective as of March 31, 2024.
No changes were made to the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act of 1934) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1.Legal Proceedings
The information required by this item is set forth in Part I, Item 1 under Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters of the notes to consolidated financial statements.
ITEM 1A.Risk Factors
There have been no material changes in the Risk Factors described in the Corporation’s 2023 Annual Report on Form 10-K.
ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds
During the first quarter of 2024, the Corporation repurchased $23 million of common stock, including $18 million of open market purchases and $5 million of repurchases related to tax withholding on equity compensation. The repurchase details are presented in the table below:
Common Stock Purchases
Total Number  of
Shares Purchased(a)
Average Price
Paid per Share		Total Number of
Shares Purchased as
Part of Publicly
Announced Plans
or Programs
Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans
or Programs(b)
Period
January 1, 2024 - January 31, 2024— $— — 
February 1, 2024 - February 29, 20241,043,080 20.27 900,000 
March 1, 2024 - March 31, 202483,219 20.68 — 
Total1,126,299 $20.30 900,000 2,852,467 
(a) During the first quarter of 2024, the Corporation repurchased 226,299 shares for minimum tax withholding settlements on equity compensation. These purchases do not count against the maximum value of shares remaining available for purchase under the Board of Directors' authorization.
(b) At March 31, 2024, there remained $61 million authorized to be repurchased under the Board of Directors' 2021 $100 million authorization. The maximum number of shares that may yet be purchased under this authorization is based on the closing share price on March 31, 2024.
Repurchases under Board authorized repurchase programs are subject to any necessary regulatory approvals and other limitations and may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchases, or similar facilities.
ITEM 5.Other Information
During the three months ended March 31, 2024, no director or "officer" of the Corporation adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6.Exhibits
(a)    Exhibits:
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
Exhibit (104), The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language) and contained in Exhibits in 101.

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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ASSOCIATED BANC-CORP
(Registrant)
Date: April 30, 2024/s/ Andrew J. Harmening
Andrew J. Harmening
President and Chief Executive Officer
Date: April 30, 2024/s/ Derek S. Meyer
  Derek S. Meyer
Chief Financial Officer
Date: April 30, 2024/s/ Tammy C. Stadler
Tammy C. Stadler
Chief Accounting Officer

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