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Associated Banc-Corp
ASB
#3086
Rank
C$7.24 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$38.46
Share price
2.51%
Change (1 day)
41.85%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Associated Banc-Corp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

Associated Banc-Corp - 10-Q quarterly report FY2024 Q2


Text size:
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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: June 30, 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 July 25, 2024 was 150,900,815.
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
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
Repurchase AgreementsSecurities sold under agreements to repurchase
3

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
YTDYear-to-Date

4

PART I - FINANCIAL INFORMATION
ITEM 1.Financial Statements:
ASSOCIATED BANC-CORP
Consolidated Balance Sheets
 Jun 30, 2024Dec 31, 2023
 (In thousands, except share and per share data)
(Unaudited)(Audited)
Assets
Cash and due from banks$470,818 $484,384 
Interest-bearing deposits in other financial institutions484,677 425,089 
Federal funds sold and securities purchased under agreements to resell3,600 14,350 
AFS investment securities, at fair value3,912,730 3,600,892 
HTM investment securities, net, at amortized cost3,799,035 3,860,160 
Equity securities22,944 41,651 
FHLB and Federal Reserve Bank stocks, at cost212,102 229,171 
Residential loans held for sale83,795 33,011 
Commercial loans held for sale— 90,303 
Loans29,618,271 29,216,218 
Allowance for loan losses(355,844)(351,094)
Loans, net29,262,428 28,865,124 
Tax credit and other investments246,300 258,067 
Premises and equipment, net369,968 372,978 
Bank and corporate owned life insurance683,451 682,649 
Goodwill1,104,992 1,104,992 
Other intangible assets, net36,066 40,471 
Mortgage servicing rights, net85,640 84,390 
Interest receivable173,106 169,569 
Other assets672,256 658,604 
Total assets$41,623,908 $41,015,855 
Liabilities and stockholders' equity
Noninterest-bearing demand deposits$5,815,045 $6,119,956 
Interest-bearing deposits26,875,995 27,326,093 
Total deposits32,691,039 33,446,049 
Short-term funding859,539 326,780 
FHLB advances2,673,046 1,940,194 
Other long-term funding536,113 541,269 
Allowance for unfunded commitments33,776 34,776 
Accrued expenses and other liabilities588,057 552,814 
Total liabilities$37,381,571 $36,841,882 
Stockholders’ equity
Preferred equity$194,112 $194,112 
Common equity
Common stock$1,752 $1,752 
Surplus1,711,316 1,714,822 
Retained earnings3,070,762 2,946,805 
Accumulated other comprehensive (loss)(219,214)(171,096)
Treasury stock, at cost(516,391)(512,421)
Total common equity4,048,225 3,979,861 
Total stockholders’ equity4,242,337 4,173,973 
Total liabilities and stockholders’ equity$41,623,908 $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 outstanding150,785,257 151,036,674 
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 Jun 30,Six Months Ended Jun 30,
 (In thousands, except per share data)
2024202320242023
Interest income
Interest and fees on loans$456,788 $423,307 $911,260 $814,626 
Interest and dividends on investment securities
Taxable50,278 35,845 96,826 65,987 
Tax-exempt14,669 15,994 29,443 32,019 
Other interest8,539 6,086 16,133 11,415 
Total interest income530,274 481,231 1,053,662 924,048 
Interest expense
Interest on deposits221,062 162,196 447,293 271,618 
Interest on federal funds purchased and securities sold under agreements to repurchase2,303 2,261 5,166 5,404 
Interest on other short-term funding6,077 — 10,785 1 
Interest on FHLB advances34,143 49,261 55,814 99,222 
Interest on long-term funding10,096 9,596 20,154 15,876 
Total interest expense273,681 223,314 539,211 392,121 
Net interest income256,593 257,917 514,451 531,927 
Provision for credit losses23,008 22,100 47,009 40,071 
Net interest income after provision for credit losses233,585 235,817 467,442 491,856 
Noninterest income
Wealth management fees22,628 20,483 44,323 40,672 
Service charges and deposit account fees12,263 12,372 24,702 25,366 
Card-based fees11,975 11,396 23,242 21,982 
Other fee-based revenue4,857 4,465 9,259 8,740 
Capital markets, net4,685 5,093 8,735 10,176 
Mortgage banking, net2,505 7,768 5,166 11,313 
Bank and corporate owned life insurance 4,584 2,172 7,154 4,835 
Asset (losses), net(627)(299)(933)(35)
Investment securities gains, net67 14 3,947 66 
Other2,222 2,080 4,549 4,501 
Total noninterest income65,159 65,543 130,144 127,616 
Noninterest expense
Personnel121,581 114,089 240,976 230,510 
Technology27,161 24,220 53,362 47,818 
Occupancy13,128 13,587 26,761 28,650 
Business development and advertising7,535 7,106 14,052 12,955 
Equipment4,450 4,975 9,049 9,906 
Legal and professional4,429 4,831 9,101 8,688 
Loan and foreclosure costs1,793 1,635 3,771 2,773 
FDIC assessment7,131 9,550 21,077 16,425 
Other intangible amortization2,203 2,203 4,405 4,405 
Other6,450 8,476 10,963 15,955 
Total noninterest expense195,861 190,673 393,518 378,086 
Income before income taxes102,884 110,687 204,068 241,386 
Income tax (benefit) expense(12,689)23,533 7,326 50,873 
Net income115,573 87,154 196,742 190,514 
Preferred stock dividends2,875 2,875 5,750 5,750 
Net income available to common equity$112,698 $84,279 $190,992 $184,764 
Earnings per common share
Basic$0.75 $0.56 $1.27 $1.23 
Diluted$0.74 $0.56 $1.26 $1.22 
Average common shares outstanding
Basic149,872 149,986 149,864 149,875 
Diluted151,288 150,870 151,310 150,903 
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 Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Net income$115,573 $87,154 $196,742 $190,514 
Other comprehensive (loss), net of tax
AFS investment securities
Net unrealized (losses)(11,126)(49,066)(41,014)(12,588)
Amortization of net unrealized losses on AFS securities transferred to HTM securities2,122 2,289 4,182 4,556 
Reclassification adjustment for net losses realized in net income— — 197 — 
Income tax benefit2,253 11,843 9,138 1,951 
Other comprehensive (loss) on AFS securities(6,751)(34,934)(27,498)(6,081)
Cash flow hedge derivatives
Net unrealized (losses)(6,787)(34,147)(26,248)(20,384)
Reclassification adjustment for net losses realized in net income4,769 3,319 9,592 4,581 
Income tax (expense) benefit(503)7,867 (2,192)3,173 
Other comprehensive (loss) on cash flow hedge derivatives(2,522)(22,961)(18,848)(12,630)
Defined benefit pension and postretirement obligations
Amortization of prior service cost(73)(81)(144)(163)
Amortization of actuarial (gain) loss(7)(7)(14)22 
Income tax benefit (expense) 20 (71)(1,614)8 
Other comprehensive (loss) on pension and postretirement obligations(60)(159)(1,772)(132)
Total other comprehensive (loss)(9,333)(58,054)(48,117)(18,843)
Comprehensive income$106,241 $29,100 $148,625 $171,671 
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 
Comprehensive income:
Net income— — — 115,573 — — 115,573 
Other comprehensive (loss)— — — — (9,333)— (9,333)
Comprehensive income106,241 
Common stock issued:
Stock-based compensation plans, net— — (1,704)— — 2,230 526 
Purchase of treasury stock, stock-based compensation plans— — — — — (1,088)(1,088)
Cash dividends:
Common stock, $0.22 per share— — — (33,507)— — (33,507)
Preferred stock(a)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 4,368 — — — 4,368 
Balance, June 30, 2024$194,112 $1,752 $1,711,316 $3,070,762 $(219,214)$(516,391)$4,242,337 
Numbers may not sum due to rounding.
(a) Series E, $0.3671875 per share; and Series F, $0.3515625 per share.
8

ASSOCIATED BANC-CORP
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
(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 
Comprehensive income:
Net income— — — 87,154 — — 87,154 
Other comprehensive (loss)— — — — (58,054)— (58,054)
Comprehensive income29,100 
Common stock issued:
Stock-based compensation plans, net— — (1,677)— — 1,770 93 
Purchase of treasury stock, stock-based compensation plans— — — — — (884)(884)
Cash dividends:
Common stock, $0.21 per share— — — (31,996)— — (31,996)
Preferred stock(a)
— — — (2,875)— — (2,875)
Stock-based compensation expense, net— — 3,773 — — — 3,773 
Balance, June 30, 2023$194,112 $1,752 $1,708,303 $3,025,637 $(291,642)$(515,287)$4,122,874 
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.




9

Item 1. Financial Statements Continued:
ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended Jun 30,
 ($ in thousands)
20242023
Cash flows from operating activities
Net income$196,742 $190,514 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses47,009 40,071 
Depreciation and amortization24,519 22,914 
Change in MSRs valuation(2,567)(5,135)
Amortization of other intangible assets4,405 4,405 
Amortization and accretion on earning assets, funding, and other, net20,405 16,509 
Net amortization of tax credit investments17,788 17,227 
(Gains) on sales of investment securities, net(3,857)— 
Asset losses, net933 35 
Loss on mortgage banking activities, net882 1,389 
Mortgage loans originated and acquired for sale(274,358)(168,395)
Proceeds from sales of mortgage loans held for sale228,732 151,167 
Changes in certain assets and liabilities:
(Increase) in interest receivable(3,537)(14,736)
Increase in interest payable13,646 44,367 
(Decrease) in expense payable(15,042)(40,882)
Increase (decrease) in net derivative position10,523 (37,175)
Net change in other assets and other liabilities1,772 (43,503)
Net cash provided by operating activities267,996 178,771 
Cash flows from investing activities
Net (increase) in loans(378,926)(1,054,924)
Purchases of:
AFS securities(695,457)(948,326)
HTM securities— (41,524)
FHLB and Federal Reserve Bank stocks and equity securities(99,192)(97,622)
Proceeds from:
Sales of AFS securities9,472 — 
Sale of FHLB and Federal Reserve Bank stocks and equity securities139,110 115,975 
Prepayments, calls, and maturities of AFS securities 328,990 172,680 
Prepayments, calls, and maturities of HTM securities 62,894 62,212 
Sales, prepayments, calls, and maturities of other assets1,700 17,988 
Premises, equipment, and software(20,016)(29,663)
Net change in tax credit and alternative investments(3,667)(14,116)
Net cash (used in) investing activities(655,093)(1,817,320)
Cash flows from financing activities
Net (decrease) increase in deposits(755,009)2,378,308 
Net increase (decrease) in short-term funding532,759 (264,684)
Net increase (decrease) in short-term FHLB advances735,000 (685,000)
Repayment of long-term FHLB advances(696)(537)
Proceeds from long-term FHLB advances2,656 115 
Proceeds from issuance of long-term funding— 292,740 
(Repayment) of finance lease principal(44)(43)
Proceeds from issuance of common stock for stock-based compensation plans4,436 1,859 
Purchase of treasury stock, open market purchases(18,289)— 
Purchase of treasury stock, stock-based compensation plans(5,660)(6,246)
Cash dividends on common stock(67,034)(64,009)
Cash dividends on preferred stock(5,750)(5,750)
Net cash provided by financing activities422,369 1,646,755 
Net increase in cash and cash equivalents35,272 8,207 
Cash and cash equivalents at beginning of period923,823 621,455 
Cash and cash equivalents at end of period(a)
$959,094 $629,662 
Numbers may not sum due to rounding.
(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero.
10

ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended Jun 30,
 ($ in thousands)
20242023
Supplemental disclosures of cash flow information
Cash paid for interest$525,006 $347,202 
Cash paid for income and franchise taxes3,413 58,985 
Loans and bank premises transferred to OREO1,340 3,632 
Capitalized mortgage servicing rights2,490 1,322 
Loans transferred (from) held for sale (into) portfolio, net(84,559)(840)
Fair value adjustments on hedged long-term FHLB advances and subordinated debt9,779 9,651 
Fair value adjustments on foreign currency exchange forwards2,113 (704)
Fair value adjustment on cash flow hedges(18,848)(12,630)

11

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.
12

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.Fiscal year 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 Jun 30,Six Months Ended Jun 30,
 ($ in thousands, except per share data)2024202320242023
Net income$115,573 $87,154 $196,742 $190,514 
Preferred stock dividends(2,875)(2,875)(5,750)(5,750)
Net income available to common equity112,698 84,279 190,992 184,764 
Common shareholder dividends(33,310)(31,802)(66,718)(63,611)
Unvested share-based payment awards(197)(194)(317)(398)
Undistributed earnings$79,191 $52,283 $123,958 $120,755 
Undistributed earnings allocated to common shareholders$78,723 $51,965 $123,256 $120,047 
Undistributed earnings allocated to unvested share-based payment awards468 318 702 708 
Undistributed earnings$79,191 $52,283 $123,958 $120,755 
Basic
Distributed earnings to common shareholders$33,310 $31,802 $66,718 $63,611 
Undistributed earnings allocated to common shareholders78,723 51,965 123,256 120,047 
Total common shareholders earnings, basic$112,034 $83,768 $189,974 $183,658 
Diluted
Distributed earnings to common shareholders$33,310 $31,802 $66,718 $63,611 
Undistributed earnings allocated to common shareholders78,723 51,965 123,256 120,047 
Total common shareholders earnings, diluted$112,034 $83,768 $189,974 $183,658 
Weighted average common shares outstanding149,872 149,986 149,864 149,875 
Effect of dilutive common stock awards1,416 884 1,446 1,027 
Diluted weighted average common shares outstanding151,288 150,870 151,310 150,903 
Basic earnings per common share$0.75 $0.56 $1.27 $1.23 
Diluted earnings per common share$0.74 $0.56 $1.26 $1.22 
13

Excluded from the earnings per common share calculations were 2 million and 5 million anti-dilutive common stock options for the three months ended June 30, 2024 and 2023, respectively, and 2 million and 3 million anti-dilutive common stock options were excluded from the earnings per common share calculations for the six months ended June 30, 2024 and 2023, respectively.
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 six months ended June 30, 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 
Exercised230 17.20 
Forfeited or expired33 24.64 
Outstanding at June 30, 20243,528 $21.48 3.81 years$4,477 
Options Exercisable at June 30, 20243,528 $21.48 3.81 years$4,477 
(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 six months ended June 30, 2024, the intrinsic value of stock options exercised was approximately $970,000, compared to approximately $220,000 for the six months ended June 30, 2023. For the six months ended June 30, 2024, the total fair value of stock options vested was approximately $489,000 compared to approximately $955,000 for the six months ended June 30, 2023.
The Corporation also has issued time-based and performance-based restricted stock awards under the 2017 Incentive Compensation Plan and 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 six months ended June 30, 2024:
Restricted Stock
Shares(a)
Weighted Average
Grant Date Fair Value
Outstanding at December 31, 20232,349 $21.20 
Granted814 20.89 
Vested732 23.98 
Forfeited23 22.13 
Outstanding at June 30, 20242,408 $21.28 
(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 $12 million was recorded for the six months ended June 30, 2024, compared to $10 million for the six months ended June 30, 2023. Included in compensation expense for the first six months of 2024 was $4 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $25 million of unrecognized compensation costs related to restricted stock awards at June 30, 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.
14

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 June 30, 2024 were as follows:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair Value
AFS investment securities
U.S. Treasury securities$39,986 $— $(4,349)$35,638 
Obligations of state and political subdivisions (municipal securities)82,876 — (4,369)78,507 
Residential mortgage-related securities:
FNMA/FHLMC1,224,824 172 (160,678)1,064,318 
GNMA2,450,628 3,725 (13,545)2,440,808 
Commercial mortgage-related securities:
FNMA/FHLMC18,513 — (1,230)17,283 
GNMA158,257 — (8,458)149,799 
Asset backed securities:
FFELP123,720 43 (998)122,765 
SBA667 — (27)640 
Other debt securities3,000 — (27)2,973 
Total AFS investment securities$4,102,470 $3,941 $(193,681)$3,912,730 
HTM investment securities
U.S. Treasury securities$1,000 $— $(22)$978 
Obligations of state and political subdivisions (municipal securities)1,668,494 1,411 (172,235)1,497,670 
Residential mortgage-related securities:
FNMA/FHLMC916,966 25,024 (188,333)753,657 
GNMA46,392 11 (3,866)42,536 
Private-label335,148 8,955 (70,211)273,892 
Commercial mortgage-related securities:
FNMA/FHLMC776,717 11,429 (157,363)630,783 
GNMA54,403 289 (7,256)47,436 
Total HTM investment securities$3,799,119 $47,119 $(599,286)$3,246,952 


15

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)$3,380,624 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at June 30, 2024, are shown below:
 AFSHTM
($ in thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$2,000 $1,983 $6,288 $6,240 
Due after one year through five years51,062 45,997 61,651 60,374 
Due after five years through ten years45,931 42,937 175,169 166,153 
Due after ten years26,868 26,201 1,426,386 1,265,882 
Total debt securities125,862 117,118 1,669,494 1,498,648 
Residential mortgage-related securities:
FNMA/FHLMC1,224,824 1,064,318 916,966 753,657 
GNMA2,450,628 2,440,808 46,392 42,536 
Private-label— — 335,148 273,892 
Commercial mortgage-related securities:
FNMA/FHLMC18,513 17,283 776,717 630,783 
GNMA158,257 149,799 54,403 47,436 
Asset backed securities:
FFELP 123,720 122,765 — — 
SBA667 640 — — 
Total investment securities$4,102,470 $3,912,730 $3,799,119 $3,246,952 
Ratio of fair value to amortized cost95.4 %85.5 %
16

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 June 30, 2024:
($ in thousands)AAAAAANot RatedTotal
U.S. Treasury securities$1,000 $— $— $— $1,000 
Obligations of state and political subdivisions (municipal securities)766,531 894,406 5,494 2,063 1,668,494 
Residential mortgage-related securities:
FNMA/FHLMC916,966 — — — 916,966 
GNMA46,392 — — — 46,392 
Private-label335,148 — — — 335,148 
Commercial mortgage-related securities:
FNMA/FHLMC776,717 — — — 776,717 
GNMA 54,403 — — — 54,403 
Total HTM securities$2,897,156 $894,406 $5,494 $2,063 $3,799,119 
The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2023:
($ 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 $3,860,235 
The following table summarizes gross realized gains and losses on AFS securities, the gain on sale and net write-up of equity securities, and proceeds from the sale of AFS investment securities for the three and six months ended June 30, 2024 and 2023:
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Gross realized (losses) on AFS securities$— $— $(197)$— 
Gain on sale and net write-up (down) of equity securities67 14 4,143 66 
Investment securities gains, net$67 $14 $3,947 $66 
Proceeds from sales of AFS investment securities$— $— $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 $1.3 billion and $1.6 billion at June 30, 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 $18 million at both June 30, 2024 and December 31, 2023. Accrued interest receivable on AFS securities totaled $16 million and $15 million at June 30, 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 $84,000 at June 30, 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.

17

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 June 30, 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 $(4,349)$35,638 $(4,349)$35,638 
Obligations of state and political subdivisions (municipal securities)25 (383)11,594 112 (3,986)65,278 (4,369)76,872 
Residential mortgage-related securities:
FNMA/FHLMC17 (373)25,524 87 (160,306)1,025,295 (160,678)1,050,819 
GNMA75 (8,837)1,396,637 18 (4,709)167,297 (13,545)1,563,934 
Commercial mortgage-related securities:
FNMA/FHLMC— — — 1 (1,230)17,283 (1,230)17,283 
GNMA— — — 31 (8,458)149,799 (8,458)149,799 
Asset backed securities:
FFELP2 (72)38,384 12 (925)71,409 (998)109,792 
SBA— — — 5 (27)612 (27)612 
Other debt securities— — — 3 (27)2,973 (27)2,973 
Total119 $(9,664)$1,472,139 270 $(184,017)$1,535,583 $(193,681)$3,007,721 
HTM investment securities
U.S. Treasury securities— $— $— 1 $(22)$978 $(22)$978 
Obligations of state and political subdivisions (municipal securities)360 (8,558)443,724 688 (163,676)929,232 (172,235)1,372,956 
Residential mortgage-related securities:
FNMA/FHLMC5 (52)2,581 114 (188,281)750,852 (188,333)753,432 
GNMA6 (138)8,508 80 (3,729)34,028 (3,866)42,536 
Private-label— — — 18 (70,211)273,892 (70,211)273,892 
 Commercial mortgage-related securities:
FNMA/FHLMC— — — 45 (157,363)630,783 (157,363)630,783 
GNMA— — — 13 (7,256)47,436 (7,256)47,436 
Total371 $(8,747)$454,813 959 $(590,538)$2,667,200 $(599,286)$3,122,012 
18

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 June 30, 2024 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of June 30, 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 $124 million and $143 million at June 30, 2024 and December 31, 2023, respectively. The Corporation had Federal Reserve Bank stock of $88 million and $87 million at June 30, 2024 and December 31, 2023, respectively. Accrued interest receivable on FHLB stock totaled $3 million and $4 million at June 30, 2024 and December 31, 2023, respectively. There was no accrued interest receivable on Federal Reserve Bank Stock at both June 30, 2024 and 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.
19

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 mutual funds. The Corporation had equity securities with readily determinable fair values of $10 million and $7 million at June 30, 2024 and December 31, 2023, respectively.
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 $35 million at June 30, 2024 and December 31, 2023, respectively. During the first quarter of 2024, the Corporation sold all of its remaining Visa Class B restricted shares.
Note 6 Loans
The period end loan composition was as follows:
($ in thousands)Jun 30, 2024Dec 31, 2023
Commercial and industrial$9,970,412 $9,731,555 
Commercial real estate — owner occupied1,102,146 1,061,700 
Commercial and business lending11,072,558 10,793,255 
Commercial real estate — investor5,001,392 5,124,245 
Real estate construction2,255,637 2,271,398 
Commercial real estate lending7,257,029 7,395,644 
Total commercial18,329,587 18,188,898 
Residential mortgage7,840,073 7,864,891 
Auto finance2,556,009 2,256,162 
Home equity634,142 628,526 
Other consumer258,460 277,740 
Total consumer11,288,684 11,027,319 
Total loans$29,618,271 $29,216,218 
Accrued interest receivable on loans totaled $136 million at June 30, 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. The amount of accrued interest reversed was $1 million for the three months ended June 30, 2024 and $2 million for the six months ended June 30, 2024, compared to $1 million for both the three and six months ended June 30, 2023.

20

The following table presents loans by credit quality indicator by origination year at June 30, 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$894 $1,892,814 $945,926 $1,686,429 $2,640,605 $1,440,357 $327,541 $669,712 $9,603,384 
Special mention15 33,301 200 10,597 3,565 26,148 — — 73,811 
Substandard4,450 33,557 58,653 17,654 74,835 70,837 15,389 1,101 272,027 
Nonaccrual550 — 628 4,291 13,591 2,680 — — 21,190 
Commercial and industrial$5,910 $1,959,672 $1,005,407 $1,718,971 $2,732,596 $1,540,022 $342,931 $670,813 $9,970,412 
Commercial real estate - owner occupied:
Risk rating:
Pass$— $10,090 $94,971 $195,479 $180,063 $230,991 $129,599 $207,113 $1,048,306 
Substandard— 1,082 11,518 18,592 2,332 4,456 6,136 7,874 51,989 
Nonaccrual— — 291 1,559 — — — — 1,851 
Commercial real estate - owner occupied$— $11,172 $106,780 $215,630 $182,396 $235,446 $135,735 $214,987 $1,102,146 
Commercial and business lending:
Risk rating:
Pass$894 $1,902,904 $1,040,896 $1,881,908 $2,820,669 $1,671,348 $457,140 $876,825 $10,651,690 
Special mention15 33,301 200 10,597 3,565 26,148 — — 73,811 
Substandard4,450 34,639 70,171 36,246 77,167 75,293 21,526 8,974 324,016 
Nonaccrual550 — 919 5,850 13,591 2,680 — — 23,041 
Commercial and business lending$5,910 $1,970,844 $1,112,187 $1,934,601 $2,914,992 $1,775,468 $478,666 $885,799 $11,072,558 
Commercial real estate - investor:
Risk rating:
Pass$— $127,015 $640,800 $1,015,192 $1,267,257 $838,190 $384,729 $479,713 $4,752,897 
Special mention— 327 — — 2,480 4,790 — 4,721 12,318 
Substandard— — 40,381 76,079 36,228 23,571 — 11,669 187,928 
Nonaccrual— — 18,374 24,115 — 5,760 — — 48,249 
Commercial real estate - investor$— $127,342 $699,555 $1,115,386 $1,305,965 $872,312 $384,729 $496,103 $5,001,392 
Real estate construction:
Risk rating:
Pass$— $23,785 $113,941 $453,799 $1,121,881 $463,239 $26,048 $11,480 $2,214,172 
Special mention— — — — 27,953 — — — 27,953 
Substandard— — — — 13,495 — — — 13,495 
Nonaccrual— — — — — — — 16 16 
Real estate construction$— $23,785 $113,941 $453,799 $1,163,329 $463,239 $26,048 $11,496 $2,255,637 
Commercial real estate lending:
Risk rating:
Pass$— $150,800 $754,741 $1,468,991 $2,389,137 $1,301,429 $410,777 $491,193 $6,967,069 
Special mention— 327 — — 30,433 4,790 — 4,721 40,271 
Substandard— — 40,381 76,079 49,724 23,571 — 11,669 201,424 
Nonaccrual— — 18,374 24,115 — 5,760 — 16 48,265 
Commercial real estate lending$— $151,127 $813,496 $1,569,185 $2,469,294 $1,335,551 $410,777 $507,599 $7,257,029 
Total commercial:
Risk rating:
Pass$894 $2,053,704 $1,795,638 $3,350,899 $5,209,806 $2,972,777 $867,918 $1,368,018 $17,618,759 
Special mention15 33,628 200 10,597 33,999 30,938 — 4,721 114,082 
Substandard4,450 34,639 110,552 112,324 126,891 98,864 21,526 20,643 525,439 
Nonaccrual550 — 19,293 29,966 13,591 8,440 — 16 71,306 
Total commercial$5,910 $2,121,971 $1,925,683 $3,503,786 $5,384,286 $3,111,019 $889,443 $1,393,398 $18,329,587 
21

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$— $— $59,996 $442,905 $1,665,096 $2,058,192 $1,366,320 $2,178,474 $7,770,983 
Special mention— — — — — — — 287 287 
Substandard— — — 458 92 — — 196 745 
Nonaccrual— — 982 1,621 10,987 9,853 8,214 36,402 68,058 
Residential mortgage$— $— $60,978 $444,983 $1,676,175 $2,068,045 $1,374,533 $2,215,359 $7,840,073 
Auto finance:
Risk rating:
Pass$— $— $650,646 $1,035,480 $798,751 $61,750 $114 $225 $2,546,966 
Special mention— — 101 674 1,072 170 — — 2,018 
Substandard— — — 36 2 — — — 39 
Nonaccrual— — 82 1,767 4,617 519 — — 6,986 
Auto finance$— $— $650,830 $1,037,958 $804,442 $62,440 $114 $225 $2,556,009 
Home equity:
Risk rating:
Pass$5,512 $532,317 $261 $1,660 $28,051 $5,925 $2,051 $54,824 $625,089 
Special mention246 226 — 59 37 75 18 603 1,018 
Substandard— — — 8 — — — 32 40 
Nonaccrual698 161 30 10 576 174 219 6,827 7,996 
Home equity$6,456 $532,704 $291 $1,737 $28,664 $6,174 $2,288 $62,285 $634,142 
Other consumer:
Risk rating:
Pass$72 $186,582 $6,751 $4,511 $2,586 $1,254 $679 $53,504 $255,867 
Special mention4 726 — — 11 14 1 4 757 
Substandard— 1,759 — — — — — — 1,759 
Nonaccrual5 49 — 8 7 4 — 9 77 
Other consumer$81 $189,115 $6,751 $4,519 $2,605 $1,272 $681 $53,518 $258,460 
Total consumer:
Risk rating:
Pass$5,584 $718,898 $717,655 $1,484,555 $2,494,485 $2,127,121 $1,369,163 $2,287,027 $11,198,905 
Special mention250 952 101 734 1,120 259 20 893 4,080 
Substandard— 1,759 — 502 94 — — 228 2,583 
Nonaccrual704 209 1,094 3,406 16,186 10,550 8,433 43,238 83,117 
Total consumer$6,537 $721,819 $718,850 $1,489,197 $2,511,886 $2,137,930 $1,377,616 $2,331,386 $11,288,684 
Total loans:
Risk rating:
Pass$6,478 $2,772,602 $2,513,293 $4,835,454 $7,704,291 $5,099,898 $2,237,081 $3,655,045 $28,817,664 
Special mention265 34,580 301 11,331 35,119 31,197 20 5,614 118,162 
Substandard4,450 36,398 110,552 112,826 126,985 98,864 21,526 20,871 528,022 
Nonaccrual1,254 209 20,387 33,372 29,777 18,990 8,433 43,255 154,423 
Total loans$12,447 $2,843,790 $2,644,533 $4,992,983 $7,896,172 $5,248,950 $2,267,059 $3,724,785 $29,618,271 
(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.


22

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 
23

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.

24

The following table presents gross charge offs by origination year for the six months ended June 30, 2024:
Gross Charge Offs by Origination Year
($ in thousands)Rev Loans Amortized Cost Basis20242023202220212020PriorTotal
Commercial and industrial$1,930 $128 $8,172 $553 $22,921 $3 $— $33,708 
Commercial real estate-owner occupied— — — — — — 3 3 
Commercial and business lending1,930 128 8,172 553 22,921 3 3 33,710 
Commercial real estate-investor— — — — 4,569 — — 4,569 
Commercial real estate lending— — — — 4,569 — — 4,569 
Total commercial1,930 128 8,172 553 27,490 3 3 38,279 
Residential mortgage— — 58 60 7 32 267 423 
Auto finance— 53 1,549 3,100 294 — — 4,996 
Home equity93 — — 9 — 8 37 147 
Other consumer3,281 3 41 44 28 38 29 3,463 
Total consumer3,374 56 1,648 3,213 329 78 332 9,029 
Total gross charge offs$5,304 $184 $9,820 $3,766 $27,819 $81 $335 $47,308 
The following table presents gross charge offs by origination year for the year ended December 31, 2023:
Gross Charge Offs by Origination Year
($ 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.
25

The recorded investment of consumer loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $20 million at June 30, 2024 and $16 million at December 31, 2023.
The following table presents loans by past due status at June 30, 2024:
Accruing
($ in thousands)Current30-59 Days
Past Due		60-89 Days
Past Due		90+ Days
Past Due
Nonaccrual(a)(b)
Total
Commercial and industrial$9,946,786 $1,830 $222 $384 $21,190 $9,970,412 
Commercial real estate - owner occupied1,100,295 — — — 1,851 1,102,146 
Commercial and business lending11,047,081 1,830 222 384 23,041 11,072,558 
Commercial real estate - investor4,952,120 1,023 — — 48,249 5,001,392 
Real estate construction2,255,621 — — — 16 2,255,637 
Commercial real estate lending7,207,741 1,023 — — 48,265 7,257,029 
Total commercial18,254,821 2,853 222 384 71,306 18,329,587 
Residential mortgage7,761,641 10,087 287 — 68,058 7,840,073 
Auto finance2,533,170 13,796 2,018 39 6,986 2,556,009 
Home equity622,452 2,677 1,018 — 7,996 634,142 
Other consumer254,457 1,175 820 1,931 77 258,460 
Total consumer11,171,720 27,735 4,143 1,970 83,117 11,288,684 
Total loans$29,426,541 $30,587 $4,365 $2,354 $154,423 $29,618,271 
(a) Of the total nonaccrual loans, $63 million, or 41%, were current with respect to payment at June 30, 2024.
(b) No interest income was recognized on nonaccrual loans for the three and six months ended June 30, 2024. In addition, there were $13 million of nonaccrual loans for which there was no related ACLL at June 30, 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 and six months ended June 30, 2024 and June 30, 2023. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at June 30, 2024.
Interest Rate Concession
Amortized Cost
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Commercial and industrial$161 $122 $298 $168 
Auto139 21 144 80 
Home equity— 47 — 78 
Other consumer631 489 1,110 988 
Total loans modified$930 $679 $1,552 $1,314 
26

Term Extension
Amortized Cost
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Residential mortgage$— $— $— $208 
Home equity— 27 — 27 
Total loans modified$— $27 $— $235 
Combination - Interest Rate Concession and Term Extension
Amortized Cost
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Residential mortgage$— $356 $641 $519 
Home equity— 77 30 168 
Total loans modified$— $432 $670 $687 
The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans as of June 30, 2024 and June 30, 2023:
Interest Rate Concession
Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase(a)
Three Months Ended Jun 30,Six Months Ended Jun 30,
Loan Type2024202320242023
Commercial and industrial(19)%(18)%(17)%(17)%
Residential mortgage— %2 %3 %2 %
Auto(8)%(9)%(8)%(4)%
Home equity— %2 %(3)%— %
Other consumer(22)%(21)%(22)%(20)%
Weighted average of total loans modified(18)%(11)%(13)%(11)%
(a) Due to market conditions, some interest rate concessions on floating rate loans may involve an increase in rate that was lower in comparison to the rate of increase for floating rate loans not modified.
Term Extension
Financial Effect, Weighted Average Term Increase(a)
Three Months Ended Jun 30,Six Months Ended Jun 30,
Loan Type2024202320242023
Residential mortgage0 months29 months158 months50 months
Home equity0 months113 months64 months110 months
Weighted average of total loans modified0 months48 months153 months63 months
(a) During the three months ended June 30, 2024, there were no term extensions. During the three months ended June 30, 2023, term extensions changed the weighted average term on modified loans from 204 to 252 months. During the six months ended June 30, 2024 and June 30, 2023, term extensions changed the weighted average term on modified loans from 254 to 407 months and 223 to 285 months, respectively.
The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the twelve months ended June 30, 2024:
Payment Status (Amortized Cost Basis)
($ in thousands)Current30-89 Days Past Due90+ Days Past Due
Commercial and industrial$410 $— $— 
Residential mortgage902 24 55 
Auto107 41 — 
Home equity139 — — 
Other consumer1,615 — — 
Total loans modified$3,173 $65 $55 
27

The following table depicts the performance of loans that have been modified in the six months ended June 30, 2023:
Payment Status (Amortized Cost Basis)
($ in thousands)Current30-89 Days Past Due90+ Days Past Due
Commercial and industrial$168 $— $— 
Residential mortgage519 208 — 
Auto80 — — 
Home equity264 — 9 
Other consumer988 — — 
Total loans modified$2,019 $208 $9 
The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous twelve months and subsequently had a payment default during the six months ended June 30, 2024:
Amortized Cost of Loan Modifications that Subsequently Defaulted
($ in thousands)Interest Rate ConcessionTerm ExtensionCombination Interest Rate Reduction and Term Extension
Auto$6 $— $— 
Total loans modified$6 $— $— 
The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous six months and subsequently had a payment default during the six months ended June 30, 2023:
Amortized Cost of Loan Modifications that Subsequently Defaulted
($ in thousands)Interest Rate ConcessionTerm ExtensionCombination Interest Rate Reduction and Term Extension
Residential mortgage$— $201 $128 
Home equity— — 60 
Total loans modified$— $201 $187 
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 June 30, 2024 was the Moody's baseline scenario from May 2024, which was reviewed against the June 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.

28

The following table presents a summary of the changes in the ACLL by portfolio segment for the six months ended June 30, 2024:
($ in thousands)Dec 31, 2023Charge offsRecoveriesNet Charge offsProvision for credit lossesJun 30, 2024ACLL / Loans
Allowance for loan losses
Commercial and industrial$128,263 $(33,708)$1,394 $(32,314)$29,942 $125,891 
Commercial real estate — owner occupied10,610 (3)6 4 463 11,077 
Commercial and business lending138,873 (33,710)1,400 (32,310)30,405 136,968 
Commercial real estate — investor67,858 (4,569)— (4,569)8,274 71,563 
Real estate construction53,554 — 58 58 2,285 55,897 
Commercial real estate lending121,412 (4,569)58 (4,511)10,559 127,459 
Total commercial260,285 (38,279)1,458 (36,821)40,963 264,427 
Residential mortgage37,808 (423)72 (351)(2,915)34,542 
Auto finance24,961 (4,996)1,422 (3,574)6,383 27,770 
Home equity15,403 (147)596 449 240 16,092 
Other consumer12,638 (3,463)509 (2,954)3,329 13,013 
Total consumer90,809 (9,029)2,600 (6,429)7,037 91,417 
Total loans$351,094 $(47,308)$4,058 $(43,251)$48,000 $355,844 
Allowance for unfunded commitments
Commercial and industrial$13,319 $— $— $— $(182)$13,137 
Commercial real estate — owner occupied149 — — — 20 169 
Commercial and business lending13,468 — — — (162)13,306 
Commercial real estate — investor480 — — — 113 593 
Real estate construction17,024 — — — (1,241)15,783 
Commercial real estate lending17,504 — — — (1,128)16,376 
Total commercial30,972 — — — (1,290)29,682 
Home equity2,629 — — — (146)2,483 
Other consumer1,174 — — — 436 1,610 
Total consumer3,803 — — — 290 4,093 
Total loans$34,776 $— $— $— $(1,000)$33,776 
Allowance for credit losses on loans
Commercial and industrial$141,582 $(33,708)$1,394 $(32,314)$29,760 $139,028 1.39 %
Commercial real estate — owner occupied10,759 (3)6 4 483 11,246 1.02 %
Commercial and business lending152,341 (33,710)1,400 (32,310)30,243 150,274 1.36 %
Commercial real estate — investor68,338 (4,569)— (4,569)8,387 72,156 1.44 %
Real estate construction70,578 — 58 58 1,043 71,680 3.18 %
Commercial real estate lending138,916 (4,569)58 (4,511)9,430 143,835 1.98 %
Total commercial291,257 (38,279)1,458 (36,821)39,673 294,109 1.60 %
Residential mortgage37,808 (423)72 (351)(2,915)34,542 0.44 %
Auto finance24,961 (4,996)1,422 (3,574)6,383 27,770 1.09 %
Home equity18,032 (147)596 449 93 18,575 2.93 %
Other consumer13,812 (3,463)509 (2,954)3,765 14,623 5.66 %
Total consumer94,613 (9,029)2,600 (6,429)7,327 95,510 0.85 %
Total loans$385,870 $(47,308)$4,058 $(43,251)$47,000 $389,620 1.32 %




29

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 2024, 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
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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 2024 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2023 or the first six months of 2024.
The Corporation had goodwill of $1.1 billion at both June 30, 2024 and December 31, 2023.
Core Deposit Intangibles
The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:
($ in thousands)Six Months Ended Jun 30, 2024Year Ended Dec 31, 2023
Core deposit intangibles
Gross carrying amount at the beginning of period$88,109 $88,109 
Accumulated amortization(52,044)(47,638)
Net book value$36,066 $40,471 
Amortization during the period$4,405 $8,811 
Mortgage Servicing Rights
The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are not traded in active markets. As a result, a cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, are used in measuring the fair value of the MSRs asset. These assumptions are considered significant unobservable inputs. See Note 11 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 12 which further discusses fair value measurement relative to the MSRs asset.
A summary of changes in the balance of the MSRs asset under the fair value measurement method for the six months ended June 30, 2024 and the year ended December 31, 2023 is as follows:
($ in thousands)Six Months Ended Jun 30, 2024Year Ended Dec 31, 2023
Mortgage servicing rights
Mortgage servicing rights at beginning of period$84,390 $77,351 
Additions2,490 3,564 
Paydowns(3,808)(7,185)
Valuation:
Change in fair value model assumptions— 8,881 
Changes in fair value of asset2,567 1,778 
Mortgage servicing rights at end of period$85,640 $84,390 
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)(a)
$6,306,865 $7,364,492 
Mortgage servicing rights to servicing portfolio(a)
1.36 %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 $844 million. After sale, the servicing was retained for a short period until full servicing was transferred to the purchaser in January 2024.
The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of June 30, 2024. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for CDIs and decay for MSRs:
($ in thousands)Core Deposit IntangiblesMortgage Servicing Rights
Six months ended December 31, 2024$4,405 $4,853 
20258,811 11,623 
20268,811 11,487 
20278,811 10,786 
20283,485 9,750 
20291,681 8,633 
Beyond 202961 28,508 
Total estimated amortization expense and MSRs decay$36,066 $85,640 
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Note 8 Short and Long-Term Funding
The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):
($ in thousands)Jun 30, 2024Dec 31, 2023
Short-term funding
Federal funds purchased$270,015 $220,160 
Securities sold under agreements to repurchase89,524 106,620 
Federal funds purchased and securities sold under agreements to repurchase359,539 326,780 
BTFP funding500,000 — 
Total short-term funding$859,539 $326,780 
Long-term funding
Corporation subordinated notes, at par$550,000 $550,000 
Discount and capitalized costs(7,189)(7,748)
Subordinated debt fair value hedge(a)
(7,037)(1,366)
Finance leases339 383 
Total long-term funding$536,113 $541,269 
   Total short and long-term funding, excluding FHLB advances$1,395,652 $868,049 
FHLB advances
Short-term FHLB advances$1,475,000 $740,000 
Long-term FHLB advances1,211,867 1,209,907 
FHLB advances fair value hedge(a)
(13,820)(9,713)
Total FHLB advances$2,673,046 $1,940,194 
Total short and long-term funding$4,068,699 $2,808,243 
(a) For additional information on the fair value hedges, see Note 9.
Securities Sold Under Agreements to Repurchase
The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities).
The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At June 30, 2024, the Corporation had pledged securities valued at 189% of the gross outstanding balance of repurchase agreements to manage this risk.
The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of June 30, 2024 and December 31, 2023 are presented in the following table:
Overnight and Continuous
($ in thousands)Jun 30, 2024Dec 31, 2023
Repurchase agreements
Agency mortgage-related securities$89,524 $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 enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest and currency rates as well as other economic conditions.
At inception, the Corporation designates the derivative contract as either a fair value hedge (i.e., a hedge of the fair value of a recognized asset or liability), a cash flow hedge (i.e., a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability), or a non-designated hedge. The hedge accounting methodologies applied for fair value, cash flow, and non-designated hedges are described in the Derivative and Hedging Activities note in the Corporation's 2023 Annual Report on Form 10-K.
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 $86 million and $93 million of investment securities as collateral at June 30, 2024, and December 31, 2023, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation's required cash collateral was $2 million at June 30, 2024, compared to $5 million at December 31, 2023. For fair value information and disclosures and for the Corporation's accounting policy for derivative and hedging activities, see the Fair Value Measurements and Summary of Significant Accounting Policies notes in the Corporation's 2023 Annual Report on Form 10-K.
The following table presents the total notional amounts and gross fair values of the Corporation's derivatives, as well as the balance sheet netting adjustments as of June 30, 2024 and December 31, 2023:
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 Jun 30, 2024Dec 31, 2023
AssetLiabilityAssetLiability
($ in thousands)Notional AmountFair ValueNotional AmountFair ValueNotional AmountFair ValueNotional AmountFair Value
Designated as hedging instruments:
Interest rate-related instruments(a)
$1,250,000 $3,036 $2,050,000 $12,880 $2,300,000 $8,075 $550,000 $930 
Foreign currency exchange forwards71,753 136 150,906 337 231,566 632 189,212 2,946 
Total designated as hedging instruments3,172 13,217 8,707 3,876 
Not designated as hedging instruments:
Interest rate-related and other instruments3,893,983 106,277 6,130,174 207,471 3,603,513 111,623 6,528,471 195,662 
Foreign currency exchange forwards89,957 2,700 276,412 2,514 87,526 2,954 135,654 2,746 
Mortgage banking(b)
72,166 766 150,500 95 29,490 439 51,500 673 
Total not designated as hedging instruments109,744 210,081 115,016 199,082 
Gross derivatives before netting112,916 223,298 123,723 202,958 
Less: Legally enforceable master netting agreements8,328 8,328 18,234 18,234 
Less: Cash collateral pledged/received40,169 1,500 35,855 — 
Total derivative instruments, after netting$64,418 $213,470 $69,634 $184,724 

(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps with an effective date ranging from December 1, 2024 to March 1, 2025, where the notional amounts on such swaps were $100 million for assets and $350 million for liabilities, and where the fair value on the assets and liabilities for those swaps were approximately $260,000 and $2 million, respectively.
(b) 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)Jun 30, 2024Dec 31, 2023
Other long-term funding$(542,963)$7,037 $(548,634)$1,366 
FHLB advances(586,180)13,820 (590,287)9,713 
Total$(1,129,143)$20,857 $(1,138,921)$11,079 

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At June 30, 2024 and December 31, 2023, the carrying amount excluded for foreign currency denominated loans was $223 million and $421 million, respectively.
The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At June 30, 2024, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $252 million and is included in loans on the consolidated balance sheets. This amount includes $1 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above.
The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income for the three and six months ended June 30, 2024 and 2023:
Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value and Cash Flow Hedging Relationships
Three months ended Jun 30,Six Months Ended Jun 30,
2024202320242023
($ in thousands)Interest Income Interest ExpenseInterest IncomeInterest ExpenseInterest IncomeInterest 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)
$(4,805)$5,367 $(3,376)$4,329 $(9,668)$10,689 $(4,697)$6,844 
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items (36)431 (57)(20,375)(76)(9,779)(115)(9,651)
Derivatives designated as hedging instruments(a)
(4,769)4,935 (3,319)24,704 (9,592)20,468 (4,581)16,495 
(a) Includes net settlements on the derivatives.
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Location and Amount Recognized on the Consolidated Statements of Income in
Fair Value Hedging Relationships
Three Months Ended Jun 30,Six Months Ended Jun 30,
2024202320242023
($ in thousands)Capital Markets, NetCapital Markets, NetCapital 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$— $— $— $— 
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items(4,269)7,587 (13,339)9,389 
Derivatives designated as hedging instruments4,269 (7,587)13,339 (9,389)
The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023:
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Interest rate-related instruments designated as cash flow hedging instruments
Amount of (loss) recognized in OCI on cash flow hedge derivative(a)
$(6,787)$(34,147)$(26,248)$(20,384)
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a)
4,769 3,319 9,592 4,581 
(a) The entirety of (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 $13 million will be reclassified as a decrease to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to June 30, 2024. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 35 months as of June 30, 2024.
The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three and six months ended June 30, 2024 and 2023:
Consolidated Statements of Income Category of Gain / (Loss) 
Recognized in Income		Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Derivative instruments
Interest rate-related and other instruments — customer and mirror, netCapital markets, net$13 $207 $(58)$138 
Interest rate-related instruments — MSRs hedgeMortgage banking, net(1,374)(2,195)(4,311)326 
Foreign currency exchange forwardsCapital markets, net(140)1,158 605 1,386 
Interest rate lock commitments (mortgage)Mortgage banking, net100 93 327 345 
Forward commitments (mortgage)Mortgage banking, net127 777 578 382 
Note 10 Balance Sheet Offsetting
Interest Rate-Related Instruments and Foreign Exchange Forwards (“Interest and Foreign Exchange Agreements”)
The Corporation is permitted to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the consolidated balance sheets when a legally enforceable master netting agreement exists. The Corporation has elected to net such balances where it has determined that the specified conditions are met.
The Corporation uses master netting agreements to mitigate counterparty credit risk in these transactions, including derivative contracts. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer or deliver collateral or margin when due).
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Typical master netting agreements for these types of transactions also contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the “demanding party”). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to set-off any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty.
For additional information on the Corporation’s derivative and hedging activities, see the Derivative and Hedging Activities note in the Corporation's 2023 Annual Report on Form 10-K.
The following table presents the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement as of June 30, 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
June 30, 2024$92,570 $(8,328)$(40,169)$44,072 $(33,922)$10,150 
December 31, 202387,075 (18,234)(35,855)32,985 (32,985)— 
 Gross Amounts RecognizedGross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance SheetsNet Amounts Presented on the Consolidated Balance SheetsGross Amounts Not Offset on the Consolidated Balance Sheets 
 ($ in thousands)Derivative
Assets Offset		Cash Collateral PledgedSecurity Collateral PledgedNet
 Amount
Derivative liabilities
June 30, 2024$21,237 $(8,328)$(1,500)$11,409 $— $11,409 
December 31, 202318,767 (18,234)— 533 — 533 
Note 11 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters
The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 9). The following is a summary of lending-related commitments:
($ in thousands)Jun 30, 2024Dec 31, 2023
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b)
$10,295,737 $11,170,147 
Commercial letters of credit(a)
1,118 3,697 
Standby letters of credit(c)
252,475 212,029 
(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 June 30, 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 $3 million at June 30, 2024, compared to $2 million at December 31, 2023, as an estimate of the fair value of these financial instruments.
Lending-related Commitments
As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient
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to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit).
The following table presents a summary of the changes in the allowance for unfunded commitments:
($ in thousands)Six Months Ended Jun 30, 2024Year Ended Dec 31, 2023
Allowance for unfunded commitments
Balance at beginning of period$34,776 $38,776 
Provision for unfunded commitments(1,000)(4,000)
Balance at end of period$33,776 $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 June 30, 2024 was $205 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 $18 million and $17 million for the six months ended June 30, 2024 and June 30, 2023, respectively, and $9 million for both the three months ended June 30, 2024 and June 30, 2023. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $203 million at June 30, 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 $30 million at June 30, 2024 and $27 million at December 31, 2023. Additionally, at June 30, 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 six months ended June 30, 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 $41 million at June 30, 2024 and $40 million at December 31, 2023, included in tax credit and other investments on the consolidated balance sheets.
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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.
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.
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.
38

As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $2 million and $5 million for the six months ended June 30, 2024 and the year ended December 31, 2023, respectively. There were no loss reimbursement and settlement claims paid in the six months ended June 30, 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 $4.0 billion at the time of sale, consisting primarily of loans sold to GSEs. As of June 30, 2024, $3.4 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 $734,000 at June 30, 2024 and approximately $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 June 30, 2024 and December 31, 2023, there were $14 million and $15 million, respectively, 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 June 30, 2024 and December 31, 2023, there were $58 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.
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 June 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall:
39

Jun 30, 2024
($ in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Assets
Cash and due from banks$470,818 $470,818 $470,818 $— $— 
Interest-bearing deposits in other financial institutions484,677 484,677 484,677 — — 
Federal funds sold and securities purchased under agreements to resell3,600 3,600 3,600 — — 
AFS investment securities:
U.S. Treasury securities35,638 35,638 35,638 — — 
Obligations of state and political subdivisions (municipal securities)78,507 78,507 — 78,507 — 
Residential mortgage-related securities:
FNMA / FHLMC1,064,318 1,064,318 — 1,064,318 — 
GNMA2,440,808 2,440,808 — 2,440,808 — 
Commercial mortgage-related securities:
FNMA / FHLMC17,283 17,283 — 17,283 — 
GNMA149,799 149,799 — 149,799 — 
Asset backed securities:
FFELP122,765 122,765 — 122,765 — 
SBA640 640 — 640 — 
Other debt securities2,973 2,973 — 2,973 — 
Total AFS investment securities3,912,730 3,912,730 35,638 3,877,092 — 
HTM investment securities:
U.S. Treasury securities1,000 978 978 — — 
Obligations of state and political subdivisions (municipal securities), net1,668,410 1,497,587 — 1,497,587 — 
Residential mortgage-related securities:
FNMA / FHLMC916,966 753,657 — 753,657 — 
GNMA46,392 42,536 — 42,536 — 
Private-label335,148 273,892 — 273,892 — 
Commercial mortgage-related securities:
FNMA / FHLMC776,717 630,783 — 630,783 — 
GNMA54,403 47,436 — 47,436 — 
Total HTM investment securities, net3,799,035 3,246,868 978 3,245,890 — 
Equity securities:
Equity securities10,444 10,444 10,382 — 62 
Equity securities at NAV12,500 12,500 
Total equity securities22,944 22,944 
FHLB and Federal Reserve Bank stocks212,102 212,102 — 212,102 — 
Residential loans held for sale83,795 83,795 — 83,795 — 
Loans, net29,208,547 27,884,450 — — 27,884,450 
Bank and corporate owned life insurance683,451 683,451 — 683,451 — 
Mortgage servicing rights, net85,640 85,640 — — 85,640 
Interest rate-related instruments designated as hedging instruments(a)
3,036 3,036 — 3,036 — 
Foreign currency exchange forwards designated as hedging instruments(a)
136 136 — 136 — 
Interest rate-related and other instruments not designated as hedging instruments(a)
106,277 106,277 — 106,277 — 
Foreign currency exchange forwards not designated as hedging instruments(a)
2,700 2,700 — 2,700 — 
Interest rate lock commitments to originate residential mortgage loans held for sale766 766 — — 766 
Total selected assets at fair value$39,080,255 $37,203,991 $1,006,092 $8,214,480 $27,970,919 

(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

Jun 30, 2024
($ in thousands)Carrying AmountFair ValueLevel 1Level 2Level 3
Liabilities
Deposits:
Noninterest-bearing demand$5,815,045 $5,815,045 $— $— $5,815,045 
Savings5,157,103 5,157,103 — — 5,157,103 
Interest-bearing demand8,284,017 8,284,017 — — 8,284,017 
Money market6,294,895 6,294,895 — — 6,294,895 
Brokered CDs(a)
4,061,578 4,061,578 — 4,061,578 — 
Other time deposits(a)
3,078,401 3,078,401 — 3,078,401 — 
Total deposits32,691,039 32,691,039 — 7,139,979 25,551,061 
Short-term funding:
Federal funds purchased and securities sold under agreements to repurchase359,539 359,532 — 359,532 — 
BTFP funding500,000 497,973 — 497,973 — 
Total short-term funding859,539 857,505 — 857,505 — 
FHLB advances2,673,046 2,672,221 — 2,672,221 — 
Other long-term funding536,113 530,211 — 530,211 — 
Standby letters of credit(b)
2,536 2,536 — 2,536 — 
Interest rate-related instruments designated as hedging instruments(c)
12,880 12,880 — 12,880 — 
Foreign currency exchange forwards designated as hedging instruments(c)
337 337 — 337 — 
Interest rate-related and other instruments not designated as hedging instruments(c)
207,471 207,471 — 207,471 — 
Foreign currency exchange forwards not designated as hedging instruments(c)
2,514 2,514 — 2,514 — 
Forward commitments to sell residential mortgage loans95 95 — — 95 
Total selected liabilities at fair value$36,985,572 $36,976,810 $— $11,425,654 $25,551,156 

(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 $252 million at June 30, 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 $212 million at December 31, 2023. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.
The table below presents a rollforward of the consolidated balance sheets amounts for the six months ended June 30, 2024 and the year ended December 31, 2023, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:
($ 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$6,153 $(1,414)$7,567 
Closed loans / settlements(3,857)1,028 (4,885)
Other(1,969)(192)(1,777)
Change in mortgage derivative327 (578)905 
Balance June 30, 2024$766 $95 $671 
The following table presents a rollforward of the fair value of Level 3 equity securities, for the six months ended June 30, 2024 and the year ended December 31, 2023, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes:
 ($ 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 
Purchases12 
Sales(28,772)
Fair value as of June 30, 2024
$62 
43

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)
Jun 30, 2024
Assets
Individually evaluated loansLevel 3$53,881 Provision for credit losses$22,095 
OREO(b)
Level 2192 
Other noninterest expense / provision for credit losses(c)
263 
Dec 31, 2024
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.
The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:
Jun 30, 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 factor—%-81%56%
Interest rate lock commitments to originate residential mortgage loans held for saleDiscounted cash flowClosing Ratio35%-100%87%
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.
The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
RAP
Service cost$881 $796 $1,755 $1,592 
Interest cost2,719 2,686 5,438 5,372 
Expected return on plan assets(8,650)(8,202)(17,301)(16,404)
Amortization of prior service cost(54)(63)(107)(125)
Amortization of actuarial loss— — — 37 
Total net periodic pension cost$(5,104)$(4,783)$(10,215)$(9,528)
Postretirement Plan
Interest cost$18 $20 $37 $39 
Amortization of prior service cost(19)(19)(38)(38)
Amortization of actuarial (gain)(7)(7)(14)(15)
Total net periodic benefit cost$(8)$(7)$(15)$(13)
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.
44

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 six months ended June 30, 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 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).
45

Information about the Corporation’s segments is presented below:
Corporate and Commercial Specialty
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Net interest income$251,196 $240,542 $494,127 $459,665 
Net intersegment interest (expense)(99,238)(100,711)(192,974)(181,691)
Segment net interest income151,958 139,832 301,153 277,975 
Noninterest income35,131 32,451 69,553 65,168 
Total revenue187,089 172,282 370,707 343,143 
Provision for credit losses16,492 13,674 31,920 27,456 
Noninterest expense65,394 61,137 131,744 123,256 
Income before income taxes105,204 97,471 207,042 192,431 
Income tax expense17,765 17,086 38,846 34,811 
Net income$87,438 $80,385 $168,196 $157,619 
Allocated goodwill$525,836 $525,836 
Community, Consumer, and Business
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Net interest income$57,808 $72,460 $116,000 $152,744 
Net intersegment interest income135,332 105,841 265,491 193,920 
Segment net interest income193,140 178,301 381,491 346,664 
Noninterest income25,418 30,252 49,912 56,199 
Total revenue218,559 208,554 431,404 402,863 
Provision for credit losses5,591 7,328 12,416 14,086 
Noninterest expense107,565 108,928 218,055 220,663 
Income before income taxes105,403 92,298 200,933 168,114 
Income tax expense22,134 19,383 42,196 35,304 
Net income$83,268 $72,915 $158,737 $132,810 
Allocated goodwill$579,156 $579,156 
 Risk Management and Shared Services
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Net interest (loss)$(52,411)$(55,085)$(95,677)$(80,483)
Net intersegment (expense)(36,095)(5,130)(72,517)(12,229)
Segment net interest (loss)(88,506)(60,216)(168,194)(92,712)
Noninterest income4,610 2,840 10,678 6,249 
Total revenue(83,896)(57,376)(157,515)(86,463)
Provision for credit losses925 1,097 2,672 (1,471)
Noninterest expense22,902 20,609 43,719 34,167 
(Loss) before income taxes(107,722)(79,082)(203,906)(119,159)
Income tax (benefit)(52,589)(12,935)(73,716)(19,243)
Net (loss)$(55,133)$(66,146)$(130,191)$(99,916)
Allocated goodwill$— $— 
46

Consolidated Total
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Net interest income$256,593 $257,917 $514,451 $531,927 
Net intersegment interest income— — — — 
Segment net interest income256,593 257,917 514,451 531,927 
Noninterest income65,159 65,543 130,144 127,616 
Total revenue321,752 323,460 644,595 659,543 
Provision for credit losses23,008 22,100 47,009 40,071 
Noninterest expense195,861 190,673 393,518 378,086 
Income before income taxes102,884 110,687 204,068 241,386 
Income tax (benefit) expense(12,689)23,533 7,326 50,873 
Net income$115,573 $87,154 $196,742 $190,514 
Allocated goodwill$1,104,992 $1,104,992 
Note 15 Accumulated Other Comprehensive Income (Loss)
The following tables summarize the components of accumulated other comprehensive income (loss) at June 30, 2024 and 2023, including changes during the preceding three and six month periods as well as any reclassifications out of accumulated other comprehensive income (loss):
($ 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(41,014)— — (41,014)
Amounts reclassified from accumulated other comprehensive income (loss):
Investment securities losses, net197 — — 197 
HTM investment securities, net, at amortized cost(a)
4,182 — — 4,182 
Other assets / accrued expenses and other liabilities— (26,248)— (26,248)
Interest income— 9,592 — 9,592 
Personnel expense— — (144)(144)
Other expense— — (14)(14)
Income tax benefit (expense)9,138 (2,192)(1,614)5,333 
Net other comprehensive (loss) during period(27,498)(18,848)(1,772)(48,117)
Balance June 30, 2024$(176,139)$(15,768)$(27,307)$(219,214)
Balance December 31, 2022
$(233,192)$3,360 $(42,968)$(272,799)
Other comprehensive (loss) before reclassifications(12,588)— — (12,588)
Amounts reclassified from accumulated other comprehensive (loss):
HTM investment securities, net, at amortized cost(a)
4,556 — — 4,556 
Other assets / accrued expenses and other liabilities— (20,384)— (20,384)
Interest income— 4,581 — 4,581 
Personnel expense— — (163)(163)
Other expense— — 22 22 
Income tax benefit1,951 3,173 8 5,132 
Net other comprehensive (loss) during period(6,081)(12,630)(132)(18,843)
Balance June 30, 2023$(239,273)$(9,270)$(43,099)$(291,642)
(a) Amortization of net unrealized losses on AFS securities transferred to HTM securities.
47

($ in thousands)AFS Investment
Securities		Cash Flow Hedge DerivativesDefined Benefit
Pension and
Postretirement
Obligations		Accumulated
Other
Comprehensive
Income (Loss)
Balance March 31, 2024
$(169,388)$(13,246)$(27,247)$(209,881)
Other comprehensive (loss) before reclassifications(11,126)— — (11,126)
Amounts reclassified from accumulated other comprehensive (loss):
HTM investment securities, net, at amortized cost(a)
2,122 — — 2,122 
Other assets / accrued expenses and other liabilities— (6,787)— (6,787)
Interest income— 4,769 — 4,769 
Personnel expense— — (73)(73)
Other expense— — (7)(7)
Income tax benefit (expense)2,253 (503)20 1,769 
Net other comprehensive (loss) during period(6,751)(2,522)(60)(9,333)
Balance June 30, 2024$(176,139)$(15,768)$(27,307)$(219,214)
Balance March 31, 2023$(204,339)$13,691 $(42,940)$(233,588)
Other comprehensive (loss) before reclassifications(49,066)— — (49,066)
Amounts reclassified from accumulated other comprehensive income (loss):
HTM investment securities, net, at amortized cost(a)
2,289 — — 2,289 
Other assets / accrued expenses and other liabilities— (34,147)— (34,147)
Interest income— 3,319 — 3,319 
Personnel expense— — (81)(81)
Other expense— — (7)(7)
Income tax benefit (expense)11,843 7,867 (71)19,639 
Net other comprehensive (loss) during period(34,934)(22,961)(159)(58,054)
Balance June 30, 2023$(239,273)$(9,270)$(43,099)$(291,642)
(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 38 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 Jun 30,Six Months Ended Jun 30,
($ in thousands)2024202320242023
Operating lease costs$1,551 $1,479 $3,096 $2,942 
Finance lease costs23 23 46 46 
Operating lease cash flows1,592 1,698 3,436 3,526 
Finance lease cash flows23 23 46 46 
The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows:
($ in thousands)Consolidated Balance Sheets CategoryJun 30, 2024Dec 31, 2023
Operating lease right-of-use assetPremises and equipment$26,213 $24,712 
Finance lease right-of-use assetOther assets325 368 
Operating lease liabilityAccrued expenses and other liabilities28,675 27,311 
Finance lease liabilityOther long-term funding339 383 
48

The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows:
Jun 30, 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$28,130 6.103.47 %$25,729 5.763.12 %
Land3,640 6.773.50 %4,050 6.983.48 %
Equipment408 2.004.62 %408 2.504.62 %
Total operating leases$32,178 6.123.49 %$30,187 5.883.19 %
Finance leases
Retail and corporate offices$347 3.751.32 %$394 4.251.32 %
Total finance leases$347 3.751.32 %$394 4.251.32 %
Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:
($ in thousands)Operating LeasesFinance LeasesTotal Leases
Six months ended December 31, 2024$3,309 $46 $3,356 
20256,293 93 6,386 
20265,712 93 5,805 
20275,002 93 5,095 
20284,118 23 4,142 
Beyond 20287,743 — 7,743 
Total lease payments$32,178 $347 $32,526 
Less: interest3,503 8 3,512 
Present value of lease payments$28,675 $339 $29,014 
As of June 30, 2024 and December 31, 2023, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $4 million and $3 million, respectively. The leases that had not yet commenced as of June 30, 2024 will commence between July 2024 and April 2025 with lease terms of 1 year to 7 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 $29.5 billion increased $331 million, or 1%, from the first six months of 2023, driven primarily by increases in auto finance and commercial lending, partially offset by a decrease in residential mortgage lending.
•Average deposits of $32.9 billion increased $2.4 billion, or 8%, from the first six months of 2023, driven primarily by an increase in time deposits, partially offset by decreases in noninterest-bearing demand deposits and money market deposits.
•Net interest income of $514 million decreased $17 million, or 3%, from the first six months of 2023, and net interest margin was 2.77%, compared to 2.93% for the first six 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 $47 million, compared to a provision of $40 million for the first six months of 2023, driven by nominal credit movement coupled with general macroeconomic trends.
•Noninterest income of $130 million increased $3 million, or 2%, from the first six 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, higher wealth management fees, and an increase in bank and corporate owned life insurance claims. These increases were partially offset by a decrease in mortgage banking, net, as a result of net valuation adjustments of the MSRs asset.
•Noninterest expense of $394 million increased $15 million, or 4%, from the first six months of 2023, primarily driven by increases in personnel, technology, and FDIC assessment expense, the latter due to the special assessment, partially offset by a decrease in other expense.
50

Table 1 Summary Results of Operations: Trends
Six months endedThree months ended
($ in thousands, except per share data)Jun 30, 2024Jun 30, 2023Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023
Net income (loss)$196,742 $190,514 $115,573 $81,169 $(90,806)$83,248 $87,154 
Net income (loss) available to common equity190,992 184,764 112,698 78,294 (93,681)80,373 84,279 
Earnings (loss) per common share - basic 1.27 1.23 0.75 0.52 (0.63)0.53 0.56 
Earnings (loss) per common share - diluted1.26 1.22 0.74 0.52 (0.62)0.53 0.56 
Effective tax rate3.59 %21.08 %(12.33)%19.78 %N/M18.92 %21.26 %
51
Income Statement Analysis
Net Interest Income
Table 2 Net Interest Income Analysis
 Six Months Ended Jun 30,
 20242023
 ($ in thousands)
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$10,913,741 $392,281 7.23%$10,758,464 $351,254 6.58%
Commercial real estate lending7,319,867 273,053 7.50%7,273,402 247,054 6.85%
Total commercial18,233,608 665,334 7.34%18,031,866 598,308 6.69%
Residential mortgage7,965,375 138,120 3.47%8,643,335 142,767 3.30%
Auto finance2,448,914 67,624 5.55%1,572,773 36,159 4.64%
Other retail826,396 41,221 10.00%895,720 38,629 8.65%
Total loans29,474,293 912,299 6.22%29,143,694 815,864 5.64%
Investment securities
Taxable5,598,890 97,206 3.47%5,109,481 65,987 2.58%
Tax-exempt(a)
2,124,763 35,920 3.38%2,322,132 40,344 3.47%
Other short-term investments598,888 17,615 5.91%502,325 11,415 4.58%
Investments and other8,322,541 150,741 3.62%7,933,938 117,746 2.97%
Total earning assets37,796,834 $1,063,040 5.65%37,077,632 $933,610 5.06%
Other assets, net3,135,876 3,007,684 
Total assets$40,932,710 $40,085,316 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,030,859 $43,719 1.75%$4,707,451 $25,019 1.07%
Interest-bearing demand7,377,870 98,099 2.67%6,738,715 64,880 1.94%
Money market6,055,804 93,698 3.11%7,137,912 85,167 2.41%
Network transaction deposits1,623,625 43,621 5.40%1,308,434 31,252 4.82%
Time deposits7,062,989 168,156 4.79%3,681,352 65,301 3.58%
Total interest-bearing deposits27,151,147 447,293 3.31%23,573,864 271,618 2.32%
Federal funds purchased and securities sold under agreements to repurchase238,950 5,166 4.35%357,369 5,404 3.05%
Other short-term funding503,602 12,646 5.05%14,745 1 0.01%
FHLB advances1,986,221 55,814 5.65%4,024,052 99,222 4.97%
Long-term funding536,388 20,154 7.51%475,961 15,876 6.67%
Total short and long-term funding3,265,160 93,780 5.77%4,872,128 120,503 4.98%
Total interest-bearing liabilities30,416,308 $541,073 3.58%28,445,992 $392,121 2.78%
Noninterest-bearing demand deposits5,797,084 7,003,151 
Other liabilities545,526 540,457 
Stockholders’ equity4,173,793 4,095,717 
Total liabilities and stockholders’ equity$40,932,710 $40,085,316 
Interest rate spread2.07%2.28%
Net free funds0.70%0.65%
Fully tax-equivalent net interest income and net interest margin$521,967 2.77%$541,490 2.93%
Fully tax-equivalent adjustment7,516 9,563 
Net interest income$514,451 $531,927 
(a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.
(b) Nonaccrual loans and loans held for sale have been included in the average balances.
(c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.
52
Table 2 Net Interest Income Analysis
 Three Months Ended,
 Jun 30, 2024Mar 31, 2024Jun 30, 2023
 ($ 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$11,011,228 $198,191 7.24%$10,816,255 $194,090 7.22%$10,899,337 $184,080 6.77%
Commercial real estate lending7,249,773 134,203 7.45%7,389,962 138,850 7.56%7,295,367 127,967 7.04%
Total commercial18,261,000 332,394 7.32%18,206,217 332,940 7.35%18,194,703 312,047 6.88%
Residential mortgage7,905,236 69,389 3.51%7,896,956 68,787 3.48%8,701,496 72,056 3.31%
Auto finance2,524,107 35,021 5.58%2,373,720 32,603 5.52%1,654,523 19,701 4.78%
Other retail889,220 20,504 9.24%892,128 20,661 9.28%887,574 20,135 9.08%
Total loans29,579,564 457,307 6.21%29,369,022 454,991 6.22%29,438,297 423,939 5.77%
Investment securities
Taxable5,680,757 50,479 3.55%5,517,023 46,727 3.39%5,304,381 35,845 2.70%
Tax-exempt(a)
2,116,174 17,896 3.38%2,133,352 18,024 3.38%2,314,825 20,152 3.48%
Other short-term investments620,943 9,304 6.03%576,782 8,311 5.80%511,487 6,086 4.77%
Investments and other8,417,874 77,680 3.69%8,227,158 73,062 3.55%8,130,693 62,083 3.05%
Total earning assets37,997,438 $534,987 5.65%37,596,179 $528,053 5.64%37,568,991 $486,022 5.18%
Other assets, net3,103,168 3,173,027 2,989,321 
Total assets$41,100,606 $40,769,206 $40,558,311 
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings$5,133,688 $21,972 1.72%$4,928,031 $21,747 1.77%$4,749,808 $15,160 1.28%
Interest-bearing demand7,265,621 48,109 2.66%7,490,119 49,990 2.68%6,663,775 34,961 2.10%
Money market5,995,005 46,391 3.11%6,116,604 47,306 3.11%6,743,810 43,529 2.59%
Network transaction deposits1,595,312 21,416 5.40%1,651,937 22,205 5.41%1,468,006 18,426 5.03%
Time deposits6,927,663 83,173 4.83%7,198,315 84,983 4.75%4,985,949 50,119 4.03%
Total interest-bearing deposits26,917,289 221,062 3.30%27,385,005 226,231 3.32%24,611,348 162,196 2.64%
Federal funds purchased and securities sold under agreements to repurchase213,921 2,303 4.33%263,979 2,863 4.36%285,754 2,261 3.17%
Other short-term funding561,596 7,044 5.04%449,999 5,603 5.01%12,179 — 0.01%
FHLB advances2,432,195 34,143 5.65%1,540,247 21,671 5.66%3,796,106 49,261 5.20%
Long-term funding533,670 10,096 7.57%539,106 10,058 7.46%543,003 9,596 7.07%
Total short and long-term funding3,741,381 53,586 5.75%2,793,331 40,194 5.78%4,637,042 61,118 5.28%
Total interest-bearing liabilities30,658,670 $274,648 3.60%30,178,337 $266,425 3.55%29,248,389 $223,314 3.06%
Noninterest-bearing demand deposits5,712,115 5,882,052 6,669,787 
Other liabilities563,616 527,437 511,074 
Stockholders’ equity4,166,204 4,181,381 4,129,061 
Total liabilities and stockholders’ equity$41,100,606 $40,769,206 $40,558,311 
Interest rate spread2.05%2.09%2.12%
Net free funds0.70%0.70%0.68%
Fully tax-equivalent net interest income and net interest margin$260,340 2.75%$261,628 2.79%$262,708 2.80%
Fully tax-equivalent adjustment3,747 3,770 4,791 
Net interest income$256,593 $257,858 $257,917 

(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.



53
Notable Contributions to the Change in Net Interest Income
•Fully tax-equivalent net interest income and net interest income were $20 million, or 4%, and $17 million, or 3%, lower than the first six months of 2023, respectively. Since June 30, 2023, the Federal Reserve increased the federal funds target interest rate 25 bp, which, in combination with the full impact of rate increases during the first six months of 2023 affecting 2024, contributed to the yield on earning assets increasing by 59 bp and the cost of interest-bearing liabilities increasing 80 bp from the first six 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 $331 million, or 1%, from the first six months of 2023, and average investments and other short-term investments increased $389 million, or 5%, from the first six months of 2023.
•    Average interest-bearing liabilities increased $2.0 billion, or 7%, compared to the first six months of 2023. Average interest-bearing deposits increased $3.6 billion, or 15%, from the first six months of 2023, primarily driven by increases in time deposits, interest-bearing demand deposits, savings deposits, and network transaction deposits, partially offset by a decrease in money market deposits. Average noninterest-bearing demand deposits decreased $1.2 billion, or 17%, versus the first six months of 2023. Average FHLB advances decreased $2.0 billion, or 51%, from the first six months of 2023, partially offset by an increase in other short-term funding related to the utilization of the BTFP.
Provision for Credit Losses
The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. The forecast the Corporation used for June 30, 2024 was the Moody's baseline scenario from May 2024, which was reviewed against the June 2024 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. See additional discussion under the sections titled Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest Income
Table 3 Noninterest Income
Six months endedThree months endedChanges vs
($ in thousands, except as noted)Jun 30, 2024Jun 30, 2023YTD % ChangeJun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2024Jun 30, 2023
Wealth management fees$44,323 $40,672 9 %$22,628 $21,694 $21,003 $20,828 $20,483 4 %10 %
Service charges and deposit account fees24,702 25,366 (3)%12,263 12,439 10,815 12,864 12,372 (1)%(1)%
Card-based fees23,242 21,982 6 %11,975 11,267 11,528 11,510 11,396 6 %5 %
Other fee-based revenue9,259 8,740 6 %4,857 4,402 4,019 4,509 4,465 10 %9 %
Total fee-based revenue101,525 96,760 5 %51,723 49,802 47,365 49,710 48,715 4 %6 %
Capital markets, net8,735 10,176 (14)%4,685 4,050 9,106 5,368 5,093 16 %(8)%
Mortgage banking, net5,166 11,313 (54)%2,505 2,662 1,615 6,501 7,768 (6)%(68)%
Loss on mortgage portfolio sale— — N/M— — (136,239)— — N/MN/M
Bank and corporate owned life insurance7,154 4,835 48 %4,584 2,570 3,383 2,047 2,172 78 %111 %
Other4,549 4,501 1 %2,222 2,327 2,850 2,339 2,080 (5)%7 %
Subtotal127,131 127,586 — %65,719 61,411 (71,919)65,965 65,827 7 %— %
Asset gains (losses), net(933)(35)N/M(627)(306)(136)625 (299)105 %110 %
Investment securities gains (losses), net3,947 66 N/M67 3,879 (58,958)(11)14 (98)%N/M
Total noninterest income (loss)$130,144 $127,616 2 %$65,159 $64,985 $(131,013)$66,579 $65,543 — %(1)%
Mortgage loans originated for sale during period$274,358 $168,395 63 %$168,964 $105,394 $112,365 $115,075 $99,141 60 %70 %
Mortgage loan settlements during period228,732 151,167 51 %137,706 91,026 957,450 103,452 96,514 51 %43 %
Assets under management, at market value(a)
14,304 14,171 13,545 12,543 12,995 1 %10 %
N/M = Not Meaningful
(a) $ in millions. Excludes assets held in brokerage accounts.
54
Notable Contributions to the Change in Noninterest Income
•Wealth management fees increased $4 million from the first six months of 2023, mainly driven by increased assets under management.
•Mortgage banking, net decreased $6 million from the first six months of 2023, mainly driven by net valuation adjustments of the MSRs asset.
•Bank and corporate owned life insurance increased $2 million from the first six months of 2023, primarily driven by an increase in claims.
•Investment securities gains (losses), net increased $4 million from the first six months of 2023, as a result of the sale of the Corporation's remaining Visa B shares.
Noninterest Expense
Table 4 Noninterest Expense
Six months endedThree months endedChange vs
($ in thousands)Jun 30, 2024Jun 30, 2023YTD % ChangeJun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023Mar 31, 2024Jun 30, 2023
Personnel$240,976 $230,510 5 %$121,581 $119,395 $120,686 $117,159 $114,089 2 %7 %
Technology53,362 47,818 12 %27,161 26,200 28,027 26,172 24,220 4 %12 %
Occupancy26,761 28,650 (7)%13,128 13,633 14,429 14,125 13,587 (4)%(3)%
Business development and advertising14,052 12,955 8 %7,535 6,517 8,350 7,100 7,106 16 %6 %
Equipment9,049 9,906 (9)%4,450 4,599 4,742 5,016 4,975 (3)%(11)%
Legal and professional9,101 8,688 5 %4,429 4,672 6,762 4,461 4,831 (5)%(8)%
Loan and foreclosure costs3,771 2,773 36 %1,793 1,979 585 2,049 1,635 (9)%10 %
FDIC assessment21,077 16,425 28 %7,131 13,946 41,497 9,150 9,550 (49)%(25)%
Other intangible amortization4,405 4,405 — %2,203 2,203 2,203 2,203 2,203 — %— %
Other10,963 15,955 (31)%6,450 4,513 12,110 8,771 8,476 43 %(24)%
Total noninterest expense$393,518 $378,086 4 %$195,861 $197,657 $239,391 $196,205 $190,673 (1)%3 %
Average FTEs(a)
4,048 4,223 (4)%4,025 4,070 4,130 4,220 4,227 (1)%(5)%

(a) Average FTEs without overtime
Notable Contributions to the Change in Noninterest Expense
•Personnel expense increased $10 million from the first six months of 2023, primarily driven by increases in salary and incentive expense along with an increase in health insurance expense.
•Technology expense increased $6 million from the first six months of 2023, driven by digital investments tied to our strategic initiatives.
•FDIC expense increased $5 million from the first six months of 2023, primarily driven by the special assessment applied to the Bank 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 $7 million for the six months ended June 30, 2024, compared to income tax expense of $51 million for the six months ended June 30, 2023. The Corporation's effective tax rate from continuing operations was 3.59% and 21.08% for the six months ended June 30, 2024, and 2023, respectively. The decreases in income tax expense and lower effective tax rate during the first six months of 2024 were primarily due to the planned strategic reallocation of the investment portfolio and the 2024 adoption of a legal entity rationalization plan which results in the recognition of deferred tax benefits of approximately $33 million.
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.
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Balance Sheet Analysis
•At June 30, 2024, total assets were $41.6 billion, up $608 million, or 1%, from December 31, 2023, and up $404 million, or 1%, from June 30, 2023.
•Interest bearing deposits in other financial institutions were $485 million at June 30, 2024, up $60 million, or 14%, from December 31, 2023, and up $294 million, or 154%, from June 30, 2023.
•AFS investment securities, at fair value were $3.9 billion at June 30, 2024, up $312 million, or 9%, from December 31, 2023, and up $408 million, or 12%, from June 30, 2023. HTM investment securities, net, at amortized cost were $3.8 billion at June 30, 2024, down $61 million, or 2%, from December 31, 2023, and down $140 million, or 4%, from June 30, 2023. See Note 5 Investment Securities of the notes to consolidated financial statements for additional details.
•Loans of $29.6 billion at June 30, 2024 were up $402 million, or 1%, from December 31, 2023, and down $231 million, or 1%, from June 30, 2023. See Note 6 Loans of the notes to consolidated financial statements for additional details.
•At June 30, 2024, total deposits of $32.7 billion were down $755 million, or 2%, from December 31, 2023, and were up $677 million, or 2%, from June 30, 2023. See section Deposits and Customer Funding for additional information on deposits.
•FHLB advances were $2.7 billion at June 30, 2024, up $733 million, or 38%, from December 31, 2023, and down $958 million, or 26%, from June 30, 2023. See Note 8 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.
Loans
Table 5 Period End Loan Composition
 Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023
 ($ in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Commercial and industrial$9,970,412 34 %$9,858,329 33 %$9,731,555 33 %$10,099,068 33 %$10,055,487 34 %
Commercial real estate — owner occupied1,102,146 4 %1,095,894 4 %1,061,700 4 %1,054,969 3 %1,058,237 4 %
Commercial and business lending11,072,558 37 %10,954,223 37 %10,793,255 37 %11,154,037 37 %11,113,724 37 %
Commercial real estate — investor5,001,392 17 %5,035,195 17 %5,124,245 18 %5,218,980 17 %5,312,928 18 %
Real estate construction2,255,637 8 %2,287,041 8 %2,271,398 8 %2,130,719 7 %2,009,060 7 %
Commercial real estate lending7,257,029 25 %7,322,237 25 %7,395,644 25 %7,349,699 24 %7,321,988 25 %
Total commercial18,329,587 62 %18,276,460 62 %18,188,898 62 %18,503,736 61 %18,435,711 62 %
Residential mortgage7,840,073 26 %7,868,180 27 %7,864,891 27 %8,782,645 29 %8,746,345 29 %
Auto finance2,556,009 9 %2,471,257 8 %2,256,162 8 %2,007,164 7 %1,777,974 6 %
Home equity634,142 2 %619,764 2 %628,526 2 %623,650 2 %615,506 2 %
Other consumer258,460 1 %258,603 1 %277,740 1 %275,993 1 %273,367 1 %
Total consumer11,288,684 38 %11,217,802 38 %11,027,319 38 %11,689,451 39 %11,413,193 38 %
Total loans$29,618,271 100 %$29,494,263 100 %$29,216,218 100 %$30,193,187 100 %$29,848,904 100 %
The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loan commitments within the overall loan portfolio, with each targeted to represent 30 to 40% of the overall loan portfolio. The targeted long-term guidelines were unchanged during 2023 and the first six months of 2024. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the Enterprise Risk Committee of the Corporation’s Board of Directors. These guidelines and limits are designed to create balance and diversification within the loan portfolios.
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The Corporation’s loan distribution and interest rate sensitivity as of June 30, 2024 are summarized in the following table:
Table 6 Loan Distribution and Interest Rate Sensitivity
($ in thousands)
Within 1 Year(a)
1-5 Years5-15 YearsOver 15 YearsTotal% of Total
Commercial and industrial$8,897,907 $745,656 $326,337 $513 $9,970,412 34 %
Commercial real estate — owner occupied697,188 289,722 115,235 — 1,102,146 4 %
Commercial real estate — investor4,652,664 288,354 60,374 — 5,001,392 17 %
Real estate construction2,214,292 31,938 1,703 7,705 2,255,637 8 %
Commercial - adjustable11,434,705 42,714 3,507 — 11,480,926 39 %
Commercial - fixed5,027,346 1,312,957 500,141 8,218 6,848,661 23 %
Residential mortgage - adjustable196,506 667,119 1,501,442 293 2,365,360 8 %
Residential mortgage - fixed5,238 67,677 479,672 4,922,126 5,474,713 18 %
Auto finance1,089 1,219,249 1,335,672 — 2,556,009 9 %
Home equity583,195 9,445 32,434 9,069 634,142 2 %
Other consumer198,831 30,816 18,581 10,232 258,460 1 %
Total loans$17,446,909 $3,349,976 $3,871,448 $4,949,938 $29,618,271 100 %
Fixed-rate$5,042,951 $2,638,785 $2,366,499 $4,949,645 $14,997,881 51 %
Floating or adjustable rate12,403,958 711,191 1,504,948 293 14,620,390 49 %
Total$17,446,909 $3,349,976 $3,871,448 $4,949,938 $29,618,271 100 %
(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.
At June 30, 2024, $19.7 billion, or 66%, of the loans outstanding and $16.5 billion, or 90%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.
Credit Risk
An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location are performed to monitor trends, financial performance, and concentrations. See Note 6 Loans of the notes to consolidated financial statements for additional information on managing overall credit quality.
The loan portfolio is widely diversified by types of borrowers, industry groups, and market areas primarily within the Corporation's lending footprint. Significant loan concentrations are considered to exist when there are amounts loaned to numerous borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At June 30, 2024, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loan exposure.
Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and asset-based and equipment financing.
Table 7 Largest Commercial and Industrial Industry Group Exposures, by NAICS Subsector
Jun 30, 2024NAICS SubsectorOutstanding BalanceTotal Exposure% of Total Loan Exposure
($ in thousands)
Real Estate(a)
531$1,753,301 $3,253,850 8 %
Utilities(b)
2212,472,385 3,050,382 8 %
Credit Intermediation and Related Activities(c)
522893,190 1,696,208 4 %
Merchant Wholesalers, Durable Goods423474,475 922,305 2 %
(a) Includes REIT lines.
(b) 56% 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
Jun 30, 2024% of Total Loan Exposure% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family4 %34 %
Industrial3 %24 %
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
Jun 30, 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 June 30, 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)Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023
Nonperforming assets
Commercial and industrial$21,190 $72,243 $62,022 $74,812 $34,907 
Commercial real estate — owner occupied1,851 2,090 1,394 3,936 1,444 
Commercial and business lending23,041 74,333 63,416 78,748 36,352 
Commercial real estate — investor48,249 18,697 — 10,882 22,068 
Real estate construction16 18 6 103 125 
Commercial real estate lending48,265 18,715 6 10,985 22,193 
Total commercial71,306 93,047 63,422 89,732 58,544 
Residential mortgage68,058 69,954 71,142 66,153 61,718 
Auto finance6,986 7,158 5,797 4,533 3,065 
Home equity7,996 8,100 8,508 7,917 7,788 
Other consumer77 87 128 222 163 
Total consumer83,117 85,299 85,574 78,826 72,733 
Total nonaccrual loans154,423 178,346 148,997 168,558 131,278 
Commercial real estate owned914 914 914 1,062 1,062 
Residential real estate owned1,467 920 1,290 989 870 
Bank properties real estate owned(a)
5,944 6,603 8,301 6,400 5,643 
OREO8,325 8,437 10,506 8,452 7,575 
Repossessed assets671 1,241 919 658 348 
Total nonperforming assets$163,418 $188,025 $160,421 $177,668 $139,201 
Accruing loans past due 90 days or more
Commercial$384 $426 $19,812 $441 $366 
Consumer1,970 1,992 1,876 1,715 1,360 
Total accruing loans past due 90 days or more$2,354 $2,417 $21,689 $2,156 $1,726 
Restructured loans (accruing)
Commercial$410 $377 $306 $234 $168 
Consumer2,166 2,080 2,414 1,855 1,271 
Total restructured loans (accruing)$2,576 $2,457 $2,719 $2,089 $1,439 
Nonaccrual restructured loans (included in nonaccrual loans)$717 $1,141 $805 $961 $796 
Ratios
Nonaccrual loans to total loans0.52 %0.60 %0.51 %0.56 %0.44 %
NPAs to total loans plus OREO and repossessed assets0.55 %0.64 %0.55 %0.59 %0.47 %
NPAs to total assets0.39 %0.46 %0.39 %0.43 %0.34 %
Allowance for credit losses on loans to nonaccrual loans252.31 %217.43 %258.98 %225.78 %287.20 %
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Table 10 Nonperforming Assets (continued)
 ($ in thousands)Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023
Accruing loans 30-89 days past due
Commercial and industrial$2,052 $521 $5,565 $1,507 $12,005 
Commercial real estate — owner occupied— — 358 1,877 1,484 
Commercial and business lending2,052 521 5,923 3,384 13,489 
Commercial real estate — investor1,023 19,164 18,697 10,121 — 
Real estate construction— 1,260 — 10 76 
Commercial real estate lending1,023 20,424 18,697 10,131 76 
Total commercial3,075 20,945 24,619 13,515 13,565 
Residential mortgage 10,374 9,903 13,446 11,652 8,961 
Auto finance15,814 12,521 17,386 16,688 11,429 
Home equity 3,694 2,819 4,208 3,687 4,030 
Other consumer1,995 2,260 2,166 1,880 2,025 
Total consumer31,877 27,503 37,205 33,908 26,444 
Total accruing loans 30-89 days past due$34,952 $48,448 $61,825 $47,422 $40,008 
(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 June 30, 2024 was the Moody's baseline scenario from May 2024, which was reviewed against the June 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 June 30, 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
YTDQuarter Ended
($ in thousands)Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023
Allowance for loan losses
Balance at beginning of period$351,094 $312,720 $356,006 $351,094 $345,795 $338,750 $326,432 
Provision for loan losses48,000 40,500 21,000 27,000 21,000 25,500 23,500 
Charge offs(47,308)(20,356)(23,290)(24,018)(17,878)(20,535)(14,855)
Recoveries4,058 5,886 2,127 1,930 2,177 2,079 3,674 
Net (charge offs) recoveries(43,251)(14,470)(21,163)(22,088)(15,701)(18,455)(11,181)
Balance at end of period$355,844 $338,750 $355,844 $356,006 $351,094 $345,795 $338,750 
Allowance for unfunded commitments
Balance at beginning of period$34,776 $38,776 $31,776 $34,776 $34,776 $38,276 $39,776 
Provision for unfunded commitments(1,000)(500)2,000 (3,000)— (3,500)(1,500)
Balance at end of period$33,776 $38,276 $33,776 $31,776 $34,776 $34,776 $38,276 
Allowance for credit losses on loans$389,620 $377,027 $389,620 $387,782 $385,870 $380,571 $377,027 
Provision for credit losses on loans47,000 40,000 23,000 24,000 21,000 22,000 22,000 
Net loan (charge offs) recoveries
Commercial and industrial$(32,314)$(12,936)$(13,676)$(18,638)$(13,178)$(16,558)$(11,177)
Commercial real estate — owner occupied4 6 1 2 (22)2 3 
Commercial and business lending(32,310)(12,930)(13,674)(18,636)(13,200)(16,556)(11,174)
Commercial real estate — investor(4,569)2,276 (4,569)— 216 272 2,276 
Real estate construction58 — 28 30 38 18 (18)
Commercial real estate lending(4,511)2,275 (4,541)30 253 290 2,257 
Total commercial(36,821)(10,655)(18,216)(18,606)(12,947)(16,266)(8,917)
Residential mortgage(351)(336)(289)(62)(53)(22)(283)
Auto finance(3,574)(2,004)(1,480)(2,094)(1,436)(1,269)(1,048)
Home equity449 524 238 211 185 128 183 
Other consumer(2,954)(1,998)(1,417)(1,537)(1,450)(1,027)(1,117)
Total consumer(6,429)(3,815)(2,947)(3,482)(2,754)(2,189)(2,264)
Total net (charge offs) recoveries$(43,251)$(14,470)$(21,163)$(22,088)$(15,701)$(18,455)$(11,181)
Ratios
Allowance for credit losses on loans to total loans1.32 %1.31 %1.32 %1.26 %1.26 %
Allowance for credit losses on loans to net charge offs (annualized)4.5x12.9x4.6x4.4x6.2x5.2x8.4x
Loan evaluation method for ACLL
Individually evaluated for impairment$16,882 $25,335 $15,492 $11,033 $12,268 
Collectively evaluated for impairment372,738 362,447 370,378 369,538 364,759 
     Total ACLL$389,620 $387,782 $385,870 $380,571 $377,027 
Loan balance
Individually evaluated for impairment$70,763 $92,960 $62,712 $86,195 $58,109 
Collectively evaluated for impairment29,547,508 29,401,303 29,153,505 30,106,993 29,790,795 
     Total loan balance$29,618,271 $29,494,263 $29,216,218 $30,193,187 $29,848,904 
N/M = Not Meaningful
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Table 12 Annualized Net (Charge Offs) Recoveries(a)
YTDQuarter Ended
(In basis points)Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023
Net loan (charge offs) recoveries
Commercial and industrial(66)(27)(55)(77)(54)(66)(46)
Commercial real estate — owner occupied— — — — (1)— — 
Commercial and business lending(60)(24)(50)(69)(48)(60)(41)
Commercial real estate — investor(18)9 (37)— 2 2 18 
Real estate construction1 — — 1 1 — — 
Commercial real estate lending(12)6 (25)— 1 2 12 
Total commercial(41)(12)(40)(41)(28)(35)(20)
Residential mortgage(1)(1)(1)— — — (1)
Auto finance(29)(26)(24)(35)(27)(27)(25)
Home equity16 17 15 14 12 8 12 
Other consumer(226)(144)(221)(232)(208)(148)(163)
Total consumer(12)(7)(10)(13)(9)(7)(8)
Total net (charge offs) recoveries(30)(10)(29)(30)(21)(25)(15)
(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 $402 million, or 1%, from December 31, 2023, and decreased $231 million, or 1%, from June 30, 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 decrease from June 30, 2023 was driven by decreases in residential mortgage lending resulting from the Corporation's strategic initiatives and CRE - investor lending, partially offset by growth in auto finance and real estate construction lending. See also Note 6 Loans of the notes to consolidated financial statements for additional information on loans.
•Total nonaccrual loans increased $5 million, or 4%, from December 31, 2023, and increased $23 million, or 18%, from June 30, 2023. The increase from December 31, 2023 was driven by an increase in nonaccrual loans within CRE - investor lending, partially offset by a decrease within commercial and industrial lending. The increase from June 30, 2023 was primarily due to increases in nonaccrual loans within CRE - investor, residential mortgage, and auto finance lending, partially offset by a decrease in commercial and industrial 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 $29 million from June 30, 2023, primarily driven by an increase in net charge offs within commercial and industrial lending and CRE - investor lending. See Table 11 and Table 12 for additional information on the activity in the ACLL.
Management believes the level of ACLL to be appropriate at June 30, 2024.
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Deposits and Customer Funding
The following table summarizes the composition of our deposits and customer funding:
Table 13 Period End Deposit and Customer Funding Composition
Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023
 ($ in thousands)Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
Noninterest-bearing demand$5,815,045 18 %$6,254,135 19 %$6,119,956 18 %$6,422,994 20 %$6,565,666 21 %
Savings5,157,103 16 %5,124,639 15 %4,835,701 14 %4,836,735 15 %4,777,415 15 %
Interest-bearing demand8,284,017 25 %8,747,127 26 %8,843,967 26 %7,528,154 23 %7,037,959 22 %
Money market6,294,895 19 %6,721,674 20 %6,330,453 19 %7,268,506 23 %7,521,930 23 %
Brokered CDs4,061,578 12 %3,931,230 12 %4,447,479 13 %3,351,399 10 %3,818,325 12 %
Other time deposits3,078,401 9 %2,934,352 9 %2,868,494 9 %2,715,538 8 %2,293,114 7 %
   Total deposits$32,691,039 100 %$33,713,158 100 %$33,446,049 100 %$32,123,326 100 %$32,014,409 100 %
Other customer funding(a)
89,524 90,536 106,620 151,644 170,873 
Total deposits and other customer funding$32,780,564 $33,803,694 $33,552,669 $32,274,971 $32,185,282 
Network transaction deposits(b)
$1,502,919 $1,792,820 $1,566,139 $1,649,389 $1,600,619 
Net deposits and other customer funding(c)
27,216,066 28,079,644 27,539,051 27,274,183 26,766,338 
Time deposits of more than $250,000546,586 543,469 522,626 533,853 465,446 
(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, decreased $755 million, or 2%, from December 31, 2023, and increased $677 million, or 2%, from June 30, 2023. The decrease was largely driven by decreases in interest-bearing demand, brokered CDs, and noninterest-bearing demand, partially offset by increases in savings and other time deposits, while the increase was driven by interest-bearing demand, other time deposits, and savings, partially offset by decreases in money market and noninterest-bearing demand.
•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 21.9% of total deposits at June 30, 2024, compared to 22.7% at December 31, 2023 and 22.1% at June 30, 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 June 30, 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 June 30, 2024, the Bank had $5.2 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 June 30, 2024, the Bank had $2.3 billion available for discount window borrowings.
•A $200 million Parent Company commercial paper program, of which there was none outstanding as of June 30, 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)Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023Jun 30, 2023
Federal Reserve Bank balance$482,362 $419,554 $421,848 $314,287 $178,983 
Available FHLB Chicago capacity5,184,341 7,035,768 5,985,385 5,377,628 5,148,360 
Available Federal Reserve Bank discount window capacity2,336,073 1,438,992 1,433,655 1,335,938 1,635,140 
Available BTFP capacity— — 522,465 618,829 633,817 
     Funding available within one business day(a)
8,002,776 8,894,314 8,363,353 7,646,682 7,596,300 
Available federal funds lines1,676,000 1,670,000 1,550,000 2,518,000 2,623,000 
Available brokered deposits capacity(b)
679,089 446,513 138,512 1,240,488 761,301 
Unsecured debt capacity(c)
1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 
     Total available liquidity$11,357,865 $12,010,827 $11,051,865 $12,405,170 $11,980,601 
Uninsured and uncollateralized deposits$7,174,369 $7,710,911 $7,586,047 $7,269,248 $7,081,826 
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day112 %115 %110 %105 %107 %
Coverage ratio of uninsured and uncollateralized deposits with total funding158 %156 %146 %171 %169 %
(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 six months ended June 30, 2024, net cash provided by operating and financing activities was $268 million and $422 million, respectively, while net cash used in investing activities was $655 million, for a net increase in cash and cash equivalents of $35 million since year-end 2023. At June 30, 2024, assets of $41.6 billion increased $608 million, or 1%, from year-end 2023, primarily due to loan growth and increases in AFS securities. On the funding side, deposits of $32.7 billion decreased $755 million, or 2%, from year-end 2023, short-term funding increased $533 million, or 163%, and FHLB advances increased $733 million, or 38%.
For the six months ended June 30, 2023, net cash provided by operating and financing activities was $179 million and $1.6 billion, respectively, while net cash used in investing activities was $1.8 billion, for a net increase in cash and cash equivalents of $8 million since year-end 2022. At June 30, 2023, assets of $41.2 billion increased $1.8 billion, or 5%, from year-end 2022, primarily due to loan growth and increases in AFS securities. On the funding side, deposits of $32.0 billion increased $2.4 billion, or 8%, from year-end 2022, FHLB advances decreased $689 million, or 16%, and other long-term funding increased $286 million, or 115%, 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 June 30, 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 six months of 2024.
Table 15 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months
Jun 30, 2024Dec 31, 2023
 Dynamic ForecastStatic ForecastDynamic ForecastStatic Forecast
Gradual Rate Change
100 bp increase in interest rates1.6 %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(2.1)%(2.0)%(2.6)%(3.1)%
At June 30, 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
Jun 30, 2024Dec 31, 2023
Instantaneous Rate Change
100 bp increase in interest rates(10.5)%(10.1)%
200 bp increase in interest rates(21.0)%(20.1)%
100 bp decrease in interest rates9.9 %9.7 %
200 bp decrease in interest rates18.8 %18.5 %
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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 measures in the 100 bp and 200 bp increase in interest rates scenarios are both outside of policy limits, which have 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 June 30, 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$6,985,669 $138,311 $15,993 $5 $7,139,979 
Short-term funding8859,539 — — — 859,539 
FHLB advances81,869,206 604,944 197,931 965 2,673,046 
Other long-term funding8249,080 181 69 286,782 536,113 
Operating leases165,557 10,219 7,384 5,514 28,675 
Total$9,969,052 $753,656 $221,377 $293,267 $11,237,353 
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 June 30, 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
YTDQuarter Ended
 ($ in thousands)
Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023
Risk-based capital(a)
CET1$3,172,298 $3,088,613 $3,074,938 $3,197,445 $3,143,131 
Tier 1 capital3,366,410 3,282,725 3,269,050 3,391,557 3,337,243 
Total capital4,042,812 3,957,879 3,997,205 4,103,998 4,051,096 
Total risk-weighted assets32,767,830 32,753,344 32,732,710 33,497,484 33,143,953 
Modified CECL transitional amount22,425 22,425 44,851 44,851 44,851 
CET1 capital ratio9.68 %9.43 %9.39 %9.55 %9.48 %
Tier 1 capital ratio10.27 %10.02 %9.99 %10.12 %10.07 %
Total capital ratio12.34 %12.08 %12.21 %12.25 %12.22 %
Tier 1 leverage ratio8.37 %8.24 %8.06 %8.42 %8.40 %
Selected equity and performance ratios
Total stockholders’ equity / total assets10.19 %10.13 %10.18 %9.91 %10.00 %
Dividend payout ratio(b)
34.65 %34.15 %29.33 %42.31 %N/M39.62 %37.50 %
Return on average assets0.97 %0.96 %1.13 %0.80 %(0.87)%0.80 %0.86 %
Annualized noninterest expense / average assets1.93 %1.90 %1.92 %1.95 %2.30 %1.90 %1.89 %
N/M = Not Meaningful
(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The Corporation follows Basel III, subject to certain transition provisions. These regulatory capital measurements are used by management, regulators, investors, and analysts to assess, monitor, and compare the quality and composition of the Corporations capital with the capital of other financial services companies.
(b) Ratio is based upon basic earnings per common share.
See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the second quarter of 2024.
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Non-GAAP Measures
Table 19 Non-GAAP Measures
YTDQuarter Ended
($ in thousands)Jun 30,
2024		Jun 30,
2023		Jun 30,
2024		Mar 31,
2024		Dec 31,
2023		Sep 30,
2023		Jun 30,
2023
Selected equity and performance ratios(a)(b)(c)
Tangible common equity / tangible assets7.18 %7.08 %7.11 %6.88 %6.94 %
Return on average equity9.48 %9.38 %11.16 %7.81 %(8.74)%7.99 %8.47 %
Return on average tangible common equity13.78 %13.79 %16.25 %11.31 %(13.13)%11.67 %12.38 %
Return on average CET112.42 %12.11 %14.54 %10.27 %(11.85)%10.08 %10.88 %
Return on average tangible assets1.01 %1.00 %1.18 %0.84 %(0.88)%0.84 %0.90 %
Average stockholders' equity / average assets10.20 %10.22 %10.14 %10.26 %9.97 %10.06 %10.18 %
Tangible common equity reconciliation(a)
Common equity$4,048,225 $3,974,561 $3,979,861 $3,933,531 $3,928,762 
Goodwill and other intangible assets, net(1,141,058)(1,143,261)(1,145,464)(1,147,666)(1,149,869)
Tangible common equity$2,907,167 $2,831,300 $2,834,398 $2,785,865 $2,778,893 
Tangible assets reconciliation(a)
Total assets$41,623,908 $41,137,084 $41,015,855 $41,637,381 $41,219,473 
Goodwill and other intangible assets, net(1,141,058)(1,143,261)(1,145,464)(1,147,666)(1,149,869)
Tangible assets$40,482,850 $39,993,824 $39,870,392 $40,489,715 $40,069,604 
Average tangible common equity and average CET1 reconciliation(a)
Common equity$3,979,681 $3,901,605 $3,972,092 $3,987,269 $3,926,452 $3,937,940 $3,934,949 
Goodwill and other intangible assets, net(1,143,478)(1,152,100)(1,142,368)(1,144,588)(1,146,677)(1,148,951)(1,151,039)
Tangible common equity2,836,203 2,749,505 2,829,725 2,842,681 2,779,775 2,788,989 2,783,910 
Modified CECL transitional amount22,425 44,851 22,425 22,425 44,851 44,851 44,851 
Accumulated other comprehensive loss214,850 255,205 241,634 188,067 286,402 302,043 251,624 
Deferred tax assets, net18,404 27,934 24,506 12,303 26,580 27,694 27,714 
Average CET1$3,091,883 $3,077,495 $3,118,290 $3,065,475 $3,137,608 $3,163,577 $3,108,099 
Average tangible assets reconciliation(a)
Total assets$40,932,710 $40,085,316 $41,100,606 $40,769,206 $41,330,703 $41,075,980 $40,558,311 
Goodwill and other intangible assets, net(1,143,478)(1,152,100)(1,142,368)(1,144,588)(1,146,677)(1,148,951)(1,151,039)
Tangible assets$39,789,232 $38,933,216 $39,958,238 $39,624,617 $40,184,026 $39,927,029 $39,407,273 
Adjusted net income reconciliation(b)
Net income$196,742 $190,514 $115,573 $81,169 $(90,806)$83,248 $87,154 
Other intangible amortization, net of tax3,304 3,304 1,652 1,652 1,652 1,652 1,652 
Adjusted net income$200,046 $193,818 $117,225 $82,821 $(89,154)$84,900 $88,806 
Adjusted net income available to common equity reconciliation(b)
Net income available to common equity$190,992 $184,764 $112,698 $78,294 $(93,681)$80,373 $84,279 
Other intangible amortization, net of tax3,304 3,304 1,652 1,652 1,652 1,652 1,652 
Adjusted net income available to common equity$194,296 $188,068 $114,350 $79,946 $(92,029)$82,025 $85,931 
End of period core customer deposits reconciliation
Total deposits$32,691,039 $33,713,158 $33,446,049 $32,123,326 $32,014,409 
Network transaction deposits(1,502,919)(1,792,820)(1,566,139)(1,649,389)(1,600,619)
Brokered CDs(4,061,578)(3,931,230)(4,447,479)(3,351,399)(3,818,325)
     Core customer deposits$27,126,542 $27,989,108 $27,432,431 $27,122,539 $26,595,465 
Efficiency ratio reconciliation(d)
Federal Reserve efficiency ratio 61.27 %57.26 %61.51 %61.03 %132.01 %60.06 %58.49 %
Fully tax-equivalent adjustment(0.71)%(0.82)%(0.71)%(0.71)%(3.29)%(0.89)%(0.85)%
Other intangible amortization(0.69)%(0.67)%(0.68)%(0.69)%(1.21)%(0.69)%(0.68)%
Fully tax-equivalent efficiency ratio59.88 %55.78 %60.12 %59.63 %127.54 %58.50 %56.96 %
(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 $116 million for the second quarter of 2024, compared to net income of $81 million for the first quarter of 2024, the increase primarily due to an income tax benefit booked during the second quarter of 2024. Net income available to common equity was $113 million for the second quarter of 2024, or $0.75 for basic earnings per common share and $0.74 for diluted earnings per common share. Comparatively, net income available to common equity for the first quarter of 2024 was $78 million, or $0.52 for both basic and diluted earnings per common share (see Table 1).
Fully tax-equivalent net interest income for the second quarter of 2024 was $260 million, $1 million lower than the first quarter of 2024. The net interest margin in the second quarter of 2024 was down 4 bp to 2.75%. Average earning assets increased $401 million, or 1%, to $38.0 billion in the second quarter of 2024. Average loans increased $211 million, or 1%, primarily driven by growth within the commercial and business lending and auto finance portfolios. On the funding side, average total interest-bearing deposits decreased $468 million, or 2%, driven by decreases in time deposits, interest-bearing demand deposits and money market deposits, partially offset by an increase in savings account balances. Average FHLB advances increased $892 million, or 58%, largely due to the decrease in average deposits (see Table 2).
The provision for credit losses was $23 million for the second quarter of 2024 and $24 million for the first quarter of 2024 (see Table 11). See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.
Noninterest income for the second quarter of 2024 was $65 million, effectively flat with the first quarter of 2024 (see Table 3).
Noninterest expense for the second quarter of 2024 was $196 million, down $2 million, or 1%, from the first quarter of 2024, driven primarily by the FDIC special assessment in the first quarter of 2024, partially offset by increases in personnel, other, and business development and advertising expense (see Table 4).
For the second quarter of 2024, the Corporation recognized an income tax benefit of $13 million, compared to income tax expense of $20 million for the first quarter of 2024. See section Income Taxes for a more detailed discussion.
Comparable Quarter Results
The Corporation reported net income of $116 million for the second quarter of 2024, compared to net income of $87 million for the second quarter of 2023, the increase primarily due to an income tax benefit booked during the second quarter of 2024. Net income available to common equity was $113 million for the second quarter of 2024, or $0.75 for basic earnings per common share and $0.74 for diluted earnings per common share. Comparatively, net income available to common equity for the second quarter of 2023 was $84 million, or $0.56 for both basic and diluted earnings per share (see Table 1).
Fully tax-equivalent net interest income for the second quarter of 2024 was $260 million, $2 million, or 1%, lower than the second quarter of 2023. The net interest margin between the comparable quarters was down 5 bp, to 2.75% in the second quarter of 2024. The decreases in net interest income and net interest margin were due to interest-bearing liability costs rising at a faster rate of growth than earning asset revenues as a result of deposit funding pressures. Average earning assets increased $428 million, or 1%, to $38.0 billion in the second quarter of 2024. Average loans increased $141 million, primarily driven by growth within auto finance and commercial lending, partially offset by a decrease in residential mortgage lending. On the funding side, average interest-bearing deposits increased $2.3 billion, or 9%, from the second quarter of 2023, due to increases in nearly all deposit categories, partially offset by a decrease in money market deposits. Average short and long-term funding decreased $896 million, or 19%, primarily driven by lower FHLB advances (see Table 2).
The provision for credit losses was $23 million for the second quarter of 2024, compared to a provision of $22 million for the second 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 second quarter of 2024 was $65 million, down approximately $384,000, or 1%, compared to the second quarter of 2023 (see Table 3).
Noninterest expense for the second quarter of 2024 was $196 million, up $5 million, or 3%, from the second quarter of 2023, driven primarily by increases in personnel and technology expense, partially offset by decreases in FDIC assessment and other expense (see Table 4).
The Corporation recognized an income tax benefit of $13 million for the second quarter of 2024, compared to an income tax expense of $24 million for the second quarter of 2023. See section Income Taxes for a more detailed discussion.
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Segment Review
As discussed in Note 14 Segment Reporting of the notes to consolidated financial statements, the Corporation’s reportable segments have been determined based upon its internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services.
Table 20 Selected Segment Financial Data
Three Months Ended Jun 30,Six Months Ended Jun 30,
($ in thousands)20242023% Change20242023% Change
Corporate and Commercial Specialty
Total revenue$187,089 $172,282 9%$370,707 $343,143 8%
Provision for credit losses16,492 13,674 21%31,920 27,456 16%
Noninterest expense65,394 61,137 7%131,744 123,256 7%
Income tax expense17,765 17,086 4%38,846 34,811 12%
Net income87,438 80,385 9%168,196 157,619 7%
Average earning assets17,788,957 17,444,251 2%17,716,259 17,276,106 3%
Average loans17,780,167 17,426,931 2%17,709,291 17,259,706 3%
Average deposits8,612,694 8,792,906 (2)%8,963,242 9,240,323 (3)%
Average allocated capital (Average CET1)(a)
1,726,461 1,713,009 1%1,718,844 1,708,729 1%
Return on average allocated capital(a)
20.37 %18.82 %155 bp19.68 %18.60 %108 bp
Community, Consumer, and Business
Total revenue$218,559 $208,554 5%$431,404 $402,863 7%
Provision for credit losses5,591 7,328 (24)%12,416 14,086 (12)%
Noninterest expense107,565 108,928 (1)%218,055 220,663 (1)%
Income tax expense22,134 19,383 14%42,196 35,304 20%
Net income83,268 72,915 14%158,737 132,810 20%
Average earning assets11,246,835 11,492,005 (2)%11,208,078 11,373,558 (1)%
Average loans11,246,835 11,492,005 (2)%11,208,078 11,373,558 (1)%
Average deposits18,319,348 18,065,314 1%18,205,626 18,093,436 1%
Average allocated capital (Average CET1)(a)
744,217 732,066 2%740,353 721,842 3%
Return on average allocated capital(a)
45.00 %39.95 %N/M43.12 %37.10 %N/M
Risk Management and Shared Services
Total revenue$(83,896)$(57,376)46%$(157,515)$(86,463)82%
Provision for credit losses925 1,097 (16)%2,672 (1,471)N/M
Noninterest expense22,902 20,609 11%43,719 34,167 28%
Income tax (benefit)(52,589)(12,935)N/M(73,716)(19,243)N/M
Net (loss)(55,133)(66,146)(17)%(130,191)(99,916)30%
Average earning assets8,961,646 8,632,734 4%8,872,497 8,427,968 5%
Average loans552,561 519,361 6%556,925 510,431 9%
Average deposits5,697,363 4,422,915 29%5,779,362 3,243,256 78%
Average allocated capital (Average CET1)(a)
647,612 663,024 (2)%632,686 646,925 (2)%
Return on average allocated capital(a)
(36.03)%(41.75)%N/M(43.21)%(32.94)%N/M
Consolidated Total
Total revenue$321,752 $323,460 (1)%$644,595 $659,543 (2)%
Return on average allocated capital(a)
14.54 %10.88 %N/M12.42 %12.11 %31 bp
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.
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•Total revenue increased $15 million from the three months ended June 30, 2023, and increased $28 million from the six months ended June 30, 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 June 30, 2023, and increased $8 million from the six months ended June 30, 2023, primarily due to higher personnel costs.
•Average loans increased $353 million from the three months ended June 30, 2023, and increased $450 million from the six months ended June 30, 2023, primarily driven by growth in commercial and business lending, residential mortgage lending, and CRE lending.
•Average deposits decreased $180 million from the three months ended June 30, 2023, and decreased $277 million from the six months ended June 30, 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 $10 million from the three months ended June 30, 2023, and increased $29 million from the six months ended June 30, 2023, primarily attributable to receiving net FTP credit for providing funding for the Corporation and higher interest rates.
•Average loans decreased $245 million from the three months ended June 30, 2023, and decreased $165 million from the six months ended June 30, 2023, driven by a decrease in residential mortgage lending, partially offset by an increase in auto finance lending.
•Average deposits increased $254 million from the three months ended June 30, 2023, and increased $112 million from the six months ended June 30, 2023, driven by increases in time deposits and savings deposits, partially offset by decreases in noninterest-bearing demand deposits and money market deposits.
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 $27 million from the three months ended June 30, 2023, and decreased $71 million from the six months ended June 30, 2023, primarily driven by increased interest expense.
•Provision for credit losses increased $4 million from the six months ended June 30, 2023, driven by nominal credit movement coupled with general macroeconomic trends.
•Noninterest expense increased $10 million from the six months ended June 30, 2023, driven by higher personnel expense and the FDIC special assessment.
•Average earning assets increased $329 million from the three months ended June 30, 2023, and increased $445 million from the six months ended June 30, 2023, primarily driven by higher balances of AFS investment securities in the portfolio.
•Average deposits increased $1.3 billion from the three months ended June 30, 2023, and increased $2.5 billion from the six months ended June 30, 2023, primarily driven by increases in brokered CDs and network deposits, partially offset by a decrease in money market 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 July 30, 2024, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.22 per common share, payable on September 16, 2024 to shareholders of record at the close of business on September 3, 2024. The Board of Directors
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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 September 16, 2024 to shareholders of record at the close of business on September 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 September 16, 2024 to shareholders of record at the close of business on September 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 June 30, 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 June 30, 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 second quarter of 2024, the Corporation repurchased $1 million of common stock, all of which were repurchases related to tax withholding on equity compensation with no open market repurchases during the quarter. 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
April 1, 2024 - April 30, 202441,236 $21.53 — 
May 1, 2024 - May 31, 20243,223 22.32 — 
June 1, 2024 - June 30, 20246,311 20.36 — 
Total50,770 $21.43 — 2,901,020 
(a) During the second quarter of 2024, all common shares repurchased were 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' 2021 authorization.
(b) At June 30, 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 June 30, 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 June 30, 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 (31.1), Certification Under Section 302 of Sarbanes-Oxley by Andrew J. Harmening, Chief Executive Officer.
Exhibit (31.2), Certification Under Section 302 of Sarbanes-Oxley by Derek S. Meyer, Chief Financial Officer.
Exhibit (32), Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.
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 June 30, 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: July 30, 2024/s/ Andrew J. Harmening
Andrew J. Harmening
President and Chief Executive Officer
Date: July 30, 2024/s/ Derek S. Meyer
  Derek S. Meyer
Chief Financial Officer
Date: July 30, 2024/s/ Ryan J. Beld
Ryan J. Beld
Chief Accounting Officer

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