CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Amortized cost, AFS | $ 11,849.0 | $ 7,973.0 |
| ACL, AFS | 1.4 | 0.0 |
| Investment securities - HTM, ACL | 7.8 | 5.2 |
| Investment securities - HTM Fair value | $ 1,251.0 | $ 1,112.0 |
| Preferred stock, par value (dollars per share) | $ 0.0001 | $ 0.0001 |
| Preferred stock, liquidation value (dollars per share) | $ 25 | $ 25 |
| Preferred stock, shares authorized (shares) | 20,000,000 | 20,000,000 |
| Preferred stock, shares issued (shares) | 12,000,000 | 12,000,000 |
| Preferred stock, shares outstanding (shares) | 12,000,000 | 12,000,000 |
| Common stock, par value (dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
| Common stock, shares issued (shares) | 112,169,523 | 111,465,292 |
| Treasury stock, at cost (shares) | 2,703,218 | 2,550,766 |
| Loans HFS | $ 1,402.0 | $ 1,184.0 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 722.4 | $ 1,057.3 | $ 899.2 |
| Other comprehensive income (loss), net: | |||
| Unrealized gain (loss) on AFS securities, net of tax effect of $(41.4), $225.3, and $22.4, respectively | 116.9 | (674.9) | (69.0) |
| Unrealized (loss) gain on junior subordinated debt, net of tax effect of $0.1, $(1.2), and $0.3, respectively | (0.2) | 3.7 | (1.2) |
| Realized loss (gain) on sale of AFS securities included in income, net of tax effect of $(10.2), $1.9, and $2.1, respectively | 30.2 | (5.5) | (6.4) |
| Realized loss on impairment of AFS securities included in income, net of tax effect of $(0.4), $0.0, and $0.0 respectively | 1.2 | 0.0 | 0.0 |
| Net other comprehensive income (loss) | 148.1 | (676.7) | (76.6) |
| Comprehensive income | $ 870.5 | $ 380.6 | $ 822.6 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Unrealized gain (loss) on AFS securities, tax effect | $ 41.4 | $ (225.3) | $ (22.4) |
| Unrealized gain (loss) on junior subordinated debt, tax effect | 0.1 | (1.2) | 0.3 |
| Realized gain on sale of securities, tax | (10.2) | (1.9) | (2.1) |
| Realized loss on impairment of AFS securities, tax effect | $ (0.4) | $ 0.0 | $ 0.0 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Cash flows from operating activities: | |||||
| Net income | $ 722.4 | $ 1,057.3 | $ 899.2 | ||
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||
| Provision for (recovery of) credit losses | 62.6 | 68.1 | (21.4) | ||
| Depreciation and amortization | 63.0 | 52.4 | 33.7 | ||
| Stock-based compensation | 34.3 | 39.8 | 35.1 | ||
| Deferred income taxes | (24.9) | (68.6) | 42.0 | ||
| Amortization of net (discounts) premiums for investment securities | (84.0) | 21.1 | 39.8 | ||
| Amortization of tax credit investments | 64.3 | 63.2 | 49.5 | ||
| Amortization of operating lease right of use asset | 23.5 | 22.2 | 16.3 | ||
| Amortization of net deferred loan fees and net purchase premiums | (84.0) | (73.6) | (66.3) | ||
| Purchases and originations of loans HFS | (42,720.9) | (45,407.0) | (59,569.6) | ||
| Proceeds from sales and payments on loans HFS | 42,168.1 | 47,285.0 | 56,647.7 | ||
| Mortgage servicing rights capitalized upon sale of mortgage loans | (864.5) | (719.7) | (763.8) | ||
| Net (gains) losses on: | |||||
| Change in fair value of loans HFS, mortgage servicing rights, and related derivatives | 87.8 | (73.9) | 177.7 | ||
| Fair value adjustments | 122.0 | 22.3 | 1.3 | ||
| Sale of investment securities | 40.8 | (6.8) | (8.4) | ||
| Extinguishment of debt | (52.7) | 0.0 | 5.9 | ||
| Other operating activities, net | (1.1) | 2.2 | (15.1) | ||
| Other assets and liabilities, net | 114.7 | (38.7) | (157.6) | ||
| Net cash provided by operating activities | (328.6) | 2,245.3 | (2,654.0) | ||
| Investment securities - AFS | |||||
| Purchases | (15,144.7) | (2,396.3) | (3,248.4) | ||
| Principal pay downs and maturities | 10,036.3 | 604.2 | 1,634.1 | ||
| Proceeds from sales | 1,532.6 | 177.0 | 164.5 | ||
| Investment securities - HTM | |||||
| Purchases | (201.6) | (281.9) | (595.6) | ||
| Principal pay downs and maturities | 62.1 | 100.6 | 54.9 | ||
| Equity securities carried at fair value | |||||
| Purchases | (0.6) | (36.2) | (36.2) | ||
| Redemptions | 9.0 | 6.9 | 21.0 | ||
| Proceeds from sales | 1.5 | 14.1 | 4.4 | ||
| Proceeds from sale of mortgage servicing rights and related holdbacks, net | 798.2 | 391.9 | 1,182.8 | ||
| Purchase of other investments | (245.1) | (346.6) | (134.6) | ||
| Proceeds from bank owned life insurance, net | 0.7 | 0.0 | 0.0 | ||
| Net decrease (increase) in loans HFI | 1,106.8 | (11,172.8) | (12,665.0) | ||
| Purchase of premises, equipment, and other assets, net | (114.3) | (141.0) | (69.4) | ||
| Cash consideration paid for acquisitions, net of cash acquired | 0.0 | (50.0) | (1,024.4) | ||
| Net cash used in investing activities | (2,159.1) | (13,130.1) | (14,711.9) | ||
| Cash flows from financing activities: | |||||
| Net increase in deposits | 1,688.9 | 6,032.1 | 15,681.5 | ||
| Net proceeds from issuance of long-term debt | 9.9 | 578.4 | 1,055.7 | ||
| Payments on long-term debt | (818.1) | (30.7) | (475.9) | ||
| Net increase (decrease) in short-term borrowings | 2,341.3 | 4,859.0 | (1,742.1) | ||
| Net proceeds from repurchase obligations | 2,661.8 | 0.0 | 0.0 | ||
| Payments on repurchase obligations | (2,681.0) | 0.0 | 0.0 | ||
| Cash paid for tax withholding on vested restricted stock and other | (11.0) | (18.5) | (15.8) | ||
| Cash dividends paid on common stock and preferred stock | (171.5) | (166.2) | (127.6) | ||
| Proceeds from issuance of common stock, net | 0.1 | 157.7 | 540.3 | ||
| Net cash provided by financing activities | 3,020.4 | 11,411.8 | 15,210.6 | ||
| Net increase (decrease) in cash and cash equivalents | 532.7 | 527.0 | (2,155.3) | ||
| Cash, cash equivalents, and restricted cash at beginning of period | 1,043.4 | 516.4 | 2,671.7 | ||
| Cash, cash equivalents, and restricted cash at end of period | 1,576.1 | 1,043.4 | 516.4 | ||
| Cash paid during the period for: | |||||
| Interest | 1,581.0 | 452.9 | 111.6 | ||
| Income taxes, net | 63.6 | 197.6 | 175.7 | ||
| Non-cash activities: | |||||
| Net increase in unfunded commitments and obligations | 77.1 | 259.3 | 294.1 | ||
| Transfers of securitized loans HFS to AFS securities | 276.5 | 205.0 | 144.5 | ||
| Transfer of EBO loans previously classified as HFS to HFI | 0.0 | 1,638.1 | 0.0 | ||
| Transfer of EBO loans previously classified as HFS to HFI | 2,357.2 | 780.0 | 0.0 | ||
| Transfer of loans HFI to HFS, net of fair value loss adjustment | [1] | 6,646.8 | 0.0 | 0.0 | |
| Transfers of mortgage-backed securities in settlement of secured borrowings | 557.3 | 610.5 | 640.6 | ||
| Transfer of loans HFI to HFS, operating | 531.6 | ||||
| Preferred Stock | |||||
| Cash flows from financing activities: | |||||
| Proceeds from issuance of preferred stock, net | $ 0.0 | $ 0.0 | $ 294.5 | ||
| |||||
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of operations WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit and treasury management capabilities, including funds transfer and other digital payment offerings through its wholly-owned banking subsidiary, WAB. WAB operates the following full-service banking divisions: ABA, BON, FIB, Bridge, and TPB. The Company also serves business customers through a national platform of specialized financial services, including mortgage banking services through AmeriHome and digital payment services for the class action legal industry through DST. In addition, the Company has the following non-bank subsidiaries: CSI, a captive insurance company formed and licensed under the laws of the state of Arizona and established as part of the Company's overall enterprise risk management strategy, and WATC, which provides corporate trust services and levered loan administration solutions. Basis of presentation The accounting and reporting policies of the Company are in accordance with GAAP and conform to practices within the financial services industry. The accounts of the Company and its consolidated subsidiaries are included in the Consolidated Financial Statements. Recent accounting pronouncements Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance within ASU 2023-09, Income Taxes (Topic 740). The amendments in this update are intended to increase visibility into various income tax components that affect the reconciliation of the effective tax rate to the statutory rate, as well as the qualitative and quantitative aspects of those components. Public business entities will be required to disclose on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet or exceed a five percent threshold (computed by multiplying pretax income by the applicable statutory income tax rate) and include disclosure of state and local jurisdictions that make up the majority of the state and local income tax category in the rate reconciliation. Additional disclosure items include disaggregation of income taxes paid to and income tax expense from federal, state, and foreign jurisdictions as well as disaggregation of income taxes paid to individual jurisdictions in which income taxes paid are equal to or greater than five percent of total income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025 and may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact these amendments will have on its Consolidated Financial Statements. Accounting for and Disclosure of Crypto Assets In December 2023, the FASB issued guidance within ASU 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Topic 350). The amendments in this update require entities that hold certain crypto assets to measure such assets at fair value and recognize any changes in fair value in net income in each reporting period. Entities will also be required to present crypto assets measured at fair value separately from other intangible assets on the balance sheet and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. Other disclosure items include the name, cost basis, fair value, and number of units for each significant crypto asset holding and the aggregate fair values and cost bases of crypto asset holdings that are not individually significant along with a rollforward of activity in the reporting period and disclosure of the method for determining the cost basis of the crypto assets. The amendments in this update are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years and are applied through a cumulative-effect adjustment to the opening balance of retained earnings (as of the beginning of the annual reporting period of adoption). As the Company does not currently hold any crypto assets meeting the criteria outlined in the update, the adoption of this guidance is not expected to have an impact on the Company's Consolidated Financial Statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance within ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures related to significant segment expenses. The amendments do not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments and all existing segment disclosure requirements in ASC 280 and other Codification topics remain unchanged. The amendments in this update are incremental and require public entities that report segment information to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss as well as other segment items. Annual disclosure of the title and position of the chief operating decision maker and how the reported measures of segment profit or loss are used to assess performance and allocation of resources is also required. 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 and are applied on a retrospective basis. The Company is currently evaluating the impact these amendments will have on its Consolidated Financial Statements. Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, the FASB issued guidance within ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323). The amendments in this update permit entities to elect to account for 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. Previously this option was only permitted for LIHTC investments. Additionally, the amendments in this update require all tax equity investments accounted for using the proportional amortization method apply the delayed equity contribution guidance in Subtopic 323-740 and disclosure of the nature of an entity's tax equity investments and their effect on an entity's financial position and results of operations. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and are applied on a modified retrospective or a retrospective basis. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. Recently adopted accounting guidance Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued guidance within ASU 2022-02, Financial Instruments—Credit Losses (Topic 326). The amendments in this update eliminate the accounting guidance and related disclosures for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requiring an entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The Company adopted this accounting guidance prospectively on January 1, 2023. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management's estimates and judgments are ongoing and are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities, as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Consolidated Financial Statements and related notes. Material estimates susceptible to significant changes in the near term, relate to: 1) the determination of the ACL; 2) certain assets and liabilities carried at fair value; 3) goodwill impairment and 4) accounting for income taxes. Principles of consolidation As of December 31, 2023, WAL has the following significant wholly-owned subsidiaries: WAB and eight unconsolidated subsidiaries used as business trusts in connection with the issuance of trust-preferred securities. WAB has the following significant wholly-owned subsidiaries: 1) WABT, which holds certain investment securities, municipal and nonprofit loans, and leases; 2) WA PWI, which holds interests in certain limited partnerships invested primarily in low income housing tax credits and small business investment corporations; 3) Helios Prime, which holds interests in certain limited partnerships invested in renewable energy projects; 4) BW Real Estate, Inc., which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities; and 5) Western Finance Company, which purchases and originates equipment finance leases and provides mortgage banking services through its wholly-owned subsidiary, AmeriHome. The Company does not have any other significant entities that should be consolidated. All significant intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income or stockholders’ equity as previously reported. Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks (including cash items in process of clearing), interest-bearing balances due from correspondent banks and the FRB, and federal funds sold. Business combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method, the acquiring entity in a business combination recognizes all of the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including identified intangible assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies are also recognized at fair value if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the Consolidated Income Statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. Investment securities Investment securities include debt and equity securities. Debt securities may be classified as HTM, AFS, or trading. The appropriate classification is initially decided at the time of purchase. Securities classified as HTM are those debt securities the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs, or general economic conditions. The sale of an HTM security within three months of its maturity date or after the majority of the principal outstanding has been collected is considered a maturity for purposes of classification and disclosure. Securities classified as AFS are debt securities the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates or market conditions, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, decline in credit quality, and regulatory capital considerations. HTM securities are carried at amortized cost. AFS securities are carried at their estimated fair value, with unrealized holding gains and losses reported in OCI, net of tax. When AFS debt securities are sold, the unrealized gains or losses are reclassified from OCI to non-interest income. Trading securities are carried at their estimated fair value, with changes in fair value reported in earnings as non-interest income. Equity securities are carried at their estimated fair value, with changes in fair value reported in earnings as non-interest income. Interest income is recognized based on the coupon rate and, for HTM and AFS securities, includes the amortization of purchase premiums and the accretion of purchase discounts. Premiums and discounts on investment securities are generally amortized or accreted over the contractual life of the security using the interest method. For the Company's mortgage-backed securities, amortization or accretion of premiums or discounts are adjusted for anticipated prepayments. Gains and losses on the sale of investment securities are recorded on the trade date and determined using the specific identification method. A debt security is placed on nonaccrual status at the time its principal or interest payments become 90 days past due. Interest accrued but not received for a security placed on nonaccrual is reversed through interest income. Allowance for credit losses on investment securities The credit loss model under ASC 326-20, applicable to HTM debt securities, requires recognition of lifetime expected credit losses through an allowance account at the time the security is purchased. The Company measures expected credit losses on its HTM debt securities on a collective basis by major security type. The Company's HTM securities portfolio consists of low income housing tax-exempt bonds and private label residential MBS. Low income housing tax-exempt bonds share similar risk characteristics with the Company's CRE, non-owner occupied or construction and land loan pools, given the similarity in underlying assets or collateral. Accordingly, expected credit losses on HTM securities are estimated using the same models and approaches as these loan pools, which utilize risk parameters (PD, LGD and EAD) in the measurement of expected credit losses. The historical data used to estimate probability of default and severity of loss in the event of default is derived or obtained from internal and external sources and adjusted for the expected effects of reasonable and supportable forecasts over the expected lives of the securities on those historical losses. Accrued interest receivable on HTM securities, which is included in Other assets on the Consolidated Balance Sheet, is excluded from the estimate of expected credit losses. The credit loss model under ASC 326-30, applicable to AFS debt securities, requires recognition of credit losses through an allowance account with credit losses recognized once securities become impaired. For AFS debt securities, a decline in fair value due to credit loss results in recognition of an ACL. Impairment may result from credit deterioration of the issuer or collateral underlying the security. An assessment to determine whether a decline in fair value resulted from a credit loss is performed at the individual security level. Among other factors, the Company considers: 1) the extent to which the fair value is less than the amortized cost basis; 2) the financial condition and near term prospects of the issuer, including consideration of relevant financial metrics or ratios of the issuer; 3) any adverse conditions related to an industry or geographic area of an issuer; 4) any changes to the rating of the security by a rating agency; and 5) any past due principal or interest payments from the issuer. If an assessment of the above factors indicates a credit loss exists, the Company records an ACL for the excess of the amortized cost basis over the present value of cash flows expected to be collected, limited to the amount that the security's fair value is less than its amortized cost basis. Subsequent changes in the ACL are recorded as a provision for (or recovery of) credit loss expense. Interest accruals and amortization and accretion of premiums and discounts are suspended when a credit loss is recognized in earnings. Any interest received after the security has been placed on nonaccrual status is recognized on a cash basis. Accrued interest receivable on AFS debt securities, which is included in Other assets on the Consolidated Balance Sheet, is excluded from the estimate of expected credit losses. For each AFS security in an unrealized loss position, the Company also considers: 1) its intent to retain the security until anticipated recovery of the security's fair value; and 2) whether it is more-likely-than not the Company would be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the debt security is written down to its fair value and the write-down is charged against the ACL with any incremental impairment recorded in earnings. Charge-offs are made through reversal of the ACL and a direct charge to the amortized cost basis of the AFS security. The Company considers the following events to be indicators that a charge-off should be taken: 1) bankruptcy of the issuer; 2) significant adverse event(s) affecting the issuer in which it is improbable for the issuer to make its remaining payments on the security; and 3) significant loss of value of the underlying collateral behind a security. Recoveries on debt securities, if any, are recorded in the period received. Restricted stock WAB is a member of the Federal Reserve System and, as part of its membership, is required to maintain stock in the FRB in a specified ratio to its capital. In addition, WAB is a member of the FHLB system and, accordingly, maintains an investment in the capital stock of the FHLB based on the borrowing capacity used. These investments are considered equity securities with no actively traded market. Therefore, the shares are considered restricted investment securities. These investments are carried at cost, which is equal to the value at which they may be redeemed. Dividend income received from the stock is reported in interest income. The Company conducts a periodic review and evaluation of its restricted stock to determine if any impairment exists. No impairment has been recorded to date. Loans held for sale The Company's loans HFS primarily consist of purchased and originated 1-4 family residential mortgage loans to be sold or securitized through its mortgage banking business. These loans are reported at either fair value, or the lower of cost or fair value, depending on the acquisition source, as further described below. The Company has elected to record loans purchased from correspondent sellers or originated directly to consumers at fair value to more timely reflect the Company's performance. Changes in fair value of loans HFS are reported in current period income as a component of Net gain on loan origination and sale activities in the Consolidated Income Statement. Alternatively, delinquent loans repurchased under the terms of the GNMA MBS program, referred to as EBO loans, are reported at the lower of cost or fair value. For EBO loans, the amount by which cost exceeds fair value is accounted for as a valuation allowance and any changes in the valuation allowance are included in Net gain on loan origination and sale activities in the Consolidated Income Statement. The Company recognizes a transfer of loans as a sale when it surrenders control over the transferred loans. Control is considered to be surrendered when the transferred loans have been legally isolated from the Company, the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans, and the Company does not maintain effective control over the transferred loans through either an agreement that entitles or obligates the Company to repurchase or redeem the loans before their maturity or the ability to unilaterally cause the holder to return loans. If the transfer of loans qualifies as a sale, the Company derecognizes such loans. If the transfer of loans does not qualify as a sale, the proceeds from the transfer are accounted for as secured borrowings. Loan acquisition and origination fees on loans HFS consist of fees earned by the Company for purchasing and originating loans and are recognized at the time the loans are purchased or originated. These fees generally represent flat, per loan fee amounts and are included as Net gain on loan origination and sale activities in the Consolidated Income Statement. Recognition of interest income on non-government guaranteed or uninsured loans HFS is suspended and accrued unpaid interest receivable is reversed through interest income when loans become 90 days delinquent or when recovery of income and principal becomes doubtful. Loans return to accrual status when the principal and interest become current and it is probable the amounts are fully collectible. For government guaranteed or insured loans HFS that are 90 days delinquent, the Company continues to recognize interest income at a rate between the debenture and notes rates, as adjusted for probability of default for FHA loans and at the note rate for VA and USDA loans. At times, the Company may also transfer loans from its HFI portfolio to HFS. Loans transferred from HFI to HFS will be transferred at the lower of amortized cost basis (adjusted for any charge-offs) or fair value. If the amortized cost basis of the transferred loan exceeds its fair value, a valuation allowance equal to the difference in these amounts will be established on the transfer date and any subsequent changes in the valuation allowance will be recognized in earnings. Any ACL previously recorded on transferred loans will be reversed and recognized in earnings at the time of the transfer. If management determines it no longer intends to sell loans classified as HFS, such loans will be transferred to loans HFI. Loans transferred from HFS to HFI are transferred at amortized cost and any valuation allowance previously recorded is reversed and recognized in earnings at the time of the transfer. The loans are then subject to ACL measurement. Loans held for investment Loans HFI are loans management has the intent and ability to hold for the foreseeable future or until maturity or payoff and are reported at amortized cost. Amortized cost is the amount of unpaid principal, adjusted for unamortized net deferred fees and costs, premiums and discounts, and charge-offs. In addition, the amortized cost basis of loans subject to fair value hedges are adjusted for changes in value attributable to the effective portion of the hedged benchmark interest rate risk. The Company may also purchase loans or acquire loans through a business combination. At the purchase or acquisition date, loans are evaluated to determine whether there has been more than insignificant credit deterioration since origination. Loans that have experienced more than insignificant credit deterioration since origination are referred to as PCD loans. In its evaluation of whether a loan has experienced more than insignificant deterioration in credit quality since origination, the Company takes into consideration loan grades, past due and nonaccrual status, and loan modifications to borrowers experiencing financial difficulty. The Company may also consider external credit rating agency ratings for borrowers and for non-commercial loans, FICO score or band, probability of default levels, and number of times past due. At the purchase or acquisition date, the amortized cost basis of PCD loans is equal to the purchase price and an initial estimate of credit losses. The initial recognition of expected credit losses on PCD loans has no impact on net income. When the initial measurement of expected credit losses on PCD loans is calculated on a pooled loan basis, the expected credit losses are allocated to each loan within the pool. Any difference between the initial amortized cost basis and the unpaid principal balance of the loan represents a noncredit discount or premium, which is accreted (or amortized) into interest income over the life of the loan. Subsequent changes to the ACL on PCD loans are recorded through the provision for credit losses. For purchased loans not deemed to have experienced more than insignificant credit deterioration since origination and are therefore not deemed PCD, any discounts or premiums included in the purchase price are accreted (or amortized) over the contractual life of the individual loan. For additional information, see "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements. In applying the effective yield method to loans, the Company generally applies the contractual method whereby loan fees collected for the origination of loans less direct loan origination costs (net deferred fees), as well as premiums and discounts and certain purchase accounting adjustments, are amortized over the contractual life of the loan through interest income. If a loan has scheduled payments, the amortization of net deferred fees is calculated using the interest method over the contractual life of the loan. If a loan does not have scheduled payments, such as a line of credit, net deferred loan fees are recognized as interest income on a straight-line basis over the contractual life of the loan commitment. Commitment fees based on a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. When loans are repaid, any remaining unamortized balances of premiums, discounts, or net deferred fees are recognized as interest income. Nonaccrual loans When a borrower discontinues making payments as contractually required by the note, the Company must determine whether it is appropriate to continue to accrue interest. The Company ceases accruing interest income when a loan becomes delinquent by more than 90 days or when management determines the full repayment of principal and collection of interest according to contractual terms is no longer likely. Past due status is based on the contractual terms of the loan. The Company may decide to continue to accrue interest on certain loans more than 90 days delinquent if the loans are well secured by collateral and in the process of collection. For government guaranteed or insured loans that are 90 days delinquent, the Company continues to recognize interest income at a rate between the debenture rate and note rates, as adjusted for probability of default for FHA loans, and at the note rate for VA and USDA loans. For all loans HFI, when a loan is placed on nonaccrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed, and the Company makes a loan-level decision to apply either the cash basis or cost recovery method. The Company may recognize income on a cash basis when a payment is received on a nonaccrual loan provided the collection of the remaining recorded investment in the loan is deemed to be fully collectible. Under the cost recovery method, subsequent payments received from the customer are applied to principal and generally no further interest income is recognized until the loan principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. Loans are returned to accrual status when all of the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Modifications of Loans to Borrowers Experiencing Financial Difficulty The Company may agree to modify the terms of a loan to a borrower experiencing financial difficulty. Loans graded Substandard or worse are often characterized by inadequate paying capacity of the borrower and therefore, modifications of these loans are considered to be made to borrowers experiencing financial difficulty. The loan terms that may be modified or restructured due to a borrower’s financial situation include principal forgiveness, an interest rate reduction, an other than-insignificant payment delay, a term extension, or a combination of these terms. Troubled Debt Restructured Loans Prior to the adoption of ASU 2022-02, Financial Instruments—Credit Losses (Topic 326), if the Company, for reasons related to a borrower’s financial difficulties, granted a concession to the borrower the Company would not otherwise consider, the modified loan was considered a TDR loan. In order to determine whether a borrower was experiencing financial difficulty, an evaluation was performed to assess the probability the borrower would be in payment default on any of its debt in the foreseeable future without the modification. The evaluation was performed in accordance with the Company's internal underwriting policy. The loan terms that were modified or restructured due to a borrower’s financial situation included, but were not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. A TDR loan was returned to accrual status when the loan was brought current, was performing in accordance with the contractual restructured terms for a reasonable period of time (generally six months), and the ultimate collectability of the total contractual restructured principal and interest was no longer in doubt. Consistent with regulatory guidance, a TDR loan subsequently modified in another restructuring agreement but had shown sustained performance and classification as a TDR, was removed from TDR status provided the modified terms were market-based at the time of modification. Credit quality indicators Loans are regularly reviewed to assess credit quality indicators and to determine appropriate loan classification and grading in accordance with applicable bank regulations. The Company’s risk rating methodology assigns risk ratings ranging from 1 to 9, where a higher rating represents higher risk. The Company differentiates its loan segments based on shared risk characteristics for which expected credit losses are measured on a pool basis. The nine risk rating categories can generally be described by the following groupings for loans: "Pass" (grades 1 through 5): The Company has five pass risk ratings, which represent a level of credit quality that ranges from having no well-defined deficiency or weakness to some noted weakness; however, the risk of default on any loan classified as pass is expected to be remote. The five pass risk ratings are described below: Minimal risk. Consist of loans that are fully secured either with cash held in a deposit account at the Bank or by readily marketable securities with an acceptable margin based on the type of security pledged. Low risk. Consist of loans with a high investment grade rating equivalent. Modest risk. Consist of loans where the credit facility greatly exceeds all policy requirements or with policy exceptions that are appropriately mitigated. A secondary source of repayment is verified and considered sustainable. Collateral coverage on these loans is sufficient to fully cover the debt as a tertiary source of repayment. Debt of the borrower is low relative to borrower’s financial strength and ability to pay. Average risk. Consist of loans where the credit facility meets or exceeds all policy requirements or with policy exceptions that are appropriately mitigated. A secondary source of repayment is available to service the debt. Collateral coverage is more than adequate to cover the debt. The borrower exhibits acceptable cash flow and moderate leverage. Acceptable risk. Consist of loans with an acceptable primary source of repayment but a less than preferable secondary source of repayment. Cash flow is adequate to service debt but there is minimal excess cash flow. Leverage is moderate or high. "Special mention" (grade 6): These are generally assets that possess potential weaknesses that warrant management's close attention. These loans may involve borrowers with adverse financial trends, higher debt-to-equity ratios, or weaker liquidity positions, but not to the degree of being considered a “problem loan” where risk of loss may be apparent. Loans in this category are usually performing as agreed, although there may be non-compliance with financial covenants. "Substandard" (grade 7): These assets are characterized by well-defined credit weaknesses and carry the distinct possibility the Company will sustain some loss if such weakness or deficiency is not corrected. All loans 90 days or more past due and all loans on nonaccrual status are considered at least "Substandard," unless extraordinary circumstances would suggest otherwise. "Doubtful" (grade 8): These assets have all the weaknesses inherent in those classified as "Substandard" with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable, but because of certain known factors that may work to the advantage and strengthening of the asset (for example, capital injection, perfecting liens on additional collateral and refinancing plans), classification as an estimated loss is deferred until a more precise status may be determined. Due to the high probability of loss, loans classified as "Doubtful" are placed on nonaccrual status. "Loss" (grade 9): These assets are considered uncollectible and having such little recoverable value, it is not practical to defer writing off the asset. This classification does not mean the loan has absolutely no recovery or salvage value, but rather it is not practicable or desirable to defer writing off the asset, even though partial recovery may be achieved in the future. Allowance for credit losses on loans HFI Credit risk is inherent in the business of extending loans and leases to borrowers and is continuously monitored by management and reflected within the ACL. The ACL is an estimate of life-of-loan losses for the Company's loans HFI. The ACL is a valuation account that is deducted from the amortized cost basis of a loan to present the net amount expected to be collected on the loan. The estimate of expected credit losses excludes accrued interest receivable on these loans, except for accrued interest related to the Residential-EBO loan pool. Accrued interest receivable, net of an ACL on the Residential-EBO loan pool, is included in Other assets on the Consolidated Balance Sheet. The ACL on loans HFI includes an estimate of future net charge-offs as well as an offset for expected recoveries of amounts previously charged-off. The Company formally re-evaluates and establishes the appropriate level of the ACL on a quarterly basis. Determining the appropriateness of the allowance is complex and requires judgment by management about the effects of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio or particular segments of the loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the ACL and credit loss expense in those future periods. The allowance level is influenced by loan volumes and mix, average remaining maturities, loan performance metrics, asset quality characteristics, delinquency status, historical credit loss experience, and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the ACL has two basic components: first, an asset-specific component involving individual loans that do not share similar risk characteristics with other loans and the measurement of expected credit losses for such individual loans and second, a pooled component for estimated expected credit losses for loans that share similar risk characteristics. Loans that do not share risk characteristics with other loans Loans that do not share risk characteristics with other loans are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. These loans consist of loans with unique features or loans that no longer share risk characteristics with other pooled loans. The process for determining whether a loan should be evaluated on an individual basis begins with a determination of credit rating. With the exception of residential loans, all accruing loans graded substandard or worse with a total commitment of $1.0 million or more are evaluated on an individual basis. For these loans, the allowance is based primarily on the fair value of the underlying collateral, utilizing independent third-party appraisals, and assessment of borrower guarantees. Loans that share similar risk characteristics with other loans In estimating the component of the ACL for loans that share similar risk characteristics, loans are segregated into loan segments with shared risk characteristics. The Company's primary portfolio segments align with the methodology applied in estimating the ACL under CECL. Loans are designated and pooled into loan segments based on product types, business lines, and other risk characteristics. In determining the ACL, the Company derives an estimate of expected credit losses primarily using an expected loss methodology that incorporates risk parameters (PD, LGD, and EAD), which are derived from various vendor models, internally-developed statistical models, or non-statistical estimation approaches. Probability of default is projected in these models or estimation approaches using a single economic scenario and were developed to incorporate relevant information about past events, current conditions, and reasonable and supportable forecasts. With the exception of the Company's residential loan segment, the Company's PD models define default as loans that are 90 days past due, on nonaccrual status, have a charge-off, or obligor bankruptcy. Input reversion is used for all loan segment models, except for the commercial and industrial and CRE, owner-occupied loan segments. Output reversion is used for the commercial and industrial and CRE, owner-occupied loan segments by incorporating, after the forecast period, a one-year linear reversion to the long-term reversion rate in year three through the remaining life of the loans within the respective segments. LGDs are typically derived from the Company's historical loss experience. However, for the warehouse lending and municipal and nonprofit loan segments, where the Company has either zero (or near zero) losses, or has a limited loss history through the last economic downturn, certain non-modeled methodologies are employed to estimate LGD. Factors utilized in calculating average LGD vary for each loan segment and are further described below. EAD refers to the Company's exposure to loss at the time of borrower default. For revolving lines of credit, the Company incorporates an expectation of increased line utilization for a higher EAD on defaulted loans based on historical experience. For term loans, EAD is calculated using an amortization schedule based on contractual loan terms, adjusted for a prepayment rate assumption. Prepayment trends are sensitive to interest rates and the macroeconomic environment. Fixed rate loans are more influenced by interest rates, whereas variable rate loans are more influenced by the macroeconomic environment. After the quantitative expected loss estimates are calculated, management then adjusts these estimates to incorporate consideration of different probability weighted economic scenarios, current trends and conditions not captured in the quantitative loss estimates, through the use of qualitative and/or environmental factors. The following provides credit quality indicators and risk elements most relevant in monitoring and measuring the ACL on loans for each of the loan portfolio segments identified: Warehouse lending The warehouse lending portfolio segment consists of mortgage warehouse lines, MSR financing facilities, and note finance loans, which have a monitored borrowing base to mortgage companies and similar lenders and are primarily structured as commercial and industrial loans. The collateral for these loans is primarily comprised of residential whole loans and MSRs, with the borrowing base of these loans tightly monitored and controlled by the Company. The primary support for these loans takes the form of pledged collateral, with secondary support provided by the capacity of the financial institution. The collateral-driven nature of these loans distinguish them from traditional commercial and industrial loans. These loans are impacted by interest rate shocks, residential lending rates, prepayment assumptions, and general real estate stress. As a result of the unique loan characteristics, limited historical default and loss experience, and the collateral nature of this loan portfolio segment, the Company uses a non-modeled approach to estimate expected credit losses, leveraging grade information, grade migration history, and management judgment. Municipal and nonprofit The municipal and nonprofit portfolio segment consists of loans to local governments, government-operated utilities, special assessment districts, hospitals, schools and other nonprofits. These loans are generally, but not exclusively, entered into for the purpose of financing real estate investment or for refinancing existing debt and are primarily structured as commercial and industrial loans. Loans are supported by taxes or utility fees, and in some cases tax liens on real estate, operating revenue of the institution, or other collateral types. While unemployment rates and the market valuation of residential properties have an effect on the tax revenues supporting these loans, these loans tend to be less cyclical in comparison to similar commercial loans due to reliance on diversified tax bases. The Company uses a non-modeled approach to estimate expected credit losses for this portfolio segment, leveraging grade information and historical municipal default rates. Tech & innovation The tech & innovation portfolio segment is comprised of commercial loans originated within this business line and are not collateralized by real estate. The source of repayment of these loans is generally expected to be the income generated from the business or contributions from ownership to sustain the business's growth model. Expected credit losses for this loan segment are estimated using internally-developed models. These models incorporate market level and company-specific factors such as financial statement variables, adjusted for the current stage of the credit cycle and for the Company's loan performance data such as delinquency, utilization, maturity, and size of the loan commitment under specific macroeconomic scenarios to produce a probability of default. Macroeconomic variables include average investment to GDP and treasury yields. LGD and the prepayment rate assumption for EAD are driven by unemployment levels for this loan segment. Equity fund resources The equity fund resources portfolio segment is comprised of commercial loans to private equity and venture capital funds. The primary source of repayment of these loans is typically uncalled capital commitments from institutional investors and high net worth individuals. The Company uses a non-modeled approach to estimate expected credit losses for this portfolio segment, leveraging loan grade information. Other commercial and industrial The other commercial and industrial segment is comprised primarily of commercial and industrial loans to middle market companies and large corporations that are not collateralized by real estate. The models used to estimate expected credit losses for middle market companies are the same as those used for the tech & innovation portfolio segment, whereas a vendor model is used to estimate expected credit losses for loans to large corporations. Commercial real estate, owner-occupied The CRE, owner-occupied portfolio segment is comprised of commercial loans collateralized by real estate, where the borrower has a business that occupies the property. These loans are typically entered into for the purpose of providing real estate finance or improvement. The primary source of repayment of these loans is the income generated by the business and where rental or sale of the property may provide secondary support for the loan. These loans are sensitive to general economic conditions as well as the market valuation of CRE properties. The PD estimate for this loan segment is modeled using the same model as the commercial and industrial loan segment. LGD for this loan segment is driven by property appreciation and the prepayment rate assumption for EAD is driven by unemployment levels. Hotel franchise finance The hotel franchise finance segment is comprised of loans originated within this business line and are collateralized by real estate, where the owner is not the primary tenant. These loans are typically entered into for the purpose of financing or the improvement of commercial investment properties. The primary source of repayment of these loans are the rents paid by tenants and where the sale of the property may provide secondary support for the loan. These loans are sensitive to the market valuation of CRE properties, rental rates, and general economic conditions. The vendor model used to estimate expected credit losses for this loan segment projects PD and EAD based on multiple macroeconomic scenarios by modeling how macroeconomic conditions affect the commercial real estate market. Real estate market factors utilized in this model include vacancy rate, rental growth rate, net operating income growth rate, and commercial property price changes for each specific property type. The model then incorporates loan and property-level characteristics including debt coverage, leverage, collateral size, seasoning, and property type. LGD for this loan segment is derived from a non-modeled approach that is driven by property appreciation and the prepayment rate assumption for EAD is driven by the property appreciation for fixed rate loans and unemployment levels for variable rate loans. Other commercial real estate, non-owner occupied The other commercial real estate, non-owner occupied segment is comprised of loans collateralized by real estate where the owner is not the primary tenant, but are not originated within the Company's specialty business lines. The model used to estimate expected credit losses for this loan segment is the same as the model used for the hotel franchise finance portfolio segment. Residential The residential loan portfolio segment is comprised of loans collateralized primarily by first liens on 1-4 residential family properties and home equity lines of credit collateralized by either first liens or junior liens on residential properties. The primary source of repayment of these loans is the value of the property and the capacity of the owner to make payments on the loan. Unemployment rates and the market valuation of residential properties will impact the ultimate repayment of these loans. The residential mortgage loan model is a vendor model that projects PD, LGD severity, prepayment rate, and EAD to calculate expected losses. The model is intended to capture the borrower's payment behavior during the lifetime of the residential loan by incorporating loan level characteristics such as loan type, coupon, age, loan-to-value, and credit score and economic conditions such as Home Price Index, interest rate, and unemployment rate. A default event for residential loans is defined as 60 days or more past due, with property appreciation as the driver for LGD results. The prepayment rate assumption for EAD for residential loans is based on industry prepayment history. PD for HELOCs is derived from an internally-developed model that incorporates loan level information such as delinquency status, loan term, and FICO score and macroeconomic conditions such as property appreciation. LGD for this loan segment is driven by property appreciation and lien position. EAD for HELOCs is calculated based on utilization rate assumptions using a non-modeled approach and also incorporates management judgment. Residential - EBO The residential EBO loan portfolio segment is comprised of government guaranteed or insured loans collateralized primarily by first liens on 1-4 residential family properties purchased from GNMA pools, which were at least three months delinquent at the time of purchase. These loans differ from the residential loans included in the Company's Residential loan portfolio segment as the principal balance of these loans are government guaranteed or insured. The Company has not recognized an ACL on this portfolio segment as management's expectation of nonpayment of the amortized cost basis, based on historical losses, adjusted for current and forecasted conditions, is zero. The estimate of expected credit losses related to accrued interest and other fees for the Residential-EBO loan pool is based on an expected loss methodology that incorporates risk parameters, PD and LGD, which are derived from an internally-developed statistical model. PD is derived from delinquency transition rates based on historical data and LGD is derived from historical losses. Construction and land development The construction and land portfolio segment is comprised of loans collateralized by land or real estate, which are entered into for the purpose of real estate development. The primary source of repayment of these loans is the eventual sale or refinance of the completed project and where claims on the property provide secondary support for the loan. These loans are impacted by the market valuation of CRE and residential properties and general economic conditions that have a higher sensitivity to real estate markets compared to other real estate loans. Default risk of a property is driven by loan-specific drivers, including loan-to-value, maturity, origination date, and the MSA in which the property is located, among other factors. The variables used in the internally-developed model include loan level drivers such as origination loan-to-value, loan maturity, and macroeconomic drivers such as property appreciation, MSA level unemployment rate, and national GDP growth. LGD for this loan segment is driven by property appreciation. The prepayment rate assumption for EAD is driven by the property appreciation for fixed rate loans and unemployment levels for variable rate loans. Other The other portfolio consists of loans not already captured in one of the aforementioned loan portfolio segments, which include, but may not be limited to, overdraft lines for treasury services, credit cards, consumer loans not collateralized by real estate, and small business loans collateralized by residential real estate. The consumer and small business loans are supported by the capacity of the borrower and the valuation of any collateral. General economic factors such as unemployment will have an effect on these loans. The Company uses a non-modeled approach to estimate expected credit losses, leveraging average historical default rates. LGD for this loan segment is driven by unemployment levels and lien position. The prepayment rate assumption for EAD is driven by the BBB corporate spread for fixed rate loans and unemployment levels for variable rate loans. Transfers of financial assets A transfer of a financial asset is accounted for as a sale when control over the asset has been surrendered. Control over a transferred asset is deemed surrendered when the: 1) asset has been isolated from the Company; 2) transferee obtains the right to pledge or exchange the transferred asset; and 3) Company no longer maintains effective control over the transferred asset through an agreement to repurchase the transferred asset before maturity. If a transfer of a financial asset does not qualify as a sale, the proceeds from the transfer are accounted for as a secured borrowing. Premises and equipment Premises and equipment amounts are stated at cost less accumulated depreciation and amortization. Depreciation is computed principally using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the term of the lease or the estimated life of the improvement, whichever is shorter. Depreciation and amortization are computed using the following estimated lives:
Management periodically reviews premises and equipment in order to determine whether facts and circumstances suggest the value of an asset is not recoverable. Off-balance sheet credit exposures, including unfunded loan commitments The Company maintains a separate ACL on off-balance-sheet credit exposures, including unfunded loan commitments, financial guarantees, and letters of credit, which is classified in Other liabilities on the Consolidated Balance Sheet. The ACL on off-balance sheet credit exposures is adjusted through increases or decreases to the provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, an estimate of EAD derived from utilization rate assumptions using a non-modeled approach, and PD and LGD estimates derived from the same models and approaches for the Company's other loan portfolio segments described in the ACL on loans HFI section within this note. The Company does not record a credit loss estimate for off-balance sheet credit exposures that are unconditionally cancellable by the Company or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. Mortgage servicing rights The Company generates MSRs from its mortgage banking business. When the Company sells mortgage loans in the secondary market and retains the right to service these loans, a servicing right asset is capitalized at the time of sale when the benefits of servicing are deemed to be greater than adequate compensation for performing the servicing activities. MSRs represent the then-current fair value of future net cash flows expected to be realized from performing servicing activities. The Company has elected to subsequently measure MSRs at fair value and report changes in fair value in current period income as a component of Net loan servicing revenue in the Consolidated Income Statement. The Company may in the ordinary course of business sell MSRs and will recognize, as of the trade date, a gain or loss on the sale equal to the difference between the carrying value of the transferred MSRs and the estimated proceeds to be received as consideration. The Company subsequently derecognizes MSRs when substantially all of the risks and rewards of ownership are irrevocably passed to the transferee and any protection provisions retained by the Company are minor and can be reasonably estimated, which typically occurs on the settlement date. Protection provisions are considered to be minor if the obligation created by such provisions is estimated to be no more than 10 percent of the sales price and the Company retains the risk of prepayment for no more than 120 days. The Company records an estimated liability for retained protection provisions as of the trade date, with any changes in the estimated liability recorded in earnings. In addition, fees to transfer loans associated with the sold MSRs to a new servicer are also recorded on the settlement date. Gains or losses on sales of MSRs, net of retained protection provisions, and transfer fees are included in Net loan servicing revenue in the Consolidated Income Statement. Leases (lessee) At inception, contracts are evaluated to determine whether the contract constitutes a lease agreement. For contracts that are determined to be an operating lease, a corresponding ROU asset and operating lease liability are recorded in separate line items on the Consolidated Balance Sheet. A ROU asset represents the Company’s right to use an underlying asset during the lease term and a lease liability represents the Company’s commitment to make contractually obligated lease payments. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The measurement of the operating lease ROU asset includes any lease payments made and is reduced by lease incentives that are paid or are payable to the Company. Variable lease payments that depend on an index or rate such as the Consumer Price Index are included in lease payments based on the rate in effect at the commencement date of the lease. Lease payments are recognized on a straight-line basis over the lease term as Occupancy expense in the Consolidated Income Statements. As the rate implicit in the lease is not readily determinable, the Company's incremental collateralized borrowing rate is used to determine the present value of lease payments. This rate gives consideration to the applicable FHLB collateralized borrowing rates and is based on the information available at the commencement date. The Company has elected to apply the short-term lease measurement and recognition exemption to leases with an initial term of 12 months or less; therefore, these leases are not recorded on the Company’s Consolidated Balance Sheet, but rather, lease expense is recognized over the lease term on a straight-line basis. The Company’s lease agreements may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain the options will be exercised. The Company also made an accounting policy election to not separate non-lease components from the associated lease component, and instead account for them together as part of the applicable lease component. The majority of the Company’s non-lease components such as common area maintenance, parking, and taxes are variable, and are expensed as incurred. Variable payment amounts are determined in arrears by the landlord depending on actual costs incurred. Goodwill and other intangible assets The Company records as goodwill the excess of the purchase price in a business combination over the fair value of the identifiable net assets acquired in accordance with applicable guidance. The Company performs its annual goodwill and intangibles impairment tests as of October 1 each year, or more often if events or circumstances indicate the carrying value may not be recoverable. The Company may first elect to assess, through qualitative factors, whether it is more likely than not goodwill is impaired. If the qualitative assessment indicates potential impairment, a quantitative impairment test is performed. If, based on the quantitative test, a reporting unit's carrying amount exceeds its fair value, a goodwill impairment charge for this difference is recorded to current period earnings as non-interest expense. The Company’s intangible assets consist of correspondent relationships, operating licenses, tradenames, core deposit intangibles, customer relationships, and developed technology assets that are being amortized over periods of to 40 years. See "Note 25. Mergers, Acquisitions and Dispositions" of these Notes to Consolidated Financial Statements for discussion of the intangible assets acquired in the DST acquisition. The Company considers the remaining useful lives of its intangible assets each reporting period, as required by ASC 350, Intangibles—Goodwill and Other, to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company has not revised its estimates of the useful lives of its intangible assets during the years ended December 31, 2023, 2022, or 2021. Low income housing and renewable energy tax credits The Company holds ownership interests in limited partnerships and limited liability companies that invest in affordable housing and renewable energy projects. These investments are designed to generate a return primarily through the realization of federal tax credits and deductions, which may be subject to recapture by taxing authorities if compliance requirements are not met. The Company accounts for its low income housing investments using the proportional amortization method. Renewable energy projects are accounted for under the deferral method, whereby the investment tax credits are reflected as an immediate reduction in income taxes payable and the carrying value of the asset in the period that the investment tax credits are claimed. See "Note 16. Income Taxes" of these Notes to Consolidated Financial Statements for further discussion. The Company evaluates its interests in these entities to determine whether it has a variable interest and whether it is required to consolidate these entities. A variable interest is an investment or other interest that will absorb portions of an entity's expected losses or receive portions of the entity's expected residual returns. If the Company determines it has a variable interest in an entity, it evaluates whether such interest is in a VIE. A VIE is broadly defined as an entity where either: 1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance or 2) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support. The Company is required to consolidate any VIE when it is determined to be the primary beneficiary of the VIE's operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has both the power to direct the activities of a VIE that most significantly impact the entity's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company’s assessment of whether it is the primary beneficiary of a VIE includes consideration of various factors such as: 1) the Company's ability to direct the activities that most significantly impact the entity's economic performance; 2) its form of ownership interest; 3) its representation on the entity's governing body; 4) the size and seniority of its investment; and 5) its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company is required to evaluate whether to consolidate a VIE both at inception and on an ongoing basis as changes in circumstances require reconsideration. The Company’s investments in qualified affordable housing and renewable energy projects meet the definition of a VIE as the entities are structured such that the limited partner investors lack substantive voting rights. The general partner or managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. Accordingly, as a limited partner, the Company is not the primary beneficiary and is not required to consolidate these entities. Bank owned life insurance BOLI is carried at its cash surrender value with changes recorded in other non-interest income in the Consolidated Income Statement. The face amount of the underlying life insurance policies was $452 million and $456 million as of December 31, 2023 and 2022, respectively. There are no loans offset against cash surrender values, and there are no restrictions as to the use of proceeds. Credit linked notes Credit linked notes are structured to effectively transfer the risk of first losses on a reference pool of loans and are considered to be free standing credit enhancements. These notes are recorded at the amount of the proceeds received, net of debt issuance costs. In addition, as the credit guarantee component of these notes is considered to be free standing, the ACL measured on the reference pool of loans in accordance with ASC 326 is not reduced by the credit guarantee. Rather, a contra debt balance equal to the estimated ACL on the reference pool of loans is recorded, which reduces the carrying value of the notes. The initial contra debt balance and subsequent adjustments are recorded with a corresponding gain or loss on recovery from credit guarantees recognized in earnings. Stock compensation plans The Company has an incentive plan that gives the BOD the authority to grant stock awards, consisting of unrestricted stock, stock units, dividend equivalent rights, stock options (incentive and non-qualified), stock appreciation rights, restricted stock, and performance and annual incentive awards. Compensation expense on non-vested restricted stock awards is based on the fair value of the award on the measurement date which, for the Company, is the date of the grant and is recognized ratably over the service period of the award. Forfeitures are estimated at the time of the award grant and revised in subsequent periods if actual forfeitures differ from those estimates. The fair value of non-vested restricted stock awards is the market price of the Company’s stock on the date of grant. The Company's performance stock units have a cumulative EPS target and a TSR performance measure component. The TSR component is a market-based performance condition that is separately valued as of the date of the grant. A Monte Carlo valuation model is used to determine the fair value of the TSR performance metric, which simulates potential TSR outcomes over the performance period and determines the payouts that would occur in each scenario. The resulting fair value of the TSR component is based on the average of these results. Compensation expense related to the TSR component is based on the fair value determination on the date of the grant and is not subsequently revised based on actual performance. Compensation expense related to the EPS component for these awards is based on the fair value (market price of the Company's stock on the date of the grant) of the award. Compensation expense related to both the TSR and EPS components is recognized ratably over the service period of the award. See "Note 12. Stockholders' Equity" of these Notes to Consolidated Financial Statements for further discussion of stock awards. Dividends WAL is a legal entity separate and distinct from its subsidiaries. As a holding company with limited significant assets other than the capital stock of its subsidiaries, WAL's ability to pay dividends depends primarily upon the receipt of dividends or other capital distributions from its subsidiaries. The Company's subsidiaries' ability to pay dividends to WAL is subject to, among other things, their individual earnings, financial condition, and need for funds, as well as federal and state governmental policies and regulations applicable to WAL and each of those subsidiaries, which limit the amount that may be paid as dividends without prior approval. In addition, the terms and conditions of other securities the Company issues may restrict its ability to pay dividends to holders of the Company's common stock. For example, if any required payments on outstanding trust preferred securities are not made, WAL would be prohibited from paying cash dividends on its common stock. Preferred stock On September 22, 2021, the Company issued an aggregate of 12,000,000 depositary shares, each representing a 1/400th ownership interest in a share of the Company’s 4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Shares, Series A, par value $0.0001 per share, with a liquidation preference of $25 per Depositary Share (equivalent to $10,000 per share of Series A preferred stock). The Company's Series A preferred stock is perpetual preferred stock that is not subject to any mandatory redemption, resulting in classification as permanent equity. Dividends on preferred stock are recognized on the declaration date and are recorded as a reduction of retained earnings. Treasury shares The Company separately presents treasury shares, which represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. Treasury shares are carried at cost. Sales of common stock under ATM program The Company has a distribution agency agreement with J.P. Morgan Securities LLC and Piper Sandler & Co., under which the Company may sell shares of its common stock on the NYSE. The Company pays the distribution agents a mutually agreed rate, not to exceed 2% of the gross offering proceeds of the shares sold pursuant to the distribution agency agreement. The common stock is sold at prevailing market prices at the time of the sale or at negotiated prices and, as a result, prices will vary. See "Note 12. Stockholders' Equity" of these Notes to Consolidated Financial Statements for further discussion of this program. Derivative financial instruments Derivative instruments are contracts between two or more parties that have a notional amount and an underlying variable, require a small or no initial investment, and allow for the net settlement of positions. A derivative’s notional amount serves as the basis for the payment provision of the contract and takes the form of units, such as shares or dollars. A derivative’s underlying variable is a specified interest rate, security price, commodity price, foreign exchange rate, index, or other variable. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the fair value of the derivative contract. The Company recognizes derivatives as assets or liabilities on the Consolidated Balance Sheet at their fair value in accordance with ASC 815, Derivatives and Hedging. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. The Company documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction after the derivative contract is executed. At inception, the Company performs a quantitative assessment to determine whether the derivatives used in hedging transactions are highly effective (as defined in the guidance) in offsetting changes in the fair value of the hedged item. Retroactive effectiveness is assessed, as well as the continued expectation the hedge will remain effective prospectively. After the initial quantitative assessment is performed, on a quarterly basis, the Company performs a qualitative hedge effectiveness assessment. This assessment takes into consideration any adverse developments related to the counterparty's risk of default and any negative events or circumstances that affect the factors that originally enabled the Company to assess that it could reasonably support, qualitatively, an expectation the hedging relationship was and will continue to be highly effective. The Company discontinues hedge accounting prospectively when it is determined a hedge is no longer highly effective. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative instrument continues to be reported at fair value on the Consolidated Balance Sheet, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. The Company uses interest rate contracts to mitigate interest-rate risk associated with changes to the fair value of certain fixed-rate financial instruments (fair value hedges). Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability attributable to the hedged risk, are recorded in the same line item as the offsetting loss or gain on the related interest rate contracts during the period of change. For loans, the gain or loss on the hedged item is included in interest income and for subordinated debt, the gain or loss on the hedged items was included in interest expense. Derivative instruments not designated as hedges, so called free-standing derivatives, are reported on the Consolidated Balance Sheet at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of change. The Company enters into commitments to purchase mortgage loans that will be held for sale. These loan commitments, described as IRLCs, qualify as derivative instruments, except those that are originated rather than purchased, and intended for HFI classification. Changes in fair value associated with changes in interest rates are economically hedged by utilizing forward sale commitments, interest rate futures, and interest rate swaps. These hedging instruments are typically entered into contemporaneously with IRLCs. Loans that have been or will be purchased or originated may be used to satisfy the Company's forward sale commitments. In addition, derivative financial instruments are also used to economically hedge the Company's MSR portfolio. Changes in the fair value of derivative financial instruments that hedge IRLCs and loans HFS are included in Net gain on loan origination and sale activities in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that hedge MSRs are included in Net loan servicing revenue in the Consolidated Income Statement. The Company may in the normal course of business purchase a financial instrument or originate a loan that contains an embedded derivative instrument. Upon purchasing the instrument or originating the loan, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value. However, in cases where the host contract is measured at fair value, with changes in fair value reported in current earnings, or the Company is unable to reliably identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the Consolidated Balance Sheet at fair value and is not designated as a hedging instrument. Off-balance sheet instruments In the ordinary course of business, the Company enters into off-balance sheet financial instrument arrangements consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the Consolidated Balance Sheets when funded. These off-balance sheet financial instruments impact, to varying degrees, elements of credit risk in excess of amounts recognized on the Consolidated Balance Sheet. Losses could be experienced when the Company is contractually obligated to make a payment under these instruments and must seek repayment from the borrower, which may not be as financially sound in the current period as they were when the commitment was originally made. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract and, in certain instances, may be unconditionally cancellable. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. The Company also has off-balance sheet arrangements related to its derivative instruments. Derivative instruments are recognized in the Consolidated Balance Sheets at fair value and their notional values are carried off-balance sheet. See "Note 14. Derivatives and Hedging Activities" of these Notes to Consolidated Financial Statements for further discussion. Fair values of financial instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities. ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and a three-level valuation hierarchy for disclosure of fair value measurement, and also sets forth disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The Company uses various valuation approaches, including market, income, and/or cost approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring observable inputs be used when available. Observable inputs are inputs market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would consider in pricing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs, as follows: •Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. •Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, volatilities, etc.) or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market. •Level 3 - Valuation is generated from model-based techniques where one or more significant inputs are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions market participants would use in pricing the asset or liability. Valuation techniques may include use of matrix pricing, discounted cash flow models, and similar techniques. The availability of observable inputs varies based on the nature of the specific financial instrument. To the extent valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the lowest level input that is significant to the fair value measurement determines the level in the fair value hierarchy within which the fair value measurement falls in its entirety. Fair value is a market-based measure considered from the perspective of a market participant who may purchase the asset or assume the liability, rather than an entity-specific measure. When market assumptions are available, ASC 820 requires the Company consider the assumptions market participants would use to estimate the fair value of the financial instrument at the measurement date. ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, for which it is practicable to estimate value. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at December 31, 2023 and 2022. The estimated fair value amounts for December 31, 2023 and 2022 have been measured as of period-end and have not been re-evaluated or updated for purposes of these Consolidated Financial Statements subsequent to those dates. As such, the estimated fair values of these financial instruments subsequent to the reporting date may be different than the amounts reported at period-end. The information in "Note 18. Fair Value Accounting" of these Notes to Consolidated Financial Statements should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimate, comparisons between the Company’s disclosures and those of other companies or banks may not be meaningful. The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: Cash, cash equivalents, and restricted cash The carrying amounts reported on the Consolidated Balance Sheet for cash and due from banks approximate their fair value. Investment securities The fair values of U.S. Treasury and certain other debt securities as well as publicly-traded CRA investments and exchange-listed common and preferred stock are based on quoted market prices and are categorized as Level 1 in the fair value hierarchy. The fair values of debt securities not classified as Level 1 are primarily determined based on matrix pricing. Matrix pricing is a mathematical technique that utilizes observable market inputs including, yield curves, credit ratings, and prepayment speeds. Fair values determined using matrix pricing are generally categorized as Level 2 in the fair value hierarchy. In addition to matrix pricing, the Company uses other pricing sources, including observed prices on publicly traded securities and dealer quotes, to estimate the fair value of debt securities, which are also categorized as Level 2 in the fair value hierarchy. Loans HFS Government-insured or guaranteed and agency-conforming loans HFS are salable into active markets. Accordingly, the fair value of these loans is based on quoted market or contracted selling prices or a market price equivalent, which are categorized as Level 2 in the fair value hierarchy. The fair value of non-agency loans HFS as well as certain loans that become nonsalable into active markets due to the identification of a defect is determined based on valuation techniques that utilize Level 3 inputs. Loans HFI The fair value of loans HFI is estimated based on discounted cash flows using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality and adjustments the Company believes a market participant would consider in determining fair value based on a third-party independent valuation. As a result, the fair value for loans HFI is categorized as Level 3 in the fair value hierarchy. Mortgage servicing rights The fair value of MSRs is estimated using a discounted cash flow model that incorporates assumptions a market participant would use in estimating the fair value of servicing rights, including, but not limited to, option adjusted spread, conditional prepayment rate, servicing fee rate, and cost to service. As a result, the fair value for MSRs is categorized as Level 3 in the fair value hierarchy. Accrued interest receivable and payable The carrying amounts reported on the Consolidated Balance Sheet for accrued interest receivable and payable approximate their fair values. Derivative financial instruments All derivatives are recognized on the Consolidated Balance Sheets at fair value. The valuation methodologies used to estimate the fair value of derivative instruments varies by type. Interest rate contracts, foreign currency contracts, and forward purchase and sales contracts are measured based on valuation techniques using Level 2 inputs, such as quoted market price, contracted selling price, or market price equivalent. IRLCs are measured based on valuation techniques that consider loan type, underlying loan amount, maturity date, note rate, loan program, and expected settlement date, with Level 3 inputs for the servicing release premium and pull-through rate. These measurements are adjusted at the loan level to consider the servicing release premium and loan pricing adjustment specific to each loan. The base value is then adjusted for the pull-through rate. The pull-through rate and servicing fee multiple are unobservable inputs based on historical experience. Deposits The fair value for demand and savings deposits is by definition equal to the amount payable on demand at the reporting date (that is, their carrying amount), as these deposits do not have a contractual term. The carrying amount for variable rate deposit accounts approximates their fair value. Fair values for fixed rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on these deposits. The fair value measurement of deposit liabilities is categorized as Level 2 in the fair value hierarchy. FHLB advances and repurchase agreements The fair values of the Company’s borrowings are estimated using discounted cash flow analyses, based on the market rates for similar types of borrowing arrangements. The carrying value of FHLB advances and repurchase agreements approximate their fair values due to their short durations and have been categorized as Level 2 in the fair value hierarchy. Credit linked notes The fair value of credit linked notes is based on observable inputs, when available, and as such credit linked notes are categorized as Level 2 liabilities. Subordinated debt The fair value of subordinated debt is based on the market rate for the respective subordinated debt security. Subordinated debt has been categorized as Level 2 in the fair value hierarchy. Junior subordinated debt Junior subordinated debt is valued based on a discounted cash flow model which uses the Treasury Bond rates and the 'BB' and 'BBB' rated financial indexes as inputs. Junior subordinated debt has been categorized as Level 3 in the fair value hierarchy. Income taxes The Company is subject to income taxes in the United States and files a consolidated federal income tax return with all of its subsidiaries, with the exception of BW Real Estate, Inc. Deferred income taxes are recorded to reflect the effects of temporary differences between the financial reporting carrying amounts of assets and liabilities and their income tax bases using enacted tax rates expected to be in effect when the taxes are actually paid or recovered. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Net DTAs are recorded to the extent these assets will more-likely-than-not be realized. In making these determinations, all available positive and negative evidence is considered, including scheduled reversals of deferred tax liabilities, tax planning strategies, projected future taxable income, and recent operating results. If it is determined that deferred income tax assets to be realized in the future are in excess of their net recorded amount, an adjustment to the valuation allowance will be recorded, which will reduce the Company's provision for income taxes. A tax benefit from an unrecognized tax benefit may be recognized when it is more-likely-than-not the position will be sustained upon examination, including related appeals or litigation, based on technical merits. Income tax benefits must meet a more-likely-than-not recognition threshold at the effective date to be recognized. Interest and penalties on income taxes are recognized as part of interest income or expense and non-interest expense, respectively, in the Consolidated Income Statement. See "Note 16. Income Taxes" of these Notes to Consolidated Financial Statements for further discussion on income taxes. Non-interest income Non-interest income includes revenue associated with mortgage banking and commercial banking activities, investment securities, equity investments, and BOLI. These non-interest income streams are primarily generated by different types of financial instruments held by the Company for which there is specific accounting guidance and therefore, are not within the scope of ASC 606, Revenue from Contracts with Customers. Non-interest income amounts within the scope of ASC 606 include service charges and fees, success fees related to equity investments, debit and credit card interchange fees, and legal settlement services fees. Service charges and fees consist of fees earned from performance of account analysis, general account services, and other deposit account services. These fees are recognized as the related services are provided. Success fees are one-time fees detailed as part of certain loan agreements and are earned immediately upon occurrence of a triggering event. Card income includes fees earned from customer use of debit and credit cards, interchange income from merchants, and international charges. Card income is generally within the scope of ASC 310, Receivables; however, certain processing transactions for merchants, such as interchange fees, are within the scope of ASC 606. The Company generally receives payment for its services during the period or at the time services are provided and, therefore, does not have material contract asset or liability balances at period end. Legal settlement service fees relate to payment services provided for the distribution of funds from legal settlements and are recognized upon transfer of funds to a claimant. See "Note 24. Revenue from Contracts with Customers" of these Notes to Consolidated Financial Statements for further details related to the nature and timing of revenue recognition for non-interest income revenue streams within the scope of this standard.
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | 2. INVESTMENT SECURITIES The carrying amounts and fair values of investment securities at December 31, 2023 and 2022 are summarized as follows:
In addition, the Company held equity securities, which primarily consisted of preferred stock and CRA investments, with a fair value of $126 million and $160 million at December 31, 2023 and 2022, respectively. Unrealized losses on equity securities of $1.3 million and $22.3 million for the years ended December 31, 2023 and 2022, respectively, were recognized in earnings as a component of Fair value loss adjustments, net. Securities with carrying amounts of approximately $7.7 billion and $1.7 billion at December 31, 2023 and 2022, respectively, were pledged for various purposes as required or permitted by law. The following tables summarize the Company's AFS debt securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position:
(1)Includes securities with an ACL that have a fair value of $54 million and unrealized losses of $8 million.
The total number of AFS debt securities in an unrealized loss position at December 31, 2023 is 708, compared to 832 at December 31, 2022. On a quarterly basis, the Company performs an impairment analysis on its AFS debt securities in an unrealized loss position at the end of the period to determine whether credit losses should be recognized on these securities. Qualitative considerations made by the Company in its impairment analysis are further discussed below. Government Issued Securities U.S. Treasury securities and commercial and residential MBS are issued by either government agencies or GSEs. These securities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies. Further, principal and interest payments on these securities continue to be made on a timely basis. Non-Government Issued Securities Qualitative factors used in the Company's credit loss assessment of its securities that are not issued and guaranteed by the U.S. government include consideration of any adverse conditions related to a specific security, industry, or geographic region of its securities, any credit ratings below investment grade, the payment structure of the security and the likelihood of the issuer to be able to make payments that increase in the future, and failure of the issuer to make any scheduled principal or interest payments. For the Company's corporate debt and tax-exempt securities, the Company also considers various metrics of the issuer including days of cash on hand, the ratio of long-term debt to total assets, the net change in cash between reporting periods, and consideration of any breach in covenant requirements. The Company's corporate debt securities are primarily investment grade, issuers continue to make timely principal and interest payments, and the unrealized losses on these security portfolios primarily relate to changes in interest rates and other market conditions not considered to be credit-related issues. The Company continues to receive timely principal and interest payments on its tax-exempt securities and the majority of these issuers have revenues pledged for payment of debt service prior to payment of other types of expenses. In consideration of the continued effects from the bank failures in 2023, the Company performed a targeted impairment analysis on its AFS debt securities issued by regional banks held in its corporate debt securities portfolio. The Company considered the issuers' credit ratings, probability of default, and other factors. As a result of the analysis, an $18.5 million provision for credit losses was recognized during the year ended December 31, 2023. The provision for credit losses for the year ended December 31, 2023 included recognition of a $17.1 million charge-off for one debt security issued by a regional bank that was sold. The Company does not intend to sell and it is more likely than not the Company will not be required to sell the remainder of these regional bank debt securities prior to their anticipated recovery, therefore, no additional credit losses on the Company's remaining portfolio have been recognized during the year ended December 31, 2023. For the Company's private label residential MBS, which consist of non-agency collateralized mortgage obligations secured by pools of residential mortgage loans, the Company also considers metrics such as securitization risk weight factor, current credit support, whether there were any mortgage principal losses resulting from defaults in payments on the underlying mortgage collateral, and the credit default rate over the last twelve months. These securities primarily carry investment grade credit ratings, principal and interest payments on these securities continue to be made on a timely basis, and credit support for these securities is considered adequate. The Company's CLO portfolio consists of highly rated securitization tranches, containing pools of medium to large-sized corporate, high yield loans. These are variable rate securities that have an investment grade rating of Single-A or better. Unrealized losses on these securities are primarily a function of the differential from the offer price and the valuation mid-market price as well as changes in interest rates. Unrealized losses on the Company's other securities portfolio relate to taxable municipal and trust preferred securities. The Company is continuing to receive timely principal and interest payments on its taxable municipal securities, these securities continue to be highly rated, and the number of days of cash on hand is strong. The Company's trust preferred securities are investment grade and the issuers continue to make timely principal and interest payments. The following table presents a rollforward by major security type of the ACL on the Company's AFS debt securities:
There were no credit losses recognized on AFS securities during the year ended December 31, 2022. The credit loss model under ASC 326-20, applicable to HTM debt securities, requires recognition of lifetime expected credit losses through an allowance account at the time the security is purchased. The following table presents a rollforward by major security type of the ACL on the Company's HTM debt securities:
No allowance has been recognized on the Company's HTM private label residential MBS as losses are not expected due to the Company holding a senior position in these securities. Accrued interest receivable on HTM securities totaled $5 million and $4 million at December 31, 2023 and 2022, respectively, and is excluded from the estimate of expected credit losses. The following tables summarize the carrying amount of the Company’s investment ratings position as of December 31, 2023 and 2022, which are updated quarterly and used to monitor the credit quality of the Company's securities:
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies. A security is considered to be past due once it is 30 days contractually past due under the terms of the agreement. As of December 31, 2023, the Company did not have a significant amount of investment securities that were past due or on nonaccrual status. The amortized cost and fair value of the Company's debt securities as of December 31, 2023, by contractual maturities, are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities. Therefore, these securities are listed separately in the maturity summary.
The following table presents gross gains and losses on sales of investment securities:
During the years ended December 31, 2023, 2022, and 2021, the Company sold AFS securities with a carrying value of $1.6 billion, $170 million and $161 million, respectively, and recognized a net loss of $40.4 million and net gains of $7.4 million and $8.4 million, respectively. During the year ended December 31, 2023, gross losses on AFS securities sales relate primarily to sales of CLO securities that were executed as part of the Company's balance sheet repositioning strategy. Gross gains on AFS securities sales during the year ended December 31, 2023 are attributable to sales of MBS and tax-exempt municipal securities that were completed to secure gains.
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Loans Held For Sale |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held For Sale | 3. LOANS HELD FOR SALE The Company purchases and originates residential mortgage loans through its AmeriHome mortgage banking business channel that are held for sale or securitization. In addition, as part of the Company's balance sheet repositioning strategy, the Company transferred $5.9 billion of loans, net of a fair value loss adjustment (primarily commercial and industrial loans) to HFS as of March 31, 2023. The Company completed loan dispositions from this transferred loan pool totaling $4.3 billion and transferred all remaining HFS loans back to HFI as a result of a change in management intent. As of December 31, 2023 and 2022, loans HFS consist of residential mortgage loans held for sale or securitization. The following is a summary of loans HFS by type:
(1) EBO loans are delinquent FHA, VA, or USDA loans purchased from GNMA pools under the terms of the GNMA MBS program that can be repooled when loans are brought current either through the borrower's reperformance or through completion of a loan modification. The following is a summary of the net gain on loan purchase, origination, and sale activities on residential mortgage loans to be sold or securitized:
(1) Represents the difference between cash proceeds received upon settlement and loan basis. 4. LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES The composition of the Company's HFI loan portfolio is as follows:
Loans classified as HFI are stated at the amount of unpaid principal, adjusted for net deferred fees and costs, premiums and discounts on acquired and purchased loans, and an ACL. Net deferred loan fees of $108 million and $141 million reduced the carrying value of loans as of December 31, 2023 and 2022, respectively. Net unamortized purchase premiums on acquired and purchased loans of $177 million and $195 million increased the carrying value of loans as of December 31, 2023 and 2022, respectively. Nonaccrual and Past Due Loans Loans are placed on nonaccrual status when management determines the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due. The following tables present nonperforming loan balances by loan portfolio segment:
Loans contractually delinquent by 90 days or more and still accruing totaled $441 million at December 31, 2023 and consisted of government guaranteed EBO residential loans and construction and land development loans.
Loans contractually delinquent by 90 days or more and still accruing totaled $582 million at December 31, 2022 and consisted entirely of government guaranteed EBO residential loans. The reduction in interest income associated with loans on nonaccrual status was approximately $12.3 million, $4.7 million, and $5.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. The following table presents an aging analysis of past due loans by loan portfolio segment:
Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. This analysis is performed on a quarterly basis. The risk rating categories are described in "Note 1. Summary of Significant Accounting Policies" of these Notes to Consolidated Financial Statements. The following tables present risk ratings by loan portfolio segment and origination year. The origination year is the year of origination or renewal.
Restructurings for Borrowers Experiencing Financial Difficulty The Company adopted the amendments in ASU 2022-02, which eliminated accounting guidance on TDR loans for creditors and requires enhanced disclosures for loan modifications to borrowers experiencing financial difficulty made on or after January 1, 2023. See “Note 1. Summary of Significant Accounting Policies” of these Notes to Consolidated Financial Statements for further discussion of the amendments in this update. The following table presents the amortized cost basis of loans HFI that were modified during the year ended December 31, 2023 by loan portfolio segment:
The performance of these modified loans is monitored for 12 months following the modification. As of December 31, 2023, modified loans on nonaccrual status totaled $111 million and the remaining $95 million were current with contractual payments. In the normal course of business, the Company also modifies EBO loans, which are delinquent FHA, VA, or USDA insured or guaranteed loans repurchased under the terms of the GNMA MBS program and can be repooled or resold when loans are brought current. During the year ended December 31, 2023, the Company completed modifications of EBO loans with an amortized cost of $225 million. These modifications were largely payment delays and term extensions, or both. Troubled Debt Restructurings Prior to the adoption of ASU 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. The loan terms that were modified or restructured due to a borrower’s financial situation included, but were not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. The majority of the Company's modifications were extensions in terms or deferral of payments which resulted in no lost principal or interest. Consistent with regulatory guidance, a TDR loan that was subsequently modified in another restructuring agreement but had shown sustained performance and classification as a TDR, was removed from TDR status provided that the modified terms were market-based at the time of modification. The following table presents TDR loans by loan portfolio segment:
The ACL on TDR loans totaled $4 million as of December 31, 2022. There were no outstanding commitments on TDR loans as of December 31, 2022. During the year ended December 31, 2022, the Company had three new TDR loans with a recorded investment of $11 million. No principal amounts were forgiven and there were no waived fees or other expenses that resulted from these TDR loans. A TDR loan was deemed to have a payment default when it became past due 90 days under the modified terms, went on nonaccrual status, or was restructured again. Payment defaults, along with other qualitative indicators, were considered by management in the determination of the ACL. During the year ended December 31, 2022, there were no loans for which there was a payment default within 12 months following the modification. Collateral-Dependent Loans The following table presents the amortized cost basis of collateral-dependent loans by loan portfolio segment:
The Company did not identify any significant changes in the extent to which collateral secures its collateral dependent loans, whether in the form of general deterioration or from other factors during the year ended December 31, 2023. Allowance for Credit Losses The ACL consists of the ACL on funded loans HFI and an ACL on unfunded loan commitments. The ACL on HTM securities is estimated separately from loans, see "Note 2. Investment Securities" of these Notes to Consolidated Financial Statements for further discussion. Management considers the level of ACL to be a reasonable and supportable estimate of expected credit losses inherent within the Company's HFI loan portfolio as of December 31, 2023. The below tables reflect the activity in the ACL on loans HFI by loan portfolio segment, which includes an estimate of future recoveries:
Accrued interest receivable of $281 million and $304 million at December 31, 2023 and 2022, respectively, was excluded from the estimate of credit losses. Whereas, accrued interest receivable related to the Company's Residential-EBO loan portfolio segment was included in the estimate of credit losses and had an allowance of $4 million and $9 million as of December 31, 2023 and 2022, respectively. Accrued interest receivable, net of any allowance, is included in Other assets on the Consolidated Balance Sheet. In addition to the ACL on funded loans HFI, the Company maintains a separate ACL related to off-balance sheet credit exposures, including unfunded loan commitments. This allowance is included in Other liabilities on the Consolidated Balance Sheets. The below table reflects the activity in the ACL on unfunded loan commitments:
The following tables disaggregate the Company's ACL on funded loans HFI and loan balances by measurement methodology:
Loan Purchases and Sales Loan purchases during the year ended December 31, 2023 totaled $1.6 billion, which primarily consisted of commercial and industrial and residential loans, compared to $8.8 billion during the year ended December 31, 2022, which primarily consisted of residential loan purchases. There were no loans purchased with more-than-insignificant deterioration in credit quality during the years ended December 31, 2023 and 2022. During the year ended December 31, 2023, the Company transferred $6.7 billion of loans HFI (primarily commercial and industrial loans) to HFS as part of its balance sheet repositioning strategy. The loans were transferred to HFS net of a fair value loss adjustment of $122.5 million. The Company completed loan dispositions from this HFS loan pool totaling $4.3 billion through December 31, 2023 and transferred all remaining loans in this pool back to HFI as a result of a change in management intent. During the year ended December 31, 2022, the Company sold loans with a carrying value of $780 million and recognized a net loss of $8.4 million on these loan sales.
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Loans, Leases and Allowance for Credit Losses |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans, Leases and Allowance for Credit Losses | 3. LOANS HELD FOR SALE The Company purchases and originates residential mortgage loans through its AmeriHome mortgage banking business channel that are held for sale or securitization. In addition, as part of the Company's balance sheet repositioning strategy, the Company transferred $5.9 billion of loans, net of a fair value loss adjustment (primarily commercial and industrial loans) to HFS as of March 31, 2023. The Company completed loan dispositions from this transferred loan pool totaling $4.3 billion and transferred all remaining HFS loans back to HFI as a result of a change in management intent. As of December 31, 2023 and 2022, loans HFS consist of residential mortgage loans held for sale or securitization. The following is a summary of loans HFS by type:
(1) EBO loans are delinquent FHA, VA, or USDA loans purchased from GNMA pools under the terms of the GNMA MBS program that can be repooled when loans are brought current either through the borrower's reperformance or through completion of a loan modification. The following is a summary of the net gain on loan purchase, origination, and sale activities on residential mortgage loans to be sold or securitized:
(1) Represents the difference between cash proceeds received upon settlement and loan basis. 4. LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES The composition of the Company's HFI loan portfolio is as follows:
Loans classified as HFI are stated at the amount of unpaid principal, adjusted for net deferred fees and costs, premiums and discounts on acquired and purchased loans, and an ACL. Net deferred loan fees of $108 million and $141 million reduced the carrying value of loans as of December 31, 2023 and 2022, respectively. Net unamortized purchase premiums on acquired and purchased loans of $177 million and $195 million increased the carrying value of loans as of December 31, 2023 and 2022, respectively. Nonaccrual and Past Due Loans Loans are placed on nonaccrual status when management determines the full repayment of principal and collection of interest according to contractual terms is no longer likely, generally when the loan becomes 90 days or more past due. The following tables present nonperforming loan balances by loan portfolio segment:
Loans contractually delinquent by 90 days or more and still accruing totaled $441 million at December 31, 2023 and consisted of government guaranteed EBO residential loans and construction and land development loans.
Loans contractually delinquent by 90 days or more and still accruing totaled $582 million at December 31, 2022 and consisted entirely of government guaranteed EBO residential loans. The reduction in interest income associated with loans on nonaccrual status was approximately $12.3 million, $4.7 million, and $5.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. The following table presents an aging analysis of past due loans by loan portfolio segment:
Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. This analysis is performed on a quarterly basis. The risk rating categories are described in "Note 1. Summary of Significant Accounting Policies" of these Notes to Consolidated Financial Statements. The following tables present risk ratings by loan portfolio segment and origination year. The origination year is the year of origination or renewal.
Restructurings for Borrowers Experiencing Financial Difficulty The Company adopted the amendments in ASU 2022-02, which eliminated accounting guidance on TDR loans for creditors and requires enhanced disclosures for loan modifications to borrowers experiencing financial difficulty made on or after January 1, 2023. See “Note 1. Summary of Significant Accounting Policies” of these Notes to Consolidated Financial Statements for further discussion of the amendments in this update. The following table presents the amortized cost basis of loans HFI that were modified during the year ended December 31, 2023 by loan portfolio segment:
The performance of these modified loans is monitored for 12 months following the modification. As of December 31, 2023, modified loans on nonaccrual status totaled $111 million and the remaining $95 million were current with contractual payments. In the normal course of business, the Company also modifies EBO loans, which are delinquent FHA, VA, or USDA insured or guaranteed loans repurchased under the terms of the GNMA MBS program and can be repooled or resold when loans are brought current. During the year ended December 31, 2023, the Company completed modifications of EBO loans with an amortized cost of $225 million. These modifications were largely payment delays and term extensions, or both. Troubled Debt Restructurings Prior to the adoption of ASU 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. The loan terms that were modified or restructured due to a borrower’s financial situation included, but were not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. The majority of the Company's modifications were extensions in terms or deferral of payments which resulted in no lost principal or interest. Consistent with regulatory guidance, a TDR loan that was subsequently modified in another restructuring agreement but had shown sustained performance and classification as a TDR, was removed from TDR status provided that the modified terms were market-based at the time of modification. The following table presents TDR loans by loan portfolio segment:
The ACL on TDR loans totaled $4 million as of December 31, 2022. There were no outstanding commitments on TDR loans as of December 31, 2022. During the year ended December 31, 2022, the Company had three new TDR loans with a recorded investment of $11 million. No principal amounts were forgiven and there were no waived fees or other expenses that resulted from these TDR loans. A TDR loan was deemed to have a payment default when it became past due 90 days under the modified terms, went on nonaccrual status, or was restructured again. Payment defaults, along with other qualitative indicators, were considered by management in the determination of the ACL. During the year ended December 31, 2022, there were no loans for which there was a payment default within 12 months following the modification. Collateral-Dependent Loans The following table presents the amortized cost basis of collateral-dependent loans by loan portfolio segment:
The Company did not identify any significant changes in the extent to which collateral secures its collateral dependent loans, whether in the form of general deterioration or from other factors during the year ended December 31, 2023. Allowance for Credit Losses The ACL consists of the ACL on funded loans HFI and an ACL on unfunded loan commitments. The ACL on HTM securities is estimated separately from loans, see "Note 2. Investment Securities" of these Notes to Consolidated Financial Statements for further discussion. Management considers the level of ACL to be a reasonable and supportable estimate of expected credit losses inherent within the Company's HFI loan portfolio as of December 31, 2023. The below tables reflect the activity in the ACL on loans HFI by loan portfolio segment, which includes an estimate of future recoveries:
Accrued interest receivable of $281 million and $304 million at December 31, 2023 and 2022, respectively, was excluded from the estimate of credit losses. Whereas, accrued interest receivable related to the Company's Residential-EBO loan portfolio segment was included in the estimate of credit losses and had an allowance of $4 million and $9 million as of December 31, 2023 and 2022, respectively. Accrued interest receivable, net of any allowance, is included in Other assets on the Consolidated Balance Sheet. In addition to the ACL on funded loans HFI, the Company maintains a separate ACL related to off-balance sheet credit exposures, including unfunded loan commitments. This allowance is included in Other liabilities on the Consolidated Balance Sheets. The below table reflects the activity in the ACL on unfunded loan commitments:
The following tables disaggregate the Company's ACL on funded loans HFI and loan balances by measurement methodology:
Loan Purchases and Sales Loan purchases during the year ended December 31, 2023 totaled $1.6 billion, which primarily consisted of commercial and industrial and residential loans, compared to $8.8 billion during the year ended December 31, 2022, which primarily consisted of residential loan purchases. There were no loans purchased with more-than-insignificant deterioration in credit quality during the years ended December 31, 2023 and 2022. During the year ended December 31, 2023, the Company transferred $6.7 billion of loans HFI (primarily commercial and industrial loans) to HFS as part of its balance sheet repositioning strategy. The loans were transferred to HFS net of a fair value loss adjustment of $122.5 million. The Company completed loan dispositions from this HFS loan pool totaling $4.3 billion through December 31, 2023 and transferred all remaining loans in this pool back to HFI as a result of a change in management intent. During the year ended December 31, 2022, the Company sold loans with a carrying value of $780 million and recognized a net loss of $8.4 million on these loan sales.
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Mortgage Servicing Rights |
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| Transfers and Servicing [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Servicing Rights | 5. MORTGAGE SERVICING RIGHTS The following table presents the changes in fair value of the Company's MSR portfolio related to its mortgage banking business and other information related to its servicing portfolio:
Changes in the fair value of MSRs are recorded as in the Consolidated Income Statement. Due to the regulatory capital impact of MSRs on capital ratios, the Company sells certain MSRs and related servicing advances in the normal course of business. The Company may also sell excess servicing spread related to certain mortgage loans serviced by the Company. During the year ended December 31, 2023, MSR sales had an aggregate net sales price of $800 million and the UPB of loans underlying these sales totaled $60.1 billion. During the year ended December 31, 2022, the Company completed sales of MSRs and related servicing advances with an aggregate net sales price of $350 million and UPB of loans underlying these sales of $24.1 billion. As of December 31, 2023 and 2022, the Company had a remaining receivable balance of $41 million and $39 million, respectively, related to holdbacks on MSR sales for servicing transfers, which are recorded in Other assets on the Consolidated Balance Sheet. The Company receives loan servicing fees, net of subservicing costs, based on the UPB of the underlying loans. Loan servicing fees are collected from payments made by borrowers. The Company may receive other remuneration from rights to various borrower contracted fees, such as late charges, collateral reconveyance charges, and non-sufficient funds fees. Contractually specified servicing fees, late fees, and ancillary income associated with the Company's MSR portfolio totaled $233.7 million and $194.5 million for the year ended December 31, 2023 and 2022, respectively, which are recorded as Net loan servicing revenue in the Consolidated Income Statement. In accordance with its contractual loan servicing obligations, the Company is required to advance funds to or on behalf of investors when borrowers do not make payments. The Company advances property taxes and insurance premiums for borrowers who have insufficient funds in escrow accounts, plus any other costs to preserve real estate properties. The Company may also advance funds to maintain, repair, and market foreclosed real estate properties. The Company is entitled to recover all or a portion of the advances from borrowers of reinstated and performing loans, from the proceeds of liquidated properties or from the government agency or GSE guarantor of charged-off loans. Servicing advances are charged-off when they are deemed to be uncollectible. As of December 31, 2023 and 2022, net servicing advances totaled $87 million and $102 million, respectively, which are recorded as Other assets on the Consolidated Balance Sheet. The following table presents the effect of hypothetical changes in the fair value of MSRs caused by assumed immediate changes in interest rates, discount rates, and prepayment speeds that are used to determine fair value:
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Premises and Equipment |
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premises and Equipment | 6. PREMISES AND EQUIPMENT The following is a summary of the major categories of premises and equipment:
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 7. LEASES The Company has operating leases under which it leases its branch offices, corporate headquarters, and other offices. As of December 31, 2023, and 2022, the Company's operating lease ROU asset totaled $145 million and $163 million, respectively, and operating lease liability totaled $179 million and $185 million, respectively. A weighted average discount rate of 2.96%, 2.81%, and 2.14% was used in the measurement of the ROU asset and lease liability as of December 31, 2023, 2022, and 2021 respectively. The Company's leases have remaining lease terms of to 10 years, with a weighted average lease term of 6.6 years, 7.4 years, and 7.5 years at December 31, 2023, 2022, 2021, respectively. Some leases include multiple five-year renewal options. The Company’s decision to exercise these renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. The Company has no leases for which the option to renew is reasonably certain and therefore, options to renew were not factored into the calculation of its ROU asset and lease liability as of December 31, 2023. The following is a schedule of the Company's operating lease liabilities by contractual maturity as of December 31, 2023:
The Company has no additional operating leases that will commence within the next 12 months. Total operating lease costs of $28.8 million and other lease costs of $4.9 million, which include common area maintenance, parking, and taxes during the year ended December 31, 2023, were included as part of Occupancy expense in the Consolidated Income Statement. For the year ended December 31, 2022, operating lease costs and other lease costs totaled $25.4 million and $4.0 million, respectively, and for the year ended December 31, 2021, totaled $18.8 million and $3.8 million, respectively. Short-term lease costs were not material for the years ended December 31, 2023, 2022, and 2021. The below table shows the supplemental cash flow information related to the Company's operating leases:
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Goodwill and Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | 8. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess consideration paid for net assets acquired in a business combination over their fair value. Goodwill and other intangible assets acquired in a business combination that are determined to have an indefinite useful life are not subject to amortization, but are subsequently evaluated for impairment at least annually. The Company performs its annual goodwill and intangibles impairment tests as of October 1 each year, or more often if events or circumstances indicate the carrying value may not be recoverable. During the year ended December 31, 2023, the Company performed an interim Step 0 goodwill impairment assessment as of each interim quarter end date, based on the industry disruption from the bank failures in 2023. The Step 0 assessment included assessing the financial performance of the Company and analyzing qualitative factors applicable to the Company. As of each interim assessment date, management concluded that the long-term financial performance of the Company was not significantly altered as a result of these events or circumstances. Accordingly, it was determined that it was more likely than not the fair value of the Company and its reporting units exceeded their respective carrying values as of each interim assessment date. The Company elected to perform a Step 1 goodwill impairment assessment as of October 1, 2023, which involved the determination of the fair value of the Company’s reporting units by employing both an income and a market approach. The income approach utilized the reporting units’ forecasted cash flows (including a terminal value approach to estimate cash flows beyond the final year of the forecast) and the reporting units’ estimated cost of equity as the discount rate to estimate value. Forecasted cash flows included estimates of earnings projections, growth, and credit loss expectations. The market approach relied upon valuation multiples derived from stock prices and enterprise values of publicly traded companies and also incorporated a control premium to develop an estimate of value. Based on the results of the Company's goodwill impairment assessment as of October 1, 2023, the Company determined the fair value of its reporting units exceeded their respective carrying values. In addition, the Company's annual intangibles impairment assessment also indicated intangible assets were not impaired. Therefore, no impairment charges related to the Company's goodwill and intangible assets were recorded during the year ended December 31, 2023. Based on the Company's annual goodwill and intangibles impairment tests as of October 1 during the years ended December 31, 2022, and 2021, it was determined that goodwill and intangible assets were not impaired. Below is a summary of the Company's goodwill by reporting unit:
(1) This reporting unit offers a standard suite of commercial banking products and services through its traditional branch network, working together with the Company's national platform to provide specialized financial services, and is included within the Company's Commercial reportable segment. (2) This reporting unit offers mortgage lending products and services and is included within the Company's Consumer Related reportable segment. (3) This reporting unit provides specialized banking services to law firms and claims administrators, including settlement payment solutions, and is included within the Company's Consumer Related reportable segment. The following is a summary of the Company's acquired intangible assets:
As of December 31, 2023, the Company's intangible assets had a weighted average estimated useful life of 23.7 years. Amortization expense recognized on amortizable intangibles totaled $10.5 million, $10.4 million, and $6.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. Below is a summary of future estimated aggregate amortization expense as of December 31, 2023:
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Deposits |
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| Deposit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits | 9. DEPOSITS The table below summarizes deposits by type:
(1) Retail brokered time deposits over $250,000 of $5.8 billion and $2.7 billion as of December 31, 2023 and 2022, respectively, are included within Other time deposits as these deposits are generally participated out by brokers in shares below the FDIC insurance limit. The summary of the contractual maturities for all time deposits as of December 31, 2023 is as follows:
Brokered deposits provide an additional source of deposits and are placed with the Bank through third-party brokers. At December 31, 2023 and 2022, the Company held wholesale brokered deposits of $6.6 billion and $4.8 billion, respectively, excluding reciprocal deposits. In addition, WAB is a participant in the IntraFi Network, a network that offers deposit placement services such as CDARS and ICS, and other reciprocal deposit networks which offer products that qualify large deposits for FDIC insurance. At December 31, 2023, the Company had $13.3 billion of reciprocal deposits, compared to $2.8 billion at December 31, 2022. These reciprocal deposit structures offer protection to depositors by fulling insuring deposits with other network banks and also provides the Company with funding stability and drove the increase in the Company's insured deposit ratio from December 31, 2022. In addition, deposits for which the Company provides account holders with earnings credits or referral fees totaled $17.8 billion and $12.9 billion at December 31, 2023 and 2022, respectively. The Company incurred $422.5 million, $162.8 million, and $27.4 million in deposit related costs on these deposits during the years ended December 31, 2023, 2022, and 2021, respectively. These costs are reported as Deposit costs in non-interest expense in the Consolidated Income Statement. The increase in these costs from the prior years is due to an increase in average earnings credit rates as well as an increase in average deposit balances eligible for earnings credits or referral fees.
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Other Borrowings |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Borrowings | 10. OTHER BORROWINGS The following table summarizes the Company’s borrowings by type:
Short-Term Borrowings Federal Funds Lines of Credit The Company maintains overnight federal fund lines of credit totaling $1.1 billion as of December 31, 2023, which have rates comparable to the federal funds effective rate plus 0.10% to 0.20%. FHLB and FRB Advances The Company also maintains secured overnight lines of credit with the FHLB and the FRB. The Company’s borrowing capacity is determined based on collateral pledged, generally consisting of investment securities and loans, at the time of the borrowing. As of December 31, 2023 and 2022, the Company had additional available credit with the FHLB of approximately $6.1 billion and $6.8 billion, respectively. The weighted average rate on FHLB advances was 5.67% and 4.70% as of December 31, 2023 and 2022, respectively. In March 2023, the FRB established the BTFP which offered loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral valued at par. The rate for BTFP advances was the one-year overnight index swap rate plus 10 basis points and is fixed for the term of the advance. The Company drew $1.3 billion from the BTFP during the first quarter of 2023, all of which was repaid as of December 31, 2023. Total available credit with the FRB totaled $16.7 billion and $5.2 billion as of December 31, 2023 and 2022, respectively. Warehouse Borrowings Warehouse borrowing lines of credit are used to finance the acquisition of loans through the use of repurchase agreements. Repurchase agreements operate as financings under which the Company transfers loans to secure these borrowings. The borrowing amounts are based on the attributes of the collateralized loans and are defined in the repurchase agreement of each warehouse lender. The Company retains beneficial ownership of the transferred loans and will receive the loans from the lender upon full repayment of the borrowing. The repurchase agreements may require the Company to transfer additional assets to the lender in the event the estimated fair value of the existing transferred loans declines. As of December 31, 2023, the Company had access to approximately $3.0 billion in uncommitted warehouse funding, of which $376 million was drawn at a weighted average borrowing rate of 6.72%. There were no warehouse borrowings outstanding at December 31, 2022. Repurchase Agreements Other repurchase facilities include CLO securities, EBO loan, and customer repurchase agreements. The total carrying value of repurchase agreements was $6 million and $27 million as of December 31, 2023 and 2022, respectively. Secured Borrowings Secured borrowings consist of transfers of loans HFS not qualifying for sales accounting treatment. The weighted average interest rate on secured borrowings was 6.10% and 6.39% as of December 31, 2023 and 2022, respectively. Long-Term Borrowings AmeriHome Senior Notes Prior to the Company's acquisition of AmeriHome, in October 2020, AmeriHome issued senior notes with an aggregate principal amount of $300 million, maturing on October 26, 2028. The senior notes accrued interest at a rate of 6.50% per annum, paid semiannually. The carrying amount of the senior notes included a fair value adjustment (premium) of $19.3 million recognized as of the acquisition date that was being amortized over the term of the notes. The senior notes contained provisions that allowed for early redemption of the notes at a premium to the outstanding principal amount. This early redemption premium was not imposed as part of the Company's payoff of these notes during the year ended December 31, 2023 and the Company recognized a gain on extinguishment of debt of $39.3 million related to the payoff. Credit Linked Notes The Company entered into credit linked note transactions that effectively transferred the risk of first losses on certain pools of the Company’s warehouse and equity fund resource loans to the purchasers of these notes. In the event of a failure to pay by the relevant obligor, insolvency of the relevant obligor, or restructuring of such loans that results in a loss on a loan included in any of the reference pools, the principal balance of the notes will be reduced to the extent of such loss and a gain on recovery of credit guarantees will be recognized within non-interest income in the Consolidated Income Statement. The purchasers of the notes have the option to acquire the underlying reference loan in the event of obligor default. There have been no historical losses on the warehouse lines of credit and equity fund resource loans. The Company also entered into credit linked note transactions that effectively transfer the risk of first losses on reference pools of the Company's loans purchased under its residential mortgage purchase program to the purchasers of the notes. The principal and interest payable on these notes may be reduced by a portion of the Company's loss on such loans if one of the following occurs with respect to a covered loan: (i) realized losses incurred by the Company on a loan following a liquidation of the loan or certain other events, or (ii) a modification of the loan resulting in a reduction in payments. The aggregate losses, if any, for each payment date will be allocated to reduce the class principal amount and (for modifications) the current interest of the notes in reverse order of class priority. Losses on residential mortgages have not generally been significant. The Company's outstanding credit linked note issuances are detailed in the tables below:
(1) There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 11.00% (or, a weighted average spread of 7.80%) on a reference pool balance of $1.8 billion and $1.9 billion as of December 31, 2023 and 2022, respectively. (2) There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 15.00% (or, a weighted average spread of 6.00%) on a reference pool balance of $3.6 billion and $3.8 billion as of December 31, 2023 and 2022, respectively. (3) These notes had a reference pool balance of $1.6 billion as of December 31, 2022. (4) There are six classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 3.15% to 8.50% (or, a weighted average spread of 4.67%) on a reference pool balance of $3.8 billion and $4.0 billion as of December 31, 2023 and 2022, respectively. (5) These notes had a reference pool balance of $689 million as of December 31, 2022. During the year ended December 31, 2023, the Company recognized a gain on extinguishment of debt of $13.4 million related to the payoff of the credit linked notes on its warehouse and equity fund resource loans.
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Qualifying Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Qualifying Debt | 11. QUALIFYING DEBT Subordinated Debt The Company's subordinated debt issuances are detailed in the tables below:
(1) Notes are redeemable, in whole or in part, beginning on June 15, 2026 at their principal amount plus accrued and unpaid interest and has a fixed interest rate of 3.00%. The notes also convert to a variable rate of three-month SOFR plus 225 basis points on this date. (2) Debt is redeemable, in whole or in part, on or after June 1, 2025 at its principal amount plus accrued and unpaid interest and has a fixed interest rate of 5.25% through June 1, 2025 and then converts to a variable rate per annum equal to three-month SOFR plus 512 basis points. The carrying value of all subordinated debt issuances totaled $818 million and $817 million at December 31, 2023 and 2022, respectively. Junior Subordinated Debt The Company has formed, or acquired through acquisition, eight statutory business trusts which exist for the exclusive purpose of issuing Cumulative Trust Preferred Securities. With the exception of debt issued by Bridge Capital Trust I and Bridge Capital Trust II, junior subordinated debt is recorded at fair value at each reporting date due to the FVO election made by the Company under ASC 825. The Company did not make the FVO election for the junior subordinated debt acquired in the Bridge acquisition. Accordingly, the carrying value of these trusts does not reflect the current fair value of the debt and includes a fair market value adjustment established at acquisition that is being accreted over the remaining life of the trusts. The carrying value of junior subordinated debt was $77 million and $76 million as of December 31, 2023 and 2022, respectively, with maturity dates ranging from 2033 through 2037. The weighted average interest rate of all junior subordinated debt as of December 31, 2023 was 7.93%, which is equal to three-month Term SOFR plus an adjustment of 0.26% and the contractual spread of 2.34%, compared to a weighted average interest rate of 7.11% at December 31, 2022, which was based on three-month LIBOR. In the event of certain changes or amendments to regulatory requirements or federal tax rules, the debt is redeemable in whole. The obligations under these instruments are fully and unconditionally guaranteed by the Company and rank subordinate and junior in right of payment to all other liabilities of the Company. Based on guidance issued by the FRB, the Company's securities continue to qualify as Tier 1 Capital.
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Stockholders' Equity |
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| Stockholders' Equity | 12. STOCKHOLDERS' EQUITY Stock-Based Compensation Restricted Stock Awards The Incentive Plan, as amended, gives the BOD the authority to grant up to 14.6 million in stock awards consisting of unrestricted stock, stock units, dividend equivalent rights, stock options (incentive and non-qualified), stock appreciation rights, restricted stock, and performance and annual incentive awards. The Incentive Plan limits the maximum number of shares of common stock that may be awarded to any person eligible for an award to 300,000 per calendar year and also limits the total compensation (cash and stock) that can be awarded to a non-employee director to $600,000 in any calendar year. Stock awards available for grant at December 31, 2023 were 4.9 million. Restricted stock awards granted to employees generally vest over a 3-year period and stock grants made to non-employee WAL directors generally vest over six months. The Company estimates the compensation cost for stock grants based upon the grant date fair value. Stock compensation expense is recognized on a straight-line basis over the requisite service period for the entire award. Stock compensation expense related to restricted stock awards granted to employees is included in Salaries and employee benefits in the Consolidated Income Statement. For restricted stock awards granted to WAL directors, the related stock compensation expense is included in Legal, professional, and directors' fees. For the year ended December 31, 2023, the Company recognized $32.7 million in stock-based compensation expense related to these stock grants, compared to $28.7 million and $22.9 million for the years ended December 31, 2022 and 2021, respectively. In addition, the Company previously granted shares of restricted stock to certain members of executive management with both performance and service conditions that affected vesting. The last of these performance-based restricted stock grants was made in 2017, however expense was still being recognized through June 30, 2021, the end of the vesting period. The Company recognized $0.6 million in stock-based compensation expense related to these stock grants in 2021. A summary of the status of the Company’s unvested shares of restricted stock and changes during the years then ended is presented below:
The total weighted average grant date fair value of all stock awards granted during the years ended December 31, 2023, 2022, and 2021 was $45.5 million, $42.8 million, and $35.4 million, respectively. The total fair value of restricted stock that vested during the years ended December 31, 2023, 2022, and 2021 was $22.9 million, $35.8 million, and $34.2 million, respectively. As of December 31, 2023, there was $39.0 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Incentive Plan. That cost is expected to be recognized over a weighted average period of 1.8 years. Performance Stock Units The Company grants performance stock units to members of its executive management that do not vest unless the Company achieves a specified cumulative EPS target and a TSR performance measure over a three-year performance period. The number of shares issued will vary based on the cumulative EPS target and relative TSR performance factor achieved. The Company estimates the cost of performance stock units based upon the grant date fair value and expected vesting percentage over the three-year performance period. For the year ended December 31, 2023, the Company recognized $1.6 million in stock-based compensation expense related to these performance stock units, compared to $11.1 million and $11.2 million in stock-based compensation expense for such units during the years ended December 31, 2022 and 2021, respectively. The decrease in stock-based compensation for these units for the year ended December 31, 2023 related to revised performance expectations on the outstanding awards. The three-year performance period for the 2021 grant ended on December 31, 2023, and based on the Company's cumulative EPS and TSR performance measure for the performance period, these shares vested at 168% of the target award under the terms of the grant. As a result, 133,220 shares became fully vested and will be distributed to executive management in the first quarter of 2024. The three-year performance period for the 2020 grant ended on December 31, 2022, and based on the Company's cumulative EPS and TSR performance measure for the performance period, these shares vested at 180% of the target award under the terms of the grant. As a result, 157,784 shares became fully vested and distributed to executive management in the first quarter of 2023. The three-year performance period for the 2019 grant ended on December 31, 2021, and the Company's cumulative EPS and TSR performance measure for the performance period exceeded the level required for a maximum award under the terms of the grant. As a result, 203,646 shares became fully vested and were distributed to executive management in the first quarter of 2022. Preferred Stock The Company has 12,000,000 depositary shares outstanding, each representing a 1/400th ownership interest in a share of the Company’s 4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Shares, Series A, par value $0.0001 per share, with a liquidation preference of $25 per depositary share (equivalent to $10,000 per share of Series A preferred stock). During each of the years ended December 31, 2023 and 2022, the Company declared and paid a quarterly cash dividend of $0.27 per depositary share, for a total dividend payment to preferred stockholders of $12.8 million. The Company paid a dividend of $3.5 million to preferred stockholders during the year ended December 31, 2021. Common Stock Issuances Pursuant to ATM Distribution Agreement During the years ended December 31, 2022 and 2021, the Company sold 1.9 million and 3.1 million shares, respectively, under the ATM program for gross proceeds of $158.7 million (weighted-average selling price of $83.89 per share) and $333.4 million (weighted-average selling price of $106.41 per share), respectively. Related offering costs totaled $1.0 million and $2.3 million for the year ended December 31, 2022 and 2021, respectively, substantially all of which related to compensation costs paid to the distribution agents. There were no sales under the ATM program during the year ended December 31, 2023 and the remaining number of shares that can be sold under this agreement totaled 1,107,769 as of December 31, 2023. Registered Direct Offering The Company sold 2.3 million shares of its common stock in a registered direct offering during the year ended December 31, 2021. The shares were sold for $91.00 per share for aggregate net proceeds of $209.2 million. Cash Dividend on Common Shares During the year ended December 31, 2023, the Company declared and paid quarterly cash dividends of $0.36 per share for the first three quarters of the year and increased the quarterly cash dividend to $0.37 per share in the fourth quarter, for a total dividend payment to stockholders of $158.7 million. During the year ended December 31, 2022, the Company declared and paid a quarterly cash dividend of $0.35 per share for the first two quarters of the year and increased the quarterly cash dividend to $0.36 per share for the last two quarters of the year, for a total dividend payment to stockholders of $153.4 million. During the year ended December 31, 2021, the Company declared and paid a quarterly cash dividend of $0.25 per share for the first two quarters of the year and increased the quarterly cash dividend to $0.35 per share for the last two quarters of the year, for a total dividend payment to stockholders of $124.1 million. Treasury Shares Treasury share purchases represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. During the year ended December 31, 2023, the Company purchased treasury shares of 152,452 at a weighted average price of $72.27 per share, compared to 200,745 shares at a weighted average price per share of $92.21 in 2022, and 180,607 shares at a weighted average price per share of $86.63 in 2021.
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Accumulated Other Comprehensive Income (Loss) |
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| Accumulated Other Comprehensive Income (Loss) | 13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax:
The following table presents reclassifications out of AOCI:
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Derivatives and Hedging Activities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives and Hedging Activities | 14. DERIVATIVES AND HEDGING ACTIVITIES The Company is a party to various derivative instruments. The primary types of derivatives the Company uses are interest rate contracts, forward purchase and sale commitments, and interest rate futures. Generally, these instruments are used to help manage the Company's exposure to interest rate risk related to IRLCs and its inventory of loans HFS and MSRs and also to meet client financing and hedging needs. Derivatives are recorded at fair value on the Consolidated Balance Sheet, after taking into account the effects of bilateral collateral and master netting agreements. These agreements allow the Company to settle all derivative contracts held with the same counterparty on a net basis, and to offset net derivative positions with related cash collateral, where applicable. As of December 31, 2023, 2022, and 2021, the Company did not have any outstanding cash flow hedges. Derivatives Designated in Hedge Relationships The Company utilizes derivatives that have been designated as part of a hedge relationship in accordance with the applicable accounting guidance to minimize the exposure to changes in benchmark interest rates, which reduces asset sensitivity and volatility of net interest income and EVE to interest rate fluctuations, such that interest rate risk falls within Board approved limits. The primary derivative instruments used to manage interest rate risk are interest rate swaps, which convert the contractual interest rate index of agreed-upon amounts of assets and liabilities (i.e., notional amounts) from either a fixed rate to a variable rate, or from a variable rate to a fixed rate. The Company has pay fixed/receive variable interest rate swaps designated as fair value hedges of certain fixed rate loans. As a result, the Company receives variable-rate interest payments in exchange for making fixed-rate payments over the lives of the contracts without exchanging the notional amounts. The variable-rate interest payments were based on LIBOR and were converted to SOFR plus a spread adjustment upon the discontinuation of LIBOR in June 2023. The Company also has pay fixed/receive variable interest rate swaps, designated as fair value hedges using the portfolio layer method to manage the exposure to changes in fair value associated with pools of fixed rate loans, resulting from changes in the designated benchmark interest rate (federal funds rate). These portfolio layer hedges provide the Company the ability to execute a fair value hedge of the interest rate risk associated with a portfolio of similar prepayable assets whereby the last dollar amount estimated to remain in the portfolio of assets was identified as the hedged item. Under these interest rate swap contracts, the Company received a variable rate and paid a fixed rate on the outstanding notional amount. The Company also had pay fixed/receive variable interest rate swaps, designated as fair value hedges using the last-of-layer method. Upon termination of these last-of-layer hedges in 2022, the cumulative basis adjustment on these hedges was allocated across the remaining loan pool and is being amortized over the remaining term. At December 31, 2023, the remaining cumulative basis adjustment on the terminated last-of-layer hedges totaled $9 million. Derivatives Not Designated in Hedge Relationships Management enters into certain foreign exchange derivative contracts, back-to-back interest rate contracts, and risk participation agreements which are not designated as accounting hedges. Foreign exchange derivative contracts include spot, forward, forward window, and swap contracts. The purpose of these derivative contracts is to mitigate foreign currency risk on transactions entered into, or on behalf of customers. Contracts with customers, along with the related derivative trades the Company places, are both remeasured at fair value, and are referred to as economic hedges since they economically offset the Company's exposure. The Company's back-to-back interest rate contracts are used to allow customers to manage long-term interest rate risk. Risk participation agreements are entered into with lead banks in certain loan syndications to share in the risk of default on interest rate swaps on the participated loan. The Company also uses derivative financial instruments to manage exposure to interest rate risk within its mortgage banking business related to IRLCs and its inventory of loans HFS and MSRs. The Company economically hedges the changes in fair value associated with changes in interest rates generally by utilizing forward sale commitments, interest rate futures and interest rate swaps. Fair Value Hedges As of December 31, 2023 and 2022, the following amounts are reflected on the Consolidated Balance Sheet related to cumulative basis adjustments for outstanding fair value hedges:
(1) Included in the carrying value of the hedged assets/(liabilities). (2) As of December 31, 2023, included portfolio layer method derivative instruments with $3.5 billion designated as the hedged amount (from a closed portfolio of prepayable fixed rate loans with a carrying value of $6.7 billion). The cumulative basis adjustment included in the carrying value of these hedged items totaled $19 million. For the Company's derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current period earnings. The loss or gain on the hedged item is recognized in the same line item as the offsetting loss or gain on the related interest rate swaps. For loans, the gain or loss on the hedged item is included in interest income, as shown in the table below.
In addition to the gains and losses on the Company's outstanding fair value hedges presented in the above table, the Company recognized $11.8 million and $9.9 million in interest income related to the amortization of the cumulative basis adjustment on its discontinued last-of-layer hedges during the years ended December 31, 2023 and 2022, respectively. Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments The following table summarizes the fair value of the Company's derivative instruments on a gross basis as of December 31, 2023, 2022, and 2021. The change in the notional amounts of these derivatives from December 31, 2021 to December 31, 2023 indicates the volume of the Company's derivative transaction activity during these periods. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow the Company to settle all derivative contracts with the same counterparty on a net basis and to offset the net derivative position with the related cash collateral. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, the Company does not adjust those derivative amounts with counterparties.
(1)Relate to economic hedging arrangements. (2)The Company enters into futures purchase and sales contracts that are subject to daily remargining and almost all of which are based on three-month SOFR to hedge against its MSR valuation exposure. The notional amount on these contracts is substantial as these contracts have a short duration and are intended to cover the longer duration of MSR hedges. (3)The notional amounts previously reported for December 31, 2022 and 2021 have been adjusted to account for the impact of offsetting contracts. To close a futures contract prior to settlement, the Company purchases an offsetting future with the same terms as the original contract and these contracts no longer require settlement. The fair value of derivative contracts, after taking into account the effects of master netting agreements, is included in Other assets or Other liabilities on the Consolidated Balance Sheet, as summarized in the table below:
The following table summarizes the net gain (loss) on derivatives included in income:
Counterparty Credit Risk Like other financial instruments, derivatives contain an element of credit risk. This risk is measured as the expected replacement value of the contracts. Management enters into bilateral collateral and master netting agreements that provide for the net settlement of all contracts with the same counterparty. Additionally, management monitors counterparty credit risk exposure on each contract to determine appropriate limits on the Company's total credit exposure across all product types, which may require the Company to post collateral to counterparties when these contracts are in a net liability position and conversely, for counterparties to post collateral to the Company when these contracts are in a net asset position. Management reviews the Company's collateral positions on a daily basis and exchanges collateral with counterparties in accordance with standard ISDA documentation and other related agreements. The Company generally posts or holds collateral in the form of cash deposits or highly rated securities issued by the U.S. Treasury or government-sponsored enterprises (FNMA and FHLMC), or guaranteed by GNMA. At December 31, 2023, and 2022 collateral pledged by the Company to counterparties for its derivatives totaled $216 million and $11 million, respectively.
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Earnings per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share | 15. EARNINGS PER SHARE Diluted EPS is calculated using the weighted average outstanding common shares during the period, including common stock equivalents. Basic EPS is calculated using the weighted average outstanding common shares during the period. The following table presents the calculation of basic and diluted EPS:
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 16. INCOME TAXES The provision for income tax expense consists of the following components:
The following table presents a reconciliation between the statutory federal income tax rate and the Company’s effective tax rate:
The increase in the effective tax rate from 2022 to 2023 is primarily due to a decrease in pretax book income, decreases in investment tax credits, and increases in nondeductible insurance premium expenses during 2023. There was not a significant change in the effective tax rate from 2021 to 2022. The cumulative tax effects of the temporary differences are shown in the following table:
At December 31, 2023, the net DTA balance totaled $287 million, a decrease of $24 million from $311 million at December 31, 2022. The decrease in the net DTA was primarily the result of increases in the fair value of AFS securities and decreases to credit carryforwards that were not fully offset by the decrease to MSR DTLs. Although realization is not assured, the Company believes the realization of the recognized net DTA of $287 million at December 31, 2023 is more-likely-than-not based on expectations as to future taxable income and based on available tax planning strategies that could be implemented if necessary to prevent a carryover from expiring. The Company had no deferred tax valuation allowance as of December 31, 2023 and 2022. As of December 31, 2023, the Company’s gross federal NOL carryovers, all of which are subject to limitations under Section 382 of the IRC, totaled $38 million, for which a DTA of $4 million has been recorded, reflecting the expected benefit of these federal NOL carryovers remaining after application of the Section 382 limitation. The Company also generated a total of $79 million NOLs in the states of Arizona, Tennessee, and Virginia during 2023, for which a DTA of $3 million has been recorded. The Company files income tax returns in the U.S. federal jurisdiction and in various states. With few exceptions, the Company is no longer subject to U.S. federal, state, or local income tax examinations by tax authorities for years before 2019. When tax returns are filed, it is highly certain most positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would ultimately be sustained. The benefit of a tax position is recognized in the Consolidated Financial Statements in the period in which, based on all available evidence, management believes it is more-likely-than-not the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits on the accompanying Consolidated Balance Sheet along with any associated interest and penalties payable to the taxing authorities upon examination. The total gross activity of unrecognized tax benefits related to the Company's uncertain tax positions are shown in the following table:
During the year ended December 31, 2023, the Company added a new position, which resulted in a tax detriment of $0.9 million. At December 31, 2023 and 2022, unrecognized tax benefits, net of associated deferred tax benefits, totaled $6.9 million and $5.3 million, respectively, that, if recognized, would favorably impact the effective tax rate. The Company does not anticipate resolution of any unrecognized tax benefits within the next 12 months. During the years ended December 31, 2023, 2022, and 2021, no amounts were recognized for interest and penalties as it relates to uncertain tax positions and as of December 31, 2023 and 2022, there was no accrual for penalties and interest. LIHTC and renewable energy projects The Company holds ownership interests in limited partnerships and limited liability companies that invest in affordable housing and renewable energy projects. These investments are designed to generate a return primarily through the realization of federal tax credits and deductions. Investments in LIHTC and renewable energy totaled $573 million and $624 million as of December 31, 2023 and 2022, respectively. Unfunded LIHTC and renewable energy obligations are included in Other liabilities on the Consolidated Balance Sheet and totaled $322 million and $398 million as of December 31, 2023 and 2022, respectively. For the years ended December 31, 2023, 2022, and 2021, $64.3 million, $63.2 million, and $49.5 million of amortization related to LIHTC investments was recognized as a component of income tax expense, respectively.
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | 17. COMMITMENTS AND CONTINGENCIES Unfunded Commitments and Letters of Credit The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. They involve, to varying degrees, elements of credit risk in excess of amounts recognized on the Consolidated Balance Sheets. Lines of credit are obligations to lend money to a borrower. Credit risk arises when the borrower's current financial condition may indicate less ability to pay than when the commitment was originally made. In the case of letters of credit, the risk arises from the potential failure of the customer to perform according to the terms of a contract. In such a situation, the third party might draw on the letter of credit to pay for completion of the contract and the Company would look to its customer to repay these funds with interest. To minimize the risk, the Company uses the same credit policies in making commitments and conditional obligations as it would for a loan to that customer. Letters of credit and financial guarantees are commitments issued by the Company to guarantee the performance of a customer to a third party in borrowing arrangements. The Company generally has recourse to recover from the customer any amounts paid under the guarantees. Typically, letters of credit issued have expiration dates within one year. A summary of the contractual amounts for unfunded commitments and letters of credit are as follows:
The following table represents the contractual commitments for lines and letters of credit by maturity at December 31, 2023:
Commitments to extend credit are agreements to lend to a customer provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. The Company has exposure to credit losses from unfunded commitments and letters of credit. As funds have not been disbursed on these commitments, they are not reported as loans outstanding. Credit losses related to these commitments are included in Other liabilities as a separate loss contingency and are not included in the ACL reported in "Note 4. Loans, Leases and Allowance for Credit Losses" of these Consolidated Financial Statements. This loss contingency for unfunded loan commitments and letters of credit was $32 million and $47 million as of December 31, 2023 and 2022, respectively. Changes to this liability are adjusted through the provision for credit losses in the Consolidated Income Statement. Commitments to Invest in Renewable Energy Projects The Company has off-balance sheet commitments to invest in renewable energy projects, as described in "Note 16. Income Taxes" of these Consolidated Financial Statements, subject to the underlying project meeting certain milestones. These conditional commitments totaled $32 million and $117 million as of December 31, 2023 and 2022, respectively. Concentrations of Lending Activities The Company does not have a single external customer from which it derives 10% or more of its revenues. The Company monitors concentrations of lending activities at the product and borrower relationship level. Commercial and industrial loans made up 38% and 40% of the Company's HFI loan portfolio as of December 31, 2023 and December 31, 2022, respectively. The Company's loan portfolio includes significant credit exposure to the CRE market. As of December 31, 2023 and 2022, CRE related loans accounted for approximately 33% and 29% of total loans, respectively. Approximately 16% of these CRE loans, excluding construction and land loans, were owner-occupied as of December 31, 2023 and 2022. No borrower relationships at both the commitment and funded loan level exceeded 5% of total loans HFI as of December 31, 2023 and December 31, 2022. Contingencies The Company is involved in various lawsuits of a routine nature that are being handled and defended in the ordinary course of the Company’s business. Expenses are being incurred in connection with these lawsuits, but in the opinion of management, based in part on consultation with outside legal counsel, the resolution of these lawsuits and associated defense costs will not have a material impact on the Company’s financial position, results of operations, or cash flows.
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Accounting | 18. FAIR VALUE ACCOUNTING The fair value of an asset or liability is the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions market participants would use in pricing an asset or liability. ASC 825 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 825 are described in "Note 1. Summary of Significant Accounting Policies" of these Notes to Consolidated Financial Statements. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally-developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Under ASC 825, the Company elected the FVO treatment for junior subordinated debt issued by WAL. This election is irrevocable and results in the recognition of unrealized gains and losses on the debt at each reporting date. These unrealized gains and losses are recognized in OCI rather than earnings. The Company did not elect FVO treatment for the junior subordinated debt assumed in the Bridge Capital Holdings acquisition. The following table presents unrealized gains and losses from fair value changes on junior subordinated debt:
Fair value on a recurring basis Financial assets and financial liabilities measured at fair value on a recurring basis include the following: AFS debt securities: Securities classified as AFS are reported at fair value utilizing Level 1 and Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include quoted prices in active markets, dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other things. Equity securities: Preferred and common stock and CRA investments are reported at fair value primarily utilizing Level 1 inputs. Independent pricing service: The Company's independent pricing service provides pricing information on the majority of the Company's Level 1 and Level 2 AFS debt securities. For a small subset of securities, other pricing sources are used, including observed prices on publicly-traded securities and dealer quotes. Management independently evaluates the fair value measurements received from the Company's third-party pricing service through multiple review steps. First, management reviews what has transpired in the marketplace with respect to interest rates, credit spreads, volatility, and mortgage rates, among other things, and develops an expectation of changes to the securities' valuations from the previous quarter. Then, management selects a sample of investment securities and compares the values provided by its primary third-party pricing service to the market values obtained from secondary sources, including other pricing services and safekeeping statements, and evaluates those with notable variances. In instances where there are discrepancies in pricing from various sources and management expectations, management may manually price securities using currently observed market data to determine whether they can develop similar prices or may utilize bid information from broker dealers. Any remaining discrepancies between management's review and the prices provided by the vendor are discussed with the vendor and/or the Company's other valuation advisors. Loans HFS: Government-insured or guaranteed and agency-conforming 1-4 family residential loans HFS are salable into active markets. Accordingly, the fair value of these loans is based primarily on quoted market or contracted selling prices or a market price equivalent, which are categorized as Level 2 in the fair value hierarchy. Mortgage servicing rights: MSRs are measured based on valuation techniques using Level 3 inputs. The Company uses a discounted cash flow model that incorporates assumptions market participants would use in estimating the fair value of servicing rights, including, but not limited to, option adjusted spread, conditional prepayment rate, servicing fee rate, recapture rate, and cost to service. Derivative financial instruments: Forward purchase and sales contracts are measured based on valuation techniques using Level 2 inputs, such as quoted market prices, contracted selling prices, or a market price equivalent. Interest rate and foreign currency contracts are reported at fair value utilizing Level 2 inputs. The Company obtains dealer quotations to value its interest rate contracts. IRLCs are measured based on valuation techniques that consider loan type, underlying loan amount, maturity date, note rate, loan program, and expected settlement date, with Level 3 inputs for the servicing release premium and pull-through rate. These measurements are adjusted at the loan level to consider the servicing release premium and loan pricing adjustment specific to each loan. The base value is then adjusted for estimated pull-through rates. The pull-through rate and servicing fee multiple are unobservable inputs based on historical experience. Junior subordinated debt: The Company estimates the fair value of its junior subordinated debt using a discounted cash flow model which incorporates the effect of the Company’s own credit risk in the fair value of the liabilities (Level 3). The Company’s cash flow assumptions are based on contractual cash flows as the Company anticipates it will pay the debt according to its contractual terms. The fair value of assets and liabilities measured at fair value on a recurring basis was determined using the following inputs:
(1)See "Note 14. Derivatives and Hedging Activities." In addition, the carrying value of loans is increased by $6 million as of December 31, 2023 for the effective portion of the hedge, which relates to the fair value of the hedges put in place to mitigate against fluctuations in interest rates. Derivative assets and liabilities exclude margin of $202 million and $(9) million, respectively. (2)Includes only the portion of loans HFS that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. (3)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.
(1)See "Note 14. Derivatives and Hedging Activities." In addition, the carrying value of loans is increased by $17 million as of December 31, 2022 for the effective portion of the hedge, which relates to the fair value of the hedges put in place to mitigate against fluctuations in interest rates. Derivative assets and liabilities exclude margin of $4 million and $1 million, respectively. (2)Includes only the portion of loans HFS that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. (3)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. The change in Level 3 liabilities measured at fair value on a recurring basis included in OCI was as follows:
(1)Unrealized (losses) gains attributable to changes in the fair value of junior subordinated debt are recorded in OCI, net of tax, and totaled $(0.2) million, $3.7 million, and $(1.2) million for the years ended December 31, 2023, 2022, and 2021, respectively. The significant unobservable inputs used in the fair value measurements of these Level 3 liabilities were as follows:
The significant unobservable inputs used in the fair value measurement of the Company’s junior subordinated debt as of December 31, 2023 and 2022 was the implied credit risk for the Company. The implied credit risk spread as of December 31, 2023 was calculated as the difference between the average of the 10 and 15-year 'BB' rated financial indexes over the corresponding swap indexes. As of December 31, 2022, the implied credit risk spread was calculated as the difference between the average of the 15-year 'BB' and 'BBB' rated financial indexes over the corresponding swap index. As of December 31, 2023, the Company estimates the discount rate at 8.92%, which represents an implied credit spread of 3.59% plus three-month SOFR (5.33%). As of December 31, 2022, the Company estimated the discount rate at 8.13%, which was a 3.36% credit spread plus three-month LIBOR (4.77%). The change in Level 3 assets and liabilities measured at fair value on a recurring basis included in income was as follows:
(1) IRLC asset and liability positions are presented net. (2) Amounts recognized as part of non-interest income. The significant unobservable inputs used in the fair value measurements of these Level 3 assets and liabilities were as follows:
(1) Lifetime total prepayment speed annualized. The following is a summary of the difference between the aggregate fair value and the aggregate UPB of loans HFS for which the FVO has been elected:
Fair value on a nonrecurring basis Certain assets are measured at fair value on a nonrecurring basis. That is, the assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of credit deterioration). The following table presents such assets carried on the Consolidated Balance Sheet by caption and by level within the ASC 825 hierarchy:
For Level 3 assets measured at fair value on a nonrecurring basis as of period end, the significant unobservable inputs used in the fair value measurements were as follows:
Loans HFI: Loans measured at fair value on a nonrecurring basis include collateral dependent loans. The specific reserves for these loans are based on collateral value, net of estimated disposition costs and other identified quantitative inputs. Collateral value is determined based on independent third-party appraisals or internally-developed discounted cash flow analyses. Appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore qualifying the assets as Level 3 in the fair value hierarchy. In addition, when adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable and the fair value measurement is categorized as a Level 3 measurement. Internal discounted cash flow analyses are also utilized to estimate the fair value of these loans, which considers internally-developed, unobservable inputs such as discount rates, default rates, and loss severity. Total Level 3 collateral dependent loans had an estimated fair value of $379 million and $295 million at December 31, 2023 and 2022, respectively, net of a specific ACL of $10 million and $7 million at December 31, 2023 and 2022, respectively. Other assets acquired through foreclosure: Other assets acquired through foreclosure consist of properties acquired as a result of, or in-lieu-of, foreclosure. These assets are initially reported at the fair value determined by independent appraisals using appraised value less estimated cost to sell. Such properties are generally re-appraised every 12 months. Costs relating to the development or improvement of the assets are capitalized and costs relating to holding the assets are charged to expense. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore qualifying the assets as Level 3 in the fair value hierarchy. When significant adjustments are based on unobservable inputs, such as when a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the resulting fair value measurement has been categorized as a Level 3 measurement. The Company had $8 million and $11 million of such assets at December 31, 2023 and 2022, respectively. Fair Value of Financial Instruments The estimated fair value of the Company’s financial instruments is as follows:
(1) Derivative assets and liabilities exclude margin of $202 million and $(9) million, respectively.
(1) Derivative assets and liabilities exclude margin of $4 million and $1 million, respectively. Interest rate risk The Company assumes interest rate risk (the risk to the Company’s earnings and capital from changes in interest rate levels) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments, as well as its future net interest income, will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Interest rate risk exposure is measured using interest rate sensitivity analysis to determine the Company's change in EVE and net interest income resulting from hypothetical changes in interest rates. If potential changes to EVE and net interest income resulting from hypothetical interest rate changes are not within the limits established by the BOD, the BOD may direct management to adjust the asset and liability mix to bring interest rate risk within BOD-approved limits. WAB has an ALCO charged with managing interest rate risk within the BOD-approved limits. Limits are structured to preclude an interest rate risk profile that does not conform to both management and BOD risk tolerances without BOD and ALCO approval. Interest rate risk is also evaluated at the Parent level, which is reported to the BOD and its Finance and Investment Committee. Fair value of commitments The estimated fair value of letters of credit outstanding at December 31, 2023 and 2022 approximates zero as there have been no significant changes in borrower creditworthiness. Loan commitments on which the committed interest rates are less than the current market rate are insignificant at December 31, 2023 and 2022.
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| Banking and Thrift, Other Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Capital Requirements | 19. REGULATORY CAPITAL REQUIREMENTS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements could trigger certain mandatory or discretionary actions that, if undertaken, could have a direct material effect on the Company’s business and financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. As permitted by the regulatory capital rules, the Company elected the CECL transition option that delayed the estimated impact on regulatory capital resulting from the adoption of CECL over a five-year transition period ending December 31, 2024. Accordingly, capital ratios and amounts for 2022 include a 25% reduction to the capital benefit that resulted from the increased ACL related to the adoption of ASC 326, which has increased to include a 50% reduction beginning in 2023. As of December 31, 2023 and 2022, the Company and the Bank exceeded the capital levels necessary to be classified as well-capitalized, as defined by the various banking agencies. The actual capital amounts and ratios for the Company and the Bank are presented in the following tables:
The Company and the Bank are also subject to liquidity and other regulatory requirements as administered by the federal banking agencies. These agencies have broad powers and at their discretion, could limit or prohibit the Company's payment of dividends, payment of certain debt service and issuance of capital stock and debt as they deem appropriate and as such, actions by the agencies could have a direct material effect on the Company’s business and financial statements. The Company is also required to maintain specified levels of capital to remain in good standing with certain federal government agencies, including FNMA, FHLMC, GNMA, and HUD. These capital requirements are generally tied to the unpaid balances of loans included in the Company's servicing portfolio or loan production volume. Noncompliance with these capital requirements can result in various remedial actions up to, and including, removing the Company's ability to sell loans to and service loans on behalf of the respective agency. The Company believes it is in compliance with these requirements as of December 31, 2023.
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Employee Benefit Plans |
12 Months Ended |
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Dec. 31, 2023 | |
| Retirement Benefits [Abstract] | |
| Employee Benefit Plans | 20. EMPLOYEE BENEFIT PLANS The Company has a qualified 401(k) employee benefit plan for all eligible employees. Participants are able to defer between 1% and 75% (up to a maximum of $22,500 for those under 50 years of age and up to a maximum of $30,000 for those over 50 years of age in 2023) of their annual compensation. The Company may elect to match a discretionary amount each year, which was 100% of the first 5% of the participant’s compensation deferred into the plan during the year ended December 31, 2023. The Company’s contributions to this plan totaled $17.7 million, $15.9 million, and $12.0 million for the years ended December 31, 2023, 2022, and 2021, respectively. In addition, the Company has a SERP, which is an unfunded noncontributory defined benefit pension plan. The SERP provides retirement benefits to certain Bridge officers based on years of service and final average salary. The projected benefit obligation was $14 million as of December 31, 2023 and 2022, all of which was unfunded. Net periodic benefit cost totaled $1.0 million, $1.0 million, and $1.1 million for the years ended December 31, 2023, 2022 and 2021 respectively.
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Related Party Transactions |
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| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | 21. RELATED PARTY TRANSACTIONS Principal stockholders, directors, and executive officers of the Company, their immediate family members, and companies they control or own more than a 10% interest in, are considered to be related parties. In the ordinary course of business, the Company engages in various related party transactions, including extending credit and bank service transactions. All related party transactions are subject to review and approval pursuant to the Company's related party transactions policy. The decrease in related party transactions during the year ended December 31, 2023 is due to changes in composition of the BOD. Federal banking regulations require any extensions of credit to insiders and their related interests not be offered on terms more favorable than would be offered to non-related borrowers of similar creditworthiness. The following table summarizes the aggregate activity for such loans:
None of these loans were past due, on non-accrual status or have been restructured during the year ended December 31, 2023 to provide a reduction or deferral of interest or principal because of deterioration in the financial position of the borrower. There were no loans to a related party that were considered classified loans at December 31, 2023 or 2022. Loan repayments and other of $629 million during the year ended December 31, 2023 related entirely to loan amounts with a former Director and their related interests. For the years ended December 31, 2023, 2022, and 2021, interest income associated with related party loans was approximately $1.6 million, $2.5 million and $0.1 million, respectively. In addition, during the years ended December 31, 2023 and 2022, the Company purchased $27 million and $914 million of residential loans from related parties, respectively. There were no such related party loan purchases during the year ended December 31, 2021. Loan commitments outstanding with related parties totaled $2 million and $476 million at December 31, 2023 and 2022, respectively. The Company also accepts deposits from related parties, which totaled $62 million and $398 million at December 31, 2023 and 2022, respectively, with related interest expense of approximately $1.1 million during the year ended December 31, 2023 and $0.2 million during each of the years ended December 31, 2022 and 2021. Earnings credits on deposits from related parties totaled $2.6 million and $1.9 million for the years ended December 31, 2023 and 2022, respectively, with no earnings credits on deposits from related parties for the year ended December 31, 2021. There were no long-term borrowings with related parties at December 31, 2023, compared to $1 million at December 31, 2022. Loan servicing fees paid to related parties totaled $0.6 million and $1.5 million during the years ended December 31, 2023 and 2022, respectively, with no loan servicing fees paid to related parties for the year ended December 31, 2021. There were no loans serviced by related parties at December 31, 2023 and 2021 and $2.1 billion of residential loans serviced by related parties at December 31, 2022. Donations, sponsorships, and other payments to related parties totaled less than $1.0 million during each of the years ended December 31, 2023, 2022, and 2021.
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Parent Company Financial Information |
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| Parent Company Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parent Company Financial Information | 22. PARENT COMPANY FINANCIAL INFORMATION The condensed financial statements of the holding company are presented in the following tables: WESTERN ALLIANCE BANCORPORATION Condensed Balance Sheets
WESTERN ALLIANCE BANCORPORATION Condensed Income Statements
Western Alliance Bancorporation Condensed Statements of Cash Flows
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Segments |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | 23. SEGMENTS The Company's reportable segments are aggregated with a focus on products and services offered and consist of three reportable segments: •Commercial: provides commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry. •Consumer Related: offers both commercial banking services to enterprises in consumer-related sectors and consumer banking services, such as residential mortgage banking. •Corporate & Other: consists of the Company's investment portfolio, Corporate borrowings and other related items, income and expense items not allocated to other reportable segments, and inter-segment eliminations. The Company's segment reporting process begins with the assignment of all loan and deposit accounts directly to the segments where these products are originated and/or serviced. Equity capital is assigned to each segment based on the risk profile of their assets and liabilities. With the exception of goodwill, which is assigned a 100% weighting, equity capital allocations ranged from 0% to 20% during the year. Any excess or deficient equity not allocated to segments based on risk is assigned to the Corporate & Other segment. Net interest income, provision for credit losses, and non-interest expense amounts are recorded in their respective segments to the extent that the amounts are directly attributable to those segments. Net interest income is recorded in each segment on a TEB with a corresponding increase in income tax expense, which is eliminated in the Corporate & Other segment. Further, net interest income of a reportable segment includes a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and estimated duration characteristics. Using this funds transfer pricing methodology, liquidity is transferred between users and providers. A net user of funds has lending/investing in excess of deposits/borrowings and a net provider of funds has deposits/borrowings in excess of lending/investing. A segment that is a user of funds is charged for the use of funds, while a provider of funds is credited through funds transfer pricing, which is determined based on the average estimated life of the assets or liabilities in the portfolio. Residual funds transfer pricing mismatches are allocable to the Corporate & Other segment and presented in net interest income. The net income amount for each reportable segment is further derived by the use of expense allocations. Certain expenses not directly attributable to a specific segment are allocated across all segments based on key metrics, such as number of employees, number of transactions processed for loans and deposits, and average loan and deposit balances. These types of expenses include information technology, operations, human resources, finance, risk management, credit administration, legal, and marketing. Income taxes are applied to each segment based on estimated effective tax rates. Any difference in the corporate tax rate and the aggregate effective tax rates in the segments are adjusted in the Corporate & Other segment. The following is a summary of reportable segment balance sheet information:
The following is a summary of reportable segment income statement information:
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Revenue from Contracts with Customers |
12 Months Ended |
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Dec. 31, 2023 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue from Contract with Customer | 24. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue streams within the scope of ASC 606 include service charges and fees, interchange fees on credit and debit cards, success fees, and legal settlement service fees. These revenues totaled $98.6 million, $44.1 million, and $37.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company had no material unsatisfied performance obligations as of December 31, 2023 or 2022.
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Mergers, Acquisitions and Dispositions |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mergers, Acquisitions and Dispositions | 25. MERGERS, ACQUISITIONS AND DISPOSITIONS Acquisition of Digital Disbursements On January 25, 2022, the Company completed its acquisition of DST, doing business as Digital Disbursements, a digital payments platform for the class action legal industry. The acquisition of DST extended the Company's digital payment efforts by providing a digital payments platform for the class action market and broader legal industry. This transaction was accounted for as a business combination under the acquisition method of accounting. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values, which were final as of December 31, 2022. Total consideration of $57.0 million, comprised of cash paid at closing of $50.6 million and contingent consideration with an estimated fair value of $6.4 million, was exchanged for all of the issued and outstanding membership interests of DST. The terms of the acquisition include a contingent consideration arrangement based on performance for the three year period subsequent to the acquisition. There is no required minimum or maximum payment amount specified under the terms of the contingent consideration agreement. The fair value of the contingent consideration recognized on the acquisition date was estimated using a discounted cash flow approach. DST’s results of operations have been included in the Company's results beginning January 25, 2022 and are reported as part of the Consumer Related segment. Acquisition and restructure expenses of $0.4 million for the year ended December 31, 2022, were included as a component of non-interest expense in the Consolidated Income Statement, all of which were acquisition related costs as defined by ASC 805. The fair value amounts of identifiable assets acquired and liabilities assumed in the DST acquisition are as follows:
In connection with the acquisition, the Company acquired identifiable intangible assets totaling $20.1 million, as detailed in the table below:
Goodwill in the amount of $36.6 million was recognized, of which $31.8 million is expected to be deductible for tax purposes. Goodwill was allocated entirely to the Consumer Related segment and represents the strategic, operational, and financial benefits expected from the acquisition, including expansion of the Company's settlement services offerings, diversification of its revenue sources, and post-acquisition synergies from integrating Digital Disbursements, as well as the value of the acquired workforce. Acquisition of AmeriHome On April 7, 2021, the Company completed its acquisition of Aris, the parent company of AmeriHome, and certain other parties, pursuant to which, Aris merged with and into an indirect subsidiary of WAB. As a result of the merger, AmeriHome is a wholly-owned indirect subsidiary of the Company and continues to operate as AmeriHome Mortgage, a Western Alliance Bank company. AmeriHome is a leading national business-to-business mortgage acquirer and servicer. The acquisition of AmeriHome complements the Company’s national commercial businesses with a mortgage franchise that allows the Company to expand mortgage-related offerings to existing clients and diversifies the Company’s revenue profile by expanding sources of non-interest income. Total cash consideration of $1.2 billion was paid in exchange for all of the issued and outstanding membership interests of Aris. AmeriHome's results of operations have been included in the Company's results beginning April 7, 2021 and are reported as part of the Consumer Related segment. No acquisition and restructure expenses related to the AmeriHome acquisition were recognized during the year ended December 31, 2022. For the year ended December 31, 2021, the Company recognized $15.3 million in acquisition and restructure expenses related to the AmeriHome acquisition, which included $3.4 million of acquisition related costs, as defined by ASC 805. This transaction was accounted for as a business combination under the acquisition method of accounting. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values, which were considered final as of March 31, 2022. The following table presents pro forma information as if the AmeriHome acquisition was completed on January 1, 2020. The pro forma information includes adjustments for interest income and interest expense on existing loan agreements between WAL and AmeriHome prior to acquisition, the impact of MSR sales contemplated in connection with the acquisition, amortization of intangible assets arising from the acquisition, recognition of stock compensation expense for awards issued to certain AmeriHome executives, transaction costs, and related income tax effects. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Pay vs Performance Disclosure | |||
| Net income | $ 722.4 | $ 1,057.3 | $ 899.2 |
Insider Trading Arrangements |
3 Months Ended |
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Dec. 31, 2023 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nature of operation | Nature of operations WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit and treasury management capabilities, including funds transfer and other digital payment offerings through its wholly-owned banking subsidiary, WAB. WAB operates the following full-service banking divisions: ABA, BON, FIB, Bridge, and TPB. The Company also serves business customers through a national platform of specialized financial services, including mortgage banking services through AmeriHome and digital payment services for the class action legal industry through DST. In addition, the Company has the following non-bank subsidiaries: CSI, a captive insurance company formed and licensed under the laws of the state of Arizona and established as part of the Company's overall enterprise risk management strategy, and WATC, which provides corporate trust services and levered loan administration solutions.
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| Basis of presentation | Basis of presentation The accounting and reporting policies of the Company are in accordance with GAAP and conform to practices within the financial services industry. The accounts of the Company and its consolidated subsidiaries are included in the Consolidated Financial Statements.
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| Recent accounting pronouncements | Recent accounting pronouncements Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance within ASU 2023-09, Income Taxes (Topic 740). The amendments in this update are intended to increase visibility into various income tax components that affect the reconciliation of the effective tax rate to the statutory rate, as well as the qualitative and quantitative aspects of those components. Public business entities will be required to disclose on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet or exceed a five percent threshold (computed by multiplying pretax income by the applicable statutory income tax rate) and include disclosure of state and local jurisdictions that make up the majority of the state and local income tax category in the rate reconciliation. Additional disclosure items include disaggregation of income taxes paid to and income tax expense from federal, state, and foreign jurisdictions as well as disaggregation of income taxes paid to individual jurisdictions in which income taxes paid are equal to or greater than five percent of total income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025 and may be applied on a prospective or retrospective basis. The Company is currently evaluating the impact these amendments will have on its Consolidated Financial Statements. Accounting for and Disclosure of Crypto Assets In December 2023, the FASB issued guidance within ASU 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Topic 350). The amendments in this update require entities that hold certain crypto assets to measure such assets at fair value and recognize any changes in fair value in net income in each reporting period. Entities will also be required to present crypto assets measured at fair value separately from other intangible assets on the balance sheet and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. Other disclosure items include the name, cost basis, fair value, and number of units for each significant crypto asset holding and the aggregate fair values and cost bases of crypto asset holdings that are not individually significant along with a rollforward of activity in the reporting period and disclosure of the method for determining the cost basis of the crypto assets. The amendments in this update are effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years and are applied through a cumulative-effect adjustment to the opening balance of retained earnings (as of the beginning of the annual reporting period of adoption). As the Company does not currently hold any crypto assets meeting the criteria outlined in the update, the adoption of this guidance is not expected to have an impact on the Company's Consolidated Financial Statements. Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance within ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures related to significant segment expenses. The amendments do not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments and all existing segment disclosure requirements in ASC 280 and other Codification topics remain unchanged. The amendments in this update are incremental and require public entities that report segment information to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss as well as other segment items. Annual disclosure of the title and position of the chief operating decision maker and how the reported measures of segment profit or loss are used to assess performance and allocation of resources is also required. 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 and are applied on a retrospective basis. The Company is currently evaluating the impact these amendments will have on its Consolidated Financial Statements. Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method In March 2023, the FASB issued guidance within ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323). The amendments in this update permit entities to elect to account for 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. Previously this option was only permitted for LIHTC investments. Additionally, the amendments in this update require all tax equity investments accounted for using the proportional amortization method apply the delayed equity contribution guidance in Subtopic 323-740 and disclosure of the nature of an entity's tax equity investments and their effect on an entity's financial position and results of operations. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years and are applied on a modified retrospective or a retrospective basis. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. Recently adopted accounting guidance Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued guidance within ASU 2022-02, Financial Instruments—Credit Losses (Topic 326). The amendments in this update eliminate the accounting guidance and related disclosures for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requiring an entity to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The Company adopted this accounting guidance prospectively on January 1, 2023. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements.
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| Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management's estimates and judgments are ongoing and are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities, as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Consolidated Financial Statements and related notes. Material estimates susceptible to significant changes in the near term, relate to: 1) the determination of the ACL; 2) certain assets and liabilities carried at fair value; 3) goodwill impairment and 4) accounting for income taxes.
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| Principles of consolidation | Principles of consolidation As of December 31, 2023, WAL has the following significant wholly-owned subsidiaries: WAB and eight unconsolidated subsidiaries used as business trusts in connection with the issuance of trust-preferred securities. WAB has the following significant wholly-owned subsidiaries: 1) WABT, which holds certain investment securities, municipal and nonprofit loans, and leases; 2) WA PWI, which holds interests in certain limited partnerships invested primarily in low income housing tax credits and small business investment corporations; 3) Helios Prime, which holds interests in certain limited partnerships invested in renewable energy projects; 4) BW Real Estate, Inc., which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities; and 5) Western Finance Company, which purchases and originates equipment finance leases and provides mortgage banking services through its wholly-owned subsidiary, AmeriHome. The Company does not have any other significant entities that should be consolidated. All significant intercompany balances and transactions have been eliminated in consolidation.
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| Reclassifications | Reclassifications Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income or stockholders’ equity as previously reported.
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| Cash and cash equivalents | Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks (including cash items in process of clearing), interest-bearing balances due from correspondent banks and the FRB, and federal funds sold.
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| Business combinations | Business combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method, the acquiring entity in a business combination recognizes all of the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including identified intangible assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies are also recognized at fair value if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the Consolidated Income Statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred.
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| Investment securities | Investment securities Investment securities include debt and equity securities. Debt securities may be classified as HTM, AFS, or trading. The appropriate classification is initially decided at the time of purchase. Securities classified as HTM are those debt securities the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs, or general economic conditions. The sale of an HTM security within three months of its maturity date or after the majority of the principal outstanding has been collected is considered a maturity for purposes of classification and disclosure. Securities classified as AFS are debt securities the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates or market conditions, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, decline in credit quality, and regulatory capital considerations. HTM securities are carried at amortized cost. AFS securities are carried at their estimated fair value, with unrealized holding gains and losses reported in OCI, net of tax. When AFS debt securities are sold, the unrealized gains or losses are reclassified from OCI to non-interest income. Trading securities are carried at their estimated fair value, with changes in fair value reported in earnings as non-interest income. Equity securities are carried at their estimated fair value, with changes in fair value reported in earnings as non-interest income. Interest income is recognized based on the coupon rate and, for HTM and AFS securities, includes the amortization of purchase premiums and the accretion of purchase discounts. Premiums and discounts on investment securities are generally amortized or accreted over the contractual life of the security using the interest method. For the Company's mortgage-backed securities, amortization or accretion of premiums or discounts are adjusted for anticipated prepayments. Gains and losses on the sale of investment securities are recorded on the trade date and determined using the specific identification method. A debt security is placed on nonaccrual status at the time its principal or interest payments become 90 days past due. Interest accrued but not received for a security placed on nonaccrual is reversed through interest income.
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| Allowance for credit losses on investment securities, Off-balance sheet credit exposures, including unfunded loan commitments and Allowance for credit losses on loans HFI | Allowance for credit losses on investment securities The credit loss model under ASC 326-20, applicable to HTM debt securities, requires recognition of lifetime expected credit losses through an allowance account at the time the security is purchased. The Company measures expected credit losses on its HTM debt securities on a collective basis by major security type. The Company's HTM securities portfolio consists of low income housing tax-exempt bonds and private label residential MBS. Low income housing tax-exempt bonds share similar risk characteristics with the Company's CRE, non-owner occupied or construction and land loan pools, given the similarity in underlying assets or collateral. Accordingly, expected credit losses on HTM securities are estimated using the same models and approaches as these loan pools, which utilize risk parameters (PD, LGD and EAD) in the measurement of expected credit losses. The historical data used to estimate probability of default and severity of loss in the event of default is derived or obtained from internal and external sources and adjusted for the expected effects of reasonable and supportable forecasts over the expected lives of the securities on those historical losses. Accrued interest receivable on HTM securities, which is included in Other assets on the Consolidated Balance Sheet, is excluded from the estimate of expected credit losses. The credit loss model under ASC 326-30, applicable to AFS debt securities, requires recognition of credit losses through an allowance account with credit losses recognized once securities become impaired. For AFS debt securities, a decline in fair value due to credit loss results in recognition of an ACL. Impairment may result from credit deterioration of the issuer or collateral underlying the security. An assessment to determine whether a decline in fair value resulted from a credit loss is performed at the individual security level. Among other factors, the Company considers: 1) the extent to which the fair value is less than the amortized cost basis; 2) the financial condition and near term prospects of the issuer, including consideration of relevant financial metrics or ratios of the issuer; 3) any adverse conditions related to an industry or geographic area of an issuer; 4) any changes to the rating of the security by a rating agency; and 5) any past due principal or interest payments from the issuer. If an assessment of the above factors indicates a credit loss exists, the Company records an ACL for the excess of the amortized cost basis over the present value of cash flows expected to be collected, limited to the amount that the security's fair value is less than its amortized cost basis. Subsequent changes in the ACL are recorded as a provision for (or recovery of) credit loss expense. Interest accruals and amortization and accretion of premiums and discounts are suspended when a credit loss is recognized in earnings. Any interest received after the security has been placed on nonaccrual status is recognized on a cash basis. Accrued interest receivable on AFS debt securities, which is included in Other assets on the Consolidated Balance Sheet, is excluded from the estimate of expected credit losses. For each AFS security in an unrealized loss position, the Company also considers: 1) its intent to retain the security until anticipated recovery of the security's fair value; and 2) whether it is more-likely-than not the Company would be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the debt security is written down to its fair value and the write-down is charged against the ACL with any incremental impairment recorded in earnings. Charge-offs are made through reversal of the ACL and a direct charge to the amortized cost basis of the AFS security. The Company considers the following events to be indicators that a charge-off should be taken: 1) bankruptcy of the issuer; 2) significant adverse event(s) affecting the issuer in which it is improbable for the issuer to make its remaining payments on the security; and 3) significant loss of value of the underlying collateral behind a security. Recoveries on debt securities, if any, are recorded in the period received. Allowance for credit losses on loans HFI Credit risk is inherent in the business of extending loans and leases to borrowers and is continuously monitored by management and reflected within the ACL. The ACL is an estimate of life-of-loan losses for the Company's loans HFI. The ACL is a valuation account that is deducted from the amortized cost basis of a loan to present the net amount expected to be collected on the loan. The estimate of expected credit losses excludes accrued interest receivable on these loans, except for accrued interest related to the Residential-EBO loan pool. Accrued interest receivable, net of an ACL on the Residential-EBO loan pool, is included in Other assets on the Consolidated Balance Sheet. The ACL on loans HFI includes an estimate of future net charge-offs as well as an offset for expected recoveries of amounts previously charged-off. The Company formally re-evaluates and establishes the appropriate level of the ACL on a quarterly basis. Determining the appropriateness of the allowance is complex and requires judgment by management about the effects of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio or particular segments of the loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the ACL and credit loss expense in those future periods. The allowance level is influenced by loan volumes and mix, average remaining maturities, loan performance metrics, asset quality characteristics, delinquency status, historical credit loss experience, and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the ACL has two basic components: first, an asset-specific component involving individual loans that do not share similar risk characteristics with other loans and the measurement of expected credit losses for such individual loans and second, a pooled component for estimated expected credit losses for loans that share similar risk characteristics. Loans that do not share risk characteristics with other loans Loans that do not share risk characteristics with other loans are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. These loans consist of loans with unique features or loans that no longer share risk characteristics with other pooled loans. The process for determining whether a loan should be evaluated on an individual basis begins with a determination of credit rating. With the exception of residential loans, all accruing loans graded substandard or worse with a total commitment of $1.0 million or more are evaluated on an individual basis. For these loans, the allowance is based primarily on the fair value of the underlying collateral, utilizing independent third-party appraisals, and assessment of borrower guarantees. Loans that share similar risk characteristics with other loans In estimating the component of the ACL for loans that share similar risk characteristics, loans are segregated into loan segments with shared risk characteristics. The Company's primary portfolio segments align with the methodology applied in estimating the ACL under CECL. Loans are designated and pooled into loan segments based on product types, business lines, and other risk characteristics. In determining the ACL, the Company derives an estimate of expected credit losses primarily using an expected loss methodology that incorporates risk parameters (PD, LGD, and EAD), which are derived from various vendor models, internally-developed statistical models, or non-statistical estimation approaches. Probability of default is projected in these models or estimation approaches using a single economic scenario and were developed to incorporate relevant information about past events, current conditions, and reasonable and supportable forecasts. With the exception of the Company's residential loan segment, the Company's PD models define default as loans that are 90 days past due, on nonaccrual status, have a charge-off, or obligor bankruptcy. Input reversion is used for all loan segment models, except for the commercial and industrial and CRE, owner-occupied loan segments. Output reversion is used for the commercial and industrial and CRE, owner-occupied loan segments by incorporating, after the forecast period, a one-year linear reversion to the long-term reversion rate in year three through the remaining life of the loans within the respective segments. LGDs are typically derived from the Company's historical loss experience. However, for the warehouse lending and municipal and nonprofit loan segments, where the Company has either zero (or near zero) losses, or has a limited loss history through the last economic downturn, certain non-modeled methodologies are employed to estimate LGD. Factors utilized in calculating average LGD vary for each loan segment and are further described below. EAD refers to the Company's exposure to loss at the time of borrower default. For revolving lines of credit, the Company incorporates an expectation of increased line utilization for a higher EAD on defaulted loans based on historical experience. For term loans, EAD is calculated using an amortization schedule based on contractual loan terms, adjusted for a prepayment rate assumption. Prepayment trends are sensitive to interest rates and the macroeconomic environment. Fixed rate loans are more influenced by interest rates, whereas variable rate loans are more influenced by the macroeconomic environment. After the quantitative expected loss estimates are calculated, management then adjusts these estimates to incorporate consideration of different probability weighted economic scenarios, current trends and conditions not captured in the quantitative loss estimates, through the use of qualitative and/or environmental factors. The following provides credit quality indicators and risk elements most relevant in monitoring and measuring the ACL on loans for each of the loan portfolio segments identified: Warehouse lending The warehouse lending portfolio segment consists of mortgage warehouse lines, MSR financing facilities, and note finance loans, which have a monitored borrowing base to mortgage companies and similar lenders and are primarily structured as commercial and industrial loans. The collateral for these loans is primarily comprised of residential whole loans and MSRs, with the borrowing base of these loans tightly monitored and controlled by the Company. The primary support for these loans takes the form of pledged collateral, with secondary support provided by the capacity of the financial institution. The collateral-driven nature of these loans distinguish them from traditional commercial and industrial loans. These loans are impacted by interest rate shocks, residential lending rates, prepayment assumptions, and general real estate stress. As a result of the unique loan characteristics, limited historical default and loss experience, and the collateral nature of this loan portfolio segment, the Company uses a non-modeled approach to estimate expected credit losses, leveraging grade information, grade migration history, and management judgment. Municipal and nonprofit The municipal and nonprofit portfolio segment consists of loans to local governments, government-operated utilities, special assessment districts, hospitals, schools and other nonprofits. These loans are generally, but not exclusively, entered into for the purpose of financing real estate investment or for refinancing existing debt and are primarily structured as commercial and industrial loans. Loans are supported by taxes or utility fees, and in some cases tax liens on real estate, operating revenue of the institution, or other collateral types. While unemployment rates and the market valuation of residential properties have an effect on the tax revenues supporting these loans, these loans tend to be less cyclical in comparison to similar commercial loans due to reliance on diversified tax bases. The Company uses a non-modeled approach to estimate expected credit losses for this portfolio segment, leveraging grade information and historical municipal default rates. Tech & innovation The tech & innovation portfolio segment is comprised of commercial loans originated within this business line and are not collateralized by real estate. The source of repayment of these loans is generally expected to be the income generated from the business or contributions from ownership to sustain the business's growth model. Expected credit losses for this loan segment are estimated using internally-developed models. These models incorporate market level and company-specific factors such as financial statement variables, adjusted for the current stage of the credit cycle and for the Company's loan performance data such as delinquency, utilization, maturity, and size of the loan commitment under specific macroeconomic scenarios to produce a probability of default. Macroeconomic variables include average investment to GDP and treasury yields. LGD and the prepayment rate assumption for EAD are driven by unemployment levels for this loan segment. Equity fund resources The equity fund resources portfolio segment is comprised of commercial loans to private equity and venture capital funds. The primary source of repayment of these loans is typically uncalled capital commitments from institutional investors and high net worth individuals. The Company uses a non-modeled approach to estimate expected credit losses for this portfolio segment, leveraging loan grade information. Other commercial and industrial The other commercial and industrial segment is comprised primarily of commercial and industrial loans to middle market companies and large corporations that are not collateralized by real estate. The models used to estimate expected credit losses for middle market companies are the same as those used for the tech & innovation portfolio segment, whereas a vendor model is used to estimate expected credit losses for loans to large corporations. Commercial real estate, owner-occupied The CRE, owner-occupied portfolio segment is comprised of commercial loans collateralized by real estate, where the borrower has a business that occupies the property. These loans are typically entered into for the purpose of providing real estate finance or improvement. The primary source of repayment of these loans is the income generated by the business and where rental or sale of the property may provide secondary support for the loan. These loans are sensitive to general economic conditions as well as the market valuation of CRE properties. The PD estimate for this loan segment is modeled using the same model as the commercial and industrial loan segment. LGD for this loan segment is driven by property appreciation and the prepayment rate assumption for EAD is driven by unemployment levels. Hotel franchise finance The hotel franchise finance segment is comprised of loans originated within this business line and are collateralized by real estate, where the owner is not the primary tenant. These loans are typically entered into for the purpose of financing or the improvement of commercial investment properties. The primary source of repayment of these loans are the rents paid by tenants and where the sale of the property may provide secondary support for the loan. These loans are sensitive to the market valuation of CRE properties, rental rates, and general economic conditions. The vendor model used to estimate expected credit losses for this loan segment projects PD and EAD based on multiple macroeconomic scenarios by modeling how macroeconomic conditions affect the commercial real estate market. Real estate market factors utilized in this model include vacancy rate, rental growth rate, net operating income growth rate, and commercial property price changes for each specific property type. The model then incorporates loan and property-level characteristics including debt coverage, leverage, collateral size, seasoning, and property type. LGD for this loan segment is derived from a non-modeled approach that is driven by property appreciation and the prepayment rate assumption for EAD is driven by the property appreciation for fixed rate loans and unemployment levels for variable rate loans. Other commercial real estate, non-owner occupied The other commercial real estate, non-owner occupied segment is comprised of loans collateralized by real estate where the owner is not the primary tenant, but are not originated within the Company's specialty business lines. The model used to estimate expected credit losses for this loan segment is the same as the model used for the hotel franchise finance portfolio segment. Residential The residential loan portfolio segment is comprised of loans collateralized primarily by first liens on 1-4 residential family properties and home equity lines of credit collateralized by either first liens or junior liens on residential properties. The primary source of repayment of these loans is the value of the property and the capacity of the owner to make payments on the loan. Unemployment rates and the market valuation of residential properties will impact the ultimate repayment of these loans. The residential mortgage loan model is a vendor model that projects PD, LGD severity, prepayment rate, and EAD to calculate expected losses. The model is intended to capture the borrower's payment behavior during the lifetime of the residential loan by incorporating loan level characteristics such as loan type, coupon, age, loan-to-value, and credit score and economic conditions such as Home Price Index, interest rate, and unemployment rate. A default event for residential loans is defined as 60 days or more past due, with property appreciation as the driver for LGD results. The prepayment rate assumption for EAD for residential loans is based on industry prepayment history. PD for HELOCs is derived from an internally-developed model that incorporates loan level information such as delinquency status, loan term, and FICO score and macroeconomic conditions such as property appreciation. LGD for this loan segment is driven by property appreciation and lien position. EAD for HELOCs is calculated based on utilization rate assumptions using a non-modeled approach and also incorporates management judgment. Residential - EBO The residential EBO loan portfolio segment is comprised of government guaranteed or insured loans collateralized primarily by first liens on 1-4 residential family properties purchased from GNMA pools, which were at least three months delinquent at the time of purchase. These loans differ from the residential loans included in the Company's Residential loan portfolio segment as the principal balance of these loans are government guaranteed or insured. The Company has not recognized an ACL on this portfolio segment as management's expectation of nonpayment of the amortized cost basis, based on historical losses, adjusted for current and forecasted conditions, is zero. The estimate of expected credit losses related to accrued interest and other fees for the Residential-EBO loan pool is based on an expected loss methodology that incorporates risk parameters, PD and LGD, which are derived from an internally-developed statistical model. PD is derived from delinquency transition rates based on historical data and LGD is derived from historical losses. Construction and land development The construction and land portfolio segment is comprised of loans collateralized by land or real estate, which are entered into for the purpose of real estate development. The primary source of repayment of these loans is the eventual sale or refinance of the completed project and where claims on the property provide secondary support for the loan. These loans are impacted by the market valuation of CRE and residential properties and general economic conditions that have a higher sensitivity to real estate markets compared to other real estate loans. Default risk of a property is driven by loan-specific drivers, including loan-to-value, maturity, origination date, and the MSA in which the property is located, among other factors. The variables used in the internally-developed model include loan level drivers such as origination loan-to-value, loan maturity, and macroeconomic drivers such as property appreciation, MSA level unemployment rate, and national GDP growth. LGD for this loan segment is driven by property appreciation. The prepayment rate assumption for EAD is driven by the property appreciation for fixed rate loans and unemployment levels for variable rate loans. Other The other portfolio consists of loans not already captured in one of the aforementioned loan portfolio segments, which include, but may not be limited to, overdraft lines for treasury services, credit cards, consumer loans not collateralized by real estate, and small business loans collateralized by residential real estate. The consumer and small business loans are supported by the capacity of the borrower and the valuation of any collateral. General economic factors such as unemployment will have an effect on these loans. The Company uses a non-modeled approach to estimate expected credit losses, leveraging average historical default rates. LGD for this loan segment is driven by unemployment levels and lien position. The prepayment rate assumption for EAD is driven by the BBB corporate spread for fixed rate loans and unemployment levels for variable rate loans. Off-balance sheet credit exposures, including unfunded loan commitments The Company maintains a separate ACL on off-balance-sheet credit exposures, including unfunded loan commitments, financial guarantees, and letters of credit, which is classified in Other liabilities on the Consolidated Balance Sheet. The ACL on off-balance sheet credit exposures is adjusted through increases or decreases to the provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, an estimate of EAD derived from utilization rate assumptions using a non-modeled approach, and PD and LGD estimates derived from the same models and approaches for the Company's other loan portfolio segments described in the ACL on loans HFI section within this note. The Company does not record a credit loss estimate for off-balance sheet credit exposures that are unconditionally cancellable by the Company or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement.
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| Restricted stock | Restricted stock WAB is a member of the Federal Reserve System and, as part of its membership, is required to maintain stock in the FRB in a specified ratio to its capital. In addition, WAB is a member of the FHLB system and, accordingly, maintains an investment in the capital stock of the FHLB based on the borrowing capacity used. These investments are considered equity securities with no actively traded market. Therefore, the shares are considered restricted investment securities. These investments are carried at cost, which is equal to the value at which they may be redeemed. Dividend income received from the stock is reported in interest income. The Company conducts a periodic review and evaluation of its restricted stock to determine if any impairment exists. No impairment has been recorded to date.
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| Loans held for sale | Loans held for sale The Company's loans HFS primarily consist of purchased and originated 1-4 family residential mortgage loans to be sold or securitized through its mortgage banking business. These loans are reported at either fair value, or the lower of cost or fair value, depending on the acquisition source, as further described below. The Company has elected to record loans purchased from correspondent sellers or originated directly to consumers at fair value to more timely reflect the Company's performance. Changes in fair value of loans HFS are reported in current period income as a component of Net gain on loan origination and sale activities in the Consolidated Income Statement. Alternatively, delinquent loans repurchased under the terms of the GNMA MBS program, referred to as EBO loans, are reported at the lower of cost or fair value. For EBO loans, the amount by which cost exceeds fair value is accounted for as a valuation allowance and any changes in the valuation allowance are included in Net gain on loan origination and sale activities in the Consolidated Income Statement. The Company recognizes a transfer of loans as a sale when it surrenders control over the transferred loans. Control is considered to be surrendered when the transferred loans have been legally isolated from the Company, the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans, and the Company does not maintain effective control over the transferred loans through either an agreement that entitles or obligates the Company to repurchase or redeem the loans before their maturity or the ability to unilaterally cause the holder to return loans. If the transfer of loans qualifies as a sale, the Company derecognizes such loans. If the transfer of loans does not qualify as a sale, the proceeds from the transfer are accounted for as secured borrowings. Loan acquisition and origination fees on loans HFS consist of fees earned by the Company for purchasing and originating loans and are recognized at the time the loans are purchased or originated. These fees generally represent flat, per loan fee amounts and are included as Net gain on loan origination and sale activities in the Consolidated Income Statement. Recognition of interest income on non-government guaranteed or uninsured loans HFS is suspended and accrued unpaid interest receivable is reversed through interest income when loans become 90 days delinquent or when recovery of income and principal becomes doubtful. Loans return to accrual status when the principal and interest become current and it is probable the amounts are fully collectible. For government guaranteed or insured loans HFS that are 90 days delinquent, the Company continues to recognize interest income at a rate between the debenture and notes rates, as adjusted for probability of default for FHA loans and at the note rate for VA and USDA loans. At times, the Company may also transfer loans from its HFI portfolio to HFS. Loans transferred from HFI to HFS will be transferred at the lower of amortized cost basis (adjusted for any charge-offs) or fair value. If the amortized cost basis of the transferred loan exceeds its fair value, a valuation allowance equal to the difference in these amounts will be established on the transfer date and any subsequent changes in the valuation allowance will be recognized in earnings. Any ACL previously recorded on transferred loans will be reversed and recognized in earnings at the time of the transfer. If management determines it no longer intends to sell loans classified as HFS, such loans will be transferred to loans HFI. Loans transferred from HFS to HFI are transferred at amortized cost and any valuation allowance previously recorded is reversed and recognized in earnings at the time of the transfer. The loans are then subject to ACL measurement.
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| Loans held for investment | Loans held for investment Loans HFI are loans management has the intent and ability to hold for the foreseeable future or until maturity or payoff and are reported at amortized cost. Amortized cost is the amount of unpaid principal, adjusted for unamortized net deferred fees and costs, premiums and discounts, and charge-offs. In addition, the amortized cost basis of loans subject to fair value hedges are adjusted for changes in value attributable to the effective portion of the hedged benchmark interest rate risk. The Company may also purchase loans or acquire loans through a business combination. At the purchase or acquisition date, loans are evaluated to determine whether there has been more than insignificant credit deterioration since origination. Loans that have experienced more than insignificant credit deterioration since origination are referred to as PCD loans. In its evaluation of whether a loan has experienced more than insignificant deterioration in credit quality since origination, the Company takes into consideration loan grades, past due and nonaccrual status, and loan modifications to borrowers experiencing financial difficulty. The Company may also consider external credit rating agency ratings for borrowers and for non-commercial loans, FICO score or band, probability of default levels, and number of times past due. At the purchase or acquisition date, the amortized cost basis of PCD loans is equal to the purchase price and an initial estimate of credit losses. The initial recognition of expected credit losses on PCD loans has no impact on net income. When the initial measurement of expected credit losses on PCD loans is calculated on a pooled loan basis, the expected credit losses are allocated to each loan within the pool. Any difference between the initial amortized cost basis and the unpaid principal balance of the loan represents a noncredit discount or premium, which is accreted (or amortized) into interest income over the life of the loan. Subsequent changes to the ACL on PCD loans are recorded through the provision for credit losses. For purchased loans not deemed to have experienced more than insignificant credit deterioration since origination and are therefore not deemed PCD, any discounts or premiums included in the purchase price are accreted (or amortized) over the contractual life of the individual loan. For additional information, see "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements. In applying the effective yield method to loans, the Company generally applies the contractual method whereby loan fees collected for the origination of loans less direct loan origination costs (net deferred fees), as well as premiums and discounts and certain purchase accounting adjustments, are amortized over the contractual life of the loan through interest income. If a loan has scheduled payments, the amortization of net deferred fees is calculated using the interest method over the contractual life of the loan. If a loan does not have scheduled payments, such as a line of credit, net deferred loan fees are recognized as interest income on a straight-line basis over the contractual life of the loan commitment. Commitment fees based on a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. When loans are repaid, any remaining unamortized balances of premiums, discounts, or net deferred fees are recognized as interest income. Nonaccrual loans When a borrower discontinues making payments as contractually required by the note, the Company must determine whether it is appropriate to continue to accrue interest. The Company ceases accruing interest income when a loan becomes delinquent by more than 90 days or when management determines the full repayment of principal and collection of interest according to contractual terms is no longer likely. Past due status is based on the contractual terms of the loan. The Company may decide to continue to accrue interest on certain loans more than 90 days delinquent if the loans are well secured by collateral and in the process of collection. For government guaranteed or insured loans that are 90 days delinquent, the Company continues to recognize interest income at a rate between the debenture rate and note rates, as adjusted for probability of default for FHA loans, and at the note rate for VA and USDA loans. For all loans HFI, when a loan is placed on nonaccrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed, and the Company makes a loan-level decision to apply either the cash basis or cost recovery method. The Company may recognize income on a cash basis when a payment is received on a nonaccrual loan provided the collection of the remaining recorded investment in the loan is deemed to be fully collectible. Under the cost recovery method, subsequent payments received from the customer are applied to principal and generally no further interest income is recognized until the loan principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. Loans are returned to accrual status when all of the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Modifications of Loans to Borrowers Experiencing Financial Difficulty The Company may agree to modify the terms of a loan to a borrower experiencing financial difficulty. Loans graded Substandard or worse are often characterized by inadequate paying capacity of the borrower and therefore, modifications of these loans are considered to be made to borrowers experiencing financial difficulty. The loan terms that may be modified or restructured due to a borrower’s financial situation include principal forgiveness, an interest rate reduction, an other than-insignificant payment delay, a term extension, or a combination of these terms. Troubled Debt Restructured Loans Prior to the adoption of ASU 2022-02, Financial Instruments—Credit Losses (Topic 326), if the Company, for reasons related to a borrower’s financial difficulties, granted a concession to the borrower the Company would not otherwise consider, the modified loan was considered a TDR loan. In order to determine whether a borrower was experiencing financial difficulty, an evaluation was performed to assess the probability the borrower would be in payment default on any of its debt in the foreseeable future without the modification. The evaluation was performed in accordance with the Company's internal underwriting policy. The loan terms that were modified or restructured due to a borrower’s financial situation included, but were not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. A TDR loan was returned to accrual status when the loan was brought current, was performing in accordance with the contractual restructured terms for a reasonable period of time (generally six months), and the ultimate collectability of the total contractual restructured principal and interest was no longer in doubt. Consistent with regulatory guidance, a TDR loan subsequently modified in another restructuring agreement but had shown sustained performance and classification as a TDR, was removed from TDR status provided the modified terms were market-based at the time of modification. Credit quality indicators Loans are regularly reviewed to assess credit quality indicators and to determine appropriate loan classification and grading in accordance with applicable bank regulations. The Company’s risk rating methodology assigns risk ratings ranging from 1 to 9, where a higher rating represents higher risk. The Company differentiates its loan segments based on shared risk characteristics for which expected credit losses are measured on a pool basis. The nine risk rating categories can generally be described by the following groupings for loans: "Pass" (grades 1 through 5): The Company has five pass risk ratings, which represent a level of credit quality that ranges from having no well-defined deficiency or weakness to some noted weakness; however, the risk of default on any loan classified as pass is expected to be remote. The five pass risk ratings are described below: Minimal risk. Consist of loans that are fully secured either with cash held in a deposit account at the Bank or by readily marketable securities with an acceptable margin based on the type of security pledged. Low risk. Consist of loans with a high investment grade rating equivalent. Modest risk. Consist of loans where the credit facility greatly exceeds all policy requirements or with policy exceptions that are appropriately mitigated. A secondary source of repayment is verified and considered sustainable. Collateral coverage on these loans is sufficient to fully cover the debt as a tertiary source of repayment. Debt of the borrower is low relative to borrower’s financial strength and ability to pay. Average risk. Consist of loans where the credit facility meets or exceeds all policy requirements or with policy exceptions that are appropriately mitigated. A secondary source of repayment is available to service the debt. Collateral coverage is more than adequate to cover the debt. The borrower exhibits acceptable cash flow and moderate leverage. Acceptable risk. Consist of loans with an acceptable primary source of repayment but a less than preferable secondary source of repayment. Cash flow is adequate to service debt but there is minimal excess cash flow. Leverage is moderate or high. "Special mention" (grade 6): These are generally assets that possess potential weaknesses that warrant management's close attention. These loans may involve borrowers with adverse financial trends, higher debt-to-equity ratios, or weaker liquidity positions, but not to the degree of being considered a “problem loan” where risk of loss may be apparent. Loans in this category are usually performing as agreed, although there may be non-compliance with financial covenants. "Substandard" (grade 7): These assets are characterized by well-defined credit weaknesses and carry the distinct possibility the Company will sustain some loss if such weakness or deficiency is not corrected. All loans 90 days or more past due and all loans on nonaccrual status are considered at least "Substandard," unless extraordinary circumstances would suggest otherwise. "Doubtful" (grade 8): These assets have all the weaknesses inherent in those classified as "Substandard" with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable, but because of certain known factors that may work to the advantage and strengthening of the asset (for example, capital injection, perfecting liens on additional collateral and refinancing plans), classification as an estimated loss is deferred until a more precise status may be determined. Due to the high probability of loss, loans classified as "Doubtful" are placed on nonaccrual status. "Loss" (grade 9): These assets are considered uncollectible and having such little recoverable value, it is not practical to defer writing off the asset. This classification does not mean the loan has absolutely no recovery or salvage value, but rather it is not practicable or desirable to defer writing off the asset, even though partial recovery may be achieved in the future.
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| Transfers of financial assets | Transfers of financial assets A transfer of a financial asset is accounted for as a sale when control over the asset has been surrendered. Control over a transferred asset is deemed surrendered when the: 1) asset has been isolated from the Company; 2) transferee obtains the right to pledge or exchange the transferred asset; and 3) Company no longer maintains effective control over the transferred asset through an agreement to repurchase the transferred asset before maturity. If a transfer of a financial asset does not qualify as a sale, the proceeds from the transfer are accounted for as a secured borrowing.
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| Premises and equipment | Premises and equipment Premises and equipment amounts are stated at cost less accumulated depreciation and amortization. Depreciation is computed principally using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the term of the lease or the estimated life of the improvement, whichever is shorter. Depreciation and amortization are computed using the following estimated lives:
Management periodically reviews premises and equipment in order to determine whether facts and circumstances suggest the value of an asset is not recoverable.
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| Mortgage servicing rights | Mortgage servicing rights The Company generates MSRs from its mortgage banking business. When the Company sells mortgage loans in the secondary market and retains the right to service these loans, a servicing right asset is capitalized at the time of sale when the benefits of servicing are deemed to be greater than adequate compensation for performing the servicing activities. MSRs represent the then-current fair value of future net cash flows expected to be realized from performing servicing activities. The Company has elected to subsequently measure MSRs at fair value and report changes in fair value in current period income as a component of Net loan servicing revenue in the Consolidated Income Statement. The Company may in the ordinary course of business sell MSRs and will recognize, as of the trade date, a gain or loss on the sale equal to the difference between the carrying value of the transferred MSRs and the estimated proceeds to be received as consideration. The Company subsequently derecognizes MSRs when substantially all of the risks and rewards of ownership are irrevocably passed to the transferee and any protection provisions retained by the Company are minor and can be reasonably estimated, which typically occurs on the settlement date. Protection provisions are considered to be minor if the obligation created by such provisions is estimated to be no more than 10 percent of the sales price and the Company retains the risk of prepayment for no more than 120 days. The Company records an estimated liability for retained protection provisions as of the trade date, with any changes in the estimated liability recorded in earnings. In addition, fees to transfer loans associated with the sold MSRs to a new servicer are also recorded on the settlement date. Gains or losses on sales of MSRs, net of retained protection provisions, and transfer fees are included in Net loan servicing revenue in the Consolidated Income Statement.
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| Leases (lessee) | Leases (lessee) At inception, contracts are evaluated to determine whether the contract constitutes a lease agreement. For contracts that are determined to be an operating lease, a corresponding ROU asset and operating lease liability are recorded in separate line items on the Consolidated Balance Sheet. A ROU asset represents the Company’s right to use an underlying asset during the lease term and a lease liability represents the Company’s commitment to make contractually obligated lease payments. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. The measurement of the operating lease ROU asset includes any lease payments made and is reduced by lease incentives that are paid or are payable to the Company. Variable lease payments that depend on an index or rate such as the Consumer Price Index are included in lease payments based on the rate in effect at the commencement date of the lease. Lease payments are recognized on a straight-line basis over the lease term as Occupancy expense in the Consolidated Income Statements. As the rate implicit in the lease is not readily determinable, the Company's incremental collateralized borrowing rate is used to determine the present value of lease payments. This rate gives consideration to the applicable FHLB collateralized borrowing rates and is based on the information available at the commencement date. The Company has elected to apply the short-term lease measurement and recognition exemption to leases with an initial term of 12 months or less; therefore, these leases are not recorded on the Company’s Consolidated Balance Sheet, but rather, lease expense is recognized over the lease term on a straight-line basis. The Company’s lease agreements may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain the options will be exercised. The Company also made an accounting policy election to not separate non-lease components from the associated lease component, and instead account for them together as part of the applicable lease component. The majority of the Company’s non-lease components such as common area maintenance, parking, and taxes are variable, and are expensed as incurred. Variable payment amounts are determined in arrears by the landlord depending on actual costs incurred.
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| Goodwill and other intangible assets | Goodwill and other intangible assets The Company records as goodwill the excess of the purchase price in a business combination over the fair value of the identifiable net assets acquired in accordance with applicable guidance. The Company performs its annual goodwill and intangibles impairment tests as of October 1 each year, or more often if events or circumstances indicate the carrying value may not be recoverable. The Company may first elect to assess, through qualitative factors, whether it is more likely than not goodwill is impaired. If the qualitative assessment indicates potential impairment, a quantitative impairment test is performed. If, based on the quantitative test, a reporting unit's carrying amount exceeds its fair value, a goodwill impairment charge for this difference is recorded to current period earnings as non-interest expense. The Company’s intangible assets consist of correspondent relationships, operating licenses, tradenames, core deposit intangibles, customer relationships, and developed technology assets that are being amortized over periods of to 40 years. See "Note 25. Mergers, Acquisitions and Dispositions" of these Notes to Consolidated Financial Statements for discussion of the intangible assets acquired in the DST acquisition. The Company considers the remaining useful lives of its intangible assets each reporting period, as required by ASC 350, Intangibles—Goodwill and Other, to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company has not revised its estimates of the useful lives of its intangible assets during the years ended December 31, 2023, 2022, or 2021.
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| Low income housing and renewable energy tax credits | Low income housing and renewable energy tax credits The Company holds ownership interests in limited partnerships and limited liability companies that invest in affordable housing and renewable energy projects. These investments are designed to generate a return primarily through the realization of federal tax credits and deductions, which may be subject to recapture by taxing authorities if compliance requirements are not met. The Company accounts for its low income housing investments using the proportional amortization method. Renewable energy projects are accounted for under the deferral method, whereby the investment tax credits are reflected as an immediate reduction in income taxes payable and the carrying value of the asset in the period that the investment tax credits are claimed. See "Note 16. Income Taxes" of these Notes to Consolidated Financial Statements for further discussion. The Company evaluates its interests in these entities to determine whether it has a variable interest and whether it is required to consolidate these entities. A variable interest is an investment or other interest that will absorb portions of an entity's expected losses or receive portions of the entity's expected residual returns. If the Company determines it has a variable interest in an entity, it evaluates whether such interest is in a VIE. A VIE is broadly defined as an entity where either: 1) the equity investors as a group, if any, lack the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity's economic performance or 2) the equity investment at risk is insufficient to finance that entity's activities without additional subordinated financial support. The Company is required to consolidate any VIE when it is determined to be the primary beneficiary of the VIE's operations. A variable interest holder is considered to be the primary beneficiary of a VIE if it has both the power to direct the activities of a VIE that most significantly impact the entity's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company’s assessment of whether it is the primary beneficiary of a VIE includes consideration of various factors such as: 1) the Company's ability to direct the activities that most significantly impact the entity's economic performance; 2) its form of ownership interest; 3) its representation on the entity's governing body; 4) the size and seniority of its investment; and 5) its ability and the rights of other investors to participate in policy making decisions and to replace the manager of and/or liquidate the entity. The Company is required to evaluate whether to consolidate a VIE both at inception and on an ongoing basis as changes in circumstances require reconsideration. The Company’s investments in qualified affordable housing and renewable energy projects meet the definition of a VIE as the entities are structured such that the limited partner investors lack substantive voting rights. The general partner or managing member has both the power to direct the activities that most significantly impact the economic performance of the entities and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. Accordingly, as a limited partner, the Company is not the primary beneficiary and is not required to consolidate these entities.
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| Bank owned life insurance | Bank owned life insurance BOLI is carried at its cash surrender value with changes recorded in other non-interest income in the Consolidated Income Statement. The face amount of the underlying life insurance policies was $452 million and $456 million as of December 31, 2023 and 2022, respectively. There are no loans offset against cash surrender values, and there are no restrictions as to the use of proceeds.
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| Credit linked notes | Credit linked notes Credit linked notes are structured to effectively transfer the risk of first losses on a reference pool of loans and are considered to be free standing credit enhancements. These notes are recorded at the amount of the proceeds received, net of debt issuance costs. In addition, as the credit guarantee component of these notes is considered to be free standing, the ACL measured on the reference pool of loans in accordance with ASC 326 is not reduced by the credit guarantee. Rather, a contra debt balance equal to the estimated ACL on the reference pool of loans is recorded, which reduces the carrying value of the notes. The initial contra debt balance and subsequent adjustments are recorded with a corresponding gain or loss on recovery from credit guarantees recognized in earnings.
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| Stock compensation plans | Stock compensation plans The Company has an incentive plan that gives the BOD the authority to grant stock awards, consisting of unrestricted stock, stock units, dividend equivalent rights, stock options (incentive and non-qualified), stock appreciation rights, restricted stock, and performance and annual incentive awards. Compensation expense on non-vested restricted stock awards is based on the fair value of the award on the measurement date which, for the Company, is the date of the grant and is recognized ratably over the service period of the award. Forfeitures are estimated at the time of the award grant and revised in subsequent periods if actual forfeitures differ from those estimates. The fair value of non-vested restricted stock awards is the market price of the Company’s stock on the date of grant. The Company's performance stock units have a cumulative EPS target and a TSR performance measure component. The TSR component is a market-based performance condition that is separately valued as of the date of the grant. A Monte Carlo valuation model is used to determine the fair value of the TSR performance metric, which simulates potential TSR outcomes over the performance period and determines the payouts that would occur in each scenario. The resulting fair value of the TSR component is based on the average of these results. Compensation expense related to the TSR component is based on the fair value determination on the date of the grant and is not subsequently revised based on actual performance. Compensation expense related to the EPS component for these awards is based on the fair value (market price of the Company's stock on the date of the grant) of the award. Compensation expense related to both the TSR and EPS components is recognized ratably over the service period of the award.
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| Dividends, Preferred stock, Treasury shares and Sale of common stock under ATM program | Dividends WAL is a legal entity separate and distinct from its subsidiaries. As a holding company with limited significant assets other than the capital stock of its subsidiaries, WAL's ability to pay dividends depends primarily upon the receipt of dividends or other capital distributions from its subsidiaries. The Company's subsidiaries' ability to pay dividends to WAL is subject to, among other things, their individual earnings, financial condition, and need for funds, as well as federal and state governmental policies and regulations applicable to WAL and each of those subsidiaries, which limit the amount that may be paid as dividends without prior approval. In addition, the terms and conditions of other securities the Company issues may restrict its ability to pay dividends to holders of the Company's common stock. For example, if any required payments on outstanding trust preferred securities are not made, WAL would be prohibited from paying cash dividends on its common stock. Preferred stock On September 22, 2021, the Company issued an aggregate of 12,000,000 depositary shares, each representing a 1/400th ownership interest in a share of the Company’s 4.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Shares, Series A, par value $0.0001 per share, with a liquidation preference of $25 per Depositary Share (equivalent to $10,000 per share of Series A preferred stock). The Company's Series A preferred stock is perpetual preferred stock that is not subject to any mandatory redemption, resulting in classification as permanent equity. Dividends on preferred stock are recognized on the declaration date and are recorded as a reduction of retained earnings. Treasury shares The Company separately presents treasury shares, which represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. Treasury shares are carried at cost. Sales of common stock under ATM program The Company has a distribution agency agreement with J.P. Morgan Securities LLC and Piper Sandler & Co., under which the Company may sell shares of its common stock on the NYSE. The Company pays the distribution agents a mutually agreed rate, not to exceed 2% of the gross offering proceeds of the shares sold pursuant to the distribution agency agreement. The common stock is sold at prevailing market prices at the time of the sale or at negotiated prices and, as a result, prices will vary. See "Note 12. Stockholders' Equity" of these Notes to Consolidated Financial Statements for further discussion of this program.
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| Derivative financial instruments | Derivative financial instruments Derivative instruments are contracts between two or more parties that have a notional amount and an underlying variable, require a small or no initial investment, and allow for the net settlement of positions. A derivative’s notional amount serves as the basis for the payment provision of the contract and takes the form of units, such as shares or dollars. A derivative’s underlying variable is a specified interest rate, security price, commodity price, foreign exchange rate, index, or other variable. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the fair value of the derivative contract. The Company recognizes derivatives as assets or liabilities on the Consolidated Balance Sheet at their fair value in accordance with ASC 815, Derivatives and Hedging. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. The Company documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction after the derivative contract is executed. At inception, the Company performs a quantitative assessment to determine whether the derivatives used in hedging transactions are highly effective (as defined in the guidance) in offsetting changes in the fair value of the hedged item. Retroactive effectiveness is assessed, as well as the continued expectation the hedge will remain effective prospectively. After the initial quantitative assessment is performed, on a quarterly basis, the Company performs a qualitative hedge effectiveness assessment. This assessment takes into consideration any adverse developments related to the counterparty's risk of default and any negative events or circumstances that affect the factors that originally enabled the Company to assess that it could reasonably support, qualitatively, an expectation the hedging relationship was and will continue to be highly effective. The Company discontinues hedge accounting prospectively when it is determined a hedge is no longer highly effective. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative instrument continues to be reported at fair value on the Consolidated Balance Sheet, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. The Company uses interest rate contracts to mitigate interest-rate risk associated with changes to the fair value of certain fixed-rate financial instruments (fair value hedges). Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability attributable to the hedged risk, are recorded in the same line item as the offsetting loss or gain on the related interest rate contracts during the period of change. For loans, the gain or loss on the hedged item is included in interest income and for subordinated debt, the gain or loss on the hedged items was included in interest expense. Derivative instruments not designated as hedges, so called free-standing derivatives, are reported on the Consolidated Balance Sheet at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of change. The Company enters into commitments to purchase mortgage loans that will be held for sale. These loan commitments, described as IRLCs, qualify as derivative instruments, except those that are originated rather than purchased, and intended for HFI classification. Changes in fair value associated with changes in interest rates are economically hedged by utilizing forward sale commitments, interest rate futures, and interest rate swaps. These hedging instruments are typically entered into contemporaneously with IRLCs. Loans that have been or will be purchased or originated may be used to satisfy the Company's forward sale commitments. In addition, derivative financial instruments are also used to economically hedge the Company's MSR portfolio. Changes in the fair value of derivative financial instruments that hedge IRLCs and loans HFS are included in Net gain on loan origination and sale activities in the Consolidated Income Statement. Changes in the fair value of derivative financial instruments that hedge MSRs are included in Net loan servicing revenue in the Consolidated Income Statement. The Company may in the normal course of business purchase a financial instrument or originate a loan that contains an embedded derivative instrument. Upon purchasing the instrument or originating the loan, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value. However, in cases where the host contract is measured at fair value, with changes in fair value reported in current earnings, or the Company is unable to reliably identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the Consolidated Balance Sheet at fair value and is not designated as a hedging instrument.
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| Off-balance sheet instruments | Off-balance sheet instruments In the ordinary course of business, the Company enters into off-balance sheet financial instrument arrangements consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the Consolidated Balance Sheets when funded. These off-balance sheet financial instruments impact, to varying degrees, elements of credit risk in excess of amounts recognized on the Consolidated Balance Sheet. Losses could be experienced when the Company is contractually obligated to make a payment under these instruments and must seek repayment from the borrower, which may not be as financially sound in the current period as they were when the commitment was originally made. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract and, in certain instances, may be unconditionally cancellable. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. The Company also has off-balance sheet arrangements related to its derivative instruments. Derivative instruments are recognized in the Consolidated Balance Sheets at fair value and their notional values are carried off-balance sheet. See "Note 14. Derivatives and Hedging Activities" of these Notes to Consolidated Financial Statements for further discussion.
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| Fair values of financial instruments | Fair values of financial instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities. ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and a three-level valuation hierarchy for disclosure of fair value measurement, and also sets forth disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The Company uses various valuation approaches, including market, income, and/or cost approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring observable inputs be used when available. Observable inputs are inputs market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would consider in pricing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs, as follows: •Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. •Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, volatilities, etc.) or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market. •Level 3 - Valuation is generated from model-based techniques where one or more significant inputs are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions market participants would use in pricing the asset or liability. Valuation techniques may include use of matrix pricing, discounted cash flow models, and similar techniques. The availability of observable inputs varies based on the nature of the specific financial instrument. To the extent valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. For disclosure purposes, the lowest level input that is significant to the fair value measurement determines the level in the fair value hierarchy within which the fair value measurement falls in its entirety. Fair value is a market-based measure considered from the perspective of a market participant who may purchase the asset or assume the liability, rather than an entity-specific measure. When market assumptions are available, ASC 820 requires the Company consider the assumptions market participants would use to estimate the fair value of the financial instrument at the measurement date. ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, for which it is practicable to estimate value. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at December 31, 2023 and 2022. The estimated fair value amounts for December 31, 2023 and 2022 have been measured as of period-end and have not been re-evaluated or updated for purposes of these Consolidated Financial Statements subsequent to those dates. As such, the estimated fair values of these financial instruments subsequent to the reporting date may be different than the amounts reported at period-end. The information in "Note 18. Fair Value Accounting" of these Notes to Consolidated Financial Statements should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimate, comparisons between the Company’s disclosures and those of other companies or banks may not be meaningful. The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: Cash, cash equivalents, and restricted cash The carrying amounts reported on the Consolidated Balance Sheet for cash and due from banks approximate their fair value. Investment securities The fair values of U.S. Treasury and certain other debt securities as well as publicly-traded CRA investments and exchange-listed common and preferred stock are based on quoted market prices and are categorized as Level 1 in the fair value hierarchy. The fair values of debt securities not classified as Level 1 are primarily determined based on matrix pricing. Matrix pricing is a mathematical technique that utilizes observable market inputs including, yield curves, credit ratings, and prepayment speeds. Fair values determined using matrix pricing are generally categorized as Level 2 in the fair value hierarchy. In addition to matrix pricing, the Company uses other pricing sources, including observed prices on publicly traded securities and dealer quotes, to estimate the fair value of debt securities, which are also categorized as Level 2 in the fair value hierarchy. Loans HFS Government-insured or guaranteed and agency-conforming loans HFS are salable into active markets. Accordingly, the fair value of these loans is based on quoted market or contracted selling prices or a market price equivalent, which are categorized as Level 2 in the fair value hierarchy. The fair value of non-agency loans HFS as well as certain loans that become nonsalable into active markets due to the identification of a defect is determined based on valuation techniques that utilize Level 3 inputs. Loans HFI The fair value of loans HFI is estimated based on discounted cash flows using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality and adjustments the Company believes a market participant would consider in determining fair value based on a third-party independent valuation. As a result, the fair value for loans HFI is categorized as Level 3 in the fair value hierarchy. Mortgage servicing rights The fair value of MSRs is estimated using a discounted cash flow model that incorporates assumptions a market participant would use in estimating the fair value of servicing rights, including, but not limited to, option adjusted spread, conditional prepayment rate, servicing fee rate, and cost to service. As a result, the fair value for MSRs is categorized as Level 3 in the fair value hierarchy. Accrued interest receivable and payable The carrying amounts reported on the Consolidated Balance Sheet for accrued interest receivable and payable approximate their fair values. Derivative financial instruments All derivatives are recognized on the Consolidated Balance Sheets at fair value. The valuation methodologies used to estimate the fair value of derivative instruments varies by type. Interest rate contracts, foreign currency contracts, and forward purchase and sales contracts are measured based on valuation techniques using Level 2 inputs, such as quoted market price, contracted selling price, or market price equivalent. IRLCs are measured based on valuation techniques that consider loan type, underlying loan amount, maturity date, note rate, loan program, and expected settlement date, with Level 3 inputs for the servicing release premium and pull-through rate. These measurements are adjusted at the loan level to consider the servicing release premium and loan pricing adjustment specific to each loan. The base value is then adjusted for the pull-through rate. The pull-through rate and servicing fee multiple are unobservable inputs based on historical experience. Deposits The fair value for demand and savings deposits is by definition equal to the amount payable on demand at the reporting date (that is, their carrying amount), as these deposits do not have a contractual term. The carrying amount for variable rate deposit accounts approximates their fair value. Fair values for fixed rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on these deposits. The fair value measurement of deposit liabilities is categorized as Level 2 in the fair value hierarchy. FHLB advances and repurchase agreements The fair values of the Company’s borrowings are estimated using discounted cash flow analyses, based on the market rates for similar types of borrowing arrangements. The carrying value of FHLB advances and repurchase agreements approximate their fair values due to their short durations and have been categorized as Level 2 in the fair value hierarchy. Credit linked notes The fair value of credit linked notes is based on observable inputs, when available, and as such credit linked notes are categorized as Level 2 liabilities. Subordinated debt The fair value of subordinated debt is based on the market rate for the respective subordinated debt security. Subordinated debt has been categorized as Level 2 in the fair value hierarchy. Junior subordinated debt Junior subordinated debt is valued based on a discounted cash flow model which uses the Treasury Bond rates and the 'BB' and 'BBB' rated financial indexes as inputs. Junior subordinated debt has been categorized as Level 3 in the fair value hierarchy.
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| Income taxes | Income taxes The Company is subject to income taxes in the United States and files a consolidated federal income tax return with all of its subsidiaries, with the exception of BW Real Estate, Inc. Deferred income taxes are recorded to reflect the effects of temporary differences between the financial reporting carrying amounts of assets and liabilities and their income tax bases using enacted tax rates expected to be in effect when the taxes are actually paid or recovered. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Net DTAs are recorded to the extent these assets will more-likely-than-not be realized. In making these determinations, all available positive and negative evidence is considered, including scheduled reversals of deferred tax liabilities, tax planning strategies, projected future taxable income, and recent operating results. If it is determined that deferred income tax assets to be realized in the future are in excess of their net recorded amount, an adjustment to the valuation allowance will be recorded, which will reduce the Company's provision for income taxes. A tax benefit from an unrecognized tax benefit may be recognized when it is more-likely-than-not the position will be sustained upon examination, including related appeals or litigation, based on technical merits. Income tax benefits must meet a more-likely-than-not recognition threshold at the effective date to be recognized. Interest and penalties on income taxes are recognized as part of interest income or expense and non-interest expense, respectively, in the Consolidated Income Statement. See "Note 16. Income Taxes" of these Notes to Consolidated Financial Statements for further discussion on income taxes.
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| Non-interest income | Non-interest income Non-interest income includes revenue associated with mortgage banking and commercial banking activities, investment securities, equity investments, and BOLI. These non-interest income streams are primarily generated by different types of financial instruments held by the Company for which there is specific accounting guidance and therefore, are not within the scope of ASC 606, Revenue from Contracts with Customers. Non-interest income amounts within the scope of ASC 606 include service charges and fees, success fees related to equity investments, debit and credit card interchange fees, and legal settlement services fees. Service charges and fees consist of fees earned from performance of account analysis, general account services, and other deposit account services. These fees are recognized as the related services are provided. Success fees are one-time fees detailed as part of certain loan agreements and are earned immediately upon occurrence of a triggering event. Card income includes fees earned from customer use of debit and credit cards, interchange income from merchants, and international charges. Card income is generally within the scope of ASC 310, Receivables; however, certain processing transactions for merchants, such as interchange fees, are within the scope of ASC 606. The Company generally receives payment for its services during the period or at the time services are provided and, therefore, does not have material contract asset or liability balances at period end. Legal settlement service fees relate to payment services provided for the distribution of funds from legal settlements and are recognized upon transfer of funds to a claimant. See "Note 24. Revenue from Contracts with Customers" of these Notes to Consolidated Financial Statements for further details related to the nature and timing of revenue recognition for non-interest income revenue streams within the scope of this standard.
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimated Lives | Depreciation and amortization are computed using the following estimated lives:
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Investment Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Amounts and Fair Values of Investment Securities | The carrying amounts and fair values of investment securities at December 31, 2023 and 2022 are summarized as follows:
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| AFS Debt Securities in an Unrealized Loss Position | The following tables summarize the Company's AFS debt securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position:
(1)Includes securities with an ACL that have a fair value of $54 million and unrealized losses of $8 million.
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| Rollforward by Major Security Type of the ACL | The following table presents a rollforward by major security type of the ACL on the Company's AFS debt securities:
There were no credit losses recognized on AFS securities during the year ended December 31, 2022. The credit loss model under ASC 326-20, applicable to HTM debt securities, requires recognition of lifetime expected credit losses through an allowance account at the time the security is purchased. The following table presents a rollforward by major security type of the ACL on the Company's HTM debt securities:
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| Investment Securities by Credit Rating Type | The following tables summarize the carrying amount of the Company’s investment ratings position as of December 31, 2023 and 2022, which are updated quarterly and used to monitor the credit quality of the Company's securities:
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.
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| Amortized Cost and Fair Value of the Company's Debt Securities | The amortized cost and fair value of the Company's debt securities as of December 31, 2023, by contractual maturities, are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities. Therefore, these securities are listed separately in the maturity summary.
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| Gross Gains and (Losses) on Sales of Investment Securities | The following table presents gross gains and losses on sales of investment securities:
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Loans Held For Sale (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Loans | The following is a summary of loans HFS by type:
(1) EBO loans are delinquent FHA, VA, or USDA loans purchased from GNMA pools under the terms of the GNMA MBS program that can be repooled when loans are brought current either through the borrower's reperformance or through completion of a loan modification. The following is a summary of the net gain on loan purchase, origination, and sale activities on residential mortgage loans to be sold or securitized:
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Loans, Leases and Allowance for Credit Losses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Held for Investment Loan Portfolio Composition of Loans, Leases and Allowance for Credit Losses | The composition of the Company's HFI loan portfolio is as follows:
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| Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 Days Still Accruing Interest by Loan Class | The following tables present nonperforming loan balances by loan portfolio segment:
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| Contractual Aging of Loan Portfolio by Class of Loans Including Loans Held for Sale and Excluding Deferred Fees/Costs | The following table presents an aging analysis of past due loans by loan portfolio segment:
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| Loans by Risk Rating | The following tables present risk ratings by loan portfolio segment and origination year. The origination year is the year of origination or renewal.
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| Loans Modified During Period | The following table presents the amortized cost basis of loans HFI that were modified during the year ended December 31, 2023 by loan portfolio segment:
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| Impaired Loans by Loan Class | The following table presents TDR loans by loan portfolio segment:
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| Average Investment in Impaired Loans by Loan Class |
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| Allowances for Credit Losses | The below tables reflect the activity in the ACL on loans HFI by loan portfolio segment, which includes an estimate of future recoveries:
The below table reflects the activity in the ACL on unfunded loan commitments:
The following tables disaggregate the Company's ACL on funded loans HFI and loan balances by measurement methodology:
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Mortgage Servicing Rights (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Servicing Assets at Fair Value | The following table presents the changes in fair value of the Company's MSR portfolio related to its mortgage banking business and other information related to its servicing portfolio:
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| Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | The following table presents the effect of hypothetical changes in the fair value of MSRs caused by assumed immediate changes in interest rates, discount rates, and prepayment speeds that are used to determine fair value:
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Premises and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Estimated Lives | Depreciation and amortization are computed using the following estimated lives:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Lease Liabilities by Contractual Maturity | The following is a schedule of the Company's operating lease liabilities by contractual maturity as of December 31, 2023:
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| Supplemental Cash Flow Information | The below table shows the supplemental cash flow information related to the Company's operating leases:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Goodwill by Reporting Unit | Below is a summary of the Company's goodwill by reporting unit:
(1) This reporting unit offers a standard suite of commercial banking products and services through its traditional branch network, working together with the Company's national platform to provide specialized financial services, and is included within the Company's Commercial reportable segment. (2) This reporting unit offers mortgage lending products and services and is included within the Company's Consumer Related reportable segment. (3) This reporting unit provides specialized banking services to law firms and claims administrators, including settlement payment solutions, and is included within the Company's Consumer Related reportable segment.
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| Summary of Acquired Intangible Assets | The following is a summary of the Company's acquired intangible assets:
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| Summary of Future Estimated Amortization Expenses | Below is a summary of future estimated aggregate amortization expense as of December 31, 2023:
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Deposits (Tables) |
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| Deposit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits by Type | The table below summarizes deposits by type:
(1) Retail brokered time deposits over $250,000 of $5.8 billion and $2.7 billion as of December 31, 2023 and 2022, respectively, are included within Other time deposits as these deposits are generally participated out by brokers in shares below the FDIC insurance limit.
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| Summary of Contractual Maturities for all Time Deposits | The summary of the contractual maturities for all time deposits as of December 31, 2023 is as follows:
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Other Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Company's Borrowings | The following table summarizes the Company’s borrowings by type:
The Company's outstanding credit linked note issuances are detailed in the tables below:
(1) There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 11.00% (or, a weighted average spread of 7.80%) on a reference pool balance of $1.8 billion and $1.9 billion as of December 31, 2023 and 2022, respectively. (2) There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 15.00% (or, a weighted average spread of 6.00%) on a reference pool balance of $3.6 billion and $3.8 billion as of December 31, 2023 and 2022, respectively. (3) These notes had a reference pool balance of $1.6 billion as of December 31, 2022. (4) There are six classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 3.15% to 8.50% (or, a weighted average spread of 4.67%) on a reference pool balance of $3.8 billion and $4.0 billion as of December 31, 2023 and 2022, respectively. (5) These notes had a reference pool balance of $689 million as of December 31, 2022. Subordinated Debt The Company's subordinated debt issuances are detailed in the tables below:
(1) Notes are redeemable, in whole or in part, beginning on June 15, 2026 at their principal amount plus accrued and unpaid interest and has a fixed interest rate of 3.00%. The notes also convert to a variable rate of three-month SOFR plus 225 basis points on this date. (2) Debt is redeemable, in whole or in part, on or after June 1, 2025 at its principal amount plus accrued and unpaid interest and has a fixed interest rate of 5.25% through June 1, 2025 and then converts to a variable rate per annum equal to three-month SOFR plus 512 basis points.
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Qualifying Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Company's Borrowings | The following table summarizes the Company’s borrowings by type:
The Company's outstanding credit linked note issuances are detailed in the tables below:
(1) There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 11.00% (or, a weighted average spread of 7.80%) on a reference pool balance of $1.8 billion and $1.9 billion as of December 31, 2023 and 2022, respectively. (2) There are multiple classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 2.25% to 15.00% (or, a weighted average spread of 6.00%) on a reference pool balance of $3.6 billion and $3.8 billion as of December 31, 2023 and 2022, respectively. (3) These notes had a reference pool balance of $1.6 billion as of December 31, 2022. (4) There are six classes of these notes, each with an interest rate of SOFR plus a spread that ranges from 3.15% to 8.50% (or, a weighted average spread of 4.67%) on a reference pool balance of $3.8 billion and $4.0 billion as of December 31, 2023 and 2022, respectively. (5) These notes had a reference pool balance of $689 million as of December 31, 2022. Subordinated Debt The Company's subordinated debt issuances are detailed in the tables below:
(1) Notes are redeemable, in whole or in part, beginning on June 15, 2026 at their principal amount plus accrued and unpaid interest and has a fixed interest rate of 3.00%. The notes also convert to a variable rate of three-month SOFR plus 225 basis points on this date. (2) Debt is redeemable, in whole or in part, on or after June 1, 2025 at its principal amount plus accrued and unpaid interest and has a fixed interest rate of 5.25% through June 1, 2025 and then converts to a variable rate per annum equal to three-month SOFR plus 512 basis points.
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Status of Unvested Shares of Restricted Stock and Changes During the Years | A summary of the status of the Company’s unvested shares of restricted stock and changes during the years then ended is presented below:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax:
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| Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | The following table presents reclassifications out of AOCI:
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Derivatives and Hedging Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Assets at Fair Value | As of December 31, 2023 and 2022, the following amounts are reflected on the Consolidated Balance Sheet related to cumulative basis adjustments for outstanding fair value hedges:
(1) Included in the carrying value of the hedged assets/(liabilities). (2) As of December 31, 2023, included portfolio layer method derivative instruments with $3.5 billion designated as the hedged amount (from a closed portfolio of prepayable fixed rate loans with a carrying value of $6.7 billion). The cumulative basis adjustment included in the carrying value of these hedged items totaled $19 million.
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| Derivative Gain (Loss) | For loans, the gain or loss on the hedged item is included in interest income, as shown in the table below.
The following table summarizes the net gain (loss) on derivatives included in income:
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| Schedule of Derivative Instruments in Statement of Financial Position | The following table summarizes the fair value of the Company's derivative instruments on a gross basis as of December 31, 2023, 2022, and 2021. The change in the notional amounts of these derivatives from December 31, 2021 to December 31, 2023 indicates the volume of the Company's derivative transaction activity during these periods. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow the Company to settle all derivative contracts with the same counterparty on a net basis and to offset the net derivative position with the related cash collateral. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, the Company does not adjust those derivative amounts with counterparties.
(1)Relate to economic hedging arrangements. (2)The Company enters into futures purchase and sales contracts that are subject to daily remargining and almost all of which are based on three-month SOFR to hedge against its MSR valuation exposure. The notional amount on these contracts is substantial as these contracts have a short duration and are intended to cover the longer duration of MSR hedges. (3)The notional amounts previously reported for December 31, 2022 and 2021 have been adjusted to account for the impact of offsetting contracts. To close a futures contract prior to settlement, the Company purchases an offsetting future with the same terms as the original contract and these contracts no longer require settlement. The fair value of derivative contracts, after taking into account the effects of master netting agreements, is included in Other assets or Other liabilities on the Consolidated Balance Sheet, as summarized in the table below:
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Earnings per Share (Tables) |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted EPS:
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Income Taxes Provision (Tables) |
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| Income Tax Expense Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for Income Tax Expense | The provision for income tax expense consists of the following components:
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| Effective Tax Rate Reconciliation | The following table presents a reconciliation between the statutory federal income tax rate and the Company’s effective tax rate:
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| Cumulative Tax Effects of Temporary Differences | The cumulative tax effects of the temporary differences are shown in the following table:
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| Gross Activity of Unrecognized Tax Benefits | The total gross activity of unrecognized tax benefits related to the Company's uncertain tax positions are shown in the following table:
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Commitments and Contingencies (Tables) |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Contractual Amounts for Unfunded Commitments and Letters of Credit | A summary of the contractual amounts for unfunded commitments and letters of credit are as follows:
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| Contractual Commitments for Lines and Letters of Credit by Maturity | The following table represents the contractual commitments for lines and letters of credit by maturity at December 31, 2023:
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Fair Value Accounting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations | The following table presents unrealized gains and losses from fair value changes on junior subordinated debt:
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| Fair Value of Assets and Liabilities | The fair value of assets and liabilities measured at fair value on a recurring basis was determined using the following inputs:
(1)See "Note 14. Derivatives and Hedging Activities." In addition, the carrying value of loans is increased by $6 million as of December 31, 2023 for the effective portion of the hedge, which relates to the fair value of the hedges put in place to mitigate against fluctuations in interest rates. Derivative assets and liabilities exclude margin of $202 million and $(9) million, respectively. (2)Includes only the portion of loans HFS that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. (3)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.
(1)See "Note 14. Derivatives and Hedging Activities." In addition, the carrying value of loans is increased by $17 million as of December 31, 2022 for the effective portion of the hedge, which relates to the fair value of the hedges put in place to mitigate against fluctuations in interest rates. Derivative assets and liabilities exclude margin of $4 million and $1 million, respectively. (2)Includes only the portion of loans HFS that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. (3)Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment.
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| Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis | The change in Level 3 liabilities measured at fair value on a recurring basis included in OCI was as follows:
(1)Unrealized (losses) gains attributable to changes in the fair value of junior subordinated debt are recorded in OCI, net of tax, and totaled $(0.2) million, $3.7 million, and $(1.2) million for the years ended December 31, 2023, 2022, and 2021, respectively. The significant unobservable inputs used in the fair value measurements of these Level 3 liabilities were as follows:
The change in Level 3 assets and liabilities measured at fair value on a recurring basis included in income was as follows:
(1) IRLC asset and liability positions are presented net. (2) Amounts recognized as part of non-interest income. The significant unobservable inputs used in the fair value measurements of these Level 3 assets and liabilities were as follows:
For Level 3 assets measured at fair value on a nonrecurring basis as of period end, the significant unobservable inputs used in the fair value measurements were as follows:
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| Assets Measured at Fair Value on Nonrecurring Basis | The following table presents such assets carried on the Consolidated Balance Sheet by caption and by level within the ASC 825 hierarchy:
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| Estimated Fair Value of Financial Instruments | The following is a summary of the difference between the aggregate fair value and the aggregate UPB of loans HFS for which the FVO has been elected:
The estimated fair value of the Company’s financial instruments is as follows:
(1) Derivative assets and liabilities exclude margin of $202 million and $(9) million, respectively.
(1) Derivative assets and liabilities exclude margin of $4 million and $1 million, respectively.
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Regulatory Capital Requirements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Banking and Thrift, Other Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Actual Capital Amount and Ratio | The actual capital amounts and ratios for the Company and the Bank are presented in the following tables:
|
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Related Party Transactions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions [Table Text Block] | The following table summarizes the aggregate activity for such loans:
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Parent Company Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parent Company Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Balance Sheet | WESTERN ALLIANCE BANCORPORATION Condensed Balance Sheets
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| Schedule Of Condensed Income Statement And Comprehensive Income Table | Condensed Income Statements
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| Condensed Cash Flow Statement | Condensed Statements of Cash Flows
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Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Segment Information | The following is a summary of reportable segment balance sheet information:
The following is a summary of reportable segment income statement information:
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Mergers, Acquisitions and Dispositions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The fair value amounts of identifiable assets acquired and liabilities assumed in the DST acquisition are as follows:
|
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| Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class | In connection with the acquisition, the Company acquired identifiable intangible assets totaling $20.1 million, as detailed in the table below:
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| Pro Forma Information | The following table presents pro forma information as if the AmeriHome acquisition was completed on January 1, 2020. The pro forma information includes adjustments for interest income and interest expense on existing loan agreements between WAL and AmeriHome prior to acquisition, the impact of MSR sales contemplated in connection with the acquisition, amortization of intangible assets arising from the acquisition, recognition of stock compensation expense for awards issued to certain AmeriHome executives, transaction costs, and related income tax effects. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
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Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Sep. 22, 2021
$ / shares
shares
|
Dec. 31, 2023
USD ($)
Subsidiary
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
May 14, 2021 |
|
| Significant Of Accounting Policies [Line Items] | ||||
| Unconsolidated subsidiaries | Subsidiary | 8 | |||
| Face amount of underlying life insurance policies | $ | $ 452.0 | $ 456.0 | ||
| Total commitment of accruing loans, threshold for evaluation | $ | $ 1.0 | |||
| Preferred stock, shares outstanding (shares) | shares | 12,000,000 | 12,000,000 | ||
| Ownership interest (dollars per share) | 0.25% | |||
| Dividend rate | 4.25% | 4.25% | ||
| Preferred stock, par value (dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
| Preferred stock, liquidation value (dollars per share) | 25 | 25 | $ 25 | |
| Distribution maximum percentage | 2.00% | |||
| Series A Preferred Stock | ||||
| Significant Of Accounting Policies [Line Items] | ||||
| Preferred stock, liquidation value (dollars per share) | $ 10,000 | $ 10,000 | ||
| Preferred Stock | ||||
| Significant Of Accounting Policies [Line Items] | ||||
| Preferred stock, shares outstanding (shares) | shares | 12,000,000 | 12,000,000 | ||
| Minimum | ||||
| Significant Of Accounting Policies [Line Items] | ||||
| Useful life | 5 years | |||
| Maximum | ||||
| Significant Of Accounting Policies [Line Items] | ||||
| Useful life | 40 years |
Summary of Significant Accounting Policies - Schedule of Estimated Lives (Details) |
Dec. 31, 2023 |
|---|---|
| Bank premises | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 31 years |
| Furniture, fixtures, and equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 3 years |
| Furniture, fixtures, and equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 10 years |
| Leasehold improvements | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 3 years |
| Leasehold improvements | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 10 years |
| Software | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 1 year |
| Software | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Useful life | 8 years |
Investment Securities - Carrying Amounts and Fair Values of Investment Securities (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized cost, HTM | $ 1,429 | $ 1,289 |
| Amortized cost, AFS | 11,849 | 7,973 |
| Gross unrealized gains, HTM | 1 | 0 |
| Gross unrealized (losses), HTM | (179) | (177) |
| Investment securities - HTM Fair value | 1,251 | 1,112 |
| Gross unrealized gains, AFS | 18 | 9 |
| Grossed unrealized (losses), AFS | (702) | (890) |
| Fair value | 11,165 | 7,092 |
| U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized cost, AFS | 4,853 | |
| Gross unrealized gains, AFS | 1 | |
| Grossed unrealized (losses), AFS | (1) | |
| Fair value | 4,853 | |
| Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized cost, AFS | 2,328 | 2,123 |
| Gross unrealized gains, AFS | 3 | 0 |
| Grossed unrealized (losses), AFS | (359) | (383) |
| Fair value | 1,972 | 1,740 |
| CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized cost, AFS | 1,407 | 2,796 |
| Gross unrealized gains, AFS | 1 | 0 |
| Grossed unrealized (losses), AFS | (9) | (90) |
| Fair value | 1,399 | 2,706 |
| Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized cost, HTM | 186 | 198 |
| Amortized cost, AFS | 1,320 | 1,442 |
| Gross unrealized gains, HTM | 0 | 0 |
| Gross unrealized (losses), HTM | (39) | (39) |
| Investment securities - HTM Fair value | 147 | 159 |
| Gross unrealized gains, AFS | 1 | 0 |
| Grossed unrealized (losses), AFS | (204) | (243) |
| Fair value | 1,117 | 1,199 |
| Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized cost, HTM | 1,243 | 1,091 |
| Amortized cost, AFS | 925 | 1,004 |
| Gross unrealized gains, HTM | 1 | 0 |
| Gross unrealized (losses), HTM | (140) | (138) |
| Investment securities - HTM Fair value | 1,104 | 953 |
| Gross unrealized gains, AFS | 0 | 2 |
| Grossed unrealized (losses), AFS | (67) | (115) |
| Fair value | 858 | 891 |
| Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized cost, AFS | 531 | 104 |
| Gross unrealized gains, AFS | 8 | 1 |
| Grossed unrealized (losses), AFS | (9) | (8) |
| Fair value | 530 | 97 |
| Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized cost, AFS | 411 | 429 |
| Gross unrealized gains, AFS | 0 | 0 |
| Grossed unrealized (losses), AFS | (44) | (39) |
| Fair value | 367 | 390 |
| Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Amortized cost, AFS | 74 | 75 |
| Gross unrealized gains, AFS | 4 | 6 |
| Grossed unrealized (losses), AFS | (9) | (12) |
| Fair value | $ 69 | $ 69 |
Investment Securities - Additional Information (Detail) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
positions
|
Dec. 31, 2022
USD ($)
positions
|
Dec. 31, 2021
USD ($)
|
|
| Schedule of Held-to-Maturity Securities [Line Items] | |||
| Investment securities - equity | $ 126.0 | $ 160.0 | |
| Fair value loss adjustments, net | (1.3) | (22.3) | |
| Fair value | $ 11,165.0 | $ 7,092.0 | |
| Securities in unrealized loss position | positions | 708 | 832 | |
| Provision for credit losses recognized | $ 18.5 | $ 0.0 | |
| Recognition of charge-off | 17.1 | ||
| Accrued interest receivable | 5.0 | 4.0 | |
| Carrying value of securities sold | 1,600.0 | 170.0 | $ 161.0 |
| Recognized net gains | (40.4) | 7.4 | $ 8.4 |
| Asset Pledged as Collateral | |||
| Schedule of Held-to-Maturity Securities [Line Items] | |||
| Fair value | $ 7,700.0 | $ 1,700.0 | |
Investment Securities - Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, Less Than Twelve Months | $ 7 | $ 319 |
| Fair Value, Less Than Twelve Months | 2,449 | 4,433 |
| Gross Unrealized Losses, More Than Twelve Months | 695 | 571 |
| Fair Value, More Than Twelve Months | 4,655 | 2,467 |
| Gross Unrealized Losses, AFS | 702 | 890 |
| Fair Value, AFS | 7,104 | 6,900 |
| Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, Less Than Twelve Months | 3 | 93 |
| Fair Value, Less Than Twelve Months | 67 | 752 |
| Gross Unrealized Losses, More Than Twelve Months | 64 | 22 |
| Fair Value, More Than Twelve Months | 773 | 78 |
| Gross Unrealized Losses, AFS | 67 | 115 |
| Fair Value, AFS | 840 | 830 |
| Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, Less Than Twelve Months | 0 | 28 |
| Fair Value, Less Than Twelve Months | 0 | 263 |
| Gross Unrealized Losses, More Than Twelve Months | 44 | 11 |
| Fair Value, More Than Twelve Months | 359 | 120 |
| Gross Unrealized Losses, AFS | 44 | 39 |
| Fair Value, AFS | 359 | 383 |
| Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, Less Than Twelve Months | 3 | 82 |
| Fair Value, Less Than Twelve Months | 174 | 600 |
| Gross Unrealized Losses, More Than Twelve Months | 356 | 301 |
| Fair Value, More Than Twelve Months | 1,551 | 1,101 |
| Gross Unrealized Losses, AFS | 359 | 383 |
| Fair Value, AFS | 1,725 | 1,701 |
| Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, Less Than Twelve Months | 0 | 27 |
| Fair Value, Less Than Twelve Months | 0 | 279 |
| Gross Unrealized Losses, More Than Twelve Months | 204 | 216 |
| Fair Value, More Than Twelve Months | 1,020 | 912 |
| Gross Unrealized Losses, AFS | 204 | 243 |
| Fair Value, AFS | 1,020 | 1,191 |
| Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, Less Than Twelve Months | 0 | 4 |
| Fair Value, Less Than Twelve Months | 0 | 46 |
| Gross Unrealized Losses, More Than Twelve Months | 9 | 4 |
| Fair Value, More Than Twelve Months | 53 | 14 |
| Gross Unrealized Losses, AFS | 9 | 8 |
| Fair Value, AFS | 53 | 60 |
| U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, Less Than Twelve Months | 1 | |
| Fair Value, Less Than Twelve Months | 2,208 | |
| Gross Unrealized Losses, More Than Twelve Months | 0 | |
| Fair Value, More Than Twelve Months | 0 | |
| Gross Unrealized Losses, AFS | 1 | |
| Fair Value, AFS | 2,208 | |
| CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, Less Than Twelve Months | 0 | 81 |
| Fair Value, Less Than Twelve Months | 0 | 2,467 |
| Gross Unrealized Losses, More Than Twelve Months | 9 | 9 |
| Fair Value, More Than Twelve Months | 845 | 216 |
| Gross Unrealized Losses, AFS | 9 | 90 |
| Fair Value, AFS | 845 | 2,683 |
| Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, Less Than Twelve Months | 0 | 4 |
| Fair Value, Less Than Twelve Months | 0 | 26 |
| Gross Unrealized Losses, More Than Twelve Months | 9 | 8 |
| Fair Value, More Than Twelve Months | 54 | 26 |
| Gross Unrealized Losses, AFS | 9 | 12 |
| Fair Value, AFS | 54 | $ 52 |
| Corporate Bond Securities, With ACL | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Gross Unrealized Losses, AFS | 8 | |
| Fair Value, AFS | $ 54 |
Investment Securities - Allowance for Credit Losses, Available-for-Sale (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | $ 0.0 | |
| Provision for credit losses recognized | 18.5 | $ 0.0 |
| Charge-offs | (17.1) | |
| Recoveries | 0.0 | |
| Ending balance | $ 1.4 | $ 0.0 |
Investment Securities - Allowance for Credit Losses, Held-to-Maturity (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | $ 5.2 | $ 5.2 |
| Debt Securities, Held-to-Maturity, Excluding Accrued Interest, Credit Loss Expense (Reversal) | 2.6 | 0.0 |
| Charge-offs | 0.0 | 0.0 |
| Recoveries | 0.0 | 0.0 |
| Ending balance | $ 7.8 | $ 5.2 |
Investment Securities - Investment Securities by Credit Rating Type (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | $ 1,429 | $ 1,289 |
| Fair value | 11,165 | 7,092 |
| Investment securities - equity | 126 | 160 |
| U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 4,853 | |
| Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 1,972 | 1,740 |
| CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 1,399 | 2,706 |
| Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 186 | 198 |
| Fair value | 1,117 | 1,199 |
| Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 1,243 | 1,091 |
| Fair value | 858 | 891 |
| Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 530 | 97 |
| Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 367 | 390 |
| Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 69 | 69 |
| Preferred Stock | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 100 | 108 |
| CRA investments | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 26 | 49 |
| Common Stock, $0.0001 Par Value | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 3 | |
| AAA | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 1,178 | 1,479 |
| Investment securities - equity | 0 | 0 |
| AAA | U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | |
| AAA | Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| AAA | CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 79 | 310 |
| AAA | Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 1,090 | 1,158 |
| AAA | Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 9 | 11 |
| AAA | Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| AAA | Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| AAA | Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| AAA | Preferred Stock | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | 0 |
| AAA | CRA investments | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | 0 |
| AAA | Common Stock, $0.0001 Par Value | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | |
| Split-rated AAA/AA+ | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 7,371 | 1,852 |
| Investment securities - equity | 26 | 24 |
| Split-rated AAA/AA+ | U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 4,853 | |
| Split-rated AAA/AA+ | Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 1,972 | 1,740 |
| Split-rated AAA/AA+ | CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| Split-rated AAA/AA+ | Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 0 | 0 |
| Split-rated AAA/AA+ | Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 16 | 15 |
| Split-rated AAA/AA+ | Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 530 | 97 |
| Split-rated AAA/AA+ | Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| Split-rated AAA/AA+ | Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| Split-rated AAA/AA+ | Preferred Stock | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | 0 |
| Split-rated AAA/AA+ | CRA investments | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 26 | 24 |
| Split-rated AAA/AA+ | Common Stock, $0.0001 Par Value | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | |
| AA+ to AA- | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 1,661 | 2,563 |
| Investment securities - equity | 0 | 0 |
| AA+ to AA- | U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | |
| AA+ to AA- | Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| AA+ to AA- | CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 1,265 | 2,121 |
| AA+ to AA- | Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 26 | 41 |
| AA+ to AA- | Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 361 | 392 |
| AA+ to AA- | Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| AA+ to AA- | Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| AA+ to AA- | Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 9 | 9 |
| AA+ to AA- | Preferred Stock | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | 0 |
| AA+ to AA- | CRA investments | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | 0 |
| AA+ to AA- | Common Stock, $0.0001 Par Value | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | |
| A+ to A- | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 528 | 783 |
| Investment securities - equity | 0 | 0 |
| A+ to A- | U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | |
| A+ to A- | Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| A+ to A- | CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 55 | 275 |
| A+ to A- | Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 0 | 0 |
| A+ to A- | Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 386 | 425 |
| A+ to A- | Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| A+ to A- | Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 76 | 74 |
| A+ to A- | Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 11 | 9 |
| A+ to A- | Preferred Stock | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | 0 |
| A+ to A- | CRA investments | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | 0 |
| A+ to A- | Common Stock, $0.0001 Par Value | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | |
| BBB+ to BBB- | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 239 | 343 |
| Investment securities - equity | 54 | 82 |
| BBB+ to BBB- | U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | |
| BBB+ to BBB- | Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| BBB+ to BBB- | CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| BBB+ to BBB- | Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 0 | 0 |
| BBB+ to BBB- | Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 0 | 0 |
| BBB+ to BBB- | Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| BBB+ to BBB- | Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 211 | 316 |
| BBB+ to BBB- | Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 28 | 27 |
| BBB+ to BBB- | Preferred Stock | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 54 | 82 |
| BBB+ to BBB- | CRA investments | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | 0 |
| BBB+ to BBB- | Common Stock, $0.0001 Par Value | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | |
| BB+ and below | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 85 | 6 |
| Investment securities - equity | 35 | 17 |
| BB+ and below | U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | |
| BB+ and below | Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| BB+ and below | CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| BB+ and below | Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 1 | 0 |
| BB+ and below | Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 0 | 0 |
| Fair value | 0 | 0 |
| BB+ and below | Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| BB+ and below | Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 80 | 0 |
| BB+ and below | Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 4 | 6 |
| BB+ and below | Preferred Stock | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 35 | 17 |
| BB+ and below | CRA investments | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | 0 |
| BB+ and below | Common Stock, $0.0001 Par Value | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 0 | |
| Unrated | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 1,429 | 1,289 |
| Fair value | 103 | 66 |
| Investment securities - equity | 11 | 37 |
| Unrated | U.S. Treasury securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | |
| Unrated | Residential MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| Unrated | CLO | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| Unrated | Private label residential MBS | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 186 | 198 |
| Fair value | 0 | 0 |
| Unrated | Tax-exempt | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - amortized cost | 1,243 | 1,091 |
| Fair value | 86 | 48 |
| Unrated | Commercial MBS issued by GSEs | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| Unrated | Corporate debt securities | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 0 | 0 |
| Unrated | Other | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Fair value | 17 | 18 |
| Unrated | Preferred Stock | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | 11 | 9 |
| Unrated | CRA investments | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | $ 0 | 25 |
| Unrated | Common Stock, $0.0001 Par Value | ||
| Debt Securities, Available-for-sale [Line Items] | ||
| Investment securities - equity | $ 3 |
Investment Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturities (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Amortized Cost | ||
| Securities held to maturity, Due in one year or less, Amortized Cost | $ 17 | |
| Securities held to maturity, After one year through five years, Amortized Cost | 20 | |
| Securities held to maturity, After five years through ten years, Amortized Cost | 86 | |
| Securities held to maturity, After ten years, Amortized Cost | 1,120 | |
| Securities held to maturity, Mortgage backed securities, Amortized Cost | 186 | |
| Amortized cost, HTM | 1,429 | $ 1,289 |
| Estimated Fair Value | ||
| Securities held to maturity, Due in one year or less, Estimated Fair Value | 17 | |
| Securities held to maturity, Due after one year through five years, Estimated Fair Value | 20 | |
| Securities held to maturity, Due after five years through ten years, Estimated Fair Value | 76 | |
| Securities held to maturity, After ten years, Estimated Fair Value | 991 | |
| Securities held to maturity, Mortgage-backed securities, Estimated Fair Value | 147 | |
| Investment securities - HTM, fair value | 1,251 | 1,112 |
| Amortized Cost | ||
| Securities available for sale, Due in one year or less, Amortized Cost | 4,099 | |
| Securities available for sale, After one year through five years, Amortized Cost | 921 | |
| Securities available for sale, After five years through ten years, Amortized Cost | 556 | |
| Securities available for sale, After ten years, Amortized Cost | 2,094 | |
| Securities available for sale, Mortgage backed securities, Amortized Cost | 4,179 | |
| Securities available for sale Total, Amortized Cost | 11,849 | |
| Estimated Fair Value | ||
| Securities available for sale, Due in one year or less, Estimated Fair Value | 4,099 | |
| Securities available for sale, After one year through five years, Estimated Fair Value | 912 | |
| Securities available for sale, After five years through ten years, Estimated Fair Value | 518 | |
| Securities available for sale, After ten years, Estimated Fair Value | 2,017 | |
| Securities available for sale, Mortgage backed securities, Estimated Fair Value | 3,619 | |
| Securities available for sale Total, Estimated Fair Value | $ 11,165 | $ 7,092 |
Investment Securities - Gross Gains and (Losses) on Sales of Investments (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Investment securities - AFS | |||
| Gross gains | $ 4.0 | $ 7.6 | $ 8.4 |
| Gross losses | (44.4) | (0.2) | 0.0 |
| Net gains (losses) on AFS securities | (40.4) | 7.4 | 8.4 |
| Equity securities | |||
| Gross gains | 0.0 | 0.0 | 0.1 |
| Gross losses | (0.4) | (0.5) | (0.2) |
| Net losses on equity securities | $ (0.4) | $ (0.5) | $ (0.1) |
Loans Held For Sale - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
[1] | |||||
| Receivables [Abstract] | |||||||||
| Transfer of loans HFI to HFS, net of fair value loss adjustment | $ 5,900.0 | $ 6,646.8 | [1] | $ 0.0 | [1] | $ 0.0 | |||
| Loan dispositions | 4,300.0 | ||||||||
| Loans HFS | $ 1,402.0 | $ 1,184.0 | |||||||
| |||||||||
Loans Held For Sale - Summary of Loans HFS by Type (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Loans HFS | $ 1,402 | $ 1,184 |
| Total government-insured or guaranteed | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Loans HFS | 500 | 591 |
| EBO | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Loans HFS | 2 | 0 |
| Non-EBO | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Loans HFS | 498 | 591 |
| Agency-conforming | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Loans HFS | 899 | 593 |
| Non-agency | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Loans HFS | $ 3 | $ 0 |
Loans Held For Sale - Summary of Net Gain on Loan Purchase, Origination and Sale Activities on Residential Mortgage Loans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Receivables [Abstract] | |||
| Mortgage servicing rights capitalized upon sale of loans | $ 864.5 | $ 719.7 | |
| Net proceeds from sale of loans | 785.6 | 1,076.6 | |
| Provision for and change in estimate of liability for losses under representations and warranties, net | (5.2) | (1.7) | |
| Change in fair value | 15.0 | (6.8) | |
| Unrealized gain (loss) on derivatives | 18.4 | 5.9 | |
| Realized gain on derivatives | 55.4 | 408.0 | |
| Total change in fair value of derivatives | 37.0 | 402.1 | |
| Net gain on residential mortgage loans HFS | 136.1 | 40.1 | |
| Loan acquisition and origination fees | 57.4 | 63.9 | |
| Net gain on loan origination and sale activities | $ 193.5 | $ 104.0 | $ 326.2 |
Loans, Leases and Allowance for Credit Losses - Schedule of Held for Investment Loan Portfolio Composition of Loans, Leases and Allowance for Credit Losses (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | $ 50,297.0 | $ 51,862.0 | |
| Less: allowance for credit losses | (336.7) | (309.7) | $ (252.5) |
| Net loans held for investment | 49,960.0 | 51,552.0 | |
| Warehouse lending | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 6,618.0 | 5,561.0 | |
| Less: allowance for credit losses | (5.8) | (8.4) | (3.0) |
| Municipal & nonprofit | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 1,554.0 | 1,524.0 | |
| Less: allowance for credit losses | (14.7) | (15.9) | (13.7) |
| Tech & innovation | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 2,808.0 | 2,293.0 | |
| Less: allowance for credit losses | (42.1) | (30.8) | (25.7) |
| Equity fund resources | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 845.0 | 3,717.0 | |
| Less: allowance for credit losses | (1.3) | (6.4) | (9.6) |
| Other commercial and industrial | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 7,452.0 | 7,793.0 | |
| Less: allowance for credit losses | (81.4) | (85.9) | (103.6) |
| CRE - owner occupied | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 1,658.0 | 1,656.0 | |
| Less: allowance for credit losses | (6.0) | (7.1) | (10.6) |
| Hotel franchise finance | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 3,855.0 | 3,807.0 | |
| Less: allowance for credit losses | (33.4) | (46.9) | (41.5) |
| Other CRE - non-owner occupied | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 5,974.0 | 5,457.0 | |
| Less: allowance for credit losses | (96.0) | (47.4) | (16.9) |
| Residential | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 13,287.0 | 13,996.0 | |
| Less: allowance for credit losses | (23.1) | (30.4) | (12.5) |
| Residential - EBO | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 1,223.0 | 1,884.0 | |
| Less: allowance for credit losses | 0.0 | 0.0 | 0.0 |
| Construction and land development | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 4,862.0 | 3,995.0 | |
| Other | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Loans HFI, net of deferred fees and costs | 161.0 | 179.0 | |
| Less: allowance for credit losses | $ (2.5) | $ (3.1) | $ (2.9) |
Loans, Leases and Allowance for Credit Losses - Additional Information (Details) $ in Millions |
9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
SecurityLoan
|
Dec. 31, 2021
USD ($)
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Financing receivable, unamortized loan fees | $ (108.0) | $ (108.0) | $ (141.0) | |
| Financing receivable, unamortized premium | 177.0 | 177.0 | 195.0 | |
| Loans Past Due 90 Days or More and Still Accruing | 441.0 | 441.0 | 582.0 | |
| Interest income associated with loans on nonaccrual status | 12.3 | 4.7 | $ 5.3 | |
| Modified loans on nonaccrual status | 111.0 | 111.0 | ||
| Modified loans current with contractual payments | 95.0 | 95.0 | ||
| Amortized cost basis | 206.0 | 11.0 | ||
| Reserves allocated to customers whose loan terms modified in troubled debt restructurings | 4.0 | |||
| Outstanding commitments | $ 0.0 | |||
| Number of loans | SecurityLoan | 3 | |||
| Recorded Investment | $ 14.0 | |||
| Number of Loans | SecurityLoan | 0 | |||
| Interest Receivable | 281.0 | 281.0 | $ 304.0 | |
| Carrying value of loans transferred | 6,700.0 | |||
| Fair value adjustment for loan transfer from HFI to HFS | 122.5 | |||
| Loan sales | 4,300.0 | |||
| Carrying value of loans sold | 780.0 | |||
| Net gain (loss) on loan sales | (8.4) | |||
| Financing Receivable, Purchase | ||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loan purchases | 1,600.0 | 8,800.0 | ||
| Residential - EBO | ||||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
| Loans Past Due 90 Days or More and Still Accruing | 399.0 | 399.0 | 582.0 | |
| Amortized cost basis | 225.0 | |||
| Interest Receivable | $ 4.0 | $ 4.0 | $ 9.0 | |
Loans, Leases and Allowance for Credit Losses - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 Days Still Accruing Interest by Loan Class (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | $ 151 | $ 20 |
| Nonaccrual with an Allowance for Credit Loss | 122 | 65 |
| Total Nonaccrual | 273 | 85 |
| Loans Past Due 90 Days or More and Still Accruing | 441 | 582 |
| Municipal & nonprofit | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | 0 | 0 |
| Nonaccrual with an Allowance for Credit Loss | 6 | 7 |
| Total Nonaccrual | 6 | 7 |
| Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
| Tech & innovation | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | 23 | 0 |
| Nonaccrual with an Allowance for Credit Loss | 10 | 1 |
| Total Nonaccrual | 33 | 1 |
| Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
| Other commercial and industrial | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | 19 | 1 |
| Nonaccrual with an Allowance for Credit Loss | 34 | 23 |
| Total Nonaccrual | 53 | 24 |
| Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
| CRE - owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | 8 | 10 |
| Nonaccrual with an Allowance for Credit Loss | 1 | 2 |
| Total Nonaccrual | 9 | 12 |
| Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
| Other CRE - non-owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | 82 | 5 |
| Nonaccrual with an Allowance for Credit Loss | 1 | 3 |
| Total Nonaccrual | 83 | 8 |
| Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
| Residential | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | 0 | 0 |
| Nonaccrual with an Allowance for Credit Loss | 70 | 19 |
| Total Nonaccrual | 70 | 19 |
| Loans Past Due 90 Days or More and Still Accruing | 0 | 0 |
| Residential - EBO | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | 0 | 0 |
| Nonaccrual with an Allowance for Credit Loss | 0 | 0 |
| Total Nonaccrual | 0 | 0 |
| Loans Past Due 90 Days or More and Still Accruing | 399 | 582 |
| Hotel franchise finance | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | 0 | |
| Nonaccrual with an Allowance for Credit Loss | 10 | |
| Total Nonaccrual | 10 | |
| Loans Past Due 90 Days or More and Still Accruing | 0 | |
| Construction and land development | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Nonaccrual with No Allowance for Credit Loss | 19 | 4 |
| Nonaccrual with an Allowance for Credit Loss | 0 | 0 |
| Total Nonaccrual | 19 | 4 |
| Loans Past Due 90 Days or More and Still Accruing | $ 42 | $ 0 |
Loans, Leases and Allowance for Credit Losses - Contractual Aging of Loan Portfolio by Segment (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | $ 50,297 | $ 51,862 |
| Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 49,004 | 51,145 |
| Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 641 | 351 |
| Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 652 | 366 |
| Warehouse lending | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 6,618 | 5,561 |
| Warehouse lending | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 6,592 | 5,518 |
| Warehouse lending | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 26 | 43 |
| Warehouse lending | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Municipal & nonprofit | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1,554 | 1,524 |
| Municipal & nonprofit | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1,530 | 1,517 |
| Municipal & nonprofit | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 18 | 0 |
| Municipal & nonprofit | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 6 | 7 |
| Tech & innovation | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 2,808 | 2,293 |
| Tech & innovation | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 2,680 | 2,198 |
| Tech & innovation | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 48 | 81 |
| Tech & innovation | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 80 | 14 |
| Equity fund resources | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 845 | 3,717 |
| Equity fund resources | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 845 | 3,717 |
| Equity fund resources | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Equity fund resources | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Other commercial and industrial | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 7,452 | 7,793 |
| Other commercial and industrial | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 7,267 | 7,703 |
| Other commercial and industrial | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 93 | 47 |
| Other commercial and industrial | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 92 | 43 |
| CRE - owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1,658 | 1,656 |
| CRE - owner occupied | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1,610 | 1,607 |
| CRE - owner occupied | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1 | 1 |
| CRE - owner occupied | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 47 | 48 |
| Hotel franchise finance | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 3,855 | 3,807 |
| Hotel franchise finance | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 3,505 | 3,581 |
| Hotel franchise finance | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 203 | 26 |
| Hotel franchise finance | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 147 | 200 |
| Other CRE - non-owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 5,974 | 5,457 |
| Other CRE - non-owner occupied | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 5,586 | 5,372 |
| Other CRE - non-owner occupied | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 251 | 54 |
| Other CRE - non-owner occupied | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 137 | 31 |
| Residential | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 13,287 | 13,996 |
| Residential | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 13,217 | 13,977 |
| Residential | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Residential | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 70 | 19 |
| Residential - EBO | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1,223 | 1,884 |
| Residential - EBO | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1,223 | 1,884 |
| Residential - EBO | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Residential - EBO | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Construction and land development | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 4,862 | 3,995 |
| Other | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 161 | 179 |
| Other | Pass | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 159 | 178 |
| Other | Special mention | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1 | 1 |
| Other | Classified | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1 | 0 |
| Current | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 49,413 | 50,877 |
| Current | Warehouse lending | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 6,618 | 5,561 |
| Current | Municipal & nonprofit | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1,554 | 1,524 |
| Current | Tech & innovation | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 2,808 | 2,270 |
| Current | Equity fund resources | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 845 | 3,717 |
| Current | Other commercial and industrial | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 7,439 | 7,791 |
| Current | CRE - owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1,627 | 1,656 |
| Current | Hotel franchise finance | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 3,824 | 3,807 |
| Current | Other CRE - non-owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 5,974 | 5,454 |
| Current | Residential | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 13,199 | 13,955 |
| Current | Residential - EBO | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 545 | 969 |
| Current | Construction and land development | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 4,820 | 3,995 |
| Current | Other | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 160 | 178 |
| 30-59 Days Past Due | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 270 | 283 |
| 30-59 Days Past Due | Warehouse lending | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 30-59 Days Past Due | Municipal & nonprofit | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 30-59 Days Past Due | Tech & innovation | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 23 |
| 30-59 Days Past Due | Equity fund resources | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 30-59 Days Past Due | Other commercial and industrial | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 13 | 2 |
| 30-59 Days Past Due | CRE - owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 30-59 Days Past Due | Hotel franchise finance | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 15 | 0 |
| 30-59 Days Past Due | Other CRE - non-owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 3 |
| 30-59 Days Past Due | Residential | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 68 | 37 |
| 30-59 Days Past Due | Residential - EBO | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 173 | 217 |
| 30-59 Days Past Due | Construction and land development | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 30-59 Days Past Due | Other | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 1 | 1 |
| 60-89 Days Past Due | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 173 | 120 |
| 60-89 Days Past Due | Warehouse lending | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 60-89 Days Past Due | Municipal & nonprofit | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 60-89 Days Past Due | Tech & innovation | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 60-89 Days Past Due | Equity fund resources | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 60-89 Days Past Due | Other commercial and industrial | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 60-89 Days Past Due | CRE - owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 31 | 0 |
| 60-89 Days Past Due | Hotel franchise finance | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 16 | 0 |
| 60-89 Days Past Due | Other CRE - non-owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 60-89 Days Past Due | Residential | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 20 | 4 |
| 60-89 Days Past Due | Residential - EBO | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 106 | 116 |
| 60-89 Days Past Due | Construction and land development | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| 60-89 Days Past Due | Other | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 441 | 582 |
| Over 90 days Past Due | Warehouse lending | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | Municipal & nonprofit | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | Tech & innovation | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | Equity fund resources | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | Other commercial and industrial | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | CRE - owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | Hotel franchise finance | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | Other CRE - non-owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | Residential | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Over 90 days Past Due | Residential - EBO | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 399 | 582 |
| Over 90 days Past Due | Construction and land development | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 42 | 0 |
| Over 90 days Past Due | Other | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Total Past Due | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 884 | 985 |
| Total Past Due | Warehouse lending | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Total Past Due | Municipal & nonprofit | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Total Past Due | Tech & innovation | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 23 |
| Total Past Due | Equity fund resources | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 0 |
| Total Past Due | Other commercial and industrial | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 13 | 2 |
| Total Past Due | CRE - owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 31 | 0 |
| Total Past Due | Hotel franchise finance | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 31 | 0 |
| Total Past Due | Other CRE - non-owner occupied | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 0 | 3 |
| Total Past Due | Residential | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 88 | 41 |
| Total Past Due | Residential - EBO | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 678 | 915 |
| Total Past Due | Construction and land development | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | 42 | 0 |
| Total Past Due | Other | ||
| Financing Receivable, Nonaccrual [Line Items] | ||
| Loans HFI, net of deferred fees and costs | $ 1 | $ 1 |
Loans, Leases and Allowance for Credit Losses - Credit Quality Indicators (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | $ 7,504.0 | $ 15,460.0 |
| Year before current fiscal year | 12,438.0 | 15,098.0 |
| Two years before current fiscal year | 11,558.0 | 3,997.0 |
| Three years before current fiscal year | 2,877.0 | 2,319.0 |
| Four years before current fiscal year | 1,568.0 | 1,427.0 |
| Five or more years before current fiscal year | 2,523.0 | 2,216.0 |
| Revolving Loans Amortized Cost Basis | 11,829.0 | 11,345.0 |
| Loans HFI, net of deferred fees and costs | 50,297.0 | 51,862.0 |
| Current fiscal year, writeoff | 2.5 | |
| Year before current fiscal year, writeoff | 4.7 | |
| Two years before current fiscal year, writeoff | 18.9 | |
| Three years before current fiscal year, writeoff | 7.4 | |
| Four years before current fiscal year, writeoff | 0.3 | |
| Five years before current fiscal year, writeoff | 0.5 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.9 | |
| Charge-offs | 35.2 | 9.3 |
| Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 7,139.0 | 15,349.0 |
| Year before current fiscal year | 12,269.0 | 14,914.0 |
| Two years before current fiscal year | 11,225.0 | 3,853.0 |
| Three years before current fiscal year | 2,758.0 | 2,167.0 |
| Four years before current fiscal year | 1,433.0 | 1,363.0 |
| Five or more years before current fiscal year | 2,387.0 | 2,191.0 |
| Revolving Loans Amortized Cost Basis | 11,793.0 | 11,308.0 |
| Loans HFI, net of deferred fees and costs | 49,004.0 | 51,145.0 |
| Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 293.0 | 82.0 |
| Year before current fiscal year | 38.0 | 104.0 |
| Two years before current fiscal year | 95.0 | 127.0 |
| Three years before current fiscal year | 54.0 | 12.0 |
| Four years before current fiscal year | 63.0 | 0.0 |
| Five or more years before current fiscal year | 70.0 | 2.0 |
| Revolving Loans Amortized Cost Basis | 28.0 | 24.0 |
| Loans HFI, net of deferred fees and costs | 641.0 | 351.0 |
| Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 72.0 | 29.0 |
| Year before current fiscal year | 131.0 | 80.0 |
| Two years before current fiscal year | 238.0 | 17.0 |
| Three years before current fiscal year | 65.0 | 140.0 |
| Four years before current fiscal year | 72.0 | 64.0 |
| Five or more years before current fiscal year | 66.0 | 23.0 |
| Revolving Loans Amortized Cost Basis | 8.0 | 13.0 |
| Loans HFI, net of deferred fees and costs | 652.0 | 366.0 |
| Warehouse lending | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 582.0 | 440.0 |
| Year before current fiscal year | 323.0 | 41.0 |
| Two years before current fiscal year | 7.0 | 152.0 |
| Three years before current fiscal year | 289.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 5,417.0 | 4,928.0 |
| Loans HFI, net of deferred fees and costs | 6,618.0 | 5,561.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.0 | |
| Two years before current fiscal year, writeoff | 0.0 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.0 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 0.0 | 0.0 |
| Warehouse lending | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 582.0 | 397.0 |
| Year before current fiscal year | 323.0 | 41.0 |
| Two years before current fiscal year | 7.0 | 152.0 |
| Three years before current fiscal year | 289.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 5,391.0 | 4,928.0 |
| Loans HFI, net of deferred fees and costs | 6,592.0 | 5,518.0 |
| Warehouse lending | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 43.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 26.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 26.0 | 43.0 |
| Warehouse lending | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 0.0 | 0.0 |
| Municipal & nonprofit | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 102.0 | 107.0 |
| Year before current fiscal year | 174.0 | 185.0 |
| Two years before current fiscal year | 176.0 | 187.0 |
| Three years before current fiscal year | 180.0 | 78.0 |
| Four years before current fiscal year | 74.0 | 43.0 |
| Five or more years before current fiscal year | 848.0 | 924.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 1,554.0 | 1,524.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.0 | |
| Two years before current fiscal year, writeoff | 0.0 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.0 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 0.0 | 0.0 |
| Municipal & nonprofit | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 102.0 | 107.0 |
| Year before current fiscal year | 167.0 | 185.0 |
| Two years before current fiscal year | 176.0 | 187.0 |
| Three years before current fiscal year | 169.0 | 78.0 |
| Four years before current fiscal year | 68.0 | 43.0 |
| Five or more years before current fiscal year | 848.0 | 917.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 1,530.0 | 1,517.0 |
| Municipal & nonprofit | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 7.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 11.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 18.0 | 0.0 |
| Municipal & nonprofit | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 6.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 7.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 6.0 | 7.0 |
| Tech & innovation | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 778.0 | 851.0 |
| Year before current fiscal year | 856.0 | 408.0 |
| Two years before current fiscal year | 219.0 | 90.0 |
| Three years before current fiscal year | 27.0 | 66.0 |
| Four years before current fiscal year | 66.0 | 4.0 |
| Five or more years before current fiscal year | 38.0 | 1.0 |
| Revolving Loans Amortized Cost Basis | 824.0 | 873.0 |
| Loans HFI, net of deferred fees and costs | 2,808.0 | 2,293.0 |
| Current fiscal year, writeoff | 1.7 | |
| Year before current fiscal year, writeoff | 1.1 | |
| Two years before current fiscal year, writeoff | 0.6 | |
| Three years before current fiscal year, writeoff | 3.5 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.0 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 6.9 | 0.0 |
| Tech & innovation | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 758.0 | 813.0 |
| Year before current fiscal year | 774.0 | 374.0 |
| Two years before current fiscal year | 206.0 | 87.0 |
| Three years before current fiscal year | 22.0 | 66.0 |
| Four years before current fiscal year | 66.0 | 4.0 |
| Five or more years before current fiscal year | 38.0 | 1.0 |
| Revolving Loans Amortized Cost Basis | 816.0 | 853.0 |
| Loans HFI, net of deferred fees and costs | 2,680.0 | 2,198.0 |
| Tech & innovation | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 5.0 | 36.0 |
| Year before current fiscal year | 30.0 | 22.0 |
| Two years before current fiscal year | 12.0 | 3.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 1.0 | 20.0 |
| Loans HFI, net of deferred fees and costs | 48.0 | 81.0 |
| Tech & innovation | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 15.0 | 2.0 |
| Year before current fiscal year | 52.0 | 12.0 |
| Two years before current fiscal year | 1.0 | 0.0 |
| Three years before current fiscal year | 5.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 7.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 80.0 | 14.0 |
| Equity fund resources | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 154.0 | 1,020.0 |
| Year before current fiscal year | 62.0 | 1,189.0 |
| Two years before current fiscal year | 21.0 | 191.0 |
| Three years before current fiscal year | 3.0 | 16.0 |
| Four years before current fiscal year | 1.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 604.0 | 1,301.0 |
| Loans HFI, net of deferred fees and costs | 845.0 | 3,717.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.0 | |
| Two years before current fiscal year, writeoff | 0.0 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.0 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 0.0 | 0.0 |
| Equity fund resources | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 154.0 | 1,020.0 |
| Year before current fiscal year | 62.0 | 1,189.0 |
| Two years before current fiscal year | 21.0 | 191.0 |
| Three years before current fiscal year | 3.0 | 16.0 |
| Four years before current fiscal year | 1.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 604.0 | 1,301.0 |
| Loans HFI, net of deferred fees and costs | 845.0 | 3,717.0 |
| Equity fund resources | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 0.0 | 0.0 |
| Equity fund resources | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 0.0 | 0.0 |
| Other commercial and industrial | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 1,701.0 | 2,971.0 |
| Year before current fiscal year | 1,480.0 | 1,337.0 |
| Two years before current fiscal year | 619.0 | 272.0 |
| Three years before current fiscal year | 187.0 | 280.0 |
| Four years before current fiscal year | 81.0 | 315.0 |
| Five or more years before current fiscal year | 196.0 | 207.0 |
| Revolving Loans Amortized Cost Basis | 3,188.0 | 2,411.0 |
| Loans HFI, net of deferred fees and costs | 7,452.0 | 7,793.0 |
| Current fiscal year, writeoff | 0.8 | |
| Year before current fiscal year, writeoff | 3.4 | |
| Two years before current fiscal year, writeoff | 13.2 | |
| Three years before current fiscal year, writeoff | 3.9 | |
| Four years before current fiscal year, writeoff | 0.3 | |
| Five years before current fiscal year, writeoff | 0.2 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.9 | |
| Charge-offs | 22.7 | 8.5 |
| Other commercial and industrial | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 1,610.0 | 2,968.0 |
| Year before current fiscal year | 1,454.0 | 1,272.0 |
| Two years before current fiscal year | 559.0 | 262.0 |
| Three years before current fiscal year | 185.0 | 277.0 |
| Four years before current fiscal year | 77.0 | 312.0 |
| Five or more years before current fiscal year | 196.0 | 206.0 |
| Revolving Loans Amortized Cost Basis | 3,186.0 | 2,406.0 |
| Loans HFI, net of deferred fees and costs | 7,267.0 | 7,703.0 |
| Other commercial and industrial | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 90.0 | 0.0 |
| Year before current fiscal year | 1.0 | 44.0 |
| Two years before current fiscal year | 1.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 1.0 | 3.0 |
| Loans HFI, net of deferred fees and costs | 93.0 | 47.0 |
| Other commercial and industrial | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 1.0 | 3.0 |
| Year before current fiscal year | 25.0 | 21.0 |
| Two years before current fiscal year | 59.0 | 10.0 |
| Three years before current fiscal year | 2.0 | 3.0 |
| Four years before current fiscal year | 4.0 | 3.0 |
| Five or more years before current fiscal year | 0.0 | 1.0 |
| Revolving Loans Amortized Cost Basis | 1.0 | 2.0 |
| Loans HFI, net of deferred fees and costs | 92.0 | 43.0 |
| CRE - owner occupied | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 167.0 | 338.0 |
| Year before current fiscal year | 345.0 | 373.0 |
| Two years before current fiscal year | 326.0 | 181.0 |
| Three years before current fiscal year | 164.0 | 158.0 |
| Four years before current fiscal year | 133.0 | 216.0 |
| Five or more years before current fiscal year | 483.0 | 350.0 |
| Revolving Loans Amortized Cost Basis | 40.0 | 40.0 |
| Loans HFI, net of deferred fees and costs | 1,658.0 | 1,656.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.0 | |
| Two years before current fiscal year, writeoff | 0.0 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.0 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 0.0 | 0.0 |
| CRE - owner occupied | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 165.0 | 338.0 |
| Year before current fiscal year | 344.0 | 359.0 |
| Two years before current fiscal year | 322.0 | 174.0 |
| Three years before current fiscal year | 163.0 | 157.0 |
| Four years before current fiscal year | 132.0 | 211.0 |
| Five or more years before current fiscal year | 444.0 | 339.0 |
| Revolving Loans Amortized Cost Basis | 40.0 | 29.0 |
| Loans HFI, net of deferred fees and costs | 1,610.0 | 1,607.0 |
| CRE - owner occupied | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 1.0 | 1.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 1.0 | 1.0 |
| CRE - owner occupied | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 2.0 | 0.0 |
| Year before current fiscal year | 1.0 | 14.0 |
| Two years before current fiscal year | 4.0 | 7.0 |
| Three years before current fiscal year | 1.0 | 1.0 |
| Four years before current fiscal year | 1.0 | 5.0 |
| Five or more years before current fiscal year | 38.0 | 10.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 11.0 |
| Loans HFI, net of deferred fees and costs | 47.0 | 48.0 |
| Hotel franchise finance | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 651.0 | 1,780.0 |
| Year before current fiscal year | 1,543.0 | 746.0 |
| Two years before current fiscal year | 680.0 | 80.0 |
| Three years before current fiscal year | 95.0 | 645.0 |
| Four years before current fiscal year | 497.0 | 335.0 |
| Five or more years before current fiscal year | 257.0 | 103.0 |
| Revolving Loans Amortized Cost Basis | 132.0 | 118.0 |
| Loans HFI, net of deferred fees and costs | 3,855.0 | 3,807.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.0 | |
| Two years before current fiscal year, writeoff | 0.0 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.0 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 0.0 | 0.0 |
| Hotel franchise finance | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 593.0 | 1,762.0 |
| Year before current fiscal year | 1,535.0 | 726.0 |
| Two years before current fiscal year | 566.0 | 54.0 |
| Three years before current fiscal year | 95.0 | 528.0 |
| Four years before current fiscal year | 419.0 | 290.0 |
| Five or more years before current fiscal year | 165.0 | 103.0 |
| Revolving Loans Amortized Cost Basis | 132.0 | 118.0 |
| Loans HFI, net of deferred fees and costs | 3,505.0 | 3,581.0 |
| Hotel franchise finance | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 34.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 66.0 | 26.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 35.0 | 0.0 |
| Five or more years before current fiscal year | 68.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 203.0 | 26.0 |
| Hotel franchise finance | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 24.0 | 18.0 |
| Year before current fiscal year | 8.0 | 20.0 |
| Two years before current fiscal year | 48.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 117.0 |
| Four years before current fiscal year | 43.0 | 45.0 |
| Five or more years before current fiscal year | 24.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 147.0 | 200.0 |
| Other CRE - non-owner occupied | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 2,024.0 | 2,347.0 |
| Year before current fiscal year | 1,784.0 | 1,243.0 |
| Two years before current fiscal year | 863.0 | 870.0 |
| Three years before current fiscal year | 501.0 | 288.0 |
| Four years before current fiscal year | 208.0 | 170.0 |
| Five or more years before current fiscal year | 207.0 | 223.0 |
| Revolving Loans Amortized Cost Basis | 387.0 | 316.0 |
| Loans HFI, net of deferred fees and costs | 5,974.0 | 5,457.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.0 | |
| Two years before current fiscal year, writeoff | 5.1 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.1 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 5.2 | 0.0 |
| Other CRE - non-owner occupied | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 1,832.0 | 2,344.0 |
| Year before current fiscal year | 1,784.0 | 1,201.0 |
| Two years before current fiscal year | 754.0 | 870.0 |
| Three years before current fiscal year | 457.0 | 264.0 |
| Four years before current fiscal year | 166.0 | 160.0 |
| Five or more years before current fiscal year | 206.0 | 218.0 |
| Revolving Loans Amortized Cost Basis | 387.0 | 315.0 |
| Loans HFI, net of deferred fees and costs | 5,586.0 | 5,372.0 |
| Other CRE - non-owner occupied | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 164.0 | 3.0 |
| Year before current fiscal year | 0.0 | 38.0 |
| Two years before current fiscal year | 16.0 | 0.0 |
| Three years before current fiscal year | 43.0 | 12.0 |
| Four years before current fiscal year | 28.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 1.0 |
| Loans HFI, net of deferred fees and costs | 251.0 | 54.0 |
| Other CRE - non-owner occupied | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 28.0 | 0.0 |
| Year before current fiscal year | 0.0 | 4.0 |
| Two years before current fiscal year | 93.0 | 0.0 |
| Three years before current fiscal year | 1.0 | 12.0 |
| Four years before current fiscal year | 14.0 | 10.0 |
| Five or more years before current fiscal year | 1.0 | 5.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 137.0 | 31.0 |
| Residential | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 325.0 | 4,047.0 |
| Year before current fiscal year | 3,603.0 | 8,483.0 |
| Two years before current fiscal year | 8,032.0 | 878.0 |
| Three years before current fiscal year | 824.0 | 311.0 |
| Four years before current fiscal year | 274.0 | 151.0 |
| Five or more years before current fiscal year | 209.0 | 90.0 |
| Revolving Loans Amortized Cost Basis | 20.0 | 36.0 |
| Loans HFI, net of deferred fees and costs | 13,287.0 | 13,996.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.0 | |
| Two years before current fiscal year, writeoff | 0.0 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.0 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 0.0 | 0.0 |
| Residential | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 324.0 | 4,041.0 |
| Year before current fiscal year | 3,577.0 | 8,474.0 |
| Two years before current fiscal year | 7,999.0 | 878.0 |
| Three years before current fiscal year | 820.0 | 308.0 |
| Four years before current fiscal year | 270.0 | 150.0 |
| Five or more years before current fiscal year | 207.0 | 90.0 |
| Revolving Loans Amortized Cost Basis | 20.0 | 36.0 |
| Loans HFI, net of deferred fees and costs | 13,217.0 | 13,977.0 |
| Residential | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 0.0 | 0.0 |
| Residential | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 1.0 | 6.0 |
| Year before current fiscal year | 26.0 | 9.0 |
| Two years before current fiscal year | 33.0 | 0.0 |
| Three years before current fiscal year | 4.0 | 3.0 |
| Four years before current fiscal year | 4.0 | 1.0 |
| Five or more years before current fiscal year | 2.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 70.0 | 19.0 |
| Residential - EBO | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 2.0 | 3.0 |
| Year before current fiscal year | 8.0 | 268.0 |
| Two years before current fiscal year | 227.0 | 712.0 |
| Three years before current fiscal year | 534.0 | 454.0 |
| Four years before current fiscal year | 231.0 | 191.0 |
| Five or more years before current fiscal year | 221.0 | 256.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 1,223.0 | 1,884.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.0 | |
| Two years before current fiscal year, writeoff | 0.0 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.0 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 0.0 | 0.0 |
| Residential - EBO | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 2.0 | 3.0 |
| Year before current fiscal year | 8.0 | 268.0 |
| Two years before current fiscal year | 227.0 | 712.0 |
| Three years before current fiscal year | 534.0 | 454.0 |
| Four years before current fiscal year | 231.0 | 191.0 |
| Five or more years before current fiscal year | 221.0 | 256.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 1,223.0 | 1,884.0 |
| Residential - EBO | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 0.0 | 0.0 |
| Residential - EBO | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 0.0 | 0.0 |
| Construction and land development | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 1,014.0 | 1,533.0 |
| Year before current fiscal year | 2,250.0 | 815.0 |
| Two years before current fiscal year | 385.0 | 371.0 |
| Three years before current fiscal year | 62.0 | 18.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 1,151.0 | 1,258.0 |
| Loans HFI, net of deferred fees and costs | 4,862.0 | 3,995.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.0 | |
| Two years before current fiscal year, writeoff | 0.0 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.0 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 0.0 | |
| Construction and land development | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 1,013.0 | 1,533.0 |
| Year before current fiscal year | 2,231.0 | 815.0 |
| Two years before current fiscal year | 385.0 | 273.0 |
| Three years before current fiscal year | 10.0 | 14.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 1,151.0 | 1,258.0 |
| Loans HFI, net of deferred fees and costs | 4,790.0 | 3,893.0 |
| Construction and land development | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 98.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 0.0 | 98.0 |
| Construction and land development | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 1.0 | 0.0 |
| Year before current fiscal year | 19.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 52.0 | 4.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 0.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 72.0 | 4.0 |
| Other | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 4.0 | 23.0 |
| Year before current fiscal year | 10.0 | 10.0 |
| Two years before current fiscal year | 3.0 | 13.0 |
| Three years before current fiscal year | 11.0 | 5.0 |
| Four years before current fiscal year | 3.0 | 2.0 |
| Five or more years before current fiscal year | 64.0 | 62.0 |
| Revolving Loans Amortized Cost Basis | 66.0 | 64.0 |
| Loans HFI, net of deferred fees and costs | 161.0 | 179.0 |
| Current fiscal year, writeoff | 0.0 | |
| Year before current fiscal year, writeoff | 0.2 | |
| Two years before current fiscal year, writeoff | 0.0 | |
| Three years before current fiscal year, writeoff | 0.0 | |
| Four years before current fiscal year, writeoff | 0.0 | |
| Five years before current fiscal year, writeoff | 0.2 | |
| Revolving Loans Amortized Cost Basis, Writeoff | 0.0 | |
| Charge-offs | 0.4 | 0.3 |
| Other | Pass | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 4.0 | 23.0 |
| Year before current fiscal year | 10.0 | 10.0 |
| Two years before current fiscal year | 3.0 | 13.0 |
| Three years before current fiscal year | 11.0 | 5.0 |
| Four years before current fiscal year | 3.0 | 2.0 |
| Five or more years before current fiscal year | 62.0 | 61.0 |
| Revolving Loans Amortized Cost Basis | 66.0 | 64.0 |
| Loans HFI, net of deferred fees and costs | 159.0 | 178.0 |
| Other | Special mention | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 1.0 | 1.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | 1.0 | 1.0 |
| Other | Classified | ||
| Financing Receivable, Allowance for Credit Loss [Line Items] | ||
| Current fiscal year | 0.0 | 0.0 |
| Year before current fiscal year | 0.0 | 0.0 |
| Two years before current fiscal year | 0.0 | 0.0 |
| Three years before current fiscal year | 0.0 | 0.0 |
| Four years before current fiscal year | 0.0 | 0.0 |
| Five or more years before current fiscal year | 1.0 | 0.0 |
| Revolving Loans Amortized Cost Basis | 0.0 | 0.0 |
| Loans HFI, net of deferred fees and costs | $ 1.0 | $ 0.0 |
Loans, Leases and Allowance for Credit Losses - Amortized Cost Basis of Loans Modified (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 206.0 | $ 11.0 |
| % of Total Class of Financing Receivable | 0.40% | |
| Payment Delay and Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 1.0 | |
| Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 188.0 | |
| Payment Delay | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 17.0 | |
| Tech & innovation | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 15.0 | |
| % of Total Class of Financing Receivable | 0.50% | |
| Tech & innovation | Payment Delay and Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 1.0 | |
| Tech & innovation | Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 6.0 | |
| Tech & innovation | Payment Delay | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 8.0 | |
| Other commercial and industrial | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 31.0 | |
| % of Total Class of Financing Receivable | 0.40% | |
| Other commercial and industrial | Payment Delay and Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 0.0 | |
| Other commercial and industrial | Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 23.0 | |
| Other commercial and industrial | Payment Delay | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 8.0 | |
| CRE - owner occupied | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 3.0 | |
| % of Total Class of Financing Receivable | 0.20% | |
| CRE - owner occupied | Payment Delay and Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 0.0 | |
| CRE - owner occupied | Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 3.0 | |
| CRE - owner occupied | Payment Delay | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 0.0 | |
| Hotel franchise finance | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 37.0 | |
| % of Total Class of Financing Receivable | 1.00% | |
| Hotel franchise finance | Payment Delay and Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 0.0 | |
| Hotel franchise finance | Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 37.0 | |
| Hotel franchise finance | Payment Delay | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 0.0 | |
| Other CRE - non-owner occupied | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 119.0 | |
| % of Total Class of Financing Receivable | 2.00% | |
| Other CRE - non-owner occupied | Payment Delay and Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 0.0 | |
| Other CRE - non-owner occupied | Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 119.0 | |
| Other CRE - non-owner occupied | Payment Delay | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 0.0 | |
| Residential | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 1.0 | |
| % of Total Class of Financing Receivable | 0.00% | |
| Residential | Payment Delay and Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 0.0 | |
| Residential | Term Extension | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 0.0 | |
| Residential | Payment Delay | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | 1.0 | |
| Residential - EBO | ||
| Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
| Amortized cost basis | $ 225.0 | |
Loans, Leases and Allowance for Credit Losses - Troubled Debt Restructurings (Details) $ in Millions |
Dec. 31, 2022
USD ($)
SecurityLoan
|
|---|---|
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Number of Loans | SecurityLoan | 7 |
| Recorded Investment | $ | $ 14 |
| Other commercial and industrial | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Number of Loans | SecurityLoan | 4 |
| Recorded Investment | $ | $ 2 |
| CRE - owner occupied | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Number of Loans | SecurityLoan | 1 |
| Recorded Investment | $ | $ 1 |
| Hotel franchise finance | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Number of Loans | SecurityLoan | 1 |
| Recorded Investment | $ | $ 10 |
| Other CRE - non-owner occupied | |
| Financing Receivable, Troubled Debt Restructuring [Line Items] | |
| Number of Loans | SecurityLoan | 1 |
| Recorded Investment | $ | $ 1 |
Loans, Leases and Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | $ 49,960 | $ 51,552 |
| Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 389 | 302 |
| Real Estate Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 354 | 259 |
| Other Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 35 | 43 |
| Municipal & nonprofit | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 6 | 7 |
| Municipal & nonprofit | Real Estate Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 0 | 0 |
| Municipal & nonprofit | Other Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 6 | 7 |
| Tech & innovation | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 0 | 6 |
| Tech & innovation | Real Estate Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 0 | 0 |
| Tech & innovation | Other Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 0 | 6 |
| Other commercial and industrial | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 29 | 30 |
| Other commercial and industrial | Real Estate Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 0 | 0 |
| Other commercial and industrial | Other Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 29 | 30 |
| CRE - owner occupied | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 43 | 42 |
| CRE - owner occupied | Real Estate Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 43 | 42 |
| CRE - owner occupied | Other Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 0 | 0 |
| Hotel franchise finance | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 104 | 186 |
| Hotel franchise finance | Real Estate Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 104 | 186 |
| Hotel franchise finance | Other Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 0 | 0 |
| Other CRE - non-owner occupied | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 136 | 27 |
| Other CRE - non-owner occupied | Real Estate Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 136 | 27 |
| Other CRE - non-owner occupied | Other Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 0 | 0 |
| Construction and land development | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 71 | 4 |
| Construction and land development | Real Estate Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | 71 | 4 |
| Construction and land development | Other Collateral | Asset Pledged as Collateral | ||
| Loans and Leases Receivable Disclosure [Line Items] | ||
| Net loans HFI | $ 0 | $ 0 |
Loans, Leases and Allowance for Credit Losses - Allowances for Credit Losses (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | $ 309.7 | $ 252.5 |
| Provision for (Recovery of) Credit Losses | 56.9 | 58.7 |
| Charge-offs | 35.2 | 9.3 |
| Recoveries | (5.3) | (7.8) |
| Ending balance | 336.7 | 309.7 |
| Balance, beginning of period | 47.0 | 37.6 |
| Provision for credit losses | (15.4) | 9.4 |
| Balance, end of period | 31.6 | 47.0 |
| Warehouse lending | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 8.4 | 3.0 |
| Provision for (Recovery of) Credit Losses | (2.6) | 5.4 |
| Charge-offs | 0.0 | 0.0 |
| Recoveries | 0.0 | 0.0 |
| Ending balance | 5.8 | 8.4 |
| Municipal & nonprofit | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 15.9 | 13.7 |
| Provision for (Recovery of) Credit Losses | (1.2) | 2.2 |
| Charge-offs | 0.0 | 0.0 |
| Recoveries | 0.0 | 0.0 |
| Ending balance | 14.7 | 15.9 |
| Tech & innovation | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 30.8 | 25.7 |
| Provision for (Recovery of) Credit Losses | 18.2 | 3.0 |
| Charge-offs | 6.9 | 0.0 |
| Recoveries | 0.0 | (2.1) |
| Ending balance | 42.1 | 30.8 |
| Equity fund resources | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 6.4 | 9.6 |
| Provision for (Recovery of) Credit Losses | (5.1) | (3.2) |
| Charge-offs | 0.0 | 0.0 |
| Recoveries | 0.0 | 0.0 |
| Ending balance | 1.3 | 6.4 |
| Other commercial and industrial | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 85.9 | 103.6 |
| Provision for (Recovery of) Credit Losses | 13.2 | (14.4) |
| Charge-offs | 22.7 | 8.5 |
| Recoveries | (5.0) | (5.2) |
| Ending balance | 81.4 | 85.9 |
| CRE - owner occupied | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 7.1 | 10.6 |
| Provision for (Recovery of) Credit Losses | (1.1) | (3.6) |
| Charge-offs | 0.0 | 0.0 |
| Recoveries | 0.0 | (0.1) |
| Ending balance | 6.0 | 7.1 |
| Hotel franchise finance | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 46.9 | 41.5 |
| Provision for (Recovery of) Credit Losses | (13.5) | 5.4 |
| Charge-offs | 0.0 | 0.0 |
| Recoveries | 0.0 | 0.0 |
| Ending balance | 33.4 | 46.9 |
| Other CRE - non-owner occupied | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 47.4 | 16.9 |
| Provision for (Recovery of) Credit Losses | 53.8 | 30.4 |
| Charge-offs | 5.2 | 0.0 |
| Recoveries | 0.0 | (0.1) |
| Ending balance | 96.0 | 47.4 |
| Residential | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 30.4 | 12.5 |
| Provision for (Recovery of) Credit Losses | (7.4) | 17.8 |
| Charge-offs | 0.0 | 0.0 |
| Recoveries | (0.1) | (0.1) |
| Ending balance | 23.1 | 30.4 |
| Residential - EBO | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 0.0 | 0.0 |
| Provision for (Recovery of) Credit Losses | 0.0 | 0.0 |
| Charge-offs | 0.0 | 0.0 |
| Recoveries | 0.0 | 0.0 |
| Ending balance | 0.0 | 0.0 |
| Construction and land development | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 27.4 | 12.5 |
| Provision for (Recovery of) Credit Losses | 3.0 | 15.3 |
| Charge-offs | 0.0 | 0.5 |
| Recoveries | 0.0 | (0.1) |
| Ending balance | 30.4 | 27.4 |
| Other | ||
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Beginning balance | 3.1 | 2.9 |
| Provision for (Recovery of) Credit Losses | (0.4) | 0.4 |
| Charge-offs | 0.4 | 0.3 |
| Recoveries | (0.2) | (0.1) |
| Ending balance | $ 2.5 | $ 3.1 |
Loans, Leases and Allowance for Credit Losses - Disaggregation of the Company's ACL on Funded Loans and Loan Balances (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | $ 49,723.0 | $ 51,526.0 | |
| Individually Evaluated for Credit Loss | 574.0 | 336.0 | |
| Loans HFI, net of deferred fees and costs | 50,297.0 | 51,862.0 | |
| Collectively Evaluated for Credit Loss | 315.1 | 299.0 | |
| Individually Evaluated for Credit Loss | 21.6 | 10.7 | |
| Total | 336.7 | 309.7 | $ 252.5 |
| Warehouse lending | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 6,618.0 | 5,561.0 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Loans HFI, net of deferred fees and costs | 6,618.0 | 5,561.0 | |
| Collectively Evaluated for Credit Loss | 5.8 | 8.4 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Total | 5.8 | 8.4 | 3.0 |
| Municipal & nonprofit | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 1,548.0 | 1,517.0 | |
| Individually Evaluated for Credit Loss | 6.0 | 7.0 | |
| Loans HFI, net of deferred fees and costs | 1,554.0 | 1,524.0 | |
| Collectively Evaluated for Credit Loss | 13.7 | 13.4 | |
| Individually Evaluated for Credit Loss | 1.0 | 2.5 | |
| Total | 14.7 | 15.9 | 13.7 |
| Tech & innovation | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 2,729.0 | 2,280.0 | |
| Individually Evaluated for Credit Loss | 79.0 | 13.0 | |
| Loans HFI, net of deferred fees and costs | 2,808.0 | 2,293.0 | |
| Collectively Evaluated for Credit Loss | 38.3 | 30.3 | |
| Individually Evaluated for Credit Loss | 3.8 | 0.5 | |
| Total | 42.1 | 30.8 | 25.7 |
| Equity fund resources | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 845.0 | 3,717.0 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Loans HFI, net of deferred fees and costs | 845.0 | 3,717.0 | |
| Collectively Evaluated for Credit Loss | 1.3 | 6.4 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Total | 1.3 | 6.4 | 9.6 |
| Other commercial and industrial | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 7,362.0 | 7,754.0 | |
| Individually Evaluated for Credit Loss | 90.0 | 39.0 | |
| Loans HFI, net of deferred fees and costs | 7,452.0 | 7,793.0 | |
| Collectively Evaluated for Credit Loss | 64.6 | 80.4 | |
| Individually Evaluated for Credit Loss | 16.8 | 5.5 | |
| Total | 81.4 | 85.9 | 103.6 |
| CRE - owner occupied | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 1,613.0 | 1,612.0 | |
| Individually Evaluated for Credit Loss | 45.0 | 44.0 | |
| Loans HFI, net of deferred fees and costs | 1,658.0 | 1,656.0 | |
| Collectively Evaluated for Credit Loss | 6.0 | 7.1 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Total | 6.0 | 7.1 | 10.6 |
| Hotel franchise finance | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 3,708.0 | 3,607.0 | |
| Individually Evaluated for Credit Loss | 147.0 | 200.0 | |
| Loans HFI, net of deferred fees and costs | 3,855.0 | 3,807.0 | |
| Collectively Evaluated for Credit Loss | 33.4 | 44.7 | |
| Individually Evaluated for Credit Loss | 0.0 | 2.2 | |
| Total | 33.4 | 46.9 | 41.5 |
| Other CRE - non-owner occupied | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 5,838.0 | 5,428.0 | |
| Individually Evaluated for Credit Loss | 136.0 | 29.0 | |
| Loans HFI, net of deferred fees and costs | 5,974.0 | 5,457.0 | |
| Collectively Evaluated for Credit Loss | 96.0 | 47.4 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Total | 96.0 | 47.4 | 16.9 |
| Residential | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 13,287.0 | 13,996.0 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Loans HFI, net of deferred fees and costs | 13,287.0 | 13,996.0 | |
| Collectively Evaluated for Credit Loss | 23.1 | 30.4 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Total | 23.1 | 30.4 | 12.5 |
| Residential - EBO | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 1,223.0 | 1,884.0 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Loans HFI, net of deferred fees and costs | 1,223.0 | 1,884.0 | |
| Collectively Evaluated for Credit Loss | 0.0 | 0.0 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Total | 0.0 | 0.0 | 0.0 |
| Construction and land development | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 4,791.0 | 3,991.0 | |
| Individually Evaluated for Credit Loss | 71.0 | 4.0 | |
| Loans HFI, net of deferred fees and costs | 4,862.0 | 3,995.0 | |
| Collectively Evaluated for Credit Loss | 30.4 | 27.4 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Total | 30.4 | 27.4 | 12.5 |
| Other | |||
| Financing Receivable, Allowance for Credit Loss [Line Items] | |||
| Collectively Evaluated for Credit Loss | 161.0 | 179.0 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Loans HFI, net of deferred fees and costs | 161.0 | 179.0 | |
| Collectively Evaluated for Credit Loss | 2.5 | 3.1 | |
| Individually Evaluated for Credit Loss | 0.0 | 0.0 | |
| Total | $ 2.5 | $ 3.1 | $ 2.9 |
Mortgage Servicing Rights - Changes in Fair Value of the Company's MSR Portfolio (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Servicing Asset at Fair Value, Amount [Roll Forward] | ||
| Balance, beginning of period | $ 1,148 | $ 698 |
| Mortgage servicing rights capitalized upon sale of mortgage loans | 865 | 720 |
| Carrying value of MSRs sold | (800) | (350) |
| Change in fair value | 11 | 192 |
| Mark to market adjustments | 4 | 0 |
| Realization of cash flows | (104) | 112 |
| Balance, end of period | 1,124 | 1,148 |
| Unpaid principal balance of mortgage loans serviced for others | $ 68,647 | $ 70,849 |
| Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net loan servicing revenue (expense) | Net loan servicing revenue (expense) |
Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Servicing Assets at Fair Value [Line Items] | ||
| Aggregate net sales price of MSR sales | $ 350.0 | |
| MSR Sales, UPB of underlying loans | $ 60,100.0 | 24,100.0 |
| MSR loan receivables | 41.0 | 39.0 |
| Loan servicing fees | 233.7 | 194.5 |
| Servicing advances, net | (87.0) | $ (102.0) |
| Servicing Contracts | ||
| Servicing Assets at Fair Value [Line Items] | ||
| Aggregate net sales price of MSR sales | $ 800.0 | |
Mortgage Servicing Rights - Effect of Hypothetical Changes in the Fair Value of MSRs (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Transfers and Servicing [Abstract] | |||
| Loans serviced | $ 1,124 | $ 1,148 | $ 698 |
| Adverse change | 67 | ||
| Favorable change | 62 | ||
| Increase | (21) | ||
| Decrease | 22 | ||
| Increase | (32) | ||
| Decrease | 35 | ||
| Increase | (14) | ||
| Decrease | $ 14 |
Premises and Equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Property, Plant and Equipment [Abstract] | |||
| Bank premises | $ 96.0 | $ 95.0 | |
| Construction in progress | 82.0 | 60.0 | |
| Furniture, fixtures, and equipment | 108.0 | 97.0 | |
| Land and improvements | 32.0 | 32.0 | |
| Leasehold improvements | 85.0 | 66.0 | |
| Software | 142.0 | 83.0 | |
| Total | 545.0 | 433.0 | |
| Accumulated depreciation and amortization | (206.0) | (157.0) | |
| Premises and equipment, net | 339.0 | 276.0 | |
| Depreciation | $ 49.5 | $ 31.8 | $ 20.7 |
Leases - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Lessee, Lease, Description [Line Items] | |||
| Operating lease right of use asset | $ 145.0 | $ 163.0 | |
| Operating lease liability | $ 179.0 | $ 185.0 | |
| Discount rate | 2.96% | 2.81% | 2.14% |
| Weighted average remaining lease term | 6 years 7 months 6 days | 7 years 4 months 24 days | 7 years 6 months |
| Renewal options | 5 years | ||
| Lease cost | $ 28.8 | $ 25.4 | $ 18.8 |
| Lessee, operating lease, other cost | $ 4.9 | $ 4.0 | $ 3.8 |
| Minimum | |||
| Lessee, Lease, Description [Line Items] | |||
| Remaining lease term | 1 year | ||
| Maximum | |||
| Lessee, Lease, Description [Line Items] | |||
| Remaining lease term | 10 years | ||
Leases - Schedule of Operating Lease Liabilities by Contractual Maturity (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Leases [Abstract] | ||
| 2024 | $ 31 | |
| 2025 | 33 | |
| 2026 | 29 | |
| 2027 | 26 | |
| 2028 | 25 | |
| Thereafter | 55 | |
| Total lease payments | 199 | |
| Less: imputed interest | 20 | |
| Operating lease liability | $ 179 | $ 185 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Leases [Abstract] | |||
| Cash paid for amounts included in the measurement of operating lease liabilities | $ 19.3 | $ 15.1 | $ 16.3 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6.3 | $ 51.6 | $ 76.7 |
Goodwill and Other Intangible Assets - Summary of Goodwill by Reporting Unit (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Goodwill [Line Items] | ||
| Goodwill | $ 527 | $ 527 |
| Commercial banking (1) | ||
| Goodwill [Line Items] | ||
| Goodwill | 290 | 290 |
| Mortgage banking (2) | ||
| Goodwill [Line Items] | ||
| Goodwill | 200 | 200 |
| Legal banking (3) | ||
| Goodwill [Line Items] | ||
| Goodwill | $ 37 | $ 37 |
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Goodwill | $ 527.0 | $ 527.0 | |
| Estimated useful life | 23 years 8 months 12 days | ||
| Amortization of intangible assets | $ 10.5 | $ 10.4 | $ 6.1 |
Goodwill and Other Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | $ 178.0 | $ 178.0 |
| Accumulated Amortization | 36.0 | 25.0 |
| Net Carrying Amount | 142.0 | 153.0 |
| Core deposits | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 14.0 | 14.0 |
| Accumulated Amortization | 12.0 | 11.0 |
| Net Carrying Amount | 2.0 | 3.0 |
| Correspondent customer relationships | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 76.0 | 76.0 |
| Accumulated Amortization | 10.0 | 7.0 |
| Net Carrying Amount | 66.0 | 69.0 |
| Customer relationships | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 18.0 | 18.0 |
| Accumulated Amortization | 6.0 | 3.0 |
| Net Carrying Amount | 12.0 | 15.0 |
| Developed technology | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 4.0 | 4.0 |
| Accumulated Amortization | 2.0 | 1.0 |
| Net Carrying Amount | 2.0 | 3.0 |
| Operating licenses | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 56.0 | 56.0 |
| Accumulated Amortization | 4.0 | 2.0 |
| Net Carrying Amount | 52.0 | 54.0 |
| Trade names | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 10.0 | 10.0 |
| Accumulated Amortization | 2.0 | 1.0 |
| Net Carrying Amount | $ 8.0 | $ 9.0 |
Goodwill and Other Intangible Assets - Summary of Future Estimated Amortization Expenses (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| 2024 | $ 10.0 | |
| 2025 | 10.0 | |
| 2026 | 9.0 | |
| 2027 | 8.0 | |
| 2028 | 8.0 | |
| Thereafter | 97.0 | |
| Net Carrying Amount | $ 142.0 | $ 153.0 |
Deposits - Deposits by Type (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| Non-interest-bearing demand | $ 14,520 | $ 19,691 |
| Interest-bearing transaction accounts | 15,916 | 9,507 |
| Savings and money market accounts | 14,791 | 19,397 |
| Time certificates of deposit ($250,000 or more) (1) | 1,478 | 1,101 |
| Other time deposits | 8,628 | 3,948 |
| Total deposits | 55,333 | 53,644 |
| Retail brokered time deposits | $ 5,800 | $ 2,700 |
Deposits - Summary of Contractual Maturities for Time Deposits (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
|---|---|
| Other Liabilities Disclosure [Abstract] | |
| 2024 | $ 9,092 |
| 2025 | 1,007 |
| 2026 | 6 |
| 2027 | 1 |
| Total | $ 10,106 |
Deposits - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Other Liabilities Disclosure [Abstract] | |||
| Wholesale deposits | $ 6,600.0 | $ 4,800.0 | |
| Reciprocal deposits | 13,300.0 | 2,800.0 | |
| Earnings credits or referral fees | 17,800.0 | 12,900.0 | |
| Deposits costs, deposits with earnings credits | $ 422.5 | $ 162.8 | $ 27.4 |
Other Borrowings - Company's Borrowings (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Debt [Line Items] | ||
| Federal funds purchased | $ 175 | $ 640 |
| FHLB advances | 6,200 | 4,300 |
| Warehouse borrowings | 376 | 0 |
| Customer repurchase agreements | 6 | 27 |
| Total short-term borrowings | 6,784 | 4,992 |
| AmeriHome senior notes, net of fair value adjustment | 0 | 315 |
| Credit linked notes, net | 446 | 992 |
| Total long-term borrowings | 446 | 1,307 |
| Other borrowings | 7,230 | 6,299 |
| Secured borrowings | ||
| Debt [Line Items] | ||
| Secured borrowings | $ 27 | $ 25 |
Other Borrowings - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Apr. 07, 2021 |
|
| Debt [Line Items] | |||||
| Weighted average rate on FHLB advances | 5.67% | 4.70% | |||
| Warehouse borrowings | $ 376.0 | $ 0.0 | |||
| Customer repurchase agreements | 6.0 | 27.0 | |||
| (Gain) loss on extinguishment of debt | 52.7 | 0.0 | $ (5.9) | ||
| Credit Linked Notes | |||||
| Debt [Line Items] | |||||
| Debt Issuance Costs | 8.0 | 14.0 | |||
| Principal | $ 460.0 | 1,028.0 | |||
| Fed Funds Effective Rate Overnight Index Swap Rate | Minimum | |||||
| Debt [Line Items] | |||||
| Basis spread | 0.10% | ||||
| Fed Funds Effective Rate Overnight Index Swap Rate | Maximum | |||||
| Debt [Line Items] | |||||
| Basis spread | 0.20% | ||||
| Senior Notes | |||||
| Debt [Line Items] | |||||
| Principal | $ 300.0 | ||||
| Interest Rate | 6.50% | ||||
| Fair value adjustment (premium) | $ 19.3 | ||||
| (Gain) loss on extinguishment of debt | $ 39.3 | ||||
| Credit Linked Notes | |||||
| Debt [Line Items] | |||||
| (Gain) loss on extinguishment of debt | 13.4 | ||||
| Customer Repurchase Agreements | |||||
| Debt [Line Items] | |||||
| Customer repurchase agreements | 6.0 | $ 27.0 | |||
| BTFP advances | |||||
| Debt [Line Items] | |||||
| Draw on short-term debt | $ 1,300.0 | ||||
| Federal Home Loan Bank Advances | |||||
| Debt [Line Items] | |||||
| Additional available credit with the entity | $ 6,100.0 | 6,800.0 | |||
| Federal Reserve Bank BTFP Advances | |||||
| Debt [Line Items] | |||||
| Basis spread | 0.10% | ||||
| FRB | |||||
| Debt [Line Items] | |||||
| Additional available credit with the entity | $ 16,700.0 | 5,200.0 | |||
| Warehouse Agreement Borrowings | |||||
| Debt [Line Items] | |||||
| Additional available credit with the entity | 3,000.0 | $ 0.0 | |||
| Warehouse borrowings | $ 376.0 | ||||
| Weighted average borrowing rate | 6.72% | ||||
| Secured Debt | |||||
| Debt [Line Items] | |||||
| Weighted average borrowing rate | 6.10% | 6.39% | |||
| Unsecured Credit Facility | |||||
| Debt [Line Items] | |||||
| Secured borrowing credit line | $ 1,100.0 | ||||
Other Borrowings - Outstanding Credit Linked Noted Issuances (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2023
USD ($)
class
|
Dec. 31, 2022
USD ($)
|
|
| Debt [Line Items] | ||
| Classes of notes | class | 6 | |
| Credit Linked Notes | ||
| Debt [Line Items] | ||
| Principal | $ 460 | $ 1,028 |
| Debt Issuance Costs | 8 | 14 |
| Credit Linked Notes Maturing October 2052 | ||
| Debt [Line Items] | ||
| Principal | 90 | |
| Debt Issuance Costs | 2 | |
| Credit Linked Notes Maturing October 2052 | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Principal | 95 | |
| Debt Issuance Costs | 2 | |
| Reference pool balance | $ 1,800 | $ 1,900 |
| Credit Linked Notes Maturing October 2052 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 7.80% | 7.80% |
| Weighted average borrowing rate | 7.80% | |
| Credit Linked Notes Maturing October 2052 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 2.25% | |
| Credit Linked Notes Maturing October 2052 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 11.00% | |
| Credit Linked Notes Maturing April 2052 | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Principal | $ 189 | |
| Debt Issuance Costs | 3 | |
| Reference pool balance | $ 3,600 | $ 3,800 |
| Credit Linked Notes Maturing April 2052 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 6.00% | 6.00% |
| Weighted average borrowing rate | 6.00% | |
| Credit Linked Notes Maturing April 2052 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 2.25% | |
| Credit Linked Notes Maturing April 2052 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 15.00% | |
| Credit Linked Notes Maturing July 2059 | ||
| Debt [Line Items] | ||
| Principal | $ 191 | $ 202 |
| Debt Issuance Costs | 3 | 3 |
| Credit Linked Notes Maturing July 2059 | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Reference pool balance | $ 3,800 | $ 4,000 |
| Credit Linked Notes Maturing July 2059 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 4.67% | 4.67% |
| Weighted average borrowing rate | 4.67% | |
| Credit Linked Notes Maturing July 2059 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 3.15% | |
| Credit Linked Notes Maturing July 2059 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 8.50% | |
| Credit Linked Notes Maturing June 2028 | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Principal | $ 300 | |
| Debt Issuance Costs | 4 | |
| Reference pool balance | $ 1,600 | |
| Credit Linked Notes Maturing June 2028 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 6.75% | |
| Credit Linked Notes Maturing December 2024 | ||
| Debt [Line Items] | ||
| Principal | $ 242 | |
| Debt Issuance Costs | 2 | |
| Credit Linked Notes Maturing December 2024 | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Reference pool balance | $ 689 | |
| Credit Linked Notes Maturing December 2024 | London Interbank Offered Rate (LIBOR) Swap Rate | Credit Linked Notes | ||
| Debt [Line Items] | ||
| Basis spread | 5.50% | |
| Credit Linked Notes Maturing April 2052 | ||
| Debt [Line Items] | ||
| Principal | $ 179 | |
| Debt Issuance Costs | $ 3 | |
Qualifying Debt - Subordinated Debt Issuances (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Subordinated Debt | ||
| Debt Instrument [Line Items] | ||
| Principal | $ 825 | $ 825 |
| Debt Issuance Costs | $ 7 | $ 8 |
| Subordinated Debentures Maturing June 2031 | ||
| Debt Instrument [Line Items] | ||
| Interest rate | 3.00% | |
| Subordinated Debentures Maturing June 2031 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
| Debt Instrument [Line Items] | ||
| Basis spread | 2.25% | |
| Subordinated Debentures Maturing June 2031 | Subordinated Debt | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 3.00% | |
| Principal | $ 600 | |
| Debt Issuance Costs | $ 6 | |
| Subordinated Debentures Maturing June 2030 | ||
| Debt Instrument [Line Items] | ||
| Interest rate | 5.25% | |
| Subordinated Debentures Maturing June 2030 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
| Debt Instrument [Line Items] | ||
| Basis spread | 5.12% | |
| Subordinated Debentures Maturing June 2030 [Member] | Subordinated Debt | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 5.25% | |
| Principal | $ 225 | |
| Debt Issuance Costs | $ 1 | |
| Subordinated Debentures Maturing July 2056 [Member] | Subordinated Debt | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 3.00% | |
| Principal | $ 600 | |
| Debt Issuance Costs | $ 7 | |
| Subordinated Debentures Maturing July 2025 [Member] | Subordinated Debt | ||
| Debt Instrument [Line Items] | ||
| Interest Rate | 5.25% | |
| Principal | $ 225 | |
| Debt Issuance Costs | $ 1 |
Qualifying Debt (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2023
USD ($)
Trust
|
Dec. 31, 2022
USD ($)
|
|
| Debt Instrument [Line Items] | ||
| Subordinated debt issuances | $ 818 | $ 817 |
| Number of statutory business trusts | Trust | 8 | |
| Junior subordinated debt | $ 77 | $ 76 |
| Junior Subordinated Debt | ||
| Debt Instrument [Line Items] | ||
| Weighted average interest rate | 7.93% | 7.11% |
| Junior Subordinated Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
| Debt Instrument [Line Items] | ||
| Basis spread | 0.26% | |
| Junior Subordinated Debt | Base Rate | ||
| Debt Instrument [Line Items] | ||
| Basis spread | 2.34% |
Stockholders' Equity - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 22, 2021 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Shares authorized (in shares) | 14,600,000 | 14,600,000 | ||||||||||||||
| Maximum shares authorized (in shares) | 300,000 | |||||||||||||||
| Shares available for grant (in shares) | 4,900,000 | 4,900,000 | ||||||||||||||
| Unrecognized compensation expense | $ 39,000,000 | $ 39,000,000 | ||||||||||||||
| Expected recognition period | 1 year 9 months 18 days | |||||||||||||||
| Stock issuance, net | $ 157,700,000 | |||||||||||||||
| Proceeds from issuance of common stock, net | $ 100,000 | $ 157,700,000 | $ 540,300,000 | |||||||||||||
| Dividend rate | 4.25% | 4.25% | ||||||||||||||
| Preferred stock, par value (dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||
| Preferred stock, liquidation value (dollars per share) | $ 25 | 25 | 25 | $ 25 | $ 25 | |||||||||||
| Dividends | $ 158,700,000 | $ 153,400,000 | 124,100,000 | |||||||||||||
| Quarterly cash dividend (dollars per share) | $ 0.37 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.25 | $ 0.25 | ||||
| Dividends paid to preferred stockholders | $ 12,800,000 | $ 12,800,000 | $ 3,500,000 | |||||||||||||
| Preferred stock dividends (dollars per share) | $ 0.27 | $ 0.27 | ||||||||||||||
| Restricted stock surrendered (shares) | 152,452 | 200,745 | 180,607 | |||||||||||||
| Treasury shares purchased price (dollars per share) | $ 72.27 | $ 92.21 | $ 86.63 | |||||||||||||
| Preferred stock, shares outstanding (shares) | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | ||||||||||||
| Director | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Maximum compensation authorized | $ 600,000 | |||||||||||||||
| ATM Offering | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Stock issuance, net (shares) | 0 | 1,900,000 | 3,100,000 | |||||||||||||
| Stock issuance, net | $ 158,700,000 | $ 333,400,000 | ||||||||||||||
| Selling price (dollars per share) | $ 83.89 | 106.41 | $ 83.89 | $ 106.41 | ||||||||||||
| Related offering costs | $ 1,000,000 | $ 2,300,000 | ||||||||||||||
| Remaining number of shares that can be sold (shares) | 1,107,769 | 1,107,769 | ||||||||||||||
| Registered Direct Offering | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Stock issuance, net (shares) | 2,300,000 | |||||||||||||||
| Selling price (dollars per share) | $ 91.00 | $ 91.00 | ||||||||||||||
| Proceeds from issuance of common stock, net | $ 209,200,000 | |||||||||||||||
| Retained Earnings | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Dividends | $ 158,700,000 | 153,400,000 | $ 124,100,000 | |||||||||||||
| Dividends paid to preferred stockholders | $ 12,800,000 | 12,800,000 | ||||||||||||||
| Preferred Stock | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Stock issuance, net (shares) | 12,000,000.0 | |||||||||||||||
| Stock issuance, net | $ 294,500,000 | |||||||||||||||
| Preferred stock, shares outstanding (shares) | 12,000,000 | 12,000,000 | 12,000,000 | |||||||||||||
| Performance Shares [Member] | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Vesting period | 3 years | |||||||||||||||
| Share-based payment expense | $ 1,600,000 | 11,100,000 | 11,200,000 | |||||||||||||
| Restricted Stock | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Share-based payment expense | 32,700,000 | 28,700,000 | 22,900,000 | |||||||||||||
| Weighted average grant date fair value, granted | 45,500,000 | 42,800,000 | 35,400,000 | |||||||||||||
| Fair value of restricted stock vested | $ 22,900,000 | $ 35,800,000 | $ 34,200,000 | |||||||||||||
| Granted (shares) | 600,000 | 500,000 | ||||||||||||||
| Shares vested (in shares) | 1,100,000 | 900,000 | 900,000 | 1,100,000 | 900,000 | 900,000 | ||||||||||
| Restricted Stock | Executive Officer | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Share-based payment expense | $ 600,000 | |||||||||||||||
| Restricted Stock | Share-Based Payment Arrangement, Employee | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Vesting period | 3 years | |||||||||||||||
| Series A Preferred Stock | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Preferred stock, liquidation value (dollars per share) | $ 10,000 | $ 10,000 | $ 10,000 | |||||||||||||
| Grant year 2019 | Performance Shares [Member] | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Shares vested (in shares) | 203,646 | 203,646 | ||||||||||||||
| Grant year 2020 | Performance Shares [Member] | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Shares vested (in shares) | 157,784 | 157,784 | ||||||||||||||
| Vesting rate | 180.00% | |||||||||||||||
| Grant year 2021 | Performance Shares [Member] | ||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
| Shares vested (in shares) | 133,220 | 133,220 | ||||||||||||||
| Vesting rate | 168.00% | |||||||||||||||
Stockholders' Equity - Summary of Unvested Shares of Restricted Stock and Changes (Detail) - Restricted Stock - $ / shares shares in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Shares | ||
| Balance, beginning of period (shares) | 0.9 | 0.9 |
| Granted (shares) | 0.6 | 0.5 |
| Vested (shares) | (0.3) | (0.4) |
| Forfeited (shares) | (0.1) | (0.1) |
| Balance, end of period (shares) | 1.1 | 0.9 |
| Weighted Average Grant Date Fair Value | ||
| Balance, beginning of period | $ 84.16 | $ 63.53 |
| Granted | 72.32 | 97.61 |
| Vested | 65.59 | 52.00 |
| Forfeited | 82.46 | 79.09 |
| Balance, end of period | $ 83.19 | $ 84.16 |
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Beginning balance | $ 5,356.0 | $ 4,962.6 | $ 3,413.5 |
| Ending balance | 6,078.4 | 5,356.0 | 4,962.6 |
| Unrealized holding gains (losses) on AFS securities | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Beginning balance | (663.7) | 16.7 | 92.1 |
| Other comprehensive loss before reclassifications | 116.9 | (674.9) | (69.0) |
| Amounts reclassified from AOCI | 30.2 | (5.5) | (6.4) |
| Net current-period other comprehensive (loss) income | 147.1 | (680.4) | (75.4) |
| Ending balance | (516.6) | (663.7) | 16.7 |
| Unrealized holding losses on SERP | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Beginning balance | (0.3) | (0.3) | (0.3) |
| Other comprehensive loss before reclassifications | 0.0 | 0.0 | 0.0 |
| Amounts reclassified from AOCI | 0.0 | 0.0 | 0.0 |
| Net current-period other comprehensive (loss) income | 0.0 | 0.0 | 0.0 |
| Ending balance | (0.3) | (0.3) | (0.3) |
| Unrealized holding gains (losses) on junior subordinated debt | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Beginning balance | 3.0 | (0.7) | (0.5) |
| Other comprehensive loss before reclassifications | (0.2) | 3.7 | (1.2) |
| Amounts reclassified from AOCI | 0.0 | 0.0 | 0.0 |
| Net current-period other comprehensive (loss) income | (0.2) | 3.7 | (1.2) |
| Ending balance | 2.8 | 3.0 | (0.7) |
| Impairment loss on securities | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Beginning balance | 0.0 | 0.0 | 0.0 |
| Other comprehensive loss before reclassifications | 1.2 | 0.0 | 0.0 |
| Amounts reclassified from AOCI | 0.0 | 0.0 | 0.0 |
| Net current-period other comprehensive (loss) income | 1.2 | 0.0 | 0.0 |
| Ending balance | 1.2 | 0.0 | 0.0 |
| Accumulated Other Comprehensive Income (Loss) | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Beginning balance | (661.0) | 15.7 | 92.3 |
| Other comprehensive loss before reclassifications | 117.9 | (671.2) | (70.2) |
| Amounts reclassified from AOCI | 30.2 | (5.5) | (6.4) |
| Net current-period other comprehensive (loss) income | 148.1 | (676.7) | 76.6 |
| Ending balance | $ (512.9) | $ (661.0) | $ 15.7 |
Accumulated Other Comprehensive Income - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| (Loss) gain on sales of AFS debt securities, net | $ 40.8 | $ (6.8) | $ (8.3) |
| Total tax expense | 211.2 | 258.8 | 223.8 |
| Net income | 722.4 | 1,057.3 | 899.2 |
| Reclassification out of Accumulated Other Comprehensive Income | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Total tax expense | 10.2 | (1.9) | (2.1) |
| Net income | (30.2) | 5.5 | 6.4 |
| Unrealized holding gains (losses) on AFS securities | Reclassification out of Accumulated Other Comprehensive Income | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| (Loss) gain on sales of AFS debt securities, net | $ (40.4) | $ 7.4 | $ 8.5 |
Derivatives and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative [Line Items] | ||
| Cumulative Fair Value Hedging Adjustment | $ (6.0) | $ 17.0 |
| Collateral posted by this counterparty | 216.0 | 11.0 |
| Designated as Hedging Instrument | ||
| Derivative [Line Items] | ||
| Cumulative Fair Value Hedging Adjustment | (9.0) | |
| Cumulative basis adjustment | 19.0 | |
| Interest income related to amortization of cumulative basis adjustment | $ 11.8 | $ 9.9 |
Derivatives and Hedging Activities - Schedule of Derivative Assets at Fair Value (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Carrying Value of Hedged Assets/(Liabilities) | $ 3,875.0 | $ 447.0 |
| Cumulative Fair Value Hedging Adjustment | $ (6.0) | $ 17.0 |
| Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Loans HFI, net of deferred fees and costs | |
| Prepayable Fixed Rate Loans | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Carrying value of loans | $ 6,700.0 | |
| Designated as Hedging Instrument | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Cumulative Fair Value Hedging Adjustment | (9.0) | |
| Portfolio layer method derivative instruments | 3,500.0 | |
| Cumulative basis adjustment | $ 19.0 |
Derivatives and Hedging Activities - Derivative Instruments, Gain (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Interest income | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain/(Loss) on Swaps | $ (22.8) | $ 71.7 | $ 44.8 |
| Gain/(Loss) on Hedged Item | 23.8 | (71.6) | (45.6) |
| Interest expense | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain/(Loss) on Swaps | 0.0 | 0.0 | (2.7) |
| Gain/(Loss) on Hedged Item | $ 0.0 | $ 0.0 | $ 2.7 |
Derivatives and Hedging Activities - Schedule of Fair Value of the Company's Derivative Instruments (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | $ 29,857 | $ 19,695 | $ 45,173 |
| Derivative Asset, Fair Value, Gross Asset | 260 | 36 | 38 |
| Derivative Liability, Fair Value, Gross Liability | 78 | 21 | 96 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 267 | 33 | 36 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 67 | 40 | 45 |
| Designated as Hedging Instrument | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 3,895 | 476 | 1,383 |
| Derivative Asset, Fair Value, Gross Asset | 19 | 18 | 14 |
| Derivative Liability, Fair Value, Gross Liability | 24 | 0 | 55 |
| Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 29,857 | 19,695 | 45,173 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 65 | 29 | 35 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 76 | 39 | 39 |
| Notional Amount, Margin | 0 | 0 | 0 |
| Derivative Assets, Margin | 202 | 4 | 1 |
| Derivative Liabilities, Margin | (9) | 1 | 6 |
| Interest rate contracts | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative Asset, Fair Value, Gross Asset | 31 | 18 | 14 |
| Derivative Liability, Fair Value, Gross Liability | 31 | 0 | 54 |
| Interest rate contracts | Designated as Hedging Instrument | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 3,895 | 476 | 1,383 |
| Fair Value Hedge Assets | 19 | 18 | 14 |
| Fair Value Hedge Liabilities | 24 | 0 | 55 |
| Interest rate contracts | Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 3,628 | 1,538 | 4 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 19 | 6 | 0 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 20 | 6 | 0 |
| Foreign currency contracts | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative Liability, Fair Value, Gross Liability | 1 | 0 | 0 |
| Foreign currency contracts | Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 135 | 250 | 180 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 1 | 1 | 0 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1 | 9 | 1 |
| Forward purchase contracts | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative Asset, Fair Value, Gross Asset | 26 | 1 | 8 |
| Derivative Liability, Fair Value, Gross Liability | 0 | 12 | 18 |
| Forward purchase contracts | Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 5,544 | 2,709 | 11,714 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 26 | 1 | 8 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | 13 | 18 |
| Forward sales contracts | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative Asset, Fair Value, Gross Asset | 1 | 13 | 15 |
| Derivative Liability, Fair Value, Gross Liability | 55 | 8 | 18 |
| Forward sales contracts | Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 7,626 | 4,985 | 17,358 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 1 | 16 | 16 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 55 | 8 | 18 |
| Futures purchase contracts | Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 124 | 0 | 949 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 | 0 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | 0 | 0 |
| Futures sales contracts | Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 10,906 | 8,706 | 11,935 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 | 0 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | 0 | 0 |
| Interest rate lock commitments | Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 1,822 | 1,459 | 3,033 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 18 | 5 | 11 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | 3 | 2 |
| Risk participation agreements | Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative, Notional Amount | 72 | 48 | 0 |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 0 | 0 | 0 |
| Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 0 | $ 0 | $ 0 |
Derivatives and Hedging Activities - Fair Value After Master Netting Agreements (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative Asset, Fair Value, Gross Asset | $ 260.0 | $ 36.0 | $ 38.0 |
| Derivative asset, subject to master netting arrangement, after offset | 193.0 | 19.0 | 10.0 |
| Derivative asset, collateral, obligation to return cash, offset | 202.0 | 4.0 | 1.0 |
| Derivative asset, subject to master netting arrangement, liability offset | (67.0) | (17.0) | (28.0) |
| Derivative liability, fair value | (78.0) | (21.0) | (96.0) |
| Derivative liability, subject to master netting arrangement, after offset | (11.0) | (4.0) | (68.0) |
| Derivative liability, collateral, right to reclaim cash, offset | 9.0 | (1.0) | (6.0) |
| Derivative liability, subject to master netting arrangement, asset offset | 67.0 | 17.0 | 28.0 |
| Derivative asset, not subject to master netting arrangement | 26.0 | 15.0 | 12.0 |
| Derivative liability, not subject to master netting arrangement | (13.0) | (19.0) | (4.0) |
| Derivative asset, fair value, gross asset including not subject to master netting arrangement | 286.0 | 51.0 | 50.0 |
| Derivative asset, fair value, offset against collateral, net of not subject to master netting arrangement | 219.0 | 34.0 | 22.0 |
| Derivative liability, fair value, gross liability including not subject to master netting arrangement | (91.0) | (40.0) | (100.0) |
| Derivative liability, fair value, offset against collateral, net of not subject to master netting arrangement | (24.0) | (23.0) | (72.0) |
| Forward purchase contracts | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative Asset, Fair Value, Gross Asset | 26.0 | 1.0 | 8.0 |
| Derivative asset, subject to master netting arrangement, after offset | 26.0 | 1.0 | 8.0 |
| Derivative liability, fair value | 0.0 | (12.0) | (18.0) |
| Derivative liability, subject to master netting arrangement, after offset | 0.0 | (12.0) | (18.0) |
| Derivative liability, not subject to master netting arrangement | 0.0 | (1.0) | 0.0 |
| Forward sales contracts | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative Asset, Fair Value, Gross Asset | 1.0 | 13.0 | 15.0 |
| Derivative asset, subject to master netting arrangement, after offset | 1.0 | 13.0 | 15.0 |
| Derivative liability, fair value | (55.0) | (8.0) | (18.0) |
| Derivative liability, subject to master netting arrangement, after offset | (55.0) | (8.0) | (18.0) |
| Derivative asset, not subject to master netting arrangement | 0.0 | 3.0 | 1.0 |
| Interest rate contracts | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative Asset, Fair Value, Gross Asset | 31.0 | 18.0 | 14.0 |
| Derivative asset, subject to master netting arrangement, after offset | 31.0 | 18.0 | 14.0 |
| Derivative liability, fair value | (31.0) | 0.0 | (54.0) |
| Derivative liability, subject to master netting arrangement, after offset | (31.0) | 0.0 | (54.0) |
| Derivative asset, not subject to master netting arrangement | 7.0 | 6.0 | 0.0 |
| Derivative liability, not subject to master netting arrangement | (13.0) | (6.0) | 0.0 |
| Foreign currency contracts | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative liability, fair value | (1.0) | 0.0 | 0.0 |
| Derivative liability, subject to master netting arrangement, after offset | (1.0) | 0.0 | 0.0 |
| Derivative asset, not subject to master netting arrangement | 1.0 | 1.0 | 0.0 |
| Derivative liability, not subject to master netting arrangement | 0.0 | (9.0) | (2.0) |
| Interest rate lock commitments | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Derivative asset, not subject to master netting arrangement | 18.0 | 5.0 | 11.0 |
| Derivative liability, not subject to master netting arrangement | $ 0.0 | $ (3.0) | $ (2.0) |
Derivatives and Hedging Activities - Net Gain (Loss) on Derivatives Included in Income (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | $ 37.0 | $ 402.1 |
| Net gain (loss) on loan origination and sale activities: | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | $ 37.0 | $ (402.2) |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net gain on loan origination and sale activities | Net loan servicing revenue (expense) |
| Net loan servicing revenue: | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | $ 43.3 | $ 153.2 |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net loan servicing revenue (expense) | Net loan servicing revenue (expense) |
| Forward contracts | Net gain (loss) on loan origination and sale activities: | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | $ (29.0) | $ 425.6 |
| Forward contracts | Net loan servicing revenue: | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | (15.4) | (62.4) |
| Interest rate lock commitments | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | (15.9) | (7.4) |
| Interest rate contracts | Net gain (loss) on loan origination and sale activities: | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | 8.9 | (8.4) |
| Interest rate contracts | Net loan servicing revenue: | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | (32.4) | (54.6) |
| Other contracts | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | (1.0) | (7.6) |
| Futures contracts | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total change in fair value of derivatives | $ (4.5) | $ 36.2 |
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Weighted average shares - basic (shares) | 108.3 | 107.2 | 102.7 |
| Dilutive effect of stock award (shares) | 0.2 | 0.4 | 0.6 |
| Weighted average shares - diluted (shares) | 108.5 | 107.6 | 103.3 |
| Net income available to common stockholders | $ 709.6 | $ 1,044.5 | $ 895.7 |
| Earnings per share: | |||
| Basic (dollars per share) | $ 6.55 | $ 9.74 | $ 8.72 |
| Diluted (dollars per share) | $ 6.54 | $ 9.70 | $ 8.67 |
Income Taxes - Provision for Income Tax (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| Current | $ 236.1 | $ 327.4 | $ 181.8 |
| Deferred | (24.9) | (68.6) | 42.0 |
| Total tax expense | $ 211.2 | $ 258.8 | $ 223.8 |
Income Taxes - Reconciliation Between Statutory Federal Income Tax and Company's Effective Tax Rate (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| Income tax at statutory rate | $ 196.1 | $ 276.4 | $ 235.8 |
| State income taxes, net of federal benefits | 35.0 | 45.4 | 35.8 |
| Non-deductible insurance premiums | 24.1 | 5.2 | 3.5 |
| Tax-exempt income | (28.3) | (26.0) | (25.6) |
| Investment tax credits | (13.2) | (32.1) | (15.9) |
| Other, net | (2.5) | (10.1) | (9.8) |
| Total tax expense | $ 211.2 | $ 258.8 | $ 223.8 |
| Effective tax rate | 22.60% | 19.70% | 19.90% |
Income Taxes - Cumulative Tax Effects of Temporary Differences (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Deferred tax assets: | ||
| Unrealized loss on AFS securities | $ 170 | $ 221 |
| Allowance for credit losses | 96 | 93 |
| Lease liability | 46 | 47 |
| Research and experimentation costs | 32 | 1 |
| FDIC special assessment | 17 | 0 |
| Accrued expenses | 7 | 21 |
| Tax credit carryovers | 5 | 24 |
| Passthrough income | 6 | 19 |
| Premises and equipment | 0 | 13 |
| Other | 40 | 44 |
| Total gross deferred tax assets | 419 | 483 |
| Deferred tax asset valuation allowance | 0 | 0 |
| Total deferred tax assets | 419 | 483 |
| Deferred tax liabilities: | ||
| Mortgage servicing rights | (11) | (56) |
| Right of use asset | (37) | (41) |
| Premises and equipment | (19) | 0 |
| Unearned premiums | (15) | (6) |
| Deferred loan costs | (11) | (16) |
| Leasing basis differences | (11) | (13) |
| Goodwill | (9) | (5) |
| Deferred REIT dividend | 0 | (11) |
| Other | (19) | (24) |
| Total deferred tax liabilities | (132) | (172) |
| Deferred tax assets, net | $ 287 | $ 311 |
Income Taxes - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Operating Loss Carryforwards [Line Items] | |||
| Recognized net deferred tax asset | $ 287,000,000 | $ 311,000,000 | |
| Increase in net DTA | (24,000,000) | ||
| Deferred tax valuation allowance | 0 | 0 | |
| Unrecognized tax benefits, net | 6,900,000 | 5,300,000 | |
| Interest and penalties | 0 | 0 | $ 0 |
| Interest and penalties accrued | 0 | 0 | |
| Investments in LIHTC and renewable energy | 573,000,000 | 624,000,000 | |
| Investment-related liabilities | 322,000,000 | 398,000,000 | |
| Amortization of tax credit investments | 64,300,000 | $ 63,200,000 | $ 49,500,000 |
| IRS | |||
| Operating Loss Carryforwards [Line Items] | |||
| NOL carryovers | 38,000,000 | ||
| DTA, NOL carryforwards | 4,000,000 | ||
| State and Local Jurisdiction | |||
| Operating Loss Carryforwards [Line Items] | |||
| NOL carryovers | 79,000,000 | ||
| DTA, NOL carryforwards | $ 3,000,000 | ||
Income Taxes Gross Activity of Unrecognized Tax Benefits Related to Uncertain Tax Positions (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
| Beginning balance | $ 6.6 | $ 6.4 |
| Tax positions in prior periods | 0.4 | 0.0 |
| Current period tax positions | 0.9 | 0.8 |
| Tax positions in prior periods | 0.0 | (0.6) |
| Ending balance | $ 7.9 | $ 6.6 |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Loss Contingencies [Line Items] | |||
| Letters of credit expiration period | 1 year | ||
| Loss contingency for unfunded loan commitments and letters of credit | $ 31.6 | $ 47.0 | $ 37.6 |
| Other conditional commitments | $ 32.0 | $ 117.0 | |
| Percentage of CRE loans occupied by owners | 16.00% | 16.00% | |
| Commercial Real Estate Portfolio Segment | Loans Receivable | Credit Concentration Risk | |||
| Loss Contingencies [Line Items] | |||
| Percent of commercial real estate related loans | 33.00% | 29.00% | |
| Commercial and industrial | Loans Receivable | Credit Concentration Risk | |||
| Loss Contingencies [Line Items] | |||
| Percent of commercial real estate related loans | 38.00% | 40.00% | |
| Unfunded Loan Commitment | |||
| Loss Contingencies [Line Items] | |||
| Loss contingency for unfunded loan commitments and letters of credit | $ 32.0 | $ 47.0 | |
Commitments and Contingencies - Summary of Contractual Amounts for Unfunded Commitments and Letters of Credit (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Other Commitments [Line Items] | ||
| Total amount | $ 13,931 | $ 19,318 |
| Commitments to extend credit | ||
| Other Commitments [Line Items] | ||
| Total amount | 13,291 | 18,674 |
| Unsecured loan commitments | 989 | 1,209 |
| Credit card commitments and financial guarantees | ||
| Other Commitments [Line Items] | ||
| Total amount | 418 | 379 |
| Letters of credit | ||
| Other Commitments [Line Items] | ||
| Total amount | 222 | 265 |
| Unsecured letters of credit | $ 4 | $ 7 |
Commitments and Contingencies - Contractual Commitments for Lines and Letters of Credit by Maturity (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Loss Contingencies [Line Items] | ||
| Total Amounts Committed | $ 13,931 | $ 19,318 |
| Less Than 1 Year | 4,444 | |
| 1-3 Years | 5,643 | |
| 3-5 Years | 2,245 | |
| After 5 Years | 1,599 | |
| Commitments to extend credit | ||
| Loss Contingencies [Line Items] | ||
| Total Amounts Committed | 13,291 | 18,674 |
| Less Than 1 Year | 3,860 | |
| 1-3 Years | 5,637 | |
| 3-5 Years | 2,195 | |
| After 5 Years | 1,599 | |
| Credit card commitments and financial guarantees | ||
| Loss Contingencies [Line Items] | ||
| Total Amounts Committed | 418 | 379 |
| Less Than 1 Year | 418 | |
| 1-3 Years | 0 | |
| 3-5 Years | 0 | |
| After 5 Years | 0 | |
| Letters of credit | ||
| Loss Contingencies [Line Items] | ||
| Total Amounts Committed | 222 | $ 265 |
| Less Than 1 Year | 166 | |
| 1-3 Years | 6 | |
| 3-5 Years | 50 | |
| After 5 Years | $ 0 |
Fair Value Accounting - Additional Information (Detail) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Impaired loans with an allowance recorded | $ (10,000,000) | $ 7,000,000 |
| Other borrowings | 7,230,000,000 | 6,299,000,000 |
| Commitments and contingencies | ||
| Junior Subordinated Debt | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Debt Instrument, measurement input | 0.0892 | 0.0813 |
| Percentage of LIBOR | 5.33% | 4.77% |
| Basis spread | 3.59% | 3.36% |
| Fair Value, Nonrecurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI | $ 379,000,000 | $ 295,000,000 |
| Other assets acquired through foreclosure | 8,000,000 | 11,000,000 |
| Fair Value, Nonrecurring | Estimate of Fair Value Measurement | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Other borrowings | 7,192,000,000 | 6,261,000,000 |
| Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Letter of Credit | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Commitments and contingencies | 0 | 0 |
| Fair Value, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI | 379,000,000 | 295,000,000 |
| Other assets acquired through foreclosure | 8,000,000 | 11,000,000 |
| Fair Value, Nonrecurring | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value Measurement | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Other borrowings | $ 0 | $ 0 |
Fair Value Accounting - Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Unrealized (loss) gain on junior subordinated debt, net of tax effect of $0.1, $(1.2), and $0.3, respectively | $ (0.2) | $ 3.7 | $ (1.2) |
| Junior Subordinated Debt | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Unrealized (losses) gains | $ (0.3) | $ 4.9 | $ (1.5) |
Fair Value Accounting - Fair Value of Assets and Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | $ 11,165 | $ 7,092 | |
| Investment securities - equity | 126 | 160 | |
| Loans serviced | 1,124 | 1,148 | $ 698 |
| Junior subordinated debt | 63 | $ 63 | |
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | ||
| Cumulative Fair Value Hedging Adjustment | (6) | $ 17 | |
| CLO | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 1,399 | 2,706 | |
| Commercial MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 530 | 97 | |
| Corporate debt securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 367 | 390 | |
| Private label residential MBS | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 1,117 | 1,199 | |
| Residential MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 1,972 | 1,740 | |
| Tax-exempt | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 858 | 891 | |
| U.S. Treasury securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 4,853 | ||
| Other | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 69 | 69 | |
| Common Stock, $0.0001 Par Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 3 | ||
| CRA investments | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 26 | 49 | |
| Preferred Stock | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 100 | 108 | |
| Fair Value, Recurring | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 11,165 | 7,092 | |
| Investment securities - equity | 126 | 160 | |
| Loans HFS | 1,380 | 1,173 | |
| Loans serviced | 1,124 | 1,148 | |
| Derivative assets | 84 | 47 | |
| Derivative liabilities | 100 | 39 | |
| Fair Value, Recurring | CRA investments | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 26 | 49 | |
| Fair Value, Recurring | Preferred Stock | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 100 | 108 | |
| Fair Value, Recurring | CLO | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 1,399 | 2,706 | |
| Fair Value, Recurring | Commercial MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 530 | 97 | |
| Fair Value, Recurring | Corporate debt securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 367 | 390 | |
| Fair Value, Recurring | Private label residential MBS | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 1,117 | 1,199 | |
| Fair Value, Recurring | Residential MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 1,972 | 1,740 | |
| Fair Value, Recurring | Tax-exempt | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 858 | 891 | |
| Fair Value, Recurring | U.S. Treasury securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 4,853 | ||
| Fair Value, Recurring | Other | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 69 | 69 | |
| Fair Value, Recurring | Common Stock, $0.0001 Par Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 3 | ||
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 4,881 | 24 | |
| Investment securities - equity | 126 | 135 | |
| Loans HFS | 0 | 0 | |
| Loans serviced | 0 | 0 | |
| Derivative assets | 0 | 0 | |
| Junior subordinated debt | 0 | 0 | |
| Derivative liabilities | 0 | 0 | |
| Margin, asset | 202 | 4 | |
| Margin, liability | (9) | 1 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | CRA investments | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 26 | 24 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred Stock | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 100 | 108 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | CLO | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Private label residential MBS | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Tax-exempt | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 4,853 | ||
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 28 | 24 | |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stock, $0.0001 Par Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 3 | ||
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 6,284 | 7,068 | |
| Investment securities - equity | 0 | 25 | |
| Loans HFS | 1,377 | 1,172 | |
| Loans serviced | 0 | 0 | |
| Derivative assets | 66 | 42 | |
| Junior subordinated debt | 0 | 0 | |
| Derivative liabilities | 100 | 36 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | CRA investments | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 0 | 25 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Preferred Stock | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 0 | 0 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | CLO | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 1,399 | 2,706 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Commercial MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 530 | 97 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 367 | 390 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Private label residential MBS | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 1,117 | 1,199 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Residential MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 1,972 | 1,740 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Tax-exempt | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 858 | 891 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | ||
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Other | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 41 | 45 | |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Common Stock, $0.0001 Par Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 0 | ||
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Investment securities - equity | 0 | 0 | |
| Loans HFS | 3 | 1 | |
| Loans serviced | 1,124 | 1,148 | |
| Derivative assets | 18 | 5 | |
| Junior subordinated debt | 63 | 63 | |
| Derivative liabilities | 0 | 3 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | CRA investments | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 0 | 0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Preferred Stock | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | 0 | 0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | CLO | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Commercial MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Private label residential MBS | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Residential MBS issued by GSEs | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Tax-exempt | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | 0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | 0 | ||
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Other | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Total AFS debt securities | $ 0 | 0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Common Stock, $0.0001 Par Value | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Investment securities - equity | $ 0 |
Fair Value Accounting - Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis (Detail) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Change in unrealized gain (loss) on junior subordinated debt, net of tax | $ (0.2) | $ 3.7 | $ (1.2) |
| Qualifying debt | 63.0 | 63.0 | |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Qualifying debt | 63.0 | 63.0 | |
| Junior Subordinated Debt | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Change in fair value | $ 0.3 | $ (4.9) | 1.5 |
| Debt Instrument, measurement input | 0.0892 | 0.0813 | |
| Junior Subordinated Debt | Significant Unobservable Inputs (Level 3) | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Qualifying debt | $ 63.0 | $ 63.0 | |
| Junior Subordinated Debt | Fair Value, Recurring | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
| Beginning balance | 62.5 | 67.4 | (65.9) |
| Ending balance | $ 62.8 | $ 62.5 | $ 67.4 |
Fair Value Accounting - Change in Level 3 Assets Unobservable Inputs (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Mark to market adjustments | $ 4 | $ 0 |
| Servicing Contracts | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Balance, beginning of period | 1,148 | 698 |
| Purchases and additions | 865 | 720 |
| Sales and payments | (800) | (350) |
| Change in fair value | 11 | 192 |
| Mark to market adjustments | 4 | 0 |
| Realization of cash flows | (104) | (112) |
| Balance, end of period | 1,124 | 1,148 |
| Changes in unrealized gains (losses) for the period | 19 | 135 |
| Interest rate lock commitments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Balance, beginning of period | 2 | 9 |
| Purchases and additions | 15,434 | 19,513 |
| Settlement of IRLCs upon acquisition or origination of loans HFS | (15,420) | (19,481) |
| Change in fair value | 2 | (39) |
| Balance, end of period | 18 | 2 |
| Changes in unrealized gains (losses) for the period | $ (18) | $ 2 |
Fair Value Accounting - Unobservable Inputs (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Minimum | Option adjusted spread (in basis points) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 29 | 190 |
| Minimum | Conditional Prepayment Rate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 0.095 | 0.085 |
| Minimum | Recapture rate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 0.200 | 0.200 |
| Minimum | Servicing fee rate (in basis points) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 25.0 | 25.0 |
| Minimum | Cost to service | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 93 | 87 |
| Minimum | Servicing fee multiple | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| IRLCs, measurement input | 3.2 | 2.9 |
| Minimum | Pull-through rate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| IRLCs, measurement input | 0.68 | 0.69 |
| Minimum | Third party appraisal | Loans and Finance Receivables [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Collateral Method | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI, measurement input | 6.00% | 6.00% |
| Minimum | Third party appraisal | Other Assets [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Collateral Method | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Other assets acquired through foreclosure, measurement input | 4.00% | 4.00% |
| Minimum | Discount rate | Loans and Finance Receivables [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Discounted Cash Flow | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI, measurement input | 3.00% | 3.00% |
| Minimum | Scheduled cash collections | Loans and Finance Receivables [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Discounted Cash Flow | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI, measurement input | 0.00% | 0.00% |
| Minimum | Proceeds from non-real estate collateral | Loans and Finance Receivables [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Discounted Cash Flow | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI, measurement input | 0.00% | 0.00% |
| Maximum | Option adjusted spread (in basis points) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 253 | 621 |
| Maximum | Conditional Prepayment Rate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 0.239 | 0.185 |
| Maximum | Recapture rate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 0.200 | 0.200 |
| Maximum | Servicing fee rate (in basis points) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 56.5 | 56.5 |
| Maximum | Cost to service | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 100 | 94 |
| Maximum | Servicing fee multiple | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| IRLCs, measurement input | 5.4 | 5.5 |
| Maximum | Pull-through rate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| IRLCs, measurement input | 1 | 1 |
| Maximum | Third party appraisal | Loans and Finance Receivables [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Collateral Method | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI, measurement input | 10.00% | 10.00% |
| Maximum | Third party appraisal | Other Assets [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Collateral Method | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Other assets acquired through foreclosure, measurement input | 10.00% | 10.00% |
| Maximum | Discount rate | Loans and Finance Receivables [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Discounted Cash Flow | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI, measurement input | 8.00% | 8.00% |
| Maximum | Scheduled cash collections | Loans and Finance Receivables [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Discounted Cash Flow | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI, measurement input | 20.00% | 20.00% |
| Maximum | Proceeds from non-real estate collateral | Loans and Finance Receivables [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Nonrecurring | Valuation Technique, Discounted Cash Flow | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI, measurement input | 70.00% | 70.00% |
| Weighted Average | Option adjusted spread (in basis points) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 213 | 378 |
| Weighted Average | Conditional Prepayment Rate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 17.4 | 13.4 |
| Weighted Average | Recapture rate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 0.200 | 20 |
| Weighted Average | Servicing fee rate (in basis points) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 35.6 | 33.2 |
| Weighted Average | Cost to service | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| MSRs, measurement input | 95 | 90 |
| Weighted Average | Servicing fee multiple | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| IRLCs, measurement input | 4.3 | 4.3 |
| Weighted Average | Pull-through rate | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| IRLCs, measurement input | 0.89 | 89 |
Fair Value Accounting - Aggregate Difference Between Fair Value and UPB for Fair Value Option Loans (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair Value, option, loans held as assets, current through 89 days | $ 1,379 | $ 1,172 |
| UPB, option, loans held as assets, current through 89 days | 1,319 | 1,138 |
| Fair value, option, loans held as assets, current through 89 days, aggregate difference | 60 | 34 |
| Fair Value, 90 days or more delinquent | 1 | 1 |
| UPB, op days or more delinquent | 2 | 1 |
| Aggregated difference, 90 days or more delinquent | (1) | 0 |
| Loans held-for-sale, fair value | 1,380 | 1,173 |
| Fair value option, aggregate difference | 59 | 34 |
| Fair Value, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Financing receivable, UPB | $ 1,321 | $ 1,139 |
Fair Value Accounting - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Nonrecurring - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI | $ 379 | $ 295 |
| Other assets acquired through foreclosure | 8 | 11 |
| Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI | 0 | 0 |
| Other assets acquired through foreclosure | 0 | 0 |
| Significant Other Observable Inputs (Level 2) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI | 0 | 0 |
| Other assets acquired through foreclosure | 0 | 0 |
| Significant Unobservable Inputs (Level 3) | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Loans HFI | 379 | 295 |
| Other assets acquired through foreclosure | $ 8 | $ 11 |
Fair Value Accounting - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Financial assets | ||
| HTM | $ 1,429 | $ 1,289 |
| AFS | 11,165 | 7,092 |
| Investment securities - equity | 126 | $ 160 |
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | |
| Loans HFS | 1,402 | $ 1,184 |
| Net loans HFI | 49,960 | 51,552 |
| Mortgage servicing rights | 1,124 | 1,148 |
| Accrued interest receivable | 5 | 4 |
| Financial liabilities | ||
| Total deposits | 55,333 | 53,644 |
| Other borrowings | 7,230 | 6,299 |
| Qualifying debt | 63 | 63 |
| Fair Value, Nonrecurring | Carrying Amount | ||
| Financial assets | ||
| HTM | 1,429 | 1,289 |
| Net loans HFI | 49,960 | 51,552 |
| Financial liabilities | ||
| Total deposits | 55,333 | 53,644 |
| Other borrowings | 7,230 | 6,299 |
| Qualifying debt | 895 | 893 |
| Fair Value, Nonrecurring | Estimate of Fair Value Measurement | ||
| Financial assets | ||
| HTM | 1,251 | 1,112 |
| Net loans HFI | 46,877 | 47,679 |
| Financial liabilities | ||
| Total deposits | 55,379 | 53,698 |
| Other borrowings | 7,192 | 6,261 |
| Qualifying debt | 810 | 810 |
| Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Financial assets | ||
| HTM | 0 | 0 |
| Net loans HFI | 0 | 0 |
| Financial liabilities | ||
| Total deposits | 0 | 0 |
| Other borrowings | 0 | 0 |
| Qualifying debt | 0 | 0 |
| Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
| Financial assets | ||
| HTM | 1,251 | 1,112 |
| Net loans HFI | 0 | 0 |
| Financial liabilities | ||
| Total deposits | 55,379 | 53,698 |
| Other borrowings | 7,192 | 6,261 |
| Qualifying debt | 734 | 735 |
| Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
| Financial assets | ||
| HTM | 0 | 0 |
| Net loans HFI | 46,877 | 47,679 |
| Financial liabilities | ||
| Total deposits | 0 | 0 |
| Other borrowings | 0 | 0 |
| Qualifying debt | 76 | 75 |
| Fair Value, Recurring | ||
| Financial assets | ||
| AFS | 11,165 | 7,092 |
| Investment securities - equity | 126 | 160 |
| Derivative assets | 84 | 47 |
| Financial liabilities | ||
| Derivative liabilities | 100 | 39 |
| Fair Value, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Financial assets | ||
| AFS | 4,881 | 24 |
| Investment securities - equity | 126 | 135 |
| Derivative assets | 0 | 0 |
| Financial liabilities | ||
| Qualifying debt | 0 | 0 |
| Derivative liabilities | 0 | 0 |
| Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | ||
| Financial assets | ||
| AFS | 6,284 | 7,068 |
| Investment securities - equity | 0 | 25 |
| Derivative assets | 66 | 42 |
| Financial liabilities | ||
| Qualifying debt | 0 | 0 |
| Derivative liabilities | 100 | 36 |
| Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | ||
| Financial assets | ||
| AFS | 0 | 0 |
| Investment securities - equity | 0 | 0 |
| Derivative assets | 18 | 5 |
| Financial liabilities | ||
| Qualifying debt | 63 | 63 |
| Derivative liabilities | 0 | 3 |
| Fair Value, Recurring | Carrying Amount | ||
| Financial assets | ||
| AFS | 11,165 | 7,092 |
| Investment securities - equity | 126 | 160 |
| Derivative assets | 84 | 51 |
| Loans HFS | 1,402 | 1,184 |
| Mortgage servicing rights | 1,124 | 1,148 |
| Accrued interest receivable | 370 | 357 |
| Financial liabilities | ||
| Derivative liabilities | 100 | 40 |
| Accrued interest payable | 151 | 35 |
| Fair Value, Recurring | Estimate of Fair Value Measurement | ||
| Financial assets | ||
| AFS | 11,165 | 7,092 |
| Investment securities - equity | 126 | 160 |
| Derivative assets | 84 | 47 |
| Loans HFS | 1,402 | 1,173 |
| Mortgage servicing rights | 1,124 | 1,148 |
| Accrued interest receivable | 370 | 357 |
| Financial liabilities | ||
| Derivative liabilities | 100 | 39 |
| Accrued interest payable | 151 | 35 |
| Fair Value, Recurring | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
| Financial assets | ||
| AFS | 4,881 | 24 |
| Investment securities - equity | 126 | 135 |
| Derivative assets | 0 | 0 |
| Loans HFS | 0 | 0 |
| Mortgage servicing rights | 0 | 0 |
| Accrued interest receivable | 0 | 0 |
| Financial liabilities | ||
| Derivative liabilities | 0 | 0 |
| Accrued interest payable | 0 | 0 |
| Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
| Financial assets | ||
| AFS | 6,284 | 7,068 |
| Investment securities - equity | 0 | 25 |
| Derivative assets | 66 | 42 |
| Loans HFS | 1,379 | 1,172 |
| Mortgage servicing rights | 0 | 0 |
| Accrued interest receivable | 370 | 357 |
| Financial liabilities | ||
| Derivative liabilities | 100 | 36 |
| Accrued interest payable | 151 | 35 |
| Fair Value, Recurring | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
| Financial assets | ||
| AFS | 0 | 0 |
| Investment securities - equity | 0 | 0 |
| Derivative assets | 18 | 5 |
| Loans HFS | 23 | 1 |
| Mortgage servicing rights | 1,124 | 1,148 |
| Accrued interest receivable | 0 | 0 |
| Financial liabilities | ||
| Derivative liabilities | 0 | 3 |
| Accrued interest payable | $ 0 | $ 0 |
Regulatory Capital Requirements - Summary of Actual Capital Amount and Ratio (Detail) |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|---|---|---|
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
| Well-capitalized ratios | 0.100 | 0.100 |
| Minimum capital ratios | 0.080 | 0.080 |
| Well-capitalized ratios | 0.080 | 0.080 |
| Minimum capital ratios | 0.060 | 0.060 |
| Well-capitalized ratios | 0.050 | 0.050 |
| Well-capitalized ratios | $ 0.065 | $ 0.065 |
| Minimum capital ratios | 0.040 | 0.040 |
| Minimum capital ratios | $ 0.045 | $ 0.045 |
| WAL | ||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
| Total Capital | 7,201,000,000 | 6,586,000,000 |
| Tier 1 Capital | 6,035,000,000 | 5,449,000,000 |
| Risk-Weighted Assets | 52,517,000,000 | 54,461,000,000 |
| Tangible Average Assets | $ 70,295,000,000 | $ 69,814,000,000 |
| Total Capital Ratio | 0.137 | 0.121 |
| Tier 1 Capital Ratio | 0.115 | 0.100 |
| Tier 1 Leverage Ratio | 0.086 | 0.078 |
| Common Equity Tier 1 | 0.108 | 0.093 |
| WAB | ||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
| Total Capital | $ 6,802,000,000 | $ 6,280,000,000 |
| Tier 1 Capital | 6,229,000,000 | 5,737,000,000 |
| Risk-Weighted Assets | 52,508,000,000 | 54,411,000,000 |
| Tangible Average Assets | $ 70,347,000,000 | $ 69,762,000,000 |
| Total Capital Ratio | 0.130 | 0.115 |
| Tier 1 Capital Ratio | 0.119 | 0.105 |
| Tier 1 Leverage Ratio | 0.089 | 0.082 |
| Common Equity Tier 1 | 0.119 | 0.105 |
Employee Benefit Plans (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Defined Contribution Plan Disclosure [Line Items] | |||
| Deferred compensation | 5.00% | ||
| Age of plan participants | 50 years | ||
| Employer matching contribution percentage | 100.00% | ||
| Employer contributions | $ 17,700,000 | $ 15,900,000 | $ 12,000,000 |
| Projected benefit obligation | 14,000,000 | 14,000,000 | |
| Net periodic benefit cost | 1,000,000 | $ 1,000,000 | $ 1,100,000 |
| Qualified 401(k) Employee Benefit Plan, Participants Under 50 | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Maximum compensation deferral | 22,500 | ||
| Qualified 401(k) Employee Benefit Plan, Participants Over 50 | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Maximum compensation deferral | $ 30,000 | ||
| Minimum | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Deferred compensation | 1.00% | ||
| Maximum | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Deferred compensation | 75.00% | ||
Related Party Transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Loans and Leases Receivable, Related Parties [Roll Forward] | |||
| Balance, beginning | $ 172.0 | $ 0.0 | |
| New loans | 0.0 | 231.0 | |
| Advances | 457.0 | 2,144.0 | |
| Repayments and other | (629.0) | (2,203.0) | |
| Balance, ending | 0.0 | 172.0 | $ 0.0 |
| Net loans HFI | 49,960.0 | 51,552.0 | |
| Total deposits | 55,333.0 | 53,644.0 | |
| Deposits | 1,142.6 | 276.4 | 47.5 |
| Earnings credits or referral fees | 17,800.0 | 12,900.0 | |
| Credit linked notes, net | 446.0 | 992.0 | |
| Loan servicing fees | 233.7 | 194.5 | |
| Loans serviced by related party | 0.0 | 2,100.0 | 0.0 |
| Other expense | 86.9 | 80.8 | 54.3 |
| Related Party | |||
| Loans and Leases Receivable, Related Parties [Roll Forward] | |||
| Interest income | 1.6 | 2.5 | 0.1 |
| Loan purchases | 27.0 | 914.0 | 0.0 |
| Total deposits | 62.0 | 398.0 | |
| Deposits | 1.1 | 0.2 | 0.2 |
| Earnings credits | 2.6 | 1.9 | 0.0 |
| Credit linked notes, net | 0.0 | 1.0 | |
| Loan servicing fees | 0.6 | 1.5 | 0.0 |
| Other expense | 1.0 | 1.0 | $ 1.0 |
| Related Party | Unfunded Loan Commitment | |||
| Loans and Leases Receivable, Related Parties [Roll Forward] | |||
| Net loans HFI | $ 2.0 | $ 476.0 | |
Parent Company Financial Information - Parent Company Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Condensed Financial Statements, Captions [Line Items] | ||||
| Investment securities - equity | $ 126.0 | $ 160.0 | ||
| Other assets | 1,608.0 | 1,811.0 | ||
| Total assets | 70,862.0 | 67,734.0 | ||
| Qualifying debt | 895.0 | 893.0 | ||
| Total liabilities | 64,784.0 | 62,378.0 | ||
| Total stockholders’ equity | 6,078.4 | 5,356.0 | $ 4,962.6 | $ 3,413.5 |
| Total liabilities and stockholders’ equity | 70,862.0 | 67,734.0 | ||
| WAL | ||||
| Condensed Financial Statements, Captions [Line Items] | ||||
| Cash and cash equivalents | 140.3 | 85.3 | $ 79.0 | $ 55.5 |
| Investment securities - equity | 31.0 | 34.0 | ||
| Investment in subsidiaries | 6,513.0 | 5,862.0 | ||
| Other assets | 71.0 | 66.0 | ||
| Total assets | 6,755.0 | 6,047.0 | ||
| Qualifying debt | 671.0 | 669.0 | ||
| Accrued interest and other liabilities | 6.0 | 22.0 | ||
| Total liabilities | 677.0 | 691.0 | ||
| Total stockholders’ equity | 6,078.0 | 5,356.0 | ||
| Total liabilities and stockholders’ equity | $ 6,755.0 | $ 6,047.0 |
Parent Company Financial Information - Parent Company Condensed Income Statement (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Condensed Financial Statements, Captions [Line Items] | |||
| Non-interest income (loss) | $ (280.7) | $ (324.6) | $ (404.2) |
| Interest expense | 1,696.4 | 475.5 | 109.9 |
| Non-interest expense | 1,623.4 | 1,156.7 | 851.4 |
| Income tax benefit | (211.2) | (258.8) | (223.8) |
| Net income | 722.4 | 1,057.3 | 899.2 |
| Dividends on preferred stock | 12.8 | 12.8 | 3.5 |
| Net income available to common stockholders | 709.6 | 1,044.5 | 895.7 |
| WAL | |||
| Condensed Financial Statements, Captions [Line Items] | |||
| Dividends from subsidiaries | 330.0 | 261.8 | 50.0 |
| Interest income | 2.9 | 3.8 | 3.2 |
| Non-interest income (loss) | 1.5 | 0.9 | (13.4) |
| Total income | 334.4 | 264.7 | 66.6 |
| Interest expense | 25.4 | 22.6 | 19.5 |
| Non-interest expense | 29.3 | 26.5 | 31.9 |
| Total expense | 54.7 | 49.1 | 51.4 |
| Income before income taxes and equity in undistributed earnings of subsidiaries | 279.7 | 215.6 | 15.2 |
| Income tax benefit | 10.3 | 11.0 | 7.4 |
| Income before equity in undistributed earnings of subsidiaries | 290.0 | 226.6 | 22.6 |
| Equity in undistributed earnings of subsidiaries | 432.4 | 830.7 | 876.6 |
| Net income | $ 722.4 | $ 1,057.3 | $ 899.2 |
Parent Company Financial Information - Parent Company Cash Flows (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Condensed Financial Statements, Captions [Line Items] | ||||
| Cash dividends paid on common stock and preferred stock | $ 171.5 | $ 166.2 | $ 127.6 | |
| Net income | 722.4 | 1,057.3 | 899.2 | |
| (Gain) loss on extinguishment of debt | 52.7 | 0.0 | (5.9) | |
| Other operating activities, net | (1.1) | 2.2 | (15.1) | |
| Net cash provided by operating activities | (328.6) | 2,245.3 | (2,654.0) | |
| Net cash used in investing activities | (2,159.1) | (13,130.1) | (14,711.9) | |
| Proceeds from issuance of common stock, net | 0.1 | 157.7 | 540.3 | |
| Net cash provided by financing activities | 3,020.4 | 11,411.8 | 15,210.6 | |
| Net increase in cash and cash equivalents | 532.7 | 527.0 | (2,155.3) | |
| WAL | ||||
| Condensed Financial Statements, Captions [Line Items] | ||||
| Cash dividends paid on common stock and preferred stock | 171.5 | 166.2 | 127.6 | |
| Proceeds from issuance of preferred stock, net | 0.0 | 0.0 | 294.5 | |
| Net income | 722.4 | 1,057.3 | 899.2 | |
| Equity in net undistributed earnings of subsidiaries | (432.4) | (830.7) | (876.6) | |
| Change in fair value of assets and liabilities measured at fair value | (3.4) | 8.7 | (0.1) | |
| (Gain) loss on extinguishment of debt | 0.0 | 0.0 | 5.9 | |
| Other operating activities, net | (1.8) | (16.8) | (1.4) | |
| Net cash provided by operating activities | 284.8 | 218.5 | 27.0 | |
| Purchases of securities | (153.9) | (0.4) | (16.0) | |
| Principal pay downs, calls, maturities, and sales proceeds of securities | 155.5 | 1.8 | 28.6 | |
| Capital contributions to subsidiaries | (50.0) | (193.0) | (1,139.3) | |
| Other investing activities, net | (10.0) | (12.1) | 0.0 | |
| Net cash used in investing activities | (58.4) | (203.7) | (1,126.7) | |
| Net proceeds from issuance of long-term debt | 0.0 | 0.0 | 591.9 | |
| Redemption of subordinated debt | 0.0 | 0.0 | (176.0) | |
| Proceeds from issuance of common stock, net | 0.1 | 157.7 | 540.3 | |
| Other financing activities, net | 0.0 | 0.0 | 0.1 | |
| Net cash provided by financing activities | (171.4) | (8.5) | 1,123.2 | |
| Net increase in cash and cash equivalents | 55.0 | 6.3 | 23.5 | |
| Cash and cash equivalents | $ 140.3 | $ 85.3 | $ 79.0 | $ 55.5 |
Segments - Operating Segment Information (Detail) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
Reportable_Business_Segments
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Operating Statistics [Line Items] | ||||
| Reportable segments | Reportable_Business_Segments | 3 | |||
| Goodwill assigned | 100.00% | |||
| Cash, cash equivalents, and investment securities | $ 14,569.0 | $ 9,803.0 | ||
| Loans HFS | 1,402.0 | 1,184.0 | ||
| Loans HFI, net of deferred fees and costs | 50,297.0 | 51,862.0 | ||
| Less: allowance for credit losses | (336.7) | (309.7) | $ (252.5) | |
| Net loans held for investment | 49,960.0 | 51,552.0 | ||
| Other assets acquired through foreclosure, net | 8.0 | 11.0 | ||
| Goodwill and intangible assets, net | 669.0 | 680.0 | ||
| Other assets | 4,254.0 | 4,504.0 | ||
| Total assets | 70,862.0 | 67,734.0 | ||
| Total deposits | 55,333.0 | 53,644.0 | ||
| Borrowings and qualifying debt | 8,125.0 | 7,192.0 | ||
| Other liabilities | 1,326.0 | 1,542.0 | ||
| Total liabilities | 64,784.0 | 62,378.0 | ||
| Total stockholders’ equity | 6,078.4 | 5,356.0 | 4,962.6 | $ 3,413.5 |
| Total liabilities and stockholders' equity | 70,862.0 | 67,734.0 | ||
| Excess funds provided (used) | 0.0 | 0.0 | ||
| Net interest income | 2,338.9 | 2,216.3 | 1,548.8 | |
| Provision for credit losses | 62.6 | 68.1 | (21.4) | |
| Net interest income after provision for credit losses | 2,276.3 | 2,148.2 | 1,570.2 | |
| Non-interest income (loss) | 280.7 | 324.6 | 404.2 | |
| Non-interest expense | (1,623.4) | (1,156.7) | (851.4) | |
| Income (loss) before provision for income taxes | 933.6 | 1,316.1 | 1,123.0 | |
| Income tax expense | 211.2 | 258.8 | 223.8 | |
| Net income | $ 722.4 | 1,057.3 | 899.2 | |
| Minimum | ||||
| Operating Statistics [Line Items] | ||||
| Equity capital allocation | 0.00% | |||
| Maximum | ||||
| Operating Statistics [Line Items] | ||||
| Equity capital allocation | 20.00% | |||
| Operating Segments | Commercial | ||||
| Operating Statistics [Line Items] | ||||
| Cash, cash equivalents, and investment securities | $ 13.0 | 12.0 | ||
| Loans HFS | 0.0 | 0.0 | ||
| Loans HFI, net of deferred fees and costs | 29,136.0 | 31,414.0 | ||
| Less: allowance for credit losses | (284.0) | (262.0) | ||
| Net loans held for investment | 28,852.0 | 31,152.0 | ||
| Other assets acquired through foreclosure, net | 8.0 | 11.0 | ||
| Goodwill and intangible assets, net | 292.0 | 293.0 | ||
| Other assets | 390.0 | 435.0 | ||
| Total assets | 29,555.0 | 31,903.0 | ||
| Total deposits | 23,897.0 | 29,494.0 | ||
| Borrowings and qualifying debt | 7.0 | 27.0 | ||
| Other liabilities | 109.0 | 83.0 | ||
| Total liabilities | 24,013.0 | 29,604.0 | ||
| Total stockholders’ equity | 2,555.0 | 2,684.0 | ||
| Total liabilities and stockholders' equity | 26,568.0 | 32,288.0 | ||
| Excess funds provided (used) | 2,987.0 | (385.0) | ||
| Net interest income | 1,387.4 | 1,546.3 | 1,181.7 | |
| Provision for credit losses | 38.3 | 47.2 | (30.6) | |
| Net interest income after provision for credit losses | 1,349.1 | 1,499.1 | 1,212.3 | |
| Non-interest income (loss) | (23.3) | 59.7 | 65.1 | |
| Non-interest expense | (580.6) | (463.5) | (415.9) | |
| Income (loss) before provision for income taxes | 745.2 | 1,095.3 | 861.5 | |
| Income tax expense | 174.8 | 260.5 | 206.6 | |
| Net income | 570.4 | 834.8 | 654.9 | |
| Operating Segments | Consumer Related | ||||
| Operating Statistics [Line Items] | ||||
| Cash, cash equivalents, and investment securities | 125.0 | 0.0 | ||
| Loans HFS | 1,402.0 | 1,184.0 | ||
| Loans HFI, net of deferred fees and costs | 21,161.0 | 20,448.0 | ||
| Less: allowance for credit losses | (53.0) | (48.0) | ||
| Net loans held for investment | 21,108.0 | 20,400.0 | ||
| Other assets acquired through foreclosure, net | 0.0 | 0.0 | ||
| Goodwill and intangible assets, net | 377.0 | 387.0 | ||
| Other assets | 1,826.0 | 2,180.0 | ||
| Total assets | 24,838.0 | 24,151.0 | ||
| Total deposits | 24,925.0 | 18,492.0 | ||
| Borrowings and qualifying debt | 402.0 | 340.0 | ||
| Other liabilities | 338.0 | 656.0 | ||
| Total liabilities | 25,665.0 | 19,488.0 | ||
| Total stockholders’ equity | 1,790.0 | 1,691.0 | ||
| Total liabilities and stockholders' equity | 27,455.0 | 21,179.0 | ||
| Excess funds provided (used) | 2,617.0 | 2,972.0 | ||
| Net interest income | 898.9 | 854.1 | 603.4 | |
| Provision for credit losses | 3.3 | 21.1 | 11.0 | |
| Net interest income after provision for credit losses | 895.6 | 833.0 | 592.4 | |
| Non-interest income (loss) | 286.9 | 247.2 | 317.6 | |
| Non-interest expense | (924.5) | (630.1) | (413.9) | |
| Income (loss) before provision for income taxes | 258.0 | 450.1 | 496.1 | |
| Income tax expense | 59.2 | 107.1 | 120.1 | |
| Net income | 198.8 | 343.0 | 376.0 | |
| Operating Segments | Corporate & Other | ||||
| Operating Statistics [Line Items] | ||||
| Cash, cash equivalents, and investment securities | 14,431.0 | 9,791.0 | ||
| Loans HFS | 0.0 | 0.0 | ||
| Loans HFI, net of deferred fees and costs | 0.0 | 0.0 | ||
| Less: allowance for credit losses | 0.0 | 0.0 | ||
| Net loans held for investment | 0.0 | 0.0 | ||
| Other assets acquired through foreclosure, net | 0.0 | 0.0 | ||
| Goodwill and intangible assets, net | 0.0 | 0.0 | ||
| Other assets | 2,038.0 | 1,889.0 | ||
| Total assets | 16,469.0 | 11,680.0 | ||
| Total deposits | 6,511.0 | 5,658.0 | ||
| Borrowings and qualifying debt | 7,716.0 | 6,825.0 | ||
| Other liabilities | 879.0 | 803.0 | ||
| Total liabilities | 15,106.0 | 13,286.0 | ||
| Total stockholders’ equity | 1,733.0 | 981.0 | ||
| Total liabilities and stockholders' equity | 16,839.0 | 14,267.0 | ||
| Excess funds provided (used) | (370.0) | (2,587.0) | ||
| Net interest income | 52.6 | (184.1) | (236.3) | |
| Provision for credit losses | 21.0 | (0.2) | (1.8) | |
| Net interest income after provision for credit losses | 31.6 | (183.9) | (234.5) | |
| Non-interest income (loss) | 17.1 | 17.7 | 21.5 | |
| Non-interest expense | (118.3) | (63.1) | (21.6) | |
| Income (loss) before provision for income taxes | (69.6) | (229.3) | (234.6) | |
| Income tax expense | (22.8) | (108.8) | (102.9) | |
| Net income | $ (46.8) | $ (120.5) | $ (131.7) | |
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Revenue from Contract with Customer [Abstract] | |||
| Revenue from contracts with customers | $ 98.6 | $ 44.1 | $ 37.6 |
Mergers, Acquisitions and Dispositions (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Jan. 25, 2022 |
Apr. 07, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Business Acquisition [Line Items] | |||||
| Acquisition and restructure expenses | $ 0.0 | $ 0.4 | $ 15.3 | ||
| Identified intangible assets | $ 20.1 | ||||
| Goodwill | $ 527.0 | 527.0 | |||
| Goodwill expected to be deductible for tax purposes | 31.8 | ||||
| Interest income | 1,679.9 | ||||
| Non-interest income | 470.5 | ||||
| Net income | 909.7 | ||||
| Digital Disbursements | |||||
| Business Acquisition [Line Items] | |||||
| Consideration transferred | 57.0 | ||||
| Cash paid at closing | 50.6 | ||||
| Contingent consideration | 6.4 | ||||
| Acquisition and restructure expenses | 0.4 | ||||
| Cash and cash equivalents | 0.6 | ||||
| Identified intangible assets | 20.1 | ||||
| Other assets | 0.1 | ||||
| Total assets | 20.8 | ||||
| Other liabilities | 0.4 | ||||
| Total liabilities | 0.4 | ||||
| Net assets acquired | 20.4 | ||||
| Goodwill | 36.6 | ||||
| AmeriHome | |||||
| Business Acquisition [Line Items] | |||||
| Cash paid at closing | $ 1,200.0 | ||||
| Acquisition and restructure expenses | $ 0.0 | 15.3 | |||
| Acquisition related costs | $ 3.4 | ||||
| Customer relationships | |||||
| Business Acquisition [Line Items] | |||||
| Identified intangible assets | 15.7 | ||||
| Useful life | 7 years | ||||
| Developed technology | |||||
| Business Acquisition [Line Items] | |||||
| Identified intangible assets | 4.1 | ||||
| Useful life | 5 years | ||||
| Trade names | |||||
| Business Acquisition [Line Items] | |||||
| Identified intangible assets | $ 0.3 | ||||
| Useful life | 10 years | ||||