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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021, or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to              

Commission File No. 0-10587
FULTON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
Pennsylvania   23-2195389
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)
One Penn Square Lancaster, Pennsylvania   17602
(Address of principal executive offices)   (Zip Code)
(717) 291-2411
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $2.50 FULT The Nasdaq Stock Market, LLC
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
FULTP The Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer      Accelerated filer  
Non-accelerated filer      Smaller reporting company  
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $2.50 Par Value –162,606,000 shares outstanding as of April 30, 2021.
1




FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2021
INDEX
 
Description Page
Glossary of Terms
3
PART I. FINANCIAL INFORMATION
(a)
5
(b)
6
(c)
7
(d)
8
(e)
9
(f)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Defaults Upon Senior Securities - (not applicable)
Item 4. Mine Safety Disclosures - (not applicable)
Item 5. Other Information - (none to be reported)

2




FULTON FINANCIAL CORPORATION
GLOSSARY OF DEFINED ACRONYMS AND TERMS
ACL Allowance for Credit Losses
AFS Available for Sale
ALCO Asset/Liability Management Committee
AML Anti-Money Laundering
AOCI Accumulated other comprehensive income
ARC Auction Rate Security
ASC Accounting Standards Codification
ASU Accounting Standards Update
bp basis point(s)
BSA Bank Secrecy Act
CARES Act Coronavirus Aid, Relief, and Economic Security Act
CECL Current Expected Credit Losses
Corporation or Company Fulton Financial Corporation
COVID-19 Coronavirus
ETR Effective Tax Rate
Exchange Act Securities Exchange Act of 1934
EAD Exposure at default
FASB Financial Accounting Standards Board
FDIC Federal Deposit Insurance Corporation
Fed Funds Rate Target Federal Funds Rate
FHLB Federal Home Loan Bank
FOMC Federal Open Market Committee
FRB Federal Reserve Bank
FTE Fully Taxable-Equivalent
Fulton Bank or the Bank Fulton Bank, N.A.
GAAP U.S. Generally Accepted Accounting Principles
HTM Held to Maturity
LGD Loss given default
LIBOR London Interbank Offered Rate
MSRs Mortgage Servicing Rights
NIM Net Interest Margin
N/M Not meaningful
Net Loans Loans and lease receivables, (net of unearned income)
OBS Off-Balance-Sheet
OCI Other comprehensive income
OREO Other Real Estate Owned
OTTI Other-than-temporary impairment
PD Probability of default
PPP Paycheck Protection Program
PSU Performance-Based Restricted Stock Unit
RSU Restricted Stock Unit
SBA Small Business Administration
SEC United States Securities and Exchange Commission
TCI Tax Credit Investment
3




TDR Troubled Debt Restructuring
TruPS Trust Preferred Securities
Visa Shares
Visa, Inc. Class B restricted shares
Note: Some numbers contained in the document may not sum due to rounding
4





Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS 
(in thousands, except per-share data)
March 31,
2021
December 31,
2020
(unaudited)
ASSETS
Cash and due from banks $ 102,570  $ 120,462 
Interest-bearing deposits with other banks 1,559,306  1,727,370 
        Cash and cash equivalents 1,661,876  1,847,832 
FRB and FHLB stock 66,209  92,129 
Loans held for sale 34,092  83,886 
Investment securities:
AFS, at estimated fair value 2,758,597  3,062,143 
HTM, at amortized cost 853,413  278,281 
Net Loans 18,990,986  18,900,820 
Less: ACL - loans (265,986) (277,567)
Loans, net 18,725,000  18,623,253 
Net premises and equipment 229,035  231,480 
Accrued interest receivable 65,649  72,942 
Goodwill and intangible assets 536,544  536,659 
Other assets 962,575  1,078,128 
Total Assets $ 25,892,990  $ 25,906,733 
LIABILITIES
Deposits:
Noninterest-bearing $ 7,046,116  $ 6,531,002 
Interest-bearing 14,587,722  14,308,205 
Total Deposits 21,633,838  20,839,207 
Short-term borrowings 520,989  630,066 
Accrued interest payable 5,618  10,365 
Long-term borrowings 626,407  1,296,263 
Other liabilities 476,483  514,004 
Total Liabilities 23,263,335  23,289,905 
SHAREHOLDERS’ EQUITY
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares authorized and issued in 2020, liquidation preference of $1,000 per share 192,878  192,878 
Common stock, $2.50 par value, 600.0 million shares authorized, 223.2 million shares issued in 2021 and in 2020 558,116  557,917 
Additional paid-in capital 1,511,101  1,508,117 
Retained earnings 1,168,491  1,120,781 
Accumulated other comprehensive gain 25,838  65,091 
Treasury stock, at cost, 60.7 million shares in 2021 and 60.8 million shares in 2020 (826,769) (827,956)
Total Shareholders’ Equity 2,629,655  2,616,828 
Total Liabilities and Shareholders’ Equity $ 25,892,990  $ 25,906,733 
See Notes to Consolidated Financial Statements
 
5




CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per-share data) Three months ended March 31
  2021 2020
INTEREST INCOME
Loans, including fees $ 163,985  $ 175,523 
Investment securities:
Taxable 13,691  16,294 
Tax-exempt 5,653  4,709 
Loans held for sale 471  320 
Other interest income 1,136  2,532 
Total Interest Income
184,936  199,378 
Interest Expense
Deposits 9,602  26,440 
Short-term borrowings 188  4,073 
Long-term borrowings 10,698  8,119 
Total Interest Expense
20,488  38,632 
Net Interest Income
164,448  160,746 
Provision for credit losses (5,500) 44,030 
Net Interest Income After Provision for Credit Losses
169,948  116,716 
Non-Interest Income
Commercial banking 16,342  18,419 
Consumer banking 10,754  11,239 
Wealth management 17,347  15,055 
Mortgage banking 13,960  6,234 
Other 3,519  3,651 
Non-Interest Income Before Investment Securities Gains 61,922  54,598 
Investment securities gains, net 33,475  46 
Total Non-Interest Income 95,397  54,644 
NON-INTEREST EXPENSE
Salaries and employee benefits 82,586  80,228 
Net occupancy 13,982  13,486 
Data processing and software 13,561  11,645 
Other outside services 8,490  7,881 
State taxes 4,505  2,804 
Equipment 3,428  3,418 
Professional fees 2,779  4,202 
FDIC insurance 2,624  2,808 
Amortization of TCI 1,531  1,450 
Marketing 1,002  1,579 
Intangible amortization 115  132 
Debt extinguishment 32,163  — 
Other 11,618  12,919 
Total Non-Interest Expense 178,384  142,552 
Income Before Income Taxes 86,961  28,808 
Income taxes 13,898  2,761 
Net Income 73,063  26,047 
Preferred stock dividends (2,591) — 
Net Income Available to Common Shareholders $ 70,472  $ 26,047 
PER SHARE:
Net Income (Basic) $ 0.43  $ 0.16 
Net Income (Diluted) 0.43  0.16 
Cash Dividends 0.14  0.13 
See Notes to Consolidated Financial Statements

6




CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
  Three months ended March 31
  2021 2020
 
Net Income $ 73,063  $ 26,047 
Other Comprehensive (Loss) Income, net of tax:
Unrealized (loss) gain on securities (39,999) 17,431 
Reclassification adjustment for securities gains included in net income 377  (36)
Amortization of net unrealized losses on AFS securities transferred to HTM 1,787  795 
Net unrealized loss on interest rate swaps used in cash flow hedges (1,707) — 
Amortization of net unrecognized pension and postretirement income 289  255 
Other Comprehensive (Loss) Income (39,253) 18,445 
Total Comprehensive Income $ 33,810  $ 44,492 
See Notes to Consolidated Financial Statements

7




CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(in thousands, except per-share data)
  Preferred Stock Common Stock Additional Retained
Earnings
Accumulated Other Comprehensive
Income (Loss)
Treasury
Stock
Total
  Shares Amount Shares Amount Paid-in
Capital
Three months ended March 31, 2021
Balance at December 31, 2020 200  $ 192,878  162,350  $ 557,917  $ 1,508,117  $ 1,120,781  $ 65,091  $ (827,956) $ 2,616,828 
Net income 73,063  73,063 
Other comprehensive income (39,253) (39,253)
Common stock issued 167  199  1,082  1,187  2,468 
Stock-based compensation awards 1,902  1,902 
Preferred stock dividend (2,591) (2,591)
Common stock cash dividends - $0.14 per share (22,762) (22,762)
Balance at March 31, 2021 200  $ 192,878  162,517  $ 558,116  $ 1,511,101  $ 1,168,491  $ 25,838  $ (826,769) $ 2,629,655 
Three months ended March 31, 2020
Balance at December 31, 2019 —  $ —  164,218  $ 556,110  $ 1,499,681  $ 1,079,391  $ (137) $ (792,869) $ 2,342,176 
Net income 26,047  26,047 
Other comprehensive income 18,445  18,445 
Common stock issued 125  133  889  979  2,001 
Stock-based compensation awards 1,619  1,619 
Adjustment for CECL (1)
(43,807) (43,807)
Acquisition of treasury stock (2,908) (39,748) (39,748)
Common stock cash dividends - $0.13 per share (20,985) (20,985)
Balance at March 31, 2020 —  $ —  161,435  $ 556,243  $ 1,502,189  $ 1,040,646  $ 18,308  $ (831,638) $ 2,285,748 
See Notes to Consolidated Financial Statements
(1) The Corporation adopted ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments on January 1, 2020. See Note 1, "Basis of Presentation" to the Consolidated Financial Statements for further details.
8




CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands) Three months ended March 31
  2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 73,063  $ 26,047 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses (5,500) 44,030 
Depreciation and amortization of premises and equipment 6,870  7,161 
Amortization of TCI 6,935  7,619 
Net amortization of investment securities premiums 3,716  2,707 
Investment securities gains, net (33,475) (46)
Gain on sales of mortgage loans held for sale (8,656) (6,181)
Proceeds from sales of mortgage loans held for sale 294,478  195,649 
Originations of mortgage loans held for sale (236,028) (192,285)
Intangible amortization 115  132 
Amortization of issuance costs and discounts on long-term borrowings 1,146  250 
Debt extinguishment costs 32,163  — 
Stock-based compensation 1,902  1,619 
Other changes, net 66,683  (133,579)
Total adjustments 130,349  (72,924)
Net cash provided by (used in) operating activities 203,412  (46,877)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of AFS securities 59,342  59,894 
Proceeds from principal repayments and maturities of AFS securities 134,684  61,408 
Proceeds from principal repayments and maturities of HTM securities 29,066  19,758 
Purchase of AFS securities (304,493) (390,936)
Purchase of HTM securities (227,687) — 
Sale of Visa Shares 33,962  — 
Sale (purchase) of FRB and FHLB stock 25,920  (21,567)
Net increase in loans (96,347) (250,993)
Net purchases of premises and equipment (4,425) (4,023)
Net change in tax credit investments (977) (128)
Net cash used in investing activities (350,955) (526,587)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in demand and savings deposits 971,180  (34,866)
Net (decrease) increase in time deposits (176,549) 5,979 
Net (decrease) increase in short-term borrowings (109,077) 503,567 
Proceeds from long-term borrowings   496,461 
Repayments of long-term borrowings (703,165) (13)
Net proceeds from issuance of common stock 2,468  2,001 
Dividends paid (23,270) (21,348)
Acquisition of treasury stock   (39,748)
Net cash (used in) provided by financing activities (38,413) 912,033 
Net (Decrease) Increase in Cash and Cash Equivalents (185,956) 338,569 
Cash and Cash Equivalents at Beginning of Period 1,847,832  517,791 
Cash and Cash Equivalents at End of Period $ 1,661,876  $ 856,360 
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest $ 25,235  $ 36,576 
Income taxes 477  1,072 
Supplemental schedule of certain noncash activities:
Transfer of AFS securities to HTM securities $ 376,165  $ — 
See Notes to Consolidated Financial Statements
 
9




FULTON FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 – Basis of Presentation

The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC.

CECL Adoption

On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments. The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net of investments in leases and OBS credit exposures. The Corporation recorded an increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and deferred tax assets increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL.

CARES Act and Consolidated Appropriations Act - 2021

On March 27, 2020 the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19 and the modified loan was not more than 30 days past due on December 31, 2019. On December 27, 2020, the 2021 Consolidated Appropriations Act was signed into law and this Act extended the relief for TDR treatment that was set to expire on December 31, 2020 to the earlier of 60 days after the national emergency termination date or January 1, 2022. The Corporation is applying the option under the CARES act for all loan modifications that qualify.

Recently Adopted Accounting Standards

On January 1, 2021, the Corporation adopted ASC Update 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The Corporation adopted this standards update effective with its March 31, 2021 quarterly report on Form 10-Q and it did not have a material impact on the consolidated financial statements.

On January 1, 2021, the Corporation adopted ASC Update 2021-01 Reference Rate Reform (Topic 848). This update permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of LIBOR transition affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform. This update was effective upon issuance and entities may elect to apply the guidance to modifications either retrospectively, as of any date from the beginning of any interim period that includes or is subsequent to March 12, 2020, or prospectively to new modifications from any date in an interim period that includes or is subsequent to January 7, 2021. The Corporation adopted this standards update retrospectively effective with its March 31, 2021 quarterly report on Form 10-Q and it did not have a material impact on the consolidated financial statements.

NOTE 2 – Restrictions on Cash and Cash Equivalents

The Bank is required to maintain reserves against its deposit liabilities. Prior to March 2020, reserves were in the form of cash and balances with the FRB. The FRB suspended cash reserve requirements effective March 26, 2020.

10




In addition, cash collateral is posted by the Corporation with counterparties to secure derivative and other contracts. The amounts of such cash collateral as of March 31, 2021 and December 31, 2020 were $243.6 million and $408.1 million, respectively.


NOTE 3 – Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities for the periods presented:
March 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available for Sale (in thousands)
State and municipal securities $ 953,601  $ 42,412  $ (1,253) $ 994,760 
Corporate debt securities 348,162  11,970  (761) 359,371 
Collateralized mortgage obligations 390,253  10,633  (1,005) 399,881 
Residential mortgage-backed securities 257,409  1,941  (3,986) 255,364 
Commercial mortgage-backed securities 668,144  12,455  (7,582) 673,017 
Auction rate securities 76,350    (146) 76,204 
   Total $ 2,693,919  $ 79,411  $ (14,733) $ 2,758,597 
Held to Maturity
Residential mortgage-backed securities $ 467,461  $ 16,303  $ (8,025) $ 475,739 
Commercial mortgage-backed securities 385,952    (17,948) 368,004 
Total $ 853,413  $ 16,303  $ (25,973) $ 843,743 

December 31, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
Available for Sale (in thousands)
State and municipal securities $ 891,327  $ 61,286  $ —  $ 952,613 
Corporate debt securities 348,391  19,445  (691) 367,145 
Collateralized mortgage obligations 491,321  12,560  (115) 503,766 
Residential mortgage-backed securities 373,779  4,246  (27) 377,998 
Commercial mortgage-backed securities 741,172  22,384  (1,141) 762,415 
Auction rate securities 101,510  —  (3,304) 98,206 
   Total $ 2,947,500  $ 119,921  $ (5,278) $ 3,062,143 
Held to Maturity
Residential mortgage-backed securities $ 278,281  $ 18,576  $ —  $ 296,857 

During the first quarter of 2021, the Corporation transferred residential and commercial mortgage backed securities from the AFS classification to the HTM classification. The amortized cost and estimated fair value of the securities transferred were both $376.2 million.

Securities carried at $1.1 billion at March 31, 2021 and $520.5 million at December 31, 2020 were pledged as collateral to secure public and trust deposits and customer repurchase agreements.




11




The amortized cost and estimated fair values of debt securities as of March 31, 2021, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.
March 31, 2021
Available for Sale Held to Maturity
  Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
  (in thousands)
Due in one year or less $ 13,107  $ 13,171  $   $  
Due from one year to five years 37,176  38,417     
Due from five years to ten years 343,642  355,683     
Due after ten years 984,188  1,023,064     
1,378,113  1,430,335     
Residential mortgage-backed securities(1)
257,409  255,364  467,461  475,739 
Commercial mortgage-backed securities(1)
668,144  673,017  385,952  368,004 
Collateralized mortgage obligations(1)
390,253  399,881     
  Total $ 2,693,919  $ 2,758,597  $ 853,413  $ 843,743 
(1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans.

The following table presents information related to the gross realized gains and losses on the sales of investment securities for the periods presented:
Gross Realized Gains Gross Realized Losses Net Gains
Three months ended (in thousands)
March 31, 2021 $ 34,016  $ (541) $ 33,475 
March 31, 2020 117  (71) 46 

During the first quarter of 2021, the Corporation completed a balance sheet restructuring that included a $34.0 million gain on the sale of Visa Shares, offset by net losses on other securities of $400,000, primarily in connection with the sale of $24.6 million of ARCs. In addition, debt extinguishment costs of $32.2 million included in non-interest expense and a write-off of $841,000 in unamortized discounts was recognized in net interest income in connection with the cash tender offer for certain of its outstanding senior and subordinated notes and the prepayment of certain term FHLB advances. See Note 14, "Long-Term Debt" for further details.


















12




The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented:
March 31, 2021
Less than 12 months 12 months or longer Total
Number of Securities Estimated
Fair Value
Unrealized
Losses
Number of Securities Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Available for Sale (in thousands)
State and municipal securities 21  $ 88,141  $ (1,253)   $   $   $ 88,141  $ (1,253)
Corporate debt securities 7  41,956  (582) 2  15,328  (179) 57,284  (761)
Collateralized mortgage obligations 2  55,305  (1,005)       55,305  (1,005)
Residential mortgage-backed securities 8  173,908  (3,986)       173,908  (3,986)
Commercial mortgage-backed securities 10  183,175  (7,582)       183,175  (7,582)
Auction rate securities       118  76,204  (146) 76,204  (146)
Total available for sale 48  $ 542,485  $ (14,408) 120  $ 91,532  $ (325) $ 634,017  $ (14,733)
Held to Maturity
Residential mortgage-backed securities 12  $ 205,072  $ (8,025)   $   $   $ 205,072  $ (8,025)
Commercial mortgage-backed securities 21  368,004  (17,948)       368,004  (17,948)
Total 33  $ 573,076  $ (25,973)   $   $   $ 573,076  $ (25,973)

December 31, 2020
Less than 12 months 12 months or longer Total
Number of Securities Estimated
Fair Value
Unrealized
Losses
Number of Securities Estimated
Fair Value
Unrealized
Losses
Estimated
Fair Value
Unrealized
Losses
Available for Sale (in thousands)
Corporate debt securities $ 44,528  $ (377) $ 6,871  $ (314) $ 51,399  $ (691)
Collateralized mortgage obligations 57,601  (115) —  —  —  57,601  (115)
Residential mortgage-backed securities 20,124  (27) —  —  —  20,124  (27)
Commercial mortgage-backed securities 144,383  (1,141) —  —  —  144,383  (1,141)
Auction rate securities —  —  —  162  98,206  (3,304) 98,206  (3,304)
Total available for sale(1)
22  $ 266,636  $ (1,660) 163  $ 105,077  $ (3,618) $ 371,713  $ (5,278)
(1) No HTM securities were in an unrealized loss position as of December 31, 2020.

The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not have an ACL for these investments as of March 31, 2021.

Based on management’s evaluations, no ACL was required for municipal securities, corporate debt securities or ARCs as of March 31, 2021. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.









13




NOTE 4 - Loans and Allowance for Credit Losses

Net Loans are summarized as follows:
March 31,
2021
December 31, 2020
  (in thousands)
Real estate - commercial mortgage $ 7,142,137  $ 7,105,092 
Commercial and industrial (1)
5,675,714  5,670,828 
Real-estate - residential mortgage 3,254,058  3,141,915 
Real-estate - home equity 1,149,958  1,202,913 
Real-estate - construction 1,083,494  1,047,218 
Consumer 451,857  466,772 
Equipment lease financing and other 252,930  284,377 
Overdrafts 1,373  4,806 
Gross loans 19,011,521  18,923,921 
Unearned income (20,535) (23,101)
Net Loans $ 18,990,986  $ 18,900,820 
(1) Includes PPP loans totaling $1.7 billion and $1.6 billion as of March 31, 2021 and December 31, 2020, respectively.

The Corporation segments its loan portfolio by "portfolio segments," as presented in the table above. Certain portfolio segments are further disaggregated by "class segment" for the purpose of estimating credit losses.

Allowance for Credit Losses

The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income.

Loans: The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses.

Loans Evaluated Collectively: Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually, but determined not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. The ACL is estimated by applying a PD and LGD to the EAD at the loan level. In order to determine the PD, LGD, and EAD calculation inputs:

Loans are aggregated into pools based on similar risk characteristics.
The PD and LGD rates are determined by historical credit loss experience for each pool of loans.
The loan segment PD rates are estimated using six econometric regression models that use the Corporation’s historical credit loss experience and incorporate reasonable and supportable economic forecasts for various macroeconomic variables that are statistically correlated with expected loss behavior in the loan segment.
The reasonable and supportable forecast for each macroeconomic variable is sourced from an external third party and is applied over the contractual term of the Corporation’s loan portfolio. The Corporation’s economic forecast considers the general health of the economy, the interest rate environment, real estate pricing and market risk.
A single baseline forecast scenario is used for each macroeconomic variable.
The loan segment lifetime LGD rates are estimated using a loss rate approach based on the Corporation’s historical charge-off experience and the balance at the time of loan default.
The LGD rates are adjusted for the Corporation’s recovery experience.
To calculate the EAD, the corporation estimates contractual cash flows over the remaining life of each loan. Certain cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate. In addition, a prepayment rate is used in determining the EAD estimate.

14




Loans Evaluated Individually: Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1.0 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral.

Loans evaluated individually may have specific allocations of the ACL assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate.

For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan is impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by third-party appraisers for impaired loans secured predominantly by real estate every 12 months.

When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed.

For loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies.

Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan.

The ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type.

Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These qualitative factors include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, specific industry risks, competition, model imprecision and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These categories include but are not limited to loans-in-process, trade acceptances and overdrafts.

OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This portion of the ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses.


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The following table presents the components of the ACL:
March 31, 2021 December 31, 2020
(in thousands)
ACL - loans $ 265,986  $ 277,567 
ACL - OBS credit exposure 14,273  14,373 
        Total ACL $ 280,259  $ 291,940 


The following table presents the activity in the ACL:
Three months ended March 31
  2021 2020
(in thousands)
Balance at beginning of period $ 291,940  $ 166,209 
Impact of adopting CECL on January 1, 2020 (1)
—  58,349 
Loans charged off (8,202) (14,003)
Recoveries of loans previously charged off 2,021  2,887 
Net loans charged off (6,181) (11,116)
Provision for credit losses (2)
(5,500) 44,029 
Balance at end of period $ 280,259  $ 257,471 
(1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020.
(2) Includes $(100,000) and $3.8 million related to OBS credit exposures for the three months ended March 31, 2021 and 2020, respectively.

The following table presents the activity in the ACL - loans by portfolio segment:
Real Estate -
Commercial
Mortgage
Commercial and
Industrial
Real Estate -
Home
Equity
Real Estate -
Residential
Mortgage
Real Estate
 -
Construction
Consumer Equipment lease financing, other
and overdrafts
Total
  (in thousands)
Three months ended March 31, 2021
Balance at December 31, 2020 $ 103,425  $ 74,771  $ 14,232  $ 51,995  $ 15,608  $ 10,905  $ 6,633  $ 277,567 
Loans charged off (1,837) (4,319) (212) (192) (39) (635) (968) (8,202)
Recoveries of loans previously charged off 174  769  51  95  384  389  159  2,021 
Net loans recovered (charged off) (1,663) (3,550) (161) (97) 345  (246) (809) (6,181)
Provision for loan losses (1)
(786) (27) (341) (1,903) (874) (1,247) (222) (5,400)
Balance at March 31, 2021 $ 100,976  $ 71,194  $ 13,730  $ 49,995  $ 15,079  $ 9,412  $ 5,602  $ 265,986 
Three months ended March 31, 2020
Balance at December 31, 2019 $ 45,610  $ 68,602  $ 17,744  $ 19,771  $ 4,443  $ 3,762  $ 3,690  $ 163,622 
Impact of adopting CECL on January 1, 2020 29,361  (18,576) (65) 21,235  4,015  5,969  3,784  45,723 
Loans charged off (855) (10,899) (316) (187) —  (1,213) (533) (14,003)
Recoveries of loans previously charged off 244  1,734  646  85  70  —  108  2,887 
Net loans (charged off) recovered (611) (9,165) 330  (102) 70  (1,213) (425) (11,116)
Provision for loan losses (1)
15,959  22,745  (2,756) 1,523  (130) 1,347  1,591  40,279 
Balance at March 31, 2020 $ 90,319  $ 63,606  $ 15,253  $ 42,427  $ 8,398  $ 9,865  $ 8,640  $ 238,508 
(1) Provision included in the table only includes the portion related to Net Loans.

Several factors as of the end of the first quarter of 2021 in comparison to the end of the fourth quarter of 2020, including improved economic forecasts and a decrease in specific allocations within the ACL for loans evaluated individually, reduced the level of the ACL determined to be necessary as of March 31, 2021, resulting in the negative provision for credit losses for the three months ended March 31, 2021. The higher provision expense during the first three months of 2020 was largely driven by the overall downturn in economic forecasts due to COVID-19, resulting in higher expected future credit losses under CECL.
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Qualitative adjustments during the first three months of 2020 increased compared to those at the time of the adoption of CECL on January 1, 2020 primarily as a result of uncertainties related to the economic impact of COVID-19, including consideration for the future performance of loans that received deferrals or forbearances as a result of COVID-19 and the impact COVID-19 had on certain industries where the quantitative models were not fully capturing the appropriate level of risk at that time. PPP loans issued are fully guaranteed by the SBA and, as such, no ACL was recorded against the PPP loan portfolio.
Non-accrual Loans

All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of March 31, 2021 and December 31, 2020, substantially all of the Corporation’s individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any. Collateral could be in the form of real estate, in the case of commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate.

As of March 31, 2021 and December 31, 2020, approximately 97% and 83%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months.

The following table presents total non-accrual loans, by class segment:
March 31, 2021 December 31, 2020
With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total
(in thousands)
Real estate - commercial mortgage $ 21,107  $ 30,870  $ 51,977  $ 19,909  $ 31,561  $ 51,470 
Commercial and industrial 13,012  18,640  31,652  13,937  18,056  31,993 
Real estate - residential mortgage 31,203  2,198  33,401  24,590  1,517  26,107 
Real estate - home equity 9,368    9,368  9,398  190  9,588 
Real estate - construction 544  897  1,441  437  958  1,395 
Consumer 301    301  332  —  332 
Equipment lease financing and other 6,462  9,287  15,749  —  16,313  16,313 
$ 81,997  $ 61,892  $ 143,889  $ 68,603  $ 68,595  $ 137,198 

As of March 31, 2021 and December 31, 2020, there were $61.9 million and $68.6 million, respectively, of non-accrual loans that did not have a related allowance for credit losses. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary.

Asset Quality

Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, residential construction, commercial and industrial, and commercial real estate, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff or if specific loan review assessments identify a deterioration or an improvement in the loans.

The following is a summary of the Corporation's internal risk rating categories:

Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending     on the degree of potential risk.
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Special Mention: These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable but, are nevertheless potentially weak.

Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt.


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The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period:
March 31, 2021
Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans
(dollars in thousands) Amortized Amortized
2021 2020 2019 2018 2017 Prior Cost Basis Cost Basis Total
 Real estate - construction(1)
Pass $ 14,615  $ 233,770  $ 201,440  $ 218,467  $ 80,686  $ 142,339  $ 36,046  $ —  $ 927,363 
Special Mention 110  —  —  —  —  13,195  —  —  13,305 
Substandard or Lower —  —  154  —  1,976  3,520  406  —  6,056 
Total real estate - construction 14,725  233,770  201,594  218,467  82,662  159,054  36,452  —  946,724 
Real estate - construction(1)
Current period gross charge-offs —  —  (39) —  —  —  —  —  (39)
Current period recoveries —  —  —  —  —  384  —  —  384 
Total net (charge-offs) recoveries —  —  (39) —  —  384  —  —  345 
Commercial and industrial
Pass 885,616  1,624,535  481,038  290,788  201,910  726,981  1,205,065  —  5,415,933 
Special Mention 143  9,136  20,949  16,337  10,413  30,861  48,939  —  136,778 
Substandard or Lower —  2,847  7,167  13,503  10,638  34,805  54,043  —  123,003 
Total commercial and industrial 885,759  1,636,518  509,154  320,628  222,961  792,647  1,308,047  —  5,675,714 
Commercial and industrial
Current period gross charge-offs —  —  (613) (2,871) (60) (775) —  —  (4,319)
Current period recoveries —  —  37  126  36  570  —  —  769 
Total net (charge-offs) recoveries —  —  (576) (2,745) (24) (205) —  —  (3,550)
Real estate - commercial mortgage
Pass 200,885  993,776  926,352  670,684  767,399  2,800,409  49,207  321  6,409,033 
Special Mention —  23,282  30,629  92,800  75,417  248,403  2,406  —  472,937 
Substandard or Lower —  1,028  24,008  10,673  46,460  174,421  3,577  —  260,167 
Total real estate - commercial mortgage 200,885  1,018,086  980,989  774,157  889,276  3,223,233  55,190  321  7,142,137 
Real estate - commercial mortgage
Current period gross charge-offs —  —  —  —  (1,719) (118) —  —  (1,837)
Current period recoveries —  —  —  —  —  174  —  —  174 
Total net (charge-offs) recoveries —  —  —  —  (1,719) 56  —  —  (1,663)
Total
Pass $ 1,101,116  $ 2,852,081  $ 1,608,830  $ 1,179,939  $ 1,049,995  $ 3,669,729  $ 1,290,318  $ 321  $ 12,752,329 
Special Mention 253  32,418  51,578  109,137  85,830  292,459  51,345  —  623,020 
Substandard or Lower —  3,875  31,329  24,176  59,074  212,746  58,026  —  389,226 
Total $ 1,101,369  $ 2,888,374  $ 1,691,737  $ 1,313,252  $ 1,194,899  $ 4,174,934  $ 1,399,689  $ 321  $ 13,764,575 
(1) Excludes real estate - construction - other.

The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and equipment lease financing. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the ACL methodology for those loans, which bases the PD on this migration.



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The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period:
December 31, 2020
Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans
(dollars in thousands) Amortized Amortized
2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total
 Real estate - construction(1)
Pass $ 185,883  $ 229,097  $ 217,604  $ 81,086  $ 37,976  $ 110,470  $ 38,026  $ —  $ 900,142 
Special Mention —  —  —  —  7,047  6,212  —  —  13,259 
Substandard or Lower —  447  —  2,000  753  1,637  632  —  5,469 
Total real estate - construction 185,883  229,544  217,604  83,086  45,776  118,319  38,658  —  918,870 
Real estate - construction(1)
Current period gross charge-offs —  —  —  —  —  (17) —  —  (17)
Current period recoveries —  —  —  —  68  5,054  —  —  5,122 
Total net (charge-offs) recoveries —  —  —  —  68  5,037  —  —  5,105 
Commercial and industrial
Pass 2,283,533  508,541  298,567  214,089  208,549  596,646  1,278,689  —  5,388,614 
Special Mention 6,633  23,834  29,167  10,945  11,506  25,960  45,994  —  154,039 
Substandard or Lower 3,221  5,947  8,434  11,251  11,192  23,852  64,278  —  128,175 
Total commercial and industrial 2,293,387  538,322  336,168  236,285  231,247  646,458  1,388,961  —  5,670,828 
Commercial and industrial
Current period gross charge-offs —  (114) (30) (488) (393) (520) (17,370) —  (18,915)
Current period recoveries —  43  486  216  162  4,531  5,958  —  11,396 
Total net (charge-offs) recoveries —  (71) 456  (272) (231) 4,011  (11,412) —  (7,519)
Real estate - commercial mortgage
Pass 973,664  917,510  708,946  794,955  783,094  2,213,343  53,041  404  6,444,957 
Special Mention 13,639  40,874  84,047  80,705  89,112  167,424  2,364  —  478,165 
Substandard or Lower 1,238  6,681  6,247  39,027  22,605  103,007  2,225  940  181,970 
Total real estate - commercial mortgage 988,541  965,065  799,240  914,687  894,811  2,483,774  57,630  1,344  7,105,092 
Real estate - commercial mortgage
Current period gross charge-offs (60) (21) (36) (2,515) (29) (1,547) (17) —