Texas | 74-1751768 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
San Antonio, | Texas | 78205 | ||||||||||||
(Address of principal executive offices) | (Zip code) |
(210) | 220-4011 | ||||||||||
(Registrant's telephone number, including area code) |
N/A | |||||||||||||||||
(Former name, former address and former fiscal year, if changed since last report |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $.01 Par Value | CFR | New York Stock Exchange | ||||||||||||
Depositary Shares, each representing a 1/40th interest in a share of 4.450% Non-Cumulative Perpetual Preferred Stock, Series B | CFR.PrB | New York Stock Exchange |
Large accelerated filer | Accelerated filer | |||||||||||||
Non-accelerated filer | Smaller reporting company | |||||||||||||
Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2017 | December 31, 2016 | June 30, 2023 | December 31, 2022 | |||||||||||||||
Assets: | Assets: | |||||||||||||||||
Cash and due from banks | $ | 503,961 | $ | 561,838 | Cash and due from banks | $ | 680,843 | $ | 691,553 | |||||||||
Interest-bearing deposits | 4,538,300 | 3,560,865 | Interest-bearing deposits | 6,329,268 | 11,128,902 | |||||||||||||
Federal funds sold and resell agreements | 49,642 | 18,742 | ||||||||||||||||
Federal funds sold | Federal funds sold | 12,575 | 120,527 | |||||||||||||||
Resell agreements | Resell agreements | 84,650 | 87,150 | |||||||||||||||
Total cash and cash equivalents | 5,091,903 | 4,141,445 | Total cash and cash equivalents | 7,107,336 | 12,028,132 | |||||||||||||
Securities held to maturity, at amortized cost | 1,442,222 | 2,250,460 | ||||||||||||||||
Securities held to maturity, net of allowance for credit losses of $267 at June 30, 2023 and $158 at December 31, 2022 | Securities held to maturity, net of allowance for credit losses of $267 at June 30, 2023 and $158 at December 31, 2022 | 3,691,220 | 2,639,083 | |||||||||||||||
Securities available for sale, at estimated fair value | 10,185,100 | 10,203,277 | Securities available for sale, at estimated fair value | 17,249,257 | 18,243,605 | |||||||||||||
Trading account securities | 19,721 | 16,703 | Trading account securities | 32,517 | 28,045 | |||||||||||||
Loans, net of unearned discounts | 12,706,304 | 11,975,392 | Loans, net of unearned discounts | 17,746,311 | 17,154,969 | |||||||||||||
Less: Allowance for loan losses | (154,303 | ) | (153,045 | ) | ||||||||||||||
Less: Allowance for credit losses on loans | Less: Allowance for credit losses on loans | (233,619) | (227,621) | |||||||||||||||
Net loans | 12,552,001 | 11,822,347 | Net loans | 17,512,692 | 16,927,348 | |||||||||||||
Premises and equipment, net | 520,639 | 525,821 | Premises and equipment, net | 1,154,235 | 1,102,695 | |||||||||||||
Goodwill | 654,952 | 654,952 | Goodwill | 654,952 | 654,952 | |||||||||||||
Other intangible assets, net | 5,475 | 6,776 | Other intangible assets, net | 208 | 386 | |||||||||||||
Cash surrender value of life insurance policies | 179,789 | 177,884 | Cash surrender value of life insurance policies | 190,575 | 190,188 | |||||||||||||
Accrued interest receivable and other assets | 338,170 | 396,654 | Accrued interest receivable and other assets | 1,004,208 | 1,077,942 | |||||||||||||
Total assets | $ | 30,989,972 | $ | 30,196,319 | Total assets | $ | 48,597,200 | $ | 52,892,376 | |||||||||
Liabilities: | Liabilities: | |||||||||||||||||
Deposits: | Deposits: | |||||||||||||||||
Non-interest-bearing demand deposits | $ | 11,174,251 | $ | 10,513,369 | Non-interest-bearing demand deposits | $ | 14,904,614 | $ | 17,598,234 | |||||||||
Interest-bearing deposits | 15,229,018 | 15,298,206 | Interest-bearing deposits | 25,796,216 | 26,355,962 | |||||||||||||
Total deposits | 26,403,269 | 25,811,575 | Total deposits | 40,700,830 | 43,954,196 | |||||||||||||
Federal funds purchased and repurchase agreements | 997,919 | 976,992 | ||||||||||||||||
Federal funds purchased | Federal funds purchased | 13,525 | 51,650 | |||||||||||||||
Repurchase agreements | Repurchase agreements | 3,569,870 | 4,660,641 | |||||||||||||||
Junior subordinated deferrable interest debentures, net of unamortized issuance costs | 136,170 | 136,127 | Junior subordinated deferrable interest debentures, net of unamortized issuance costs | 123,098 | 123,069 | |||||||||||||
Subordinated notes, net of unamortized issuance costs | 98,512 | 99,990 | Subordinated notes, net of unamortized issuance costs | 99,413 | 99,335 | |||||||||||||
Accrued interest payable and other liabilities | 165,059 | 169,107 | Accrued interest payable and other liabilities | 703,722 | 866,257 | |||||||||||||
Total liabilities | 27,800,929 | 27,193,791 | Total liabilities | 45,210,458 | 49,755,148 | |||||||||||||
Shareholders’ Equity: | Shareholders’ Equity: | |||||||||||||||||
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 6,000,000 Series A shares ($25 liquidation preference) issued at September 30, 2017 and December 31, 2016 | 144,486 | 144,486 | ||||||||||||||||
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,236,306 shares issued at September 30, 2017 and 63,632,464 shares issued at December 31, 2016 | 642 | 637 | ||||||||||||||||
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued at June 30, 2023 and December 31, 2022 | Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 150,000 Series B shares ($1,000 liquidation preference) issued at June 30, 2023 and December 31, 2022 | 145,452 | 145,452 | |||||||||||||||
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,404,582 shares issued at June 30, 2023 and 64,354,695 at December 31, 2022 | Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,404,582 shares issued at June 30, 2023 and 64,354,695 at December 31, 2022 | 644 | 643 | |||||||||||||||
Additional paid-in capital | 951,893 | 906,732 | Additional paid-in capital | 1,040,754 | 1,029,756 | |||||||||||||
Retained earnings | 2,133,259 | 1,985,569 | Retained earnings | 3,532,542 | 3,309,671 | |||||||||||||
Accumulated other comprehensive income, net of tax | 57,675 | (24,623 | ) | |||||||||||||||
Treasury stock, at cost; 1,122,721 shares at September 30, 2017 and 158,243 shares at December 31, 2016 | (98,912 | ) | (10,273 | ) | ||||||||||||||
Accumulated other comprehensive income (loss), net of tax | Accumulated other comprehensive income (loss), net of tax | (1,305,027) | (1,348,294) | |||||||||||||||
Treasury stock, at cost; 284,206 shares at June 30, 2023 | Treasury stock, at cost; 284,206 shares at June 30, 2023 | (27,623) | — | |||||||||||||||
Total shareholders’ equity | 3,189,043 | 3,002,528 | Total shareholders’ equity | 3,386,742 | 3,137,228 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 30,989,972 | $ | 30,196,319 | Total liabilities and shareholders’ equity | $ | 48,597,200 | $ | 52,892,376 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Interest income: | Interest income: | |||||||||||||||||||||||||||||||||||||
Loans, including fees | $ | 138,400 | $ | 114,368 | $ | 392,073 | $ | 340,303 | Loans, including fees | $ | 290,552 | $ | 166,679 | $ | 560,267 | $ | 316,656 | |||||||||||||||||||||
Securities: | Securities: | |||||||||||||||||||||||||||||||||||||
Taxable | 23,203 | 25,897 | 72,032 | 77,402 | Taxable | 101,960 | 56,365 | 199,735 | 99,423 | |||||||||||||||||||||||||||||
Tax-exempt | 54,939 | 53,065 | 167,321 | 154,308 | Tax-exempt | 60,637 | 57,078 | 127,271 | 113,944 | |||||||||||||||||||||||||||||
Interest-bearing deposits | 10,800 | 4,111 | 26,712 | 11,366 | Interest-bearing deposits | 87,748 | 26,371 | 186,993 | 32,714 | |||||||||||||||||||||||||||||
Federal funds sold and resell agreements | 244 | 48 | 514 | 165 | ||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 305 | 99 | 1,063 | 112 | |||||||||||||||||||||||||||||||||
Resell agreements | Resell agreements | 1,126 | 10 | 2,194 | 14 | |||||||||||||||||||||||||||||||||
Total interest income | 227,586 | 197,489 | 658,652 | 583,544 | Total interest income | 542,328 | 306,602 | 1,077,523 | 562,863 | |||||||||||||||||||||||||||||
Interest expense: | Interest expense: | |||||||||||||||||||||||||||||||||||||
Deposits | 5,668 | 1,749 | 9,709 | 5,309 | Deposits | 120,266 | 14,593 | 218,255 | 19,505 | |||||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 523 | 44 | 849 | 152 | ||||||||||||||||||||||||||||||||||
Federal funds purchased | Federal funds purchased | 412 | 75 | 995 | 87 | |||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | 33,114 | 1,790 | 66,765 | 2,308 | |||||||||||||||||||||||||||||||||
Junior subordinated deferrable interest debentures | 1,020 | 839 | 2,890 | 2,392 | Junior subordinated deferrable interest debentures | 2,106 | 772 | 4,094 | 1,356 | |||||||||||||||||||||||||||||
Other long-term borrowings | 1,164 | 350 | 2,696 | 958 | ||||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | 1,164 | 1,164 | 2,328 | 2,328 | |||||||||||||||||||||||||||||||||
Total interest expense | 8,375 | 2,982 | 16,144 | 8,811 | Total interest expense | 157,062 | 18,394 | 292,437 | 25,584 | |||||||||||||||||||||||||||||
Net interest income | 219,211 | 194,507 | 642,508 | 574,733 | Net interest income | 385,266 | 288,208 | 785,086 | 537,279 | |||||||||||||||||||||||||||||
Provision for loan losses | 10,980 | 5,045 | 27,358 | 42,734 | ||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 208,231 | 189,462 | 615,150 | 531,999 | ||||||||||||||||||||||||||||||||||
Credit loss expense | Credit loss expense | 9,901 | — | 19,005 | — | |||||||||||||||||||||||||||||||||
Net interest income after credit loss expense | Net interest income after credit loss expense | 375,365 | 288,208 | 766,081 | 537,279 | |||||||||||||||||||||||||||||||||
Non-interest income: | Non-interest income: | |||||||||||||||||||||||||||||||||||||
Trust and investment management fees | 27,493 | 26,451 | 81,690 | 77,806 | Trust and investment management fees | 39,392 | 37,776 | 75,536 | 76,432 | |||||||||||||||||||||||||||||
Service charges on deposit accounts | 20,967 | 20,540 | 62,934 | 60,769 | Service charges on deposit accounts | 23,487 | 23,870 | 45,366 | 46,610 | |||||||||||||||||||||||||||||
Insurance commissions and fees | 10,892 | 11,029 | 34,441 | 35,812 | Insurance commissions and fees | 12,940 | 11,776 | 31,892 | 28,384 | |||||||||||||||||||||||||||||
Interchange and debit card transaction fees | 5,884 | 5,435 | 17,150 | 15,838 | ||||||||||||||||||||||||||||||||||
Interchange and card transaction fees | Interchange and card transaction fees | 5,250 | 4,911 | 10,139 | 9,137 | |||||||||||||||||||||||||||||||||
Other charges, commissions and fees | 10,493 | 10,703 | 29,983 | 29,825 | Other charges, commissions and fees | 12,090 | 9,887 | 23,794 | 19,514 | |||||||||||||||||||||||||||||
Net gain (loss) on securities transactions | (4,867 | ) | (37 | ) | (4,917 | ) | 14,866 | Net gain (loss) on securities transactions | 33 | — | 54 | — | ||||||||||||||||||||||||||
Other | 10,753 | 7,993 | 25,114 | 21,358 | Other | 10,336 | 9,707 | 22,012 | 19,240 | |||||||||||||||||||||||||||||
Total non-interest income | 81,615 | 82,114 | 246,395 | 256,274 | Total non-interest income | 103,528 | 97,927 | 208,793 | 199,317 | |||||||||||||||||||||||||||||
Non-interest expense: | Non-interest expense: | |||||||||||||||||||||||||||||||||||||
Salaries and wages | 84,388 | 79,411 | 247,895 | 236,814 | Salaries and wages | 133,195 | 116,881 | 263,540 | 228,210 | |||||||||||||||||||||||||||||
Employee benefits | 17,730 | 17,844 | 57,553 | 55,861 | Employee benefits | 26,792 | 20,733 | 60,714 | 44,953 | |||||||||||||||||||||||||||||
Net occupancy | 19,391 | 18,202 | 57,781 | 53,631 | Net occupancy | 31,714 | 28,379 | 62,063 | 55,790 | |||||||||||||||||||||||||||||
Furniture and equipment | 18,743 | 17,979 | 54,983 | 53,474 | ||||||||||||||||||||||||||||||||||
Technology, furniture and equipment | Technology, furniture and equipment | 33,043 | 29,921 | 65,524 | 59,078 | |||||||||||||||||||||||||||||||||
Deposit insurance | 4,862 | 4,558 | 15,347 | 12,412 | Deposit insurance | 6,202 | 3,724 | 12,447 | 7,357 | |||||||||||||||||||||||||||||
Intangible amortization | 405 | 586 | 1,301 | 1,869 | Intangible amortization | 82 | 131 | 178 | 277 | |||||||||||||||||||||||||||||
Other | 41,304 | 41,925 | 127,929 | 125,048 | Other | 54,014 | 46,578 | 105,718 | 89,414 | |||||||||||||||||||||||||||||
Total non-interest expense | 186,823 | 180,505 | 562,789 | 539,109 | Total non-interest expense | 285,042 | 246,347 | 570,184 | 485,079 | |||||||||||||||||||||||||||||
Income before income taxes | 103,023 | 91,071 | 298,756 | 249,164 | Income before income taxes | 193,851 | 139,788 | 404,690 | 251,517 | |||||||||||||||||||||||||||||
Income taxes | 9,892 | 10,852 | 35,131 | 28,622 | Income taxes | 31,733 | 20,674 | 64,919 | 33,301 | |||||||||||||||||||||||||||||
Net income | 93,131 | 80,219 | 263,625 | 220,542 | Net income | 162,118 | 119,114 | 339,771 | 218,216 | |||||||||||||||||||||||||||||
Preferred stock dividends | 2,016 | 2,016 | 6,047 | 6,047 | Preferred stock dividends | 1,669 | 1,669 | 3,338 | 3,338 | |||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 91,115 | $ | 78,203 | $ | 257,578 | $ | 214,495 | Net income available to common shareholders | $ | 160,449 | $ | 117,445 | $ | 336,433 | $ | 214,878 | |||||||||||||||||||||
Earnings per common share: | Earnings per common share: | |||||||||||||||||||||||||||||||||||||
Basic | $ | 1.43 | $ | 1.24 | $ | 4.02 | $ | 3.44 | Basic | $ | 2.47 | $ | 1.82 | $ | 5.18 | $ | 3.32 | |||||||||||||||||||||
Diluted | 1.41 | 1.24 | 3.98 | 3.42 | Diluted | 2.47 | 1.81 | 5.17 | 3.31 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Net income | $ | 93,131 | $ | 80,219 | $ | 263,625 | $ | 220,542 | Net income | $ | 162,118 | $ | 119,114 | $ | 339,771 | $ | 218,216 | |||||||||||||||||||||
Other comprehensive income (loss), before tax: | Other comprehensive income (loss), before tax: | |||||||||||||||||||||||||||||||||||||
Securities available for sale and transferred securities: | Securities available for sale and transferred securities: | |||||||||||||||||||||||||||||||||||||
Change in net unrealized gain/loss during the period | 7,082 | (95,641 | ) | 131,283 | 191,865 | Change in net unrealized gain/loss during the period | (206,863) | (636,523) | 53,406 | (1,547,318) | ||||||||||||||||||||||||||||
Change in net unrealized gain on securities transferred to held to maturity | (3,514 | ) | (7,278 | ) | (13,660 | ) | (24,629 | ) | Change in net unrealized gain on securities transferred to held to maturity | (162) | (189) | (322) | (398) | |||||||||||||||||||||||||
Reclassification adjustment for net (gains) losses included in net income | 4,867 | 37 | 4,917 | (14,866 | ) | Reclassification adjustment for net (gains) losses included in net income | (33) | — | (54) | — | ||||||||||||||||||||||||||||
Total securities available for sale and transferred securities | 8,435 | (102,882 | ) | 122,540 | 152,370 | Total securities available for sale and transferred securities | (207,058) | (636,712) | 53,030 | (1,547,716) | ||||||||||||||||||||||||||||
Defined-benefit post-retirement benefit plans: | Defined-benefit post-retirement benefit plans: | |||||||||||||||||||||||||||||||||||||
Change in the net actuarial gain/loss | — | — | — | (862 | ) | |||||||||||||||||||||||||||||||||
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) | 1,357 | 1,585 | 4,072 | 4,878 | Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) | 870 | 741 | 1,740 | 1,482 | |||||||||||||||||||||||||||||
Total defined-benefit post-retirement benefit plans | 1,357 | 1,585 | 4,072 | 4,016 | Total defined-benefit post-retirement benefit plans | 870 | 741 | 1,740 | 1,482 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), before tax | 9,792 | (101,297 | ) | 126,612 | 156,386 | Other comprehensive income (loss), before tax | (206,188) | (635,971) | 54,770 | (1,546,234) | ||||||||||||||||||||||||||||
Deferred tax expense (benefit) related to other comprehensive income | 3,427 | (35,453 | ) | 44,314 | 54,736 | |||||||||||||||||||||||||||||||||
Deferred tax expense (benefit) | Deferred tax expense (benefit) | (43,299) | (133,555) | 11,503 | (324,710) | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 6,365 | (65,844 | ) | 82,298 | 101,650 | Other comprehensive income (loss), net of tax | (162,889) | (502,416) | 43,267 | (1,221,524) | ||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 99,496 | $ | 14,375 | $ | 345,923 | $ | 322,192 | Comprehensive income (loss) | $ | (771) | $ | (383,302) | $ | 383,038 | $ | (1,003,308) |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||
Three months ended: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 145,452 | $ | 644 | $ | 1,035,961 | $ | 3,428,991 | $ | (1,142,138) | $ | (1,109) | $ | 3,467,801 | |||||||||||||||||||||||||||
Net income | — | — | — | 162,118 | — | — | 162,118 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | (162,889) | — | (162,889) | ||||||||||||||||||||||||||||||||||
Stock option exercises/stock unit conversions (13,626 shares) | — | — | — | (491) | — | 1,437 | 946 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | 4,793 | — | — | — | 4,793 | ||||||||||||||||||||||||||||||||||
Purchase of treasury stock (289,149 shares) | — | — | — | — | — | (27,951) | (27,951) | ||||||||||||||||||||||||||||||||||
Cash dividends – Series B preferred stock (approximately $11.13 per share which is equivalent to approximately $0.28 per depositary share) | — | — | — | (1,669) | — | — | (1,669) | ||||||||||||||||||||||||||||||||||
Cash dividends – common stock ($0.87 per share) | — | — | — | (56,407) | — | — | (56,407) | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 145,452 | $ | 644 | $ | 1,040,754 | $ | 3,532,542 | $ | (1,305,027) | $ | (27,623) | $ | 3,386,742 | |||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 145,452 | $ | 642 | $ | 1,012,033 | $ | 3,002,642 | $ | (371,790) | $ | (12,687) | $ | 3,776,292 | |||||||||||||||||||||||||||
Net income | — | — | — | 119,114 | — | — | 119,114 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | (502,416) | — | (502,416) | ||||||||||||||||||||||||||||||||||
Stock option exercises/stock unit conversions (28,832 shares) | — | — | — | (1,463) | — | 2,214 | 751 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | 3,418 | — | — | — | 3,418 | ||||||||||||||||||||||||||||||||||
Cash dividends – Series B preferred stock (approximately $11.13 per share which is equivalent to approximately $0.28 per depositary share) | — | — | — | (1,669) | — | — | (1,669) | ||||||||||||||||||||||||||||||||||
Cash dividends – common stock ($0.75 per share) | — | — | — | (48,515) | — | — | (48,515) | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 145,452 | $ | 642 | $ | 1,015,451 | $ | 3,070,109 | $ | (874,206) | $ | (10,473) | $ | 3,346,975 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Total shareholders’ equity at beginning of period | $ | 3,002,528 | $ | 2,890,343 | |||
Net income | 263,625 | 220,542 | |||||
Other comprehensive income (loss) | 82,298 | 101,650 | |||||
Stock option exercises/stock unit conversions (774,799 shares in 2017 and 908,921 shares in 2016) | 45,422 | 47,873 | |||||
Stock compensation expense recognized in earnings | 9,013 | 7,998 | |||||
Purchase of treasury stock (1,135,435 shares in 2017) | (100,042 | ) | — | ||||
Cash dividends – preferred stock (approximately $1.01 per share in both 2017 and in 2016) | (6,047 | ) | (6,047 | ) | |||
Cash dividends – common stock ($1.68 per share in 2017 and $1.61 per share in 2016) | (107,754 | ) | (100,563 | ) | |||
Total shareholders’ equity at end of period | $ | 3,189,043 | $ | 3,161,796 |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||
Six months ended: | |||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 145,452 | $ | 643 | $ | 1,029,756 | $ | 3,309,671 | $ | (1,348,294) | $ | — | $ | 3,137,228 | |||||||||||||||||||||||||||
Net income | — | — | — | 339,771 | — | — | 339,771 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | 43,267 | — | 43,267 | ||||||||||||||||||||||||||||||||||
Stock option exercises/stock unit conversions (64,013 shares) | — | 1 | 1,463 | (519) | — | 1,501 | 2,446 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | 9,535 | — | — | — | 9,535 | ||||||||||||||||||||||||||||||||||
Purchase of treasury stock (298,332 shares) | — | — | — | — | — | (29,124) | (29,124) | ||||||||||||||||||||||||||||||||||
Cash dividends – Series B preferred stock (approximately $22.25 per share which is equivalent to approximately $0.56 per depositary share) | — | — | — | (3,338) | — | — | (3,338) | ||||||||||||||||||||||||||||||||||
Cash dividends – common stock ($1.74 per share) | — | — | — | (113,043) | — | — | (113,043) | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 145,452 | $ | 644 | $ | 1,040,754 | $ | 3,532,542 | $ | (1,305,027) | $ | (27,623) | $ | 3,386,742 | |||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 145,452 | $ | 642 | $ | 1,009,921 | $ | 2,956,966 | $ | 347,318 | $ | (20,744) | $ | 4,439,555 | |||||||||||||||||||||||||||
Net income | — | — | — | 218,216 | — | — | 218,216 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | (1,221,524) | — | (1,221,524) | ||||||||||||||||||||||||||||||||||
Stock option exercises/stock unit conversions (144,262 shares) | — | — | — | (4,777) | — | 11,267 | 6,490 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | 5,530 | — | — | — | 5,530 | ||||||||||||||||||||||||||||||||||
Purchase of treasury stock (7,459 shares) | — | — | — | — | — | (996) | (996) | ||||||||||||||||||||||||||||||||||
Cash dividends – Series B preferred stock (approximately $22.25 per share which is equivalent to approximately $0.56 per depositary share) | — | — | — | (3,338) | — | — | (3,338) | ||||||||||||||||||||||||||||||||||
Cash dividends – common stock ($1.50 per share) | — | — | — | (96,958) | — | — | (96,958) | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 145,452 | $ | 642 | $ | 1,015,451 | $ | 3,070,109 | $ | (874,206) | $ | (10,473) | $ | 3,346,975 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating Activities: | |||||||||||
Net income | $ | 339,771 | $ | 218,216 | |||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Credit loss expense | 19,005 | — | |||||||||
Deferred tax expense (benefit) | (2,489) | (2,404) | |||||||||
Accretion of loan discounts | (9,265) | (6,581) | |||||||||
Securities premium amortization (discount accretion), net | 36,919 | 53,225 | |||||||||
Net (gain) loss on securities transactions | (54) | — | |||||||||
Depreciation and amortization | 37,076 | 35,406 | |||||||||
Net (gain) loss on sale/write-down of assets/foreclosed assets | (283) | 103 | |||||||||
Stock-based compensation | 9,535 | 5,530 | |||||||||
Net tax benefit from stock-based compensation | 469 | 1,645 | |||||||||
Earnings on life insurance policies | (1,387) | (1,016) | |||||||||
Net change in: | |||||||||||
Trading account securities | 335 | 482 | |||||||||
Lease right-of-use assets | 11,193 | 12,042 | |||||||||
Accrued interest receivable and other assets | 59,051 | (135,239) | |||||||||
Accrued interest payable and other liabilities | (176,718) | 113,645 | |||||||||
Net cash from operating activities | 323,158 | 295,054 | |||||||||
Investing Activities: | |||||||||||
Securities held to maturity: | |||||||||||
Purchases | (1,141,443) | (411,527) | |||||||||
Maturities, calls and principal repayments | 92,547 | 263,226 | |||||||||
Securities available for sale: | |||||||||||
Purchases | (7,607,014) | (4,778,475) | |||||||||
Sales | 1,543,355 | — | |||||||||
Maturities, calls and principal repayments | 7,077,003 | 382,152 | |||||||||
Proceeds from sale of loans | 2,215 | 2,365 | |||||||||
Net change in loans | (602,902) | (404,515) | |||||||||
Benefits received on life insurance policies | 1,000 | 1,332 | |||||||||
Proceeds from sales of premises and equipment | 1,179 | 18 | |||||||||
Purchases of premises and equipment | (85,156) | (28,016) | |||||||||
Proceeds from sales of repossessed properties | 583 | 1,543 | |||||||||
Net cash from investing activities | (718,633) | (4,971,897) | |||||||||
Financing Activities: | |||||||||||
Net change in deposits | (3,253,366) | 2,906,069 | |||||||||
Net change in short-term borrowings | (1,128,896) | (1,058,839) | |||||||||
Proceeds from stock option exercises | 2,446 | 6,490 | |||||||||
Purchase of treasury stock | (29,124) | (996) | |||||||||
Cash dividends paid on preferred stock | (3,338) | (3,338) | |||||||||
Cash dividends paid on common stock | (113,043) | (96,958) | |||||||||
Net cash from financing activities | (4,525,321) | 1,752,428 | |||||||||
Net change in cash and cash equivalents | (4,920,796) | (2,924,415) | |||||||||
Cash and cash equivalents at beginning of period | 12,028,132 | 16,583,000 | |||||||||
Cash and cash equivalents at end of period | $ | 7,107,336 | $ | 13,658,585 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Operating Activities: | |||||||
Net income | $ | 263,625 | $ | 220,542 | |||
Adjustments to reconcile net income to net cash from operating activities: | |||||||
Provision for loan losses | 27,358 | 42,734 | |||||
Deferred tax expense (benefit) | (9,505 | ) | (11,629 | ) | |||
Accretion of loan discounts | (11,567 | ) | (11,893 | ) | |||
Securities premium amortization (discount accretion), net | 66,455 | 59,071 | |||||
Net (gain) loss on securities transactions | 4,917 | (14,866 | ) | ||||
Depreciation and amortization | 35,819 | 35,712 | |||||
Net (gain) loss on sale/write-down of assets/foreclosed assets | (2,045 | ) | (373 | ) | |||
Stock-based compensation | 9,013 | 7,998 | |||||
Net tax benefit from stock-based compensation | 5,844 | 1,610 | |||||
Earnings on life insurance policies | (2,367 | ) | (2,678 | ) | |||
Net change in: | |||||||
Trading account securities | (3,018 | ) | 418 | ||||
Accrued interest receivable and other assets | 10,495 | 11,134 | |||||
Accrued interest payable and other liabilities | (39,580 | ) | (2,806 | ) | |||
Net cash from operating activities | 355,444 | 334,974 | |||||
Investing Activities: | |||||||
Securities held to maturity: | |||||||
Purchases | — | — | |||||
Sales | — | 135,610 | |||||
Maturities, calls and principal repayments | 780,562 | 227,760 | |||||
Securities available for sale: | |||||||
Purchases | (9,138,457 | ) | (10,079,302 | ) | |||
Sales | 8,993,963 | 9,040,245 | |||||
Maturities, calls and principal repayments | 283,278 | 270,737 | |||||
Proceeds from sale of loans | — | 30,470 | |||||
Net change in loans | (745,702 | ) | (142,698 | ) | |||
Benefits received on life insurance policies | 462 | 906 | |||||
Proceeds from sales of premises and equipment | 1,553 | 1,517 | |||||
Purchases of premises and equipment | (23,796 | ) | (32,647 | ) | |||
Proceeds from sales of repossessed properties | 517 | 297 | |||||
Net cash from investing activities | 152,380 | (547,105 | ) | ||||
Financing Activities: | |||||||
Net change in deposits | 591,694 | 763,953 | |||||
Net change in short-term borrowings | 20,927 | (89,220 | ) | ||||
Proceeds from issuance of subordinated notes | 98,434 | — | |||||
Principal payments on subordinated notes | (100,000 | ) | — | ||||
Proceeds from stock option exercises | 45,422 | 47,873 | |||||
Purchase of treasury stock | (100,042 | ) | — | ||||
Cash dividends paid on preferred stock | (6,047 | ) | (6,047 | ) | |||
Cash dividends paid on common stock | (107,754 | ) | (100,563 | ) | |||
Net cash from financing activities | 442,634 | 615,996 | |||||
Net change in cash and cash equivalents | 950,458 | 403,865 | |||||
Cash and equivalents at beginning of period | 4,141,445 | 3,591,523 | |||||
Cash and equivalents at end of period | $ | 5,091,903 | $ | 3,995,388 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash paid for interest | $ | 270,358 | $ | 22,551 | |||||||
Cash paid for income taxes | 66,500 | 45,500 | |||||||||
Significant non-cash transactions: | |||||||||||
Unsettled securities transactions | 10,988 | 110,623 | |||||||||
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities | 8,914 | 8,857 | |||||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash paid for interest | $ | 15,611 | $ | 8,731 | |||
Cash paid for income taxes | 41,969 | 39,160 | |||||
Significant non-cash transactions: | |||||||
Unsettled purchases of securities | 41,763 | 54,342 | |||||
Loans foreclosed and transferred to other real estate owned and foreclosed assets | 257 | 422 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Allowance for Credit Losses | Net Carrying Amount | ||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 1,265,818 | $ | — | $ | 72,286 | $ | 1,193,532 | $ | — | $ | 1,265,818 | |||||||||||||||||||||||
States and political subdivisions | 2,424,169 | 24,288 | 99,491 | 2,348,966 | (267) | 2,423,902 | |||||||||||||||||||||||||||||
Other | 1,500 | — | 69 | 1,431 | — | 1,500 | |||||||||||||||||||||||||||||
Total | $ | 3,691,487 | $ | 24,288 | $ | 171,846 | $ | 3,543,929 | $ | (267) | $ | 3,691,220 | |||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 526,122 | $ | — | $ | 65,322 | $ | 460,800 | $ | — | $ | 526,122 | |||||||||||||||||||||||
States and political subdivisions | 2,111,619 | 13,048 | 119,033 | 2,005,634 | (158) | 2,111,461 | |||||||||||||||||||||||||||||
Other | 1,500 | — | 69 | 1,431 | — | 1,500 | |||||||||||||||||||||||||||||
Total | $ | 2,639,241 | $ | 13,048 | $ | 184,424 | $ | 2,467,865 | $ | (158) | $ | 2,639,083 |
States and Political Subdivisions | |||||||||||||||||||||||||||||||||||
Not Guaranteed or Pre-Refunded | Guaranteed by the Texas PSF | Guaranteed by Third Party | Pre-Refunded | Total | Other Securities | ||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Aaa/AAA | $ | 301,922 | $ | 1,544,702 | $ | 13,656 | $ | 52,860 | $ | 1,913,140 | $ | — | |||||||||||||||||||||||
Aa/AA | 504,928 | — | 6,101 | — | 511,029 | — | |||||||||||||||||||||||||||||
Not rated | — | — | — | — | — | 1,500 | |||||||||||||||||||||||||||||
Total | $ | 806,850 | $ | 1,544,702 | $ | 19,757 | $ | 52,860 | $ | 2,424,169 | $ | 1,500 | |||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Aaa/AAA | $ | 273,201 | $ | 1,422,442 | $ | — | $ | 121,961 | $ | 1,817,604 | $ | — | |||||||||||||||||||||||
Aa/AA | 294,015 | — | — | — | 294,015 | — | |||||||||||||||||||||||||||||
Not rated | — | — | — | — | — | 1,500 | |||||||||||||||||||||||||||||
Total | $ | 567,216 | $ | 1,422,442 | $ | — | $ | 121,961 | $ | 2,111,619 | $ | 1,500 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||
U.S. Treasury | $ | — | $ | — | $ | — | $ | — | $ | 249,889 | $ | 1,762 | $ | — | $ | 251,651 | |||||||||||||||
Residential mortgage-backed securities | 3,708 | 21 | 24 | 3,705 | 4,511 | 39 | — | 4,550 | |||||||||||||||||||||||
States and political subdivisions | 1,437,164 | 36,991 | 2,556 | 1,471,599 | 1,994,710 | 16,821 | 6,335 | 2,005,196 | |||||||||||||||||||||||
Other | 1,350 | — | 1 | 1,349 | 1,350 | — | — | 1,350 | |||||||||||||||||||||||
Total | $ | 1,442,222 | $ | 37,012 | $ | 2,581 | $ | 1,476,653 | $ | 2,250,460 | $ | 18,622 | $ | 6,335 | $ | 2,262,747 | |||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||
U.S. Treasury | $ | 3,452,882 | $ | 23,796 | $ | 3,050 | $ | 3,473,628 | $ | 4,003,692 | $ | 24,984 | $ | 8,945 | $ | 4,019,731 | |||||||||||||||
Residential mortgage-backed securities | 658,281 | 24,218 | 1,304 | 681,195 | 756,072 | 30,388 | 1,293 | 785,167 | |||||||||||||||||||||||
States and political subdivisions | 5,898,098 | 130,142 | 40,501 | 5,987,739 | 5,403,918 | 50,101 | 98,134 | 5,355,885 | |||||||||||||||||||||||
Other | 42,538 | — | — | 42,538 | 42,494 | — | — | 42,494 | |||||||||||||||||||||||
Total | $ | 10,051,799 | $ | 178,156 | $ | 44,855 | $ | 10,185,100 | $ | 10,206,176 | $ | 105,473 | $ | 108,372 | $ | 10,203,277 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | 262 | $ | 158 | $ | 158 | $ | 158 | |||||||||||||||
Credit loss expense (benefit) | 5 | — | 109 | — | |||||||||||||||||||
Ending balance | $ | 267 | $ | 158 | $ | 267 | $ | 158 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Estimated Fair Value | |||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 5,456,656 | $ | — | $ | 383,768 | $ | — | $ | 5,072,888 | |||||||||||||||||||
Residential mortgage-backed securities | 7,725,403 | 5,105 | 937,733 | — | 6,792,775 | ||||||||||||||||||||||||
States and political subdivisions | 5,636,095 | 1,098 | 296,177 | — | 5,341,016 | ||||||||||||||||||||||||
Other | 42,578 | — | — | — | 42,578 | ||||||||||||||||||||||||
Total | $ | 18,860,732 | $ | 6,203 | $ | 1,617,678 | $ | — | $ | 17,249,257 | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 5,450,546 | $ | — | $ | 398,959 | $ | — | $ | 5,051,587 | |||||||||||||||||||
Residential mortgage-backed securities | 7,316,824 | 8,050 | 948,638 | — | 6,376,236 | ||||||||||||||||||||||||
States and political subdivisions | 7,098,635 | 9,108 | 334,388 | — | 6,773,355 | ||||||||||||||||||||||||
Other | 42,427 | — | — | — | 42,427 | ||||||||||||||||||||||||
Total | $ | 19,908,432 | $ | 17,158 | $ | 1,681,985 | $ | — | $ | 18,243,605 |
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
U.S. Treasury | $ | 1,487,790 | $ | 58,237 | $ | 3,585,097 | $ | 325,531 | $ | 5,072,887 | $ | 383,768 | |||||||||||||||||||||||
Residential mortgage-backed securities | 2,176,299 | 65,646 | 4,239,828 | 872,087 | 6,416,127 | 937,733 | |||||||||||||||||||||||||||||
States and political subdivisions | 3,391,385 | 45,640 | 1,543,520 | 250,537 | 4,934,905 | 296,177 | |||||||||||||||||||||||||||||
Total | $ | 7,055,474 | $ | 169,523 | $ | 9,368,445 | $ | 1,448,155 | $ | 16,423,919 | $ | 1,617,678 |
Less than 12 Months | More than 12 Months | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 2,212 | $ | 24 | $ | — | $ | — | $ | 2,212 | $ | 24 | |||||||||||
States and political subdivisions | 5,301 | 28 | 74,965 | 2,528 | 80,266 | 2,556 | |||||||||||||||||
Other | 1,349 | 1 | — | — | 1,349 | 1 | |||||||||||||||||
Total | $ | 8,862 | $ | 53 | $ | 74,965 | $ | 2,528 | $ | 83,827 | $ | 2,581 | |||||||||||
Available for Sale | |||||||||||||||||||||||
U.S. Treasury | $ | 840,074 | $ | 3,050 | $ | — | $ | — | $ | 840,074 | $ | 3,050 | |||||||||||
Residential mortgage-backed securities | 75,441 | 618 | 19,458 | 686 | 94,899 | 1,304 | |||||||||||||||||
States and political subdivisions | 986,705 | 9,713 | 842,751 | 30,788 | 1,829,456 | 40,501 | |||||||||||||||||
Total | $ | 1,902,220 | $ | 13,381 | $ | 862,209 | $ | 31,474 | $ | 2,764,429 | $ | 44,855 |
Held to Maturity | Available for Sale | ||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||
Due in one year or less | $ | 251,739 | $ | 256,716 | $ | 37,321 | $ | 38,127 | |||||||
Due after one year through five years | 116,604 | 121,451 | 4,056,709 | 4,085,795 | |||||||||||
Due after five years through ten years | 411,074 | 420,160 | 385,649 | 399,538 | |||||||||||
Due after ten years | 659,097 | 674,621 | 4,871,301 | 4,937,907 | |||||||||||
Residential mortgage-backed securities | 3,708 | 3,705 | 658,281 | 681,195 | |||||||||||
Equity securities | — | — | 42,538 | 42,538 | |||||||||||
Total | $ | 1,442,222 | $ | 1,476,653 | $ | 10,051,799 | $ | 10,185,100 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Proceeds from sales | $ | — | $ | — | $ | — | $ | 135,610 | |||||||
Amortized cost | — | — | — | 131,840 | |||||||||||
Gross realized gains | — | — | — | 3,770 | |||||||||||
Gross realized losses | — | — | — | — | |||||||||||
Tax (expense) benefit of securities gains/losses | — | — | — | (1,319 | ) |
Within 1 Year | 1 - 5 Years | 5 - 10 Years | After 10 Years | Total | |||||||||||||||||||||||||
Held To Maturity | |||||||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | — | $ | 513,530 | $ | 752,288 | $ | 1,265,818 | |||||||||||||||||||
States and political subdivisions | 59,282 | 14,024 | 37,558 | 2,313,305 | 2,424,169 | ||||||||||||||||||||||||
Other | — | 1,500 | — | — | 1,500 | ||||||||||||||||||||||||
Total | $ | 59,282 | $ | 15,524 | $ | 551,088 | $ | 3,065,593 | $ | 3,691,487 | |||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | — | $ | — | $ | 450,850 | $ | 742,682 | $ | 1,193,532 | |||||||||||||||||||
States and political subdivisions | 59,242 | 13,949 | 36,609 | 2,239,166 | 2,348,966 | ||||||||||||||||||||||||
Other | — | 1,431 | — | — | 1,431 | ||||||||||||||||||||||||
Total | $ | 59,242 | $ | 15,380 | $ | 487,459 | $ | 2,981,848 | $ | 3,543,929 | |||||||||||||||||||
Available For Sale | |||||||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||||||
U. S. Treasury | $ | 1,286,197 | $ | 2,542,538 | $ | 1,435,692 | $ | 192,229 | $ | 5,456,656 | |||||||||||||||||||
Residential mortgage-backed securities | 310 | 4,985 | 15,986 | 7,704,122 | 7,725,403 | ||||||||||||||||||||||||
States and political subdivisions | 439,111 | 317,371 | 831,502 | 4,048,111 | 5,636,095 | ||||||||||||||||||||||||
Other | — | — | — | — | 42,578 | ||||||||||||||||||||||||
Total | $ | 1,725,618 | $ | 2,864,894 | $ | 2,283,180 | $ | 11,944,462 | $ | 18,860,732 | |||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
U. S. Treasury | $ | 1,257,329 | $ | 2,420,131 | $ | 1,250,420 | $ | 145,008 | $ | 5,072,888 | |||||||||||||||||||
Residential mortgage-backed securities | 305 | 4,865 | 15,898 | 6,771,707 | 6,792,775 | ||||||||||||||||||||||||
States and political subdivisions | 438,969 | 315,373 | 811,631 | 3,775,043 | 5,341,016 | ||||||||||||||||||||||||
Other | — | — | — | — | 42,578 | ||||||||||||||||||||||||
Total | $ | 1,696,603 | $ | 2,740,369 | $ | 2,077,949 | $ | 10,691,758 | $ | 17,249,257 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Proceeds from sales | $ | 659,082 | $ | — | $ | 1,543,355 | $ | — | |||||||||||||||
Gross realized gains | 561 | — | 5,417 | — | |||||||||||||||||||
Gross realized losses | (528) | — | (5,363) | — | |||||||||||||||||||
Tax (expense) benefit of securities gains/losses | (7) | — | (11) | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Proceeds from sales | $ | 746,524 | $ | 7,980,049 | $ | 8,993,963 | $ | 9,040,245 | |||||||
Gross realized gains | — | 1 | — | 11,134 | |||||||||||
Gross realized losses | (4,867 | ) | (38 | ) | (4,917 | ) | (38 | ) | |||||||
Tax (expense) benefit of securities gains/losses | 1,703 | 13 | 1,721 | (3,884 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Premium amortization | $ | (21,242) | $ | (28,053) | $ | (47,167) | $ | (57,113) | |||||||||||||||
Discount accretion | 4,843 | 2,482 | 10,248 | 3,888 | |||||||||||||||||||
Net (premium amortization) discount accretion | $ | (16,399) | $ | (25,571) | $ | (36,919) | $ | (53,225) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Premium amortization | $ | (24,586 | ) | $ | (22,762 | ) | $ | (72,733 | ) | $ | (67,321 | ) | |||
Discount accretion | 1,783 | 2,497 | 6,278 | 8,250 | |||||||||||
Net (premium amortization) discount accretion | $ | (22,803 | ) | $ | (20,265 | ) | $ | (66,455 | ) | $ | (59,071 | ) |
September 30, 2017 | December 31, 2016 | June 30, 2023 | December 31, 2022 | |||||||||||||||
U.S. Treasury | $ | 18,814 | $ | 16,594 | U.S. Treasury | $ | 27,546 | $ | 25,879 | |||||||||
States and political subdivisions | 907 | 109 | States and political subdivisions | 4,971 | 2,166 | |||||||||||||
Total | $ | 19,721 | $ | 16,703 | Total | $ | 32,517 | $ | 28,045 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net gain on sales transactions | $ | 903 | $ | 1,012 | $ | 1,871 | $ | 1,352 | |||||||||||||||
Net mark-to-market gains (losses) | (10) | (76) | (27) | (244) | |||||||||||||||||||
Net gain (loss) on trading account securities | $ | 893 | $ | 936 | $ | 1,844 | $ | 1,108 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net gain on sales transactions | $ | 414 | $ | 379 | $ | 1,018 | $ | 1,032 | |||||||
Net mark-to-market gains (losses) | (8 | ) | — | (51 | ) | (1 | ) | ||||||||
Net gain (loss) on trading account securities | $ | 406 | $ | 379 | $ | 967 | $ | 1,031 |
June 30, 2023 | December 31, 2022 | ||||||||||
Commercial and industrial | $ | 5,726,804 | $ | 5,674,798 | |||||||
Energy: | |||||||||||
Production | 718,829 | 696,570 | |||||||||
Service | 138,816 | 133,542 | |||||||||
Other | 128,926 | 95,617 | |||||||||
Total energy | 986,571 | 925,729 | |||||||||
Paycheck Protection Program | 22,333 | 34,852 | |||||||||
Commercial real estate: | |||||||||||
Commercial mortgages | 6,389,649 | 6,168,910 | |||||||||
Construction | 1,468,071 | 1,477,247 | |||||||||
Land | 535,247 | 537,168 | |||||||||
Total commercial real estate | 8,392,967 | 8,183,325 | |||||||||
Consumer real estate: | |||||||||||
Home equity lines of credit | 730,557 | 691,841 | |||||||||
Home equity loans | 575,284 | 449,507 | |||||||||
Home improvement loans | 680,811 | 577,377 | |||||||||
Other | 171,264 | 124,814 | |||||||||
Total consumer real estate | 2,157,916 | 1,843,539 | |||||||||
Total real estate | 10,550,883 | 10,026,864 | |||||||||
Consumer and other | 459,720 | 492,726 | |||||||||
Total loans | $ | 17,746,311 | $ | 17,154,969 |
September 30, 2017 | Percentage of Total | December 31, 2016 | Percentage of Total | ||||||||||
Commercial and industrial | $ | 4,677,923 | 36.8 | % | $ | 4,344,000 | 36.3 | % | |||||
Energy: | |||||||||||||
Production | 1,094,927 | 8.6 | 971,767 | 8.1 | |||||||||
Service | 159,893 | 1.3 | 221,213 | 1.8 | |||||||||
Other | 132,240 | 1.0 | 193,081 | 1.7 | |||||||||
Total energy | 1,387,060 | 10.9 | 1,386,061 | 11.6 | |||||||||
Commercial real estate: | |||||||||||||
Commercial mortgages | 3,714,172 | 29.2 | 3,481,157 | 29.1 | |||||||||
Construction | 1,082,229 | 8.5 | 1,043,261 | 8.7 | |||||||||
Land | 307,701 | 2.4 | 311,030 | 2.6 | |||||||||
Total commercial real estate | 5,104,102 | 40.1 | 4,835,448 | 40.4 | |||||||||
Consumer real estate: | |||||||||||||
Home equity loans | 357,542 | 2.8 | 345,130 | 2.9 | |||||||||
Home equity lines of credit | 288,981 | 2.3 | 264,862 | 2.2 | |||||||||
Other | 367,948 | 2.9 | 326,793 | 2.7 | |||||||||
Total consumer real estate | 1,014,471 | 8.0 | 936,785 | 7.8 | |||||||||
Total real estate | 6,118,573 | 48.1 | 5,772,233 | 48.2 | |||||||||
Consumer and other | 522,748 | 4.2 | 473,098 | 3.9 | |||||||||
Total loans | $ | 12,706,304 | 100.0 | % | $ | 11,975,392 | 100.0 | % |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Total Non-Accrual | Non-Accrual with No Credit Loss Allowance | Total Non-Accrual | Non-Accrual with No Credit Loss Allowance | ||||||||||||||||||||
Commercial and industrial | $ | 22,217 | $ | 3,817 | $ | 18,130 | $ | 8,514 | |||||||||||||||
Energy | 16,712 | 11,880 | 15,224 | 7,139 | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Buildings, land and other | 25,682 | 6,617 | 3,552 | 1,991 | |||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||
Consumer real estate | 3,170 | 3,170 | 927 | 927 | |||||||||||||||||||
Consumer and other | — | — | — | — | |||||||||||||||||||
Total | $ | 67,781 | $ | 25,484 | $ | 37,833 | $ | 18,571 |
September 30, 2017 | December 31, 2016 | ||||||
Commercial and industrial | $ | 37,239 | $ | 31,475 | |||
Energy | 96,717 | 57,571 | |||||
Commercial real estate: | |||||||
Buildings, land and other | 6,773 | 8,550 | |||||
Construction | — | — | |||||
Consumer real estate | 2,167 | 2,130 | |||||
Consumer and other | 208 | 425 | |||||
Total | $ | 143,104 | $ | 100,151 |
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | 221 | $ | 754 | $ | 2,957 | $ | 1,172 | $ | 16,746 | $ | 367 | $ | 22,217 | |||||||||||||||||||||||||||||||||||
Energy | 10,324 | — | — | 59 | 1,349 | 2 | 4,832 | 146 | 16,712 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings, land and other | 1,924 | 8 | 296 | 18,328 | 1,483 | 3,643 | — | — | 25,682 | ||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | — | — | — | 39 | 2,470 | 95 | — | 566 | 3,170 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 12,248 | $ | 8 | $ | 517 | $ | 19,180 | $ | 8,259 | $ | 4,912 | $ | 21,578 | $ | 1,079 | $ | 67,781 |
Loans 30-89 Days Past Due | Loans 90 or More Days Past Due | Total Past Due Loans | Current Loans | Total Loans | Accruing Loans 90 or More Days Past Due | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 29,280 | $ | 5,224 | $ | 34,504 | $ | 5,692,300 | $ | 5,726,804 | $ | 3,025 | |||||||||||||||||||||||
Energy | 2,224 | 6,386 | 8,610 | 977,961 | 986,571 | — | |||||||||||||||||||||||||||||
Paycheck Protection Program | 80 | 2,725 | 2,805 | 19,528 | 22,333 | 2,725 | |||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Buildings, land and other | 28,554 | 20,022 | 48,576 | 6,876,320 | 6,924,896 | 568 | |||||||||||||||||||||||||||||
Construction | 669 | 118 | 787 | 1,467,284 | 1,468,071 | 118 | |||||||||||||||||||||||||||||
Consumer real estate | 8,843 | 8,114 | 16,957 | 2,140,959 | 2,157,916 | 5,039 | |||||||||||||||||||||||||||||
Consumer and other | 5,153 | 336 | 5,489 | 454,231 | 459,720 | 336 | |||||||||||||||||||||||||||||
Total | $ | 74,803 | $ | 42,925 | $ | 117,728 | $ | 17,628,583 | $ | 17,746,311 | $ | 11,811 |
Loans 30-89 Days Past Due | Loans 90 or More Days Past Due | Total Past Due Loans | Current Loans | Total Loans | Accruing Loans 90 or More Days Past Due | ||||||||||||||||||
Commercial and industrial | $ | 26,415 | $ | 30,740 | $ | 57,155 | $ | 4,620,768 | $ | 4,677,923 | $ | 20,614 | |||||||||||
Energy | 12,585 | 46,097 | 58,682 | 1,328,378 | 1,387,060 | 634 | |||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Buildings, land and other | 9,065 | 4,065 | 13,130 | 4,008,743 | 4,021,873 | 2,229 | |||||||||||||||||
Construction | — | 2,331 | 2,331 | 1,079,898 | 1,082,229 | 2,331 | |||||||||||||||||
Consumer real estate | 7,671 | 2,107 | 9,778 | 1,004,693 | 1,014,471 | 835 | |||||||||||||||||
Consumer and other | 9,754 | 486 | 10,240 | 512,508 | 522,748 | 478 | |||||||||||||||||
Total | $ | 65,490 | $ | 85,826 | $ | 151,316 | $ | 12,554,988 | $ | 12,706,304 | $ | 27,121 |
Unpaid Contractual Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||
September 30, 2017 | |||||||||||||||||||
Commercial and industrial | $ | 48,751 | $ | 31,065 | $ | 3,937 | $ | 35,002 | $ | 1,665 | |||||||||
Energy | 107,883 | 34,834 | 61,805 | 96,639 | 13,267 | ||||||||||||||
Commercial real estate: | |||||||||||||||||||
Buildings, land and other | 9,976 | 5,627 | — | 5,627 | — | ||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||
Consumer real estate | 1,214 | 1,214 | — | 1,214 | — | ||||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||||
Total | $ | 167,824 | $ | 72,740 | $ | 65,742 | $ | 138,482 | $ | 14,932 |
Unpaid Contractual Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | |||||||||||||||
December 31, 2016 | |||||||||||||||||||
Commercial and industrial | $ | 40,288 | $ | 19,862 | $ | 9,047 | $ | 28,909 | $ | 5,436 | |||||||||
Energy | 60,522 | 27,759 | 29,804 | 57,563 | 3,750 | ||||||||||||||
Commercial real estate: | |||||||||||||||||||
Buildings, land and other | 11,369 | 6,866 | — | 6,866 | — | ||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||
Consumer real estate | 977 | 655 | — | 655 | — | ||||||||||||||
Consumer and other | 32 | 30 | — | 30 | — | ||||||||||||||
Total | $ | 113,188 | $ | 55,172 | $ | 38,851 | $ | 94,023 | $ | 9,186 |
Payment Delay | Percent of Total Class of Loans | Combination: Payment Delay and Term Extension | Percent of Total Class of Loans | ||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | — | % | $ | 16,020 | 0.3 | % | |||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Buildings, land and other | — | — | 20,466 | 0.3 | |||||||||||||||||||||||||||||||
$ | — | — | $ | 36,486 | 0.2 | ||||||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Buildings, land and other | $ | 1,116 | — | — | — | ||||||||||||||||||||||||||||||
$ | 1,116 | — | $ | — | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Commercial and industrial | $ | 26,910 | $ | 26,921 | $ | 26,651 | $ | 25,365 | |||||||
Energy | 76,008 | 47,003 | 72,055 | 57,309 | |||||||||||
Commercial real estate: | |||||||||||||||
Buildings, land and other | 5,553 | 8,904 | 6,106 | 20,444 | |||||||||||
Construction | — | 326 | — | 548 | |||||||||||
Consumer real estate | 1,209 | 545 | 1,155 | 508 | |||||||||||
Consumer and other | — | 48 | 13 | 24 | |||||||||||
Total | $ | 109,680 | $ | 83,747 | $ | 105,980 | $ | 104,198 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||
Balance at Restructure | Balance at Period-End | Balance at Restructure | Balance at Period-End | ||||||||||||
Commercial and industrial | $ | 4,026 | $ | 3,875 | $ | 510 | $ | 505 | |||||||
Energy | 56,097 | 55,023 | 73,977 | 31,918 | |||||||||||
Commercial real estate: | |||||||||||||||
Buildings, land and other | — | — | 1,455 | 1,455 | |||||||||||
Construction | — | — | 243 | 221 | |||||||||||
$ | 60,123 | $ | 58,898 | $ | 76,185 | $ | 34,099 |
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||
Term Extension | Payment Delay | Combination: Payment Delay and Term Extension | Term Extension | Payment Delay | Combination: Payment Delay and Term Extension | ||||||||||||||||||||||||||||||||||||
Past due in excess of 90 days or on non-accrual status at period-end: | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | 16,020 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Buildings, land and other | — | — | 20,466 | — | 1,116 | — | |||||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 36,486 | $ | — | $ | 1,116 | $ | — | ||||||||||||||||||||||||||||||
Charge-offs during the period: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Buildings, land and other | $ | — | $ | — | $ | — | $ | — | $ | 371 | $ | 352 | |||||||||||||||||||||||||||||
Proceeds from sales: | |||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Buildings, land and other | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,070 | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | W/A Risk Grade | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grades 1-8 | $ | 1,113,216 | $ | 919,731 | $ | 524,735 | $ | 406,763 | $ | 186,103 | $ | 243,703 | $ | 2,026,310 | $ | 48,004 | $ | 5,468,565 | 6.29 | ||||||||||||||||||||||||||||||||||||||||
Risk grade 9 | 17,610 | 17,339 | 32,116 | 3,745 | 2,307 | 10,869 | 40,715 | 5,203 | 129,904 | 9.00 | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 10 | 9,988 | 510 | 622 | 396 | 4,165 | 744 | 19,268 | 564 | 36,257 | 10.00 | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 11 | 4,491 | 4,164 | 4,001 | 8,747 | 16,121 | 1,523 | 19,749 | 11,065 | 69,861 | 11.00 | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 12 | — | — | 221 | 702 | 2,687 | 1,172 | 14,607 | 367 | 19,756 | 12.00 | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 13 | — | — | — | 52 | 270 | — | 2,139 | — | 2,461 | 13.00 | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,145,305 | $ | 941,744 | $ | 561,695 | $ | 420,405 | $ | 211,653 | $ | 258,011 | $ | 2,122,788 | $ | 65,203 | $ | 5,726,804 | 6.46 | |||||||||||||||||||||||||||||||||||||||||
W/A risk grade | 6.31 | 6.76 | 7.10 | 5.93 | 6.57 | 6.17 | 6.31 | 7.66 | 6.46 |
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | W/A Risk Grade | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Risk Grade | Loans | Weighted Average Risk Grade | Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grades 1-8 | 6.01 | $ | 4,236,670 | 6.01 | $ | 3,989,722 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 9 | 9.00 | 201,635 | 9.00 | 106,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 10 | 10.00 | 89,126 | 10.00 | 115,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 11 | 11.00 | 113,253 | 11.00 | 100,245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 12 | 12.00 | 35,574 | 12.00 | 25,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 13 | 13.00 | 1,665 | 13.00 | 5,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 6.38 | $ | 4,677,923 | 6.35 | $ | 4,344,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grades 1-8 | 6.19 | $ | 1,082,349 | 6.34 | $ | 854,688 | Risk grades 1-8 | $ | 301,108 | $ | 65,831 | $ | 83,174 | $ | 4,240 | $ | 2,393 | $ | 5,297 | $ | 457,225 | $ | 33,858 | $ | 953,126 | 5.79 | ||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 9 | 9.00 | 46,285 | 9.00 | 78,524 | Risk grade 9 | 311 | 4,456 | 139 | — | 445 | 589 | 3,603 | 1,972 | 11,515 | 9.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 10 | 10.00 | 67,694 | 10.00 | 150,872 | Risk grade 10 | — | — | — | — | 355 | 189 | — | — | 544 | 10.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 11 | 11.00 | 94,015 | 11.00 | 244,406 | Risk grade 11 | — | — | 106 | 170 | 3,101 | 12 | 1,285 | — | 4,674 | 11.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 12 | 12.00 | 83,450 | 12.00 | 53,821 | Risk grade 12 | 10,324 | — | — | 59 | 1,349 | 2 | 2,132 | 146 | 14,012 | 12.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 13 | 13.00 | 13,267 | 13.00 | 3,750 | Risk grade 13 | — | — | — | — | — | — | 2,700 | — | 2,700 | 13.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 7.21 | $ | 1,387,060 | 7.95 | $ | 1,386,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 311,743 | $ | 70,287 | $ | 83,419 | $ | 4,469 | $ | 7,643 | $ | 6,089 | $ | 466,945 | $ | 35,976 | $ | 986,571 | 5.96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
W/A risk grade | W/A risk grade | 6.32 | 6.60 | 5.78 | 7.68 | 9.83 | 7.14 | 5.58 | 5.69 | 5.96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings, land and other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings, land, other | Buildings, land, other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grades 1-8 | 6.69 | $ | 3,720,068 | 6.67 | $ | 3,463,064 | Risk grades 1-8 | $ | 699,039 | $ | 1,735,438 | $ | 1,421,130 | $ | 851,503 | $ | 570,561 | $ | 1,009,089 | $ | 150,060 | $ | 103,188 | $ | 6,540,008 | 6.97 | ||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 9 | 9.00 | 115,196 | 9.00 | 109,110 | Risk grade 9 | 9,069 | 15,323 | 10,729 | 40,843 | 70,271 | 27,324 | 1,980 | 1,214 | 176,753 | 9.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 10 | 10.00 | 110,647 | 10.00 | 145,067 | Risk grade 10 | 491 | 29,583 | 7,991 | 4,086 | 1,754 | 3,796 | — | 2,646 | 50,347 | 10.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 11 | 11.00 | 69,189 | 11.00 | 66,396 | Risk grade 11 | 7,653 | 6,163 | 48,496 | 8,477 | — | 57,948 | 2,993 | 376 | 132,106 | 11.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 12 | 12.00 | 6,773 | 12.00 | 8,550 | Risk grade 12 | 1,924 | 8 | 296 | 17,178 | 1,483 | 3,493 | — | — | 24,382 | 12.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 13 | 13.00 | — | 13.00 | — | Risk grade 13 | — | — | — | 1,150 | — | 150 | — | — | 1,300 | 13.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 6.93 | $ | 4,021,873 | 6.95 | $ | 3,792,187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 718,176 | $ | 1,786,515 | $ | 1,488,642 | $ | 923,237 | $ | 644,069 | $ | 1,101,800 | $ | 155,033 | $ | 107,424 | $ | 6,924,896 | 7.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
W/A risk grade | W/A risk grade | 7.10 | 7.05 | 7.28 | 7.22 | 7.02 | 7.17 | 7.13 | 6.50 | 7.14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grades 1-8 | 7.14 | $ | 1,058,847 | 6.97 | $ | 1,023,194 | Risk grades 1-8 | $ | 271,025 | $ | 523,461 | $ | 342,339 | $ | 49,547 | $ | 945 | $ | 1,666 | $ | 179,127 | $ | — | $ | 1,368,110 | 7.19 | ||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 9 | 9.00 | 18,106 | 9.00 | 15,829 | Risk grade 9 | 9,975 | 14,668 | 3,067 | 2,100 | — | — | 3,291 | — | 33,101 | 9.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 10 | 10.00 | 3,768 | 10.00 | 2,889 | Risk grade 10 | 18,297 | — | 7,347 | — | — | — | 9,126 | — | 34,770 | 10.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 11 | 11.00 | 1,508 | 11.00 | 1,349 | Risk grade 11 | — | 31,972 | 118 | — | — | — | — | — | 32,090 | 11.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 12 | 12.00 | — | 12.00 | — | Risk grade 12 | — | — | — | — | — | — | — | — | — | 12.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 13 | 13.00 | — | 13.00 | — | Risk grade 13 | — | — | — | — | — | — | — | — | — | 13.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 7.19 | $ | 1,082,229 | 7.01 | $ | 1,043,261 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 299,297 | $ | 570,101 | $ | 352,871 | $ | 51,647 | $ | 945 | $ | 1,666 | $ | 191,544 | $ | — | $ | 1,468,071 | 7.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
W/A risk grade | W/A risk grade | 7.68 | 7.39 | 7.39 | 4.63 | 7.07 | 6.77 | 7.65 | — | 7.38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | $ | 1,017,473 | $ | 2,356,616 | $ | 1,841,513 | $ | 974,884 | $ | 645,014 | $ | 1,103,466 | $ | 346,577 | $ | 107,424 | $ | 8,392,967 | 7.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
W/A risk grade | W/A risk grade | 7.27 | 7.13 | 7.30 | 7.09 | 7.02 | 7.17 | 7.41 | 6.50 | 7.18 |
Commercial and Industrial | Energy | Commercial Real Estate - Buildings, Land and Other | Commercial Real Estate - Construction | Total Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
W/A Risk Grade | Loans | W/A Risk Grade | Loans | W/A Risk Grade | Loans | W/A Risk Grade | Loans | W/A Risk Grade | Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk grades 1-8 | 6.24 | $ | 5,435,917 | 5.44 | $ | 887,182 | 6.94 | $ | 6,340,028 | 7.04 | $ | 1,430,012 | 6.96 | $ | 7,770,040 | ||||||||||||||||||||||||||||||||||||||||||||
Risk grade 9 | 9.00 | 146,192 | 9.00 | 11,112 | 9.00 | 189,928 | 9.00 | 34,952 | 9.00 | 224,880 | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 10 | 10.00 | 37,596 | 10.00 | 642 | 10.00 | 91,020 | 10.00 | 931 | 10.00 | 91,951 | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 11 | 11.00 | 36,963 | 11.00 | 11,569 | 11.00 | 81,550 | 11.00 | 11,352 | 11.00 | 92,902 | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 12 | 12.00 | 12,521 | 12.00 | 10,840 | 12.00 | 2,957 | 12.00 | — | 12.00 | 2,957 | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk grade 13 | 13.00 | 5,609 | 13.00 | 4,384 | 13.00 | 595 | 13.00 | — | 13.00 | 595 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 6.39 | $ | 5,674,798 | 5.67 | $ | 925,729 | 7.09 | $ | 6,706,078 | 7.12 | $ | 1,477,247 | 7.10 | $ | 8,183,325 |
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Past due 30-89 days | $ | 297 | $ | 1,126 | $ | 1,075 | $ | 236 | $ | 480 | $ | 1,534 | $ | 3,861 | $ | 234 | $ | 8,843 | |||||||||||||||||||||||||||||||||||
Past due 90 or more days | — | 95 | 172 | 63 | 2,539 | 1,081 | 523 | 3,641 | 8,114 | ||||||||||||||||||||||||||||||||||||||||||||
Total past due | 297 | 1,221 | 1,247 | 299 | 3,019 | 2,615 | 4,384 | 3,875 | 16,957 | ||||||||||||||||||||||||||||||||||||||||||||
Current loans | 284,398 | 438,609 | 300,363 | 182,845 | 62,030 | 150,136 | 713,920 | 8,658 | 2,140,959 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 284,695 | $ | 439,830 | $ | 301,610 | $ | 183,144 | $ | 65,049 | $ | 152,751 | $ | 718,304 | $ | 12,533 | $ | 2,157,916 | |||||||||||||||||||||||||||||||||||
Consumer and other: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Past due 30-89 days | $ | 2,202 | $ | 316 | $ | 158 | $ | 12 | $ | 42 | $ | 49 | $ | 2,226 | $ | 148 | $ | 5,153 | |||||||||||||||||||||||||||||||||||
Past due 90 or more days | 84 | 34 | 1 | — | — | — | 212 | 5 | 336 | ||||||||||||||||||||||||||||||||||||||||||||
Total past due | 2,286 | 350 | 159 | 12 | 42 | 49 | 2,438 | 153 | 5,489 | ||||||||||||||||||||||||||||||||||||||||||||
Current loans | 49,542 | 39,133 | 13,771 | 4,820 | 1,985 | 1,900 | 320,720 | 22,360 | 454,231 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 51,828 | $ | 39,483 | $ | 13,930 | $ | 4,832 | $ | 2,027 | $ | 1,949 | $ | 323,158 | $ | 22,513 | $ | 459,720 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Commercial and industrial | $ | (4,565 | ) | $ | (3,079 | ) | $ | (12,155 | ) | $ | (8,177 | ) | Commercial and industrial | $ | 3,835 | $ | 16,518 | $ | 14,606 | $ | 21,973 | |||||||||||||||||
Energy | 451 | (865 | ) | (10,010 | ) | (18,623 | ) | Energy | — | 247 | 2,567 | 247 | ||||||||||||||||||||||||||
Commercial real estate: | Commercial real estate: | |||||||||||||||||||||||||||||||||||||
Buildings, land and other | 266 | 259 | 768 | 801 | Buildings, land and other | 5,944 | 10,681 | 5,944 | 10,726 | |||||||||||||||||||||||||||||
Construction | 2 | 9 | 8 | 18 | Construction | — | 13 | — | 4,248 | |||||||||||||||||||||||||||||
Consumer real estate | (629 | ) | (195 | ) | (422 | ) | (22 | ) | Consumer real estate | 1,064 | 888 | 1,743 | 1,684 | |||||||||||||||||||||||||
Consumer and other | (1,760 | ) | (1,115 | ) | (4,289 | ) | (2,817 | ) | Consumer and other | 1,669 | 1,792 | 3,671 | 5,868 | |||||||||||||||||||||||||
Total | $ | (6,235 | ) | $ | (4,986 | ) | $ | (26,100 | ) | $ | (28,820 | ) | Total | $ | 12,512 | $ | 30,139 | $ | 28,531 | $ | 44,746 |
Commercial and Industrial | Energy | Commercial Real Estate | Consumer Real Estate | Consumer and Other | Total | ||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||
Historical valuation allowances | $ | 27,190 | $ | 21,900 | $ | 18,304 | $ | 2,443 | $ | 5,491 | $ | 75,328 | |||||||||||
Specific valuation allowances | 1,665 | 13,267 | — | — | — | 14,932 | |||||||||||||||||
General valuation allowances | 7,397 | 4,677 | 4,841 | 2,040 | 163 | 19,118 | |||||||||||||||||
Macroeconomic valuation allowances | 12,185 | 12,069 | 14,930 | 2,392 | 3,349 | 44,925 | |||||||||||||||||
Total | $ | 48,437 | $ | 51,913 | $ | 38,075 | $ | 6,875 | $ | 9,003 | $ | 154,303 | |||||||||||
Allocated to loans: | |||||||||||||||||||||||
Individually evaluated | $ | 1,665 | $ | 13,267 | $ | — | $ | — | $ | — | $ | 14,932 | |||||||||||
Collectively evaluated | 46,772 | 38,646 | 38,075 | 6,875 | 9,003 | 139,371 | |||||||||||||||||
Total | $ | 48,437 | $ | 51,913 | $ | 38,075 | $ | 6,875 | $ | 9,003 | $ | 154,303 | |||||||||||
December 31, 2016 | |||||||||||||||||||||||
Historical valuation allowances | $ | 33,251 | $ | 34,626 | $ | 16,976 | $ | 2,225 | $ | 4,585 | $ | 91,663 | |||||||||||
Specific valuation allowances | 5,436 | 3,750 | — | — | — | 9,186 | |||||||||||||||||
General valuation allowances | 6,708 | 3,769 | 5,004 | 1,506 | (144 | ) | 16,843 | ||||||||||||||||
Macroeconomic valuation allowances | 7,520 | 18,508 | 8,233 | 507 | 585 | 35,353 | |||||||||||||||||
Total | $ | 52,915 | $ | 60,653 | $ | 30,213 | $ | 4,238 | $ | 5,026 | $ | 153,045 | |||||||||||
Allocated to loans: | |||||||||||||||||||||||
Individually evaluated | $ | 5,436 | $ | 3,750 | $ | — | $ | — | $ | — | $ | 9,186 | |||||||||||
Collectively evaluated | 47,479 | 56,903 | 30,213 | 4,238 | 5,026 | 143,859 | |||||||||||||||||
Total | $ | 52,915 | $ | 60,653 | $ | 30,213 | $ | 4,238 | $ | 5,026 | $ | 153,045 |
June 30, 2023 | Commercial and Industrial | Energy | Commercial Real Estate | Consumer Real Estate | Consumer and Other | Total | |||||||||||||||||||||||||||||
Modeled expected credit losses | $ | 46,435 | $ | 5,733 | $ | 15,496 | $ | 12,594 | $ | 5,511 | $ | 85,769 | |||||||||||||||||||||||
Q-Factor and other qualitative adjustments | 26,270 | 6,496 | 104,130 | 441 | 4,052 | 141,389 | |||||||||||||||||||||||||||||
Specific allocations | 2,461 | 2,700 | 1,300 | — | — | 6,461 | |||||||||||||||||||||||||||||
Total | $ | 75,166 | $ | 14,929 | $ | 120,926 | $ | 13,035 | $ | 9,563 | $ | 233,619 | |||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Modeled expected credit losses | $ | 61,918 | $ | 8,531 | $ | 27,013 | $ | 7,847 | $ | 4,983 | $ | 110,292 | |||||||||||||||||||||||
Q-Factor and other qualitative adjustments | 36,237 | 5,148 | 61,572 | 157 | 2,034 | 105,148 | |||||||||||||||||||||||||||||
Specific allocations | 6,082 | 4,383 | 1,716 | — | — | 12,181 | |||||||||||||||||||||||||||||
Total | $ | 104,237 | $ | 18,062 | $ | 90,301 | $ | 8,004 | $ | 7,017 | $ | 227,621 |
Commercial and Industrial | Energy | Commercial Real Estate | Consumer Real Estate | Consumer and Other | Total | ||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||
Individually evaluated | $ | 35,002 | $ | 96,639 | $ | 5,627 | $ | 1,214 | $ | — | $ | 138,482 | |||||||||||
Collectively evaluated | 4,642,921 | 1,290,421 | 5,098,475 | 1,013,257 | 522,748 | 12,567,822 | |||||||||||||||||
Total | $ | 4,677,923 | $ | 1,387,060 | $ | 5,104,102 | $ | 1,014,471 | $ | 522,748 | $ | 12,706,304 | |||||||||||
December 31, 2016 | |||||||||||||||||||||||
Individually evaluated | $ | 28,909 | $ | 57,563 | $ | 6,866 | $ | 655 | $ | 30 | $ | 94,023 | |||||||||||
Collectively evaluated | 4,315,091 | 1,328,498 | 4,828,582 | 936,130 | 473,068 | 11,881,369 | |||||||||||||||||
Total | $ | 4,344,000 | $ | 1,386,061 | $ | 4,835,448 | $ | 936,785 | $ | 473,098 | $ | 11,975,392 |
Commercial and Industrial | Energy | Commercial Real Estate | Consumer Real Estate | Consumer and Other | Total | ||||||||||||||||||||||||||||||
Three months ended: | |||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 78,465 | $ | 19,191 | $ | 115,693 | $ | 9,708 | $ | 8,457 | $ | 231,514 | |||||||||||||||||||||||
Credit loss expense (benefit) | 2,404 | (4,433) | 5,133 | 3,822 | 5,007 | 11,933 | |||||||||||||||||||||||||||||
Charge-offs | (7,136) | (518) | — | (1,080) | (7,016) | (15,750) | |||||||||||||||||||||||||||||
Recoveries | 1,433 | 689 | 100 | 585 | 3,115 | 5,922 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (5,703) | 171 | 100 | (495) | (3,901) | (9,828) | |||||||||||||||||||||||||||||
Ending balance | $ | 75,166 | $ | 14,929 | $ | 120,926 | $ | 13,035 | $ | 9,563 | $ | 233,619 | |||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 87,026 | $ | 15,422 | $ | 128,954 | $ | 6,359 | $ | 9,074 | $ | 246,835 | |||||||||||||||||||||||
Credit loss expense (benefit) | 942 | 427 | (12,232) | 583 | 5,884 | (4,396) | |||||||||||||||||||||||||||||
Charge-offs | (1,891) | — | — | (131) | (5,322) | (7,344) | |||||||||||||||||||||||||||||
Recoveries | 1,193 | 418 | 384 | 43 | 2,499 | 4,537 | |||||||||||||||||||||||||||||
Net (charge-offs) recoveries | (698) | 418 | 384 | (88) | (2,823) | (2,807) | |||||||||||||||||||||||||||||
Ending balance | $ | 87,270 | $ | 16,267 | $ | 117,106 | $ | 6,854 | $ | 12,135 | $ | 239,632 | |||||||||||||||||||||||
Commercial and Industrial | Energy | Commercial Real Estate | Consumer Real Estate | Consumer and Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and Industrial | Energy | Commercial Real Estate | Consumer Real Estate | Consumer and Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended: | Six months ended: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 48,906 | $ | 54,277 | $ | 33,002 | $ | 5,535 | $ | 7,838 | $ | 149,558 | Beginning balance | $ | 104,237 | $ | 18,062 | $ | 90,301 | $ | 8,004 | $ | 7,017 | $ | 227,621 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 4,096 | (2,815 | ) | 4,805 | 1,969 | 2,925 | 10,980 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss expense (benefit) | Credit loss expense (benefit) | (18,280) | (3,467) | 30,494 | 5,105 | 10,756 | 24,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (5,468 | ) | — | — | (766 | ) | (4,120 | ) | (10,354 | ) | Charge-offs | (13,316) | (518) | — | (1,330) | (13,958) | (29,122) | |||||||||||||||||||||||||||||||||||||||||
Recoveries | 903 | 451 | 268 | 137 | 2,360 | 4,119 | Recoveries | 2,525 | 852 | 131 | 1,256 | 5,748 | 10,512 | |||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | (4,565 | ) | 451 | 268 | (629 | ) | (1,760 | ) | (6,235 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (10,791) | 334 | 131 | (74) | (8,210) | (18,610) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 48,437 | $ | 51,913 | $ | 38,075 | $ | 6,875 | $ | 9,003 | $ | 154,303 | Ending balance | $ | 75,166 | $ | 14,929 | $ | 120,926 | $ | 13,035 | $ | 9,563 | $ | 233,619 | |||||||||||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 47,578 | $ | 66,339 | $ | 27,063 | $ | 3,935 | $ | 4,799 | $ | 149,714 | Beginning balance | $ | 72,091 | $ | 17,217 | $ | 144,936 | $ | 6,585 | $ | 7,837 | $ | 248,666 | |||||||||||||||||||||||||||||||||
Provision for loan losses | 4,632 | (3,231 | ) | 1,886 | 427 | 1,331 | 5,045 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss expense (benefit) | Credit loss expense (benefit) | 18,503 | (1,617) | (27,841) | 557 | 10,466 | 68 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (4,036 | ) | (884 | ) | (9 | ) | (287 | ) | (3,300 | ) | (8,516 | ) | Charge-offs | (5,346) | (371) | (702) | (362) | (11,093) | (17,874) | |||||||||||||||||||||||||||||||||||||||
Recoveries | 957 | 19 | 277 | 92 | 2,185 | 3,530 | Recoveries | 2,022 | 1,038 | 713 | 74 | 4,925 | 8,772 | |||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | (3,079 | ) | (865 | ) | 268 | (195 | ) | (1,115 | ) | (4,986 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | Net (charge-offs) recoveries | (3,324) | 667 | 11 | (288) | (6,168) | (9,102) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 49,131 | $ | 62,243 | $ | 29,217 | $ | 4,167 | $ | 5,015 | $ | 149,773 | Ending balance | $ | 87,270 | $ | 16,267 | $ | 117,106 | $ | 6,854 | $ | 12,135 | $ | 239,632 | |||||||||||||||||||||||||||||||||
Nine months ended: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 52,915 | $ | 60,653 | $ | 30,213 | $ | 4,238 | $ | 5,026 | $ | 153,045 | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 7,677 | 1,270 | 7,086 | 3,059 | 8,266 | 27,358 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (14,574 | ) | (10,595 | ) | (14 | ) | (779 | ) | (11,291 | ) | (37,253 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 2,419 | 585 | 790 | 357 | 7,002 | 11,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | (12,155 | ) | (10,010 | ) | 776 | (422 | ) | (4,289 | ) | (26,100 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 48,437 | $ | 51,913 | $ | 38,075 | $ | 6,875 | $ | 9,003 | $ | 154,303 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 42,993 | $ | 54,696 | $ | 24,313 | $ | 4,659 | $ | 9,198 | $ | 135,859 | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 14,315 | 26,170 | 4,085 | (470 | ) | (1,366 | ) | 42,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (10,754 | ) | (18,644 | ) | (56 | ) | (464 | ) | (9,276 | ) | (39,194 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 2,577 | 21 | 875 | 442 | 6,459 | 10,374 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | (8,177 | ) | (18,623 | ) | 819 | (22 | ) | (2,817 | ) | (28,820 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 49,131 | $ | 62,243 | $ | 29,217 | $ | 4,167 | $ | 5,015 | $ | 149,773 |
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 124 | $ | 208 | $ | 178 | $ | 55 | $ | 25 | $ | 29 | $ | 7,427 | $ | 5,270 | $ | 13,316 | |||||||||||||||||||||||||||||||||||
Energy | — | — | — | — | — | — | — | 518 | 518 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings, land and other | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | — | — | 280 | — | — | 89 | 961 | — | 1,330 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | 8,143 | 4,354 | 57 | 12 | — | 23 | 1,051 | 318 | 13,958 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,267 | $ | 4,562 | $ | 515 | $ | 67 | $ | 25 | $ | 141 | $ | 9,439 | $ | 6,106 | $ | 29,122 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Loan Balance | Specific Allocations | Loan Balance | Specific Allocations | ||||||||||||||||||||
Commercial and industrial | $ | 20,862 | $ | 2,461 | $ | 18,980 | $ | 6,082 | |||||||||||||||
Energy | 16,445 | 2,700 | 15,058 | 4,383 | |||||||||||||||||||
Paycheck Protection Program | — | — | — | — | |||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Buildings, land and other | 24,954 | 1,300 | 17,711 | 1,716 | |||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||
Consumer real estate | 3,030 | — | 827 | — | |||||||||||||||||||
Consumer and other | — | — | — | — | |||||||||||||||||||
Total | $ | 65,291 | $ | 6,461 | $ | 52,576 | $ | 12,181 |
June 30, 2023 | December 31, 2022 | ||||||||||
Goodwill | $ | 654,952 | $ | 654,952 | |||||||
Other intangible assets: | |||||||||||
Core deposits | $ | 155 | $ | 310 | |||||||
Customer relationships | 53 | 76 | |||||||||
$ | 208 | $ | 386 |
September 30, 2017 | December 31, 2016 | ||||||
Goodwill | $ | 654,952 | $ | 654,952 | |||
Other intangible assets: | |||||||
Core deposits | $ | 4,340 | $ | 5,298 | |||
Customer relationships | 1,086 | 1,410 | |||||
Non-compete agreements | 49 | 68 | |||||
$ | 5,475 | $ | 6,776 |
Remainder of 2023 | $ | 105 | |||
2024 | 87 | ||||
2025 | 11 | ||||
2026 | 5 | ||||
$ | 208 |
Remainder of 2017 | $ | 402 | |
2018 | 1,424 | ||
2019 | 1,167 | ||
2020 | 918 | ||
2021 | 697 | ||
Thereafter | 867 | ||
$ | 5,475 |
September 30, 2017 | Percentage of Total | December 31, 2016 | Percentage of Total | ||||||||||
Non-interest-bearing demand deposits: | |||||||||||||
Commercial and individual | $ | 10,466,844 | 39.6 | % | $ | 9,670,989 | 37.5 | % | |||||
Correspondent banks | 226,313 | 0.9 | 280,751 | 1.1 | |||||||||
Public funds | 481,094 | 1.8 | 561,629 | 2.2 | |||||||||
Total non-interest-bearing demand deposits | 11,174,251 | 42.3 | 10,513,369 | 40.8 | |||||||||
Interest-bearing deposits: | |||||||||||||
Private accounts: | |||||||||||||
Savings and interest checking | 6,449,079 | 24.4 | 6,436,065 | 24.9 | |||||||||
Money market accounts | 7,607,675 | 28.8 | 7,486,431 | 29.0 | |||||||||
Time accounts of $100,000 or more | 454,096 | 1.7 | 460,028 | 1.8 | |||||||||
Time accounts under $100,000 | 323,748 | 1.3 | 338,714 | 1.3 | |||||||||
Total private accounts | 14,834,598 | 56.2 | 14,721,238 | 57.0 | |||||||||
Public funds: | |||||||||||||
Savings and interest checking | 312,430 | 1.2 | 446,872 | 1.7 | |||||||||
Money market accounts | 68,018 | 0.3 | 113,669 | 0.4 | |||||||||
Time accounts of $100,000 or more | 13,462 | — | 15,748 | 0.1 | |||||||||
Time accounts under $100,000 | 510 | — | 679 | — | |||||||||
Total public funds | 394,420 | 1.5 | 576,968 | 2.2 | |||||||||
Total interest-bearing deposits | 15,229,018 | 57.7 | 15,298,206 | 59.2 | |||||||||
Total deposits | $ | 26,403,269 | 100.0 | % | $ | 25,811,575 | 100.0 | % |
June 30, 2023 | December 31, 2022 | ||||||||||
Non-interest-bearing demand deposits | $ | 14,904,614 | $ | 17,598,234 | |||||||
Interest-bearing deposits: | |||||||||||
Savings and interest checking | 10,540,458 | 12,333,675 | |||||||||
Money market accounts | 11,026,368 | 12,227,247 | |||||||||
Time accounts | 4,229,390 | 1,795,040 | |||||||||
Total interest-bearing deposits | 25,796,216 | 26,355,962 | |||||||||
Total deposits | $ | 40,700,830 | $ | 43,954,196 |
June 30, 2023 | December 31, 2022 | ||||||||||
Deposits from foreign sources (primarily Mexico) | $ | 1,036,777 | $ | 1,048,943 | |||||||
Non-interest-bearing public funds deposits | 447,194 | 788,040 | |||||||||
Interest-bearing public funds deposits | 696,521 | 758,761 | |||||||||
Total deposits not covered by deposit insurance | 20,630,167 | 23,839,797 | |||||||||
Time deposits not covered by deposit insurance | 1,670,388 | 430,128 |
September 30, 2017 | December 31, 2016 | ||||||
Deposits from foreign sources (primarily Mexico) | $ | 756,326 | $ | 776,003 | |||
Deposits not covered by deposit insurance | 13,255,165 | 12,889,047 |
June 30, 2023 | December 31, 2022 | ||||||||||
Commitments to extend credit | $ | 12,208,032 | $ | 12,137,957 | |||||||
Standby letters of credit | 405,900 | 383,851 | |||||||||
Deferred standby letter of credit fees | 2,176 | 2,236 |
September 30, 2017 | December 31, 2016 | ||||||
Commitments to extend credit | $ | 7,939,438 | $ | 7,476,420 | |||
Standby letters of credit | 236,996 | 239,482 | |||||
Deferred standby letter of credit fees | 1,860 | 2,054 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning balance | $ | 54,918 | $ | 45,850 | $ | 58,593 | $ | 50,314 | |||||||||||||||
Credit loss expense (benefit) | (2,037) | 4,396 | (5,712) | (68) | |||||||||||||||||||
Ending balance | $ | 52,881 | $ | 50,246 | $ | 52,881 | $ | 50,246 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Amortization of lease right-of-use assets | $ | 8,747 | $ | 8,209 | $ | 17,512 | $ | 16,314 | |||||||||||||||
Short-term lease expense | 493 | 490 | 902 | 1,103 | |||||||||||||||||||
Non-lease components (including taxes, insurance, common maintenance, etc.) | 3,662 | 2,748 | 7,043 | 5,768 | |||||||||||||||||||
Total | $ | 12,902 | $ | 11,447 | $ | 25,457 | $ | 23,185 |
Actual | Minimum Capital Required Plus Capital Conservation Buffer | Required to be Considered Well- Capitalized (1) | |||||||||||||||||||||||||||||||||
Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | ||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Common Equity Tier 1 to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Cullen/Frost | $ | 3,943,110 | 13.42 | % | $ | 2,056,052 | 7.00 | % | N/A | N/A | |||||||||||||||||||||||||
Frost Bank | 3,973,809 | 13.55 | 2,053,467 | 7.00 | $ | 1,906,791 | 6.50 | % | |||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Cullen/Frost | 4,088,562 | 13.92 | 2,496,634 | 8.50 | 1,762,330 | 6.00 | |||||||||||||||||||||||||||||
Frost Bank | 3,973,809 | 13.55 | 2,493,496 | 8.50 | 2,346,820 | 8.00 | |||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Cullen/Frost | 4,520,634 | 15.39 | 3,084,077 | 10.50 | 2,937,217 | 10.00 | |||||||||||||||||||||||||||||
Frost Bank | 4,225,881 | 14.41 | 3,080,201 | 10.50 | 2,933,525 | 10.00 | |||||||||||||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||||||||||
Cullen/Frost | 4,088,562 | 8.11 | 2,016,414 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
Frost Bank | 3,973,809 | 7.88 | 2,015,896 | 4.00 | 2,519,870 | 5.00 | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Common Equity Tier 1 to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Cullen/Frost | $ | 3,751,200 | 12.85 | % | $ | 2,042,876 | 7.00 | % | N/A | N/A | |||||||||||||||||||||||||
Frost Bank | 3,789,056 | 13.00 | 2,040,388 | 7.00 | $ | 1,894,646 | 6.50 | % | |||||||||||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Cullen/Frost | 3,896,652 | 13.35 | 2,480,635 | 8.50 | 1,751,036 | 6.00 | |||||||||||||||||||||||||||||
Frost Bank | 3,789,056 | 13.00 | 2,477,614 | 8.50 | 2,331,872 | 8.00 | |||||||||||||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||||||||||
Cullen/Frost | 4,330,982 | 14.84 | 3,064,313 | 10.50 | 2,918,394 | 10.00 | |||||||||||||||||||||||||||||
Frost Bank | 4,023,386 | 13.80 | 3,060,583 | 10.50 | 2,914,841 | 10.00 | |||||||||||||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||||||||||
Cullen/Frost | 3,896,652 | 7.29 | 2,136,680 | 4.00 | N/A | N/A | |||||||||||||||||||||||||||||
Frost Bank | 3,789,056 | 7.09 | 2,136,316 | 4.00 | 2,670,395 | 5.00 |
Actual | Minimum Capital Required - Basel III Phase-In Schedule | Minimum Capital Required - Basel III Fully Phased-In | Required to be Considered Well Capitalized | ||||||||||||||||||||||||
Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | ||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||||||
Common Equity Tier 1 to Risk-Weighted Assets | |||||||||||||||||||||||||||
Cullen/Frost | $ | 2,345,433 | 12.38 | % | $ | 1,089,289 | 5.75 | % | $ | 1,326,014 | 7.00 | % | $ | 1,231,370 | 6.50 | % | |||||||||||
Frost Bank | 2,461,004 | 13.02 | 1,086,527 | 5.75 | 1,322,652 | 7.00 | 1,228,248 | 6.50 | |||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||
Cullen/Frost | 2,489,919 | 13.14 | 1,373,451 | 7.25 | 1,610,160 | 8.50 | 1,515,532 | 8.00 | |||||||||||||||||||
Frost Bank | 2,461,004 | 13.02 | 1,369,969 | 7.25 | 1,606,077 | 8.50 | 1,511,690 | 8.00 | |||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||
Cullen/Frost | 2,877,222 | 15.19 | 1,752,334 | 9.25 | 1,989,021 | 10.50 | 1,894,415 | 10.00 | |||||||||||||||||||
Frost Bank | 2,615,307 | 13.84 | 1,747,891 | 9.25 | 1,983,978 | 10.50 | 1,889,612 | 10.00 | |||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||
Cullen/Frost | 2,489,919 | 8.39 | 1,187,616 | 4.00 | 1,187,573 | 4.00 | 1,484,521 | 5.00 | |||||||||||||||||||
Frost Bank | 2,461,004 | 8.29 | 1,186,763 | 4.00 | 1,186,719 | 4.00 | 1,483,453 | 5.00 | |||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||
Common Equity Tier 1 to Risk-Weighted Assets | |||||||||||||||||||||||||||
Cullen/Frost | $ | 2,239,186 | 12.52 | % | $ | 916,360 | 5.125 | % | $ | 1,251,425 | 7.00 | % | $ | 1,162,213 | 6.50 | % | |||||||||||
Frost Bank | 2,296,480 | 12.88 | 913,460 | 5.125 | 1,247,463 | 7.00 | 1,158,535 | 6.50 | |||||||||||||||||||
Tier 1 Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||
Cullen/Frost | 2,383,672 | 13.33 | 1,184,563 | 6.625 | 1,519,587 | 8.50 | 1,430,416 | 8.00 | |||||||||||||||||||
Frost Bank | 2,296,480 | 12.88 | 1,180,814 | 6.625 | 1,514,776 | 8.50 | 1,425,889 | 8.00 | |||||||||||||||||||
Total Capital to Risk-Weighted Assets | |||||||||||||||||||||||||||
Cullen/Frost | 2,669,717 | 14.93 | 1,542,168 | 8.625 | 1,877,137 | 10.50 | 1,788,020 | 10.00 | |||||||||||||||||||
Frost Bank | 2,449,525 | 13.74 | 1,537,286 | 8.625 | 1,871,194 | 10.50 | 1,782,361 | 10.00 | |||||||||||||||||||
Leverage Ratio | |||||||||||||||||||||||||||
Cullen/Frost | 2,383,672 | 8.14 | 1,171,682 | 4.00 | 1,171,573 | 4.00 | 1,464,602 | 5.00 | |||||||||||||||||||
Frost Bank | 2,296,480 | 7.85 | 1,170,249 | 4.00 | 1,170,141 | 4.00 | 1,462,812 | 5.00 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | ||||||||||||||||||||
Derivatives designated as hedges of fair value: | |||||||||||||||||||||||
Financial institution counterparties: | |||||||||||||||||||||||
Loan/lease interest rate swaps – assets | $ | — | $ | — | $ | 1,614 | $ | 19 | |||||||||||||||
Non-hedging interest rate derivatives: | |||||||||||||||||||||||
Financial institution counterparties: | |||||||||||||||||||||||
Loan/lease interest rate swaps – assets | 1,162,694 | 78,404 | 1,165,812 | 70,416 | |||||||||||||||||||
Loan/lease interest rate swaps – liabilities | 72,833 | (1,332) | 78,798 | (1,102) | |||||||||||||||||||
Loan/lease interest rate caps – assets | 229,804 | 14,557 | 246,442 | 15,256 | |||||||||||||||||||
Customer counterparties: | |||||||||||||||||||||||
Loan/lease interest rate swaps – assets | 78,789 | 1,401 | 53,570 | 1,102 | |||||||||||||||||||
Loan/lease interest rate swaps – liabilities | 1,156,738 | (78,402) | 1,175,563 | (79,175) | |||||||||||||||||||
Loan/lease interest rate caps – liabilities | 229,804 | (14,557) | 246,442 | (15,256) |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | ||||||||||||
Derivatives designated as hedges of fair value: | |||||||||||||||
Financial institution counterparties: | |||||||||||||||
Loan/lease interest rate swaps – assets | $ | 39,372 | $ | 296 | $ | 41,818 | $ | 368 | |||||||
Loan/lease interest rate swaps – liabilities | 14,077 | (764 | ) | 18,812 | (1,278 | ) | |||||||||
Non-hedging interest rate derivatives: | |||||||||||||||
Financial institution counterparties: | |||||||||||||||
Loan/lease interest rate swaps – assets | 206,930 | 747 | 206,745 | 2,649 | |||||||||||
Loan/lease interest rate swaps – liabilities | 735,583 | (14,623 | ) | 694,965 | (25,466 | ) | |||||||||
Loan/lease interest rate caps – assets | 114,744 | 547 | 85,966 | 575 | |||||||||||
Customer counterparties: | |||||||||||||||
Loan/lease interest rate swaps – assets | 735,583 | 22,384 | 694,965 | 25,467 | |||||||||||
Loan/lease interest rate swaps – liabilities | 206,930 | (2,442 | ) | 206,745 | (2,649 | ) | |||||||||
Loan/lease interest rate caps – liabilities | 114,744 | (547 | ) | 85,966 | (575 | ) |
Weighted-Average | Weighted-Average | |||||||||||||||
Interest Rate Paid | Interest Rate Received | Interest Rate Paid | Interest Rate Received | |||||||||||||
Interest rate swaps: | Interest rate swaps: | |||||||||||||||
Fair value hedge loan/lease interest rate swaps | 2.32 | % | 1.23 | % | ||||||||||||
Non-hedging interest rate swaps – financial institution counterparties | 3.96 | % | 2.84 | % | Non-hedging interest rate swaps – financial institution counterparties | 3.96 | % | 5.62 | % | |||||||
Non-hedging interest rate swaps – customer counterparties | 2.84 | % | 3.96 | % | Non-hedging interest rate swaps – customer counterparties | 5.62 | 3.96 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Notional Units | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | |||||||||||||||||||||||||
Financial institution counterparties: | |||||||||||||||||||||||||||||
Oil – assets | Barrels | 4,134 | $ | 30,701 | 4,024 | $ | 27,082 | ||||||||||||||||||||||
Oil – liabilities | Barrels | 5,345 | (21,229) | 6,068 | (53,579) | ||||||||||||||||||||||||
Natural gas – assets | MMBTUs | 16,694 | 6,668 | 16,539 | 6,220 | ||||||||||||||||||||||||
Natural gas – liabilities | MMBTUs | 9,871 | (6,841) | 15,682 | (19,138) | ||||||||||||||||||||||||
Customer counterparties: | |||||||||||||||||||||||||||||
Oil – assets | Barrels | 5,391 | 21,580 | 6,068 | 54,219 | ||||||||||||||||||||||||
Oil – liabilities | Barrels | 4,088 | (30,255) | 4,024 | (26,551) | ||||||||||||||||||||||||
Natural gas – assets | MMBTUs | 9,871 | 6,865 | 15,682 | 19,164 | ||||||||||||||||||||||||
Natural gas – liabilities | MMBTUs | 16,694 | (6,477) | 16,539 | (6,124) |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Notional Units | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | |||||||||||
Financial institution counterparties: | |||||||||||||||
Oil – assets | Barrels | 977 | $ | 1,530 | 227 | $ | 206 | ||||||||
Oil – liabilities | Barrels | 1,082 | (1,311 | ) | 944 | (4,400 | ) | ||||||||
Natural gas – assets | MMBTUs | 3,351 | 319 | — | — | ||||||||||
Natural gas – liabilities | MMBTUs | 1,546 | (81 | ) | 1,299 | (1,357 | ) | ||||||||
Customer counterparties: | |||||||||||||||
Oil – assets | Barrels | 1,096 | 1,459 | 944 | 4,580 | ||||||||||
Oil – liabilities | Barrels | 963 | (1,327 | ) | 227 | (206 | ) | ||||||||
Natural gas – assets | MMBTUs | 1,546 | 96 | 1,299 | 1,393 | ||||||||||
Natural gas – liabilities | MMBTUs | 3,351 | (285 | ) | — | — |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Notional Currency | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | |||||||||||||||||||||||||
Financial institution counterparties: | |||||||||||||||||||||||||||||
Forward and option contracts – assets | EUR | — | $ | — | 875 | $ | 1 | ||||||||||||||||||||||
Forward and option contracts – liabilities | EUR | — | — | 875 | (10) | ||||||||||||||||||||||||
Customer counterparties: | |||||||||||||||||||||||||||||
Forward and option contracts – assets | EUR | — | — | 875 | 10 | ||||||||||||||||||||||||
Forward and option contracts – liabilities | EUR | — | — | 875 | (1) | ||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Notional Currency | Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | |||||||||||
Financial institution counterparties: | |||||||||||||||
Forward contracts – assets | EUR | 135 | $ | 1 | — | $ | — | ||||||||
Forward contracts – assets | CAD | 7,234 | 15 | — | — | ||||||||||
Forward contracts – assets | GBP | 547 | 1 | — | — | ||||||||||
Forward contracts – assets | AUD | 60 | 1 | — | — | ||||||||||
Forward contracts – liabilities | EUR | 4,693 | (80 | ) | 870 | (9 | ) | ||||||||
Forward contracts – liabilities | CAD | — | — | 2,214 | (21 | ) | |||||||||
Forward contracts – liabilities | GBP | 1,075 | (24 | ) | 419 | (3 | ) | ||||||||
Customer counterparties: | |||||||||||||||
Forward contracts – assets | EUR | 3,867 | 104 | — | — | ||||||||||
Forward contracts – assets | CAD | 7,205 | 15 | 2,205 | 29 | ||||||||||
Forward contracts – assets | GBP | 192 | 2 | — | — |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Commercial loan/lease interest rate swaps: | Commercial loan/lease interest rate swaps: | |||||||||||||||||||||||||||||||||||||
Amount of gain (loss) included in interest income on loans | $ | (149 | ) | $ | (331 | ) | $ | (592 | ) | $ | (1,057 | ) | Amount of gain (loss) included in interest income on loans | $ | 4 | $ | (5) | $ | 16 | $ | (18) | |||||||||||||||||
Amount of (gain) loss included in other non-interest expense | (2 | ) | 4 | (5 | ) | (3 | ) | Amount of (gain) loss included in other non-interest expense | 4 | 3 | 4 | 5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Non-hedging interest rate derivatives: | |||||||||||||||||||||||
Other non-interest income | $ | 1,002 | $ | 515 | $ | 1,712 | $ | 1,031 | |||||||||||||||
Other non-interest expense | 1 | — | — | — | |||||||||||||||||||
Non-hedging commodity derivatives: | |||||||||||||||||||||||
Other non-interest income | 503 | 649 | 925 | 1,578 | |||||||||||||||||||
Non-hedging foreign currency derivatives: | |||||||||||||||||||||||
Other non-interest income | — | 45 | 25 | 63 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Non-hedging interest rate derivatives: | |||||||||||||||
Other non-interest income | $ | 1,085 | $ | 374 | $ | 2,062 | $ | 1,788 | |||||||
Other non-interest expense | — | — | 1 | — | |||||||||||
Non-hedging commodity derivatives: | |||||||||||||||
Other non-interest income | 231 | 110 | 387 | 255 | |||||||||||
Non-hedging foreign currency derivatives: | |||||||||||||||
Other non-interest income | 83 | 8 | 101 | 22 |
Gross Amount Recognized | Gross Amount Offset | Net Amount Recognized | |||||||||||||||
June 30, 2023 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Derivatives: | |||||||||||||||||
Interest rate contracts | $ | 92,961 | $ | — | $ | 92,961 | |||||||||||
Commodity contracts | 37,369 | — | 37,369 | ||||||||||||||
Total derivatives | 130,330 | — | 130,330 | ||||||||||||||
Resell agreements | 84,650 | — | 84,650 | ||||||||||||||
Total | $ | 214,980 | $ | — | $ | 214,980 | |||||||||||
Financial liabilities: | |||||||||||||||||
Derivatives: | |||||||||||||||||
Interest rate contracts | $ | 1,332 | $ | — | $ | 1,332 | |||||||||||
Commodity contracts | 28,070 | — | 28,070 | ||||||||||||||
Total derivatives | 29,402 | — | 29,402 | ||||||||||||||
Repurchase agreements | 3,569,870 | — | 3,569,870 | ||||||||||||||
Total | $ | 3,599,272 | $ | — | $ | 3,599,272 |
Gross Amounts Not Offset | |||||||||||||||||||||||
Net Amount Recognized | Financial Instruments | Collateral | Net Amount | ||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Counterparty B | $ | 32,143 | $ | (9,548) | $ | (22,595) | $ | — | |||||||||||||||
Counterparty E | 16,312 | (896) | (15,240) | 176 | |||||||||||||||||||
Counterparty F | 18,387 | (8,839) | (9,463) | 85 | |||||||||||||||||||
Counterparty G | 10,484 | — | (10,430) | 54 | |||||||||||||||||||
Other counterparties | 53,004 | (10,119) | (42,861) | 24 | |||||||||||||||||||
Total derivatives | 130,330 | (29,402) | (100,589) | 339 | |||||||||||||||||||
Resell agreements | 84,650 | — | (84,650) | — | |||||||||||||||||||
Total | $ | 214,980 | $ | (29,402) | $ | (185,239) | $ | 339 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Counterparty B | $ | 9,548 | $ | (9,548) | $ | — | $ | — | |||||||||||||||
Counterparty E | 896 | (896) | — | — | |||||||||||||||||||
Counterparty F | 8,839 | (8,839) | — | — | |||||||||||||||||||
Other counterparties | 10,119 | (10,119) | — | — | |||||||||||||||||||
Total derivatives | 29,402 | (29,402) | — | — | |||||||||||||||||||
Repurchase agreements | 3,569,870 | — | (3,569,870) | — | |||||||||||||||||||
Total | $ | 3,599,272 | $ | (29,402) | $ | (3,569,870) | $ | — |
Gross Amount Recognized | Gross Amount Offset | Net Amount Recognized | |||||||||
September 30, 2017 | |||||||||||
Financial assets: | |||||||||||
Derivatives: | |||||||||||
Loan/lease interest rate swaps and caps | $ | 1,590 | $ | — | $ | 1,590 | |||||
Commodity swaps and options | 1,849 | — | 1,849 | ||||||||
Foreign currency forward contracts | 18 | — | 18 | ||||||||
Total derivatives | 3,457 | — | 3,457 | ||||||||
Resell agreements | 17,642 | — | 17,642 | ||||||||
Total | $ | 21,099 | $ | — | $ | 21,099 | |||||
Financial liabilities: | |||||||||||
Derivatives: | |||||||||||
Loan/lease interest rate swaps | $ | 15,387 | $ | — | $ | 15,387 | |||||
Commodity swaps and options | 1,392 | — | 1,392 | ||||||||
Foreign currency forward contracts | 104 | — | 104 | ||||||||
Total derivatives | 16,883 | — | 16,883 | ||||||||
Repurchase agreements | 987,869 | — | 987,869 | ||||||||
Total | $ | 1,004,752 | $ | — | $ | 1,004,752 |
Gross Amounts Not Offset | |||||||||||||||
Net Amount Recognized | Financial Instruments | Collateral | Net Amount | ||||||||||||
September 30, 2017 | |||||||||||||||
Financial assets: | |||||||||||||||
Derivatives: | |||||||||||||||
Counterparty A | $ | 397 | $ | (397 | ) | $ | — | $ | — | ||||||
Counterparty B | 866 | (866 | ) | — | — | ||||||||||
Counterparty C | 204 | (204 | ) | — | — | ||||||||||
Counterparty D | — | — | — | — | |||||||||||
Other counterparties | 1,990 | (1,631 | ) | (130 | ) | 229 | |||||||||
Total derivatives | 3,457 | (3,098 | ) | (130 | ) | 229 | |||||||||
Resell agreements | 17,642 | — | (17,642 | ) | — | ||||||||||
Total | $ | 21,099 | $ | (3,098 | ) | $ | (17,772 | ) | $ | 229 | |||||
Financial liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Counterparty A | $ | 8,984 | $ | (397 | ) | $ | (8,587 | ) | $ | — | |||||
Counterparty B | 3,535 | (866 | ) | (2,669 | ) | — | |||||||||
Counterparty C | 1,128 | (204 | ) | (830 | ) | 94 | |||||||||
Counterparty D | — | — | — | — | |||||||||||
Other counterparties | 3,236 | (1,631 | ) | (1,605 | ) | — | |||||||||
Total derivatives | 16,883 | (3,098 | ) | (13,691 | ) | 94 | |||||||||
Repurchase agreements | 987,869 | — | (987,869 | ) | — | ||||||||||
Total | $ | 1,004,752 | $ | (3,098 | ) | $ | (1,001,560 | ) | $ | 94 |
Gross Amount Recognized | Gross Amount Offset | Net Amount Recognized | |||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Interest rate contracts | $ | 85,691 | $ | — | $ | 85,691 | |||||||||||||||||
Commodity contracts | 33,302 | — | 33,302 | ||||||||||||||||||||
Foreign currency contracts | 1 | — | 1 | ||||||||||||||||||||
Total derivatives | 118,994 | — | 118,994 | ||||||||||||||||||||
Resell agreements | 87,150 | — | 87,150 | ||||||||||||||||||||
Total | $ | 206,144 | $ | — | $ | 206,144 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Interest rate contracts | $ | 1,102 | $ | — | $ | 1,102 | |||||||||||||||||
Commodity contracts | 72,717 | — | 72,717 | ||||||||||||||||||||
Foreign currency contracts | 10 | — | 10 | ||||||||||||||||||||
Total derivatives | 73,829 | — | 73,829 | ||||||||||||||||||||
Repurchase agreements | 4,660,641 | — | 4,660,641 | ||||||||||||||||||||
Total | $ | 4,734,470 | $ | — | $ | 4,734,470 |
Gross Amounts Not Offset | |||||||||||||||||||||||
Net Amount Recognized | Financial Instruments | Collateral | Net Amount | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Counterparty B | $ | 39,370 | $ | (24,500) | $ | (14,870) | $ | — | |||||||||||||||
Counterparty E | 14,430 | (47) | (14,131) | 252 | |||||||||||||||||||
Counterparty F | 17,297 | (17,297) | — | — | |||||||||||||||||||
Counterparty G | 10,660 | — | (10,660) | — | |||||||||||||||||||
Other counterparties | 37,237 | (20,684) | (16,307) | 246 | |||||||||||||||||||
Total derivatives | 118,994 | (62,528) | (55,968) | 498 | |||||||||||||||||||
Resell agreements | 87,150 | — | (87,150) | — | |||||||||||||||||||
Total | $ | 206,144 | $ | (62,528) | $ | (143,118) | $ | 498 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Counterparty B | $ | 24,500 | $ | (24,500) | $ | — | $ | — | |||||||||||||||
Counterparty E | 47 | (47) | — | — | |||||||||||||||||||
Counterparty F | 27,747 | (17,297) | (8,479) | 1,971 | |||||||||||||||||||
Counterparty G | — | — | — | — | |||||||||||||||||||
Other counterparties | 21,535 | (20,684) | (851) | — | |||||||||||||||||||
Total derivatives | 73,829 | (62,528) | (9,330) | 1,971 | |||||||||||||||||||
Repurchase agreements | 4,660,641 | — | (4,660,641) | — | |||||||||||||||||||
Total | $ | 4,734,470 | $ | (62,528) | $ | (4,669,971) | $ | 1,971 |
Gross Amount Recognized | Gross Amount Offset | Net Amount Recognized | |||||||||
December 31, 2016 | |||||||||||
Financial assets: | |||||||||||
Derivatives: | |||||||||||
Loan/lease interest rate swaps and caps | $ | 3,592 | $ | — | $ | 3,592 | |||||
Commodity swaps and options | 206 | — | 206 | ||||||||
Foreign currency forward contracts | — | — | — | ||||||||
Total derivatives | 3,798 | — | 3,798 | ||||||||
Resell agreements | 9,642 | — | 9,642 | ||||||||
Total | $ | 13,440 | $ | — | $ | 13,440 | |||||
Financial liabilities: | |||||||||||
Derivatives: | |||||||||||
Loan/lease interest rate swaps | $ | 26,744 | $ | — | $ | 26,744 | |||||
Commodity swaps and options | 5,757 | — | 5,757 | ||||||||
Foreign currency forward contracts | 33 | — | 33 | ||||||||
Total derivatives | 32,534 | — | 32,534 | ||||||||
Repurchase agreements | 963,317 | — | 963,317 | ||||||||
Total | $ | 995,851 | $ | — | $ | 995,851 |
Gross Amounts Not Offset | |||||||||||||||
Net Amount Recognized | Financial Instruments | Collateral | Net Amount | ||||||||||||
December 31, 2016 | |||||||||||||||
Financial assets: | |||||||||||||||
Derivatives: | |||||||||||||||
Counterparty A | $ | 687 | $ | (687 | ) | $ | — | $ | — | ||||||
Counterparty B | 223 | (223 | ) | — | — | ||||||||||
Counterparty C | 158 | (158 | ) | — | — | ||||||||||
Counterparty D | 1,820 | (1,820 | ) | — | — | ||||||||||
Other counterparties | 910 | (677 | ) | (64 | ) | 169 | |||||||||
Total derivatives | 3,798 | (3,565 | ) | (64 | ) | 169 | |||||||||
Resell agreements | 9,642 | — | (9,642 | ) | — | ||||||||||
Total | $ | 13,440 | $ | (3,565 | ) | $ | (9,706 | ) | $ | 169 | |||||
Financial liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Counterparty A | $ | 11,233 | $ | (687 | ) | $ | (10,026 | ) | $ | 520 | |||||
Counterparty B | 6,867 | (223 | ) | (6,344 | ) | 300 | |||||||||
Counterparty C | 4,578 | (158 | ) | (4,415 | ) | 5 | |||||||||
Counterparty D | 7,706 | (1,820 | ) | (5,886 | ) | — | |||||||||
Other counterparties | 2,150 | (677 | ) | (676 | ) | 797 | |||||||||
Total derivatives | 32,534 | (3,565 | ) | (27,347 | ) | 1,622 | |||||||||
Repurchase agreements | 963,317 | — | (963,317 | ) | — | ||||||||||
Total | $ | 995,851 | $ | (3,565 | ) | $ | (990,664 | ) | $ | 1,622 |
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
Repurchase agreements: | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 2,716,439 | $ | — | $ | — | $ | — | $ | 2,716,439 | |||||||||||||||||||
Residential mortgage-backed securities | 853,431 | — | — | — | 853,431 | ||||||||||||||||||||||||
Total borrowings | $ | 3,569,870 | $ | — | $ | — | $ | — | $ | 3,569,870 | |||||||||||||||||||
Gross amount of recognized liabilities for repurchase agreements | $ | 3,569,870 | |||||||||||||||||||||||||||
Amounts related to agreements not included in offsetting disclosures above | $ | — | |||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Repurchase agreements: | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 3,735,061 | $ | — | $ | — | $ | — | $ | 3,735,061 | |||||||||||||||||||
Residential mortgage-backed securities | 925,580 | — | — | — | 925,580 | ||||||||||||||||||||||||
Total borrowings | $ | 4,660,641 | $ | — | $ | — | $ | — | $ | 4,660,641 | |||||||||||||||||||
Gross amount of recognized liabilities for repurchase agreements | $ | 4,660,641 | |||||||||||||||||||||||||||
Amounts related to agreements not included in offsetting disclosures above | $ | — |
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||
September 30, 2017 | |||||||||||||||||||
Repurchase agreements: | |||||||||||||||||||
U.S. Treasury | $ | 907,509 | $ | — | $ | — | $ | — | $ | 907,509 | |||||||||
Residential mortgage-backed securities | 80,360 | — | — | — | 80,360 | ||||||||||||||
Total borrowings | $ | 987,869 | $ | — | $ | — | $ | — | $ | 987,869 | |||||||||
Gross amount of recognized liabilities for repurchase agreements | $ | 987,869 | |||||||||||||||||
Amounts related to agreements not included in offsetting disclosures above | $ | — | |||||||||||||||||
December 31, 2016 | |||||||||||||||||||
Repurchase agreements: | |||||||||||||||||||
U.S. Treasury | $ | 841,475 | $ | — | $ | — | $ | — | $ | 841,475 | |||||||||
Residential mortgage-backed securities | 121,842 | — | — | — | 121,842 | ||||||||||||||
Total borrowings | $ | 963,317 | $ | — | $ | — | $ | — | $ | 963,317 | |||||||||
Gross amount of recognized liabilities for repurchase agreements | $ | 963,317 | |||||||||||||||||
Amounts related to agreements not included in offsetting disclosures above | $ | — |
Deferred Stock Units Outstanding | Non-Vested Restricted Stock Units Outstanding | Performance Stock Units Outstanding | Stock Options Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Director Deferred Stock Units Outstanding | Non-Vested Stock Awards/Stock Units Outstanding | Performance Stock Units Outstanding | Stock Options Outstanding | Number of Units | Weighted- Average Fair Value at Grant | Number of Units | Weighted- Average Fair Value at Grant | Number of Units | Weighted- Average Fair Value at Grant | Number of Shares | Weighted- Average Exercise Price | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023 | Balance, January 1, 2023 | 45,661 | $ | 87.15 | 465,319 | $ | 105.36 | 213,749 | $ | 96.20 | 616,227 | $ | 71.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Units | Weighted- Average Fair Value at Grant | Number of Shares/Units | Weighted- Average Fair Value at Grant | Number of Units | Weighted- Average Fair Value at Grant | Number of Shares | Weighted- Average Exercise Price | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2017 | 53,659 | $ | 61.48 | 256,850 | $ | 73.43 | 43,860 | $ | 69.70 | 4,089,028 | $ | 62.67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Authorized | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted | 5,447 | 95.37 | — | — | — | — | — | — | Granted | 8,503 | 103.47 | 2,594 | 128.42 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercised/vested | (6,098 | ) | 62.29 | (1,730 | ) | 76.07 | — | — | (766,971 | ) | 59.22 | Exercised/vested | — | — | (1,957) | 91.96 | (28,151) | 85.74 | (33,905) | 72.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited/expired | — | — | (2,860 | ) | 76.07 | — | — | (50,764 | ) | 69.65 | Forfeited/expired | — | — | (1,415) | 116.02 | (18,254) | 85.74 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2017 | 53,008 | $ | 64.87 | 252,260 | $ | 73.38 | 43,860 | $ | 69.70 | 3,271,293 | $ | 63.37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | 54,164 | 89.71 | 464,541 | 105.52 | 167,344 | 99.10 | 582,322 | 71.22 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
New shares issued from available authorized shares | — | — | 49,887 | — | |||||||||||||||||||
Shares issued from available treasury stock | 13,626 | 28,832 | 14,126 | 144,262 | |||||||||||||||||||
Proceeds from stock option exercises | $ | 946 | $ | 751 | $ | 2,446 | $ | 6,490 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
New shares issued from available authorized shares | 9,299 | — | 602,662 | — | |||||||||||
Issued from available treasury stock | 13,425 | 841,846 | 172,137 | 908,921 | |||||||||||
Total | 22,724 | 841,846 | 774,799 | 908,921 | |||||||||||
Proceeds from stock option exercises | $ | 1,274 | $ | 44,287 | $ | 45,422 | $ | 47,873 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||
Stock options | $ | 1,532 | $ | 2,163 | $ | 4,892 | $ | 6,405 | ||||||||||||||||||||||||||||||
Non-vested stock awards/stock units | 813 | 358 | 2,747 | 1,073 | ||||||||||||||||||||||||||||||||||
Director deferred stock units | — | — | 519 | 520 | ||||||||||||||||||||||||||||||||||
Non-vested stock units | Non-vested stock units | $ | 2,864 | $ | 2,291 | $ | 6,171 | $ | 4,649 | |||||||||||||||||||||||||||||
Deferred stock units | Deferred stock units | 880 | 720 | 880 | 720 | |||||||||||||||||||||||||||||||||
Performance stock units | 377 | — | 855 | — | Performance stock units | 1,049 | 407 | 2,484 | 161 | |||||||||||||||||||||||||||||
Total | $ | 2,722 | $ | 2,521 | $ | 9,013 | $ | 7,998 | Total | $ | 4,793 | $ | 3,418 | $ | 9,535 | $ | 5,530 | |||||||||||||||||||||
Income tax benefit | $ | 953 | $ | 882 | $ | 3,155 | $ | 2,799 | Income tax benefit | $ | 800 | $ | 612 | $ | 1,868 | $ | 1,320 |
Non-vested stock units | $ | 15,768 | |||
Performance stock units | 7,029 | ||||
Total | $ | 22,797 |
Stock options | $ | 6,952 | |
Non-vested stock awards/stock units | 7,448 | ||
Performance stock units | 2,202 | ||
Total | $ | 16,602 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 162,118 | $ | 119,114 | $ | 339,771 | $ | 218,216 | |||||||||||||||
Less: Preferred stock dividends | 1,669 | 1,669 | 3,338 | 3,338 | |||||||||||||||||||
Net income available to common shareholders | 160,449 | 117,445 | 336,433 | 214,878 | |||||||||||||||||||
Less: Earnings allocated to participating securities | 1,645 | 1,036 | 3,468 | 1,888 | |||||||||||||||||||
Net earnings allocated to common stock | $ | 158,804 | $ | 116,409 | $ | 332,965 | $ | 212,990 | |||||||||||||||
Distributed earnings allocated to common stock | $ | 55,783 | $ | 48,092 | $ | 111,789 | $ | 96,143 | |||||||||||||||
Undistributed earnings allocated to common stock | 103,021 | 68,317 | 221,176 | 116,847 | |||||||||||||||||||
Net earnings allocated to common stock | $ | 158,804 | $ | 116,409 | $ | 332,965 | $ | 212,990 | |||||||||||||||
Weighted-average shares outstanding for basic earnings per common share | 64,240,789 | 64,112,828 | 64,306,809 | 64,082,185 | |||||||||||||||||||
Dilutive effect of stock compensation | 187,172 | 354,401 | 225,267 | 382,395 | |||||||||||||||||||
Weighted-average shares outstanding for diluted earnings per common share | 64,427,961 | 64,467,229 | 64,532,076 | 64,464,580 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 93,131 | $ | 80,219 | $ | 263,625 | $ | 220,542 | |||||||
Less: Preferred stock dividends | 2,016 | 2,016 | 6,047 | 6,047 | |||||||||||
Net income available to common shareholders | 91,115 | 78,203 | 257,578 | 214,495 | |||||||||||
Less: Earnings allocated to participating securities | 475 | 282 | 1,346 | 769 | |||||||||||
Net earnings allocated to common stock | $ | 90,640 | $ | 77,921 | $ | 256,232 | $ | 213,726 | |||||||
Distributed earnings allocated to common stock | $ | 36,174 | $ | 33,918 | $ | 107,194 | $ | 100,203 | |||||||
Undistributed earnings allocated to common stock | 54,466 | 44,003 | 149,038 | 113,523 | |||||||||||
Net earnings allocated to common stock | $ | 90,640 | $ | 77,921 | $ | 256,232 | $ | 213,726 | |||||||
Weighted-average shares outstanding for basic earnings per common share | 63,667,356 | 62,449,660 | 63,822,011 | 62,114,075 | |||||||||||
Dilutive effect of stock compensation | 897,945 | 691,543 | 957,337 | 448,290 | |||||||||||
Weighted-average shares outstanding for diluted earnings per common share | 64,565,301 | 63,141,203 | 64,779,348 | 62,562,365 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Expected return on plan assets, net of expenses | $ | (2,779 | ) | $ | (2,890 | ) | $ | (8,338 | ) | $ | (8,669 | ) | Expected return on plan assets, net of expenses | $ | (2,740) | $ | (3,492) | $ | (5,480) | $ | (6,983) | |||||||||||||||||
Interest cost on projected benefit obligation | 1,547 | 1,732 | 4,642 | 5,230 | Interest cost on projected benefit obligation | 1,746 | 1,004 | 3,492 | 2,008 | |||||||||||||||||||||||||||||
Net amortization and deferral | 1,357 | 1,585 | 4,072 | 4,691 | Net amortization and deferral | 870 | 741 | 1,740 | 1,482 | |||||||||||||||||||||||||||||
SERP settlement costs | — | — | — | 187 | ||||||||||||||||||||||||||||||||||
Net periodic expense (benefit) | $ | 125 | $ | 427 | $ | 376 | $ | 1,439 | Net periodic expense (benefit) | $ | (124) | $ | (1,747) | $ | (248) | $ | (3,493) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Current income tax expense | $ | 32,413 | $ | 22,646 | $ | 67,408 | $ | 35,705 | |||||||||||||||
Deferred income tax expense (benefit) | (680) | (1,972) | (2,489) | (2,404) | |||||||||||||||||||
Income tax expense, as reported | $ | 31,733 | $ | 20,674 | $ | 64,919 | $ | 33,301 | |||||||||||||||
Effective tax rate | 16.4 | % | 14.8 | % | 16.0 | % | 13.2 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Current income tax expense | $ | 15,224 | $ | 12,848 | $ | 44,636 | $ | 40,251 | |||||||
Deferred income tax expense (benefit) | (5,332 | ) | (1,996 | ) | (9,505 | ) | (11,629 | ) | |||||||
Income tax expense, as reported | $ | 9,892 | $ | 10,852 | $ | 35,131 | $ | 28,622 | |||||||
Effective tax rate | 9.6 | % | 11.9 | % | 11.8 | % | 11.5 | % |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Before Tax Amount | Tax Expense, (Benefit) | Net of Tax Amount | Before Tax Amount | Tax Expense, (Benefit) | Net of Tax Amount | ||||||||||||||||||||||||||||||
Securities available for sale and transferred securities: | |||||||||||||||||||||||||||||||||||
Change in net unrealized gain/loss during the period | $ | (206,863) | $ | (43,441) | $ | (163,422) | $ | (636,523) | $ | (133,670) | $ | (502,853) | |||||||||||||||||||||||
Change in net unrealized gain on securities transferred to held to maturity | (162) | (34) | (128) | (189) | (40) | (149) | |||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) losses included in net income | (33) | (7) | (26) | — | — | — | |||||||||||||||||||||||||||||
Total securities available for sale and transferred securities | (207,058) | (43,482) | (163,576) | (636,712) | (133,710) | (503,002) | |||||||||||||||||||||||||||||
Defined-benefit post-retirement benefit plans: | |||||||||||||||||||||||||||||||||||
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) | 870 | 183 | 687 | 741 | 155 | 586 | |||||||||||||||||||||||||||||
Total defined-benefit post-retirement benefit plans | 870 | 183 | 687 | 741 | 155 | 586 | |||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (206,188) | $ | (43,299) | $ | (162,889) | $ | (635,971) | $ | (133,555) | $ | (502,416) | |||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Before Tax Amount | Tax Expense, (Benefit) | Net of Tax Amount | Before Tax Amount | Tax Expense, (Benefit) | Net of Tax Amount | ||||||||||||||||||||||||||||||
Securities available for sale and transferred securities: | |||||||||||||||||||||||||||||||||||
Change in net unrealized gain/loss during the period | $ | 53,406 | $ | 11,215 | $ | 42,191 | $ | (1,547,318) | $ | (324,937) | $ | (1,222,381) | |||||||||||||||||||||||
Change in net unrealized gain on securities transferred to held to maturity | (322) | (67) | (255) | (398) | (84) | (314) | |||||||||||||||||||||||||||||
Reclassification adjustment for net (gains) losses included in net income | (54) | (11) | (43) | — | — | — | |||||||||||||||||||||||||||||
Total securities available for sale and transferred securities | 53,030 | 11,137 | 41,893 | (1,547,716) | (325,021) | (1,222,695) | |||||||||||||||||||||||||||||
Defined-benefit post-retirement benefit plans: | |||||||||||||||||||||||||||||||||||
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic expense (benefit) | 1,740 | 366 | 1,374 | 1,482 | 311 | 1,171 | |||||||||||||||||||||||||||||
Total defined-benefit post-retirement benefit plans | 1,740 | 366 | 1,374 | 1,482 | 311 | 1,171 | |||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | 54,770 | $ | 11,503 | $ | 43,267 | $ | (1,546,234) | $ | (324,710) | $ | (1,221,524) |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
Before Tax Amount | Tax Expense, (Benefit) | Net of Tax Amount | Before Tax Amount | Tax Expense, (Benefit) | Net of Tax Amount | ||||||||||||||||||
Securities available for sale and transferred securities: | |||||||||||||||||||||||
Change in net unrealized gain/loss during the period | $ | 7,082 | $ | 2,479 | $ | 4,603 | $ | (95,641 | ) | $ | (33,473 | ) | $ | (62,168 | ) | ||||||||
Change in net unrealized gain on securities transferred to held to maturity | (3,514 | ) | (1,230 | ) | (2,284 | ) | (7,278 | ) | (2,547 | ) | (4,731 | ) | |||||||||||
Reclassification adjustment for net (gains) losses included in net income | 4,867 | 1,703 | 3,164 | 37 | 12 | 25 | |||||||||||||||||
Total securities available for sale and transferred securities | 8,435 | 2,952 | 5,483 | (102,882 | ) | (36,008 | ) | (66,874 | ) | ||||||||||||||
Defined-benefit post-retirement benefit plans: | |||||||||||||||||||||||
Change in the net actuarial gain/loss | — | — | — | — | — | — | |||||||||||||||||
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) | 1,357 | 475 | 882 | 1,585 | 555 | 1,030 | |||||||||||||||||
Total defined-benefit post-retirement benefit plans | 1,357 | 475 | 882 | 1,585 | 555 | 1,030 | |||||||||||||||||
Total other comprehensive income (loss) | $ | 9,792 | $ | 3,427 | $ | 6,365 | $ | (101,297 | ) | $ | (35,453 | ) | $ | (65,844 | ) | ||||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||||||||||
Before Tax Amount | Tax Expense, (Benefit) | Net of Tax Amount | Before Tax Amount | Tax Expense, (Benefit) | Net of Tax Amount | ||||||||||||||||||
Securities available for sale and transferred securities: | |||||||||||||||||||||||
Change in net unrealized gain/loss during the period | $ | 131,283 | $ | 45,949 | $ | 85,334 | $ | 191,865 | $ | 67,154 | $ | 124,711 | |||||||||||
Change in net unrealized gain on securities transferred to held to maturity | (13,660 | ) | (4,781 | ) | (8,879 | ) | (24,629 | ) | (8,620 | ) | (16,009 | ) | |||||||||||
Reclassification adjustment for net (gains) losses included in net income | 4,917 | 1,721 | 3,196 | (14,866 | ) | (5,204 | ) | (9,662 | ) | ||||||||||||||
Total securities available for sale and transferred securities | 122,540 | 42,889 | 79,651 | 152,370 | 53,330 | 99,040 | |||||||||||||||||
Defined-benefit post-retirement benefit plans: | |||||||||||||||||||||||
Change in the net actuarial gain/loss | — | — | — | (862 | ) | (302 | ) | (560 | ) | ||||||||||||||
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) | 4,072 | 1,425 | 2,647 | 4,878 | 1,708 | 3,170 | |||||||||||||||||
Total defined-benefit post-retirement benefit plans | 4,072 | 1,425 | 2,647 | 4,016 | 1,406 | 2,610 | |||||||||||||||||
Total other comprehensive income (loss) | $ | 126,612 | $ | 44,314 | $ | 82,298 | $ | 156,386 | $ | 54,736 | $ | 101,650 |
Securities Available For Sale | Defined Benefit Plans | Accumulated Other Comprehensive Income | |||||||||||||||
Balance at January 1, 2023 | $ | (1,313,791) | $ | (34,503) | $ | (1,348,294) | |||||||||||
Other comprehensive income (loss) before reclassifications | 41,936 | — | 41,936 | ||||||||||||||
Reclassification of amounts included in net income | (43) | 1,374 | 1,331 | ||||||||||||||
Net other comprehensive income (loss) during period | 41,893 | 1,374 | 43,267 | ||||||||||||||
Balance at June 30, 2023 | $ | (1,271,898) | $ | (33,129) | $ | (1,305,027) | |||||||||||
Balance at January 1, 2022 | $ | 380,209 | $ | (32,891) | $ | 347,318 | |||||||||||
Other comprehensive income (loss) before reclassifications | (1,222,695) | — | (1,222,695) | ||||||||||||||
Reclassification of amounts included in net income | — | 1,171 | 1,171 | ||||||||||||||
Net other comprehensive income (loss) during period | (1,222,695) | 1,171 | (1,221,524) | ||||||||||||||
Balance at June 30, 2022 | $ | (842,486) | $ | (31,720) | $ | (874,206) |
Securities Available For Sale | Defined Benefit Plans | Accumulated Other Comprehensive Income | |||||||||
Balance January 1, 2017 | $ | 16,153 | $ | (40,776 | ) | $ | (24,623 | ) | |||
Other comprehensive income (loss) before reclassifications | 76,455 | — | 76,455 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 3,196 | 2,647 | 5,843 | ||||||||
Net other comprehensive income (loss) during period | 79,651 | 2,647 | 82,298 | ||||||||
Balance at September 30, 2017 | $ | 95,804 | $ | (38,129 | ) | $ | 57,675 | ||||
Balance January 1, 2016 | $ | 160,611 | $ | (46,748 | ) | $ | 113,863 | ||||
Other comprehensive income (loss) before reclassifications | 108,702 | 2,489 | 111,191 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (9,662 | ) | 121 | (9,541 | ) | ||||||
Net other comprehensive income (loss) during period | 99,040 | 2,610 | 101,650 | ||||||||
Balance at September 30, 2016 | $ | 259,651 | $ | (44,138 | ) | $ | 215,513 |
Banking | Frost Wealth Advisors | Non-Banks | Consolidated | ||||||||||||||||||||
Three months ended: | |||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Net interest income (expense) | $ | 385,720 | $ | 2,090 | $ | (2,544) | $ | 385,266 | |||||||||||||||
Credit loss expense | 9,901 | — | — | 9,901 | |||||||||||||||||||
Non-interest income | 57,808 | 46,147 | (427) | 103,528 | |||||||||||||||||||
Non-interest expense | 246,927 | 35,558 | 2,557 | 285,042 | |||||||||||||||||||
Income (loss) before income taxes | 186,700 | 12,679 | (5,528) | 193,851 | |||||||||||||||||||
Income tax expense (benefit) | 30,636 | 2,663 | (1,566) | 31,733 | |||||||||||||||||||
Net income (loss) | 156,064 | 10,016 | (3,962) | 162,118 | |||||||||||||||||||
Preferred stock dividends | — | — | 1,669 | 1,669 | |||||||||||||||||||
Net income (loss) available to common shareholders | $ | 156,064 | $ | 10,016 | $ | (5,631) | $ | 160,449 | |||||||||||||||
Revenues from (expenses to) external customers | $ | 443,528 | $ | 48,237 | $ | (2,971) | $ | 488,794 | |||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Net interest income (expense) | $ | 289,186 | $ | 958 | $ | (1,936) | $ | 288,208 | |||||||||||||||
Credit loss expense (benefit) | 1 | (1) | — | — | |||||||||||||||||||
Non-interest income | 55,397 | 43,054 | (524) | 97,927 | |||||||||||||||||||
Non-interest expense | 211,044 | 33,158 | 2,145 | 246,347 | |||||||||||||||||||
Income (loss) before income taxes | 133,538 | 10,855 | (4,605) | 139,788 | |||||||||||||||||||
Income tax expense (benefit) | 19,821 | 2,279 | (1,426) | 20,674 | |||||||||||||||||||
Net income (loss) | 113,717 | 8,576 | (3,179) | 119,114 | |||||||||||||||||||
Preferred stock dividends | — | — | 1,669 | 1,669 | |||||||||||||||||||
Net income (loss) available to common shareholders | $ | 113,717 | $ | 8,576 | $ | (4,848) | $ | 117,445 | |||||||||||||||
Revenues from (expenses to) external customers | $ | 344,583 | $ | 44,012 | $ | (2,460) | $ | 386,135 | |||||||||||||||
Banking | Frost Wealth Advisors | Non-Banks | Consolidated | ||||||||||||
Revenues from (expenses to) external customers: | |||||||||||||||
Three months ended: | |||||||||||||||
September 30, 2017 | $ | 266,582 | $ | 36,529 | $ | (2,285 | ) | $ | 300,826 | ||||||
September 30, 2016 | 244,343 | 33,536 | (1,258 | ) | 276,621 | ||||||||||
Nine months ended: | |||||||||||||||
September 30, 2017 | $ | 786,743 | $ | 107,829 | $ | (5,669 | ) | $ | 888,903 | ||||||
September 30, 2016 | 737,060 | 97,484 | (3,537 | ) | 831,007 | ||||||||||
Net income (loss): | |||||||||||||||
Three months ended: | |||||||||||||||
September 30, 2017 | $ | 88,368 | $ | 6,417 | $ | (1,654 | ) | $ | 93,131 | ||||||
September 30, 2016 | 76,347 | 4,797 | (925 | ) | 80,219 | ||||||||||
Nine months ended: | |||||||||||||||
September 30, 2017 | $ | 250,766 | $ | 17,990 | $ | (5,131 | ) | $ | 263,625 | ||||||
September 30, 2016 | 210,454 | 13,809 | (3,721 | ) | 220,542 |
Banking | Frost Wealth Advisors | Non-Banks | Consolidated | ||||||||||||||||||||
Six months ended: | |||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Net interest income (expense) | $ | 785,857 | $ | 3,744 | $ | (4,515) | $ | 785,086 | |||||||||||||||
Credit loss expense (benefit) | 19,003 | 2 | — | 19,005 | |||||||||||||||||||
Non-interest income | 121,451 | 88,185 | (843) | 208,793 | |||||||||||||||||||
Non-interest expense | 496,794 | 69,505 | 3,885 | 570,184 | |||||||||||||||||||
Income (loss) before income taxes | 391,511 | 22,422 | (9,243) | 404,690 | |||||||||||||||||||
Income tax expense (benefit) | 62,754 | 4,709 | (2,544) | 64,919 | |||||||||||||||||||
Net income (loss) | 328,757 | 17,713 | (6,699) | 339,771 | |||||||||||||||||||
Preferred stock dividends | — | — | 3,338 | 3,338 | |||||||||||||||||||
Net income (loss) available to common shareholders | $ | 328,757 | $ | 17,713 | $ | (10,037) | $ | 336,433 | |||||||||||||||
Revenues from (expenses to) external customers | $ | 907,308 | $ | 91,929 | $ | (5,358) | $ | 993,879 | |||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Net interest income (expense) | $ | 539,305 | $ | 1,658 | $ | (3,684) | $ | 537,279 | |||||||||||||||
Credit loss expense | — | — | — | — | |||||||||||||||||||
Non-interest income | 114,103 | 86,283 | (1,069) | 199,317 | |||||||||||||||||||
Non-interest expense | 417,582 | 64,068 | 3,429 | 485,079 | |||||||||||||||||||
Income (loss) before income taxes | 235,826 | 23,873 | (8,182) | 251,517 | |||||||||||||||||||
Income tax expense (benefit) | 30,835 | 5,013 | (2,547) | 33,301 | |||||||||||||||||||
Net income (loss) | 204,991 | 18,860 | (5,635) | 218,216 | |||||||||||||||||||
Preferred stock dividends | — | — | 3,338 | 3,338 | |||||||||||||||||||
Net income (loss) available to common shareholders | $ | 204,991 | $ | 18,860 | $ | (8,973) | $ | 214,878 | |||||||||||||||
Revenues from (expenses to) external customers | $ | 653,408 | $ | 87,941 | $ | (4,753) | $ | 736,596 |
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. Treasury | $ | 5,072,888 | $ | — | $ | — | $ | 5,072,888 | |||||||||||||||
Residential mortgage-backed securities | — | 6,792,775 | — | 6,792,775 | |||||||||||||||||||
States and political subdivisions | — | 5,341,016 | — | 5,341,016 | |||||||||||||||||||
Other | — | 42,578 | — | 42,578 | |||||||||||||||||||
Trading account securities: | |||||||||||||||||||||||
U.S. Treasury | 27,546 | — | — | 27,546 | |||||||||||||||||||
States and political subdivisions | — | 4,971 | — | 4,971 | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||
Interest rate swaps, caps and floors | — | 94,362 | — | 94,362 | |||||||||||||||||||
Commodity swaps and options | — | 65,814 | — | 65,814 | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||
Interest rate swaps, caps and floors | — | 94,291 | — | 94,291 | |||||||||||||||||||
Commodity swaps and options | — | 64,802 | — | 64,802 | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||||
U.S. Treasury | $ | 5,051,587 | $ | — | $ | — | $ | 5,051,587 | |||||||||||||||
Residential mortgage-backed securities | — | 6,376,236 | — | 6,376,236 | |||||||||||||||||||
States and political subdivisions | — | 6,773,355 | — | 6,773,355 | |||||||||||||||||||
Other | — | 42,427 | — | 42,427 | |||||||||||||||||||
Trading account securities: | |||||||||||||||||||||||
U.S. Treasury | 25,879 | — | — | 25,879 | |||||||||||||||||||
States and political subdivisions | — | 2,166 | — | 2,166 | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||
Interest rate swaps, caps and floors | — | 86,793 | — | 86,793 | |||||||||||||||||||
Commodity swaps and options | — | 106,685 | — | 106,685 | |||||||||||||||||||
Foreign currency forward contracts | 11 | — | — | 11 | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||
Interest rate swaps, caps and floors | — | 95,533 | — | 95,533 | |||||||||||||||||||
Commodity swaps and options | — | 105,392 | — | 105,392 | |||||||||||||||||||
Foreign currency forward contracts | 11 | — | — | 11 |
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total Fair Value | ||||||||||||
September 30, 2017 | |||||||||||||||
Securities available for sale: | |||||||||||||||
U.S. Treasury | $ | 3,473,628 | $ | — | $ | — | $ | 3,473,628 | |||||||
Residential mortgage-backed securities | — | 681,195 | — | 681,195 | |||||||||||
States and political subdivisions | — | 5,987,739 | — | 5,987,739 | |||||||||||
Other | — | 42,538 | — | 42,538 | |||||||||||
Trading account securities: | |||||||||||||||
U.S. Treasury | 18,814 | — | — | 18,814 | |||||||||||
States and political subdivisions | — | 907 | — | 907 | |||||||||||
Derivative assets: | |||||||||||||||
Interest rate swaps, caps and floors | — | 23,974 | — | 23,974 | |||||||||||
Commodity swaps and options | — | 3,404 | — | 3,404 | |||||||||||
Foreign currency forward contracts | 139 | — | — | 139 | |||||||||||
Derivative liabilities: | |||||||||||||||
Interest rate swaps, caps and floors | — | 18,376 | — | 18,376 | |||||||||||
Commodity swaps and options | — | 3,004 | — | 3,004 | |||||||||||
Foreign currency forward contracts | 104 | — | — | 104 | |||||||||||
December 31, 2016 | |||||||||||||||
Securities available for sale: | |||||||||||||||
U.S. Treasury | $ | 4,019,731 | $ | — | $ | — | $ | 4,019,731 | |||||||
Residential mortgage-backed securities | — | 785,167 | — | 785,167 | |||||||||||
States and political subdivisions | — | 5,355,885 | — | 5,355,885 | |||||||||||
Other | — | 42,494 | — | 42,494 | |||||||||||
Trading account securities: | |||||||||||||||
U.S. Treasury | 16,594 | — | — | 16,594 | |||||||||||
States and political subdivisions | — | 109 | — | 109 | |||||||||||
Derivative assets: | |||||||||||||||
Interest rate swaps, caps and floors | — | 29,059 | — | 29,059 | |||||||||||
Commodity swaps and options | — | 6,179 | — | 6,179 | |||||||||||
Foreign currency forward contracts | 29 | — | — | 29 | |||||||||||
Derivative liabilities: | |||||||||||||||
Interest rate swaps, caps and floors | — | 29,968 | — | 29,968 | |||||||||||
Commodity swaps and options | — | 5,963 | — | 5,963 | |||||||||||
Foreign currency forward contracts | 33 | — | — | 33 |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||||||||||
Carrying value before allocations | $ | 19,064 | $ | 20,171 | $ | 5,454 | $ | 3,614 | |||||||||||||||
Specific (allocations) reversals of prior allocations | (1,300) | (2,100) | (1,327) | 6,877 | |||||||||||||||||||
Fair value | $ | 17,764 | $ | 18,071 | $ | 4,127 | $ | 10,491 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||||
Level 2 | Level 3 | Level 2 | Level 3 | ||||||||||||
Carrying value of impaired loans before allocations | $ | — | $ | 64,287 | $ | — | $ | 11,023 | |||||||
Specific valuation allowance (allocations) reversals of prior allocations | — | (13,477 | ) | — | (3,750 | ) | |||||||||
Fair value | $ | — | $ | 50,810 | $ | — | $ | 7,273 |
Nine Months Ended September 30, 2017 | |||||||
2017 | 2016 | ||||||
Foreclosed assets remeasured at initial recognition: | |||||||
Carrying value of foreclosed assets prior to remeasurement | $ | — | $ | 425 | |||
Charge-offs recognized in the allowance for loan losses | — | (3 | ) | ||||
Fair value | $ | — | $ | 422 | |||
Foreclosed assets remeasured subsequent to initial recognition: | |||||||
Carrying value of foreclosed assets prior to remeasurement | $ | 89 | $ | 492 | |||
Write-downs included in other non-interest expense | (16 | ) | (217 | ) | |||
Fair value | $ | 73 | $ | 275 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 7,107,336 | $ | 7,107,336 | $ | 12,028,132 | $ | 12,028,132 | |||||||||||||||
Securities held to maturity | 3,691,220 | 3,543,929 | 2,639,083 | 2,467,865 | |||||||||||||||||||
Cash surrender value of life insurance policies | 190,575 | 190,575 | 190,188 | 190,188 | |||||||||||||||||||
Accrued interest receivable | 236,967 | 236,967 | 243,682 | 243,682 | |||||||||||||||||||
Level 3 inputs: | |||||||||||||||||||||||
Loans, net | 17,512,692 | 16,933,702 | 16,927,348 | 16,343,417 | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||||
Deposits | 40,700,830 | 40,683,556 | 43,954,196 | 43,920,741 | |||||||||||||||||||
Federal funds purchased | 13,525 | 13,525 | 51,650 | 51,650 | |||||||||||||||||||
Repurchase agreements | 3,569,870 | 3,569,870 | 4,660,641 | 4,660,641 | |||||||||||||||||||
Junior subordinated deferrable interest debentures | 123,098 | 123,712 | 123,069 | 123,712 | |||||||||||||||||||
Subordinated notes | 99,413 | 94,571 | 99,335 | 97,014 | |||||||||||||||||||
Accrued interest payable | 40,523 | 40,523 | 18,444 | 18,444 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||
Financial assets: | |||||||||||||||
Level 2 inputs: | |||||||||||||||
Cash and cash equivalents | $ | 5,091,903 | $ | 5,091,903 | $ | 4,141,445 | $ | 4,141,445 | |||||||
Securities held to maturity | 1,442,222 | 1,476,653 | 2,250,460 | 2,262,747 | |||||||||||
Cash surrender value of life insurance policies | 179,789 | 179,789 | 177,884 | 177,884 | |||||||||||
Accrued interest receivable | 118,035 | 118,035 | 156,714 | 156,714 | |||||||||||
Level 3 inputs: | |||||||||||||||
Loans, net | 12,552,001 | 12,574,862 | 11,822,347 | 11,903,956 | |||||||||||
Financial liabilities: | |||||||||||||||
Level 2 inputs: | |||||||||||||||
Deposits | 26,403,269 | 26,398,885 | 25,811,575 | 25,812,039 | |||||||||||
Federal funds purchased and repurchase agreements | 997,919 | 997,919 | 976,992 | 976,992 | |||||||||||
Junior subordinated deferrable interest debentures | 136,170 | 137,115 | 136,127 | 137,115 | |||||||||||
Subordinated notes payable and other borrowings | 98,512 | 102,072 | 99,990 | 100,000 | |||||||||||
Accrued interest payable | 1,737 | 1,737 | 1,204 | 1,204 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Taxable-equivalent net interest income | $ | 264,406 | $ | 235,665 | $ | 774,819 | $ | 694,997 | Taxable-equivalent net interest income | $ | 408,594 | $ | 311,377 | $ | 834,438 | $ | 583,572 | |||||||||||||||||||||
Taxable-equivalent adjustment | 45,195 | 41,158 | 132,311 | 120,264 | Taxable-equivalent adjustment | 23,328 | 23,169 | 49,352 | 46,293 | |||||||||||||||||||||||||||||
Net interest income | 219,211 | 194,507 | 642,508 | 574,733 | Net interest income | 385,266 | 288,208 | 785,086 | 537,279 | |||||||||||||||||||||||||||||
Provision for loan losses | 10,980 | 5,045 | 27,358 | 42,734 | ||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 208,231 | 189,462 | 615,150 | 531,999 | ||||||||||||||||||||||||||||||||||
Credit loss expense | Credit loss expense | 9,901 | — | 19,005 | — | |||||||||||||||||||||||||||||||||
Net interest income after credit loss expense | Net interest income after credit loss expense | 375,365 | 288,208 | 766,081 | 537,279 | |||||||||||||||||||||||||||||||||
Non-interest income | 81,615 | 82,114 | 246,395 | 256,274 | Non-interest income | 103,528 | 97,927 | 208,793 | 199,317 | |||||||||||||||||||||||||||||
Non-interest expense | 186,823 | 180,505 | 562,789 | 539,109 | Non-interest expense | 285,042 | 246,347 | 570,184 | 485,079 | |||||||||||||||||||||||||||||
Income before income taxes | 103,023 | 91,071 | 298,756 | 249,164 | Income before income taxes | 193,851 | 139,788 | 404,690 | 251,517 | |||||||||||||||||||||||||||||
Income taxes | 9,892 | 10,852 | 35,131 | 28,622 | Income taxes | 31,733 | 20,674 | 64,919 | 33,301 | |||||||||||||||||||||||||||||
Net income | 93,131 | 80,219 | 263,625 | 220,542 | Net income | 162,118 | 119,114 | 339,771 | 218,216 | |||||||||||||||||||||||||||||
Preferred stock dividends | 2,016 | 2,016 | 6,047 | 6,047 | Preferred stock dividends | 1,669 | 1,669 | 3,338 | 3,338 | |||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 91,115 | $ | 78,203 | $ | 257,578 | $ | 214,495 | Net income available to common shareholders | $ | 160,449 | $ | 117,445 | $ | 336,433 | $ | 214,878 | |||||||||||||||||||||
Earnings per common share – basic | $ | 1.43 | $ | 1.24 | $ | 4.02 | $ | 3.44 | Earnings per common share – basic | $ | 2.47 | $ | 1.82 | $ | 5.18 | $ | 3.32 | |||||||||||||||||||||
Earnings per common share – diluted | 1.41 | 1.24 | 3.98 | 3.42 | Earnings per common share – diluted | 2.47 | 1.81 | 5.17 | 3.31 | |||||||||||||||||||||||||||||
Dividends per common share | 0.57 | 0.54 | 1.68 | 1.61 | Dividends per common share | 0.87 | 0.75 | 1.74 | 1.50 | |||||||||||||||||||||||||||||
Return on average assets | 1.19 | % | 1.07 | % | 1.14 | % | 1.01 | % | Return on average assets | 1.30 | % | 0.92 | % | 1.35 | % | 0.85 | % | |||||||||||||||||||||
Return on average common equity | 11.71 | 10.31 | 11.44 | 9.87 | Return on average common equity | 19.36 | 13.88 | 20.92 | 11.53 | |||||||||||||||||||||||||||||
Average shareholders’ equity to average assets | 10.63 | 10.85 | 10.43 | 10.70 | Average shareholders’ equity to average assets | 7.04 | 6.93 | 6.73 | 7.70 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Federal funds target rate upper bound | 5.16 | % | 0.95 | % | 4.93 | % | 0.62 | % | |||||||||||||||
Effective federal funds rate | 4.99 | 0.77 | 4.75 | 0.45 | |||||||||||||||||||
Interest on reserve balances at the Federal Reserve | 5.06 | 0.84 | 4.82 | 0.52 | |||||||||||||||||||
Prime | 8.16 | 3.95 | 7.92 | 3.62 | |||||||||||||||||||
AMERIBOR Term-30(1) | 5.05 | 0.87 | 4.82 | 0.53 | |||||||||||||||||||
AMERIBOR Term-90(1) | 5.34 | 1.42 | 5.11 | 0.97 | |||||||||||||||||||
1-Month Term SOFR(2) | 5.04 | 0.92 | 4.82 | 0.54 | |||||||||||||||||||
3-Month Term SOFR(2) | 5.12 | 1.31 | 4.95 | 0.82 | |||||||||||||||||||
Bloomberg 1-Month Short-Term Bank Yield Index | 5.08 | 0.87 | 4.83 | 0.52 | |||||||||||||||||||
Bloomberg 3-Month Short-Term Bank Yield Index | 5.31 | 1.41 | 5.07 | 0.94 | |||||||||||||||||||
1-Month LIBOR(3) | 5.09 | 1.00 | 4.85 | 0.61 | |||||||||||||||||||
3-Month LIBOR(3) | 5.39 | 1.51 | 5.15 | 1.01 |
Quarter To Date | Quarter To Date | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Cost | Average Balance | Interest Income/ Expense | Yield/ Cost | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 6,879,997 | $ | 87,748 | 5.05 | % | $ | 13,040,852 | $ | 26,371 | 0.80 | % | |||||||||||||||||||||||
Federal funds sold | 22,549 | 305 | 5.35 | 31,173 | 99 | 1.26 | |||||||||||||||||||||||||||||
Resell agreements | 84,767 | 1,126 | 5.26 | 3,027 | 10 | 1.32 | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable | 13,781,300 | 101,960 | 2.71 | 10,327,627 | 56,365 | 2.04 | |||||||||||||||||||||||||||||
Tax-exempt | 7,496,547 | 81,889 | 4.27 | 7,802,864 | 79,001 | 4.04 | |||||||||||||||||||||||||||||
Total securities | 21,277,847 | 183,849 | 3.24 | 18,130,491 | 135,366 | 2.87 | |||||||||||||||||||||||||||||
Loans, net of unearned discounts | 17,664,254 | 292,628 | 6.64 | 16,674,489 | 167,925 | 4.04 | |||||||||||||||||||||||||||||
Total Earning Assets and Average Rate Earned | 45,929,414 | 565,656 | 4.77 | 47,880,032 | 329,771 | 2.71 | |||||||||||||||||||||||||||||
Cash and due from banks | 627,991 | 646,121 | |||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and securities | (233,156) | (246,976) | |||||||||||||||||||||||||||||||||
Premises and equipment, net | 1,143,809 | 1,049,494 | |||||||||||||||||||||||||||||||||
Accrued interest and other assets | 1,849,438 | 1,758,932 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 49,317,496 | $ | 51,087,603 | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 15,230,736 | 18,354,651 | |||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Savings and interest checking | 10,861,788 | 11,159 | 0.41 | 12,336,089 | 1,206 | 0.04 | |||||||||||||||||||||||||||||
Money market deposit accounts | 11,431,483 | 76,337 | 2.68 | 12,607,969 | 11,115 | 0.35 | |||||||||||||||||||||||||||||
Time accounts | 3,482,557 | 32,770 | 3.77 | 1,427,267 | 2,272 | 0.64 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 25,775,828 | 120,266 | 1.87 | 26,371,325 | 14,593 | 0.22 | |||||||||||||||||||||||||||||
Total deposits | 41,006,564 | 1.18 | 44,725,976 | 0.13 | |||||||||||||||||||||||||||||||
Federal funds purchased | 32,796 | 412 | 4.97 | 35,529 | 75 | 0.84 | |||||||||||||||||||||||||||||
Repurchase agreements | 3,718,696 | 33,114 | 3.52 | 1,742,669 | 1,790 | 0.41 | |||||||||||||||||||||||||||||
Junior subordinated deferrable interest debentures | 123,092 | 2,106 | 6.84 | 123,035 | 772 | 2.51 | |||||||||||||||||||||||||||||
Subordinated notes | 99,398 | 1,164 | 4.69 | 99,242 | 1,164 | 4.69 | |||||||||||||||||||||||||||||
Total Interest-Bearing Funds and Average Rate Paid | 29,749,810 | 157,062 | 2.11 | 28,371,800 | 18,394 | 0.26 | |||||||||||||||||||||||||||||
Accrued interest and other liabilities | 867,013 | 821,571 | |||||||||||||||||||||||||||||||||
Total Liabilities | 45,847,559 | 47,548,022 | |||||||||||||||||||||||||||||||||
Shareholders’ Equity | 3,469,937 | 3,539,581 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 49,317,496 | $ | 51,087,603 | |||||||||||||||||||||||||||||||
Net interest income | $ | 408,594 | $ | 311,377 | |||||||||||||||||||||||||||||||
Net interest spread | 2.66 | % | 2.45 | % | |||||||||||||||||||||||||||||||
Net interest income to total average earning assets | 3.45 | % | 2.56 | % |
Year To Date | Year To Date | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Cost | Average Balance | Interest Income/ Expense | Yield/ Cost | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 7,778,508 | $ | 186,993 | 4.78 | % | $ | 13,401,664 | $ | 32,714 | 0.49 | % | |||||||||||||||||||||||
Federal funds sold | 43,306 | 1,063 | 4.88 | 22,581 | 112 | 0.99 | |||||||||||||||||||||||||||||
Resell agreements | 87,157 | 2,194 | 5.01 | 4,423 | 14 | 0.63 | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable | 13,562,966 | 199,735 | 2.69 | 9,667,818 | 99,423 | 1.97 | |||||||||||||||||||||||||||||
Tax-exempt | 7,946,474 | 172,581 | 4.25 | 7,983,161 | 157,900 | 4.03 | |||||||||||||||||||||||||||||
Total securities | 21,509,440 | 372,316 | 3.24 | 17,650,979 | 257,323 | 2.87 | |||||||||||||||||||||||||||||
Loans, net of unearned discounts | 17,492,611 | 564,309 | 6.51 | 16,531,269 | 318,993 | 3.89 | |||||||||||||||||||||||||||||
Total Earning Assets and Average Rate Earned | 46,911,022 | 1,126,875 | 4.67 | 47,610,916 | 609,156 | 2.56 | |||||||||||||||||||||||||||||
Cash and due from banks | 652,082 | 648,609 | |||||||||||||||||||||||||||||||||
Allowance for credit losses on loans and securities | (230,345) | (247,883) | |||||||||||||||||||||||||||||||||
Premises and equipment, net | 1,130,798 | 1,050,111 | |||||||||||||||||||||||||||||||||
Accrued interest and other assets | 1,856,116 | 1,648,876 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 50,319,673 | $ | 50,710,629 | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 15,929,635 | 18,159,023 | |||||||||||||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||||||||||||||
Savings and interest checking | 11,259,513 | 21,497 | 0.39 | 12,146,331 | 1,616 | 0.03 | |||||||||||||||||||||||||||||
Money market deposit accounts | 11,915,319 | 151,807 | 2.57 | 12,235,442 | 14,766 | 0.24 | |||||||||||||||||||||||||||||
Time accounts | 2,772,708 | 44,951 | 3.27 | 1,308,025 | 3,123 | 0.48 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 25,947,540 | 218,255 | 1.70 | 25,689,798 | 19,505 | 0.15 | |||||||||||||||||||||||||||||
Total deposits | 41,877,175 | 1.05 | 43,848,821 | 0.09 | |||||||||||||||||||||||||||||||
Federal funds purchased | 41,979 | 995 | 4.71 | 31,666 | 87 | 0.55 | |||||||||||||||||||||||||||||
Repurchase agreements | 3,963,372 | 66,765 | 3.35 | 1,896,270 | 2,308 | 0.24 | |||||||||||||||||||||||||||||
Junior subordinated deferrable interest debentures | 123,085 | 4,094 | 6.62 | 123,028 | 1,356 | 2.19 | |||||||||||||||||||||||||||||
Subordinated notes | 99,379 | 2,328 | 4.69 | 99,222 | 2,328 | 4.69 | |||||||||||||||||||||||||||||
Total Interest-Bearing Funds and Average Rate Paid | 30,175,355 | 292,437 | 1.95 | 27,839,984 | 25,584 | 0.18 | |||||||||||||||||||||||||||||
Accrued interest and other liabilities | 826,835 | 808,896 | |||||||||||||||||||||||||||||||||
Total Liabilities | 46,931,825 | 46,807,903 | |||||||||||||||||||||||||||||||||
Shareholders’ Equity | 3,387,848 | 3,902,726 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 50,319,673 | $ | 50,710,629 | |||||||||||||||||||||||||||||||
Net interest income | $ | 834,438 | $ | 583,572 | |||||||||||||||||||||||||||||||
Net interest spread | 2.72 | % | 2.38 | % | |||||||||||||||||||||||||||||||
Net interest income to total average earning assets | 3.46 | % | 2.45 | % |
Three Months Ended | |||||||||||||||||||||||
June 30, 2023 vs. June 30, 2022 | |||||||||||||||||||||||
Increase (Decrease) Due to Change in | |||||||||||||||||||||||
Rate | Volume | Total | |||||||||||||||||||||
Interest-bearing deposits | $ | 78,996 | $ | (17,619) | $ | 61,377 | |||||||||||||||||
Federal funds sold | 240 | (34) | 206 | ||||||||||||||||||||
Resell agreements | 112 | 1,004 | 1,116 | ||||||||||||||||||||
Securities: | |||||||||||||||||||||||
Taxable | 21,742 | 23,853 | 45,595 | ||||||||||||||||||||
Tax-exempt | 4,474 | (1,586) | 2,888 | ||||||||||||||||||||
Loans, net of unearned discounts | 114,172 | 10,531 | 124,703 | ||||||||||||||||||||
Total earning assets | 219,736 | 16,149 | 235,885 | ||||||||||||||||||||
Savings and interest checking | 10,117 | (164) | 9,953 | ||||||||||||||||||||
Money market deposit accounts | 66,350 | (1,128) | 65,222 | ||||||||||||||||||||
Time accounts | 23,561 | 6,937 | 30,498 | ||||||||||||||||||||
Federal funds purchased | 343 | (6) | 337 | ||||||||||||||||||||
Repurchase agreements | 27,251 | 4,073 | 31,324 | ||||||||||||||||||||
Junior subordinated deferrable interest debentures | 1,334 | — | 1,334 | ||||||||||||||||||||
Subordinated notes | — | — | — | ||||||||||||||||||||
Total interest-bearing liabilities | 128,956 | 9,712 | 138,668 | ||||||||||||||||||||
Net change | $ | 90,780 | $ | 6,437 | $ | 97,217 |
Three Months Ended | |||||||||||||||
September 30, 2017 vs. September 30, 2016 | |||||||||||||||
Increase (Decrease) Due to Change in | |||||||||||||||
Rate | Volume | Number of Days | Total | ||||||||||||
Interest-bearing deposits | $ | 6,472 | $ | 217 | $ | — | $ | 6,689 | |||||||
Federal funds sold and resell agreements | 75 | 121 | — | 196 | |||||||||||
Securities: | |||||||||||||||
Taxable | (1,176 | ) | (1,518 | ) | — | (2,694 | ) | ||||||||
Tax-exempt | (3,239 | ) | 7,234 | — | 3,995 | ||||||||||
Loans, net of unearned discounts | 13,650 | 12,298 | — | 25,948 | |||||||||||
Total earning assets | 15,782 | 18,352 | — | 34,134 | |||||||||||
Savings and interest checking | — | 83 | — | 83 | |||||||||||
Money market deposit accounts | 3,339 | 4 | — | 3,343 | |||||||||||
Time accounts | 147 | (13 | ) | — | 134 | ||||||||||
Public funds | 362 | (3 | ) | — | 359 | ||||||||||
Federal funds purchased and repurchase agreements | 467 | 12 | — | 479 | |||||||||||
Junior subordinated deferrable interest debentures | 181 | — | — | 181 | |||||||||||
Subordinated notes payable and other notes | 819 | (5 | ) | — | 814 | ||||||||||
Total interest-bearing liabilities | 5,315 | 78 | — | 5,393 | |||||||||||
Net change | $ | 10,467 | $ | 18,274 | $ | — | $ | 28,741 |
Nine Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2017 vs. September 30, 2016 | June 30, 2023 vs. June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to Change in | Increase (Decrease) Due to Change in | |||||||||||||||||||||||||||||||||||||
Rate | Volume | Number of Days | Total | Rate | Volume | Total | ||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 13,757 | $ | 1,630 | $ | (41 | ) | $ | 15,346 | Interest-bearing deposits | $ | 173,517 | $ | (19,238) | $ | 154,279 | ||||||||||||||||||||||
Federal funds sold and resell agreements | 202 | 148 | (1 | ) | 349 | |||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 770 | 181 | 951 | ||||||||||||||||||||||||||||||||||
Resell agreements | Resell agreements | 591 | 1,589 | 2,180 | ||||||||||||||||||||||||||||||||||
Securities: | Securities: | |||||||||||||||||||||||||||||||||||||
Taxable | (4,440 | ) | (726 | ) | (204 | ) | (5,370 | ) | Taxable | 43,605 | 56,707 | 100,312 | ||||||||||||||||||||||||||
Tax-exempt | (9,516 | ) | 32,818 | — | 23,302 | Tax-exempt | 8,801 | 5,880 | 14,681 | |||||||||||||||||||||||||||||
Loans, net of unearned discounts | 28,934 | 25,851 | (1,257 | ) | 53,528 | Loans, net of unearned discounts | 225,819 | 19,497 | 245,316 | |||||||||||||||||||||||||||||
Total earning assets | 28,937 | 59,721 | (1,503 | ) | 87,155 | Total earning assets | 453,103 | 64,616 | 517,719 | |||||||||||||||||||||||||||||
Savings and interest checking | — | 117 | (3 | ) | 114 | Savings and interest checking | 20,025 | (144) | 19,881 | |||||||||||||||||||||||||||||
Money market deposit accounts | 3,391 | 6 | (13 | ) | 3,384 | Money market deposit accounts | 137,439 | (398) | 137,041 | |||||||||||||||||||||||||||||
Time accounts | 231 | (41 | ) | (3 | ) | 187 | Time accounts | 35,072 | 6,756 | 41,828 | ||||||||||||||||||||||||||||
Public funds | 721 | (6 | ) | — | 715 | |||||||||||||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 638 | 60 | (1 | ) | 697 | |||||||||||||||||||||||||||||||||
Federal funds purchased | Federal funds purchased | 871 | 37 | 908 | ||||||||||||||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | 59,455 | 5,002 | 64,457 | ||||||||||||||||||||||||||||||||||
Junior subordinated deferrable interest debentures | 497 | 1 | — | 498 | Junior subordinated deferrable interest debentures | 2,737 | 1 | 2,738 | ||||||||||||||||||||||||||||||
Subordinated notes payable and other notes | 1,875 | (137 | ) | — | 1,738 | |||||||||||||||||||||||||||||||||
Subordinated notes | Subordinated notes | — | — | — | ||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 7,353 | — | (20 | ) | 7,333 | Total interest-bearing liabilities | 255,599 | 11,254 | 266,853 | |||||||||||||||||||||||||||||
Net change | $ | 21,584 | $ | 59,721 | $ | (1,483 | ) | $ | 79,822 | Net change | $ | 197,504 | $ | 53,362 | $ | 250,866 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Credit loss expense (benefit) related to: | |||||||||||||||||||||||
Loans | $ | 11,933 | $ | (4,396) | $ | 24,608 | $ | 68 | |||||||||||||||
Off-balance-sheet credit exposures | (2,037) | 4,396 | (5,712) | (68) | |||||||||||||||||||
Securities held to maturity | 5 | — | 109 | — | |||||||||||||||||||
Total | $ | 9,901 | $ | — | $ | 19,005 | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Trust and investment management fees | $ | 27,493 | $ | 26,451 | $ | 81,690 | $ | 77,806 | |||||||
Service charges on deposit accounts | 20,967 | 20,540 | 62,934 | 60,769 | |||||||||||
Insurance commissions and fees | 10,892 | 11,029 | 34,441 | 35,812 | |||||||||||
Interchange and debit card transaction fees | 5,884 | 5,435 | 17,150 | 15,838 | |||||||||||
Other charges, commissions and fees | 10,493 | 10,703 | 29,983 | 29,825 | |||||||||||
Net gain (loss) on securities transactions | (4,867 | ) | (37 | ) | (4,917 | ) | 14,866 | ||||||||
Other | 10,753 | 7,993 | 25,114 | 21,358 | |||||||||||
Total | $ | 81,615 | $ | 82,114 | $ | 246,395 | $ | 256,274 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Income from card transactions | $ | 9,405 | $ | 8,308 | $ | 18,207 | $ | 15,789 | |||||||||||||||
ATM service fees | 912 | 867 | 1,756 | 1,631 | |||||||||||||||||||
Gross interchange and card transaction fees | 10,317 | 9,175 | 19,963 | 17,420 | |||||||||||||||||||
Network costs | 5,067 | 4,264 | 9,824 | 8,283 | |||||||||||||||||||
Net interchange and card transaction fees | $ | 5,250 | $ | 4,911 | $ | 10,139 | $ | 9,137 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Salaries and wages | $ | 84,388 | $ | 79,411 | $ | 247,895 | $ | 236,814 | |||||||
Employee benefits | 17,730 | 17,844 | 57,553 | 55,861 | |||||||||||
Net occupancy | 19,391 | 18,202 | 57,781 | 53,631 | |||||||||||
Furniture and equipment | 18,743 | 17,979 | 54,983 | 53,474 | |||||||||||
Deposit insurance | 4,862 | 4,558 | 15,347 | 12,412 | |||||||||||
Intangible amortization | 405 | 586 | 1,301 | 1,869 | |||||||||||
Other | 41,304 | 41,925 | 127,929 | 125,048 | |||||||||||
Total | $ | 186,823 | $ | 180,505 | $ | 562,789 | $ | 539,109 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Banking | $ | 88,368 | $ | 76,347 | $ | 250,766 | $ | 210,454 | |||||||
Frost Wealth Advisors | 6,417 | 4,797 | 17,990 | 13,809 | |||||||||||
Non-Banks | (1,654 | ) | (925 | ) | (5,131 | ) | (3,721 | ) | |||||||
Consolidated net income | $ | 93,131 | $ | 80,219 | $ | 263,625 | $ | 220,542 |
September 30, 2017 | Percentage of Total | December 31, 2016 | Percentage of Total | ||||||||||
Commercial and industrial | $ | 4,677,923 | 36.8 | % | $ | 4,344,000 | 36.3 | % | |||||
Energy: | |||||||||||||
Production | 1,094,927 | 8.6 | 971,767 | 8.1 | |||||||||
Service | 159,893 | 1.3 | 221,213 | 1.8 | |||||||||
Other | 132,240 | 1.0 | 193,081 | 1.7 | |||||||||
Total energy | 1,387,060 | 10.9 | 1,386,061 | 11.6 | |||||||||
Commercial real estate: | |||||||||||||
Commercial mortgages | 3,714,172 | 29.2 | 3,481,157 | 29.1 | |||||||||
Construction | 1,082,229 | 8.5 | 1,043,261 | 8.7 | |||||||||
Land | 307,701 | 2.4 | 311,030 | 2.6 | |||||||||
Total commercial real estate | 5,104,102 | 40.1 | 4,835,448 | 40.4 | |||||||||
Consumer real estate: | |||||||||||||
Home equity loans | 357,542 | 2.8 | 345,130 | 2.9 | |||||||||
Home equity lines of credit | 288,981 | 2.3 | 264,862 | 2.2 | |||||||||
Other | 367,948 | 2.9 | 326,793 | 2.7 | |||||||||
Total consumer real estate | 1,014,471 | 8.0 | 936,785 | 7.8 | |||||||||
Total real estate | 6,118,573 | 48.1 | 5,772,233 | 48.2 | |||||||||
Consumer and other | 522,748 | 4.2 | 473,098 | 3.9 | |||||||||
Total loans | $ | 12,706,304 | 100.0 | % | $ | 11,975,392 | 100.0 | % |
Accruing Loans 30-89 Days Past Due | Accruing Loans 90 or More Days Past Due | Total Accruing Past Due Loans | |||||||||||||||||||||||||||||||||||||||
Total Loans | Amount | Percent of Loans in Category | Amount | Percent of Loans in Category | Amount | Percent of Loans in Category | |||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,726,804 | $ | 27,789 | 0.49 | % | $ | 3,025 | 0.05 | % | $ | 30,814 | 0.54 | % | |||||||||||||||||||||||||||
Energy | 986,571 | 2,222 | 0.23 | — | — | 2,222 | 0.23 | ||||||||||||||||||||||||||||||||||
Paycheck Protection Program | 22,333 | 80 | 0.36 | 2,725 | 12.20 | 2,805 | 12.56 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Buildings, land and other | 6,924,896 | 28,443 | 0.41 | 568 | 0.01 | 29,011 | 0.42 | ||||||||||||||||||||||||||||||||||
Construction | 1,468,071 | 669 | 0.05 | 118 | 0.01 | 787 | 0.06 | ||||||||||||||||||||||||||||||||||
Consumer real estate | 2,157,916 | 8,754 | 0.41 | 5,039 | 0.23 | 13,793 | 0.64 | ||||||||||||||||||||||||||||||||||
Consumer and other | 459,720 | 5,153 | 1.12 | 336 | 0.07 | 5,489 | 1.19 | ||||||||||||||||||||||||||||||||||
Total | $ | 17,746,311 | $ | 73,110 | 0.41 | $ | 11,811 | 0.07 | $ | 84,921 | 0.48 | ||||||||||||||||||||||||||||||
Excluding PPP loans | $ | 17,723,978 | $ | 73,030 | 0.41 | $ | 9,086 | 0.05 | $ | 82,116 | 0.46 | ||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,674,798 | $ | 30,769 | 0.54 | % | $ | 5,560 | 0.10 | % | $ | 36,329 | 0.64 | % | |||||||||||||||||||||||||||
Energy | 925,729 | 1,472 | 0.16 | — | — | 1,472 | 0.16 | ||||||||||||||||||||||||||||||||||
Paycheck Protection Program | 34,852 | 5,321 | 15.27 | 13,867 | 39.79 | 19,188 | 55.06 | ||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||
Buildings, land and other | 6,706,078 | 23,561 | 0.35 | 5,664 | 0.08 | 29,225 | 0.43 | ||||||||||||||||||||||||||||||||||
Construction | 1,477,247 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Consumer real estate | 1,843,539 | 7,856 | 0.43 | 2,398 | 0.13 | 10,254 | 0.56 | ||||||||||||||||||||||||||||||||||
Consumer and other | 492,726 | 5,155 | 1.05 | 311 | 0.06 | 5,466 | 1.11 | ||||||||||||||||||||||||||||||||||
Total | $ | 17,154,969 | $ | 74,134 | 0.43 | $ | 27,800 | 0.16 | $ | 101,934 | 0.59 | ||||||||||||||||||||||||||||||
Excluding PPP loans | $ | 17,120,117 | $ | 68,813 | 0.40 | $ | 13,933 | 0.08 | $ | 82,746 | 0.48 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Non-Accrual Loans | Non-Accrual Loans | ||||||||||||||||||||||||||||||||||
Total Loans | Amount | Percent of Loans in Category | Total Loans | Amount | Percent of Loans in Category | ||||||||||||||||||||||||||||||
Commercial and industrial | $ | 5,726,804 | $ | 22,217 | 0.39 | % | $ | 5,674,798 | $ | 18,130 | 0.32 | % | |||||||||||||||||||||||
Energy | 986,571 | 16,712 | 1.69 | 925,729 | 15,224 | 1.64 | |||||||||||||||||||||||||||||
Paycheck Protection Program | 22,333 | — | — | 34,852 | — | — | |||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Buildings, land and other | 6,924,896 | 25,682 | 0.37 | 6,706,078 | 3,552 | 0.05 | |||||||||||||||||||||||||||||
Construction | 1,468,071 | — | — | 1,477,247 | — | — | |||||||||||||||||||||||||||||
Consumer real estate | 2,157,916 | 3,170 | 0.15 | 1,843,539 | 927 | 0.05 | |||||||||||||||||||||||||||||
Consumer and other | 459,720 | — | — | 492,726 | — | — | |||||||||||||||||||||||||||||
Total | $ | 17,746,311 | $ | 67,781 | 0.38 | $ | 17,154,969 | $ | 37,833 | 0.22 | |||||||||||||||||||||||||
Allowance for credit losses on loans | $ | 233,619 | $ | 227,621 | |||||||||||||||||||||||||||||||
Ratio of allowance for credit losses on loans to non-accrual loans | 344.67 | % | 601.65 | % |
September 30, 2017 | December 31, 2016 | ||||||
Non-accrual loans: | |||||||
Commercial and industrial | $ | 37,239 | $ | 31,475 | |||
Energy | 96,717 | 57,571 | |||||
Commercial real estate: | |||||||
Buildings, land and other | 6,773 | 8,550 | |||||
Construction | — | — | |||||
Consumer real estate | 2,167 | 2,130 | |||||
Consumer and other | 208 | 425 | |||||
Total non-accrual loans | 143,104 | 100,151 | |||||
Restructured loans | 4,815 | — | |||||
Foreclosed assets: | |||||||
Real estate | 2,094 | 2,440 | |||||
Other | — | — | |||||
Total foreclosed assets | 2,094 | 2,440 | |||||
Total non-performing assets | $ | 150,013 | $ | 102,591 | |||
Ratio of non-performing assets to: | |||||||
Total loans and foreclosed assets | 1.18 | % | 0.86 | % | |||
Total assets | 0.48 | 0.34 | |||||
Accruing past due loans: | |||||||
30 to 89 days past due | $ | 52,044 | $ | 55,456 | |||
90 or more days past due | 27,121 | 24,864 | |||||
Total accruing past due loans | $ | 79,165 | $ | 80,320 | |||
Ratio of accruing past due loans to total loans: | |||||||
30 to 89 days past due | 0.41 | % | 0.46 | % | |||
90 or more days past due | 0.21 | 0.21 | |||||
Total accruing past due loans | 0.62 | % | 0.67 | % |
Amount of Allowance Allocated | Percent of Loans in Each Category to Total Loans | Total Loans | Ratio of Allowance Allocated to Loans in Each Category | ||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 48,437 | $ | 52,915 | Commercial and industrial | $ | 75,166 | 32.3 | % | $ | 5,726,804 | 1.31 | % | ||||||||||||||||||||
Energy | 51,913 | 60,653 | Energy | 14,929 | 5.6 | 986,571 | 1.51 | ||||||||||||||||||||||||||
Paycheck Protection Program | Paycheck Protection Program | — | 0.1 | 22,333 | — | ||||||||||||||||||||||||||||
Commercial real estate | 38,075 | 30,213 | Commercial real estate | 120,926 | 47.3 | 8,392,967 | 1.44 | ||||||||||||||||||||||||||
Consumer real estate | 6,875 | 4,238 | Consumer real estate | 13,035 | 12.2 | 2,157,916 | 0.60 | ||||||||||||||||||||||||||
Consumer and other | 9,003 | 5,026 | Consumer and other | 9,563 | 2.5 | 459,720 | 2.08 | ||||||||||||||||||||||||||
Total | $ | 154,303 | $ | 153,045 | Total | $ | 233,619 | 100.0 | % | $ | 17,746,311 | 1.32 | |||||||||||||||||||||
December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 104,237 | 33.1 | % | $ | 5,674,798 | 1.84 | % | ||||||||||||||||||||||||
Energy | Energy | 18,062 | 5.4 | 925,729 | 1.95 | ||||||||||||||||||||||||||||
Paycheck Protection Program | Paycheck Protection Program | — | 0.2 | 34,852 | — | ||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 90,301 | 47.7 | 8,183,325 | 1.10 | ||||||||||||||||||||||||||||
Consumer real estate | Consumer real estate | 8,004 | 10.7 | 1,843,539 | 0.43 | ||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 7,017 | 2.9 | 492,726 | 1.42 | ||||||||||||||||||||||||||||
Total | Total | $ | 227,621 | 100.0 | % | $ | 17,154,969 | 1.33 |
Q-Factor Adjustment | Model Overlays | Office Building Overlays | Down-Side Scenario Overlay | Credit Concentration Overlays | Consumer Overlay | Total | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,625 | $ | — | $ | — | $ | 19,207 | $ | 5,438 | $ | — | $ | 26,270 | |||||||||||||||||||||||||||||||||
Energy | 201 | — | — | — | 6,295 | — | 6,496 | ||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 444 | 24,078 | — | — | 493 | — | 25,015 | ||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 231 | 33,308 | 10,315 | — | 2,332 | — | 46,186 | ||||||||||||||||||||||||||||||||||||||||
Construction | 536 | 27,738 | 3,944 | — | 711 | — | 32,929 | ||||||||||||||||||||||||||||||||||||||||
Consumer real estate | 441 | — | — | — | — | — | 441 | ||||||||||||||||||||||||||||||||||||||||
Consumer and other | 52 | — | — | — | — | 4,000 | 4,052 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,530 | $ | 85,125 | $ | 14,259 | $ | 19,207 | $ | 15,268 | $ | 4,000 | $ | 141,389 |
Q-Factor Adjustment | Model Overlays | Office Building Overlays | Down-Side Scenario Overlay | Credit Concentration Overlays | Consumer Overlay | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 929 | $ | — | $ | — | $ | 29,632 | $ | 5,676 | $ | — | $ | 36,237 | ||||||||||||||||||||||||||||||||||||
Energy | 128 | — | — | — | 5,020 | — | 5,148 | |||||||||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | 318 | 19,708 | — | — | 1,718 | — | 21,744 | |||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | 95 | 10,472 | 16,557 | — | 487 | — | 27,611 | |||||||||||||||||||||||||||||||||||||||||||
Construction | 660 | 7,905 | 3,122 | — | 530 | — | 12,217 | |||||||||||||||||||||||||||||||||||||||||||
Consumer real estate | 157 | — | — | — | — | — | 157 | |||||||||||||||||||||||||||||||||||||||||||
Consumer and other | 34 | — | — | — | — | 2,000 | 2,034 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,321 | $ | 38,085 | $ | 19,679 | $ | 29,632 | $ | 13,431 | $ | 2,000 | $ | 105,148 |
Credit Loss Expense (Benefit) | Net (Charge-Offs) Recoveries | Average Loans | Ratio of Annualized Net (Charge-Offs) Recoveries to Average Loans | ||||||||||||||||||||
Three months ended: | |||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Commercial and industrial | $ | 2,404 | $ | (5,703) | $ | 5,716,855 | (0.40) | % | |||||||||||||||
Energy | (4,433) | 171 | 1,070,183 | 0.06 | |||||||||||||||||||
Paycheck Protection Program | — | — | 26,701 | — | |||||||||||||||||||
Commercial real estate | 5,133 | 100 | 8,312,310 | — | |||||||||||||||||||
Consumer real estate | 3,822 | (495) | 2,070,475 | (0.10) | |||||||||||||||||||
Consumer and other | 5,007 | (3,901) | 467,730 | (3.35) | |||||||||||||||||||
Total | $ | 11,933 | $ | (9,828) | $ | 17,664,254 | (0.22) | ||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Commercial and industrial | $ | 942 | $ | (698) | $ | 5,531,663 | (0.05) | % | |||||||||||||||
Energy | 427 | 418 | 1,040,893 | 0.16 | |||||||||||||||||||
Paycheck Protection Program | — | — | 143,989 | — | |||||||||||||||||||
Commercial real estate | (12,232) | 384 | 7,964,298 | 0.02 | |||||||||||||||||||
Consumer real estate | 583 | (88) | 1,495,799 | (0.02) | |||||||||||||||||||
Consumer and other | 5,884 | (2,823) | 497,847 | (2.27) | |||||||||||||||||||
Total | $ | (4,396) | $ | (2,807) | $ | 16,674,489 | (0.07) | ||||||||||||||||
Six months ended: | |||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Commercial and industrial | $ | (18,280) | $ | (10,791) | $ | 5,685,051 | (0.38) | % | |||||||||||||||
Energy | (3,467) | 334 | 1,041,099 | 0.06 | |||||||||||||||||||
Paycheck Protection Program | — | — | 29,137 | — | |||||||||||||||||||
Commercial real estate | 30,494 | 131 | 8,270,722 | — | |||||||||||||||||||
Consumer real estate | 5,105 | (74) | 1,991,302 | (0.01) | |||||||||||||||||||
Consumer and other | 10,756 | (8,210) | 475,300 | (3.48) | |||||||||||||||||||
Total | $ | 24,608 | $ | (18,610) | $ | 17,492,611 | (0.21) | ||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Commercial and industrial | $ | 18,503 | $ | (3,324) | $ | 5,491,632 | (0.12) | % | |||||||||||||||
Energy | (1,617) | 667 | 1,045,338 | 0.13 | |||||||||||||||||||
Paycheck Protection Program | — | — | 222,773 | — | |||||||||||||||||||
Commercial real estate | (27,841) | 11 | 7,826,540 | — | |||||||||||||||||||
Consumer real estate | 557 | (288) | 1,459,142 | (0.04) | |||||||||||||||||||
Consumer and other | 10,466 | (6,168) | 485,844 | (2.56) | |||||||||||||||||||
Total | $ | 68 | $ | (9,102) | $ | 16,531,269 | (0.11) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Balance at beginning of period | $ | 149,558 | $ | 149,714 | $ | 153,045 | $ | 135,859 | |||||||
Provision for loan losses | 10,980 | 5,045 | 27,358 | 42,734 | |||||||||||
Charge-offs: | |||||||||||||||
Commercial and industrial | (5,468 | ) | (4,036 | ) | (14,574 | ) | (10,754 | ) | |||||||
Energy | — | (884 | ) | (10,595 | ) | (18,644 | ) | ||||||||
Commercial real estate | — | (9 | ) | (14 | ) | (56 | ) | ||||||||
Consumer real estate | (766 | ) | (287 | ) | (779 | ) | (464 | ) | |||||||
Consumer and other | (4,120 | ) | (3,300 | ) | (11,291 | ) | (9,276 | ) | |||||||
Total charge-offs | (10,354 | ) | (8,516 | ) | (37,253 | ) | (39,194 | ) | |||||||
Recoveries: | |||||||||||||||
Commercial and industrial | 903 | 957 | 2,419 | 2,577 | |||||||||||
Energy | 451 | 19 | 585 | 21 | |||||||||||
Commercial real estate | 268 | 277 | 790 | 875 | |||||||||||
Consumer real estate | 137 | 92 | 357 | 442 | |||||||||||
Consumer and other | 2,360 | 2,185 | 7,002 | 6,459 | |||||||||||
Total recoveries | 4,119 | 3,530 | 11,153 | 10,374 | |||||||||||
Net charge-offs | (6,235 | ) | (4,986 | ) | (26,100 | ) | (28,820 | ) | |||||||
Balance at end of period | $ | 154,303 | $ | 149,773 | $ | 154,303 | $ | 149,773 | |||||||
Ratio of allowance for loan losses to: | |||||||||||||||
Total loans | 1.21 | % | 1.29 | % | 1.21 | % | 1.29 | % | |||||||
Non-accrual loans | 107.83 | 154.67 | 107.83 | 154.67 | |||||||||||
Ratio of annualized net charge-offs to average total loans | 0.20 | 0.17 | 0.28 | 0.33 |
September 30, 2017 | September 30, 2016 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Cost | Average Balance | Interest Income/ Expense | Yield/ Cost | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing deposits | $ | 3,351,576 | $ | 10,800 | 1.28 | % | $ | 3,190,306 | $ | 4,111 | 0.51 | % | |||||||||
Federal funds sold and resell agreements | 72,239 | 244 | 1.34 | 28,152 | 48 | 0.68 | |||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | 4,970,647 | 23,203 | 1.88 | 5,391,848 | 25,897 | 1.97 | |||||||||||||||
Tax-exempt | 7,360,643 | 96,912 | 5.34 | 6,983,626 | 92,917 | 5.53 | |||||||||||||||
Total securities | 12,331,290 | 120,115 | 3.94 | 12,375,474 | 118,814 | 3.97 | |||||||||||||||
Loans, net of unearned discounts | 12,587,290 | 141,622 | 4.46 | 11,457,464 | 115,674 | 4.02 | |||||||||||||||
Total Earning Assets and Average Rate Earned | 28,342,395 | 272,781 | 3.85 | 27,051,396 | 238,647 | 3.57 | |||||||||||||||
Cash and due from banks | 483,497 | 487,456 | |||||||||||||||||||
Allowance for loan losses | (152,237 | ) | (152,549 | ) | |||||||||||||||||
Premises and equipment, net | 522,413 | 564,764 | |||||||||||||||||||
Accrued interest and other assets | 1,194,316 | 1,180,987 | |||||||||||||||||||
Total Assets | $ | 30,390,384 | $ | 29,132,054 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Non-interest-bearing demand deposits: | |||||||||||||||||||||
Commercial and individual | $ | 10,159,636 | $ | 9,225,059 | |||||||||||||||||
Correspondent banks | 233,748 | 292,971 | |||||||||||||||||||
Public funds | 362,779 | 484,543 | |||||||||||||||||||
Total non-interest-bearing demand deposits | 10,756,163 | 10,002,573 | |||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Private accounts | |||||||||||||||||||||
Savings and interest checking | 6,344,476 | 347 | 0.02 | 5,948,616 | 264 | 0.02 | |||||||||||||||
Money market deposit accounts | 7,501,285 | 4,513 | 0.24 | 7,473,650 | 1,170 | 0.06 | |||||||||||||||
Time accounts | 766,339 | 412 | 0.21 | 807,055 | 278 | 0.14 | |||||||||||||||
Public funds | 381,632 | 396 | 0.41 | 420,281 | 37 | 0.03 | |||||||||||||||
Total interest-bearing deposits | 14,993,732 | 5,668 | 0.15 | 14,649,602 | 1,749 | 0.05 | |||||||||||||||
Total deposits | 25,749,895 | 24,652,175 | |||||||||||||||||||
Federal funds purchased and repurchase agreements | 1,005,486 | 523 | 0.21 | 797,417 | 44 | 0.02 | |||||||||||||||
Junior subordinated deferrable interest debentures | 136,164 | 1,020 | 3.00 | 136,107 | 839 | 2.47 | |||||||||||||||
Subordinated notes payable and other notes | 98,498 | 1,164 | 4.73 | 99,948 | 350 | 1.40 | |||||||||||||||
Total Interest-Bearing Funds and Average Rate Paid | 16,233,880 | 8,375 | 0.21 | 15,683,074 | 2,982 | 0.08 | |||||||||||||||
Accrued interest and other liabilities | 168,572 | 285,585 | |||||||||||||||||||
Total Liabilities | 27,158,615 | 25,971,232 | |||||||||||||||||||
Shareholders’ Equity | 3,231,769 | 3,160,822 | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 30,390,384 | $ | 29,132,054 | |||||||||||||||||
Net interest income | $ | 264,406 | $ | 235,665 | |||||||||||||||||
Net interest spread | 3.64 | % | 3.49 | % | |||||||||||||||||
Net interest income to total average earning assets | 3.73 | % | 3.53 | % |
September 30, 2017 | September 30, 2016 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yield/ Cost | Average Balance | Interest Income/ Expense | Yield/ Cost | ||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-bearing deposits | $ | 3,341,710 | $ | 26,712 | 1.07 | % | $ | 2,956,822 | $ | 11,366 | 0.51 | % | |||||||||
Federal funds sold and resell agreements | 56,581 | 514 | 1.21 | 34,179 | 165 | 0.64 | |||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | 5,112,072 | 72,032 | 1.90 | 5,245,649 | 77,402 | 2.02 | |||||||||||||||
Tax-exempt | 7,309,739 | 293,888 | 5.39 | 6,660,843 | 270,586 | 5.58 | |||||||||||||||
Total securities | 12,421,811 | 365,920 | 3.96 | 11,906,492 | 347,988 | 4.01 | |||||||||||||||
Loans, net of unearned discounts | 12,319,125 | 397,817 | 4.32 | 11,497,340 | 344,289 | 4.00 | |||||||||||||||
Total Earning Assets and Average Rate Earned | 28,139,227 | 790,963 | 3.77 | 26,394,833 | 703,808 | 3.60 | |||||||||||||||
Cash and due from banks | 503,818 | 504,074 | |||||||||||||||||||
Allowance for loan losses | (152,604 | ) | (151,643 | ) | |||||||||||||||||
Premises and equipment, net | 522,768 | 561,215 | |||||||||||||||||||
Accrued interest and other assets | 1,211,309 | 1,180,513 | |||||||||||||||||||
Total Assets | $ | 30,224,518 | $ | 28,488,992 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||
Non-interest-bearing demand deposits: | |||||||||||||||||||||
Commercial and individual | $ | 10,054,481 | $ | 9,055,750 | |||||||||||||||||
Correspondent banks | 253,567 | 322,495 | |||||||||||||||||||
Public funds | 417,555 | 515,195 | |||||||||||||||||||
Total non-interest-bearing demand deposits | 10,725,603 | 9,893,440 | |||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Private accounts | |||||||||||||||||||||
Savings and interest checking | 6,352,986 | 892 | 0.02 | 5,610,695 | 778 | 0.02 | |||||||||||||||
Money market deposit accounts | 7,454,421 | 6,929 | 0.12 | 7,441,626 | 3,545 | 0.06 | |||||||||||||||
Time accounts | 777,202 | 1,040 | 0.18 | 813,297 | 853 | 0.14 | |||||||||||||||
Public funds | 433,395 | 848 | 0.26 | 452,655 | 133 | 0.04 | |||||||||||||||
Total interest-bearing deposits | 15,018,004 | 9,709 | 0.09 | 14,318,273 | 5,309 | 0.05 | |||||||||||||||
Total deposits | 25,743,607 | 24,211,713 | |||||||||||||||||||
Federal funds purchased and repurchase agreements | 942,400 | 849 | 0.12 | 734,022 | 152 | 0.03 | |||||||||||||||
Junior subordinated deferrable interest debentures | 136,150 | 2,890 | 2.83 | 136,092 | 2,392 | 2.34 | |||||||||||||||
Subordinated notes payable and other notes | 87,173 | 2,696 | 4.12 | 99,918 | 958 | 1.28 | |||||||||||||||
Total Interest-Bearing Funds and Average Rate Paid | 16,183,727 | 16,144 | 0.13 | 15,288,305 | 8,811 | 0.08 | |||||||||||||||
Accrued interest and other liabilities | 161,643 | 259,131 | |||||||||||||||||||
Total Liabilities | 27,070,973 | 25,440,876 | |||||||||||||||||||
Shareholders’ Equity | 3,153,545 | 3,048,116 | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 30,224,518 | $ | 28,488,992 | |||||||||||||||||
Net interest income | $ | 774,819 | $ | 694,997 | |||||||||||||||||
Net interest spread | 3.64 | % | 3.52 | % | |||||||||||||||||
Net interest income to total average earning assets | 3.69 | % | 3.56 | % |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Number of Shares (or Approximate Dollar Value) That May Yet Be Purchased Under the Plan at the End of the Period | |||||||||||||||||||
April 1, 2023 to April 30, 2023 | — | $ | — | — | $ | 100,000 | |||||||||||||||||
May 1, 2023 to May 31, 2023 | 289,149 | 95.94 | 288,912 | 72,258 | |||||||||||||||||||
June 1, 2023 to June 30, 2023 | — | — | — | 72,258 | |||||||||||||||||||
Total | 289,149 | 288,912 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Number of Shares (or Approximate Dollar Value) That May Yet Be Purchased Under the Plan at the End of the Period | |||||||||
July 1, 2017 to July 31, 2017 | 169,342 | $ | 91.11 | 169,342 | $ | 84,572 | |||||||
August 1, 2017 to August 31, 2017 | 614,493 | 88.69 | 614,493 | 30,070 | |||||||||
September 1, 2017 to September 30, 2017 | 351,131 | 85.64 | 351,131 | — | |||||||||
Total | 1,134,966 | $ | 88.11 | 1,134,966 |
Exhibit Number | Description | ||||
31.1 | |||||
31.2 | |||||
32.1(1) | |||||
32.2(1) | |||||
101.INS(2) | Inline XBRL Instance Document | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | InlineXBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104(3) | Cover Page Interactive Data File |
Cullen/Frost Bankers, Inc. | |||||||||||||||||
(Registrant) | |||||||||||||||||
Date: | By: | /s/ Jerry Salinas | |||||||||||||||
Jerry Salinas | |||||||||||||||||
Group Executive Vice President | |||||||||||||||||
and Chief Financial Officer | |||||||||||||||||
(Duly Authorized Officer, Principal Financial | |||||||||||||||||
Officer and Principal Accounting Officer) |