☒ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
☐ | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
Delaware | 75-2679109 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
2000 McKinney Avenue | ||||||||||||||||||||
Suite 700 | ||||||||||||||||||||
Dallas | TX | USA | 75201 | |||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | TCBI | Nasdaq Stock Market | ||||||||||||
Nasdaq Stock Market | ||||||||||||||
Large Accelerated Filer | x | Accelerated Filer | ☐ | |||||||||||||||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||||||||||||||
Emerging Growth Company | ☐ |
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 6. | |||||||||||
(in thousands except share data) | September 30, 2020 | December 31, 2019 | (in thousands except share data) | September 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
Assets | Assets | |||||||||||||||||
Cash and due from banks | $ | 185,242 | $ | 161,817 | Cash and due from banks | $ | 217,125 | $ | 173,573 | |||||||||
Interest-bearing deposits in other banks | 10,461,544 | 4,233,766 | Interest-bearing deposits in other banks | 8,317,926 | 9,032,807 | |||||||||||||
Federal funds sold and securities purchased under resale agreements | 0 | 30,000 | ||||||||||||||||
Investment securities | 1,367,313 | 239,871 | Investment securities | 3,663,874 | 3,196,970 | |||||||||||||
Loans held for sale ($639.0 million at September 30, 2020 and $2,571.3 million at December 31, 2019, at fair value) | 648,009 | 2,577,134 | ||||||||||||||||
Loans held for sale ($8.4 million and $239.1 million at September 30, 2021 and December 31, 2020, respectively, at fair value) | Loans held for sale ($8.4 million and $239.1 million at September 30, 2021 and December 31, 2020, respectively, at fair value) | 9,660 | 283,165 | |||||||||||||||
Loans held for investment, mortgage finance | 9,378,104 | 8,169,849 | Loans held for investment, mortgage finance | 8,528,313 | 9,079,409 | |||||||||||||
Loans held for investment (net of unearned income) | 15,789,958 | 16,476,413 | Loans held for investment (net of unearned income) | 15,221,404 | 15,351,451 | |||||||||||||
Less: Allowance for credit losses on loans | 290,165 | 195,047 | Less: Allowance for credit losses on loans | 221,957 | 254,615 | |||||||||||||
Loans held for investment, net | 24,877,897 | 24,451,215 | Loans held for investment, net | 23,527,760 | 24,176,245 | |||||||||||||
Mortgage servicing rights, net | 95,323 | 64,904 | Mortgage servicing rights, net | 1,158 | 105,424 | |||||||||||||
Premises and equipment, net | 26,653 | 31,212 | Premises and equipment, net | 21,119 | 24,546 | |||||||||||||
Accrued interest receivable and other assets | 753,123 | 740,051 | Accrued interest receivable and other assets | 628,335 | 715,699 | |||||||||||||
Goodwill and intangible assets, net | 17,768 | 18,099 | Goodwill and intangible assets, net | 17,363 | 17,667 | |||||||||||||
Total assets | $ | 38,432,872 | $ | 32,548,069 | Total assets | $ | 36,404,320 | $ | 37,726,096 | |||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | |||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||
Deposits: | Deposits: | |||||||||||||||||
Non-interest-bearing | $ | 12,339,212 | $ | 9,438,459 | Non-interest-bearing | $ | 14,970,462 | $ | 12,740,947 | |||||||||
Interest-bearing | 19,620,275 | 17,040,134 | Interest-bearing | 14,843,206 | 18,255,642 | |||||||||||||
Total deposits | 31,959,487 | 26,478,593 | Total deposits | 29,813,668 | 30,996,589 | |||||||||||||
Accrued interest payable | 14,674 | 12,760 | Accrued interest payable | 8,920 | 11,150 | |||||||||||||
Other liabilities | 354,318 | 318,094 | Other liabilities | 302,448 | 339,486 | |||||||||||||
Federal funds purchased and repurchase agreements | 208,183 | 141,766 | Federal funds purchased and repurchase agreements | 3,470 | 111,751 | |||||||||||||
Other borrowings | 2,700,000 | 2,400,000 | Other borrowings | 2,200,000 | 3,000,000 | |||||||||||||
Subordinated notes, net | 282,400 | 282,129 | ||||||||||||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | ||||||||||||||||
Long-term debt | Long-term debt | 928,062 | 395,896 | |||||||||||||||
Total liabilities | 35,632,468 | 29,746,748 | Total liabilities | 33,256,568 | 34,854,872 | |||||||||||||
Stockholders’ equity: | Stockholders’ equity: | |||||||||||||||||
Preferred stock, $.01 par value, $1,000 liquidation value: | ||||||||||||||||||
Preferred stock, $0.01 par value, $1,000 liquidation value: | Preferred stock, $0.01 par value, $1,000 liquidation value: | |||||||||||||||||
Authorized shares—10,000,000 | Authorized shares—10,000,000 | |||||||||||||||||
Issued shares—6,000,000 shares issued at September 30, 2020 and December 31, 2019 | 150,000 | 150,000 | ||||||||||||||||
Common stock, $.01 par value: | ||||||||||||||||||
Issued shares—300,000 and 6,000,000 at September 30, 2021 and December 31, 2020, respectively | Issued shares—300,000 and 6,000,000 at September 30, 2021 and December 31, 2020, respectively | 300,000 | 150,000 | |||||||||||||||
Common stock, $0.01 par value: | Common stock, $0.01 par value: | |||||||||||||||||
Authorized shares—100,000,000 | Authorized shares—100,000,000 | |||||||||||||||||
Issued shares— 50,455,969 and 50,338,158 at September 30, 2020 and December 31, 2019, respectively | 504 | 503 | ||||||||||||||||
Issued shares— 50,606,043 and 50,470,867 at September 30, 2021 and December 31, 2020, respectively | Issued shares— 50,606,043 and 50,470,867 at September 30, 2021 and December 31, 2020, respectively | 506 | 504 | |||||||||||||||
Additional paid-in capital | 987,754 | 978,205 | Additional paid-in capital | 1,000,509 | 991,898 | |||||||||||||
Retained earnings | 1,655,317 | 1,663,671 | Retained earnings | 1,887,457 | 1,713,056 | |||||||||||||
Treasury stock (shares at cost: 417 at September 30, 2020 and December 31, 2019) | (8 | ) | (8 | ) | ||||||||||||||
Accumulated other comprehensive income, net of taxes | 6,837 | 8,950 | ||||||||||||||||
Treasury stock (shares at cost: 417 at September 30, 2021 and December 31, 2020) | Treasury stock (shares at cost: 417 at September 30, 2021 and December 31, 2020) | (8) | (8) | |||||||||||||||
Accumulated other comprehensive income/(loss), net of taxes | Accumulated other comprehensive income/(loss), net of taxes | (40,712) | 15,774 | |||||||||||||||
Total stockholders’ equity | 2,800,404 | 2,801,321 | Total stockholders’ equity | 3,147,752 | 2,871,224 | |||||||||||||
Total liabilities and stockholders’ equity | $ | 38,432,872 | $ | 32,548,069 | Total liabilities and stockholders’ equity | $ | 36,404,320 | $ | 37,726,096 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
(in thousands except per share data) | 2020 | 2019 | 2020 | 2019 | (in thousands except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Interest income | Interest income | |||||||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 237,179 | $ | 329,344 | $ | 768,399 | $ | 971,889 | Interest and fees on loans | $ | 206,307 | $ | 237,179 | $ | 632,510 | $ | 768,399 | |||||||||||||||||||||
Investment securities | 3,674 | 2,316 | 7,881 | 6,036 | Investment securities | 10,235 | 3,674 | 31,040 | 7,881 | |||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 1 | 554 | 692 | 1,090 | Federal funds sold and securities purchased under resale agreements | — | 1 | 1 | 692 | |||||||||||||||||||||||||||||
Interest-bearing deposits in other banks | 2,877 | 22,887 | 24,777 | 48,540 | Interest-bearing deposits in other banks | 3,606 | 2,877 | 9,499 | 24,777 | |||||||||||||||||||||||||||||
Total interest income | 243,731 | 355,101 | 801,749 | 1,027,555 | Total interest income | 220,148 | 243,731 | 673,050 | 801,749 | |||||||||||||||||||||||||||||
Interest expense | Interest expense | |||||||||||||||||||||||||||||||||||||
Deposits | 27,830 | 80,967 | 122,298 | 222,550 | Deposits | 14,719 | 27,830 | 50,994 | 122,298 | |||||||||||||||||||||||||||||
Federal funds purchased | 128 | 1,835 | 973 | 10,553 | Federal funds purchased | 5 | 128 | 131 | 973 | |||||||||||||||||||||||||||||
Other borrowings | 3,365 | 14,703 | 17,516 | 46,681 | Other borrowings | 743 | 3,365 | 3,711 | 17,516 | |||||||||||||||||||||||||||||
Subordinated notes | 4,191 | 4,191 | 12,573 | 12,573 | ||||||||||||||||||||||||||||||||||
Trust preferred subordinated debentures | 648 | 1,237 | 2,573 | 3,863 | ||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 10,586 | 4,839 | 27,052 | 15,146 | |||||||||||||||||||||||||||||||||
Total interest expense | 36,162 | 102,933 | 155,933 | 296,220 | Total interest expense | 26,053 | 36,162 | 81,888 | 155,933 | |||||||||||||||||||||||||||||
Net interest income | 207,569 | 252,168 | 645,816 | 731,335 | Net interest income | 194,095 | 207,569 | 591,162 | 645,816 | |||||||||||||||||||||||||||||
Provision for credit losses | 30,000 | 11,000 | 226,000 | 58,000 | Provision for credit losses | 5,000 | 30,000 | (20,000) | 226,000 | |||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 177,569 | 241,168 | 419,816 | 673,335 | Net interest income after provision for credit losses | 189,095 | 177,569 | 611,162 | 419,816 | |||||||||||||||||||||||||||||
Non-interest income | Non-interest income | |||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | 2,864 | 2,707 | 8,616 | 8,535 | Service charges on deposit accounts | 4,622 | 2,864 | 13,972 | 8,616 | |||||||||||||||||||||||||||||
Wealth management and trust fee income | 2,502 | 2,330 | 7,317 | 6,468 | Wealth management and trust fee income | 3,382 | 2,502 | 9,380 | 7,317 | |||||||||||||||||||||||||||||
Brokered loan fees | 15,034 | 8,691 | 33,813 | 21,093 | Brokered loan fees | 6,032 | 15,034 | 22,276 | 33,813 | |||||||||||||||||||||||||||||
Servicing income | 7,329 | 3,549 | 18,195 | 9,409 | Servicing income | 292 | 7,329 | 15,236 | 18,195 | |||||||||||||||||||||||||||||
Swap fees | 484 | 1,196 | 4,709 | 2,828 | Swap fees | 568 | 484 | 1,628 | 4,709 | |||||||||||||||||||||||||||||
Net gain/(loss) on sale of loans held for sale | 25,242 | (6,011 | ) | 51,265 | (12,502 | ) | Net gain/(loss) on sale of loans held for sale | (1,185) | 25,242 | 1,317 | 51,265 | |||||||||||||||||||||||||||
Other | 6,893 | 7,839 | 18,715 | 38,848 | Other | 7,509 | 6,893 | 26,605 | 18,698 | |||||||||||||||||||||||||||||
Total non-interest income | 60,348 | 20,301 | 142,630 | 74,679 | Total non-interest income | 21,220 | 60,348 | 90,414 | 142,613 | |||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | |||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 84,096 | 80,722 | 262,080 | 238,235 | Salaries and employee benefits | 87,503 | 84,096 | 261,855 | 262,080 | |||||||||||||||||||||||||||||
Net occupancy expense | 8,736 | 8,125 | 26,582 | 23,914 | Net occupancy expense | 8,324 | 8,736 | 24,463 | 26,582 | |||||||||||||||||||||||||||||
Marketing | 3,636 | 14,753 | 20,146 | 40,548 | Marketing | 2,123 | 3,636 | 5,720 | 20,146 | |||||||||||||||||||||||||||||
Legal and professional | 11,207 | 11,394 | 40,003 | 31,428 | Legal and professional | 11,055 | 11,207 | 28,479 | 40,003 | |||||||||||||||||||||||||||||
Communications and technology | 31,098 | 10,805 | 87,649 | 31,025 | Communications and technology | 28,374 | 31,098 | 58,695 | 87,649 | |||||||||||||||||||||||||||||
FDIC insurance assessment | 6,374 | 5,220 | 19,363 | 14,480 | ||||||||||||||||||||||||||||||||||
Federal Deposit Insurance Corporation (“FDIC”) insurance assessment | Federal Deposit Insurance Corporation (“FDIC”) insurance assessment | 4,500 | 6,374 | 16,339 | 19,363 | |||||||||||||||||||||||||||||||||
Servicing-related expenses | 12,287 | 8,165 | 48,758 | 19,613 | Servicing-related expenses | 2,396 | 12,287 | 27,740 | 48,741 | |||||||||||||||||||||||||||||
Merger-related expenses | 0 | 0 | 17,756 | 0 | Merger-related expenses | — | — | — | 17,756 | |||||||||||||||||||||||||||||
Other | 8,307 | 10,245 | 31,173 | 33,420 | Other | 8,712 | 8,307 | 29,072 | 31,173 | |||||||||||||||||||||||||||||
Total non-interest expense | 165,741 | 149,429 | 553,510 | 432,663 | Total non-interest expense | 152,987 | 165,741 | 452,363 | 553,493 | |||||||||||||||||||||||||||||
Income before income taxes | 72,176 | 112,040 | 8,936 | 315,351 | Income before income taxes | 57,328 | 72,176 | 249,213 | 8,936 | |||||||||||||||||||||||||||||
Income tax expense | 15,060 | 23,958 | 2,823 | 67,756 | Income tax expense | 13,938 | 15,060 | 60,404 | 2,823 | |||||||||||||||||||||||||||||
Net income | 57,116 | 88,082 | 6,113 | 247,595 | Net income | 43,390 | 57,116 | 188,809 | 6,113 | |||||||||||||||||||||||||||||
Preferred stock dividends | 2,438 | 2,438 | 7,313 | 7,313 | Preferred stock dividends | 4,312 | 2,438 | 14,408 | 7,313 | |||||||||||||||||||||||||||||
Net income/(loss) available to common stockholders | $ | 54,678 | $ | 85,644 | $ | (1,200 | ) | $ | 240,282 | Net income/(loss) available to common stockholders | $ | 39,078 | $ | 54,678 | $ | 174,401 | $ | (1,200) | ||||||||||||||||||||
Other comprehensive income/(loss) | ||||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) on available-for-sale debt securities arising during period, before tax | $ | 8,053 | $ | 884 | $ | (2,674 | ) | $ | 10,752 | |||||||||||||||||||||||||||||
Income tax expense/(benefit) related to unrealized loss on available-for-sale debt securities | 1,692 | 186 | (561 | ) | 2,259 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | |||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) on available-for-sale debt securities, before tax | Change in unrealized gain/(loss) on available-for-sale debt securities, before tax | $ | (18,131) | $ | 8,053 | $ | (71,501) | $ | (2,674) | |||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | (3,808) | 1,692 | (15,015) | (561) | |||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 6,361 | 698 | (2,113 | ) | 8,493 | Other comprehensive income/(loss), net of tax | (14,323) | 6,361 | (56,486) | (2,113) | ||||||||||||||||||||||||||||
Comprehensive income | $ | 63,477 | $ | 88,780 | $ | 4,000 | $ | 256,088 | Comprehensive income | $ | 29,067 | $ | 63,477 | $ | 132,323 | $ | 4,000 | |||||||||||||||||||||
Basic earnings/(loss) per common share | $ | 1.08 | $ | 1.70 | $ | (0.02 | ) | $ | 4.78 | Basic earnings/(loss) per common share | $ | 0.77 | $ | 1.08 | $ | 3.45 | $ | (0.02) | ||||||||||||||||||||
Diluted earnings/(loss) per common share | $ | 1.08 | $ | 1.70 | $ | (0.02 | ) | $ | 4.77 | Diluted earnings/(loss) per common share | $ | 0.76 | $ | 1.08 | $ | 3.41 | $ | (0.02) |
Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in | Retained | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income/(Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 6,000,000 | $ | 150,000 | 50,436,089 | $ | 504 | $ | 983,144 | $ | 1,600,639 | (417) | $ | (8) | $ | 476 | $ | 2,734,755 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 57,116 | — | — | — | 57,116 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) on available-for-sale securities, net of taxes | — | — | — | — | — | — | — | — | 6,361 | 6,361 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 63,477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 4,799 | — | — | — | — | 4,799 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (2,438) | — | — | — | (2,438) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 19,880 | — | (189) | — | — | — | — | (189) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 6,000,000 | $ | 150,000 | 50,455,969 | $ | 504 | $ | 987,754 | $ | 1,655,317 | (417) | $ | (8) | $ | 6,837 | $ | 2,800,404 | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 300,000 | $ | 300,000 | 50,592,618 | $ | 506 | $ | 992,469 | $ | 1,848,379 | (417) | $ | (8) | $ | (26,389) | $ | 3,114,957 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 43,390 | — | — | — | 43,390 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) on available-for-sale securities, net of taxes | — | — | — | — | — | — | — | — | (14,323) | (14,323) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 29,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 8,324 | — | — | — | — | 8,324 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (4,312) | — | — | — | (4,312) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 13,425 | — | (284) | — | — | — | — | (284) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 300,000 | $ | 300,000 | 50,606,043 | $ | 506 | $ | 1,000,509 | $ | 1,887,457 | (417) | $ | (8) | $ | (40,712) | $ | 3,147,752 |
Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | ||||||||||||||||||||||||||||||||
Paid-in | Retained | Comprehensive | ||||||||||||||||||||||||||||||||||
(in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income | Total | ||||||||||||||||||||||||||
Balance at June 30, 2019 | 6,000,000 | $ | 150,000 | 50,297,969 | $ | 503 | $ | 972,219 | $ | 1,516,044 | (417 | ) | $ | (8 | ) | $ | 8,313 | $ | 2,647,071 | |||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 88,082 | — | — | — | 88,082 | ||||||||||||||||||||||||||
Change in unrealized gain on available-for-sale securities, net of taxes | — | — | — | — | — | — | — | — | 698 | 698 | ||||||||||||||||||||||||||
Total comprehensive income | 88,780 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 3,023 | — | — | — | — | 3,023 | ||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (2,438 | ) | — | — | — | (2,438 | ) | ||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 20,102 | — | (443 | ) | — | — | — | — | (443 | ) | ||||||||||||||||||||||||
Balance at September 30, 2019 | 6,000,000 | $ | 150,000 | 50,318,071 | $ | 503 | $ | 974,799 | $ | 1,601,688 | (417 | ) | $ | (8 | ) | $ | 9,011 | $ | 2,735,993 | |||||||||||||||||
Balance at June 30, 2020 | 6,000,000 | $ | 150,000 | 50,436,089 | $ | 504 | $ | 983,144 | $ | 1,600,639 | (417 | ) | $ | (8 | ) | $ | 476 | $ | 2,734,755 | |||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 57,116 | — | — | — | 57,116 | ||||||||||||||||||||||||||
Change in unrealized gain on available-for-sale securities, net of taxes | — | — | — | — | — | — | — | — | 6,361 | 6,361 | ||||||||||||||||||||||||||
Total comprehensive income | 63,477 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 4,799 | — | — | — | — | 4,799 | ||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (2,438 | ) | — | — | — | (2,438 | ) | ||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 19,880 | — | (189 | ) | — | — | — | — | (189 | ) | ||||||||||||||||||||||||
Balance at September 30, 2020 | 6,000,000 | $ | 150,000 | 50,455,969 | $ | 504 | $ | 987,754 | $ | 1,655,317 | (417 | ) | $ | (8 | ) | $ | 6,837 | $ | 2,800,404 |
Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in | Retained | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income/(Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 (audited) | 6,000,000 | $ | 150,000 | 50,338,158 | $ | 503 | $ | 978,205 | $ | 1,663,671 | (417) | $ | (8) | $ | 8,950 | $ | 2,801,321 | ||||||||||||||||||||||||||||||||||||||||||
Impact of adoption of new accounting standards, net of taxes(1) | — | — | — | — | — | (7,154) | — | — | — | (7,154) | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 6,113 | — | — | — | 6,113 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) on available-for-sale securities, net of taxes | — | — | — | — | — | — | — | — | (2,113) | (2,113) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 4,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 11,348 | — | — | — | — | 11,348 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (7,313) | — | — | — | (7,313) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 117,811 | 1 | (1,799) | — | — | — | — | (1,798) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | 6,000,000 | $ | 150,000 | 50,455,969 | $ | 504 | $ | 987,754 | $ | 1,655,317 | (417) | $ | (8) | $ | 6,837 | $ | 2,800,404 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 (audited) | 6,000,000 | $ | 150,000 | 50,470,867 | $ | 504 | $ | 991,898 | $ | 1,713,056 | (417) | $ | (8) | $ | 15,774 | $ | 2,871,224 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 188,809 | — | — | — | 188,809 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) on available-for-sale securities, net of taxes | — | — | — | — | — | — | — | — | (56,486) | (56,486) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 132,323 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 22,100 | — | — | — | — | 22,100 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | 300,000 | 300,000 | — | — | (10,277) | — | — | — | — | 289,723 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (14,408) | — | — | — | (14,408) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 135,176 | 2 | (3,212) | — | — | — | — | (3,210) | |||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | (6,000,000) | (150,000) | — | — | — | — | — | — | — | (150,000) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 300,000 | $ | 300,000 | 50,606,043 | $ | 506 | $ | 1,000,509 | $ | 1,887,457 | (417) | $ | (8) | $ | (40,712) | $ | 3,147,752 |
Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | ||||||||||||||||||||||||||||||||
Paid-in | Retained | Comprehensive | ||||||||||||||||||||||||||||||||||
(in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income | Total | ||||||||||||||||||||||||||
Balance at December 31, 2018 (audited) | 6,000,000 | $ | 150,000 | 50,201,127 | $ | 502 | $ | 967,890 | $ | 1,361,406 | (417 | ) | $ | (8 | ) | $ | 518 | $ | 2,480,308 | |||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 247,595 | — | — | — | 247,595 | ||||||||||||||||||||||||||
Change in unrealized gain on available-for-sale securities, net of taxes | — | — | — | — | — | — | — | — | 8,493 | 8,493 | ||||||||||||||||||||||||||
Total comprehensive income | 256,088 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 8,565 | — | — | — | — | 8,565 | ||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (7,313 | ) | — | — | — | (7,313 | ) | ||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 108,176 | 1 | (1,656 | ) | — | — | — | — | (1,655 | ) | ||||||||||||||||||||||||
Issuance of common stock related to warrants | — | — | 8,768 | — | — | — | — | — | — | 0 | ||||||||||||||||||||||||||
Balance at September 30, 2019 | 6,000,000 | $ | 150,000 | 50,318,071 | $ | 503 | $ | 974,799 | $ | 1,601,688 | (417 | ) | $ | (8 | ) | $ | 9,011 | $ | 2,735,993 | |||||||||||||||||
Balance at December 31, 2019 (audited) | 6,000,000 | $ | 150,000 | 50,338,158 | $ | 503 | $ | 978,205 | $ | 1,663,671 | (417 | ) | $ | (8 | ) | $ | 8,950 | $ | 2,801,321 | |||||||||||||||||
Impact of adoption of new accounting standards, net of taxes(1) | — | — | — | — | — | (7,154 | ) | — | — | — | (7,154 | ) | ||||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 6,113 | — | — | — | 6,113 | ||||||||||||||||||||||||||
Change in unrealized gain on available-for-sale securities, net of taxes | — | — | — | — | — | — | — | — | (2,113 | ) | (2,113 | ) | ||||||||||||||||||||||||
Total comprehensive income | 4,000 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 11,348 | — | — | — | — | 11,348 | ||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (7,313 | ) | — | — | — | (7,313 | ) | ||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 117,811 | 1 | (1,799 | ) | — | — | — | — | (1,798 | ) | ||||||||||||||||||||||||
Balance at September 30, 2020 | 6,000,000 | $ | 150,000 | 50,455,969 | $ | 504 | $ | 987,754 | $ | 1,655,317 | (417 | ) | $ | (8 | ) | $ | 6,837 | $ | 2,800,404 |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(in thousands) | 2020 | 2019 | (in thousands) | 2021 | 2020 | |||||||||||||
Operating activities | Operating activities | |||||||||||||||||
Net income | $ | 6,113 | $ | 247,595 | Net income | $ | 188,809 | $ | 6,113 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for credit losses | 226,000 | 58,000 | Provision for credit losses | (20,000) | 226,000 | |||||||||||||
Depreciation and amortization | 51,716 | 26,085 | Depreciation and amortization | 65,943 | 51,716 | |||||||||||||
Net (gain)/loss on sale of loans held for sale | (51,265 | ) | 12,502 | Net (gain)/loss on sale of loans held for sale | (1,317) | (51,265) | ||||||||||||
Increase in valuation allowance on mortgage servicing rights | 20,933 | 8,360 | ||||||||||||||||
Increase/(decrease) in valuation allowance on mortgage servicing rights | Increase/(decrease) in valuation allowance on mortgage servicing rights | (16,448) | 20,933 | |||||||||||||||
Stock-based compensation expense | 12,064 | 12,973 | Stock-based compensation expense | 23,192 | 12,064 | |||||||||||||
Purchases and originations of loans held for sale | (8,963,499 | ) | (7,288,823 | ) | Purchases and originations of loans held for sale | (1,413,899) | (8,963,499) | |||||||||||
Proceeds from sales and repayments of loans held for sale | 10,859,458 | 6,534,879 | Proceeds from sales and repayments of loans held for sale | 1,675,246 | 10,859,458 | |||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||
Accrued interest receivable and other assets | (16,912 | ) | (156,803 | ) | Accrued interest receivable and other assets | 86,707 | (16,912) | |||||||||||
Accrued interest payable and other liabilities | 25,222 | 115,636 | Accrued interest payable and other liabilities | (41,920) | 25,222 | |||||||||||||
Net cash provided by/(used in) operating activities | 2,169,830 | (429,596 | ) | |||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 546,313 | 2,169,830 | |||||||||||||||
Investing activities | Investing activities | |||||||||||||||||
Purchases of investment securities | (1,140,935 | ) | (111,131 | ) | Purchases of investment securities | (952,982) | (1,140,935) | |||||||||||
Principal payments received on investment securities | 12,042 | 5,534 | Principal payments received on investment securities | 400,429 | 12,042 | |||||||||||||
Originations of mortgage finance loans | (157,016,926 | ) | (99,799,613 | ) | Originations of mortgage finance loans | (128,503,055) | (157,016,926) | |||||||||||
Proceeds from pay-offs of mortgage finance loans | 155,808,671 | 97,725,705 | Proceeds from pay-offs of mortgage finance loans | 129,054,151 | 155,808,671 | |||||||||||||
Net decrease/(increase) in loans held for investment, excluding mortgage finance loans | 553,026 | (143,741 | ) | |||||||||||||||
Proceeds from sale of mortgage servicing rights | Proceeds from sale of mortgage servicing rights | 108,925 | — | |||||||||||||||
Net increase/(decrease) in loans held for investment, excluding mortgage finance loans | Net increase/(decrease) in loans held for investment, excluding mortgage finance loans | 118,166 | 553,026 | |||||||||||||||
Purchase of premises and equipment, net | (2,705 | ) | (15,047 | ) | Purchase of premises and equipment, net | (2,619) | (2,705) | |||||||||||
Proceeds from sale of other real estate owned, net | 0 | 79 | ||||||||||||||||
Net cash used in investing activities | (1,786,827 | ) | (2,338,214 | ) | ||||||||||||||
Net cash provided by/(used in) investing activities | Net cash provided by/(used in) investing activities | 223,015 | (1,786,827) | |||||||||||||||
Financing activities | Financing activities | |||||||||||||||||
Net increase in deposits | 5,480,894 | 6,807,190 | ||||||||||||||||
Net increase/(decrease) in deposits | Net increase/(decrease) in deposits | (1,182,921) | 5,480,894 | |||||||||||||||
Costs from issuance of stock related to stock-based awards and warrants | (1,798 | ) | (1,655 | ) | Costs from issuance of stock related to stock-based awards and warrants | (3,210) | (1,798) | |||||||||||
Net proceeds from issuance of preferred stock | Net proceeds from issuance of preferred stock | 289,723 | — | |||||||||||||||
Redemption of preferred stock | Redemption of preferred stock | (150,000) | — | |||||||||||||||
Preferred dividends paid | (7,313 | ) | (7,313 | ) | Preferred dividends paid | (14,408) | (7,313) | |||||||||||
Net increase/(decrease) in other borrowings | 300,000 | (1,400,000 | ) | Net increase/(decrease) in other borrowings | (800,000) | 300,000 | ||||||||||||
Net increase/(decrease) in federal funds purchased and repurchase agreements | 66,417 | (501,207 | ) | Net increase/(decrease) in federal funds purchased and repurchase agreements | (108,281) | 66,417 | ||||||||||||
Net cash provided by financing activities | 5,838,200 | 4,897,015 | ||||||||||||||||
Net increase in cash and cash equivalents | 6,221,203 | 2,129,205 | ||||||||||||||||
Net proceeds from issuance of long-term debt | Net proceeds from issuance of long-term debt | 639,440 | — | |||||||||||||||
Redemption of long-term debt | Redemption of long-term debt | (111,000) | — | |||||||||||||||
Net cash provided by/(used in) financing activities | Net cash provided by/(used in) financing activities | (1,440,657) | 5,838,200 | |||||||||||||||
Net increase/(decrease) in cash and cash equivalents | Net increase/(decrease) in cash and cash equivalents | (671,329) | 6,221,203 | |||||||||||||||
Cash and cash equivalents at beginning of period | 4,425,583 | 3,080,065 | Cash and cash equivalents at beginning of period | 9,206,380 | 4,425,583 | |||||||||||||
Cash and cash equivalents at end of period | $ | 10,646,786 | $ | 5,209,270 | Cash and cash equivalents at end of period | $ | 8,535,051 | $ | 10,646,786 | |||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | |||||||||||||||||
Cash paid during the period for interest | $ | 154,019 | $ | 282,559 | Cash paid during the period for interest | $ | 84,118 | $ | 154,019 | |||||||||
Cash paid during the period for income taxes | 21,747 | 85,314 | Cash paid during the period for income taxes | 99,915 | 21,747 |
(in thousands) | As Reported | Adjustment | As Revised | |||||||||
Other liabilities | $ | 287,157 | $ | 30,937 | $ | 318,094 | ||||||
Total liabilities | 29,715,811 | 30,937 | 29,746,748 | |||||||||
Retained Earnings | 1,694,608 | (30,937 | ) | 1,663,671 | ||||||||
Total Equity | 2,832,258 | (30,937 | ) | 2,801,321 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
(in thousands) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | |||||||||||||||||
Salaries and employee benefits expense | $ | 80,106 | $ | 616 | $ | 80,722 | $ | 234,818 | $ | 3,417 | $ | 238,235 | |||||||||||
Other non-interest expense | 10,802 | (557 | ) | 10,245 | 35,483 | (2,063 | ) | 33,420 | |||||||||||||||
Total non-interest expense | 149,370 | 59 | 149,429 | 431,309 | 1,354 | 432,663 | |||||||||||||||||
Income before tax | 112,099 | (59 | ) | 112,040 | 316,705 | (1,354 | ) | 315,351 | |||||||||||||||
Net income | 88,141 | (59 | ) | 88,082 | 248,949 | (1,354 | ) | 247,595 | |||||||||||||||
Net income available to common stockholders | 85,703 | (59 | ) | 85,644 | 241,636 | (1,354 | ) | 240,282 | |||||||||||||||
Comprehensive income | 88,839 | (59 | ) | 88,780 | 257,442 | (1,354 | ) | 256,088 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
(in thousands) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | |||||||||||||||||
Beginning balance retained earnings | $ | 1,537,425 | $ | (21,381 | ) | $ | 1,516,044 | $ | 1,381,492 | $ | (20,086 | ) | $ | 1,361,406 | |||||||||
Beginning balance total equity | 2,668,452 | (21,381 | ) | 2,647,071 | 2,500,394 | (20,086 | ) | 2,480,308 | |||||||||||||||
Ending balance retained earnings | 1,623,128 | (21,440 | ) | 1,601,688 | 1,623,128 | (21,440 | ) | 1,601,688 | |||||||||||||||
Ending balance total equity | 2,757,433 | (21,440 | ) | 2,735,993 | 2,757,433 | (21,440 | ) | 2,735,993 |
January 1, 2020 | ||||||||||||
(in thousands) | As Reported Under ASU 2016-13 | Pre-ASU 2016-13 | Impact of ASU 2016-13 Adoption | |||||||||
Assets: | ||||||||||||
Loans held for investment (outstanding balance) | ||||||||||||
Commercial | $ | 9,133,444 | $ | 10,230,828 | $ | (1,097,384 | ) | |||||
Energy | 1,425,309 | 1,425,309 | ||||||||||
Mortgage finance | 8,169,849 | 8,169,849 | 0 | |||||||||
Construction | 2,563,339 | (2,563,339 | ) | |||||||||
Real estate | 6,008,040 | 3,444,701 | 2,563,339 | |||||||||
Consumer | 71,463 | (71,463 | ) | |||||||||
Equipment leases | 256,462 | (256,462 | ) | |||||||||
Allowance for credit losses on loans | (203,632 | ) | (195,047 | ) | (8,585 | ) | ||||||
Total loans held for investment, net | 24,442,630 | 24,451,215 | (8,585 | ) | ||||||||
Net deferred tax asset | 23,058 | 21,064 | 1,994 | |||||||||
Liabilities: | ||||||||||||
Allowance for credit losses on off-balance sheet exposures | 9,203 | 8,640 | 563 | |||||||||
Equity: | ||||||||||||
Retained earnings | 1,656,517 | 1,663,671 | (7,154 | ) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in thousands except share and per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 43,390 | $ | 57,116 | $ | 188,809 | $ | 6,113 | |||||||||||||||
Preferred stock dividends | 4,312 | 2,438 | 14,408 | 7,313 | |||||||||||||||||||
Net income/(loss) available to common stockholders | $ | 39,078 | $ | 54,678 | $ | 174,401 | $ | (1,200) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per share—weighted average shares | 50,600,732 | 50,446,691 | 50,568,439 | 50,417,563 | |||||||||||||||||||
Effect of employee stock-based awards(1) | 538,823 | 126,382 | 555,836 | 103,984 | |||||||||||||||||||
Denominator for dilutive earnings per share—adjusted weighted average shares and assumed conversions | 51,139,555 | 50,573,073 | 51,124,275 | 50,521,547 | |||||||||||||||||||
Basic earnings/(loss) per common share | $ | 0.77 | $ | 1.08 | $ | 3.45 | $ | (0.02) | |||||||||||||||
Diluted earnings/(loss) per common share | $ | 0.76 | $ | 1.08 | $ | 3.41 | $ | (0.02) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands except share and per share data) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Numerator: | |||||||||||||||
Net income | $ | 57,116 | $ | 88,082 | $ | 6,113 | $ | 247,595 | |||||||
Preferred stock dividends | 2,438 | 2,438 | 7,313 | 7,313 | |||||||||||
Net income/(loss) available to common stockholders | $ | 54,678 | $ | 85,644 | $ | (1,200 | ) | $ | 240,282 | ||||||
Denominator: | |||||||||||||||
Denominator for basic earnings per share—weighted average shares | 50,446,691 | 50,305,844 | 50,417,563 | 50,273,485 | |||||||||||
Effect of employee stock-based awards(1) | 126,382 | 110,558 | 103,984 | 119,277 | |||||||||||
Denominator for dilutive earnings per share—adjusted weighted average shares and assumed conversions | 50,573,073 | 50,416,402 | 50,521,547 | 50,392,762 | |||||||||||
Basic earnings/(loss) per common share | $ | 1.08 | $ | 1.70 | $ | (0.02 | ) | $ | 4.78 | ||||||
Diluted earnings/(loss) per common share | $ | 1.08 | $ | 1.70 | $ | (0.02 | ) | $ | 4.77 |
(in thousands) | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||
U.S. government agency securities | $ | 125,000 | $ | — | $ | (3,080) | $ | 121,920 | |||||||||||||||
Residential mortgage-backed securities | 3,363,930 | 331 | (59,539) | 3,304,722 | |||||||||||||||||||
Tax-exempt asset-backed securities | 171,157 | 13,663 | — | 184,820 | |||||||||||||||||||
Credit risk transfer (“CRT”) securities | 14,713 | — | (2,909) | 11,804 | |||||||||||||||||||
Total | $ | 3,674,800 | $ | 13,994 | $ | (65,528) | $ | 3,623,266 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||
U.S. government agency securities | $ | 125,000 | $ | 1 | $ | (1,412) | $ | 123,589 | |||||||||||||||
Residential mortgage-backed securities | 2,818,518 | 11,566 | (1,128) | 2,828,956 | |||||||||||||||||||
Tax-exempt asset-backed securities | 184,940 | 14,236 | — | 199,176 | |||||||||||||||||||
CRT securities | 14,713 | — | (3,296) | 11,417 | |||||||||||||||||||
Total | $ | 3,143,171 | $ | 25,803 | $ | (5,836) | $ | 3,163,138 | |||||||||||||||
(in thousands) | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
September 30, 2020 | |||||||||||||||
Available-for-sale debt securities: | |||||||||||||||
U.S. Government Agency Securities | $ | 125,000 | $ | 0 | $ | (1,052 | ) | $ | 123,948 | ||||||
Residential mortgage-backed securities | 1,004,279 | 490 | (2,987 | ) | 1,001,782 | ||||||||||
Tax-exempt asset-backed securities | 184,963 | 15,858 | 0 | 200,821 | |||||||||||
Credit risk transfer securities | 14,713 | 0 | (3,655 | ) | 11,058 | ||||||||||
Total | $ | 1,328,955 | $ | 16,348 | $ | (7,694 | ) | $ | 1,337,609 | ||||||
December 31, 2019 | |||||||||||||||
Available-for-sale debt securities: | |||||||||||||||
Residential mortgage-backed securities | $ | 4,991 | $ | 275 | $ | 0 | $ | 5,266 | |||||||
Tax-exempt asset-backed securities | 183,225 | 13,802 | 0 | 197,027 | |||||||||||
Credit risk transfer securities | 14,713 | 0 | (2,749 | ) | 11,964 | ||||||||||
Total | $ | 202,929 | $ | 14,077 | $ | (2,749 | ) | $ | 214,257 |
(in thousands, except percentage data) | Less Than One Year | After One Through Five Years | After Five Through Ten Years | After Ten Years | Total | ||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
U.S. government agency securities:(1) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | 125,000 | $ | — | $ | 125,000 | |||||||||||||||||||
Estimated fair value | — | — | 121,920 | — | 121,920 | ||||||||||||||||||||||||
Weighted average yield(3) | — | % | — | % | 1.13 | % | — | % | 1.13 | % | |||||||||||||||||||
Residential mortgage-backed securities:(1) | |||||||||||||||||||||||||||||
Amortized cost | $ | 24 | $ | 252 | $ | 17,339 | $ | 3,346,315 | $ | 3,363,930 | |||||||||||||||||||
Estimated fair value | 26 | 280 | 16,652 | 3,287,764 | 3,304,722 | ||||||||||||||||||||||||
Weighted average yield(3) | 3.99 | % | 4.66 | % | 1.08 | % | 1.13 | % | 1.13 | % | |||||||||||||||||||
Tax-exempt asset-backed securities:(1) | |||||||||||||||||||||||||||||
Amortized Cost | $ | — | $ | — | $ | — | $ | 171,157 | $ | 171,157 | |||||||||||||||||||
Estimated fair value | — | — | — | 184,820 | 184,820 | ||||||||||||||||||||||||
Weighted average yield(2)(3) | — | % | — | % | — | % | 4.96 | % | 4.96 | % | |||||||||||||||||||
CRT securities:(1) | |||||||||||||||||||||||||||||
Amortized Cost | $ | — | $ | — | $ | 14.713 | $ | — | $ | 14,713 | |||||||||||||||||||
Estimated fair value | — | — | 11.804 | — | 11,804 | ||||||||||||||||||||||||
Weighted average yield(3) | — | % | — | % | 0.08 | % | — | % | 0.08 | % | |||||||||||||||||||
Total available-for-sale debt securities: | |||||||||||||||||||||||||||||
Amortized cost | $ | 3,674,800 | |||||||||||||||||||||||||||
Estimated fair value | $ | 3,623,266 | |||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
U.S. government agency securities:(1) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | — | $ | 125,000 | $ | — | $ | 125,000 | |||||||||||||||||||
Estimated fair value | — | — | 123,589 | — | 123,589 | ||||||||||||||||||||||||
Weighted average yield(3) | — | % | — | % | 1.13 | % | — | % | 1.13 | % | |||||||||||||||||||
Residential mortgage-backed securities:(1) | |||||||||||||||||||||||||||||
Amortized cost | $ | — | $ | 545 | $ | 17,500 | $ | 2,800,473 | $ | 2,818,518 | |||||||||||||||||||
Estimated fair value | — | 605 | 17,490 | 2,810,861 | 2,828,956 | ||||||||||||||||||||||||
Weighted average yield(3) | — | % | 4.58 | % | 1.08 | % | 1.25 | % | 1.25 | % | |||||||||||||||||||
Tax-exempt asset-backed securities:(1) | |||||||||||||||||||||||||||||
Amortized Cost | $ | — | $ | — | $ | — | $ | 184,940 | $ | 184,940 | |||||||||||||||||||
Estimated fair value | — | — | — | 199,176 | 199,176 | ||||||||||||||||||||||||
Weighted average yield(2)(3) | — | % | — | % | — | % | 4.92 | % | 4.92 | % | |||||||||||||||||||
CRT securities:(1) | |||||||||||||||||||||||||||||
Amortized Cost | $ | — | $ | — | $ | — | $ | 14,713 | $ | 14,713 | |||||||||||||||||||
Estimated fair value | — | — | — | 11,417 | 11,417 | ||||||||||||||||||||||||
Weighted average yield(3) | — | % | — | % | — | % | 0.15 | % | 0.15 | % | |||||||||||||||||||
Total available-for-sale debt securities: | |||||||||||||||||||||||||||||
Amortized cost | $ | 3,143,171 | |||||||||||||||||||||||||||
Estimated fair value | $ | 3,163,138 |
(in thousands, except percentage data) | Less Than One Year | After One Through Five Years | After Five Through Ten Years | After Ten Years | Total | ||||||||||||||
September 30, 2020 | |||||||||||||||||||
Available-for-sale: | |||||||||||||||||||
U.S. Government Agency Securities:(1) | |||||||||||||||||||
Amortized cost | $ | 0 | $ | 0 | $ | 125,000 | $ | 0 | $ | 125,000 | |||||||||
Estimated fair value | 0 | 0 | 123,948 | 0 | 123,948 | ||||||||||||||
Weighted average yield(3) | 0 | % | 0 | % | 1.13 | % | 0 | % | 1.13 | % | |||||||||
Residential mortgage-backed securities:(1) | |||||||||||||||||||
Amortized cost | $ | 0 | $ | 653 | $ | 17,514 | $ | 986,112 | $ | 1,004,279 | |||||||||
Estimated fair value | 0 | 719 | 17,521 | 983,542 | 1,001,782 | ||||||||||||||
Weighted average yield(3) | 0 | % | 4.58 | % | 1.08 | % | 1.25 | % | 1.25 | % | |||||||||
Tax-exempt asset-backed securities:(1) | |||||||||||||||||||
Amortized Cost | 0 | 0 | 0 | 184,963 | 184,963 | ||||||||||||||
Estimated fair value | 0 | 0 | 0 | 200,821 | 200,821 | ||||||||||||||
Weighted average yield(2)(3) | 0 | % | 0 | % | 0 | % | 4.92 | % | 4.92 | % | |||||||||
CRT securities:(1) | |||||||||||||||||||
Amortized Cost | 0 | 0 | 0 | 14,713 | 14,713 | ||||||||||||||
Estimated fair value | 0 | 0 | 0 | 11,058 | 11,058 | ||||||||||||||
Weighted average yield(3) | 0 | % | 0 | % | 0 | % | 0.15 | % | 0.15 | % | |||||||||
Total available-for-sale debt securities: | |||||||||||||||||||
Amortized cost | $ | 1,328,955 | |||||||||||||||||
Estimated fair value | $ | 1,337,609 | |||||||||||||||||
December 31, 2019 | |||||||||||||||||||
Available-for-sale: | |||||||||||||||||||
Residential mortgage-backed securities:(1) | |||||||||||||||||||
Amortized cost | $ | 0 | $ | 1,005 | $ | 0 | $ | 3,986 | $ | 4,991 | |||||||||
Estimated fair value | 0 | 1,088 | 0 | 4,178 | 5,266 | ||||||||||||||
Weighted average yield(3) | 0 | % | 5.54 | % | 0 | % | 4.31 | % | 4.55 | % | |||||||||
Tax-exempt asset-backed securities:(1) | |||||||||||||||||||
Amortized Cost | 0 | 0 | 0 | 183,225 | 183,225 | ||||||||||||||
Estimated fair value | 0 | 0 | 0 | 197,027 | 197,027 | ||||||||||||||
Weighted average yield(2)(3) | 0 | % | 0 | % | 0 | % | 5.32 | % | 5.32 | % | |||||||||
CRT securities:(1) | |||||||||||||||||||
Amortized Cost | 0 | 0 | 0 | 14,713 | 14,713 | ||||||||||||||
Estimated fair value | 0 | 0 | 0 | 11,964 | 11,964 | ||||||||||||||
Weighted average yield(3) | 0 | % | 0 | % | 0 | % | 1.71 | % | 1.71 | % | |||||||||
Total available-for-sale debt securities: | |||||||||||||||||||
Amortized cost | $ | 202,929 | |||||||||||||||||
Estimated fair value | $ | 214,257 |
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
U.S. Government Agency Securities | $ | 123,948 | $ | (1,052 | ) | $ | 0 | $ | 0 | $ | 123,948 | $ | (1,052 | ) | |||||||||
Residential mortgage-backed securities | $ | 879,209 | $ | (2,987 | ) | $ | 0 | $ | 0 | $ | 879,209 | $ | (2,987 | ) | |||||||||
CRT securities | 0 | 0 | 11,058 | (3,655 | ) | 11,058 | (3,655 | ) | |||||||||||||||
Total | $ | 1,003,157 | $ | (4,039 | ) | $ | 11,058 | $ | (3,655 | ) | $ | 1,014,215 | $ | (7,694 | ) | ||||||||
December 31, 2019 | |||||||||||||||||||||||
CRT securities | $ | 11,964 | $ | (2,749 | ) | $ | 0 | $ | 0 | $ | 11,964 | $ | (2,749 | ) |
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 24,348 | $ | (652) | $ | 97,572 | $ | (2,428) | $ | 121,920 | $ | (3,080) | |||||||||||||||||||||||
Residential mortgage-backed securities | 3,279,426 | (59,539) | 97 | — | 3,279,523 | (59,539) | |||||||||||||||||||||||||||||
CRT securities | — | — | 11,804 | (2,909) | 11,804 | (2,909) | |||||||||||||||||||||||||||||
Total | $ | 3,303,774 | $ | (60,191) | $ | 109,473 | $ | (5,337) | $ | 3,413,247 | $ | (65,528) | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 98,588 | $ | (1,412) | $ | — | $ | — | $ | 98,588 | $ | (1,412) | |||||||||||||||||||||||
Residential mortgage-backed securities | 354,387 | (1,128) | — | — | 354,387 | (1,128) | |||||||||||||||||||||||||||||
CRT securities | — | — | 11,417 | (3,296) | 11,417 | (3,296) | |||||||||||||||||||||||||||||
Total | $ | 452,975 | $ | (2,540) | $ | 11,417 | $ | (3,296) | $ | 464,392 | $ | (5,836) | |||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net gains recognized during the period | $ | 1,350 | $ | 37 | $ | 1,285 | $ | 1,876 | |||||||
Less: Realized net gains/(losses) recognized during the period on equity securities sold | 177 | 111 | (68 | ) | 87 | ||||||||||
Unrealized net gains/(losses) recognized during the period on equity securities still held | $ | 1,173 | $ | (74 | ) | $ | 1,353 | $ | 1,789 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net gains/(losses) recognized during the period | $ | 850 | $ | 1,350 | $ | 4,496 | $ | 1,285 | |||||||||||||||
Less: Realized net gains/(losses) recognized during the period on equity securities sold | 347 | 177 | 1,096 | (68) | |||||||||||||||||||
Unrealized net gains/(losses) recognized during the period on equity securities still held | $ | 503 | $ | 1,173 | $ | 3,400 | $ | 1,353 |
(in thousands) | September 30, 2021 | December 31, 2020 | |||||||||
Commercial | $ | 9,377,274 | $ | 8,861,580 | |||||||
Energy | 697,888 | 766,217 | |||||||||
Mortgage finance(1) | 8,528,313 | 9,079,409 | |||||||||
Real estate | 5,212,364 | 5,794,624 | |||||||||
Gross loans held for investment(2) | 23,815,839 | 24,501,830 | |||||||||
Unearned income (net of direct origination costs) | (66,122) | (70,970) | |||||||||
Allowance for credit losses on loans | (221,957) | (254,615) | |||||||||
Total loans held for investment, net(2) | $ | 23,527,760 | $ | 24,176,245 |
(in thousands) | September 30, 2020 | December 31, 2019 | |||||
Commercial | $ | 8,786,917 | $ | 9,133,444 | |||
Energy | 968,993 | 1,425,309 | |||||
Mortgage finance(1) | 9,378,104 | 8,169,849 | |||||
Real estate | 6,112,672 | 6,008,040 | |||||
Gross loans held for investment(2) | 25,246,686 | 24,736,642 | |||||
Deferred income (net of direct origination costs) | (78,624 | ) | (90,380 | ) | |||
Allowance for credit losses on loans | (290,165 | ) | (195,047 | ) | |||
Total loans held for investment, net(2) | $ | 24,877,897 | $ | 24,451,215 |
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 919,405 | $ | 3,228,097 | $ | 572,505 | $ | 321,356 | $ | 194,921 | $ | 284,804 | $ | 3,535,016 | $ | 50,565 | $ | 9,106,669 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 691 | 8,061 | 46,942 | 9,233 | — | 13,561 | 9,579 | 6,495 | 94,562 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | 4,763 | 60,192 | 39,177 | 6,202 | 16,137 | 15,592 | 6,906 | 148,969 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | 1,218 | 1,624 | 2,305 | 727 | 2,105 | 10,444 | 8,185 | 466 | 27,074 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 921,314 | $ | 3,242,545 | $ | 681,944 | $ | 370,493 | $ | 203,228 | $ | 324,946 | $ | 3,568,372 | $ | 64,432 | $ | 9,377,274 | ||||||||||||||||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 22,309 | $ | — | $ | — | $ | 2,516 | $ | — | $ | 28,854 | $ | 566,387 | $ | — | $ | 620,066 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | 37,782 | — | 37,782 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | 20,715 | 19,325 | — | 40,040 | |||||||||||||||||||||||||||||||||||||||||||||||
Total energy | $ | 22,309 | $ | — | $ | — | $ | 2,516 | $ | — | $ | 49,569 | $ | 623,494 | $ | — | $ | 697,888 | ||||||||||||||||||||||||||||||||||||||
Mortgage finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 295,565 | $ | 834,008 | $ | 744,105 | $ | 696,945 | $ | 409,308 | $ | 5,548,382 | $ | — | $ | — | $ | 8,528,313 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage finance | $ | 295,565 | $ | 834,008 | $ | 744,105 | $ | 696,945 | $ | 409,308 | $ | 5,548,382 | $ | — | $ | — | $ | 8,528,313 | ||||||||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 292,248 | $ | 545,204 | $ | 703,910 | $ | 566,771 | $ | 187,565 | $ | 482,033 | $ | 45,008 | $ | 25,361 | $ | 2,848,100 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | 30,497 | 8,881 | 48,049 | 17,022 | — | — | 104,449 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | 17,850 | — | — | 41,209 | 61,051 | 62,978 | — | 2,354 | 185,442 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | 202 | — | — | 202 | |||||||||||||||||||||||||||||||||||||||||||||||
RBF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 166,828 | 70,338 | 15,180 | 9,392 | 66 | 14,483 | 566,799 | — | 843,086 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 88,370 | 161,048 | 136,836 | 107,251 | 83,282 | 167,252 | 45,174 | 30,210 | 819,423 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | 13,903 | 1,990 | — | — | 5,055 | — | — | 20,948 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | 1,637 | 23,952 | 21,125 | — | — | 46,714 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | 3,536 | 2,566 | — | 13,929 | 20,031 | |||||||||||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 71,682 | 62,514 | 53,285 | 24,610 | 34,666 | 69,988 | 4,491 | — | 321,236 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | 294 | — | — | 294 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | 2,254 | — | — | 2,254 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | 185 | — | — | 185 | |||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | $ | 636,978 | $ | 853,007 | $ | 941,698 | $ | 759,751 | $ | 442,167 | $ | 845,437 | $ | 661,472 | $ | 71,854 | $ | 5,212,364 | ||||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 1,876,166 | $ | 4,929,560 | $ | 2,367,747 | $ | 1,829,705 | $ | 1,054,703 | $ | 6,768,334 | $ | 4,853,338 | $ | 136,286 | $ | 23,815,839 |
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | |||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 1,104,589 | $ | 2,973,613 | $ | 661,999 | $ | 384,067 | $ | 207,610 | $ | 256,339 | $ | 2,764,619 | $ | 33,888 | $ | 8,386,724 | ||||||||||||||||||
(8) Special mention | 319 | 36,072 | 21,423 | 35,407 | 9,208 | 9,371 | 14,067 | 9,226 | 135,093 | |||||||||||||||||||||||||||
(9) Substandard - accruing | 17,476 | 30,923 | 46,453 | 40,670 | 11,875 | 9,737 | 43,533 | 1,922 | 202,589 | |||||||||||||||||||||||||||
(9+) Non-accrual | 9,167 | 10,202 | 386 | 11,030 | 2,144 | 22,191 | 7,260 | 131 | 62,511 | |||||||||||||||||||||||||||
Total commercial | $ | 1,131,551 | $ | 3,050,810 | $ | 730,261 | $ | 471,174 | $ | 230,837 | $ | 297,638 | $ | 2,829,479 | $ | 45,167 | $ | 8,786,917 | ||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 1,009 | $ | 14,500 | $ | 25,472 | $ | 10,423 | $ | 21,400 | $ | 68,284 | $ | 553,125 | $ | 250 | $ | 694,463 | ||||||||||||||||||
(8) Special mention | 0 | 27,909 | 22,394 | 0 | 0 | 15,314 | 64,037 | 0 | 129,654 | |||||||||||||||||||||||||||
(9) Substandard - accruing | 0 | 0 | 30,977 | 0 | 0 | 0 | 40,088 | 0 | 71,065 | |||||||||||||||||||||||||||
(9+) Non-accrual | 0 | 0 | 0 | 5,968 | 11,822 | 34,336 | 19,873 | 1,812 | 73,811 | |||||||||||||||||||||||||||
Total energy | $ | 1,009 | $ | 42,409 | $ | 78,843 | $ | 16,391 | $ | 33,222 | $ | 117,934 | $ | 677,123 | $ | 2,062 | $ | 968,993 | ||||||||||||||||||
Mortgage finance | ||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 628,926 | $ | 1,111,019 | $ | 824,564 | $ | 531,556 | $ | 148,745 | $ | 6,133,294 | $ | 0 | $ | 0 | $ | 9,378,104 | ||||||||||||||||||
(8) Special mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
(9) Substandard - accruing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
(9+) Non-accrual | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total mortgage finance | $ | 628,926 | $ | 1,111,019 | $ | 824,564 | $ | 531,556 | $ | 148,745 | $ | 6,133,294 | $ | 0 | $ | 0 | $ | 9,378,104 | ||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 257,066 | $ | 877,307 | $ | 949,785 | $ | 631,875 | $ | 229,186 | $ | 456,647 | $ | 100,067 | $ | 74,789 | $ | 3,576,722 | ||||||||||||||||||
(8) Special mention | 0 | 333 | 56,081 | 66,742 | 49,755 | 52,454 | 0 | 6,385 | 231,750 | |||||||||||||||||||||||||||
(9) Substandard - accruing | 0 | 0 | 12,002 | 0 | 0 | 34,610 | 0 | 1,250 | 47,862 | |||||||||||||||||||||||||||
(9+) Non-accrual | 0 | 0 | 4,028 | 0 | 0 | 237 | 0 | 0 | 4,265 | |||||||||||||||||||||||||||
RBF | ||||||||||||||||||||||||||||||||||||
(1-7) Pass | 158,135 | 134,598 | 117,955 | 21,943 | 7,029 | 25,175 | 506,363 | 0 | 971,198 | |||||||||||||||||||||||||||
(8) Special mention | 0 | 577 | 0 | 0 | 0 | 0 | 0 | 0 | 577 | |||||||||||||||||||||||||||
(9) Substandard - accruing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
(9+) Non-accrual | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||
(1-7) Pass | 156,602 | 160,006 | 123,021 | 123,932 | 91,834 | 114,276 | 19,035 | 32,551 | 821,257 | |||||||||||||||||||||||||||
(8) Special mention | 0 | 11,423 | 8,604 | 26,952 | 9,351 | 27,740 | 0 | 1,018 | 85,088 | |||||||||||||||||||||||||||
(9) Substandard - accruing | 0 | 0 | 0 | 4,496 | 0 | 2,745 | 0 | 0 | 7,241 | |||||||||||||||||||||||||||
(9+) Non-accrual | 0 | 0 | 0 | 0 | 1,107 | 6,133 | 0 | 13,901 | 21,141 | |||||||||||||||||||||||||||
Secured by 1-4 family | ||||||||||||||||||||||||||||||||||||
(1-7) Pass | 46,521 | 63,274 | 48,779 | 61,165 | 85,470 | 32,718 | 4,725 | 0 | 342,652 | |||||||||||||||||||||||||||
(8) Special mention | 0 | 0 | 0 | 0 | 0 | 1,774 | 0 | 0 | 1,774 | |||||||||||||||||||||||||||
(9) Substandard - accruing | 0 | 0 | 0 | 818 | 0 | 109 | 0 | 0 | 927 | |||||||||||||||||||||||||||
(9+) Non-accrual | 0 | 0 | 0 | 0 | 0 | 218 | 0 | 0 | 218 | |||||||||||||||||||||||||||
Total real estate | $ | 618,324 | $ | 1,247,518 | $ | 1,320,255 | $ | 937,923 | $ | 473,732 | $ | 754,836 | $ | 630,190 | $ | 129,894 | $ | 6,112,672 | ||||||||||||||||||
Total loans held for investment | $ | 2,379,810 | $ | 5,451,756 | $ | 2,953,923 | $ | 1,957,044 | $ | 886,536 | $ | 7,303,702 | $ | 4,136,792 | $ | 177,123 | $ | 25,246,686 |
(in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 1,259,949 | $ | 2,816,425 | $ | 543,438 | $ | 374,455 | $ | 192,060 | $ | 213,212 | $ | 3,020,353 | $ | 40,253 | $ | 8,460,145 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 2,664 | 115,015 | 38,751 | 26,423 | 1,983 | 290 | 19,971 | 22,797 | 227,894 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | 15,773 | 15,854 | 18,068 | 32,241 | 15,297 | 19,639 | 22,932 | 1,641 | 141,445 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | 1,820 | 8,360 | 377 | 1,292 | 802 | 15,157 | 3,836 | 452 | 32,096 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 1,280,206 | $ | 2,955,654 | $ | 600,634 | $ | 434,411 | $ | 210,142 | $ | 248,298 | $ | 3,067,092 | $ | 65,143 | $ | 8,861,580 | ||||||||||||||||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | — | $ | 12,020 | $ | 7,598 | $ | 26,931 | $ | — | $ | 23,750 | $ | 553,970 | $ | — | $ | 624,269 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | 13,358 | 76,866 | — | 90,224 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | 5,705 | 1,972 | 8,009 | 36,038 | — | 51,724 | |||||||||||||||||||||||||||||||||||||||||||||||
Total energy | $ | — | $ | 12,020 | $ | 7,598 | $ | 32,636 | $ | 1,972 | $ | 45,117 | $ | 666,874 | $ | — | $ | 766,217 | ||||||||||||||||||||||||||||||||||||||
Mortgage finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 755,309 | $ | 1,063,641 | $ | 821,122 | $ | 483,436 | $ | 106,013 | $ | 5,849,888 | $ | — | $ | — | $ | 9,079,409 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage finance | $ | 755,309 | $ | 1,063,641 | $ | 821,122 | $ | 483,436 | $ | 106,013 | $ | 5,849,888 | $ | — | $ | — | $ | 9,079,409 | ||||||||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 352,688 | $ | 892,831 | $ | 923,762 | $ | 444,587 | $ | 208,426 | $ | 451,283 | $ | 62,336 | $ | 61,133 | $ | 3,397,046 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 3,475 | 11,170 | 6,485 | 88,633 | 11,153 | 17,623 | — | 1,247 | 139,786 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | 327 | 47,708 | 11,601 | 32,645 | 30,766 | — | 15,940 | 138,987 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | 5,749 | 4,852 | — | — | 10,601 | |||||||||||||||||||||||||||||||||||||||||||||||
RBF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 162,397 | 60,077 | 65,271 | 3,727 | 5,888 | 8,483 | 551,703 | — | 857,546 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | 353 | — | — | — | — | — | — | 353 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 190,995 | 150,787 | 119,696 | 120,817 | 82,465 | 113,105 | 16,630 | 39,129 | 833,624 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | 6,700 | 2,240 | — | 1,843 | 7,195 | — | 1,018 | 18,996 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | 2,567 | 14,452 | 3,301 | 14,453 | — | — | 34,773 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | 927 | 5,524 | 6,403 | — | 14,496 | 27,350 | |||||||||||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 58,515 | 63,031 | 46,623 | 54,096 | 72,527 | 31,880 | 4,697 | — | 331,369 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | 646 | — | — | 635 | — | 1,768 | — | — | 3,049 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | 817 | — | 109 | — | — | 926 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | 218 | — | — | 218 | |||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | $ | 768,716 | $ | 1,185,276 | $ | 1,214,352 | $ | 740,292 | $ | 429,521 | $ | 688,138 | $ | 635,366 | $ | 132,963 | $ | 5,794,624 | ||||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 2,804,231 | $ | 5,216,591 | $ | 2,643,706 | $ | 1,690,775 | $ | 747,648 | $ | 6,831,441 | $ | 4,369,332 | $ | 198,106 | $ | 24,501,830 |
(in thousands) | Commercial | Energy | Mortgage Finance | Real Estate | Additional Qualitative Reserve | Total | ||||||||||||
Nine months ended September 30, 2020 | ||||||||||||||||||
Allowance for credit losses on loans: | ||||||||||||||||||
Beginning balance | $ | 102,254 | $ | 60,253 | $ | 2,265 | $ | 30,275 | $ | 0 | $ | 195,047 | ||||||
Impact of CECL adoption | (15,740 | ) | 24,154 | 2,031 | (1,860 | ) | 0 | 8,585 | ||||||||||
Provision for credit losses on loans | 47,263 | 127,470 | 430 | 44,799 | 0 | 219,962 | ||||||||||||
Charge-offs | 35,376 | 100,239 | 0 | 0 | 0 | 135,615 | ||||||||||||
Recoveries | 883 | 1,303 | 0 | 0 | 0 | 2,186 | ||||||||||||
Net charge-offs (recoveries) | 34,493 | 98,936 | 0 | 0 | 0 | 133,429 | ||||||||||||
Ending balance | $ | 99,284 | $ | 112,941 | $ | 4,726 | $ | 73,214 | $ | 0 | $ | 290,165 | ||||||
Nine months ended September 30, 2019 | ||||||||||||||||||
Allowance for credit losses on loans: | ||||||||||||||||||
Beginning balance | $ | 96,814 | $ | 34,882 | $ | 0 | $ | 52,595 | $ | 7,231 | $ | 191,522 | ||||||
Provision for credit losses on loans | 30,309 | 42,243 | 1,966 | (7,204 | ) | (7,231 | ) | 60,083 | ||||||||||
Charge-offs | 30,869 | 31,828 | 0 | 177 | 0 | 62,874 | ||||||||||||
Recoveries | 1,300 | 107 | 0 | 0 | 0 | 1,407 | ||||||||||||
Net charge-offs (recoveries) | 29,569 | 31,721 | 0 | 177 | 0 | 61,467 | ||||||||||||
Ending balance | $ | 97,554 | $ | 45,404 | $ | 1,966 | $ | 45,214 | $ | 0 | $ | 190,138 |
(in thousands) | Commercial | Energy | Mortgage Finance | Real Estate | Total | ||||||||||||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||
Beginning balance | $ | 73,061 | $ | 84,064 | $ | 4,699 | $ | 92,791 | $ | 254,615 | |||||||||||||||||||
Provision for credit losses on loans | 26,549 | (24,730) | 1,729 | (24,325) | (20,777) | ||||||||||||||||||||||||
Charge-offs | 8,211 | 6,418 | — | 1,192 | 15,821 | ||||||||||||||||||||||||
Recoveries | 2,462 | 1,366 | — | 112 | 3,940 | ||||||||||||||||||||||||
Net charge-offs (recoveries) | 5,749 | 5,052 | — | 1,080 | 11,881 | ||||||||||||||||||||||||
Ending balance | $ | 93,861 | $ | 54,282 | $ | 6,428 | $ | 67,386 | $ | 221,957 | |||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||
Beginning balance | $ | 102,254 | $ | 60,253 | $ | 2,265 | $ | 30,275 | $ | 195,047 | |||||||||||||||||||
Impact of Current Expected Credit Loss (“CECL”) adoption | (15,740) | 24,154 | 2,031 | (1,860) | 8,585 | ||||||||||||||||||||||||
Provision for credit losses on loans | 47,263 | 127,470 | 430 | 44,799 | 219,962 | ||||||||||||||||||||||||
Charge-offs | 35,376 | 100,239 | — | — | 135,615 | ||||||||||||||||||||||||
Recoveries | 883 | 1,303 | — | — | 2,186 | ||||||||||||||||||||||||
Net charge-offs (recoveries) | 34,493 | 98,936 | — | — | 133,429 | ||||||||||||||||||||||||
Ending balance | $ | 99,284 | $ | 112,941 | $ | 4,726 | $ | 73,214 | $ | 290,165 | |||||||||||||||||||
Collateral Type | |||||||||||||||||||
(in thousands) | Business Assets | Real Property | Oil/Gas Mineral Reserves | Rolling Stock | U.S. Government Guaranty | Total | |||||||||||||
September 30, 2020 | |||||||||||||||||||
Commercial | $ | 26,243 | $ | 0 | $ | 0 | $ | 774 | $ | 544 | $ | 27,561 | |||||||
Energy | 0 | 0 | 41,102 | 0 | 0 | 41,102 | |||||||||||||
Real estate | |||||||||||||||||||
Other | 0 | 5,650 | 0 | 0 | 0 | 5,650 | |||||||||||||
Total collateral-dependent loans held for investment | $ | 26,243 | $ | 5,650 | $ | 41,102 | $ | 774 | $ | 544 | $ | 74,313 |
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1) | Total Past Due | Non-Accrual Loans(2) | Current | Total | Non-Accrual With No Allowance | |||||||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 19,395 | $ | 18,313 | $ | 2,256 | $ | 39,964 | $ | 27,074 | $ | 9,310,236 | $ | 9,377,274 | $ | 10,899 | |||||||||||||||||||||||||||||||
Energy | — | — | — | — | 40,040 | 657,848 | 697,888 | 9,281 | |||||||||||||||||||||||||||||||||||||||
Mortgage finance loans | — | — | — | — | — | 8,528,313 | 8,528,313 | — | |||||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||||||||||||
CRE | 250 | — | — | 250 | 202 | 3,137,741 | 3,138,193 | — | |||||||||||||||||||||||||||||||||||||||
RBF | — | — | — | — | — | 843,086 | 843,086 | — | |||||||||||||||||||||||||||||||||||||||
Other | 1,225 | — | — | 1,225 | 20,031 | 885,860 | 907,116 | 2,697 | |||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | 553 | — | 1,149 | 1,702 | 185 | 322,082 | 323,969 | — | |||||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 21,423 | $ | 18,313 | $ | 3,405 | $ | 43,141 | $ | 87,532 | $ | 23,685,166 | $ | 23,815,839 | $ | 22,877 |
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1) | Total Past Due | Non-accrual loans as of June 30, 2020(2) | Current | Total | Non-accrual With No Allowance | |||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||
Commercial | $ | 25,387 | $ | 1,650 | $ | 12,248 | $ | 39,285 | $ | 62,511 | $ | 8,685,121 | $ | 8,786,917 | $ | 19,367 | |||||||||||||||
Energy | 20,670 | 0 | 1,995 | 22,665 | 73,811 | 872,517 | 968,993 | 25,090 | |||||||||||||||||||||||
Mortgage finance loans | 0 | 0 | 0 | 0 | 0 | 9,378,104 | 9,378,104 | 0 | |||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||
CRE | 24,158 | 9,619 | 1,250 | 35,027 | 4,265 | 3,821,307 | 3,860,599 | 4,028 | |||||||||||||||||||||||
RBF | 0 | 0 | 0 | 0 | 0 | 971,775 | 971,775 | 0 | |||||||||||||||||||||||
Other | 1,018 | 0 | 0 | 1,018 | 21,141 | 912,568 | 934,727 | 20,796 | |||||||||||||||||||||||
Secured by 1-4 family | 897 | 497 | 403 | 1,797 | 218 | 343,556 | 345,571 | 0 | |||||||||||||||||||||||
Total loans held for investment | $ | 72,130 | $ | 11,766 | $ | 15,896 | $ | 99,792 | $ | 161,946 | $ | 24,984,948 | $ | 25,246,686 | $ | 69,281 |
(2)As of September 30, 2021 and December 31, 2020, none of our |
Extended Maturity | Adjusted Payment Schedule | Total | |||||||||||||||||
(in thousands, except number of contracts) | Number of Contracts | Balance at Period End | Number of Contracts | Balance at Period End | Number of Contracts | Balance at Period End | |||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||
Commercial loans | 2 | $ | 7,636 | 2 | $ | 14,663 | 4 | $ | 22,299 | ||||||||||
Energy loans | 1 | 5,969 | 3 | 13,469 | 4 | 19,438 | |||||||||||||
Total | 3 | $ | 13,605 | 5 | $ | 28,132 | 8 | $ | 41,737 | ||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||
Commercial loans | 1 | $ | 1,824 | 0 | $ | 0 | $ | 1 | $ | 1,824 | |||||||||
Energy loans | 1 | 3,941 | 0 | 0 | 1 | 3,941 | |||||||||||||
Total | 2 | $ | 5,765 | 0 | $ | 0 | 2 | $ | 5,765 |
Extended Maturity | Adjusted Payment Schedule | Total | |||||||||||||||||||||||||||
(in thousands, except number of contracts) | Number of Contracts | Balance at Period End | Number of Contracts | Balance at Period End | Number of Contracts | Balance at Period End | |||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
Commercial loans | 2 | $ | 7,636 | 2 | $ | 14,663 | 4 | $ | 22,299 | ||||||||||||||||||||
Energy loans | 1 | 5,969 | 3 | 13,469 | 4 | 19,438 | |||||||||||||||||||||||
Total | 3 | $ | 13,605 | 5 | $ | 28,132 | 8 | $ | 41,737 | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Outstanding balance(1): | ||||||||||||||
Beginning balance | $ | 281,137 | $ | 2,568,362 | ||||||||||
Loans purchased and originated | 1,413,899 | 8,963,499 | ||||||||||||
Payments and loans sold | (1,685,212) | (10,889,549) | ||||||||||||
Ending balance | 9,824 | 642,312 | ||||||||||||
Fair value adjustment: | ||||||||||||||
Beginning balance | 2,028 | 8,772 | ||||||||||||
Increase/(decrease) to fair value | (2,192) | (3,075) | ||||||||||||
Ending balance | (164) | 5,697 | ||||||||||||
Loans held for sale at fair value | $ | 9,660 | $ | 648,009 |
Nine Months Ended September 30, | ||||||||
(in thousands) | 2020 | 2019 | ||||||
Outstanding balance(1): | ||||||||
Beginning balance | $ | 2,568,362 | $ | 1,949,785 | ||||
Loans purchased and originated | 8,963,499 | 7,288,823 | ||||||
Payments and loans sold | (10,889,549 | ) | (6,571,942 | ) | ||||
Ending balance | 642,312 | 2,666,666 | ||||||
Fair value adjustment: | ||||||||
Beginning balance | 8,772 | 19,689 | ||||||
Increase/(decrease) to fair value | (3,075 | ) | (12,130 | ) | ||||
Ending balance | 5,697 | 7,559 | ||||||
Loans held for sale at fair value | $ | 648,009 | $ | 2,674,225 |
Nine months ended September 30, | |||||||
(in thousands) | 2020 | 2019 | |||||
MSRs: | |||||||
Balance, beginning of year | $ | 70,707 | $ | 42,474 | |||
Capitalized servicing rights | 76,905 | 22,610 | |||||
Amortization | (25,553 | ) | (7,599 | ) | |||
Balance, end of period | $ | 122,059 | $ | 57,485 | |||
Valuation allowance: | |||||||
Balance, beginning of year | $ | 5,803 | $ | 0 | |||
Increase in valuation allowance | 20,933 | 8,360 | |||||
Balance, end of period | $ | 26,736 | $ | 8,360 | |||
MSRs, net | $ | 95,323 | $ | 49,125 | |||
MSRs, fair value | $ | 95,323 | $ | 49,125 |
Nine months ended September 30, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
MSRs: | |||||||||||
Balance, beginning of year | $ | 131,391 | $ | 70,707 | |||||||
Capitalized servicing rights | 15,990 | 76,905 | |||||||||
Amortization | (18,663) | (25,553) | |||||||||
Direct write-down | (279) | — | |||||||||
Sales | (127,281) | — | |||||||||
Balance, end of period | $ | 1,158 | $ | 122,059 | |||||||
Valuation allowance: | |||||||||||
Balance, beginning of year | $ | 25,967 | $ | 5,803 | |||||||
Change in valuation allowance | (25,967) | 20,933 | |||||||||
Balance, end of period | $ | — | $ | 26,736 | |||||||
MSRs, net | $ | 1,158 | $ | 95,323 | |||||||
MSRs, fair value | $ | 1,158 | $ | 95,323 |
September 30, 2020 | December 31, 2019 | ||||
Average discount rates | 9.11 | % | 9.06 | % | |
Expected prepayment speeds | 16.96 | % | 13.11 | % | |
Weighted-average life, in years | 4.7 | 5.8 |
December 31, 2020 | |||||||||||
Average discount rates | 9.09 | % | |||||||||
Expected prepayment speeds | 16.37 | % | |||||||||
Weighted-average life, in years | 4.9 |
(in thousands) | September 30, 2020 | December 31, 2019 | |||||
50 bp adverse change in prepayment speed | $ | (11,049 | ) | $ | (10,768 | ) | |
100 bp adverse change in prepayment speed | (13,100 | ) | (17,965 | ) |
(in thousands) | December 31, 2020 | ||||||||||
50 bp adverse change in prepayment speed | $ | (12,203) | |||||||||
100 bp adverse change in prepayment speed | (16,062) |
(dollar amounts in thousands) | Texas Capital Bancshares Statutory Trust I | Texas Capital Statutory Trust II | Texas Capital Statutory Trust III | Texas Capital Statutory Trust IV | Texas Capital Statutory Trust V | ||||||||||||||||||||||||
Date issued | November 19, 2002 | April 10, 2003 | October 6, 2005 | April 28, 2006 | September 29, 2006 | ||||||||||||||||||||||||
Trust preferred securities issued | $10,310 | $10,310 | $25,774 | $25,774 | $41,238 | ||||||||||||||||||||||||
Floating or fixed rate securities | Floating | Floating | Floating | Floating | Floating | ||||||||||||||||||||||||
Interest rate on subordinated debentures | 3 month LIBOR + 3.35% | 3 month LIBOR + 3.25% | 3 month LIBOR + 1.51% | 3 month LIBOR + 1.60% | 3 month LIBOR + 1.71% | ||||||||||||||||||||||||
Maturity date | November 2032 | April 2033 | December 2035 | June 2036 | December 2036 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Beginning balance of allowance for off-balance sheet credit losses | $ | 12,268 | $ | 10,790 | $ | 8,640 | $ | 11,434 | |||||||
Impact of CECL adoption | — | — | 563 | — | |||||||||||
Provision for off-balance sheet credit losses | 2,973 | (1,439 | ) | 6,038 | (2,083 | ) | |||||||||
Ending balance of allowance for off-balance sheet credit losses | $ | 15,241 | $ | 9,351 | $ | 15,241 | $ | 9,351 | |||||||
(in thousands) | September 30, 2020 | December 31, 2019 | |||||||||||||
Commitments to extend credit - period end balance | $ | 8,356,525 | $ | 8,066,655 | |||||||||||
Standby letters of credit - period end balance | $ | 258,491 | $ | 261,405 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Beginning balance of allowance for off-balance sheet credit losses | $ | 16,747 | $ | 12,268 | $ | 17,434 | $ | 8,640 | |||||||||||||||
Impact of CECL adoption | — | — | — | 563 | |||||||||||||||||||
Provision for off-balance sheet credit losses | 1,464 | 2,973 | 777 | 6,038 | |||||||||||||||||||
Ending balance of allowance for off-balance sheet credit losses | $ | 18,211 | $ | 15,241 | $ | 18,211 | $ | 15,241 | |||||||||||||||
(in thousands) | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||
Commitments to extend credit - period end balance | $ | 8,261,483 | $ | 8,530,453 | |||||||||||||||||||
Standby letters of credit - period end balance | $ | 340,896 | $ | 268,894 |
Actual | Minimum Capital Required(2) | Capital Required to be Well Capitalized | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | ||||||||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
CET1 | ||||||||||||||||||||||||||||||||||||||
Company | $ | 2,883,517 | 10.70 | % | $ | 1,886,355 | 7.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Bank | 2,950,866 | 10.97 | % | 1,882,136 | 7.00 | % | 1,747,697 | 6.50 | % | |||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
Company | 4,027,375 | 14.95 | % | 2,829,533 | 10.50 | % | 2,694,793 | 10.00 | % | |||||||||||||||||||||||||||||
Bank | 3,523,923 | 13.11 | % | 2,823,203 | 10.50 | % | 2,688,765 | 10.00 | % | |||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
Company | 3,293,517 | 12.22 | % | 2,290,574 | 8.50 | % | 1,616,876 | 6.00 | % | |||||||||||||||||||||||||||||
Bank | 3,110,866 | 11.57 | % | 2,285,450 | 8.50 | % | 2,151,012 | 8.00 | % | |||||||||||||||||||||||||||||
Tier 1 capital (to average assets)(1) | ||||||||||||||||||||||||||||||||||||||
Company | 3,293,517 | 8.96 | % | 1,469,597 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Bank | 3,110,866 | 8.47 | % | 1,468,949 | 4.00 | % | 1,836,186 | 5.00 | % | |||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
CET1 | ||||||||||||||||||||||||||||||||||||||
Company | $ | 2,708,150 | 9.35 | % | $ | 2,026,806 | 7.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Bank | 2,744,211 | 9.48 | % | 2,025,417 | 7.00 | % | 1,880,745 | 6.50 | % | |||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
Company | 3,498,737 | 12.08 | % | 3,040,209 | 10.50 | % | 2,895,437 | 10.00 | % | |||||||||||||||||||||||||||||
Bank | 3,375,983 | 11.67 | % | 3,038,126 | 10.50 | % | 2,893,453 | 10.00 | % | |||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||
Company | 2,968,150 | 10.25 | % | 2,461,121 | 8.50 | % | 1,737,262 | 6.00 | % | |||||||||||||||||||||||||||||
Bank | 2,904,211 | 10.04 | % | 2,459,435 | 8.50 | % | 2,314,763 | 8.00 | % | |||||||||||||||||||||||||||||
Tier 1 capital (to average assets)(1) | ||||||||||||||||||||||||||||||||||||||
Company | 2,968,150 | 7.52 | % | 1,578,651 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Bank | 2,904,211 | 7.36 | % | 1,578,207 | 4.00 | % | 1,972,758 | 5.00 | % |
Actual | For Capital Adequacy Purposes | Required to be Considered Well Capitalized | |||||||||||||||
(dollars in thousands) | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | |||||||||||
September 30, 2020 | |||||||||||||||||
CET1 | |||||||||||||||||
Company | $ | 2,654,677 | 9.05 | % | $ | 2,052,372 | 7.00 | % | N/A | N/A | |||||||
Bank | 2,688,350 | 9.18 | % | 2,049,511 | 7.00 | % | 1,903,117 | 6.50 | % | ||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||
Company | 3,470,192 | 11.84 | % | 3,078,558 | 10.50 | % | N/A | N/A | |||||||||
Bank | 3,345,075 | 11.42 | % | 3,074,266 | 10.50 | % | 2,927,873 | 10.00 | % | ||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||
Company | 2,914,677 | 9.94 | % | 2,492,166 | 8.50 | % | N/A | N/A | |||||||||
Bank | 2,848,350 | 9.73 | % | 2,488,692 | 8.50 | % | 2,342,298 | 8.00 | % | ||||||||
Tier 1 capital (to average assets)(1) | |||||||||||||||||
Company | 2,914,677 | 7.58 | % | 1,537,325 | 4.00 | % | N/A | N/A | |||||||||
Bank | 2,848,350 | 7.41 | % | 1,536,902 | 4.00 | % | 1,921,127 | 5.00 | % | ||||||||
December 31, 2019 | |||||||||||||||||
CET1 | |||||||||||||||||
Company | $ | 2,653,999 | 8.88 | % | $ | 2,091,591 | 7.00 | % | N/A | N/A | |||||||
Bank | 2,676,513 | 8.96 | % | 2,090,870 | 7.00 | % | 1,941,522 | 6.50 | % | ||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||
Company | 3,398,345 | 11.37 | % | 3,137,926 | 10.50 | % | N/A | N/A | |||||||||
Bank | 3,262,144 | 10.92 | % | 3,136,305 | 10.50 | % | 2,986,957 | 10.00 | % | ||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||
Company | 2,912,529 | 9.75 | % | 2,540,226 | 8.50 | % | N/A | N/A | |||||||||
Bank | 2,835,043 | 9.49 | % | 2,538,913 | 8.50 | % | 2,389,565 | 8.00 | % | ||||||||
Tier 1 capital (to average assets)(1) | |||||||||||||||||
Company | 2,912,529 | 8.42 | % | 1,383,640 | 4.00 | % | N/A | N/A | |||||||||
Bank | 2,835,043 | 8.20 | % | 1,383,190 | 4.00 | % | 1,728,988 | 5.00 | % |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Stock-settled awards: | |||||||||||||||||||||||
RSUs | $ | 8,324 | $ | 4,794 | $ | 22,099 | $ | 11,326 | |||||||||||||||
Restricted stock | — | 5 | 1 | 22 | |||||||||||||||||||
Cash-settled units | 64 | 236 | 1,092 | 716 | |||||||||||||||||||
Total | $ | 8,388 | $ | 5,035 | $ | 23,192 | $ | 12,064 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Stock-settled awards: | |||||||||||||||
SARs | $ | 0 | $ | 0 | $ | 0 | $ | 6 | |||||||
RSUs | 4,794 | 3,015 | 11,326 | 8,532 | |||||||||||
Restricted stock | 5 | 8 | 22 | 27 | |||||||||||
Cash-settled units | 236 | 1,005 | 716 | 4,408 | |||||||||||
Total | $ | 5,035 | $ | 4,028 | $ | 12,064 | $ | 12,973 |
(in thousands except period data) | September 30, 2021 | ||||
Unrecognized compensation expense related to unvested stock-settled awards | $ | 39,463 | |||
Weighted average period over which expense is expected to be recognized, in years | 2.5 |
(in thousands except period data) | September 30, 2020 | ||
Unrecognized compensation expense related to unvested stock-settled awards | $ | 33,314 | |
Weighted average period over which expense is expected to be recognized, in years | 2.9 |
Fair Value Measurements Using | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
September 30, 2021 | |||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||
U.S. government agency securities | $ | — | $ | 121,920 | $ | — | |||||||||||
Residential mortgage-backed securities | — | 3,304,722 | — | ||||||||||||||
Tax-exempt asset-backed securities | — | — | 184,820 | ||||||||||||||
CRT securities | ��� | — | 11,804 | ||||||||||||||
Equity securities(1)(2) | 33,511 | 7,097 | — | ||||||||||||||
Loans held for sale(3) | — | 658 | 7,701 | ||||||||||||||
Derivative assets(5) | — | 56,940 | — | ||||||||||||||
Derivative liabilities(5) | — | 56,940 | — | ||||||||||||||
Non-qualified deferred compensation plan liabilities(6) | 28,186 | — | — | ||||||||||||||
December 31, 2020 | |||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||
U.S. government agency securities | $ | — | $ | 123,589 | $ | — | |||||||||||
Residential mortgage-backed securities | — | 2,828,956 | — | ||||||||||||||
Tax-exempt asset-backed securities | — | — | 199,176 | ||||||||||||||
CRT securities | — | — | 11,417 | ||||||||||||||
Equity securities(1)(2) | 26,593 | 7,239 | — | ||||||||||||||
Loans held for sale(3) | — | 232,147 | 6,933 | ||||||||||||||
Loans held for investment(4) | — | — | 21,209 | ||||||||||||||
Derivative assets(5) | — | 102,720 | — | ||||||||||||||
Derivative liabilities(5) | — | 99,255 | — | ||||||||||||||
Non-qualified deferred compensation plan liabilities(6) | 26,593 | — | — |
Fair Value Measurements Using | |||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||
September 30, 2020 | |||||||||||
Available-for-sale debt securities:(1) | |||||||||||
U.S. government agency securities | $ | 0 | $ | 123,948 | $ | 0 | |||||
Residential mortgage-backed securities | 0 | 1,001,782 | 0 | ||||||||
Tax-exempt asset-backed securities | 0 | 0 | 200,821 | ||||||||
CRT securities | 0 | 0 | 11,058 | ||||||||
Equity securities(1)(2) | 22,442 | 7,262 | 0 | ||||||||
Loans held for sale(3) | 0 | 632,071 | 6,974 | ||||||||
Loans held for investment(4) | 0 | 0 | 36,490 | ||||||||
Derivative assets(5) | 0 | 124,627 | 0 | ||||||||
Derivative liabilities(5) | 0 | 114,259 | 0 | ||||||||
Non-qualified deferred compensation plan liabilities(6) | 23,342 | 0 | 0 | ||||||||
December 31, 2019 | |||||||||||
Available-for-sale debt securities:(1) | |||||||||||
Residential mortgage-backed securities | $ | 0 | $ | 5,266 | $ | 0 | |||||
Tax-exempt asset-backed securities | 0 | 0 | 197,027 | ||||||||
CRT securities | 0 | 0 | 11,964 | ||||||||
Equity securities(1)(2) | 18,484 | 7,130 | 0 | ||||||||
Loans held for sale(3) | 0 | 2,564,281 | 7,043 | ||||||||
Loans held for investment(4) | 0 | 0 | 109,585 | ||||||||
Derivative assets(5) | 0 | 48,684 | 0 | ||||||||
Derivative liabilities(5) | 0 | 51,310 | 0 | ||||||||
Non-qualified deferred compensation plan liabilities(6) | 18,484 | 0 | 0 |
Net Realized/Unrealized Gains (Losses) | |||||||||||||||||||||||||||||||||||
(in thousands) | Balance at Beginning of Period | Purchases / Additions | Sales / Reductions | Realized | Unrealized | Balance at End of Period | |||||||||||||||||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 185,954 | $ | — | $ | (2,270) | $ | — | $ | 1,136 | $ | 184,820 | |||||||||||||||||||||||
CRT securities | 11,713 | — | — | — | 91 | 11,804 | |||||||||||||||||||||||||||||
Loans held for sale(2) | 8,227 | 440 | (870) | — | (96) | 7,701 | |||||||||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 191,417 | $ | — | $ | (2,248) | $ | — | $ | 11,652 | $ | 200,821 | |||||||||||||||||||||||
CRT securities | 10,953 | — | — | — | 105 | 11,058 | |||||||||||||||||||||||||||||
Loans held for sale(2) | 6,159 | 785 | (170) | 132 | 68 | 6,974 | |||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 199,176 | $ | — | $ | (13,783) | $ | — | $ | (573) | $ | 184,820 | |||||||||||||||||||||||
CRT securities | 11,417 | — | — | — | 387 | 11,804 | |||||||||||||||||||||||||||||
Loans held for sale(2) | 6,933 | 2,125 | (1,395) | 5 | 33 | 7,701 | |||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 197,027 | $ | 8,470 | $ | (6,733) | $ | — | $ | 2,057 | $ | 200,821 | |||||||||||||||||||||||
CRT securities | 11,964 | — | — | — | (906) | 11,058 | |||||||||||||||||||||||||||||
Loans held for sale(2) | 7,043 | 1,105 | (1,634) | 248 | 212 | 6,974 |
Net Realized/Unrealized Gains (Losses) | |||||||||||||||||||||||
(in thousands) | Balance at Beginning of Period | Purchases / Additions | Sales / Reductions | Realized | Unrealized | Balance at End of Period | |||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 191,417 | $ | 0 | $ | (2,248 | ) | $ | 0 | $ | 11,652 | $ | 200,821 | ||||||||||
CRT securities | $ | 10,953 | $ | 0 | $ | 0 | $ | 0 | $ | 105 | $ | 11,058 | |||||||||||
Loans held for sale(2) | $ | 6,159 | $ | 785 | $ | (170 | ) | $ | 132 | $ | 68 | $ | 6,974 | ||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 201,339 | $ | 0 | $ | (4,116 | ) | $ | 0 | $ | 390 | $ | 197,613 | ||||||||||
CRT securities | $ | 10,953 | $ | 0 | $ | 0 | $ | 0 | $ | 502 | $ | 11,455 | |||||||||||
Loans held for sale(2) | $ | 10,930 | $ | 0 | $ | (2,056 | ) | $ | 102 | $ | 222 | $ | 9,198 | ||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 197,027 | $ | 8,470 | $ | (6,733 | ) | $ | 0 | $ | 2,057 | $ | 200,821 | ||||||||||
CRT securities | $ | 11,964 | $ | 0 | $ | 0 | $ | 0 | $ | (906 | ) | $ | 11,058 | ||||||||||
Loans held for sale(2) | $ | 7,043 | $ | 1,105 | $ | (1,634 | ) | $ | 248 | $ | 212 | $ | 6,974 | ||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 95,804 | $ | 92,010 | $ | (4,254 | ) | $ | 0 | $ | 14,053 | $ | 197,613 | ||||||||||
CRT securities | $ | 0 | $ | 15,044 | $ | 0 | $ | (331 | ) | $ | (3,258 | ) | $ | 11,455 | |||||||||
Loans held for sale(2) | $ | 16,415 | $ | 0 | $ | (8,466 | ) | $ | 450 | $ | 799 | $ | 9,198 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in thousands) | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Level 1 inputs: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 8,535,051 | $ | 8,535,051 | $ | 9,206,380 | $ | 9,206,380 | |||||||||||||||
Investment securities | 33,511 | 33,511 | 26,593 | 26,593 | |||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||||
Investment securities | 3,433,739 | 3,433,739 | 2,959,784 | 2,959,784 | |||||||||||||||||||
Loans held for sale | 658 | 658 | 232,147 | 232,147 | |||||||||||||||||||
Derivative assets | 56,940 | 56,940 | 102,720 | 102,720 | |||||||||||||||||||
Level 3 inputs: | |||||||||||||||||||||||
Investment securities | 196,624 | 196,624 | 210,593 | 210,593 | |||||||||||||||||||
Loans held for sale | 7,701 | 7,701 | 6,933 | 6,933 | |||||||||||||||||||
Loans held for investment, net | 23,527,760 | 23,575,556 | 24,176,245 | 24,233,185 | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Level 2 inputs: | |||||||||||||||||||||||
Federal funds purchased and repurchase agreements | 3,470 | 3,470 | 111,751 | 111,751 | |||||||||||||||||||
Other borrowings | 2,200,000 | 2,200,000 | 3,000,000 | 3,000,000 | |||||||||||||||||||
Long-term debt | 928,062 | 953,859 | 395,896 | 405,110 | |||||||||||||||||||
Derivative liabilities | 56,940 | 56,940 | 99,255 | 99,255 | |||||||||||||||||||
Level 3 inputs: | |||||||||||||||||||||||
Deposits | 29,813,668 | 29,814,204 | 30,996,589 | 30,997,980 |
September 30, 2020 | December 31, 2019 | ||||||||||||||
(in thousands) | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||
Financial assets: | |||||||||||||||
Level 1 inputs: | |||||||||||||||
Cash and cash equivalents | $ | 10,646,786 | $ | 10,646,786 | $ | 4,425,583 | $ | 4,425,583 | |||||||
Investment securities | 22,442 | 22,442 | 18,484 | 18,484 | |||||||||||
Level 2 inputs: | |||||||||||||||
Investment securities | 1,132,992 | 1,132,992 | 12,396 | 12,396 | |||||||||||
Loans held for sale | 632,071 | 632,071 | 2,570,091 | 2,570,091 | |||||||||||
Derivative assets | 124,627 | 124,627 | 48,684 | 48,684 | |||||||||||
Level 3 inputs: | |||||||||||||||
Investment securities | 211,879 | 211,879 | 208,991 | 208,991 | |||||||||||
Loans held for sale | 6,974 | 6,974 | 7,043 | 7,043 | |||||||||||
Loans held for investment, net | 24,877,897 | 24,925,427 | 24,451,215 | 24,478,586 | |||||||||||
Financial liabilities: | |||||||||||||||
Level 2 inputs: | |||||||||||||||
Federal funds purchased | 202,605 | 202,605 | 132,270 | 132,270 | |||||||||||
Customer repurchase agreements | 5,578 | 5,578 | 9,496 | 9,496 | |||||||||||
Other borrowings | 2,700,000 | 2,700,000 | 2,400,000 | 2,400,000 | |||||||||||
Subordinated notes | 282,400 | 289,012 | 282,129 | 292,302 | |||||||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | 113,406 | 113,406 | |||||||||||
Derivative liabilities | 114,259 | 114,259 | 51,310 | 51,310 | |||||||||||
Level 3 inputs: | |||||||||||||||
Deposits | 31,959,487 | 31,960,471 | 26,478,593 | 26,486,090 |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | ||||||||||||||||||||
(in thousands) | Notional Amount | Asset Derivative | Liability Derivative | Notional Amount | Asset Derivative | Liability Derivative | |||||||||||||||
Non-hedging derivatives: | |||||||||||||||||||||
Financial institution counterparties: | |||||||||||||||||||||
Commercial loan/lease interest rate swaps | $ | 1,919,938 | $ | 0 | $ | 108,977 | $ | 1,548,234 | $ | 182 | $ | 46,518 | |||||||||
Commercial loan/lease interest rate caps | 652,188 | 23 | 0 | 639,163 | 32 | 0 | |||||||||||||||
Foreign currency forward contracts | 2,229 | 7 | 98 | 2,219 | 169 | 0 | |||||||||||||||
Customer counterparties: | |||||||||||||||||||||
Commercial loan/lease interest rate swaps | 1,919,938 | 108,977 | 0 | 1,548,234 | 46,518 | 182 | |||||||||||||||
Commercial loan/lease interest rate caps | 652,188 | 0 | 23 | 639,163 | 0 | 32 | |||||||||||||||
Foreign currency forward contracts | 2,229 | 98 | 7 | 2,219 | 0 | 169 | |||||||||||||||
Economic hedging derivatives to hedge: | |||||||||||||||||||||
Residential MSRs: | |||||||||||||||||||||
Interest rate swap futures | 260,000 | 81 | 211 | 0 | 0 | 0 | |||||||||||||||
Forward sale commitments | 155,000 | 351 | 8 | 0 | 0 | 0 | |||||||||||||||
Loans held for sale: | |||||||||||||||||||||
Loan purchase commitments | 1,295,374 | 15,090 | 86 | 214,012 | 1,965 | 4 | |||||||||||||||
Forward sale commitments | 1,525,000 | 0 | 4,849 | 2,654,653 | 0 | 4,587 | |||||||||||||||
Gross derivatives | 124,627 | 114,259 | 48,866 | 51,492 | |||||||||||||||||
Offsetting derivative assets/liabilities | 0 | 0 | (182 | ) | (182 | ) | |||||||||||||||
Net derivatives included in the consolidated balance sheets | $ | 124,627 | $ | 114,259 | $ | 48,684 | $ | 51,310 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | ||||||||||||||||||||||||||||
(in thousands) | Notional Amount | Asset Derivative | Liability Derivative | Notional Amount | Asset Derivative | Liability Derivative | |||||||||||||||||||||||
Non-hedging derivatives: | |||||||||||||||||||||||||||||
Financial institution counterparties: | |||||||||||||||||||||||||||||
Commercial loan/lease interest rate swaps | $ | 1,857,977 | $ | 1,320 | $ | 56,884 | $ | 1,922,956 | $ | 71 | $ | 96,246 | |||||||||||||||||
Commercial loan/lease interest rate caps | 204,655 | 56 | — | 565,634 | 34 | — | |||||||||||||||||||||||
Foreign currency forward contracts | — | — | — | 6,667 | 214 | 78 | |||||||||||||||||||||||
Customer counterparties: | |||||||||||||||||||||||||||||
Commercial loan/lease interest rate swaps | 1,857,977 | 56,884 | 1,320 | 1,922,956 | 96,246 | 71 | |||||||||||||||||||||||
Commercial loan/lease interest rate caps | 204,655 | — | 56 | 565,634 | — | 34 | |||||||||||||||||||||||
Foreign currency forward contracts | — | — | — | 6,667 | 78 | 214 | |||||||||||||||||||||||
Economic hedging derivatives to hedge: | |||||||||||||||||||||||||||||
Residential MSRs: | |||||||||||||||||||||||||||||
Interest rate swap futures | — | — | — | 320,000 | 474 | — | |||||||||||||||||||||||
Forward sale commitments | — | — | — | 155,000 | 551 | — | |||||||||||||||||||||||
Loans held for sale: | |||||||||||||||||||||||||||||
Loan purchase commitments | — | — | — | 332,145 | 5,123 | 8 | |||||||||||||||||||||||
Forward sale commitments | — | — | — | 485,326 | — | 2,675 | |||||||||||||||||||||||
Gross derivatives | 58,260 | 58,260 | 102,791 | 99,326 | |||||||||||||||||||||||||
Offsetting derivative assets/liabilities | (1,320) | (1,320) | (71) | (71) | |||||||||||||||||||||||||
Net derivatives included in the consolidated balance sheets | $ | 56,940 | $ | 56,940 | $ | 102,720 | $ | 99,255 |
June 30, 2020 Weighted-Average Interest Rate | December 31, 2019 Weighted-Average Interest Rate | ||||||||||
Received | Paid | Received | Paid | ||||||||
Non-hedging interest rate swaps | 3.21 | % | 1.42 | % | 3.94 | % | 3.26 | % |
September 30, 2021 Weighted-Average Interest Rate | December 31, 2020 Weighted-Average Interest Rate | ||||||||||||||||||||||
Received | Paid | Received | Paid | ||||||||||||||||||||
Non-hedging interest rate swaps | 2.74 | % | 1.15 | % | 3.14 | % | 1.38 | % |
Three months ended September 30, 2020 | Three months ended September 30, 2019 | Three months ended September 30, 2021 | Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except percentages) | Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | (in thousands except percentages) | Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities – taxable | $ | 525,149 | $ | 1,905 | 1.44 | % | $ | 39,744 | $ | 357 | 3.56 | % | Investment securities – taxable | $ | 3,590,591 | $ | 8,546 | 0.94 | % | $ | 525,149 | $ | 1,905 | 1.44 | % | |||||||||||||||||||||||||||||||
Investment securities – non-taxable(2) | 190,797 | 2,239 | 4.67 | % | 200,090 | 2,480 | 4.92 | % | Investment securities – non-taxable(2) | 185,221 | 2,138 | 4.58 | % | 190,797 | 2,239 | 4.67 | % | |||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 12,051 | 1 | 0.04 | % | 100,657 | 554 | 2.18 | % | Federal funds sold and securities purchased under resale agreements | 653 | — | 0.12 | % | 12,051 | 1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in other banks | 11,028,962 | 2,877 | 0.10 | % | 4,184,217 | 22,887 | 2.17 | % | Interest-bearing deposits in other banks | 9,045,442 | 3,606 | 0.16 | % | 11,028,962 | 2,877 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||
Loans held for sale | 543,606 | 3,867 | 2.83 | % | 2,555,269 | 26,206 | 4.07 | % | Loans held for sale | 18,791 | 54 | 1.14 | % | 543,606 | 3,867 | 2.83 | % | |||||||||||||||||||||||||||||||||||||||
Loans held for investment, mortgage finance | 9,061,984 | 76,464 | 3.36 | % | 8,118,025 | 68,660 | 3.36 | % | Loans held for investment, mortgage finance | 7,987,521 | 58,913 | 2.93 | % | 9,061,984 | 76,464 | 3.36 | % | |||||||||||||||||||||||||||||||||||||||
Loans held for investment(1)(2) | 16,286,036 | 157,230 | 3.84 | % | 16,901,391 | 235,557 | 5.53 | % | Loans held for investment(1)(2) | 15,266,167 | 147,423 | 3.83 | % | 16,286,036 | 157,230 | 3.84 | % | |||||||||||||||||||||||||||||||||||||||
Less reserve for credit losses on loans | 264,769 | — | — | 212,898 | — | — | Less reserve for credit losses on loans | 220,984 | — | — | 264,769 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, net | 25,083,251 | 233,694 | 3.71 | % | 24,806,518 | 304,217 | 4.87 | % | Loans held for investment, net | 23,032,704 | 206,336 | 3.55 | % | 25,083,251 | 233,694 | 3.71 | % | |||||||||||||||||||||||||||||||||||||||
Total earning assets | 37,383,816 | 244,583 | 2.60 | % | 31,886,495 | 356,701 | 4.44 | % | Total earning assets | 35,873,402 | 220,680 | 2.44 | % | 37,383,816 | 244,583 | 2.60 | % | |||||||||||||||||||||||||||||||||||||||
Cash and other assets | 1,037,760 | 1,000,117 | Cash and other assets | 855,555 | 1,037,760 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 38,421,576 | $ | 32,886,612 | Total assets | $ | 36,728,957 | $ | 38,421,576 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction deposits | $ | 4,275,574 | $ | 6,652 | 0.62 | % | $ | 3,577,905 | $ | 18,442 | 2.04 | % | Transaction deposits | $ | 3,012,547 | $ | 4,737 | 0.62 | % | $ | 4,275,574 | $ | 6,652 | 0.62 | % | |||||||||||||||||||||||||||||||
Savings deposits | 12,786,719 | 12,808 | 0.40 | % | 10,331,078 | 45,586 | 1.75 | % | Savings deposits | 10,044,995 | 8,262 | 0.33 | % | 12,786,719 | 12,808 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||
Time deposits | 2,844,083 | 8,370 | 1.17 | % | 2,706,434 | 16,939 | 2.48 | % | Time deposits | 1,640,562 | 1,720 | 0.42 | % | 2,844,083 | 8,370 | 1.17 | % | |||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 19,906,376 | 27,830 | 0.56 | % | 16,615,417 | 80,967 | 1.93 | % | Total interest-bearing deposits | 14,698,104 | 14,719 | 0.40 | % | 19,906,376 | 27,830 | 0.56 | % | |||||||||||||||||||||||||||||||||||||||
Other borrowings | 2,811,435 | 3,493 | 0.49 | % | 2,896,477 | 16,538 | 2.27 | % | Other borrowings | 2,299,692 | 748 | 0.13 | % | 2,811,435 | 3,493 | 0.49 | % | |||||||||||||||||||||||||||||||||||||||
Subordinated notes | 282,343 | 4,191 | 5.91 | % | 281,979 | 4,191 | 5.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred subordinated debentures | 113,406 | 648 | 2.28 | % | 113,406 | 1,237 | 4.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 927,626 | 10,586 | 4.53 | % | 395,749 | 4,839 | 4.87 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 23,113,560 | 36,162 | 0.62 | % | 19,907,279 | 102,933 | 2.05 | % | Total interest-bearing liabilities | 17,925,422 | 26,053 | 0.58 | % | 23,113,560 | 36,162 | 0.62 | % | |||||||||||||||||||||||||||||||||||||||
Demand deposits | 12,202,065 | 9,992,406 | Demand deposits | 15,363,568 | 12,202,065 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 314,500 | 264,506 | Other liabilities | 275,317 | 314,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,791,451 | 2,722,421 | Stockholders’ equity | 3,164,650 | 2,791,451 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 38,421,576 | $ | 32,886,612 | Total liabilities and stockholders’ equity | $ | 36,728,957 | $ | 38,421,576 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income(2) | $ | 208,421 | $ | 253,768 | Net interest income(2) | $ | 194,627 | $ | 208,421 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 2.22 | % | 3.16 | % | Net interest margin | 2.15 | % | 2.22 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 1.98 | % | 2.39 | % | Net interest spread | 1.86 | % | 1.98 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Loan spread(3) | 3.33 | % | 3.48 | % | Loan spread(3) | 3.36 | % | 3.33 | % |
Nine months ended September 30, 2021 | Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands except percentages) | Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Investment securities – taxable | $ | 3,394,028 | $ | 25,880 | 1.02 | % | $ | 203,437 | $ | 2,364 | 1.55 | % | |||||||||||||||||||||||
Investment securities – non-taxable(2) | 187,817 | 6,532 | 4.65 | % | 194,049 | 6,983 | 4.81 | % | |||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 1,976 | 1 | 0.09 | % | 151,892 | 692 | 0.61 | % | |||||||||||||||||||||||||||
Interest-bearing deposits in other banks | 10,812,903 | 9,499 | 0.12 | % | 9,265,177 | 24,777 | 0.36 | % | |||||||||||||||||||||||||||
Loans held for sale | 117,604 | 2,430 | 2.76 | % | 1,350,581 | 33,894 | 3.35 | % | |||||||||||||||||||||||||||
Loans held for investment, mortgage finance | 7,875,138 | 181,256 | 3.08 | % | 8,267,307 | 206,306 | 3.33 | % | |||||||||||||||||||||||||||
Loans held for investment(1)(2) | 15,321,641 | 449,134 | 3.92 | % | 16,632,017 | 529,981 | 4.26 | % | |||||||||||||||||||||||||||
Less reserve for loan losses | 238,996 | — | — | 234,587 | — | — | |||||||||||||||||||||||||||||
Loans held for investment, net | 22,957,783 | 630,390 | 3.67 | % | 24,664,737 | 736,287 | 3.99 | % | |||||||||||||||||||||||||||
Total earning assets | 37,472,111 | 674,732 | 2.41 | % | 35,829,873 | 804,997 | 3.00 | % | |||||||||||||||||||||||||||
Cash and other assets | 971,628 | 1,030,076 | |||||||||||||||||||||||||||||||||
Total assets | $ | 38,443,739 | $ | 36,859,949 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Transaction deposits | $ | 3,596,301 | $ | 15,993 | 0.59 | % | $ | 3,991,908 | $ | 26,232 | 0.88 | % | |||||||||||||||||||||||
Savings deposits | 11,400,029 | 28,040 | 0.33 | % | 12,133,598 | 62,279 | 0.69 | % | |||||||||||||||||||||||||||
Time deposits | 1,864,867 | 6,961 | 0.50 | % | 3,039,619 | 33,787 | 1.48 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 16,861,197 | 50,994 | 0.40 | % | 19,165,125 | 122,298 | 0.85 | % | |||||||||||||||||||||||||||
Other borrowings | 2,443,853 | 3,842 | 0.21 | % | 3,146,756 | 18,489 | 0.78 | % | |||||||||||||||||||||||||||
Long-term debt | 759,584 | 27,052 | 4.76 | % | 395,659 | 15,146 | 5.11 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 20,064,634 | 81,888 | 0.55 | % | 22,707,540 | 155,933 | 0.92 | % | |||||||||||||||||||||||||||
Demand deposits | 14,978,324 | 11,028,119 | |||||||||||||||||||||||||||||||||
Other liabilities | 286,328 | 293,101 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,114,453 | 2,831,189 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 38,443,739 | $ | 36,859,949 | |||||||||||||||||||||||||||||||
Net interest income(2) | $ | 592,844 | $ | 649,064 | |||||||||||||||||||||||||||||||
Net interest margin | 2.12 | % | 2.42 | % | |||||||||||||||||||||||||||||||
Net interest spread | 1.86 | % | 2.08 | % | |||||||||||||||||||||||||||||||
Loan spread(3) | 3.46 | % | 3.39 | % |
Nine months ended September 30, 2020 | Nine months ended September 30, 2019 | ||||||||||||||||||||
(in thousands except percentages) | Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | |||||||||||||||
Assets | |||||||||||||||||||||
Investment securities – taxable | $ | 203,437 | $ | 2,364 | 1.55 | % | $ | 36,452 | $ | 918 | 3.37 | % | |||||||||
Investment securities – non-taxable(2) | 194,049 | 6,983 | 4.81 | % | 169,163 | 6,479 | 5.12 | % | |||||||||||||
Federal funds sold and securities purchased under resale agreements | 151,892 | 692 | 0.61 | % | 64,384 | 1,090 | 2.26 | % | |||||||||||||
Interest-bearing deposits in other banks | 9,265,177 | 24,777 | 0.36 | % | 2,841,699 | 48,540 | 2.28 | % | |||||||||||||
Loans held for sale | 1,350,581 | 33,894 | 3.35 | % | 2,392,404 | 79,116 | 4.42 | % | |||||||||||||
Loans held for investment, mortgage finance | 8,267,307 | 206,306 | 3.33 | % | 6,705,960 | 178,551 | 3.56 | % | |||||||||||||
Loans held for investment(1)(2) | 16,632,017 | 529,981 | 4.26 | % | 16,849,987 | 717,541 | 5.69 | % | |||||||||||||
Less reserve for loan losses | 234,587 | — | — | 203,968 | — | — | |||||||||||||||
Loans held for investment, net | 24,664,737 | 736,287 | 3.99 | % | 23,351,979 | 896,092 | 5.13 | % | |||||||||||||
Total earning assets | 35,829,873 | 804,997 | 3.00 | % | 28,856,081 | 1,032,235 | 4.78 | % | |||||||||||||
Cash and other assets | 1,030,076 | 945,623 | |||||||||||||||||||
Total assets | $ | 36,859,949 | $ | 29,801,704 | |||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Transaction deposits | $ | 3,991,908 | $ | 26,232 | 0.88 | % | $ | 3,440,245 | $ | 52,480 | 2.04 | % | |||||||||
Savings deposits | 12,133,598 | 62,279 | 0.69 | % | 9,332,059 | 128,253 | 1.84 | % | |||||||||||||
Time deposits | 3,039,619 | 33,787 | 1.48 | % | 2,317,339 | 41,817 | 2.41 | % | |||||||||||||
Total interest-bearing deposits | 19,165,125 | 122,298 | 0.85 | % | 15,089,643 | 222,550 | 1.97 | % | |||||||||||||
Other borrowings | 3,146,756 | 18,489 | 0.78 | % | 3,110,761 | 57,234 | 2.46 | % | |||||||||||||
Subordinated notes | 282,253 | 12,573 | 5.95 | % | 281,890 | 12,573 | 5.96 | % | |||||||||||||
Trust preferred subordinated debentures | 113,406 | 2,573 | 3.03 | % | 113,406 | 3,863 | 4.55 | % | |||||||||||||
Total interest-bearing liabilities | 22,707,540 | 155,933 | 0.92 | % | 18,595,700 | 296,220 | 2.13 | % | |||||||||||||
Demand deposits | 11,028,119 | 8,333,719 | |||||||||||||||||||
Other liabilities | 293,101 | 236,136 | |||||||||||||||||||
Stockholders’ equity | 2,831,189 | 2,636,148 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 36,859,949 | $ | 29,801,704 | |||||||||||||||||
Net interest income(2) | $ | 649,064 | $ | 736,015 | |||||||||||||||||
Net interest margin | 2.42 | % | 3.41 | % | |||||||||||||||||
Net interest spread | 2.08 | % | 2.65 | % | |||||||||||||||||
Loan spread(3) | 3.39 | % | 3.65 | % |
Three months ended September 30, 2021/2020 | Nine months ended September 30, 2021/2020 | ||||||||||||||||||||||||||||||||||
Net Change | Change due to(1) | Net Change | Change Due To(1) | ||||||||||||||||||||||||||||||||
(in thousands) | Volume | Yield/Rate(2) | Volume | Yield/Rate(2) | |||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||
Investment securities | $ | 6,540 | $ | 17,690 | $ | (11,150) | $ | 23,065 | $ | 89,089 | $ | (66,024) | |||||||||||||||||||||||
Loans held for sale | (3,813) | (3,733) | (80) | (31,464) | (30,976) | (488) | |||||||||||||||||||||||||||||
Loans held for investment, mortgage finance loans | (17,551) | (9,075) | (8,476) | (25,050) | (10,695) | (14,355) | |||||||||||||||||||||||||||||
Loans held for investment | (9,807) | (9,844) | 37 | (80,847) | (41,515) | (39,332) | |||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | (1) | (1) | — | (691) | (682) | (9) | |||||||||||||||||||||||||||||
Interest-bearing deposits in other banks | 729 | (499) | 1,228 | (15,278) | 17,469 | (32,747) | |||||||||||||||||||||||||||||
Total | (23,903) | (5,462) | (18,441) | (130,265) | 22,690 | (152,955) | |||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Transaction deposits | (1,915) | (1,968) | 53 | (10,239) | (1,374) | (8,865) | |||||||||||||||||||||||||||||
Savings deposits | (4,546) | (2,757) | (1,789) | (34,239) | 1,846 | (36,085) | |||||||||||||||||||||||||||||
Time deposits | (6,650) | (3,540) | (3,110) | (26,826) | (12,641) | (14,185) | |||||||||||||||||||||||||||||
Other borrowings | (2,745) | (630) | (2,115) | (14,647) | (3,431) | (11,216) | |||||||||||||||||||||||||||||
Long-term debt | 5,747 | 6,511 | (764) | 11,906 | 13,625 | (1,719) | |||||||||||||||||||||||||||||
Total | (10,109) | (2,384) | (7,725) | (74,045) | (1,975) | (72,070) | |||||||||||||||||||||||||||||
Net interest income | $ | (13,794) | $ | (3,078) | $ | (10,716) | $ | (56,220) | $ | 24,665 | $ | (80,885) |
Three months ended September 30, 2020/2019 | Nine months ended September 30, 2020/2019 | ||||||||||||||||||||||
Net Change | Change due to(1) | Net Change | Change Due To(1) | ||||||||||||||||||||
(in thousands) | Volume | Yield/Rate(2) | Volume | Yield/Rate(2) | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Investment securities | $ | 1,307 | $ | 5,628 | $ | (4,321 | ) | $ | 1,950 | $ | 6,817 | $ | (4,867 | ) | |||||||||
Loans held for sale | (22,339 | ) | (20,637 | ) | (1,702 | ) | (45,222 | ) | (31,939 | ) | (13,283 | ) | |||||||||||
Loans held for investment, mortgage finance loans | 7,804 | 7,994 | (190 | ) | 27,755 | 42,770 | (15,015 | ) | |||||||||||||||
Loans held for investment | (78,327 | ) | (8,577 | ) | (69,750 | ) | (187,560 | ) | (9,085 | ) | (178,475 | ) | |||||||||||
Federal funds sold and securities purchased under resale agreements | (553 | ) | (487 | ) | (66 | ) | (398 | ) | 1,523 | (1,921 | ) | ||||||||||||
Interest-bearing deposits in other banks | (20,010 | ) | 37,438 | (57,448 | ) | (23,763 | ) | 111,280 | (135,043 | ) | |||||||||||||
Total | (112,118 | ) | 21,359 | (133,477 | ) | (227,238 | ) | 121,366 | (348,604 | ) | |||||||||||||
Interest expense: | |||||||||||||||||||||||
Transaction deposits | (11,790 | ) | 3,587 | (15,377 | ) | (26,248 | ) | 8,411 | (34,659 | ) | |||||||||||||
Savings deposits | (32,778 | ) | 10,832 | (43,610 | ) | (65,974 | ) | 38,657 | (104,631 | ) | |||||||||||||
Time deposits | (8,569 | ) | 860 | (9,429 | ) | (8,030 | ) | 12,891 | (20,921 | ) | |||||||||||||
Other borrowings | (13,045 | ) | (487 | ) | (12,558 | ) | (38,745 | ) | 820 | (39,565 | ) | ||||||||||||
Long-term debt | (589 | ) | 5 | (594 | ) | (1,290 | ) | 15 | (1,305 | ) | |||||||||||||
Total | (66,771 | ) | 14,797 | (81,568 | ) | (140,287 | ) | 60,794 | (201,081 | ) | |||||||||||||
Net interest income | $ | (45,347 | ) | $ | 6,562 | $ | (51,909 | ) | $ | (86,951 | ) | $ | 60,572 | $ | (147,523 | ) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
Service charges on deposit accounts | $ | 4,622 | $ | 2,864 | $ | 13,972 | $ | 8,616 | ||||||||||||
Wealth management and trust fee income | 3,382 | 2,502 | 9,380 | 7,317 | ||||||||||||||||
Brokered loan fees | 6,032 | 15,034 | 22,276 | 33,813 | ||||||||||||||||
Servicing income | 292 | 7,329 | 15,236 | 18,195 | ||||||||||||||||
Swap fees | 568 | 484 | 1,628 | 4,709 | ||||||||||||||||
Net gain/(loss) on sale of loans held for sale | (1,185) | 25,242 | 1,317 | 51,265 | ||||||||||||||||
Other | 7,509 | 6,893 | 26,605 | 18,698 | ||||||||||||||||
Total non-interest income | $ | 21,220 | $ | 60,348 | $ | 90,414 | $ | 142,613 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Service charges on deposit accounts | $ | 2,864 | $ | 2,707 | $ | 8,616 | $ | 8,535 | ||||||
Wealth management and trust fee income | 2,502 | 2,330 | 7,317 | 6,468 | ||||||||||
Brokered loan fees | 15,034 | 8,691 | 33,813 | 21,093 | ||||||||||
Servicing income | 7,329 | 3,549 | 18,195 | 9,409 | ||||||||||
Swap fees | 484 | 1,196 | 4,709 | 2,828 | ||||||||||
Net gain/(loss) on sale of loans held for sale | 25,242 | (6,011 | ) | 51,265 | (12,502 | ) | ||||||||
Other(1) | 6,893 | 7,839 | 18,715 | 38,848 | ||||||||||
Total non-interest income | $ | 60,348 | $ | 20,301 | $ | 142,630 | $ | 74,679 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Salaries and employee benefits | $ | 87,503 | $ | 84,096 | $ | 261,855 | $ | 262,080 | |||||||||||||||
Net occupancy expense | 8,324 | 8,736 | 24,463 | 26,582 | |||||||||||||||||||
Marketing | 2,123 | 3,636 | 5,720 | 20,146 | |||||||||||||||||||
Legal and professional | 11,055 | 11,207 | 28,479 | 40,003 | |||||||||||||||||||
Communications and technology | 28,374 | 31,098 | 58,695 | 87,649 | |||||||||||||||||||
FDIC insurance assessment | 4,500 | 6,374 | 16,339 | 19,363 | |||||||||||||||||||
Servicing-related expenses | 2,396 | 12,287 | 27,740 | 48,741 | |||||||||||||||||||
Merger-related expenses | — | — | — | 17,756 | |||||||||||||||||||
Other | 8,712 | 8,307 | 29,072 | 31,173 | |||||||||||||||||||
Total non-interest expense | $ | 152,987 | $ | 165,741 | $ | 452,363 | $ | 553,493 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Salaries and employee benefits | $ | 84,096 | $ | 80,722 | $ | 262,080 | $ | 238,235 | |||||||
Net occupancy expense | 8,736 | 8,125 | 26,582 | 23,914 | |||||||||||
Marketing | 3,636 | 14,753 | 20,146 | 40,548 | |||||||||||
Legal and professional | 11,207 | 11,394 | 40,003 | 31,428 | |||||||||||
Communications and technology | 31,098 | 10,805 | 87,649 | 31,025 | |||||||||||
FDIC insurance assessment | 6,374 | 5,220 | 19,363 | 14,480 | |||||||||||
Servicing-related expenses | 12,287 | 8,165 | 48,758 | 19,613 | |||||||||||
Merger-related expenses | — | — | 17,756 | — | |||||||||||
Other(1) | 8,307 | 10,245 | 31,173 | 33,420 | |||||||||||
Total non-interest expense | $ | 165,741 | $ | 149,429 | $ | 553,510 | $ | 432,663 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Commercial | $ | 9,377,274 | $ | 8,861,580 | |||||||||||||||||||||||||
Energy | 697,888 | 766,217 | |||||||||||||||||||||||||||
Mortgage finance | 8,528,313 | 9,079,409 | |||||||||||||||||||||||||||
Real estate | 5,212,364 | 5,794,624 | |||||||||||||||||||||||||||
Gross loans held for investment | $ | 23,815,839 | $ | 24,501,830 | |||||||||||||||||||||||||
Deferred income (net of direct origination costs) | (66,122) | (70,970) | |||||||||||||||||||||||||||
Allowance for credit losses on loans | (221,957) | (254,615) | |||||||||||||||||||||||||||
Total loans held for investment, net | $ | 23,527,760 | $ | 24,176,245 |
September 30, 2020 | December 31, 2019 | ||||||
(in thousands) | |||||||
Commercial | $ | 8,786,917 | $ | 9,133,444 | |||
Energy | 968,993 | 1,425,309 | |||||
Mortgage finance | 9,378,104 | 8,169,849 | |||||
Real estate | 6,112,672 | 6,008,040 | |||||
Gross loans held for investment | $ | 25,246,686 | $ | 24,736,642 | |||
Deferred income (net of direct origination costs) | (78,624 | ) | $ | (90,380 | ) | ||
Allowance for credit losses on loans | (290,165 | ) | $ | (195,047 | ) | ||
Total loans held for investment, net | $ | 24,877,897 | $ | 24,451,215 |
(in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||
Non-accrual loans(1) | |||||||||||||||||
Commercial | |||||||||||||||||
Assets of the borrowers | $ | 13,849 | $ | 18,776 | $ | 35,829 | |||||||||||
Inventory | 8,990 | 3,547 | 15,266 | ||||||||||||||
Other | 4,235 | 9,773 | 11,416 | ||||||||||||||
Total commercial | 27,074 | 32,096 | 62,511 | ||||||||||||||
Energy | |||||||||||||||||
Oil and gas properties | 40,040 | 51,724 | 73,811 | ||||||||||||||
Total energy | 40,040 | 51,724 | 73,811 | ||||||||||||||
Real estate | |||||||||||||||||
Assets of the borrowers | 13,929 | 14,496 | 14,663 | ||||||||||||||
Commercial property | 4,854 | 13,569 | 5,437 | ||||||||||||||
Hotel/motel | — | 4,619 | — | ||||||||||||||
Single family residences | 1,635 | 218 | 218 | ||||||||||||||
Other | — | 5,267 | 5,306 | ||||||||||||||
Total real estate | 20,418 | 38,169 | 25,624 | ||||||||||||||
Total non-performing assets | $ | 87,532 | $ | 121,989 | $ | 161,946 | |||||||||||
Loans held for investment past due 90 days and accruing(2) | 3,405 | 12,541 | 15,896 | ||||||||||||||
Loans held for sale non-accrual(3) | — | 6,966 | — | ||||||||||||||
Loans held for sale past due 90 days and accruing(4) | 3,808 | 16,667 | 15,631 |
(in thousands) | September 30, 2020 | December 31, 2019 | September 30, 2019 | ||||||||
Non-accrual loans(1) | |||||||||||
Commercial | |||||||||||
Assets of the borrowers | $ | 35,829 | $ | 57,901 | $ | 21,975 | |||||
Inventory | 15,266 | 26,426 | 18,133 | ||||||||
Other | 11,416 | 4,308 | 6,013 | ||||||||
Total commercial | 62,511 | 88,635 | 46,121 | ||||||||
Energy | |||||||||||
Oil and gas properties | 73,811 | 125,049 | 63,189 | ||||||||
Total energy | 73,811 | 125,049 | 63,189 | ||||||||
Real estate | |||||||||||
Assets of the borrowers | 14,663 | — | — | ||||||||
Commercial property | 5,437 | 1,751 | 1,167 | ||||||||
Single family residences | 218 | 1,449 | 1,452 | ||||||||
Other | 5,306 | 8,500 | 8,757 | ||||||||
Total real estate | 25,624 | 11,700 | 11,376 | ||||||||
Total non-performing assets | $ | 161,946 | $ | 225,384 | $ | 120,686 | |||||
Restructured loans - accruing | $ | — | $ | — | $ | — | |||||
Loans held for investment past due 90 days and accruing(2) | $ | 15,896 | $ | 17,584 | $ | 29,648 | |||||
Loans held for sale past due 90 days and accruing(3) | $ | 15,631 | $ | 8,207 | $ | 9,187 |
Nine months ended September 30, 2020 | Year ended December 31, 2019 | Nine months ended September 30, 2019 | Nine months ended September 30, 2021 | Year ended December 31, 2020 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except percentage and multiple data) | (in thousands except percentage and multiple data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 195,047 | $ | 191,522 | $ | 191,522 | Beginning balance | $ | 254,615 | $ | 195,047 | $ | 195,047 | |||||||||||||||||||||||||||||||||||||||||||
Impact of CECL adoption | 8,585 | — | — | Impact of CECL adoption | — | 8,585 | 8,585 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged-off: | Loans charged-off: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 35,376 | 44,837 | 30,869 | Commercial | 8,211 | 73,360 | 35,376 | |||||||||||||||||||||||||||||||||||||||||||||||||
Energy | 100,239 | 32,625 | 31,828 | Energy | 6,418 | 133,522 | 100,239 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | — | 177 | 177 | Real estate | 1,192 | 180 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total charge-offs | 135,615 | 77,639 | 62,874 | Total charge-offs | 15,821 | 207,062 | 135,615 | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries: | Recoveries: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 883 | 3,054 | 1,300 | Commercial | 2,462 | 1,277 | 883 | |||||||||||||||||||||||||||||||||||||||||||||||||
Energy | 1,303 | 316 | 107 | Energy | 1,366 | 6,999 | 1,303 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | Real estate | 112 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total recoveries | 2,186 | 3,370 | 1,407 | Total recoveries | 3,940 | 8,276 | 2,186 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs | 133,429 | 74,269 | 61,467 | Net charge-offs | 11,881 | 198,786 | 133,429 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | 219,962 | 77,794 | 60,083 | Provision for credit losses on loans | (20,777) | 249,769 | 219,962 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 290,165 | $ | 195,047 | $ | 190,138 | Ending balance | $ | 221,957 | $ | 254,615 | $ | 290,165 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for off-balance sheet credit losses: | Allowance for off-balance sheet credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 8,640 | $ | 11,434 | $ | 11,434 | Beginning balance | $ | 17,434 | 8,640 | $ | 8,640 | ||||||||||||||||||||||||||||||||||||||||||||
Impact of CECL adoption | 563 | — | — | Impact of CECL adoption | — | 563 | 563 | |||||||||||||||||||||||||||||||||||||||||||||||||
Provision for off-balance sheet credit losses | 6,038 | (2,794 | ) | (2,083 | ) | Provision for off-balance sheet credit losses | 777 | 8,231 | 6,038 | |||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 15,241 | $ | 8,640 | $ | 9,351 | Ending balance | $ | 18,211 | $ | 17,434 | $ | 15,241 | |||||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 305,406 | $ | 203,687 | $ | 199,489 | Total allowance for credit losses | $ | 240,168 | $ | 272,049 | $ | 305,406 | |||||||||||||||||||||||||||||||||||||||||||
Total provision for credit losses | $ | 226,000 | $ | 75,000 | $ | 58,000 | Total provision for credit losses | $ | (20,000) | $ | 258,000 | $ | 226,000 | |||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans to LHI | 1.15 | % | 0.79 | % | 0.77 | % | Allowance for credit losses on loans to LHI | 0.93 | % | 1.04 | % | 1.15 | % | |||||||||||||||||||||||||||||||||||||||||||
Net charge-offs to average LHI | 0.72 | % | 0.31 | % | 0.35 | % | Net charge-offs to average LHI | 0.07 | % | 0.80 | % | 0.72 | % | |||||||||||||||||||||||||||||||||||||||||||
Total provision for credit losses to average LHI | 1.21 | % | 0.32 | % | 0.33 | % | Total provision for credit losses to average LHI | (0.12) | % | 1.03 | % | 1.21 | % | |||||||||||||||||||||||||||||||||||||||||||
Recoveries to total charge-offs | 1.61 | % | 4.34 | % | 2.24 | % | Recoveries to total charge-offs | 24.91 | % | 4.00 | % | 1.61 | % | |||||||||||||||||||||||||||||||||||||||||||
Allowance for off-balance sheet credit losses to off-balance sheet credit commitments | 0.18 | % | 0.10 | % | 0.11 | % | Allowance for off-balance sheet credit losses to off-balance sheet credit commitments | 0.21 | % | 0.20 | % | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||
Combined allowance for credit losses to LHI | 1.21 | % | 0.83 | % | 0.81 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance as a multiple of non-performing loans | 1.8 | x | 0.9 | x | 1.6 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for credit losses to LHI | Total allowance for credit losses to LHI | 1.01 | % | 1.11 | % | 1.21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans as a multiple of non-performing loans | Allowance for credit losses on loans as a multiple of non-performing loans | 2.5 | x | 2.1 | x | 1.8 | x |
(in thousands except percentage data) | September 30, 2020 | December 31, 2019 | September 30, 2019 | (in thousands except percentage data) | September 30, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | $ | — | $ | 30,000 | $ | 25,000 | Federal funds sold and securities purchased under resale agreements | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Interest-bearing deposits | 10,461,544 | 4,233,766 | 4,968,185 | Interest-bearing deposits | 8,317,926 | 9,032,807 | 10,461,544 | |||||||||||||||||||||||||||||||
Total liquidity assets | $ | 10,461,544 | $ | 4,263,766 | $ | 4,993,185 | Total liquidity assets | $ | 8,317,926 | $ | 9,032,807 | $ | 10,461,544 | |||||||||||||||||||||||||
Total liquidity assets as a percent of: | Total liquidity assets as a percent of: | |||||||||||||||||||||||||||||||||||||
Total loans held for investment | 42.1 | % | 17.3 | % | 20.2 | % | Total loans held for investment | 35.0 | % | 37.0 | % | 42.1 | % | |||||||||||||||||||||||||
Total earning assets | 28.0 | % | 13.5 | % | 15.4 | % | Total earning assets | 23.4 | % | 24.6 | % | 28.0 | % | |||||||||||||||||||||||||
Total deposits | 32.7 | % | 16.1 | % | 18.2 | % | Total deposits | 27.9 | % | 29.1 | % | 32.7 | % |
(in thousands) | September 30, 2020 | December 31, 2019 | September 30, 2019 | (in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||
Deposits from core customers | $ | 27,339,283 | $ | 22,549,568 | $ | 22,885,756 | Deposits from core customers | $ | 27,339,071 | $ | 27,581,532 | $ | 27,339,283 | |||||||||||||||
Deposits from core customers as a percent of total deposits | 85.5 | % | 85.2 | % | 83.5 | % | Deposits from core customers as a percent of total deposits | 91.7 | % | 89.0 | % | 85.5 | % | |||||||||||||||
Relationship brokered deposits | $ | 2,295,530 | $ | 1,617,247 | $ | 2,430,543 | Relationship brokered deposits | $ | 1,488,066 | $ | 1,771,883 | $ | 2,295,530 | |||||||||||||||
Relationship brokered deposits as a percent of average total deposits | 7.2 | % | 6.1 | % | 8.9 | % | Relationship brokered deposits as a percent of average total deposits | 5.0 | % | 5.7 | % | 7.2 | % | |||||||||||||||
Traditional brokered deposits | $ | 2,324,674 | $ | 2,311,778 | $ | 2,097,004 | Traditional brokered deposits | $ | 986,531 | $ | 1,643,174 | $ | 2,324,674 | |||||||||||||||
Traditional brokered deposits as a percent of total deposits | 7.3 | % | 8.7 | % | 7.6 | % | Traditional brokered deposits as a percent of total deposits | 3.3 | % | 5.3 | % | 7.3 | % | |||||||||||||||
Average deposits from core customers(1) | $ | 25,580,278 | $ | 20,747,292 | $ | 19,431,375 | Average deposits from core customers(1) | $ | 28,930,264 | $ | 26,537,612 | $ | 25,580,278 | |||||||||||||||
Average deposits from core customers as a percent of average total deposits | 84.7 | % | 84.1 | % | 82.9 | % | Average deposits from core customers as a percent of average total deposits | 90.8 | % | 86.0 | % | 84.7 | % | |||||||||||||||
Average relationship brokered deposits(1) | $ | 2,078,708 | $ | 2,096,287 | $ | 2,190,618 | Average relationship brokered deposits(1) | $ | 1,516,026 | $ | 2,099,652 | $ | 2,078,708 | |||||||||||||||
Average relationship brokered deposits as a percent of average total deposits | 6.9 | % | 8.5 | % | 9.4 | % | Average relationship brokered deposits as a percent of average total deposits | 4.8 | % | 6.8 | % | 6.9 | % | |||||||||||||||
Average traditional brokered deposits(1) | $ | 2,534,258 | $ | 1,813,037 | $ | 1,801,369 | Average traditional brokered deposits(1) | $ | 1,393,231 | $ | 2,235,359 | $ | 2,534,258 | |||||||||||||||
Average traditional brokered deposits as a percent of average total deposits | 8.4 | % | 7.4 | % | 7.7 | % | Average traditional brokered deposits as a percent of average total deposits | 4.4 | % | 7.2 | % | 8.4 | % |
(in thousands) | September 30, 2020 | |||
Federal funds purchased | $ | 202,605 | ||
Repurchase agreements | 5,578 | |||
FHLB borrowings | 2,700,000 | |||
Line of credit | — | |||
Total short-term borrowings | $ | 2,908,183 | ||
Maximum short-term borrowings outstanding at any month-end during 2020 | $ | 5,195,267 |
(in thousands) | September 30, 2021 | |||||||||||||
Federal funds purchased | $ | — | ||||||||||||
Repurchase agreements | 3,470 | |||||||||||||
FHLB borrowings | 2,200,000 | |||||||||||||
Line of credit | — | |||||||||||||
Total short-term borrowings | $ | 2,203,470 | ||||||||||||
Maximum short-term borrowings outstanding at any month-end during 2021 | $ | 2,907,202 |
(in thousands) | September 30, 2020 | |||
FHLB borrowing capacity relating to loans | $ | 7,987,126 | ||
FHLB borrowing capacity relating to securities | 1,118,321 | |||
Total FHLB borrowing capacity(1) | $ | 9,105,447 | ||
Unused federal funds lines available from commercial banks | $ | 975,000 | ||
Unused Federal Reserve borrowings capacity | $ | 2,230,000 | ||
Unused revolving line of credit(2) | $ | 130,000 |
September 30, 2021 | ||||||||||||||
FHLB borrowing capacity relating to loans | $ | 6,168,920 | ||||||||||||
FHLB borrowing capacity relating to securities | 3,421,807 | |||||||||||||
Total FHLB borrowing capacity(1) | $ | 9,590,727 | ||||||||||||
Unused federal funds lines available from commercial banks | $ | 1,235,000 | ||||||||||||
Unused Federal Reserve borrowings capacity | $ | 2,271,220 | ||||||||||||
Unused revolving | $ | 130,000 |
(in thousands) | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | Total | ||||||||||||||||||||||||||||||
Deposits without a stated maturity | $ | 28,382,890 | $ | — | $ | — | $ | — | $ | 28,382,890 | |||||||||||||||||||||||||
Time deposits | 1,273,741 | 153,804 | 3,228 | 5 | 1,430,778 | ||||||||||||||||||||||||||||||
Federal funds purchased and customer repurchase agreements | 3,470 | — | — | — | 3,470 | ||||||||||||||||||||||||||||||
FHLB borrowings | 2,200,000 | — | — | — | 2,200,000 | ||||||||||||||||||||||||||||||
Operating lease obligations | 17,404 | 32,930 | 12,435 | 22,159 | 84,928 | ||||||||||||||||||||||||||||||
Long-term debt | — | 269,985 | 173,870 | 484,207 | 928,062 | ||||||||||||||||||||||||||||||
Total contractual obligations | $ | 31,877,505 | $ | 456,719 | $ | 189,533 | $ | 506,371 | $ | 33,030,128 |
(in thousands) | Within One Year | After One But Within Three Years | After Three But Within Five Years | After Five Years | Total | |||||||||||||||
Deposits without a stated maturity | $ | 29,142,214 | $ | — | $ | — | $ | — | $ | 29,142,214 | ||||||||||
Time deposits | 1,769,116 | 1,043,127 | 5,024 | 6 | 2,817,273 | |||||||||||||||
Federal funds purchased and customer repurchase agreements | 208,183 | — | — | — | 208,183 | |||||||||||||||
FHLB borrowings | 2,700,000 | — | — | — | 2,700,000 | |||||||||||||||
Subordinated notes | — | — | — | 282,400 | 282,400 | |||||||||||||||
Trust preferred subordinated debentures | — | — | — | 113,406 | 113,406 | |||||||||||||||
Total contractual obligations | $ | 33,819,513 | $ | 1,043,127 | $ | 5,024 | $ | 395,812 | $ | 35,263,476 |
(in thousands) | 0-3 mo Balance | 4-12 mo Balance | 1-3 yr Balance | 3+ yr Balance | Total Balance | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Interest-bearing deposits in other banks, federal funds sold and securities purchased under resale agreements | $ | 8,535,051 | $ | — | $ | — | $ | — | $ | 8,535,051 | |||||||||||||||||||
Investment securities(1) | 54,089 | 662 | 43,990 | 3,565,133 | 3,663,874 | ||||||||||||||||||||||||
Total variable loans | 20,574,506 | 148,803 | 20,423 | 271,404 | 21,015,136 | ||||||||||||||||||||||||
Total fixed loans | 187,476 | 1,503,549 | 187,382 | 931,956 | 2,810,363 | ||||||||||||||||||||||||
Total loans(2) | 20,761,982 | 1,652,352 | 207,805 | 1,203,360 | 23,825,499 | ||||||||||||||||||||||||
Total interest sensitive assets | $ | 29,351,122 | $ | 1,653,014 | $ | 251,795 | $ | 4,768,493 | $ | 36,024,424 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Interest-bearing customer deposits | $ | 13,412,428 | $ | — | $ | — | $ | — | $ | 13,412,428 | |||||||||||||||||||
CDs & IRAs | 138,248 | 269,561 | 33,205 | 3,233 | 444,247 | ||||||||||||||||||||||||
Traditional brokered deposits | 142,178 | 723,754 | 120,599 | — | 986,531 | ||||||||||||||||||||||||
Total interest-bearing deposits | 13,692,854 | 993,315 | 153,804 | 3,233 | 14,843,206 | ||||||||||||||||||||||||
Repurchase agreements, federal funds purchased, FHLB borrowings | 2,203,470 | — | — | — | 2,203,470 | ||||||||||||||||||||||||
Long-term debt | 269,985 | — | — | 658,077 | 928,062 | ||||||||||||||||||||||||
Total borrowings | 2,473,455 | — | — | 658,077 | 3,131,532 | ||||||||||||||||||||||||
Total interest sensitive liabilities | $ | 16,166,309 | $ | 993,315 | $ | 153,804 | $ | 661,310 | $ | 17,974,738 | |||||||||||||||||||
GAP | $ | 13,184,813 | $ | 659,699 | $ | 97,991 | $ | 4,107,183 | $ | — | |||||||||||||||||||
Cumulative GAP | $ | 13,184,813 | $ | 13,844,512 | $ | 13,942,503 | $ | 18,049,686 | $ | 18,049,686 | |||||||||||||||||||
Demand deposits | 14,970,462 | ||||||||||||||||||||||||||||
Stockholders’ equity | 3,147,752 | ||||||||||||||||||||||||||||
Total | $ | 18,118,214 |
(in thousands) | 0-3 mo Balance | 4-12 mo Balance | 1-3 yr Balance | 3+ yr Balance | Total Balance | ||||||||||||||
Assets: | |||||||||||||||||||
Interest-bearing deposits in other banks, federal funds sold and securities purchased under resale agreements | $ | 10,461,544 | $ | — | $ | — | $ | — | $ | 10,461,544 | |||||||||
Investment securities(1) | 42,958 | 931 | 719 | 1,322,705 | 1,367,313 | ||||||||||||||
Total variable loans | $ | 22,150,473 | $ | 135,188 | $ | 26,846 | $ | 279,597 | $ | 22,592,104 | |||||||||
Total fixed loans | 235,631 | 1,309,363 | 934,563 | 823,034 | 3,302,591 | ||||||||||||||
Total loans(2) | 22,386,104 | 1,444,551 | 961,409 | 1,102,631 | 25,894,695 | ||||||||||||||
Total interest sensitive assets | $ | 32,890,606 | $ | 1,445,482 | $ | 962,128 | $ | 2,425,336 | $ | 37,723,552 | |||||||||
Liabilities: | |||||||||||||||||||
Interest-bearing customer deposits | $ | 16,803,002 | $ | — | $ | — | $ | — | $ | 16,803,002 | |||||||||
CDs & IRAs | 176,981 | 255,064 | 55,524 | 5,030 | 492,599 | ||||||||||||||
Traditional brokered deposits | 681,450 | 655,621 | 987,603 | — | 2,324,674 | ||||||||||||||
Total interest-bearing deposits | 17,661,433 | 910,685 | 1,043,127 | 5,030 | 19,620,275 | ||||||||||||||
Repurchase agreements, federal funds purchased, FHLB borrowings | 908,183 | 2,000,000 | — | — | 2,908,183 | ||||||||||||||
Subordinated notes | — | — | — | 282,400 | 282,400 | ||||||||||||||
Trust preferred subordinated debentures | — | — | — | 113,406 | 113,406 | ||||||||||||||
Total borrowings | 908,183 | 2,000,000 | — | 395,806 | 3,303,989 | ||||||||||||||
Total interest sensitive liabilities | $ | 18,569,616 | $ | 2,910,685 | $ | 1,043,127 | $ | 400,836 | $ | 22,924,264 | |||||||||
GAP | $ | 14,320,990 | $ | (1,465,203 | ) | $ | (80,999 | ) | $ | 2,024,500 | $ | — | |||||||
Cumulative GAP | $ | 14,320,990 | $ | 12,855,787 | $ | 12,774,788 | $ | 14,799,288 | $ | 14,799,288 | |||||||||
Demand deposits | 12,339,212 | ||||||||||||||||||
Stockholders’ equity | 2,800,404 | ||||||||||||||||||
Total | $ | 15,139,616 |
Anticipated Impact Over the Next Twelve Months as Compared to Most Likely Scenario | Anticipated Impact Over the Next Twelve Months as Compared to Most Likely Scenario | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 100 bps Increase | 200 bps Increase | 100 bps Increase | 200 bps Increase | 100 bps Decrease | (in thousands) | 100 bps Increase | 200 bps Increase | 100 bps Increase | 200 bps Increase | ||||||||||||||||||||||||||||||||||||||||||||
Change in net interest income | $ | 52,308 | $ | 121,512 | $ | 97,080 | $ | 194,542 | $ | (99,756 | ) | Change in net interest income | $ | 42,678 | $ | 104,513 | $ | 52,308 | $ | 121,512 |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document* | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
/s/ Julie L. Anderson | ||
Julie L. Anderson | ||
Chief Financial Officer | ||
(Duly authorized officer and principal financial officer) |