☒ | 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 | ||||||||||||
5.75% Non-Cumulative Perpetual Preferred Stock Series B, par value $0.01 per share | TCBIO | 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 2. | |||||||||||
Item 6. | |||||||||||
(in thousands except share data) | (in thousands except share data) | March 31, 2023 | December 31, 2022 | (in thousands except share data) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 264,211 | $ | 233,637 | Cash and due from banks | $ | 260,314 | $ | 233,637 | ||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | 3,385,494 | 4,778,623 | Interest bearing cash and cash equivalents | 2,587,131 | 4,778,623 | ||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | 3,394,293 | 2,615,644 | Available-for-sale debt securities | 3,292,478 | 2,615,644 | ||||||||||||||||
Held-to-maturity debt securities | Held-to-maturity debt securities | 918,962 | 935,514 | Held-to-maturity debt securities | 900,315 | 935,514 | ||||||||||||||||
Equity securities | Equity securities | 32,714 | 33,956 | Equity securities | 33,860 | 33,956 | ||||||||||||||||
Investment securities | Investment securities | 4,345,969 | 3,585,114 | Investment securities | 4,226,653 | 3,585,114 | ||||||||||||||||
Loans held for sale | Loans held for sale | 27,608 | 36,357 | Loans held for sale | 29,097 | 36,357 | ||||||||||||||||
Loans held for investment, mortgage finance | Loans held for investment, mortgage finance | 4,060,570 | 4,090,033 | Loans held for investment, mortgage finance | 5,098,812 | 4,090,033 | ||||||||||||||||
Loans held for investment | Loans held for investment | 16,014,497 | 15,197,307 | Loans held for investment | 16,227,203 | 15,197,307 | ||||||||||||||||
Less: Allowance for credit losses on loans | Less: Allowance for credit losses on loans | 260,928 | 253,469 | Less: Allowance for credit losses on loans | 237,343 | 253,469 | ||||||||||||||||
Loans held for investment, net | Loans held for investment, net | 19,814,139 | 19,033,871 | Loans held for investment, net | 21,088,672 | 19,033,871 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 25,268 | 26,382 | Premises and equipment, net | 26,096 | 26,382 | ||||||||||||||||
Accrued interest receivable and other assets | Accrued interest receivable and other assets | 732,468 | 719,162 | Accrued interest receivable and other assets | 757,085 | 719,162 | ||||||||||||||||
Goodwill and intangibles, net | Goodwill and intangibles, net | 1,496 | 1,496 | Goodwill and intangibles, net | 1,496 | 1,496 | ||||||||||||||||
Total assets | Total assets | $ | 28,596,653 | $ | 28,414,642 | Total assets | $ | 28,976,544 | $ | 28,414,642 | ||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | $ | 9,500,583 | $ | 9,618,081 | Non-interest bearing deposits | $ | 9,429,352 | $ | 9,618,081 | ||||||||||||
Interest bearing deposits | Interest bearing deposits | 12,679,114 | 13,238,799 | Interest bearing deposits | 13,888,888 | 13,238,799 | ||||||||||||||||
Total deposits | Total deposits | 22,179,697 | 22,856,880 | Total deposits | 23,318,240 | 22,856,880 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 31,198 | 24,000 | Accrued interest payable | 29,658 | 24,000 | ||||||||||||||||
Other liabilities | Other liabilities | 273,665 | 345,827 | Other liabilities | 338,924 | 345,827 | ||||||||||||||||
Short-term borrowings | Short-term borrowings | 2,100,000 | 1,201,142 | Short-term borrowings | 1,350,000 | 1,201,142 | ||||||||||||||||
Long-term debt | Long-term debt | 932,119 | 931,442 | Long-term debt | 857,795 | 931,442 | ||||||||||||||||
Total liabilities | Total liabilities | 25,516,679 | 25,359,291 | Total liabilities | 25,894,617 | 25,359,291 | ||||||||||||||||
Stockholders’ equity: | Stockholders’ equity: | Stockholders’ equity: | ||||||||||||||||||||
Preferred stock, $0.01 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 | Authorized shares - 10,000,000 | ||||||||||||||||||||
Issued shares - 300,000 at March 31, 2023 and December 31, 2022 | 300,000 | 300,000 | ||||||||||||||||||||
Issued shares - 300,000 at June 30, 2023 and December 31, 2022 | Issued shares - 300,000 at June 30, 2023 and December 31, 2022 | 300,000 | 300,000 | |||||||||||||||||||
Common stock, $0.01 par value: | Common stock, $0.01 par value: | Common stock, $0.01 par value: | ||||||||||||||||||||
Authorized shares - 100,000,000 | Authorized shares - 100,000,000 | Authorized shares - 100,000,000 | ||||||||||||||||||||
Issued shares - 50,947,306 and 50,867,298 at March 31, 2023 and December 31, 2022, respectively | 509 | 509 | ||||||||||||||||||||
Issued shares - 51,087,965 and 50,867,298 at June 30, 2023 and December 31, 2022, respectively | Issued shares - 51,087,965 and 50,867,298 at June 30, 2023 and December 31, 2022, respectively | 511 | 509 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,031,905 | 1,025,593 | Additional paid-in capital | 1,035,063 | 1,025,593 | ||||||||||||||||
Retained earnings | Retained earnings | 2,297,850 | 2,263,502 | Retained earnings | 2,362,189 | 2,263,502 | ||||||||||||||||
Treasury stock - 3,095,444 and 2,083,535 shares at cost at March 31, 2023 and December 31, 2022, respectively | (175,528) | (115,310) | ||||||||||||||||||||
Treasury stock - 3,095,444 and 2,083,535 shares at cost at June 30, 2023 and December 31, 2022, respectively | Treasury stock - 3,095,444 and 2,083,535 shares at cost at June 30, 2023 and December 31, 2022, respectively | (175,528) | (115,310) | |||||||||||||||||||
Accumulated other comprehensive loss, net of taxes | Accumulated other comprehensive loss, net of taxes | (374,762) | (418,943) | Accumulated other comprehensive loss, net of taxes | (440,308) | (418,943) | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 3,079,974 | 3,055,351 | Total stockholders’ equity | 3,081,927 | 3,055,351 | ||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 28,596,653 | $ | 28,414,642 | Total liabilities and stockholders’ equity | $ | 28,976,544 | $ | 28,414,642 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except per share data) | (in thousands except per share data) | 2023 | 2022 | (in thousands except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 297,438 | $ | 187,656 | Interest and fees on loans | $ | 332,867 | $ | 218,292 | $ | 630,305 | $ | 405,948 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | 25,292 | 17,302 | Investment securities | 27,478 | 14,665 | 52,770 | 31,967 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | 62,436 | 3,571 | Interest bearing cash and cash equivalents | 41,571 | 9,394 | 104,007 | 12,965 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 385,166 | 208,529 | Total interest income | 401,916 | 242,351 | 787,082 | 450,880 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 120,094 | 13,630 | Deposits | 137,391 | 20,566 | 257,485 | 34,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 14,744 | 758 | Short-term borrowings | 18,253 | 4,859 | 32,997 | 5,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 14,983 | 10,595 | Long-term debt | 14,282 | 11,393 | 29,265 | 21,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 149,821 | 24,983 | Total interest expense | 169,926 | 36,818 | 319,747 | 61,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 235,345 | 183,546 | Net interest income | 231,990 | 205,533 | 467,335 | 389,079 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 28,000 | (2,000) | Provision for credit losses | 7,000 | 22,000 | 35,000 | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 207,345 | 185,546 | Net interest income after provision for credit losses | 224,990 | 183,533 | 432,335 | 369,079 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | Non-interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 5,022 | 6,115 | Service charges on deposit accounts | 5,158 | 6,102 | 10,180 | 12,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Wealth management and trust fee income | Wealth management and trust fee income | 3,429 | 3,912 | Wealth management and trust fee income | 3,715 | 4,051 | 7,144 | 7,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered loan fees | Brokered loan fees | 1,895 | 3,970 | Brokered loan fees | 2,415 | 4,133 | 4,310 | 8,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment banking and trading income | Investment banking and trading income | 18,768 | 4,179 | Investment banking and trading income | 27,498 | 11,126 | 46,266 | 15,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 8,289 | 2,107 | Other | 7,225 | 828 | 15,514 | 2,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | 37,403 | 20,283 | Total non-interest income | 46,011 | 26,240 | 83,414 | 46,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | Non-interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and benefits | Salaries and benefits | 128,670 | 99,859 | Salaries and benefits | 113,050 | 103,358 | 241,720 | 203,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy expense | Occupancy expense | 9,619 | 8,885 | Occupancy expense | 9,482 | 8,874 | 19,101 | 17,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 9,044 | 4,977 | Marketing | 6,367 | 8,506 | 15,411 | 13,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Legal and professional | Legal and professional | 14,514 | 10,302 | Legal and professional | 15,669 | 11,288 | 30,183 | 21,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Communications and technology | Communications and technology | 17,523 | 14,700 | Communications and technology | 20,525 | 15,649 | 38,048 | 30,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Deposit Insurance Corporation insurance assessment | Federal Deposit Insurance Corporation insurance assessment | 2,170 | 3,981 | Federal Deposit Insurance Corporation insurance assessment | 3,693 | 3,318 | 5,863 | 7,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 12,487 | 10,388 | Other | 12,858 | 13,310 | 25,345 | 23,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | 194,027 | 153,092 | Total non-interest expense | 181,644 | 164,303 | 375,671 | 317,395 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 50,721 | 52,737 | Income before income taxes | 89,357 | 45,470 | 140,078 | 98,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 12,060 | 13,087 | Income tax expense | 20,706 | 11,311 | 32,766 | 24,398 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 38,661 | 39,650 | Net income | 68,651 | 34,159 | 107,312 | 73,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 4,313 | 4,313 | Preferred stock dividends | 4,312 | 4,312 | 8,625 | 8,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 34,348 | $ | 35,337 | Net income available to common stockholders | $ | 64,339 | $ | 29,847 | $ | 98,687 | $ | 65,184 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss): | Other comprehensive income/(loss): | Other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | $ | 42,953 | $ | (200,619) | Change in unrealized gain/(loss) | $ | (99,731) | $ | (86,438) | $ | (56,778) | $ | (287,057) | ||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | 12,973 | 986 | Amounts reclassified into net income | 16,762 | 1,903 | 29,735 | 2,889 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | Other comprehensive income/(loss) | 55,926 | (199,633) | Other comprehensive income/(loss) | (82,969) | (84,535) | (27,043) | (284,168) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | 11,745 | (41,923) | Income tax expense/(benefit) | (17,423) | (17,752) | (5,678) | (59,675) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | Other comprehensive income/(loss), net of tax | 44,181 | (157,710) | Other comprehensive income/(loss), net of tax | (65,546) | (66,783) | (21,365) | (224,493) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss) | Comprehensive income/(loss) | $ | 82,842 | $ | (118,060) | Comprehensive income/(loss) | $ | 3,105 | $ | (32,624) | $ | 85,947 | $ | (150,684) | ||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.71 | $ | 0.70 | Basic earnings per common share | $ | 1.34 | $ | 0.59 | $ | 2.05 | $ | 1.29 | ||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.70 | $ | 0.69 | Diluted earnings per common share | $ | 1.33 | $ | 0.59 | $ | 2.02 | $ | 1.28 |
Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in | Retained | Comprehensive | Paid-in | Retained | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share data) | (in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income/(Loss) | Total | (in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income/(Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 (audited) | 300,000 | $ | 300,000 | 50,618,911 | $ | 506 | $ | 1,008,559 | $ | 1,948,274 | (417) | $ | (8) | $ | (47,715) | $ | 3,209,616 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | Balance at March 31, 2022 | 300,000 | $ | 300,000 | 50,710,858 | $ | 507 | $ | 1,011,353 | $ | 1,983,611 | (417) | $ | (8) | $ | (205,425) | $ | 3,090,038 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss): | Comprehensive income/(loss): | Comprehensive income/(loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 39,650 | — | — | — | 39,650 | Net income | — | — | — | — | — | 34,159 | — | — | — | 34,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (157,710) | (157,710) | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (66,783) | (66,783) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | Total comprehensive loss | (118,060) | Total comprehensive loss | (32,624) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | Stock-based compensation expense recognized in earnings | — | — | — | — | 5,407 | — | — | — | — | 5,407 | Stock-based compensation expense recognized in earnings | — | — | — | — | 5,022 | — | — | — | — | 5,022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | — | — | — | — | — | (4,313) | — | — | — | (4,313) | Preferred stock dividend | — | — | — | — | — | (4,312) | — | — | — | (4,312) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | Issuance of stock related to stock-based awards | — | — | 91,947 | 1 | (2,613) | — | — | — | — | (2,612) | Issuance of stock related to stock-based awards | — | — | 109,479 | 1 | (1,270) | — | — | — | — | (1,269) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | — | — | — | — | — | — | (941,879) | (50,023) | — | (50,023) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 300,000 | $ | 300,000 | 50,710,858 | $ | 507 | $ | 1,011,353 | $ | 1,983,611 | (417) | $ | (8) | $ | (205,425) | $ | 3,090,038 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 300,000 | $ | 300,000 | 50,820,337 | $ | 508 | $ | 1,015,105 | $ | 2,013,458 | (942,296) | $ | (50,031) | $ | (272,208) | $ | 3,006,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 (audited) | 300,000 | $ | 300,000 | 50,867,298 | $ | 509 | $ | 1,025,593 | $ | 2,263,502 | (2,083,535) | $ | (115,310) | $ | (418,943) | $ | 3,055,351 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | Balance at March 31, 2023 | 300,000 | $ | 300,000 | 50,947,306 | $ | 509 | $ | 1,031,905 | $ | 2,297,850 | (3,095,444) | $ | (175,528) | $ | (374,762) | $ | 3,079,974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss): | Comprehensive income/(loss): | Comprehensive income/(loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 38,661 | — | — | — | 38,661 | Net income | — | — | — | — | — | 68,651 | — | — | — | 68,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | 44,181 | 44,181 | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (65,546) | (65,546) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 82,842 | Total comprehensive income | 3,105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | Stock-based compensation expense recognized in earnings | — | — | — | — | 8,438 | — | — | — | — | 8,438 | Stock-based compensation expense recognized in earnings | — | — | — | — | 5,069 | — | — | — | — | 5,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | — | — | — | — | — | (4,313) | — | — | — | (4,313) | Preferred stock dividend | — | — | — | — | — | (4,312) | — | — | — | (4,312) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | Issuance of stock related to stock-based awards | — | — | 80,008 | — | (2,126) | — | — | — | — | (2,126) | Issuance of stock related to stock-based awards | — | — | 140,659 | 2 | (1,911) | — | — | — | — | (1,909) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | (1,011,909) | (60,218) | — | (60,218) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 300,000 | $ | 300,000 | 50,947,306 | $ | 509 | $ | 1,031,905 | $ | 2,297,850 | (3,095,444) | $ | (175,528) | $ | (374,762) | $ | 3,079,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | Balance at June 30, 2023 | 300,000 | $ | 300,000 | 51,087,965 | $ | 511 | $ | 1,035,063 | $ | 2,362,189 | (3,095,444) | $ | (175,528) | $ | (440,308) | $ | 3,081,927 |
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, 2021 (audited) | 300,000 | $ | 300,000 | 50,618,911 | $ | 506 | $ | 1,008,559 | $ | 1,948,274 | (417) | $ | (8) | $ | (47,715) | $ | 3,209,616 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 73,809 | — | — | — | 73,809 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (224,493) | (224,493) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | (150,684) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 10,429 | — | — | — | — | 10,429 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (8,625) | — | — | — | (8,625) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 201,426 | 2 | (3,883) | — | — | — | — | (3,881) | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | (941,879) | (50,023) | — | (50,023) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 300,000 | $ | 300,000 | 50,820,337 | $ | 508 | $ | 1,015,105 | $ | 2,013,458 | (942,296) | $ | (50,031) | $ | (272,208) | $ | 3,006,832 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 (audited) | 300,000 | $ | 300,000 | 50,867,298 | $ | 509 | $ | 1,025,593 | $ | 2,263,502 | (2,083,535) | $ | (115,310) | $ | (418,943) | $ | 3,055,351 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 107,312 | — | — | — | 107,312 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (21,365) | (21,365) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 85,947 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 13,507 | — | — | — | — | 13,507 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (8,625) | — | — | — | (8,625) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 220,667 | 2 | (4,037) | — | — | — | — | (4,035) | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | (1,011,909) | (60,218) | — | (60,218) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | 300,000 | $ | 300,000 | 51,087,965 | $ | 511 | $ | 1,035,063 | $ | 2,362,189 | (3,095,444) | $ | (175,528) | $ | (440,308) | $ | 3,081,927 |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | (in thousands) | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||
Operating activities | Operating activities | Operating activities | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 38,661 | $ | 39,650 | Net income | $ | 107,312 | $ | 73,809 | ||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 28,000 | (2,000) | Provision for credit losses | 35,000 | 20,000 | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 8,683 | 10,604 | Depreciation and amortization | 19,717 | 24,081 | ||||||||||||||||||||||||||||||||||||||||
Net gain recognized on investment securities | Net gain recognized on investment securities | (1,734) | — | Net gain recognized on investment securities | (2,685) | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 8,438 | 5,588 | Stock-based compensation expense | 13,507 | 10,612 | ||||||||||||||||||||||||||||||||||||||||
Purchases and originations of loans held for sale | Purchases and originations of loans held for sale | — | (1,072) | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales and repayments of loans held for sale | Proceeds from sales and repayments of loans held for sale | 8,749 | 571 | Proceeds from sales and repayments of loans held for sale | 7,260 | 4,600 | ||||||||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable and other assets | Accrued interest receivable and other assets | (28,286) | 43,200 | Accrued interest receivable and other assets | (42,383) | (10,753) | ||||||||||||||||||||||||||||||||||||||||
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | (44,308) | (24,691) | Accrued interest payable and other liabilities | (47,067) | 25,259 | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 18,203 | 72,922 | Net cash provided by operating activities | 90,661 | 146,536 | ||||||||||||||||||||||||||||||||||||||||
Investing activities | Investing activities | Investing activities | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of available-for-sale securities | Purchases of available-for-sale securities | (849,391) | (376,415) | Purchases of available-for-sale securities | (849,391) | (637,803) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of available-for-sale debt securities | Proceeds from sales of available-for-sale debt securities | 56,923 | — | Proceeds from sales of available-for-sale debt securities | 56,923 | — | ||||||||||||||||||||||||||||||||||||||||
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | 45,716 | 104,338 | Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | 106,988 | 333,811 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | 17,489 | 9,882 | Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | 37,075 | 40,224 | ||||||||||||||||||||||||||||||||||||||||
Sales/(purchases) of equity securities, net | Sales/(purchases) of equity securities, net | 2,487 | 940 | Sales/(purchases) of equity securities, net | 2,292 | 855 | ||||||||||||||||||||||||||||||||||||||||
Originations of loans held for investment, mortgage finance | Originations of loans held for investment, mortgage finance | (14,897,110) | (26,902,960) | Originations of loans held for investment, mortgage finance | (35,597,043) | (54,492,183) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from pay-offs of loans held for investment, mortgage finance | Proceeds from pay-offs of loans held for investment, mortgage finance | 14,926,573 | 28,550,492 | Proceeds from pay-offs of loans held for investment, mortgage finance | 34,588,264 | 55,418,173 | ||||||||||||||||||||||||||||||||||||||||
Net increase in loans held for investment, excluding mortgage finance loans | Net increase in loans held for investment, excluding mortgage finance loans | (837,100) | (517,465) | Net increase in loans held for investment, excluding mortgage finance loans | (1,058,046) | (2,188,546) | ||||||||||||||||||||||||||||||||||||||||
Purchase of premises and equipment, net | Purchase of premises and equipment, net | (1,363) | (2,709) | Purchase of premises and equipment, net | (4,878) | (9,201) | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) investing activities | (1,535,776) | 866,103 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (2,717,816) | (1,534,670) | |||||||||||||||||||||||||||||||||||||||||||
Financing activities | Financing activities | Financing activities | ||||||||||||||||||||||||||||||||||||||||||||
Net decrease in deposits | (677,183) | (2,731,427) | ||||||||||||||||||||||||||||||||||||||||||||
Net increase/(decrease) in deposits | Net increase/(decrease) in deposits | 461,360 | (2,669,344) | |||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | Issuance of stock related to stock-based awards | (2,126) | (2,612) | Issuance of stock related to stock-based awards | (4,035) | (3,881) | ||||||||||||||||||||||||||||||||||||||||
Preferred dividends paid | Preferred dividends paid | (4,313) | (4,313) | Preferred dividends paid | (8,625) | (8,625) | ||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (60,218) | — | Repurchase of common stock | (60,218) | (50,023) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in short-term borrowings | Net increase (decrease) in short-term borrowings | 898,858 | (775,799) | Net increase (decrease) in short-term borrowings | 148,858 | 448,704 | ||||||||||||||||||||||||||||||||||||||||
Redemption of long-term debt | Redemption of long-term debt | (75,000) | — | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | Net cash provided by/(used in) financing activities | 155,018 | (3,514,151) | Net cash provided by/(used in) financing activities | 462,340 | (2,283,169) | ||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | Net decrease in cash and cash equivalents | (1,362,555) | (2,575,126) | Net decrease in cash and cash equivalents | (2,164,815) | (3,671,303) | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 5,012,260 | 7,946,659 | Cash and cash equivalents at beginning of period | 5,012,260 | 7,946,659 | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 3,649,705 | $ | 5,371,533 | Cash and cash equivalents at end of period | $ | 2,847,445 | $ | 4,275,356 | ||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||||||||||||||
Cash paid during the period for interest | Cash paid during the period for interest | $ | 142,623 | $ | 24,122 | Cash paid during the period for interest | $ | 314,089 | $ | 60,572 | ||||||||||||||||||||||||||||||||||||
Cash paid during the period for income taxes | Cash paid during the period for income taxes | 451 | 302 | Cash paid during the period for income taxes | 43,286 | 29,350 | ||||||||||||||||||||||||||||||||||||||||
Transfers of debt securities from available-for-sale to held-to-maturity | Transfers of debt securities from available-for-sale to held-to-maturity | — | 1,019,365 | Transfers of debt securities from available-for-sale to held-to-maturity | — | 1,019,365 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share and per share data) | (in thousands except share and per share data) | 2023 | 2022 | (in thousands except share and per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 38,661 | $ | 39,650 | Net income | $ | 68,651 | $ | 34,159 | $ | 107,312 | $ | 73,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 4,313 | 4,313 | Preferred stock dividends | 4,312 | 4,312 | 8,625 | 8,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 34,348 | $ | 35,337 | Net income available to common stockholders | $ | 64,339 | $ | 29,847 | $ | 98,687 | $ | 65,184 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per common share—weighted average common shares | 48,264,121 | 50,667,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share—weighted average common shares | Basic earnings per common share—weighted average common shares | 47,906,624 | 50,258,681 | 48,166,977 | 50,462,735 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive outstanding stock-settled awards | Effect of dilutive outstanding stock-settled awards | 616,604 | 656,937 | Effect of dilutive outstanding stock-settled awards | 514,652 | 542,947 | 569,405 | 607,034 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denominator for dilutive earnings per common share—weighted average diluted common shares | 48,880,725 | 51,324,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dilutive earnings per common share—weighted average diluted common shares | Dilutive earnings per common share—weighted average diluted common shares | 48,421,276 | 50,801,628 | 48,736,382 | 51,069,769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.71 | $ | 0.70 | Basic earnings per common share | $ | 1.34 | $ | 0.59 | $ | 2.05 | $ | 1.29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.70 | $ | 0.69 | Diluted earnings per common share | $ | 1.33 | $ | 0.59 | $ | 2.02 | $ | 1.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anti-dilutive outstanding stock-settled awards | Anti-dilutive outstanding stock-settled awards | 252,308 | 229,488 | Anti-dilutive outstanding stock-settled awards | 533,363 | 430,224 | 341,728 | 301,842 |
(in thousands) | (in thousands) | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | (in thousands) | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 644,697 | $ | — | $ | (21,385) | $ | 623,312 | U.S. Treasury securities | $ | 646,811 | $ | — | $ | (26,483) | $ | 620,328 | ||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 125,000 | — | (20,883) | 104,117 | U.S. government agency securities | 125,000 | — | (21,314) | 103,686 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 2,965,866 | 1,077 | (312,007) | 2,654,936 | Residential mortgage-backed securities | 2,902,892 | — | (346,184) | 2,556,708 | ||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | 14,507 | — | (2,579) | 11,928 | CRT securities | 14,226 | — | (2,470) | 11,756 | ||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | Total available-for-sale debt securities | 3,750,070 | 1,077 | (356,854) | 3,394,293 | Total available-for-sale debt securities | 3,688,929 | — | (396,451) | 3,292,478 | ||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities: | Held-to-maturity debt securities: | Held-to-maturity debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 918,962 | — | (107,431) | 811,531 | Residential mortgage-backed securities | 900,315 | — | (111,880) | 788,435 | ||||||||||||||||||||||||||||||||||||
Total held-to-maturity debt securities | Total held-to-maturity debt securities | 918,962 | — | (107,431) | 811,531 | Total held-to-maturity debt securities | 900,315 | — | (111,880) | 788,435 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 32,714 | Equity securities | 33,860 | ||||||||||||||||||||||||||||||||||||||||||
Total investment securities(2) | Total investment securities(2) | $ | 4,345,969 | Total investment securities(2) | $ | 4,226,653 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 698,769 | $ | — | $ | (28,187) | $ | 670,582 | U.S. Treasury securities | $ | 698,769 | $ | — | $ | (28,187) | $ | 670,582 | ||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 125,000 | — | (22,846) | 102,154 | U.S. government agency securities | 125,000 | — | (22,846) | 102,154 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 2,162,364 | 3 | (331,320) | 1,831,047 | Residential mortgage-backed securities | 2,162,364 | 3 | (331,320) | 1,831,047 | ||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | 14,713 | — | (2,852) | 11,861 | CRT securities | 14,713 | — | (2,852) | 11,861 | ||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | Total available-for-sale debt securities | 3,000,846 | 3 | (385,205) | 2,615,644 | Total available-for-sale debt securities | 3,000,846 | 3 | (385,205) | 2,615,644 | ||||||||||||||||||||||||||||||||||||
Held-to-maturity securities: | Held-to-maturity securities: | Held-to-maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 935,514 | — | (118,600) | 816,914 | Residential mortgage-backed securities | 935,514 | — | (118,600) | 816,914 | ||||||||||||||||||||||||||||||||||||
Total held-to-maturity securities | Total held-to-maturity securities | 935,514 | — | (118,600) | 816,914 | Total held-to-maturity securities | 935,514 | — | (118,600) | 816,914 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 33,956 | Equity securities | 33,956 | ||||||||||||||||||||||||||||||||||||||||||
Total investment securities(2) | Total investment securities(2) | $ | 3,585,114 | Total investment securities(2) | $ | 3,585,114 |
Available-for-sale | Held-to-maturity | Available-for-sale | Held-to-maturity | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
Due within one year | Due within one year | $ | 250,900 | $ | 243,554 | $ | — | $ | — | Due within one year | $ | 251,079 | $ | 245,016 | $ | — | $ | — | ||||||||||||||||||||||||||||
Due after one year through five years | Due after one year through five years | 443,798 | 422,944 | — | — | Due after one year through five years | 445,732 | 418,385 | — | — | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | Due after five years through ten years | 106,319 | 87,120 | — | — | Due after five years through ten years | 106,187 | 86,519 | — | — | ||||||||||||||||||||||||||||||||||||
Due after ten years | Due after ten years | 2,949,053 | 2,640,675 | 918,962 | 811,531 | Due after ten years | 2,885,931 | 2,542,558 | 900,315 | 788,435 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,750,070 | $ | 3,394,293 | $ | 918,962 | $ | 811,531 | Total | $ | 3,688,929 | $ | 3,292,478 | $ | 900,315 | $ | 788,435 |
Less Than 12 Months | 12 Months or Longer | Total | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | (in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 261,821 | $ | (5,170) | $ | 361,491 | $ | (16,215) | $ | 623,312 | $ | (21,385) | U.S. Treasury securities | $ | 259,155 | $ | (9,662) | $ | 361,173 | $ | (16,821) | $ | 620,328 | $ | (26,483) | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | — | — | 104,117 | (20,883) | 104,117 | (20,883) | U.S. government agency securities | — | — | 103,686 | (21,314) | 103,686 | (21,314) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 947,217 | (10,451) | 1,593,098 | (301,556) | 2,540,315 | (312,007) | Residential mortgage-backed securities | 1,024,801 | (27,157) | 1,531,907 | (319,027) | 2,556,708 | (346,184) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | — | — | 11,928 | (2,579) | 11,928 | (2,579) | CRT securities | — | — | 11,756 | (2,470) | 11,756 | (2,470) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,209,038 | $ | (15,621) | $ | 2,070,634 | $ | (341,233) | $ | 3,279,672 | $ | (356,854) | Total | $ | 1,283,956 | $ | (36,819) | $ | 2,008,522 | $ | (359,632) | $ | 3,292,478 | $ | (396,451) | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 670,582 | $ | (28,187) | $ | — | $ | — | $ | 670,582 | $ | (28,187) | U.S. Treasury securities | $ | 670,582 | $ | (28,187) | $ | — | $ | — | $ | 670,582 | $ | (28,187) | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | — | — | 102,154 | (22,846) | 102,154 | (22,846) | U.S. government agency securities | — | — | 102,154 | (22,846) | 102,154 | (22,846) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 261,502 | (9,481) | 1,569,107 | (321,839) | 1,830,609 | (331,320) | Residential mortgage-backed securities | 261,502 | (9,481) | 1,569,107 | (321,839) | 1,830,609 | (331,320) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | — | — | 11,861 | (2,852) | 11,861 | (2,852) | CRT securities | — | — | 11,861 | (2,852) | 11,861 | (2,852) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 932,084 | $ | (37,668) | $ | 1,683,122 | $ | (347,537) | $ | 2,615,206 | $ | (385,205) | Total | $ | 932,084 | $ | (37,668) | $ | 1,683,122 | $ | (347,537) | $ | 2,615,206 | $ | (385,205) |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | (in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Net gains/(losses) recognized during the period | Net gains/(losses) recognized during the period | $ | 1,245 | $ | (3,640) | Net gains/(losses) recognized during the period | $ | 951 | $ | (4,996) | $ | 2,196 | $ | (8,636) | ||||||||||||||||||||||||||||||||
Less: Realized net gains/(losses) recognized on securities sold | Less: Realized net gains/(losses) recognized on securities sold | (596) | 202 | Less: Realized net gains/(losses) recognized on securities sold | (10) | (204) | (606) | (2) | ||||||||||||||||||||||||||||||||||||||
Unrealized net gains/(losses) recognized on securities still held | Unrealized net gains/(losses) recognized on securities still held | $ | 1,841 | $ | (3,842) | Unrealized net gains/(losses) recognized on securities still held | $ | 961 | $ | (4,792) | $ | 2,802 | $ | (8,634) |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Loans held for investment(1): | Loans held for investment(1): | Loans held for investment(1): | ||||||||||||||||||||
Commercial | Commercial | $ | 9,514,781 | $ | 8,902,948 | Commercial | $ | 10,459,640 | $ | 9,832,676 | ||||||||||||
Energy | 1,294,671 | 1,159,296 | ||||||||||||||||||||
Mortgage finance | Mortgage finance | 4,060,570 | 4,090,033 | Mortgage finance | 5,098,812 | 4,090,033 | ||||||||||||||||
Real estate | 5,272,443 | 5,198,643 | ||||||||||||||||||||
Commercial real estate | Commercial real estate | 5,308,997 | 4,875,363 | |||||||||||||||||||
Consumer | Consumer | 531,635 | 552,848 | |||||||||||||||||||
Gross loans held for investment | Gross loans held for investment | 20,142,465 | 19,350,920 | Gross loans held for investment | 21,399,084 | 19,350,920 | ||||||||||||||||
Unearned income (net of direct origination costs) | Unearned income (net of direct origination costs) | (67,398) | (63,580) | Unearned income (net of direct origination costs) | (73,069) | (63,580) | ||||||||||||||||
Total loans held for investment | Total loans held for investment | 20,075,067 | 19,287,340 | Total loans held for investment | 21,326,015 | 19,287,340 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (260,928) | (253,469) | Allowance for credit losses on loans | (237,343) | (253,469) | ||||||||||||||||
Total loans held for investment, net | Total loans held for investment, net | $ | 19,814,139 | $ | 19,033,871 | Total loans held for investment, net | $ | 21,088,672 | $ | 19,033,871 | ||||||||||||
Loans held for sale: | Loans held for sale: | Loans held for sale: | ||||||||||||||||||||
Non-mortgage loans, at lower of cost or fair value | Non-mortgage loans, at lower of cost or fair value | 27,608 | 36,357 | Non-mortgage loans, at lower of cost or fair value | 29,097 | 36,357 | ||||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 27,608 | $ | 36,357 | Total loans held for sale | $ | 29,097 | $ | 36,357 |
(in thousands) | (in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | (in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | $ | 668,265 | $ | 1,913,280 | $ | 594,666 | $ | 192,154 | $ | 186,922 | $ | 440,995 | $ | 5,079,665 | $ | 19,786 | $ | 9,095,733 | (1-7) Pass | $ | 1,046,010 | $ | 1,914,964 | $ | 414,088 | $ | 173,152 | $ | 214,029 | $ | 365,905 | $ | 5,904,419 | $ | 18,637 | $ | 10,051,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | 95 | 47,169 | 18,690 | 1,399 | 61,187 | 12,025 | 67,354 | 1,860 | 209,779 | (8) Special mention | 95 | 83,010 | 18,452 | 289 | 707 | 19,303 | 54,371 | 142 | 176,369 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | 18,298 | 39,079 | 1,649 | 3,295 | 24,755 | 34,358 | 895 | 122,329 | (9) Substandard - accruing | 15,216 | 55,176 | 39,042 | 2,059 | — | 6,725 | 33,457 | 528 | 152,203 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | 42,328 | 3,104 | 2,229 | 31,319 | 7,046 | — | 914 | 86,940 | (9+) Non-accrual | — | 42,076 | 3,211 | 436 | 23,385 | 7,421 | 161 | 3,174 | 79,864 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | $ | 668,360 | $ | 2,021,075 | $ | 655,539 | $ | 197,431 | $ | 282,723 | $ | 484,821 | $ | 5,181,377 | $ | 23,455 | $ | 9,514,781 | Total commercial | $ | 1,061,321 | $ | 2,095,226 | $ | 474,793 | $ | 175,936 | $ | 238,121 | $ | 399,354 | $ | 5,992,408 | $ | 22,481 | $ | 10,459,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 55,167 | $ | 114,845 | $ | — | $ | — | $ | — | $ | — | $ | 1,114,145 | $ | — | $ | 1,284,157 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | 7,037 | — | 7,037 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | 3,477 | 3,477 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total energy | $ | 55,167 | $ | 114,845 | $ | — | $ | — | $ | — | $ | — | $ | 1,121,182 | $ | 3,477 | $ | 1,294,671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage finance | Mortgage finance | Mortgage finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | $ | 110,532 | $ | 29,682 | $ | 486,327 | $ | 261,183 | $ | 288,589 | $ | 2,884,257 | $ | — | $ | — | $ | 4,060,570 | (1-7) Pass | $ | 115,533 | $ | 54,104 | $ | 686,673 | $ | 341,626 | $ | 358,533 | $ | 3,542,343 | $ | — | $ | — | $ | 5,098,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | — | — | — | — | — | — | — | — | — | (8) Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | — | — | — | — | — | — | — | — | (9) Substandard - accruing | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | — | — | — | — | — | — | — | — | (9+) Non-accrual | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage finance | Total mortgage finance | $ | 110,532 | $ | 29,682 | $ | 486,327 | $ | 261,183 | $ | 288,589 | $ | 2,884,257 | $ | — | $ | — | $ | 4,060,570 | Total mortgage finance | $ | 115,533 | $ | 54,104 | $ | 686,673 | $ | 341,626 | $ | 358,533 | $ | 3,542,343 | $ | — | $ | — | $ | 5,098,812 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | $ | 156,825 | $ | 1,199,143 | $ | 807,286 | $ | 492,723 | $ | 369,393 | $ | 450,333 | $ | 97,541 | $ | 10,924 | $ | 3,584,168 | (1-7) Pass | $ | 398,476 | $ | 1,533,734 | $ | 1,056,719 | $ | 625,786 | $ | 418,687 | $ | 634,714 | $ | 408,959 | $ | 23,700 | $ | 5,100,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | — | 2,650 | 5,847 | 29,802 | — | 24,926 | — | — | 63,225 | (8) Special mention | 1,048 | 55,675 | 22,329 | 24,047 | 12,016 | 39,960 | — | 5,414 | 160,489 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | — | 17,850 | — | — | 29,860 | — | — | 47,710 | (9) Substandard - accruing | — | — | 17,850 | — | — | 29,708 | — | — | 47,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | — | — | — | — | 179 | — | — | 179 | (9+) Non-accrual | — | — | — | — | — | 175 | — | — | 175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RBF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | Total commercial real estate | $ | 399,524 | $ | 1,589,409 | $ | 1,096,898 | $ | 649,833 | $ | 430,703 | $ | 704,557 | $ | 408,959 | $ | 29,114 | $ | 5,308,997 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | 17,975 | 88,017 | 52,541 | 10,180 | 1,636 | 4,966 | 281,514 | — | 456,829 | (1-7) Pass | $ | 19,368 | $ | 58,901 | $ | 89,294 | $ | 55,186 | $ | 14,480 | $ | 110,951 | $ | 180,651 | $ | 107 | $ | 528,938 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | — | 8,352 | — | — | — | — | — | — | 8,352 | (8) Special mention | — | — | — | — | — | 1,376 | — | — | 1,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | — | — | — | — | — | — | — | — | (9) Substandard - accruing | — | — | — | — | — | — | — | 321 | 321 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | — | — | — | — | — | — | — | — | (9+) Non-accrual | — | — | — | — | — | 1,000 | — | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 8,741 | 182,857 | 145,691 | 92,562 | 61,954 | 222,495 | 39,401 | 25,465 | 779,166 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | 720 | — | 6,161 | — | 376 | — | — | 7,257 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | 442 | — | — | 442 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | 3,355 | — | — | — | — | 3,355 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 7,781 | 64,081 | 89,336 | 52,460 | 17,746 | 84,837 | 4,519 | — | 320,760 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | 1,000 | — | — | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | $ | 191,322 | $ | 1,545,820 | $ | 1,118,551 | $ | 687,243 | $ | 450,729 | $ | 819,414 | $ | 422,975 | $ | 36,389 | $ | 5,272,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | Total consumer | $ | 19,368 | $ | 58,901 | $ | 89,294 | $ | 55,186 | $ | 14,480 | $ | 113,327 | $ | 180,651 | $ | 428 | $ | 531,635 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,025,381 | $ | 3,711,422 | $ | 2,260,417 | $ | 1,145,857 | $ | 1,022,041 | $ | 4,188,492 | $ | 6,725,534 | $ | 63,321 | $ | 20,142,465 | Total | $ | 1,595,746 | $ | 3,797,640 | $ | 2,347,658 | $ | 1,222,581 | $ | 1,041,837 | $ | 4,759,581 | $ | 6,582,018 | $ | 52,023 | $ | 21,399,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross charge-offs | Gross charge-offs | $ | — | $ | 90 | $ | 19,828 | $ | — | $ | 262 | $ | 552 | $ | — | $ | — | $ | 20,732 | Gross charge-offs | $ | — | $ | 90 | $ | 19,828 | $ | — | $ | 8,243 | $ | 552 | $ | — | $ | 871 | $ | 29,584 |
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 2,022,950 | $ | 678,473 | $ | 240,511 | $ | 254,985 | $ | 322,099 | $ | 227,853 | $ | 5,694,352 | $ | 20,933 | $ | 9,462,156 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 9,141 | 7,740 | 3,628 | 37,794 | 11,998 | 4,975 | 95,310 | 2,250 | 172,836 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | 18,670 | 71,147 | 514 | 1,666 | 14,933 | 6,305 | 37,407 | — | 150,642 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | 376 | 512 | 751 | 30,392 | 6,226 | 2,520 | 6,265 | — | 47,042 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 2,051,137 | $ | 757,872 | $ | 245,404 | $ | 324,837 | $ | 355,256 | $ | 241,653 | $ | 5,833,334 | $ | 23,183 | $ | 9,832,676 | ||||||||||||||||||||||||||||||||||||||
Mortgage finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 30,485 | $ | 482,477 | $ | 197,045 | $ | 267,758 | $ | 464,753 | $ | 2,647,515 | $ | — | $ | — | $ | 4,090,033 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage finance | $ | 30,485 | $ | 482,477 | $ | 197,045 | $ | 267,758 | $ | 464,753 | $ | 2,647,515 | $ | — | $ | — | $ | 4,090,033 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 1,362,160 | $ | 958,669 | $ | 670,113 | $ | 520,970 | $ | 263,240 | $ | 448,536 | $ | 465,834 | $ | 43,237 | $ | 4,732,759 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 3,494 | 6,524 | 46,512 | 5,295 | 19,350 | 4,038 | — | — | 85,213 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | 7,840 | 17,850 | — | 247 | 11,458 | 18,733 | — | — | 56,128 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | 1,081 | — | — | 182 | — | — | 1,263 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | 1,373,494 | $ | 983,043 | $ | 717,706 | $ | 526,512 | $ | 294,048 | $ | 471,489 | $ | 465,834 | $ | 43,237 | $ | 4,875,363 | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 69,320 | $ | 95,470 | $ | 57,060 | $ | 24,773 | $ | 20,055 | $ | 89,919 | $ | 196,088 | $ | 130 | $ | 552,815 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | 33 | — | — | — | — | 33 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer | $ | 69,320 | $ | 95,470 | $ | 57,060 | $ | 24,806 | $ | 20,055 | $ | 89,919 | $ | 196,088 | $ | 130 | $ | 552,848 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 3,524,436 | $ | 2,318,862 | $ | 1,217,215 | $ | 1,143,913 | $ | 1,134,112 | $ | 3,450,576 | $ | 6,495,256 | $ | 66,550 | $ | 19,350,920 |
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 1,903,529 | $ | 671,459 | $ | 244,568 | $ | 255,444 | $ | 325,201 | $ | 244,373 | $ | 4,877,753 | $ | 21,063 | $ | 8,543,390 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 9,141 | 7,740 | 3,628 | 37,794 | 11,998 | 4,975 | 95,310 | 2,250 | 172,836 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | 18,670 | 71,147 | 514 | 1,666 | 14,933 | 6,305 | 30,070 | — | 143,305 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | 376 | 512 | 751 | 30,425 | 6,226 | 2,520 | 2,607 | — | 43,417 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 1,931,716 | $ | 750,858 | $ | 249,461 | $ | 325,329 | $ | 358,358 | $ | 258,173 | $ | 5,005,740 | $ | 23,313 | $ | 8,902,948 | ||||||||||||||||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 124,691 | $ | 12,517 | $ | — | $ | — | $ | — | $ | 3,317 | $ | 1,007,776 | $ | — | $ | 1,148,301 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | 7,337 | — | 7,337 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | 3,658 | — | 3,658 | |||||||||||||||||||||||||||||||||||||||||||||||
Total energy | $ | 124,691 | $ | 12,517 | $ | — | $ | — | $ | — | $ | 3,317 | $ | 1,018,771 | $ | — | $ | 1,159,296 | ||||||||||||||||||||||||||||||||||||||
Mortgage finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 30,485 | $ | 482,477 | $ | 197,045 | $ | 267,758 | $ | 464,753 | $ | 2,647,515 | $ | — | $ | — | $ | 4,090,033 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage finance | $ | 30,485 | $ | 482,477 | $ | 197,045 | $ | 267,758 | $ | 464,753 | $ | 2,647,515 | $ | — | $ | — | $ | 4,090,033 | ||||||||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 1,085,254 | $ | 756,180 | $ | 563,341 | $ | 447,346 | $ | 183,634 | $ | 284,698 | $ | 97,337 | $ | 11,944 | $ | 3,429,734 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 2,765 | 6,524 | 37,791 | 5,295 | 19,350 | 3,652 | — | — | 75,377 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | 17,850 | — | — | 11,458 | 17,698 | — | — | 47,006 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | 182 | — | — | 182 | |||||||||||||||||||||||||||||||||||||||||||||||
RBF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 94,066 | 70,951 | 12,161 | 6,106 | 2,655 | — | 326,164 | — | 512,103 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | 7,840 | — | — | — | — | — | — | — | 7,840 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 182,840 | 131,538 | 94,611 | 67,518 | 76,951 | 163,838 | 42,333 | 31,293 | 790,922 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | 729 | — | 8,721 | — | — | 386 | — | — | 9,836 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | 247 | — | 1,035 | — | — | 1,282 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | 1,081 | — | — | — | — | — | 1,081 | |||||||||||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 64,050 | 89,967 | 53,003 | 24,314 | 16,953 | 70,082 | 4,911 | — | 323,280 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | $ | 1,437,544 | $ | 1,073,010 | $ | 770,709 | $ | 550,826 | $ | 311,001 | $ | 541,571 | $ | 470,745 | $ | 43,237 | $ | 5,198,643 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 3,524,436 | $ | 2,318,862 | $ | 1,217,215 | $ | 1,143,913 | $ | 1,134,112 | $ | 3,450,576 | $ | 6,495,256 | $ | 66,550 | $ | 19,350,920 |
(in thousands) | (in thousands) | Commercial | Energy | Mortgage Finance | Real Estate | Total | (in thousands) | Commercial | Mortgage Finance | Commercial Real Estate | Consumer | Total | |||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 136,841 | $ | 49,000 | $ | 10,745 | $ | 56,883 | $ | 253,469 | |||||||||||||||||||||||||||
Provision for credit losses on loans | 32,475 | 1,930 | (3,345) | (3,691) | 27,369 | ||||||||||||||||||||||||||||||||
Charge-offs | 20,732 | — | — | — | 20,732 | ||||||||||||||||||||||||||||||||
Recoveries | 816 | 6 | — | — | 822 | ||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | 19,916 | (6) | — | — | 19,910 | ||||||||||||||||||||||||||||||||
Ending balance | $ | 149,400 | $ | 50,936 | $ | 7,400 | $ | 53,192 | $ | 260,928 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 102,202 | $ | 52,568 | $ | 6,083 | $ | 51,013 | $ | 211,866 | Beginning balance | $ | 185,303 | $ | 10,745 | $ | 54,268 | $ | 3,153 | $ | 253,469 | |||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 5,437 | (24,522) | 4,159 | 13,699 | (1,227) | Provision for credit losses on loans | 18,198 | (3,660) | (1,730) | (785) | 12,023 | |||||||||||||||||||||||||
Charge-offs | Charge-offs | 110 | — | — | 350 | 460 | Charge-offs | 29,584 | — | — | — | 29,584 | |||||||||||||||||||||||||
Recoveries | Recoveries | 217 | 755 | — | — | 972 | Recoveries | 1,430 | — | — | 5 | 1,435 | |||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | (107) | (755) | — | 350 | (512) | Net charge-offs (recoveries) | 28,154 | — | — | (5) | 28,149 | |||||||||||||||||||||||||
Ending balance | Ending balance | $ | 107,746 | $ | 28,801 | $ | 10,242 | $ | 64,362 | $ | 211,151 | Ending balance | $ | 175,347 | $ | 7,085 | $ | 52,538 | $ | 2,373 | $ | 237,343 | |||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 154,360 | $ | 6,083 | $ | 48,247 | $ | 3,176 | $ | 211,866 | ||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | (10,128) | 12,975 | 16,820 | (383) | 19,284 | |||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | 2,978 | — | 350 | — | 3,328 | |||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,172 | — | — | 19 | 1,191 | |||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | 1,806 | — | 350 | (19) | 2,137 | |||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 142,426 | $ | 19,058 | $ | 64,717 | $ | 2,812 | $ | 229,013 |
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Non-accrual(1) | Current | Total | Non-accrual With No Allowance | |||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,185 | $ | 242 | $ | 3,098 | $ | 6,525 | $ | 86,940 | $ | 9,421,316 | $ | 9,514,781 | $ | 71,999 | |||||||||||||||||||||||||||||||
Energy | — | — | — | — | 3,477 | 1,291,194 | 1,294,671 | 3,477 | |||||||||||||||||||||||||||||||||||||||
Mortgage finance | — | — | — | — | — | 4,060,570 | 4,060,570 | — | |||||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||||||||||||
CRE | — | — | — | — | 179 | 3,695,103 | 3,695,282 | — | |||||||||||||||||||||||||||||||||||||||
RBF | — | — | — | — | — | 465,181 | 465,181 | — | |||||||||||||||||||||||||||||||||||||||
Other | 430 | — | — | 430 | 3,355 | 786,435 | 790,220 | 3,355 | |||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | 2,388 | — | — | 2,388 | — | 319,372 | 321,760 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,003 | $ | 242 | $ | 3,098 | $ | 9,343 | $ | 93,951 | $ | 20,039,171 | $ | 20,142,465 | $ | 78,831 |
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Non-accrual(1) | Current | Total | Non-accrual With No Allowance | |||||||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 2,273 | $ | 686 | $ | 64 | $ | 3,023 | $ | 79,864 | $ | 10,376,753 | $ | 10,459,640 | $ | 23,385 | |||||||||||||||||||||||||||||||
Mortgage finance | — | — | — | — | — | 5,098,812 | 5,098,812 | — | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | 524 | — | — | 524 | 175 | 5,308,298 | 5,308,997 | — | |||||||||||||||||||||||||||||||||||||||
Consumer | 11 | — | — | 11 | 1,000 | 530,624 | 531,635 | 1,000 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 2,808 | $ | 686 | $ | 64 | $ | 3,558 | $ | 81,039 | $ | 21,314,487 | $ | 21,399,084 | $ | 24,385 |
(in thousands) | (in thousands) | Payment Deferral | Term Extension | Payment Deferral and Term Extension | Interest Rate Reduction and Term Extension | Total | Percentage of Total Loans Held for Investment | (in thousands) | Payment Deferral | Term Extension | Payment Deferral and Term Extension | Interest Rate Reduction and Term Extension | Total | Percentage of Total Loans Held for Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 31,431 | $ | 1,800 | $ | — | $ | 14,933 | $ | 48,164 | 0.24 | % | Commercial | $ | — | $ | 261 | $ | 3,378 | $ | — | $ | 3,639 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy | — | — | 3,477 | — | 3,477 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 31,431 | $ | 1,800 | $ | 3,477 | $ | 14,933 | $ | 51,641 | 0.26 | % | Total | $ | — | $ | 261 | $ | 3,378 | $ | — | $ | 3,639 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 31,356 | $ | 1,144 | $ | 6,562 | $ | 14,532 | $ | 53,594 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 31,356 | $ | 1,144 | $ | 6,562 | $ | 14,532 | $ | 53,594 | 0.25 | % |
Interest Rate Reduction | Term Extension (in months) | Total Payment Deferrals (in thousands) | Interest Rate Reduction | Term Extension (in months) | Total Payment Deferrals (in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 0.70% | 6 to 18 | $ | 3,523 | Commercial | —% | 4 to 12 | $ | 358 | ||||||||||||||||||||||||||||||
Energy | — | 36 | 1,200 | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | 0.70% | 4 to 36 | $ | 5,080 |
(in thousands) | (in thousands) | 30-89 Days Past Due | 90+ Days Past Due | Non-Accrual | Current | Total | (in thousands) | 30-89 Days Past Due | 90+ Days Past Due | Non-Accrual | Current | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 161 | $ | — | $ | 924 | $ | 47,079 | $ | 48,164 | Commercial | $ | — | $ | — | $ | 6,723 | $ | 46,871 | $ | 53,594 | ||||||||||||||||||||||||||||||||||||||||||
Energy | — | — | 3,477 | — | 3,477 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 161 | $ | — | $ | 4,401 | $ | 47,079 | $ | 51,641 | Total | $ | — | $ | — | $ | 6,723 | $ | 46,871 | $ | 53,594 |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Customer repurchase agreements | Customer repurchase agreements | $ | — | $ | 1,142 | Customer repurchase agreements | $ | — | $ | 1,142 | ||||||||||||||||||
Federal Home Loan Bank borrowings | Federal Home Loan Bank borrowings | 2,100,000 | 1,200,000 | Federal Home Loan Bank borrowings | 1,350,000 | 1,200,000 | ||||||||||||||||||||||
Total short-term borrowings | Total short-term borrowings | $ | 2,100,000 | $ | 1,201,142 | Total short-term borrowings | $ | 1,350,000 | $ | 1,201,142 |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Bank-issued floating rate senior unsecured credit-linked notes due 2024 | Bank-issued floating rate senior unsecured credit-linked notes due 2024 | $ | 272,994 | $ | 272,492 | Bank-issued floating rate senior unsecured credit-linked notes due 2024 | $ | 198,496 | $ | 272,492 | ||||||||||||||||||
Bank-issued 5.25% fixed rate subordinated notes due 2026 | Bank-issued 5.25% fixed rate subordinated notes due 2026 | 174,262 | 174,196 | Bank-issued 5.25% fixed rate subordinated notes due 2026 | 174,326 | 174,196 | ||||||||||||||||||||||
Company-issued 4.00% fixed rate subordinated notes due 2031 | Company-issued 4.00% fixed rate subordinated notes due 2031 | 371,457 | 371,348 | Company-issued 4.00% fixed rate subordinated notes due 2031 | 371,567 | 371,348 | ||||||||||||||||||||||
Trust preferred floating rate subordinated debentures due 2032 to 2036 | Trust preferred floating rate subordinated debentures due 2032 to 2036 | 113,406 | 113,406 | Trust preferred floating rate subordinated debentures due 2032 to 2036 | 113,406 | 113,406 | ||||||||||||||||||||||
Total long-term debt | Total long-term debt | $ | 932,119 | $ | 931,442 | Total long-term debt | $ | 857,795 | $ | 931,442 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Beginning balance of allowance for off-balance sheet credit losses | $ | 21,793 | $ | 17,265 | |||||||
Provision for off-balance sheet credit losses | 631 | (773) | |||||||||
Ending balance of allowance for off-balance sheet credit losses | $ | 22,424 | $ | 16,492 | |||||||
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Commitments to extend credit - period end balance | $ | 10,231,682 | $ | 9,673,082 | |||||||
Standby letters of credit - period end balance | 436,057 | 417,896 |
(in thousands) | Commercial | Mortgage Finance | Commercial Real Estate | Consumer | Total | ||||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
Beginning balance | $ | 16,550 | $ | — | $ | 5,222 | $ | 21 | $ | 21,793 | |||||||||||||||||||
Provision for off-balance sheet credit losses | 17,187 | — | 5,693 | 97 | 22,977 | ||||||||||||||||||||||||
Ending balance | $ | 33,737 | $ | — | $ | 10,915 | $ | 118 | $ | 44,770 | |||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
Beginning balance | $ | 15,107 | $ | — | $ | 2,136 | $ | 22 | $ | 17,265 | |||||||||||||||||||
Provision for off-balance sheet credit losses | (1,656) | — | 2,376 | (4) | 716 | ||||||||||||||||||||||||
Ending balance | $ | 13,451 | $ | — | $ | 4,512 | $ | 18 | $ | 17,981 | |||||||||||||||||||
(in thousands) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Commitments to extend credit - period end balance | $ | 9,973,209 | $ | 9,673,082 | |||||||||||||||||||||||||
Standby letters of credit - period end balance | 488,525 | 417,896 |
Actual | Minimum Capital Required(2) | Capital Required to be Well Capitalized | Actual | Minimum Capital Required(2) | Capital Required to be Well Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | (dollars in thousands) | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 | CET1 | CET1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | $ | 3,157,937 | 12.42 | % | $ | 1,779,755 | 7.00 | % | N/A | Company | $ | 3,225,555 | 12.18 | % | $ | 1,854,443 | 7.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,454,486 | 13.61 | % | 1,776,757 | 7.00 | % | 1,649,845 | 6.50 | % | Bank | 3,516,575 | 13.31 | % | 1,849,426 | 7.00 | % | 1,717,324 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 4,285,396 | 16.86 | % | 2,669,633 | 10.50 | % | 2,542,507 | 10.00 | % | Company | 4,351,950 | 16.43 | % | 2,781,665 | 10.50 | % | 2,649,204 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Bank | Bank | 4,010,488 | 15.80 | % | 2,665,135 | 10.50 | % | 2,538,224 | 10.00 | % | Bank | 4,071,403 | 15.41 | % | 2,774,139 | 10.50 | % | 2,642,037 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 3,567,937 | 14.03 | % | 2,161,131 | 8.50 | % | 1,525,504 | 6.00 | % | Company | 3,635,555 | 13.72 | % | 2,251,824 | 8.50 | % | 1,589,523 | 6.00 | % | ||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,614,486 | 14.24 | % | 2,157,490 | 8.50 | % | 2,030,579 | 8.00 | % | Bank | 3,676,575 | 13.92 | % | 2,245,731 | 8.50 | % | 2,113,630 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets)(1) | Tier 1 capital (to average assets)(1) | Tier 1 capital (to average assets)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 3,567,937 | 12.03 | % | 1,186,723 | 4.00 | % | N/A | Company | 3,635,555 | 12.39 | % | 1,173,583 | 4.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,614,486 | 12.20 | % | 1,185,349 | 4.00 | % | 1,481,686 | 5.00 | % | Bank | 3,676,575 | 12.55 | % | 1,171,431 | 4.00 | % | 1,464,288 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 | CET1 | CET1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | $ | 3,180,208 | 13.00 | % | $ | 1,712,608 | 7.00 | % | N/A | Company | $ | 3,180,208 | 13.00 | % | $ | 1,712,608 | 7.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,408,178 | 13.95 | % | 1,710,056 | 7.00 | % | 1,587,909 | 6.50 | % | Bank | 3,408,178 | 13.95 | % | 1,710,056 | 7.00 | % | 1,587,909 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 4,331,098 | 17.70 | % | 2,568,912 | 10.50 | % | 2,446,583 | 10.00 | % | Company | 4,331,098 | 17.70 | % | 2,568,912 | 10.50 | % | 2,446,583 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,987,720 | 16.32 | % | 2,565,083 | 10.50 | % | 2,442,937 | 10.00 | % | Bank | 3,987,720 | 16.32 | % | 2,565,083 | 10.50 | % | 2,442,937 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 3,590,208 | 14.67 | % | 2,079,595 | 8.50 | % | 1,467,950 | 6.00 | % | Company | 3,590,208 | 14.67 | % | 2,079,595 | 8.50 | % | 1,467,950 | 6.00 | % | ||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,568,178 | 14.61 | % | 2,076,496 | 8.50 | % | 1,954,349 | 8.00 | % | Bank | 3,568,178 | 14.61 | % | 2,076,496 | 8.50 | % | 1,954,349 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets)(1) | Tier 1 capital (to average assets)(1) | Tier 1 capital (to average assets)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 3,590,208 | 11.54 | % | 1,244,494 | 4.00 | % | N/A | Company | 3,590,208 | 11.54 | % | 1,244,494 | 4.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,568,178 | 11.48 | % | 1,243,232 | 4.00 | % | 1,554,039 | 5.00 | % | Bank | 3,568,178 | 11.48 | % | 1,243,232 | 4.00 | % | 1,554,039 | 5.00 | % |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | (in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Stock-settled awards: | Stock-settled awards: | Stock-settled awards: | ||||||||||||||||||||||||||||||||||||||||||||
RSUs | RSUs | $ | 8,438 | $ | 5,407 | RSUs | $ | 5,069 | $ | 5,022 | $ | 13,507 | $ | 10,429 | ||||||||||||||||||||||||||||||||
Cash-settled units | Cash-settled units | — | 181 | Cash-settled units | — | 2 | — | 183 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 8,438 | $ | 5,588 | Total | $ | 5,069 | $ | 5,024 | $ | 13,507 | $ | 10,612 |
(in thousands except period data) | |||||
Unrecognized compensation expense related to unvested stock-settled awards | $ | ||||
Weighted average period over which expense is expected to be recognized, in years |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Level 1 | Level 2 | Level 3 | (in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 623,312 | $ | — | $ | — | U.S. Treasury securities | $ | 620,328 | $ | — | $ | — | ||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | — | 104,117 | — | U.S. government agency securities | — | 103,686 | — | ||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | — | 2,654,936 | — | Residential mortgage-backed securities | — | 2,556,708 | — | ||||||||||||||||||||||||||
CRT securities | CRT securities | — | — | 11,928 | CRT securities | — | — | 11,756 | ||||||||||||||||||||||||||
Equity securities(1)(2) | Equity securities(1)(2) | 21,548 | 11,166 | — | Equity securities(1)(2) | 22,783 | 11,077 | — | ||||||||||||||||||||||||||
Loans held for investment(3) | Loans held for investment(3) | — | — | 35,458 | Loans held for investment(3) | — | — | 26,047 | ||||||||||||||||||||||||||
Derivative assets(4) | Derivative assets(4) | — | 19,401 | — | Derivative assets(4) | — | 10,768 | — | ||||||||||||||||||||||||||
Derivative liabilities(4) | Derivative liabilities(4) | — | 70,220 | — | Derivative liabilities(4) | — | 97,909 | — | ||||||||||||||||||||||||||
Non-qualified deferred compensation plan liabilities(4) | 19,778 | — | — | |||||||||||||||||||||||||||||||
Non-qualified deferred compensation plan liabilities(5) | Non-qualified deferred compensation plan liabilities(5) | 21,149 | — | — | ||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 670,582 | $ | — | $ | — | U.S. Treasury securities | $ | 670,582 | $ | — | $ | — | ||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | — | 102,154 | — | U.S. government agency securities | — | 102,154 | — | ||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | — | 1,831,047 | — | Residential mortgage-backed securities | — | 1,831,047 | — | ||||||||||||||||||||||||||
CRT securities | CRT securities | — | — | 11,861 | CRT securities | — | — | 11,861 | ||||||||||||||||||||||||||
Equity securities(1)(2) | Equity securities(1)(2) | 22,879 | 11,077 | — | Equity securities(1)(2) | 22,879 | 11,077 | — | ||||||||||||||||||||||||||
Derivative assets(4) | Derivative assets(4) | — | 13,504 | — | Derivative assets(4) | — | 13,504 | — | ||||||||||||||||||||||||||
Derivative liabilities(4) | Derivative liabilities(4) | — | 91,758 | — | Derivative liabilities(4) | — | 91,758 | — | ||||||||||||||||||||||||||
Non-qualified deferred compensation plan liabilities(4) | 21,177 | — | — | |||||||||||||||||||||||||||||||
Non-qualified deferred compensation plan liabilities(5) | Non-qualified deferred compensation plan liabilities(5) | 21,177 | — | — |
Net Gains/(Losses) | Net Gains/(Losses) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Balance at Beginning of Period | Purchases / Additions | Sales / Reductions | Realized | Unrealized | Balance at End of Period | (in thousands) | Balance at Beginning of Period | Purchases / Additions | Sales / Reductions | Realized | Unrealized | Balance at End of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | $ | 11,861 | $ | — | $ | — | $ | — | $ | 67 | $ | 11,928 | CRT securities | $ | 11,928 | $ | — | $ | — | $ | — | $ | (172) | $ | 11,756 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | Tax-exempt asset-backed securities | $ | 180,033 | $ | — | $ | (3,736) | $ | — | $ | (10,452) | $ | 165,845 | Tax-exempt asset-backed securities | $ | 165,845 | $ | — | $ | (166,890) | $ | — | $ | 1,045 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | 11,846 | — | — | — | 55 | 11,901 | CRT securities | 11,901 | — | — | — | (231) | 11,670 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale(2) | Loans held for sale(2) | 7,658 | 1,327 | (571) | — | (329) | 8,085 | Loans held for sale(2) | 8,085 | — | (4,029) | — | 210 | 4,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | $ | 11,861 | $ | — | $ | — | $ | — | $ | (105) | $ | 11,756 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | Tax-exempt asset-backed securities | $ | 180,033 | $ | — | $ | (170,626) | $ | — | $ | (9,407) | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | 11,846 | — | — | — | (176) | 11,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale(2) | Loans held for sale(2) | 7,658 | 1,327 | (4,600) | — | (119) | 4,266 |
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Total | Level 1 | Level 2 | Level 3 | (in thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 3,649,705 | $ | 3,649,705 | $ | 3,649,705 | $ | — | $ | — | Cash and cash equivalents | $ | 2,847,445 | $ | 2,847,445 | $ | 2,847,445 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | 3,394,293 | 3,394,293 | 623,312 | 2,759,053 | 11,928 | Available-for-sale debt securities | 3,292,478 | 3,292,478 | 620,328 | 2,660,394 | 11,756 | ||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities | Held-to-maturity debt securities | 918,962 | 811,531 | — | 811,531 | — | Held-to-maturity debt securities | 900,315 | 788,435 | — | 788,435 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 32,714 | 32,714 | 21,548 | 11,166 | — | Equity securities | 33,860 | 33,860 | 22,783 | 11,077 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 27,608 | 27,208 | — | 27,208 | — | Loans held for sale | 29,097 | 29,097 | — | 29,097 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, net | Loans held for investment, net | 19,814,139 | 19,755,693 | — | — | 19,755,693 | Loans held for investment, net | 21,088,672 | 21,016,413 | — | — | 21,016,413 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 19,401 | 19,401 | — | 19,401 | — | Derivative assets | 10,768 | 10,768 | — | 10,768 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 22,179,697 | 22,184,982 | — | — | 22,184,982 | Total deposits | 23,318,240 | 23,497,477 | — | — | 23,497,477 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 2,100,000 | 2,100,000 | — | 2,100,000 | — | Short-term borrowings | 1,350,000 | 1,350,000 | — | 1,350,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 932,119 | 866,529 | — | 866,529 | — | Long-term debt | 857,795 | 768,222 | — | 768,222 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 70,220 | 70,220 | — | 70,220 | — | Derivative liabilities | 97,909 | 97,909 | — | 97,909 | — | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 5,012,260 | $ | 5,012,260 | $ | 5,012,260 | $ | — | $ | — | Cash and cash equivalents | $ | 5,012,260 | $ | 5,012,260 | $ | 5,012,260 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | 2,615,644 | 2,615,644 | 670,582 | 1,933,201 | 11,861 | Available-for-sale debt securities | 2,615,644 | 2,615,644 | 670,582 | 1,933,201 | 11,861 | ||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities | Held-to-maturity debt securities | 935,514 | 816,914 | — | 816,914 | — | Held-to-maturity debt securities | 935,514 | 816,914 | — | 816,914 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 33,956 | 33,956 | 22,879 | 11,077 | — | Equity securities | 33,956 | 33,956 | 22,879 | 11,077 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 36,357 | 36,357 | — | — | 36,357 | Loans held for sale | 36,357 | 36,357 | — | — | 36,357 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, net | Loans held for investment, net | 19,033,871 | 18,969,922 | — | — | 18,969,922 | Loans held for investment, net | 19,033,871 | 18,969,922 | — | — | 18,969,922 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 13,504 | 13,504 | — | 13,504 | — | Derivative assets | 13,504 | 13,504 | — | 13,504 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 22,856,880 | 22,857,949 | — | — | 22,857,949 | Total deposits | 22,856,880 | 22,857,949 | — | — | 22,857,949 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 1,201,142 | 1,201,142 | — | 1,201,142 | — | Short-term borrowings | 1,201,142 | 1,201,142 | — | 1,201,142 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 931,442 | 881,716 | — | 881,716 | — | Long-term debt | 931,442 | 881,716 | — | 881,716 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 91,758 | 91,758 | — | 91,758 | — | Derivative liabilities | 91,758 | 91,758 | — | 91,758 | — |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Notional Amount | Asset Derivative | Liability Derivative | Notional Amount | Asset Derivative | Liability Derivative | (in thousands) | Notional Amount | Asset Derivative | Liability Derivative | Notional Amount | Asset Derivative | Liability Derivative | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedges | Derivatives designated as hedges | Derivatives designated as hedges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | Interest rate contracts: | Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swaps hedging loans | Swaps hedging loans | $ | 3,100,000 | $ | 1,658 | $ | 65,090 | $ | 3,000,000 | $ | — | $ | 86,378 | Swaps hedging loans | $ | 3,100,000 | $ | — | $ | 108,292 | $ | 3,000,000 | $ | — | $ | 86,378 | ||||||||||||||||||||||||||||||||
Non-hedging derivatives | Non-hedging derivatives | Non-hedging derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer-initiated and other derivatives: | Customer-initiated and other derivatives: | Customer-initiated and other derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Foreign currency forward contracts | 2,682 | 13 | — | — | — | — | Foreign currency forward contracts | 2,682 | 38 | 24 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | Interest rate contracts: | Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swaps | Swaps | 4,527,001 | 70,881 | 70,881 | 4,396,367 | 83,529 | 83,529 | Swaps | 5,036,185 | 87,403 | 87,377 | 4,396,367 | 83,529 | 83,529 | ||||||||||||||||||||||||||||||||||||||||||||
Caps and floors written | Caps and floors written | 168,065 | — | 2,238 | 220,142 | — | 2,583 | Caps and floors written | 1,251,159 | 2,661 | 4,636 | 220,142 | — | 2,583 | ||||||||||||||||||||||||||||||||||||||||||||
Caps and floors purchased | Caps and floors purchased | 168,065 | 2,238 | — | 220,142 | 2,583 | — | Caps and floors purchased | 1,251,159 | 4,636 | 2,661 | 220,142 | 2,583 | — | ||||||||||||||||||||||||||||||||||||||||||||
Forward contracts | Forward contracts | 4,486,001 | 12,755 | 12,167 | 1,569,326 | 4,431 | 4,053 | Forward contracts | 7,274,246 | 14,220 | 13,515 | 1,569,326 | 4,431 | 4,053 | ||||||||||||||||||||||||||||||||||||||||||||
Gross derivatives | Gross derivatives | 87,545 | 150,376 | 90,543 | 176,543 | Gross derivatives | 108,958 | 216,505 | 90,543 | 176,543 | ||||||||||||||||||||||||||||||||||||||||||||||||
Netting adjustment - offsetting derivative assets/liabilities | Netting adjustment - offsetting derivative assets/liabilities | (14,038) | (14,038) | (5,164) | (5,164) | Netting adjustment - offsetting derivative assets/liabilities | (26,524) | (26,524) | (5,164) | (5,164) | ||||||||||||||||||||||||||||||||||||||||||||||||
Netting adjustment - cash collateral received/posted | Netting adjustment - cash collateral received/posted | (54,106) | (66,118) | (71,875) | (79,621) | Netting adjustment - cash collateral received/posted | (71,666) | (92,072) | (71,875) | (79,621) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net derivatives included on the consolidated balance sheets | Net derivatives included on the consolidated balance sheets | $ | 19,401 | $ | 70,220 | $ | 13,504 | $ | 91,758 | Net derivatives included on the consolidated balance sheets | $ | 10,768 | $ | 97,909 | $ | 13,504 | $ | 91,758 |
(in thousands) | (in thousands) | Cash Flow Hedges | Available-for-Sale Securities | Held-to-Maturity Securities | Total | (in thousands) | Cash Flow Hedges | Available-for-Sale Securities | Held-to-Maturity Securities | Total | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (66,394) | $ | (304,309) | $ | (48,240) | $ | (418,943) | Beginning balance | $ | (46,916) | $ | (281,063) | $ | (46,783) | $ | (374,762) | ||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | 13,528 | 29,425 | — | 42,953 | Change in unrealized gain/(loss) | (59,057) | (40,674) | — | (99,731) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | 11,129 | — | 1,844 | 12,973 | Amounts reclassified into net income | 14,919 | — | 1,843 | 16,762 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | 24,657 | 29,425 | 1,844 | 55,926 | Total other comprehensive income/(loss) | (44,138) | (40,674) | 1,843 | (82,969) | ||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | 5,179 | 6,179 | 387 | 11,745 | Income tax expense/(benefit) | (9,269) | (8,541) | 387 | (17,423) | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | Total other comprehensive income/(loss), net of tax | 19,478 | 23,246 | 1,457 | 44,181 | Total other comprehensive income/(loss), net of tax | (34,869) | (32,133) | 1,456 | (65,546) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (46,916) | $ | (281,063) | $ | (46,783) | $ | (374,762) | Ending balance | $ | (81,785) | $ | (313,196) | $ | (45,327) | $ | (440,308) | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | — | $ | (47,715) | $ | — | $ | (47,715) | Beginning balance | $ | — | $ | (151,564) | $ | (53,861) | $ | (205,425) | ||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | — | (131,454) | (69,165) | (200,619) | Change in unrealized gain/(loss) | 304 | (86,742) | — | (86,438) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | — | — | 986 | 986 | Amounts reclassified into net income | (704) | — | 2,607 | 1,903 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | — | (131,454) | (68,179) | (199,633) | Total other comprehensive income/(loss) | (400) | (86,742) | 2,607 | (84,535) | ||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | — | (27,605) | (14,318) | (41,923) | Income tax expense/(benefit) | (84) | (18,216) | 548 | (17,752) | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | Total other comprehensive income/(loss), net of tax | — | (103,849) | (53,861) | (157,710) | Total other comprehensive income/(loss), net of tax | (316) | (68,526) | 2,059 | (66,783) | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | — | $ | (151,564) | $ | (53,861) | $ | (205,425) | Ending balance | $ | (316) | $ | (220,090) | $ | (51,802) | $ | (272,208) | ||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (66,394) | $ | (304,309) | $ | (48,240) | $ | (418,943) | |||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | (45,529) | (11,249) | — | (56,778) | |||||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | 26,048 | — | 3,687 | 29,735 | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | (19,481) | (11,249) | 3,687 | (27,043) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | (4,090) | (2,362) | 774 | (5,678) | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | Total other comprehensive income/(loss), net of tax | (15,391) | (8,887) | 2,913 | (21,365) | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (81,785) | $ | (313,196) | $ | (45,327) | $ | (440,308) | |||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | — | $ | (47,715) | $ | — | $ | (47,715) | |||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | 304 | (218,196) | (69,165) | (287,057) | |||||||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | (704) | — | 3,593 | 2,889 | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | (400) | (218,196) | (65,572) | (284,168) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | (84) | (45,821) | (13,770) | (59,675) | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | Total other comprehensive income/(loss), net of tax | (316) | (172,375) | (51,802) | (224,493) | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (316) | $ | (220,090) | $ | (51,802) | $ | (272,208) |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | (dollars in thousands except per share data) | 2023 | 2022 | (dollars in thousands except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 235,345 | $ | 183,546 | Net interest income | $ | 231,990 | $ | 205,533 | $ | 467,335 | $ | 389,079 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 28,000 | (2,000) | Provision for credit losses | 7,000 | 22,000 | 35,000 | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | 37,403 | 20,283 | Non-interest income | 46,011 | 26,240 | 83,414 | 46,523 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | 194,027 | 153,092 | Non-interest expense | 181,644 | 164,303 | 375,671 | 317,395 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 50,721 | 52,737 | Income before income taxes | 89,357 | 45,470 | 140,078 | 98,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 12,060 | 13,087 | Income tax expense | 20,706 | 11,311 | 32,766 | 24,398 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 38,661 | 39,650 | Net income | 68,651 | 34,159 | 107,312 | 73,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 4,313 | 4,313 | Preferred stock dividends | 4,312 | 4,312 | 8,625 | 8,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 34,348 | $ | 35,337 | Net income available to common stockholders | $ | 64,339 | $ | 29,847 | $ | 98,687 | $ | 65,184 | ||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.71 | $ | 0.70 | Basic earnings per common share | $ | 1.34 | $ | 0.59 | $ | 2.05 | $ | 1.29 | ||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.70 | $ | 0.69 | Diluted earnings per common share | $ | 1.33 | $ | 0.59 | $ | 2.02 | $ | 1.28 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 3.33 | % | 2.23 | % | Net interest margin | 3.29 | % | 2.68 | % | 3.31 | % | 2.45 | % | ||||||||||||||||||||||||||||||||||||||||||||
Return on average assets (“ROA”) | Return on average assets (“ROA”) | 0.53 | % | 0.47 | % | Return on average assets (“ROA”) | 0.95 | % | 0.44 | % | 0.74 | % | 0.45 | % | ||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity (“ROE”) | Return on average common equity (“ROE”) | 5.06 | % | 4.97 | % | Return on average common equity (“ROE”) | 9.17 | % | 4.35 | % | 7.15 | % | 4.67 | % | ||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio(1) | Efficiency ratio(1) | 65.3 | % | 70.9 | % | 68.2 | % | 72.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income to average earning assets | Non-interest income to average earning assets | 0.54 | % | 0.25 | % | Non-interest income to average earning assets | 0.66 | % | 0.34 | % | 0.60 | % | 0.29 | % | ||||||||||||||||||||||||||||||||||||||||||||
Efficiency ratio(1) | 71.1 | % | 75.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense to average earning assets | Non-interest expense to average earning assets | 2.78 | % | 1.86 | % | Non-interest expense to average earning assets | 2.61 | % | 2.16 | % | 2.69 | % | 2.00 | % |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Revenue / Expense | Yield / Rate | Average Balance | Revenue / Expense | Yield / Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Investment securities(2) | $ | 4,060,456 | $ | 25,292 | 2.31 | % | $ | 3,669,257 | $ | 17,743 | 1.91 | % | |||||||||||||||||||||||
Interest bearing cash and cash equivalents | 5,541,341 | 62,436 | 4.57 | % | 8,552,300 | 3,571 | 0.17 | % | |||||||||||||||||||||||||||
Loans held for sale | 43,472 | 938 | 8.75 | % | 7,633 | 113 | 6.01 | % | |||||||||||||||||||||||||||
Loans held for investment, mortgage finance | 3,286,804 | 28,528 | 3.52 | % | 5,732,901 | 43,466 | 3.07 | % | |||||||||||||||||||||||||||
Loans held for investment(3) | 15,598,854 | 268,131 | 6.97 | % | 15,686,319 | 144,133 | 3.73 | % | |||||||||||||||||||||||||||
Less: Allowance for credit losses on loans | 252,727 | — | — | 212,612 | — | — | |||||||||||||||||||||||||||||
Loans held for investment, net | 18,632,931 | 296,659 | 6.46 | % | 21,206,608 | 187,599 | 3.59 | % | |||||||||||||||||||||||||||
Total earning assets | 28,278,200 | 385,325 | 5.45 | % | 33,435,798 | 209,026 | 2.54 | % | |||||||||||||||||||||||||||
Cash and other assets | 1,041,745 | 819,486 | |||||||||||||||||||||||||||||||||
Total assets | $ | 29,319,945 | $ | 34,255,284 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Transaction deposits | $ | 776,500 | $ | 3,853 | 2.01 | % | $ | 2,432,687 | $ | 3,962 | 0.66 | % | |||||||||||||||||||||||
Savings deposits | 11,195,402 | 105,707 | 3.83 | % | 10,420,545 | 8,583 | 0.33 | % | |||||||||||||||||||||||||||
Time deposits | 1,430,657 | 10,534 | 2.99 | % | 1,038,722 | 1,085 | 0.42 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 13,402,559 | 120,094 | 3.63 | % | 13,891,954 | 13,630 | 0.40 | % | |||||||||||||||||||||||||||
Short-term borrowings | 1,242,881 | 14,744 | 4.81 | % | 1,770,781 | 758 | 0.17 | % | |||||||||||||||||||||||||||
Long-term debt | 931,796 | 14,983 | 6.52 | % | 929,005 | 10,595 | 4.63 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 15,577,236 | 149,821 | 3.90 | % | 16,591,740 | 24,983 | 0.61 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 10,253,731 | 14,235,749 | |||||||||||||||||||||||||||||||||
Other liabilities | 436,621 | 243,141 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,052,357 | 3,184,654 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 29,319,945 | $ | 34,255,284 | |||||||||||||||||||||||||||||||
Net interest income | $ | 235,504 | $ | 184,043 | |||||||||||||||||||||||||||||||
Net interest margin | 3.33 | % | 2.23 | % | |||||||||||||||||||||||||||||||
Net interest spread | 1.55 | % | 1.93 | % | |||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | ||||||||||||||||||||||
(in thousands except percentages) | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||
Assets | |||||||||||||||||||||||
Investment securities(2) | $ | 4,306,881 | $ | 27,478 | 2.36 | % | $ | 3,543,576 | $ | 15,065 | 1.60 | % | |||||||||||
Interest-bearing cash and cash equivalents | 3,286,091 | 41,571 | 5.07 | % | 4,747,377 | 9,394 | 0.79 | % | |||||||||||||||
Loans held for sale | 28,414 | 599 | 8.46 | % | 8,123 | 62 | 3.07 | % | |||||||||||||||
Loans held for investment, mortgage finance | 4,376,235 | 36,198 | 3.32 | % | 5,858,599 | 49,914 | 3.42 | % | |||||||||||||||
Loans held for investment(3) | 16,217,314 | 296,183 | 7.33 | % | 16,616,234 | 168,409 | 4.07 | % | |||||||||||||||
Less: Allowance for credit losses on loans | 261,027 | — | — | 211,385 | — | — | |||||||||||||||||
Loans held for investment, net | 20,332,522 | 332,381 | 6.56 | % | 22,263,448 | 218,323 | 3.93 | % | |||||||||||||||
Total earning assets | 27,953,908 | 402,029 | 5.69 | % | 30,562,524 | 242,844 | 3.16 | % | |||||||||||||||
Cash and other assets | 1,049,145 | 870,396 | |||||||||||||||||||||
Total assets | $ | 29,003,053 | $ | 31,432,920 | |||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||
Transaction deposits | $ | 1,345,742 | $ | 9,468 | 2.82 | % | $ | 1,671,729 | $ | 3,920 | 0.94 | % | |||||||||||
Savings deposits | 10,590,558 | 114,275 | 4.33 | % | 8,696,819 | 15,462 | 0.71 | % | |||||||||||||||
Time deposits | 1,531,922 | 13,648 | 3.57 | % | 877,399 | 1,184 | 0.54 | % | |||||||||||||||
Total interest bearing deposits | 13,468,222 | 137,391 | 4.09 | % | 11,245,947 | 20,566 | 0.73 | % | |||||||||||||||
Short-term borrowings | 1,397,253 | 18,253 | 5.24 | % | 2,232,119 | 4,859 | 0.87 | % | |||||||||||||||
Long-term debt | 883,871 | 14,282 | 6.48 | % | 929,616 | 11,393 | 4.92 | % | |||||||||||||||
Total interest bearing liabilities | 15,749,346 | 169,926 | 4.33 | % | 14,407,682 | 36,818 | 1.02 | % | |||||||||||||||
Non-interest bearing deposits | 9,749,105 | 13,747,876 | |||||||||||||||||||||
Other liabilities | 389,155 | 227,701 | |||||||||||||||||||||
Stockholders’ equity | 3,115,447 | 3,049,661 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 29,003,053 | $ | 31,432,920 | |||||||||||||||||||
Net interest income | $ | 232,103 | $ | 206,026 | |||||||||||||||||||
Net interest margin | 3.29 | % | 2.68 | % | |||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Revenue / Expense | Yield / Rate | Average Balance | Revenue / Expense | Yield / Rate | |||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Investment securities(2) | $ | 4,184,349 | $ | 52,770 | 2.34 | % | $ | 3,606,069 | $ | 32,808 | 1.75 | % | |||||||||||||||||||||||
Interest bearing cash and cash equivalents | 4,407,486 | 104,007 | 4.76 | % | 6,639,327 | 12,965 | 0.39 | % | |||||||||||||||||||||||||||
Loans held for sale | 35,902 | 1,537 | 8.63 | % | 7,880 | 175 | 4.49 | % | |||||||||||||||||||||||||||
Loans held for investment, mortgage finance | 3,834,529 | 64,726 | 3.40 | % | 5,796,097 | 93,380 | 3.25 | % | |||||||||||||||||||||||||||
Loans held for investment(3) | 15,909,792 | 564,314 | 7.15 | % | 16,153,845 | 312,542 | 3.90 | % | |||||||||||||||||||||||||||
Less: Allowance for credit losses on loans | 256,900 | — | — | 211,995 | — | — | |||||||||||||||||||||||||||||
Loans held for investment, net | 19,487,421 | 629,040 | 6.51 | % | 21,737,947 | 405,922 | 3.77 | % | |||||||||||||||||||||||||||
Total earning assets | 28,115,158 | 787,354 | 5.57 | % | 31,991,223 | 451,870 | 2.83 | % | |||||||||||||||||||||||||||
Cash and other assets | 1,045,466 | 845,082 | |||||||||||||||||||||||||||||||||
Total assets | $ | 29,160,624 | $ | 32,836,305 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Transaction deposits | $ | 1,062,694 | $ | 13,321 | 2.53 | % | $ | 2,050,106 | $ | 7,882 | 0.78 | % | |||||||||||||||||||||||
Savings deposits | 10,891,309 | 219,982 | 4.07 | % | 9,553,920 | 24,045 | 0.51 | % | |||||||||||||||||||||||||||
Time deposits | 1,481,569 | 24,182 | 3.29 | % | 957,615 | 2,269 | 0.48 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 13,435,572 | 257,485 | 3.86 | % | 12,561,641 | 34,196 | 0.55 | % | |||||||||||||||||||||||||||
Short-term borrowings | 1,320,493 | 32,997 | 5.04 | % | 2,002,724 | 5,617 | 0.57 | % | |||||||||||||||||||||||||||
Long-term debt | 907,701 | 29,265 | 6.50 | % | 929,312 | 21,988 | 4.77 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 15,663,766 | 319,747 | 4.12 | % | 15,493,677 | 61,801 | 0.80 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 10,000,024 | 13,990,465 | |||||||||||||||||||||||||||||||||
Other liabilities | 412,758 | 235,378 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,084,076 | 3,116,785 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 29,160,624 | $ | 32,836,305 | |||||||||||||||||||||||||||||||
Net interest income | $ | 467,607 | $ | 390,069 | |||||||||||||||||||||||||||||||
Net interest margin | 3.31 | % | 2.45 | % | |||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023/2022 | Three Months Ended June 30, 2023/2022 | Six Months Ended June 30, 2023/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Change | Change Due To(1) | Net Change | Change Due To(1) | Net Change | Change Due To(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Volume | Yield/Rate(2) | (in thousands) | Volume | Yield/Rate(2) | Volume | Yield/Rate(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | $ | 7,549 | $ | 1,842 | $ | 5,707 | Investment securities | $ | 12,413 | $ | 3,045 | $ | 9,368 | $ | 19,962 | $ | 4,887 | $ | 15,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | 58,865 | (1,262) | 60,127 | Interest bearing cash and cash equivalents | 32,177 | (2,881) | 35,058 | 91,042 | (4,143) | 95,185 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 825 | 531 | 294 | Loans held for sale | 537 | 155 | 382 | 1,362 | 686 | 676 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, mortgage finance | Loans held for investment, mortgage finance | (14,938) | (18,517) | 3,579 | Loans held for investment, mortgage finance | (13,716) | (12,639) | (1,077) | (28,654) | (31,156) | 2,502 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 123,998 | (803) | 124,801 | Loans held for investment | 127,774 | (4,048) | 131,822 | 251,772 | (4,852) | 256,624 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 176,299 | (18,209) | 194,508 | Total interest income | 159,185 | (16,368) | 175,553 | 335,484 | (34,578) | 370,062 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction deposits | Transaction deposits | (109) | (2,695) | 2,586 | Transaction deposits | 5,548 | (764) | 6,312 | 5,439 | (3,459) | 8,898 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 97,124 | 631 | 96,493 | Savings deposits | 98,813 | 3,352 | 95,461 | 195,937 | 3,983 | 191,954 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 9,449 | 406 | 9,043 | Time deposits | 12,464 | 881 | 11,583 | 21,913 | 1,287 | 20,626 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 13,986 | (221) | 14,207 | Short-term borrowings | 13,394 | (1,811) | 15,205 | 27,380 | (2,032) | 29,412 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 4,388 | 32 | 4,356 | Long-term debt | 2,889 | (561) | 3,450 | 7,277 | (529) | 7,806 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 124,838 | (1,847) | 126,685 | Total interest expense | 133,108 | 1,097 | 132,011 | 257,946 | (750) | 258,696 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 51,461 | $ | (16,362) | $ | 67,823 | Net interest income | $ | 26,077 | $ | (17,465) | $ | 43,542 | $ | 77,538 | $ | (33,828) | $ | 111,366 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | (in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | $ | 5,022 | $ | 6,115 | Service charges on deposit accounts | $ | 5,158 | 6,102 | $ | 10,180 | $ | 12,217 | |||||||||||||||||||||||||||||||||||||||||||||
Wealth management and trust fee income | Wealth management and trust fee income | 3,429 | 3,912 | Wealth management and trust fee income | 3,715 | 4,051 | 7,144 | 7,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Brokered loan fees | Brokered loan fees | 1,895 | 3,970 | Brokered loan fees | 2,415 | 4,133 | 4,310 | 8,103 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment banking and trading income | Investment banking and trading income | 18,768 | 4,179 | Investment banking and trading income | 27,498 | 11,126 | 46,266 | 15,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 8,289 | 2,107 | Other | 7,225 | 828 | 15,514 | 2,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | $ | 37,403 | $ | 20,283 | Total non-interest income | $ | 46,011 | $ | 26,240 | $ | 83,414 | $ | 46,523 |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | (in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and benefits | Salaries and benefits | $ | 128,670 | $ | 99,859 | Salaries and benefits | $ | 113,050 | $ | 103,358 | $ | 241,720 | $ | 203,217 | ||||||||||||||||||||||||||||||||||||||||||||
Occupancy expense | Occupancy expense | 9,619 | 8,885 | Occupancy expense | 9,482 | 8,874 | 19,101 | 17,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 9,044 | 4,977 | Marketing | 6,367 | 8,506 | 15,411 | 13,483 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Legal and professional | Legal and professional | 14,514 | 10,302 | Legal and professional | 15,669 | 11,288 | 30,183 | 21,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Communications and technology | Communications and technology | 17,523 | 14,700 | Communications and technology | 20,525 | 15,649 | 38,048 | 30,349 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Deposit Insurance Corporation insurance assessment | Federal Deposit Insurance Corporation insurance assessment | 2,170 | 3,981 | Federal Deposit Insurance Corporation insurance assessment | 3,693 | 3,318 | 5,863 | 7,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 12,487 | 10,388 | Other | 12,858 | 13,310 | 25,345 | 23,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | $ | 194,027 | $ | 153,092 | Total non-interest expense | $ | 181,644 | $ | 164,303 | $ | 375,671 | $ | 317,395 |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 9,514,781 | $ | 8,902,948 | Commercial | $ | 10,459,640 | $ | 9,832,676 | ||||||||||||||||||||||||||||||||||||||||||||||||
Energy | 1,294,671 | 1,159,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage finance | Mortgage finance | 4,060,570 | 4,090,033 | Mortgage finance | 5,098,812 | 4,090,033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | 5,272,443 | 5,198,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 5,308,997 | 4,875,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | 531,635 | 552,848 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross loans held for investment | Gross loans held for investment | $ | 20,142,465 | $ | 19,350,920 | Gross loans held for investment | 21,399,084 | 19,350,920 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unearned income (net of direct origination costs) | Unearned income (net of direct origination costs) | (73,069) | (63,580) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans held for investment | Total loans held for investment | $ | 21,326,015 | $ | 19,287,340 |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Non-accrual loans held for investment | Non-accrual loans held for investment | Non-accrual loans held for investment | ||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||
Business assets | Business assets | $ | 86,020 | $ | 41,448 | Business assets | $ | 76,543 | $ | 41,448 | ||||||||||||
Oil and gas properties | Oil and gas properties | 3,184 | 3,658 | |||||||||||||||||||
Accounts receivable and inventory | Accounts receivable and inventory | 859 | 1,405 | Accounts receivable and inventory | 137 | 1,405 | ||||||||||||||||
Other | Other | 61 | 564 | Other | — | 531 | ||||||||||||||||
Total commercial | Total commercial | 86,940 | 43,417 | Total commercial | 79,864 | 47,042 | ||||||||||||||||
Energy: | ||||||||||||||||||||||
Oil and gas properties | 3,477 | 3,658 | ||||||||||||||||||||
Total energy | 3,477 | 3,658 | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||
Business assets | — | — | ||||||||||||||||||||
Commercial real estate: | Commercial real estate: | |||||||||||||||||||||
Commercial property | Commercial property | 3,534 | 1,263 | Commercial property | 175 | 1,263 | ||||||||||||||||
Total commercial real estate | Total commercial real estate | 175 | 1,263 | |||||||||||||||||||
Consumer | Consumer | |||||||||||||||||||||
Single family residences | Single family residences | — | — | Single family residences | 1,000 | — | ||||||||||||||||
Total real estate | 3,534 | 1,263 | ||||||||||||||||||||
Other | Other | — | 33 | |||||||||||||||||||
Total consumer | Total consumer | 1,000 | 33 | |||||||||||||||||||
Total non-accrual loans held for investment | Total non-accrual loans held for investment | $ | 93,951 | $ | 48,338 | Total non-accrual loans held for investment | $ | 81,039 | $ | 48,338 | ||||||||||||
Non-accrual loans held for sale | Non-accrual loans held for sale | — | — | Non-accrual loans held for sale | — | — | ||||||||||||||||
Other real estate owned (“OREO”) | Other real estate owned (“OREO”) | — | — | Other real estate owned (“OREO”) | — | — | ||||||||||||||||
Total non-performing assets | Total non-performing assets | $ | 93,951 | $ | 48,338 | Total non-performing assets | $ | 81,039 | $ | 48,338 | ||||||||||||
Non-accrual loans held for investment to total loans held for investment | Non-accrual loans held for investment to total loans held for investment | 0.47 | % | 0.25 | % | Non-accrual loans held for investment to total loans held for investment | 0.38 | % | 0.25 | % | ||||||||||||
Total non-performing assets to total assets | Total non-performing assets to total assets | 0.33 | % | 0.17 | % | Total non-performing assets to total assets | 0.28 | % | 0.17 | % | ||||||||||||
Allowance for credit losses on loans to non-accrual loans held for investment | Allowance for credit losses on loans to non-accrual loans held for investment | 2.8x | 5.2x | Allowance for credit losses on loans to non-accrual loans held for investment | 2.9x | 5.2x | ||||||||||||||||
Loans held for investment past due 90 days and accruing | Loans held for investment past due 90 days and accruing | $ | 3,098 | $ | 131 | Loans held for investment past due 90 days and accruing | $ | 64 | $ | 131 | ||||||||||||
Loans held for investment past due 90 days to total loans held for investment | Loans held for investment past due 90 days to total loans held for investment | 0.02 | % | — | % | Loans held for investment past due 90 days to total loans held for investment | — | % | — | % | ||||||||||||
Loans held for sale past due 90 days and accruing | Loans held for sale past due 90 days and accruing | $ | — | $ | — | Loans held for sale past due 90 days and accruing | $ | — | $ | — |
March 31, 2023 | March 31, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||||||||
Allowance for credit losses on loans to total loans held for investment | Allowance for credit losses on loans to total loans held for investment | 1.30 | % | 0.97 | % | Allowance for credit losses on loans to total loans held for investment | 1.11 | % | 0.95 | % | ||||||||||||||||||||||||
Allowance for credit losses on loans to average total loans held for investment(1) | Allowance for credit losses on loans to average total loans held for investment(1) | 1.38 | % | 0.99 | % | Allowance for credit losses on loans to average total loans held for investment(1) | 1.20 | % | 1.04 | % | ||||||||||||||||||||||||
Total allowance for credit losses to total loans held for investment | Total allowance for credit losses to total loans held for investment | 1.41 | % | 1.05 | % | Total allowance for credit losses to total loans held for investment | 1.32 | % | 1.03 | % | ||||||||||||||||||||||||
Total provision for credit losses to average total loans held for investment(1)(2) | Total provision for credit losses to average total loans held for investment(1)(2) | 0.60 | % | (0.04) | % | Total provision for credit losses to average total loans held for investment(1)(2) | 0.36 | % | 0.18 | % |
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Charge-offs | Net Charge-offs to Average Loans(1) | Net Charge-offs | Net Charge-offs to Average Loans(1) | Net Charge-offs | Net Charge-offs to Average Loans(1) | Net Charge-offs | Net Charge-offs to Average Loans(1) | |||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 19,916 | 0.88 | % | $ | (107) | — | % | Commercial | $ | 28,154 | 0.55 | % | $ | 1,806 | 0.03 | % | ||||||||||||||||||||||||||||||||||
Energy | (6) | — | % | (755) | (0.40) | % | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgage finance | Mortgage finance | — | — | % | — | — | % | Mortgage finance | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Real Estate | — | — | % | 350 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
CRE | CRE | — | — | % | 350 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | (5) | — | % | (19) | (0.01) | % | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 19,910 | 0.43 | % | $ | (512) | (0.01) | % | Total | $ | 28,149 | 0.29 | % | $ | 2,137 | 0.02 | % |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | $ | 3,385,494 | $ | 4,778,623 | Interest bearing cash and cash equivalents | $ | 2,587,131 | $ | 4,778,623 | ||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents as a percent of: | Interest bearing cash and cash equivalents as a percent of: | Interest bearing cash and cash equivalents as a percent of: | ||||||||||||||||||||||||||||||||||||||
Total loans held for investment | Total loans held for investment | 16.9 | % | 24.8 | % | Total loans held for investment | 12.1 | % | 24.8 | % | ||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 12.3 | % | 17.4 | % | Total earning assets | 9.3 | % | 17.4 | % | ||||||||||||||||||||||||||||||
Total deposits | Total deposits | 15.3 | % | 20.9 | % | Total deposits | 11.1 | % | 20.9 | % |
(dollars in thousands) | (dollars in thousands) | March 31, 2023 | December 31, 2022 | (dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Balance | % of Total | Balance | % of Total | Balance | % of Total | Balance | % of Total | |||||||||||||||||||||||||||||||||||||||
Customer deposits | Customer deposits | $ | 20,795,335 | 93.8 | % | $ | 21,247,999 | 93.0 | % | Customer deposits | $ | 21,838,842 | 93.7 | % | $ | 21,247,999 | 93.0 | % | ||||||||||||||||||||||||||||
Brokered deposits | Brokered deposits | 1,384,362 | 6.2 | % | 1,608,881 | 7.0 | % | Brokered deposits | 1,479,398 | 6.3 | % | 1,608,881 | 7.0 | % | ||||||||||||||||||||||||||||||||
Total deposits | Total deposits | $ | 22,179,697 | 100.0 | % | $ | 22,856,880 | 100.0 | % | Total deposits | $ | 23,318,240 | 100.0 | % | $ | 22,856,880 | 100.0 | % |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | $ | — | $ | 1,142 | Repurchase agreements | $ | — | $ | 1,142 | ||||||||||||||||||
FHLB borrowings | FHLB borrowings | 2,100,000 | 1,200,000 | FHLB borrowings | 1,350,000 | 1,200,000 | ||||||||||||||||||||||
Total short-term and other borrowings | Total short-term and other borrowings | $ | 2,100,000 | $ | 1,201,142 | Total short-term and other borrowings | $ | 1,350,000 | $ | 1,201,142 |
(in thousands) | (in thousands) | March 31, 2023 | December 31, 2022 | (in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
FHLB borrowing capacity relating to loans and pledged securities | FHLB borrowing capacity relating to loans and pledged securities | $ | 3,175,863 | $ | 2,621,218 | FHLB borrowing capacity relating to loans and pledged securities | $ | 3,253,409 | $ | 2,621,218 | ||||||||||||||||||||||||
FHLB borrowing capacity relating to unencumbered securities | FHLB borrowing capacity relating to unencumbered securities | 2,635,859 | 3,539,297 | FHLB borrowing capacity relating to unencumbered securities | 4,238,418 | 3,539,297 | ||||||||||||||||||||||||||||
Total FHLB borrowing capacity(1) | Total FHLB borrowing capacity(1) | $ | 5,811,722 | $ | 6,160,515 | Total FHLB borrowing capacity(1) | $ | 7,491,827 | $ | 6,160,515 | ||||||||||||||||||||||||
Unused federal funds lines available from commercial banks | Unused federal funds lines available from commercial banks | $ | 1,471,000 | $ | 1,479,000 | Unused federal funds lines available from commercial banks | $ | 1,458,000 | $ | 1,479,000 | ||||||||||||||||||||||||
Unused Federal Reserve borrowings capacity | Unused Federal Reserve borrowings capacity | $ | 3,858,755 | $ | 3,574,762 | Unused Federal Reserve borrowings capacity | $ | 3,726,632 | $ | 3,574,762 | ||||||||||||||||||||||||
Unused revolving line of credit(2) | Unused revolving line of credit(2) | $ | 100,000 | $ | 75,000 | Unused revolving line of credit(2) | $ | 100,000 | $ | 75,000 |
(in thousands) | (in thousands) | 0-3 months | 4-12 months | 1-3 years | 3+ years | Total | (in thousands) | 0-3 months | 4-12 months | 1-3 years | 3+ years | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | $ | 3,385,494 | $ | — | $ | — | $ | — | $ | 3,385,494 | Interest bearing cash and cash equivalents | $ | 2,587,131 | $ | — | $ | — | $ | — | $ | 2,587,131 | ||||||||||||||||||||||||||||||||||||
Investment securities(1) | Investment securities(1) | 45,030 | 244,602 | 261,821 | 3,794,516 | 4,345,969 | Investment securities(1) | 45,942 | 246,072 | 259,155 | 3,675,484 | 4,226,653 | ||||||||||||||||||||||||||||||||||||||||||||||
Variable loans | Variable loans | 18,436,757 | 263,569 | 31,497 | 289,861 | 19,021,684 | Variable loans | 19,731,115 | 203,597 | 68,469 | 261,636 | 20,264,817 | ||||||||||||||||||||||||||||||||||||||||||||||
Fixed loans | Fixed loans | 22,392 | 81,532 | 160,731 | 883,734 | 1,148,389 | Fixed loans | 10,986 | 86,959 | 210,844 | 854,575 | 1,163,364 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans(2) | Total loans(2) | 18,459,149 | 345,101 | 192,228 | 1,173,595 | 20,170,073 | Total loans(2) | 19,742,101 | 290,556 | 279,313 | 1,116,211 | 21,428,181 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest sensitive assets | Total interest sensitive assets | $ | 21,889,673 | $ | 589,703 | $ | 454,049 | $ | 4,968,111 | $ | 27,901,536 | Total interest sensitive assets | $ | 22,375,174 | $ | 536,628 | $ | 538,468 | $ | 4,791,695 | $ | 28,241,965 | ||||||||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing customer deposits | Interest bearing customer deposits | $ | 11,260,363 | $ | — | $ | — | $ | — | $ | 11,260,363 | Interest bearing customer deposits | $ | 12,290,602 | $ | — | $ | — | $ | — | $ | 12,290,602 | ||||||||||||||||||||||||||||||||||||
CDs | CDs | 520,805 | 837,973 | 59,784 | 189 | 1,418,751 | CDs | 670,363 | 870,868 | 56,816 | 239 | 1,598,286 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | Total interest bearing deposits | 11,781,168 | 837,973 | 59,784 | 189 | 12,679,114 | Total interest bearing deposits | 12,960,965 | 870,868 | 56,816 | 239 | 13,888,888 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 2,100,000 | — | — | — | 2,100,000 | Short-term borrowings | 1,350,000 | — | — | — | 1,350,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 386,400 | — | 174,262 | 371,457 | 932,119 | Long-term debt | 311,902 | — | 174,326 | 371,567 | 857,795 | ||||||||||||||||||||||||||||||||||||||||||||||
Total borrowings | Total borrowings | 2,486,400 | — | 174,262 | 371,457 | 3,032,119 | Total borrowings | 1,661,902 | — | 174,326 | 371,567 | 2,207,795 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest sensitive liabilities | Total interest sensitive liabilities | $ | 14,267,568 | $ | 837,973 | $ | 234,046 | $ | 371,646 | $ | 15,711,233 | Total interest sensitive liabilities | $ | 14,622,867 | $ | 870,868 | $ | 231,142 | $ | 371,806 | $ | 16,096,683 | ||||||||||||||||||||||||||||||||||||
GAP | GAP | $ | 7,622,105 | $ | (248,270) | $ | 220,003 | $ | 4,596,465 | $ | — | GAP | $ | 7,752,307 | $ | (334,240) | $ | 307,326 | $ | 4,419,889 | $ | — | ||||||||||||||||||||||||||||||||||||
Cumulative GAP | Cumulative GAP | $ | 7,622,105 | $ | 7,373,835 | $ | 7,593,838 | $ | 12,190,303 | $ | 12,190,303 | Cumulative GAP | $ | 7,752,307 | $ | 7,418,067 | $ | 7,725,393 | $ | 12,145,282 | $ | 12,145,282 | ||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | 9,500,583 | Non-interest bearing deposits | 9,429,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 3,079,974 | Stockholders’ equity | 3,081,927 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 12,580,557 | Total | $ | 12,511,279 |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase | Decrease | Increase | Increase | Decrease | Increase | Decrease | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 100 bps | 200 bps | 100 bps | 200 bps | 100 bps | 200 bps | (in thousands) | 100 bps | 200 bps | 100 bps | 200 bps | 100 bps | 200 bps | 100 bps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net interest income | Change in net interest income | $ | 33,709 | $ | 67,032 | $ | (46,393) | $ | (93,297) | $ | 70,943 | $ | 149,105 | Change in net interest income | $ | 26,320 | $ | 52,538 | $ | (38,844) | $ | (79,029) | $ | 91,461 | $ | 163,136 | $ | (114,831) |
Total Number of | Approximate Dollar Value | Total Number of | Approximate Dollar Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Purchased as Part | of Shares That May Yet | Shares Purchased as Part | of Shares That May Yet | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Number of | Average Price Paid | of Publicly Announced | Be Purchased Under the | Total Number of | Average Price Paid | of Publicly Announced | Be Purchased Under the | |||||||||||||||||||||||||||||||||||||||||||||
Shares Purchased | per Share(2) | Plans or Programs(1) | Plans or Programs(1) | Shares Purchased | per Share(2) | Plans or Programs(1) | Plans or Programs(1) | |||||||||||||||||||||||||||||||||||||||||||||
January 2023 | January 2023 | 564,206 | $ | 61.50 | 564,206 | $ | 150,000,000 | January 2023 | 564,206 | $ | 61.50 | 564,206 | $ | 150,000,000 | ||||||||||||||||||||||||||||||||||||||
February 2023 | February 2023 | — | — | — | 150,000,000 | February 2023 | — | — | — | 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||
March 2023 | March 2023 | 447,703 | 55.80 | 447,703 | 125,019,420 | March 2023 | 447,703 | 55.80 | 447,703 | 125,019,420 | ||||||||||||||||||||||||||||||||||||||||||
April 2023 | April 2023 | — | — | — | 125,019,420 | |||||||||||||||||||||||||||||||||||||||||||||||
May 2023 | May 2023 | — | — | — | 125,019,420 | |||||||||||||||||||||||||||||||||||||||||||||||
June 2023 | June 2023 | — | — | — | 125,019,420 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 1,011,909 | $ | 58.98 | 1,011,909 | $ | 125,019,420 | Total | 1,011,909 | $ | 58.98 | 1,011,909 | $ | 125,019,420 |
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/ J. Matthew Scurlock | ||
J. Matthew Scurlock | ||
Chief Financial Officer | ||
(Duly authorized officer and principal financial officer) |