Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | PROSPERITY BANCSHARES, INC. | |
Entity Central Index Key | 0001068851 | |
Trading Symbol | PB | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 92,182,280 | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-35388 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-2331986 | |
Entity Address, Address Line One | Prosperity Bank Plaza | |
Entity Address, Address Line Two | 4295 San Felipe | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77027 | |
City Area Code | 281 | |
Local Phone Number | 269-7199 | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, par value $1.00 per share | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 1,560,321 | $ 2,547,739 |
Federal funds sold | 274 | 241 |
Total cash and cash equivalents | 1,560,595 | 2,547,980 |
Available for sale securities, at fair value | 461,392 | 514,932 |
Held to maturity securities, at cost (fair value of $13,629,166 and $12,251,213, respectively) | 14,336,735 | 12,303,969 |
Total securities | 14,798,127 | 12,818,901 |
Loans held for sale | 2,810 | 7,274 |
Loans held for investment | 16,720,173 | 16,833,171 |
Loans held for investment - Warehouse Purchase Program | 1,344,541 | 1,775,699 |
Total loans | 18,067,524 | 18,616,144 |
Less: allowance for credit losses on loans | (285,163) | (286,380) |
Loans, net | 17,782,361 | 18,329,764 |
Accrued interest receivable | 69,544 | 66,030 |
Goodwill | 3,231,636 | 3,231,636 |
Core deposit intangibles, net | 59,064 | 61,684 |
Bank premises and equipment, net | 336,075 | 319,799 |
Other real estate owned | 1,705 | 622 |
Bank owned life insurance (BOLI) | 328,211 | 327,149 |
Federal Home Loan Bank of Dallas stock | 8,901 | 8,901 |
Other assets | 94,967 | 121,504 |
TOTAL ASSETS | 38,271,186 | 37,833,970 |
Deposits: | ||
Noninterest-bearing | 10,776,652 | 10,750,034 |
Interest-bearing | 20,291,658 | 20,021,728 |
Total deposits | 31,068,310 | 30,771,762 |
Securities sold under repurchase agreements | 440,891 | 448,099 |
Accrued interest payable | 1,088 | 1,261 |
Allowance for credit losses on off-balance sheet credit exposures | 29,947 | 29,947 |
Other liabilities | 226,526 | 155,665 |
Total liabilities | 31,766,762 | 31,406,734 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $1 par value; 20,000,000 shares authorized; none issued or outstanding | ||
Common stock, $1 par value; 200,000,000 shares authorized; 92,159,730 shares issued and outstanding at March 31, 2022; 92,170,480 shares issued and outstanding at December 31, 2021 | 92,160 | 92,171 |
Capital surplus | 3,597,957 | 3,595,023 |
Retained earnings | 2,812,636 | 2,738,233 |
Accumulated other comprehensive income —net unrealized gain on available for sale securities, net of tax expense of $444 and $481, respectively | 1,671 | 1,809 |
Total shareholders’ equity | 6,504,424 | 6,427,236 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 38,271,186 | $ 37,833,970 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Held to maturity securities, fair value | $ 13,629,166 | $ 12,251,213 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 92,159,730 | 92,170,480 |
Common stock, shares outstanding (in shares) | 92,159,730 | 92,170,480 |
Accumulated other comprehensive income net unrealized gain on available for sale securities, tax expense | $ 444 | $ 481 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INTEREST INCOME: | ||
Loans, including fees | $ 193,025 | $ 233,075 |
Securities | 55,011 | 38,677 |
Federal funds sold and other earning assets | 847 | 351 |
Total interest income | 248,883 | 272,103 |
INTEREST EXPENSE: | ||
Deposits | 8,754 | 17,362 |
Securities sold under repurchase agreements | 185 | 159 |
Total interest expense | 8,939 | 17,521 |
NET INTEREST INCOME | 239,944 | 254,582 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 239,944 | 254,582 |
NONINTEREST INCOME: | ||
Nonsufficient funds (NSF) fees | 8,124 | 6,687 |
Credit card, debit card and ATM card income | 8,179 | 8,031 |
Service charges on deposit accounts | 6,211 | 5,978 |
Trust income | 2,703 | 2,837 |
Mortgage income | 455 | 3,307 |
Brokerage income | 892 | 711 |
Net gain (loss) on sale or write down of assets | 689 | (79) |
Other | 7,869 | 6,536 |
Total noninterest income | 35,122 | 34,008 |
NONINTEREST EXPENSE: | ||
Salaries and employee benefits | 79,411 | 80,037 |
Net occupancy and equipment | 7,848 | 7,833 |
Credit and debit card, data processing and software amortization | 8,849 | 8,233 |
Regulatory assessments and FDIC insurance | 2,850 | 2,670 |
Core deposit intangibles amortization | 2,620 | 2,931 |
Depreciation | 4,547 | 4,540 |
Communications | 2,919 | 2,899 |
Net other real estate income | (407) | (643) |
Other | 11,213 | 10,576 |
Total noninterest expense | 119,850 | 119,076 |
INCOME BEFORE INCOME TAXES | 155,216 | 169,514 |
PROVISION FOR INCOME TAXES | 32,890 | 36,205 |
NET INCOME | $ 122,326 | $ 133,309 |
EARNINGS PER SHARE: | ||
Basic | $ 1.33 | $ 1.44 |
Diluted | $ 1.33 | $ 1.44 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 122,326 | $ 133,309 |
Securities available for sale: | ||
Change in unrealized losses during the period | (175) | (4) |
Total other comprehensive loss | (175) | (4) |
Deferred tax benefit related to other comprehensive loss | 37 | 1 |
Other comprehensive loss, net of tax | (138) | (3) |
Comprehensive income | $ 122,188 | $ 133,306 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE at Dec. 31, 2020 | $ 6,130,669 | $ 92,571 | $ 3,634,140 | $ 2,403,189 | $ 769 |
BALANCE (in shares) at Dec. 31, 2020 | 92,570,789 | ||||
Net income | 133,309 | 133,309 | |||
Other comprehensive loss | (3) | (3) | |||
Common stock issued in connection with the issuance of restricted stock awards, net | $ 358 | (358) | |||
Common stock issued in connection with the issuance of restricted stock awards, net (in shares) | 357,750 | ||||
Stock based compensation expense | 3,406 | 3,406 | |||
Cash dividends declared | (45,535) | (45,535) | |||
BALANCE at Mar. 31, 2021 | 6,221,846 | $ 92,929 | 3,637,188 | 2,490,963 | 766 |
BALANCE (in shares) at Mar. 31, 2021 | 92,928,539 | ||||
BALANCE at Dec. 31, 2021 | 6,427,236 | $ 92,171 | 3,595,023 | 2,738,233 | 1,809 |
BALANCE (in shares) at Dec. 31, 2021 | 92,170,480 | ||||
Net income | 122,326 | 122,326 | |||
Other comprehensive loss | (138) | (138) | |||
Common stock issued in connection with the issuance of restricted stock awards, net | $ (11) | 11 | |||
Common stock issued in connection with the issuance of restricted stock awards, net (in shares) | (10,750) | ||||
Stock based compensation expense | 2,923 | 2,923 | |||
Cash dividends declared | (47,923) | (47,923) | |||
BALANCE at Mar. 31, 2022 | $ 6,504,424 | $ 92,160 | $ 3,597,957 | $ 2,812,636 | $ 1,671 |
BALANCE (in shares) at Mar. 31, 2022 | 92,159,730 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retained Earnings [Member] | ||
Cash dividend declared, per share (in dollars per share) | $ 0.52 | $ 0.49 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 122,326 | $ 133,309 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and core deposit intangibles amortization | 7,167 | 7,471 |
Net amortization of premium on investments | 12,857 | 12,844 |
Net gain on sale of other real estate and repossessed assets | (621) | (887) |
Net (gain) loss on sale or write down of premises and equipment | (689) | 79 |
Net accretion of discount on loans | (5,195) | (16,341) |
Net amortization of premium on deposits | (100) | (507) |
Net gain on sale of loans | (387) | (3,029) |
Proceeds from sale of loans held for sale | 20,076 | 110,602 |
Originations of loans held for sale | (15,225) | (82,777) |
Stock based compensation expense | 2,923 | 3,406 |
Decrease in accrued interest receivable and other assets | 24,688 | 50,582 |
Increase in accrued interest payable and other liabilities | 67,862 | 15,995 |
Net cash provided by operating activities | 235,682 | 230,747 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities and principal paydowns of held to maturity securities | 587,597 | 697,733 |
Purchase of held to maturity securities | (2,633,276) | (2,268,954) |
Proceeds from maturities and principal paydowns of available for sale securities | 1,553,419 | 313,192 |
Purchase of available for sale securities | (1,499,998) | (300,000) |
Originations of Warehouse Purchase Program loans | (5,967,528) | (10,595,636) |
Proceeds from pay-offs of Warehouse Purchase Program loans | 6,398,686 | 11,165,626 |
Net decrease in loans held for investment | 115,339 | 20,125 |
Purchase of bank premises and equipment | (23,289) | (8,020) |
Proceeds from sale of bank premises, equipment and other real estate | 3,894 | 10,968 |
Proceeds from insurance claims | 572 | 1,783 |
Net cash used in investing activities | (1,464,584) | (963,183) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in noninterest-bearing deposits | 26,618 | 669,212 |
Net increase in interest-bearing deposits | 270,030 | 733,908 |
Net increase in securities sold under repurchase agreements | (7,208) | (12,477) |
Payments of cash dividends | (47,923) | (45,535) |
Net cash provided by financing activities | 241,517 | 1,345,108 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (987,385) | 612,672 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,547,980 | 1,343,549 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,560,595 | 1,956,221 |
NONCASH ACTIVITIES: | ||
Acquisition of real estate through foreclosure of collateral | 1,614 | 281 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | $ 9,112 | $ 18,598 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The consolidated financial statements include the accounts of Prosperity Bancshares, Inc. ® ® The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for financial information and with the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis; and all such adjustments are of a normal recurring nature. These financial statements and the notes thereto should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the three month period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or any other period. |
Income Per Common Share
Income Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Income Per Common Share | 2. INCOME PER COMMON SHARE The following table illustrates the computation of basic and diluted earnings per share: Three Months Ended March 31, 2022 2021 Amount Per Share Amount Amount Per Share Amount (Amounts in thousands, except per share data) Net income $ 122,326 $ 133,309 Basic: Weighted average shares outstanding 92,161 $ 1.33 92,854 $ 1.44 Diluted: Weighted average shares outstanding 92,161 $ 1.33 92,854 $ 1.44 There were no stock options outstanding at March 31, 2022 or exercisable during the three months ended March 31, 2022 or 2021 that would have had an anti-dilutive effect on the above computation. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2022 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Standards | 3. NEW ACCOUNTING STANDARDS Accounting Standards Updates (“ASU”) ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings and requires entities to evaluate all loan modifications to determine if they result in a new loan or a continuation of an existing loan. Additionally, ASU 2022-02 requires entities disclose current-period gross charge-offs by year of origination. ASU 2022-02 will be effective for the Company on January 1, 2023 and is not expected to have a significant impact on the Company’s financial statements. ASU 2020-04, "Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting – ASC Topic 848 ASU 2020-04 became effective for the Company on January 1, 2022 , which p rovides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Prior to the end of 2021, the Company began transitioning away from LIBOR to Secured Overnight Financing Rate (“SOFR”) or other alternative variable rate indexes for its interest-rate swaps and loans historically using LIBOR as an index. As of March 31, 2022 and December 31, 2021, LIBOR was used as an index rate for the Company’s interest-rate swaps and approximately 6.7% and 11.4% of the Company’s loan portfolio, respectively. ASU 2020-04 became effective for the Company on January 1, 2022 and did not have a significant impact on the Company’s financial statements. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | 4. SECURITIES The amortized cost and fair value of investment securities were as follows: March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 432,627 $ 1,721 $ (26 ) $ 434,322 Mortgage-backed securities 26,650 453 (33 ) 27,070 Total $ 459,277 $ 2,174 $ (59 ) $ 461,392 Held to Maturity States and political subdivisions $ 124,379 $ 3,022 $ (1,736 ) $ 125,665 Corporate debt securities 12,000 — — 12,000 Collateralized mortgage obligations 231,661 1 (3,801 ) 227,861 Mortgage-backed securities 13,968,695 9,315 (714,370 ) 13,263,640 Total $ 14,336,735 $ 12,338 $ (719,907 ) $ 13,629,166 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 483,761 $ 1,942 $ (32 ) $ 485,671 Mortgage-backed securities 28,881 550 (170 ) 29,261 Total $ 512,642 $ 2,492 $ (202 ) $ 514,932 Held to Maturity States and political subdivisions $ 132,620 $ 5,968 $ (114 ) $ 138,474 Collateralized mortgage obligations 39,675 483 (78 ) 40,080 Mortgage-backed securities 12,131,674 87,967 (146,982 ) 12,072,659 Total $ 12,303,969 $ 94,418 $ (147,174 ) $ 12,251,213 The investment securities portfolio is measured for expected credit losses by segregating the portfolio into two general segments and applying the appropriate expected credit losses methodology. Investment securities classified as available for sale or held to maturity are evaluated for expected credit losses under Financial Accounting Standards Board (“FASB”): ASC 326 , “Financial Instruments – Credit Losses.” Available for sale securities . For available for sale securities in an unrealized loss position, the amount of the expected credit losses recognized in earnings depends on whether an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss. If an entity intends to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the expected credit losses will be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, the expected credit losses will be separated into the amount representing the credit-related portion of the impairment loss (“credit loss”) and the noncredit portion of the impairment loss (“noncredit portion”). The amount of the total expected credit losses related to the credit loss is determined based on the difference between the present value of cash flows expected to be collected and the amortized cost basis and such difference is recognized in earnings. The amount of the total expected credit losses related to the noncredit portion is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the expected credit losses recognized in earnings will become the new amortized cost basis of the investment. A s of March 31, 2022 , management does not have the intent to sell any of the securities classified as available for sale before a recovery of cost. In addition, management believes it is more likely than not that the Company will not be required to sell any of its investment securities before a recovery of cost. The unrealized losses are largely due to changes in market interest rates and spread relationships since the time the underlying securities were purchased . The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of March 31, 2022 , management believes that there is no potential for credit losses on available for sale securities. Held to maturity securities . The Company’s held to maturity investments include mortgage-related bonds issued by either the Government National Mortgage Corporation (“Ginnie Mae”), Federal National Mortgage Association (“Fannie Mae”) or Federal Home Loan Mortgage Corporation (“Freddie Mac”). Ginnie Mae issued securities are explicitly guaranteed by the U.S. government, while Fannie Mae and Freddie Mac issued securities are fully guaranteed by those respective United States government-sponsored agencies, and conditionally guaranteed by the full faith and credit of the United States. The Company’s held to maturity securities also include taxable and tax-exempt municipal securities issued primarily by school districts, utility districts and municipalities located in Texas. The Company’s investment in municipal securities is exposed to credit risk. The securities are highly rated by major rating agencies and regularly reviewed by management. A significant portion are guaranteed or insured by either the Texas Permanent School Fund, Assured Guaranty or Build America Mutual. As of March 31, 2022, the Company’s municipal securities represent 0.8% of the securities portfolio. Management has the ability and intent to hold the securities classified as held to maturity until they mature, at which time the Company will receive full value for the securities. Accordingly, as of March 31, 2022, management believes that there is no potential for material credit losses on held to maturity securities. Securities with unrealized losses, segregated by length of time, that have been in a continuous loss position were as follows: March 31, 2022 Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 82,900 $ (3 ) $ 41,441 $ (23 ) $ 124,341 $ (26 ) Mortgage-backed securities 11,153 (33 ) — — 11,153 (33 ) Total $ 94,053 $ (36 ) $ 41,441 $ (23 ) $ 135,494 $ (59 ) Held to Maturity States and political subdivisions $ 45,919 $ (1,538 ) $ 2,510 $ (198 ) $ 48,429 $ (1,736 ) Collateralized mortgage obligations 227,768 (3,801 ) — — 227,768 (3,801 ) Mortgage-backed securities 9,927,001 (499,216 ) 2,210,927 (215,154 ) 12,137,928 (714,370 ) Total $ 10,200,688 $ (504,555 ) $ 2,213,437 $ (215,352 ) $ 12,414,125 $ (719,907 ) December 31, 2021 Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 164,220 $ (31 ) $ 25,916 $ (1 ) $ 190,136 $ (32 ) Mortgage-backed securities 2 — 19,674 (170 ) 19,676 (170 ) Total $ 164,222 $ (31 ) $ 45,590 $ (171 ) $ 209,812 $ (202 ) Held to Maturity States and political subdivisions $ 6,216 $ (60 ) $ 1,454 $ (54 ) $ 7,670 $ (114 ) Collateralized mortgage obligations 8,166 (78 ) — — 8,166 (78 ) Mortgage-backed securities 7,553,096 (141,652 ) 288,359 (5,330 ) 7,841,455 (146,982 ) Total $ 7,567,478 $ (141,790 ) $ 289,813 $ (5,384 ) $ 7,857,291 $ (147,174 ) At March 31, 2022 and December 31, 2021, there were 37 securities and 30 securities, respectively, in an unrealized loss position for 12 months or more. The amortized cost and fair value of investment securities at March 31, 2022, by contractual maturity, are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 14,022 $ 14,089 $ — $ — Due after one year through five years 65,918 68,170 — — Due after five years through ten years 30,854 30,702 — — Due after ten years 25,585 24,704 — — Subtotal 136,379 137,665 — — Mortgage-backed securities and collateralized mortgage obligations 14,200,356 13,491,501 459,277 461,392 Total $ 14,336,735 $ 13,629,166 $ 459,277 $ 461,392 The Company recorded no gain or loss on the sale of securities for the three months ended March 31, 2022 and 2021. As of March 31, 2022, the Company did not own any non-agency collateralized mortgage obligations. At March 31, 2022 and December 31, 2021, the Company did not own securities of any one issuer (other than the U.S. government and its agencies) for which aggregate adjusted cost exceeded 10% of the consolidated shareholders’ equity at such respective dates. Securities with an amortized cost of $8.01 billion and $6.97 billion and a fair value of $7.65 billion and $6.99 billion at March 31, 2022 and December 31, 2021, respectively, were pledged to collateralize public deposits and for other purposes required or permitted by law. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 5. LOANS AND ALLOWANCE FOR CREDIT LOSSES The loan portfolio consists of various types of loans and is categorized by major type as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Residential mortgage loans held for sale $ 2,810 $ 7,274 Commercial and industrial 2,539,990 2,711,820 Real estate: Construction, land development and other land loans 2,327,837 2,299,715 1-4 family residential (includes home equity) 5,837,940 5,661,434 Commercial real estate (includes multi-family residential) 5,150,555 5,251,368 Farmland 441,446 442,343 Agriculture 175,972 177,995 Consumer and other 246,433 288,496 Total loans held for investment, excluding Warehouse Purchase Program 16,720,173 16,833,171 Warehouse Purchase Program 1,344,541 1,775,699 Total loans, including Warehouse Purchase Program $ 18,067,524 $ 18,616,144 Concentrations of Credit. Most of the Company’s lending activity occurs within the states of Texas and Oklahoma. Commercial real estate loans, 1-4 family residential loans and construction, land development and other land loans make up 79.6% and 78.5% of the Company’s total loan portfolio, excluding Warehouse Purchase Program loans, at March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, excluding Warehouse Purchase Program loans, there were no concentrations of loans related to any single industry in excess of 10% Related Party Loans. As of March 31, 2022 and December 31, 2021, loans outstanding to directors, officers and their affiliates totaled $3.6 million and $6.5 million, respectively. All transactions between the Company and such related parties are conducted in the ordinary course of business and made on the same terms and conditions as similar transactions with unaffiliated persons. An analysis of activity with respect to these related party loans is as follows: As of and for the three months ended March 31, 2022 As of and for the year ended December (Dollars in thousands) Beginning balance on January 1 $ 6,524 $ 1,732 New loans 50 5,761 Repayments (2,944 ) (969 ) Ending balance $ 3,630 $ 6,524 Nonperforming Assets and Nonaccrual and Past Due Loans. The Company has several procedures in place to assist it in maintaining the overall quality of its loan portfolio. The Company has established underwriting guidelines to be followed by its officers, including requiring appraisals on loans collateralized by real estate. The Company also monitors its delinquency levels for any negative or adverse trends. Nevertheless, the Company’s loan portfolio could become subject to increasing pressures from deteriorating borrower credit due to general economic conditions. The Company generally places a loan on nonaccrual status and ceases accruing interest when the payment of principal or interest is delinquent for 90 days, or earlier in some cases; unless the loan is in the process of collection and the underlying collateral fully supports the carrying value of the loan. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured, which is typically evidenced by a sustained period (at least six months) of repayment performance by the borrower. With respect to potential problem loans, an evaluation of the borrower’s overall financial condition is made to determine the need, if any, for possible write downs or appropriate additions to the allowance for credit losses. An aging analysis of past due loans, segregated by category of loan, is presented below: March 31, 2022 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 14,472 $ 45 $ 14,517 $ 311 $ 2,313,009 $ 2,327,837 Warehouse Purchase Program loans — — — — 1,344,541 1,344,541 Agriculture and agriculture real estate (includes farmland) 2,070 933 3,003 469 613,946 617,418 1-4 family (includes home equity) (1) 14,661 17 14,678 11,583 5,814,489 5,840,750 Commercial real estate (includes multi-family residential) 8,103 — 8,103 7,685 5,134,767 5,150,555 Commercial and industrial 12,806 2,700 15,506 1,702 2,522,782 2,539,990 Consumer and other 225 — 225 15 246,193 246,433 Total $ 52,337 $ 3,695 $ 56,032 $ 21,765 $ 17,989,727 $ 18,067,524 December 31, 2021 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 4,572 $ — $ 4,572 $ 1,841 $ 2,293,302 $ 2,299,715 Warehouse Purchase Program loans — — — — 1,775,699 1,775,699 Agriculture and agriculture real estate (includes farmland) 995 — 995 546 618,797 620,338 1-4 family (includes home equity) (1) 12,963 19 12,982 11,348 5,644,378 5,668,708 Commercial real estate (includes multi-family residential) 5,773 118 5,891 7,159 5,238,318 5,251,368 Commercial and industrial 4,041 750 4,791 5,360 2,701,669 2,711,820 Consumer and other 450 — 450 15 288,031 288,496 Total $ 28,794 $ 887 $ 29,681 $ 26,269 $ 18,560,194 $ 18,616,144 (1) Includes $2.8 million and $7.3 million of residential mortgage loans held for sale at March 31, 2022 and December 31, 2021, respectively. The following table presents information regarding nonperforming assets as of the dates indicated: March 31, 2022 December 31, 2021 (Dollars in thousands) Nonaccrual loans (1) (2) $ 21,765 $ 26,269 Accruing loans 90 or more days past due 3,695 887 Total nonperforming loans 25,460 27,156 Repossessed assets 19 310 Other real estate 1,705 622 Total nonperforming assets $ 27,184 $ 28,088 Nonperforming assets to total loans and other real estate 0.15 % 0.15 % Nonperforming assets to total loans, excluding Warehouse Purchase Program loans, and other real estate 0.16 % 0.17 % Nonaccrual loans to total loans 0.12 % 0.14 % Nonaccrual loans to total loans, excluding Warehouse Purchase Program loans 0.13 % 0.16 % (1) Includes troubled debt restructurings of $1.1 million and $4.2 million as of March 31, 2022 and December 31, 2021, respectively. (2) There were no nonperforming or troubled debt restructurings of Warehouse Purchase Program loans or Warehouse Purchase Program lines of credit for the periods presented. The Company had $27.2 million in nonperforming assets at March 31, 2022 compared with $28.1 million at December 31, 2021. Nonperforming assets were 0.15% of total loans and other real estate at March 31, 2022 and at December 31, 2021. If interest on nonaccrual loans had been accrued under the original loan terms, approximately $1.2 million and $982 thousand would have been recorded as income for the three months ended March 31, 2022 and 2021, respectively. The Company had $21.8 million in nonaccrual loans at March 31, 2022 compared with $43.0 million at March 31, 2021. Acquired Loans. Acquired loans were preliminarily recorded at fair value based on a discounted cash flow valuation methodology that considers, among other things, interest rates, projected default rates, loss given default, and recovery rates. During the valuation process, the Company identified purchased credit deteriorated (“PCD”) and Non-PCD loans in the acquired loan portfolios. Loans acquired with evidence of credit quality deterioration at acquisition for which it was probable that the Company would not be able to collect all contractual amounts due were accounted for as PCD. PCD loan identification considers the following factors: payment history and past due status, debt service coverage, loan grading, collateral values and other factors that may indicate deterioration of credit quality as of the acquisition date when compared to the origination date. Non- PCD loan identification considers the following factors: account types, remaining terms, annual interest rates or coupons, current market rates, interest types, past delinquencies, timing of principal and interest payments, loan to value ratios, loss exposures and remaining balances. Accretion of purchased discounts on PCD loans will be based on future cash flows, taking into account contractual maturities. Accretion of purchased discounts on Non- PCD loans will be recognized on a level-yield basis based on contractual maturity of individual loans. PCD Loans. The recorded investment in PCD loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 (Dollars in thousands) PCD loans: Outstanding balance $ 72,992 $ 83,909 Discount (4,317 ) (4,838 ) Recorded investment $ 68,675 $ 79,071 Changes in the accretable yield for acquired PCD loans for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Balance at beginning of period $ 4,838 $ 14,216 Accretion charge-offs — (32 ) Accretion (521 ) (3,027 ) Balance at March 31, $ 4,317 $ 11,157 Income recognition on PCD loans is subject to the timing and amount of future cash flows. PCD loans for which the Company is accruing interest income are not considered nonperforming or impaired. The PCD discount reflected above as of March 31, 2022, represents the amount of discount available to be recognized as income. Non-PCD Loans. The recorded investment in Non-PCD loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 (Dollars in thousands) Non-PCD loans: Outstanding balance $ 1,868,511 $ 2,094,039 Discount (3,469 ) (8,143 ) Recorded investment $ 1,865,042 $ 2,085,896 Changes in the discount accretion for Non-PCD loans for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Balance at beginning of period $ 8,143 $ 39,587 Accretion charge-offs — 11 Accretion (4,674 ) (13,313 ) Balance at March 31, $ 3,469 $ 26,285 Credit Quality Indicators. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio and methodology for calculating the allowance for credit losses, management assigns and tracks loan grades to be used as credit quality indicators. The following is a general description of the loan grades used: Grade 1— Credits in this category have risk potential that is virtually nonexistent. These loans may be secured by insured certificates of deposit, insured savings accounts, U.S. Government securities and highly rated municipal bonds. Grade 2— Credits in this category are of the highest quality. These borrowers represent top rated companies and individuals with unquestionable financial standing with excellent global cash flow coverage, net worth, liquidity and collateral coverage. Grade 3— Credits in this category are not immune from risk but are well protected by the collateral and paying capacity of the borrower. These loans may exhibit a minor unfavorable credit factor, but the overall credit is sufficiently strong to minimize the possibility of loss. Grade 4— Credits in this category are considered to be of acceptable credit quality with moderately greater risk than Grade 3 and receiving closer monitoring. Loans in this category have sources of repayment that remain sufficient to preclude a larger than normal probability of default and secondary sources are likewise currently of sufficient quantity, quality, and liquidity to protect the Company against loss of principal and interest. These borrowers have specific risk factors, but the overall strength of the credit is acceptable based on other mitigating credit and/or collateral factors and can repay the debt in the normal course of business. Grade 5— Credits in this category constitute an undue and unwarranted credit risk; however, the factors do not rise to a level of substandard. These credits have potential weaknesses and/or declining trends that, if not corrected, could expose the Company to risk at a future date. These loans are monitored on the Company’s internally-generated watch list and evaluated on a quarterly basis. Grade 6— Credits in this category are considered “substandard” but “non-impaired” loans in accordance with regulatory guidelines. Loans in this category have well-defined weakness that, if not corrected, could make default of principal and interest possible. Loans in this category are still accruing interest and may be dependent upon secondary sources of repayment and/or collateral liquidation. Grade 7— Credits in this category are deemed “substandard” and “impaired” pursuant to regulatory guidelines. As such, the Company has determined that it is probable that less than 100% of the contractual principal and interest will be collected. These loans are individually evaluated for a specific reserve and will typically have the accrual of interest stopped. Grade 8— Credits in this category include “doubtful” loans in accordance with regulatory guidance. Such loans are no longer accruing interest and factors indicate a loss is imminent. These loans are also deemed “impaired.” While a specific reserve may be in place while the loan and collateral are being evaluated, these loans are typically charged down to an amount the Company estimates is collectible. Grade 9— Credits in this category are deemed a “loss” in accordance with regulatory guidelines and have been charged off or charged down. The Company may continue collection efforts and may have partial recovery in the future. The following tables present loans by risk grade, by category of loan and year of origination/renewal at March 31, 2022. Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Construction, Land Development and Other Land Loans Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — — — — — 126 — — 126 Grade 3 199,287 1,060,570 492,468 194,684 37,041 48,818 110,123 7,409 2,150,400 Grade 4 20,528 47,619 52,487 9,012 8,844 7,558 6,967 — 153,015 Grade 5 — 6,233 — 12,259 — 760 1,079 — 20,331 Grade 6 — 341 2,580 — — 486 — — 3,407 Grade 7 — — — — — 11 300 — 311 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — 119 — 128 — — 247 Total $ 219,815 $ 1,114,763 $ 547,535 $ 216,074 $ 45,885 $ 57,887 $ 118,469 $ 7,409 $ 2,327,837 Agriculture and Agriculture Real Estate (includes Farmland) Grade 1 $ 698 $ 1,519 $ 213 $ 16 $ 73 $ 133 $ 8,617 $ 21 $ 11,290 Grade 2 — 207 — — — 1,516 41 — 1,764 Grade 3 47,512 160,794 75,284 46,443 32,228 99,155 91,463 254 553,133 Grade 4 7,491 10,631 5,033 2,679 3,066 9,632 3,099 898 42,529 Grade 5 — 1,505 1,436 536 33 535 1,245 — 5,290 Grade 6 — 877 25 32 58 815 — — 1,807 Grade 7 — — 213 31 1 203 21 — 469 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — 914 — — 222 — — 1,136 Total $ 55,701 $ 175,533 $ 83,118 $ 49,737 $ 35,459 $ 112,211 $ 104,486 $ 1,173 $ 617,418 1-4 Family (includes Home Equity) (1) Grade 1 $ — $ — $ 114 $ — $ — $ — $ — $ — $ 114 Grade 2 — 237 260 83 165 4,716 — — 5,461 Grade 3 408,363 2,026,719 1,232,977 541,955 379,875 993,833 110,646 721 5,695,089 Grade 4 1,486 15,209 13,012 14,855 18,224 53,441 1,482 — 117,709 Grade 5 50 - 918 301 144 3,225 — — 4,638 Grade 6 — 241 17 56 4,972 711 — — 5,997 Grade 7 — 407 755 1,471 1,857 7,093 — — 11,583 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — — — 159 — — 159 Total $ 409,899 $ 2,042,813 $ 1,248,053 $ 558,721 $ 405,237 $ 1,063,178 $ 112,128 $ 721 $ 5,840,750 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Commercial Real Estate (includes Multi-Family Residential) Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — 12,907 5,223 265 - 6,204 — — 24,599 Grade 3 232,176 670,748 504,759 563,704 469,964 1,128,958 84,888 498 3,655,695 Grade 4 51,451 225,803 147,478 66,816 130,943 543,878 11,860 710 1,178,939 Grade 5 27 393 24,309 3,765 48,021 47,223 705 — 124,443 Grade 6 — 7,404 25,974 148 1,193 75,966 — — 110,685 Grade 7 — 9 — — 1,125 6,551 — — 7,685 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 19,304 22,403 6,320 422 60 — — 48,509 Total $ 283,654 $ 936,568 $ 730,146 $ 641,018 $ 651,668 $ 1,808,840 $ 97,453 $ 1,208 $ 5,150,555 Commercial and Industrial Grade 1 $ 7,282 $ 98,943 $ 7,419 $ 1,670 $ 2,583 $ 323 $ 25,897 $ 61 $ 144,178 Grade 2 37 447 448 52 309 2,467 3,924 — 7,684 Grade 3 136,124 319,189 140,989 126,602 106,379 158,025 1,040,634 289 2,028,231 Grade 4 32,470 28,979 16,711 34,786 42,461 23,501 94,352 290 273,550 Grade 5 500 9,923 5,528 6,518 151 672 20,102 241 43,635 Grade 6 — 11,645 4,021 156 131 1 7,593 246 23,793 Grade 7 — 553 150 168 31 205 595 — 1,702 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 387 143 308 8,521 65 7,793 — 17,217 Total $ 176,413 $ 470,066 $ 175,409 $ 170,260 $ 160,566 $ 185,259 $ 1,200,890 $ 1,127 $ 2,539,990 Consumer and Other Grade 1 $ 5,728 $ 15,640 $ 5,173 $ 1,957 $ 1,389 $ 1,326 $ 1,456 $ — $ 32,669 Grade 2 120 1,134 850 529 337 4,465 1,903 — 9,338 Grade 3 28,041 47,471 33,791 21,461 12,235 12,149 32,328 201 187,677 Grade 4 — 2,479 3,293 36 358 130 9,005 — 15,301 Grade 5 — — — — — — — — — Grade 6 — — — — — — 26 — 26 Grade 7 — — 8 — 7 — — — 15 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — 1,407 — — — — — 1,407 Total $ 33,889 $ 66,724 $ 44,522 $ 23,983 $ 14,326 $ 18,070 $ 44,718 $ 201 $ 246,433 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Warehouse Purchase Program Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — — — — — — — — — Grade 3 1,344,541 — — — — — — — 1,344,541 Grade 4 — — — — — — — — — Grade 5 — — — — — — — — — Grade 6 — — — — — — — — — Grade 7 — — — — — — — — — Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — — — — — — — Total $ 1,344,541 $ — $ — $ — $ — $ — $ — $ — $ 1,344,541 Total Grade 1 $ 13,708 $ 116,102 $ 12,919 $ 3,643 $ 4,045 $ 1,782 $ 35,970 $ 82 $ 188,251 Grade 2 157 14,932 6,781 929 811 19,494 5,868 — 48,972 Grade 3 2,396,044 4,285,491 2,480,268 1,494,849 1,037,722 2,440,938 1,470,082 9,372 15,614,766 Grade 4 113,426 330,720 238,014 128,184 203,896 638,140 126,765 1,898 1,781,043 Grade 5 577 18,054 32,191 23,379 48,349 52,415 23,131 241 198,337 Grade 6 — 20,508 32,617 392 6,354 77,979 7,619 246 145,715 Grade 7 — 969 1,126 1,670 3,021 14,063 916 — 21,765 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 19,691 24,867 6,747 8,943 634 7,793 — 68,675 Total $ 2,523,912 $ 4,806,467 $ 2,828,783 $ 1,659,793 $ 1,313,141 $ 3,245,445 $ 1,678,144 $ 11,839 $ 18,067,524 (1) Includes $2.8 million of residential mortgage loans held for sale at March 31, 2022. Allowance for Credit Losses on Loans. The allowance for credit losses is adjusted through charges to earnings in the form of a provision for credit losses. Management has established an allowance for credit losses which it believes is adequate as of March 31, 2022 for estimated losses in the Company’s loan portfolio. The amount of the allowance for credit losses on loans is affected by the following: (1) charge-offs of loans that occur when loans are deemed uncollectible and decrease the allowance, (2) recoveries on loans previously charged off that increase the allowance, (3) provisions for credit losses charged to earnings that increase the allowance, and (4) provision releases returned to earnings that decrease the allowance. Based on an evaluation of the loan portfolio and consideration of the factors listed below, management presents a quarterly review of the allowance for credit losses to the Bank’s Board of Directors, indicating any change in the allowance since the last review and any recommendations as to adjustments in the allowance. Although management believes it uses the best information available to make determinations with respect to the allowance for credit losses, future adjustments may be necessary if economic conditions or the borrower’s performance differ from the assumptions used in making the initial determinations. The Company’s allowance for credit losses on loans consists of two components: (1) a specific valuation allowance based on expected losses on specifically identified loans and (2) a general valuation allowance based on historical lifetime loan loss experience, current economic conditions, reasonable and supportable forecasted economic conditions and other qualitative risk factors both internal and external to the Company. In setting the specific valuation allowance, the Company follows a loan review program to evaluate the credit risk in the total loan portfolio and assigns risk grades to each loan. Through this loan review process, the Company maintains an internal list of impaired loans, which along with the delinquency list of loans, helps management assess the overall quality of the loan portfolio and the adequacy of the allowance for credit losses. All loans that have been identified as impaired are reviewed on a quarterly basis in order to determine whether a specific reserve is required. For certain impaired loans, the Company allocates a specific loan loss reserve primarily based on the value of the collateral securing the impaired loan in accordance with ASC Topic 3 26-20 , “ Financial Instruments – Credit Losses . ” The specific reserves are determined on an individual loan basis. Loans for which specific reserves are provided are excluded from the general valuation allowance described below. In connection with this review of the loan portfolio, the Company considers risk elements attributable to particular loan types or categories in assessing the quality of individual loans. Some of the risk elements include: • for 1-4 family residential mortgage loans, the borrower’s ability to repay the loan, including a consideration of the debt to income ratio and employment and income stability, the loan to value ratio, and the age, condition and marketability of collateral; • for commercial real estate loans and multifamily residential loans, the debt service coverage ratio (income from the property in excess of operating expenses compared to loan payment requirements), operating results of the owner in the case of owner-occupied properties, the loan to value ratio, the age and condition of the collateral and the volatility of income, property value and future operating results typical of properties of that type; • for construction, land development and other land loans, the perceived feasibility of the project including the ability to sell developed lots or improvements constructed for resale or the ability to lease property constructed for lease, the quality and nature of contracts for presale or prelease, if any, experience and ability of the developer and loan to value ratio; • for commercial and industrial loans, the operating results of the commercial, industrial or professional enterprise, the borrower’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in that category and the value, nature and marketability of collateral; • for the Warehouse Purchase Program, the capitalization and liquidity of the mortgage banking client, the operating experience, the client’s satisfactory underwriting of purchased loans and the consistent timeliness by client of loan resale to investors; • for agriculture real estate loans, the experience and financial capability of the borrower, projected debt service coverage of the operations of the borrower and loan to value ratio; and • for non-real estate agriculture loans, the operating results, experience and financial capability of the borrower, historical and expected market conditions and the value, nature and marketability of collateral. In addition, for each category, the Company considers secondary sources of income and the financial strength and credit history of the borrower and any guarantors. In determining the amount of the general valuation allowance, management considers factors such as historical lifetime loan loss experience, concentration risk of specific loan types, the volume, growth and composition of the Company’s loan portfolio, current economic conditions and reasonable and supportable forecasted economic conditions that may affect the borrower’s ability to pay and the value of collateral, the evaluation of the Company’s loan portfolio through its internal loan review process, and other qualitative risk factors both internal and external to the Company and other relevant factors in accordance with ASC Topic 326, “ Financial Instruments – Credit Losses.” The following table details activity in the allowance for credit losses on loans by category of loan for the three months ended March 31, 2022 and 2021. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Allowance for credit losses on loans: Three Months Ended Balance December 31, 2021 $ 58,897 $ 7,759 $ 56,710 $ 75,005 $ 80,412 $ 7,597 $ 286,380 Provision for credit losses 2,540 41 2,745 (1,268 ) (4,095 ) 37 — Charge-offs (435 ) (155 ) (100 ) (39 ) (472 ) (1,407 ) (2,608 ) Recoveries 5 258 13 405 458 252 1,391 Net charge-offs (430 ) 103 (87 ) 366 (14 ) (1,155 ) (1,217 ) Balance March 31, 2022 $ 61,007 $ 7,903 $ 59,368 $ 74,103 $ 76,303 $ 6,479 $ 285,163 Allowance for credit losses on loans: Three Months Ended Balance December 31, 2020 $ 44,892 $ 7,824 $ 44,555 $ 87,857 $ 116,795 $ 14,145 $ 316,068 Provision for credit losses 5,221 312 3,194 4,572 (9,816 ) (3,483 ) — Charge-offs — (38 ) (54 ) (6,589 ) (1,754 ) (935 ) (9,370 ) Recoveries 5 5 7 — 170 325 512 Net charge-offs 5 (33 ) (47 ) (6,589 ) (1,584 ) (610 ) (8,858 ) Balance March 31, 2021 $ 50,118 $ 8,103 $ 47,702 $ 85,840 $ 105,395 $ 10,052 $ 307,210 The allowance for credit losses on loans as of March 31, 2022 totaled $285.2 million or 1.58% of total loans, including acquired loans with discounts, a decrease of $1.2 million or 0.4% compared to the allowance for credit losses on loans totaling $286.4 million or 1.54% of total loans, including acquired loans with discounts, as of December 31, 2021. Net charge-offs were $1.2 million for the three months ended March 31, 2022. Net charge-offs for the first quarter of 2022 did not include any PCD loans and $553 thousand of specific reserves on resolved PCD loans was released to the general reserve. As of March 31, 2022, the Company had loans totaling $86.3 million pursuant to the Paycheck Protection Program (“PPP”), which are fully guaranteed by the Small Business Administration and do not carry an allowance. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures. The allowance for credit losses on off-balance sheet credit exposures estimates expected credit losses over the contractual period in which there is exposure to credit risk via a contractual obligation to extend credit, except when an obligation is unconditionally cancellable by the Company. The allowance is adjusted by provisions for credit losses charged to earnings that increase the allowance, or by provision releases returned to earnings that decrease the allowance. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on the commitments expected to fund. The estimate of commitments expected to fund is affected by historical analysis of utilization rates. The expected credit loss rates applied to the commitments expected to fund are affected by the general valuation allowance utilized for outstanding balances with the same underlying assumptions and drivers. As of March 31, 2022 and December 31, 2021, the Company had $29.9 million in allowance for credit losses on off-balance sheet credit exposures. The allowance for credit losses on off-balance sheet credit exposures is a separate line item on the Company’s consolidated balance sheet. As of March 31, 2022, the Company had $2.03 billion in commitments expected to fund. Troubled Debt Restructurings. The restructuring of a loan is considered a “troubled debt restructuring” if both (1) the borrower is experiencing financial difficulties and (2) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses. Under ASC Topic 310-40 “ the Company evaluates all loan modifications to identify whether the restructuring constitutes a troubled debt restructuring. As of March 31, 2022 and 2021, the Company had $1.1 million and $8.7 million, respectively, in outstanding troubled debt restructurings As of March 31, 2022, there have been no defaults on any loans that were modified as troubled debt restructurings during the preceding twelve months. Default is determined at 90 or more days past due. The modifications generally relate to extending the amortization periods of the loans, which includes loans modified during bankruptcy. For the three months ended March 31, 2022 and 2021, the Company did not add any loans as new troubled debt restructurings. There were no charge-offs related to restructured loans for the three months ended March 31, 2022 and 2021. Under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Consolidated Appropriations Act of 2021 (“CAA”), banks may deem that loan modifications do not result in troubled debt restructurings if they are (1) related to the novel strain of coronavirus disease first reported in December 2019 (“COVID-19”); (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the COVID-19 national emergency declaration by the President of the United States or (B) January 1, 2022. Additionally, other short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not troubled debt restructurings under ASC Subtopic 310-40 and federal banking agencies’ interagency guidance. These modifications include modifications such as principal and interest payment deferrals, temporary interest only payment terms, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The Company's troubled debt restructurings do not include loan modifications related to COVID-19. Beginning in mid-March of 2020, the Company began offering deferral and modification of principal and/or interest payments to selected borrowers on a case-by-case basis. As of March 31, 2022, the Company had approximately $29.0 million in outstanding loans subject to deferral and modification agreements. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 6. FAIR VALUE The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair values represent the estimated price that would be received from selling an asset or paid to transfer a liability, otherwise known as an “exit price.” Securities available for sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write downs of individual assets. ASC Topic 820, “Fair Value Measurements and Disclosures” Fair Value Hierarchy The Company groups financial assets and financial liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities) or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. The fair value disclosures below represent the Company’s estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding current economic conditions, risk characteristics of the various instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in the above methodologies and assumptions could significantly affect the estimates. The following tables present fair values for assets and liabilities measured at fair value on a recurring basis: As of March 31, 2022 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: Collateralized mortgage obligations $ — $ 434,322 $ — $ 434,322 Mortgage-backed securities — 27,070 — 27,070 Total $ — $ 461,392 $ — $ 461,392 Derivative financial instruments: Interest rate lock commitments $ — $ 69 $ — $ 69 Forward mortgage-backed securities trades — 219 — 219 Loan customer counterparty — — — — Financial institution counterparty — 2,428 — 2,428 Liabilities: Derivative financial instruments: Interest rate lock commitments $ — $ 10 $ — $ 10 Forward mortgage-backed securities trades — — — — Loan customer counterparty — 2,428 — 2,428 Financial institution counterparty — — — — As of December 31, 2021 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: Collateralized mortgage obligations $ — $ 485,671 $ — $ 485,671 Mortgage-backed securities — 29,261 — 29,261 Total available for sale securities $ — $ 514,932 $ — $ 514,932 Derivative financial instruments: Interest rate lock commitments $ — $ 237 $ — $ 237 Forward mortgage-backed securities trades — 18 — 18 Loan customer counterparty — 4,124 — 4,124 Financial institution counterparty — — — — Liabilities: Derivative financial instruments: Interest rate lock commitments $ — $ — $ — $ — Forward mortgage-backed securities trades — 18 — 18 Loan customer counterparty — — — — Financial institution counterparty — 4,124 — 4,124 Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). These instruments include other real estate owned, repossessed assets, held to maturity debt securities, loans held for sale and impaired loans, which are included as loans held for investment. For the three months ended March 31, 2022, the Company had additions to other real estate owned of $1.6 million, of which $1.5 million was outstanding as of March 31, 2022. For the three months ended March 31, 2022, the Company had additions to impaired loans of $2.9 million, all of which was outstanding as of March 31, 2022. The remaining financial assets and liabilities measured at fair value on a non-recurring basis that were recorded in 2022 and remained outstanding at March 31, 2022 were not significant. The following tables present carrying and fair value information of financial instruments as of the dates indicated: As of March 31, 2022 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 1,560,321 $ 1,560,321 $ — $ — $ 1,560,321 Federal funds sold 274 274 — — 274 Held to maturity securities 14,336,735 — 13,629,166 — 13,629,166 Loans held for sale 2,810 — 2,810 — 2,810 Loans held for investment, net of allowance 16,435,010 — — 16,496,301 16,496,301 Loans held for investment - Warehouse Purchase Program 1,344,541 — 1,344,541 — 1,344,541 Other real estate owned 1,705 — 1,705 — 1,705 Liabilities Deposits: Noninterest-bearing $ 10,776,652 $ — $ 10,776,652 $ — $ 10,776,652 Interest-bearing 20,291,658 — 20,255,732 — 20,255,732 Securities sold under repurchase agreements 440,891 — 440,850 — 440,850 As of December 31, 2021 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 2,547,739 $ 2,547,739 $ — $ — $ 2,547,739 Federal funds sold 241 241 — — 241 Held to maturity securities 12,303,969 — 12,251,213 — 12,251,213 Loans held for sale 7,274 — 7,274 — 7,274 Loans held for investment, net of allowance 16,546,791 — — 16,650,432 16,650,432 Loans held for investment - Warehouse Purchase Program 1,775,699 — 1,775,699 — 1,775,699 Other real estate owned 622 — 622 — 622 Liabilities Deposits: Noninterest-bearing $ 10,750,034 $ — $ 10,750,034 $ — $ 10,750,034 Interest-bearing 20,021,728 — 20,023,909 — 20,023,909 Securities sold under repurchase agreements 448,099 — 448,095 — 448,095 The following is a description of the fair value estimates, methods and assumptions that are used by the Company in estimating the fair values of financial instruments. Loans held for sale — Loans held for sale are carried at the lower of cost or estimated fair value. Fair value for consumer mortgages held for sale is based on commitments on hand from investors or prevailing market prices. As such, the Company classifies loans held for sale subjected to nonrecurring fair value adjustments as Level 2. Loans held for investment — The Company does not record loans at fair value on a recurring basis. As such, valuation techniques discussed herein for loans are primarily for estimating fair value disclosures. The Company refined the calculation to estimate fair value for loans held for investment to be in accordance with ASU 2016-01. The refined discounted cash flow calculation to determine fair value considers internal and market-based information such as prepayment risk, cost of funds and liquidity. From time to time, the Company records nonrecurring fair value adjustments to impaired loans to reflect (1) partial write downs that are based on the observable market price or current appraised value of the collateral, or (2) the full charge-off of the loan carrying value. Where appraisals are not available, estimated cash flows are discounted using a rate commensurate with the credit risk associated with those cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. The Company classifies the estimated fair value of loans held for investment as Level 3. Other real estate owned — Other real estate owned is primarily foreclosed properties securing residential loans and commercial real estate. Foreclosed assets are adjusted to fair value less estimated costs to sell upon transfer of the loans to other real estate owned. Subsequently, these assets are carried at the lower of carrying value or fair value less estimated costs to sell. Other real estate carried at fair value based on an observable market price or a current appraised value is classified by the Company as Level 2. When management determines that the fair value of other real estate requires additional adjustments, either as a result of a non-current appraisal or when there is no observable market price, the Company classifies the other real estate as Level 3. The fair value estimates presented herein are based on pertinent information available to management at March 31, 2022. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangibles | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangibles | 7. GOODWILL AND CORE DEPOSIT INTANGIBLES Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for the three months ended March 31, 2022 and the year ended December 31, 2021 were as follows: Goodwill Core Deposit Intangibles (Dollars in thousands) Balance as of December 31, 2020 $ 3,231,636 $ 73,235 Less: Amortization — (11,551 ) Balance as of December 31, 2021 3,231,636 61,684 Less: Amortization — (2,620 ) Balance as of March 31, 2022 $ 3,231,636 $ 59,064 Goodwill is recorded as of the acquisition date of each entity. The Company may record subsequent adjustments to goodwill for amounts undeterminable at acquisition date, such as deferred taxes and real estate valuations, and therefore the goodwill amounts may change accordingly. The Company initially records the total premium paid on acquisitions as goodwill. After finalizing the valuation, core deposit intangibles are identified and reclassified from goodwill to core deposit intangibles on the balance sheet. This reclassification has no effect on total assets, liabilities, shareholders’ equity, net income or cash flows. Management performs an evaluation annually, and more frequently if a triggering event occurs, of whether any impairment of the goodwill or core deposit intangibles has occurred. If any such impairment is determined, a write-down is recorded. As of March 31, 2022, there was no impairment recorded on goodwill and core deposit intangibles. The measurement period for the Company to determine the fair value of acquired identifiable assets and assumed liabilities will be at the end of the earlier of (1) twelve months from the date of acquisition or (2) as soon as the Company receives the information it was seeking about facts and circumstances that existed as of the date of acquisition. Core deposit intangibles are being amortized on a non-pro rata basis over their estimated lives, which the Company believes is between 10 and 15 years. Amortization expense related to intangible assets totaled $2.6 million and $2.9 million for the three months ended March 31, 2022 and 2021. The estimated aggregate future amortization expense for core deposit intangibles remaining as of March 31, 2022 is as follows (dollars in thousands): Remaining 2022 $ 7,716 2023 9,360 2024 8,699 2025 8,173 2026 7,684 Thereafter 17,432 Total $ 59,064 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. STOCK–BASED COMPENSATION At March 31, 2022, the Company had two stock-based employee compensation plans with awards outstanding. On March 3, 2020, Bancshares’ Board of Directors established the Prosperity Bancshares, Inc. 2020 Stock Incentive Plan (the “2020 Plan”), which was approved by the Company’s shareholders on April 21, 2020. The 2020 Plan authorizes the issuance of up to 2,500,000 shares of common stock upon the exercise of options or pursuant to the grant or exercise, as the case may be, of other awards granted under the 2020 Plan, including incentive stock options, nonqualified stock options, stock appreciation rights, shares of restricted stock and restricted stock units. As of March 31, 2022, 24,493 shares of common stock had been issued pursuant to vested awards and 378,563 shares of unvested restricted stock have been granted under the 2020 Plan. During 2012, Bancshares’ Board of Directors established the Prosperity Bancshares, Inc. 2012 Stock Incentive Plan (the “2012 Plan”), which was approved by Bancshares’ shareholders and authorized the issuance of up to 1,250,000 shares of common stock upon the exercise of options granted under the 2012 Plan or pursuant to the grant or exercise, as the case may be, of other awards granted under the 2012 Plan, including restricted stock, stock appreciation rights, phantom stock awards and performance awards. As of March 31, 2022, 741,875 shares of common stock had been issued pursuant to vested awards and 95,500 shares of unvested restricted stock had been granted under the 2012 Plan prior to the adoption of the 2020 Plan by Bancshares’ shareholders. The Company does not plan to make any further awards pursuant to the 2012 Plan. As of March 31, 2022, the Company had no stock options outstanding. Stock-based compensation expense related to restricted stock was $2.9 million and $3.4 million during the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was $16.4 million of total unrecognized compensation expense related to stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 1.53 years. |
Contractual Obligations and Off
Contractual Obligations and Off-Balance Sheet Items | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contractual Obligations and Off-Balance Sheet Items | 9. CONTRACTUAL OBLIGATIONS AND OFF-BALANCE SHEET ITEMS The Company’s leases and off-balance sheet transactions as of March 31, 2022 are summarized below. Leases The Company’s leases relate primarily to operating leases for office space and banking centers. The Company determines if an arrangement is a lease or contains a lease at inception. The Company’s leases have remaining lease terms of 1 to 17 years, which may include the option to extend the lease when it is reasonably certain for the Company to exercise that option. Operating lease right-of-use (ROU) assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental collateralized borrowing rate to determine the present value of lease payments. Short-term leases and leases with variable lease costs are immaterial and the Company has one sublease arrangement. Sublease income for the three months ended March 31, 2022 and 2021 was $798 thousand and $450 thousand, respectively. As of March 31, 2022, operating lease ROU assets and lease liabilities were approximately $46.7 million. ROU assets and lease liabilities were classified as other assets and other liabilities, respectively. As of March 31, 2022, the weighted average of remaining lease terms of the Company’s operating leases was 5.9 years. The weighted average discount rate used to determine the lease liabilities as of March 31, 2022 for the Company’s operating leases was 2.16%. Cash paid for the Company’s operating leases for the three months ended March 31, 2022 and 2021 was $2.8 million and $3.5 million, respectively. The Company obtained $397 thousand in ROU assets in exchange for lease liabilities for one operating lease during the three months ended March 31, 2022. The Company’s future undiscounted cash payments associated with its operating leases as of March 31, 2022 are summarized below (dollars in thousands). Remaining 2022 $ 8,036 2023 9,992 2024 9,189 2025 8,641 2026 7,620 2027 4,759 Thereafter 6,331 Total undiscounted lease payments $ 54,568 Off-Balance Sheet Items In the normal course of business, the Company enters into various transactions that, in accordance with GAAP, are not included in its consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s commitments associated with outstanding standby letters of credit, unused capacity on Warehouse Purchase Program loans and commitments to extend credit expiring by period as of March 31, 2022 are summarized below. Since commitments associated with letters of credit, unused capacity of Warehouse Purchase Program loans and commitments to extend credit may expire unused, the amounts shown may not necessarily reflect the actual future cash funding requirements. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Standby letters of credit $ 88,107 $ 4,262 $ 2,926 $ — $ 95,295 Unused capacity on Warehouse Purchase Program loans 1,497,459 — — — 1,497,459 Commitments to extend credit 1,642,851 1,437,549 182,033 1,482,762 4,745,195 Total $ 3,228,417 $ 1,441,811 $ 184,959 $ 1,482,762 $ 6,337,949 T he Company records an allowance for credit losses on off-balance sheet credit exposure that is adjusted through a charge to provision for credit losses on the Company’s consolidated statement of income. this allowance, reported as a separate line item on the Company’s consolidated balance sheet |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Other Comprehensive Income | 10. OTHER COMPREHENSIVE INCOME The tax effects allocated to each component of other comprehensive income (loss) were as follows: Three Months Ended March 31, 2022 2021 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized loss during period $ (175 ) $ 37 $ (138 ) $ (4 ) $ 1 $ (3 ) Total securities available for sale (175 ) 37 (138 ) (4 ) 1 (3 ) Total other comprehensive loss $ (175 ) $ 37 $ (138 ) $ (4 ) $ 1 $ (3 ) Activity in accumulated other comprehensive income (loss) associated with securities available for sale, net of tax, was as follows: Securities Available for Sale Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Balance at December 31, 2021 $ 1,809 $ 1,809 Other comprehensive loss (138 ) (138 ) Balance at March 31, 2022 $ 1,671 $ 1,671 Balance at December 31, 2020 $ 769 $ 769 Other comprehensive loss (3 ) (3 ) Balance at March 31, 2021 $ 766 $ 766 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 11. DERIVATIVE FINANCIAL INSTRUMENTS The following table provides the outstanding notional balances and fair values of outstanding derivative positions at March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value (Dollars in thousands) Interest rate lock commitments $ 3,938 $ 69 $ 10 $ 8,411 $ 237 $ — Forward mortgage-backed securities trades 9,500 219 — 22,250 18 18 Commercial loan interest rate swaps and caps: Loan customer counterparty 198,420 — 2,428 198,683 4,124 — Financial institution counterparty 198,420 2,428 — 198,683 — 4,124 These financial instruments are not designated as hedging instruments and are used for asset and liability management and commercial customers’ financing needs. All derivatives are carried at fair value in either other assets or other liabilities. Interest rate lock commitments (“IRLCs”) — In the normal course of business, the Company enters into interest rate lock commitments with consumers to originate mortgage loans at a specified interest rate. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. Forward mortgage-backed securities trades — The Company manages the changes in fair value associated with changes in interest rates related to IRLCs by using forward sold commitments known as forward mortgage-backed securities trades. These instruments are typically entered into at the time the interest rate lock commitment is made. Interest rate swaps and caps — These derivative positions relate to transactions in which the Company enters into an interest rate swap or cap with a customer, while at the same time entering into an offsetting interest rate swap or cap with another financial institution. An interest rate swap transaction allows the Company’s customer to effectively convert a variable rate loan to a fixed rate. In connection with each swap, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. In connection with each interest rate cap, the Company sells a cap to the customer and agrees to pay interest if the underlying index exceeds the strike price defined in the cap agreement. Simultaneously the Company purchases a cap with matching terms from another financial institution that agrees to pay the Company if the underlying index exceeds the strike price. The commercial loan customer counterparty weighted average received and paid interest rates for interest rate swaps outstanding at March 31, 2022 and December 31, 2021 are presented in the following table. Weighted-Average Interest Rate March 31, 2022 December 31, 2021 Received Paid Received Paid Loan customer counterparty 2.64 % 0.94 % 2.64 % 0.80 % The Company’s credit exposure on interest rate swaps is limited to the net favorable value of all swaps by each counterparty, which was approximately $2.4 million at March 31, 2022 and $4.1 million at December 31, 2021. This credit exposure is partly mitigated as transactions with customers are secured by the collateral, if any, securing the underlying transaction being hedged. The Company’s credit exposure, net of collateral pledged, relating to interest rate swaps with upstream financial institution counter-parties was $324 thousand at March 31, 2022. A credit support annex is in place and allows the Company to call collateral from upstream financial institution counter-parties. Collateral levels are monitored and adjusted on a regular basis for changes in interest rate swap values. The Company’s cash collateral pledged for interest rate swaps was zero at March 31, 2022 and $4.3 The initial and subsequent changes in the fair value of IRLCs and the forward sales of mortgage-backed securities are recorded in net gain on sale of mortgage loans. These gains and losses were not attributable to instrument-specific credit risk. For interest rate swaps and caps, because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on its results of operations. Income (loss) for the three months ended March 31, 2022 and 2021 was as follows: Three Months Ended March 31, Derivatives not designated as hedging instruments 2022 2021 (Dollars in thousands) Interest rate lock commitments $ (178 ) $ — Forward mortgage-backed securities trades 316 — |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Accounting Standards Updates (''ASU'') | Accounting Standards Updates (“ASU”) ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings and requires entities to evaluate all loan modifications to determine if they result in a new loan or a continuation of an existing loan. Additionally, ASU 2022-02 requires entities disclose current-period gross charge-offs by year of origination. ASU 2022-02 will be effective for the Company on January 1, 2023 and is not expected to have a significant impact on the Company’s financial statements. ASU 2020-04, "Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting – ASC Topic 848 ASU 2020-04 became effective for the Company on January 1, 2022 , which p rovides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Prior to the end of 2021, the Company began transitioning away from LIBOR to Secured Overnight Financing Rate (“SOFR”) or other alternative variable rate indexes for its interest-rate swaps and loans historically using LIBOR as an index. As of March 31, 2022 and December 31, 2021, LIBOR was used as an index rate for the Company’s interest-rate swaps and approximately 6.7% and 11.4% of the Company’s loan portfolio, respectively. ASU 2020-04 became effective for the Company on January 1, 2022 and did not have a significant impact on the Company’s financial statements. |
Income Per Common Share (Tables
Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table illustrates the computation of basic and diluted earnings per share: Three Months Ended March 31, 2022 2021 Amount Per Share Amount Amount Per Share Amount (Amounts in thousands, except per share data) Net income $ 122,326 $ 133,309 Basic: Weighted average shares outstanding 92,161 $ 1.33 92,854 $ 1.44 Diluted: Weighted average shares outstanding 92,161 $ 1.33 92,854 $ 1.44 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Investment Securities | The amortized cost and fair value of investment securities were as follows: March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 432,627 $ 1,721 $ (26 ) $ 434,322 Mortgage-backed securities 26,650 453 (33 ) 27,070 Total $ 459,277 $ 2,174 $ (59 ) $ 461,392 Held to Maturity States and political subdivisions $ 124,379 $ 3,022 $ (1,736 ) $ 125,665 Corporate debt securities 12,000 — — 12,000 Collateralized mortgage obligations 231,661 1 (3,801 ) 227,861 Mortgage-backed securities 13,968,695 9,315 (714,370 ) 13,263,640 Total $ 14,336,735 $ 12,338 $ (719,907 ) $ 13,629,166 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 483,761 $ 1,942 $ (32 ) $ 485,671 Mortgage-backed securities 28,881 550 (170 ) 29,261 Total $ 512,642 $ 2,492 $ (202 ) $ 514,932 Held to Maturity States and political subdivisions $ 132,620 $ 5,968 $ (114 ) $ 138,474 Collateralized mortgage obligations 39,675 483 (78 ) 40,080 Mortgage-backed securities 12,131,674 87,967 (146,982 ) 12,072,659 Total $ 12,303,969 $ 94,418 $ (147,174 ) $ 12,251,213 |
Securities in Continuous Loss Position | Securities with unrealized losses, segregated by length of time, that have been in a continuous loss position were as follows: March 31, 2022 Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 82,900 $ (3 ) $ 41,441 $ (23 ) $ 124,341 $ (26 ) Mortgage-backed securities 11,153 (33 ) — — 11,153 (33 ) Total $ 94,053 $ (36 ) $ 41,441 $ (23 ) $ 135,494 $ (59 ) Held to Maturity States and political subdivisions $ 45,919 $ (1,538 ) $ 2,510 $ (198 ) $ 48,429 $ (1,736 ) Collateralized mortgage obligations 227,768 (3,801 ) — — 227,768 (3,801 ) Mortgage-backed securities 9,927,001 (499,216 ) 2,210,927 (215,154 ) 12,137,928 (714,370 ) Total $ 10,200,688 $ (504,555 ) $ 2,213,437 $ (215,352 ) $ 12,414,125 $ (719,907 ) December 31, 2021 Less than 12 Months 12 Months or More Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (Dollars in thousands) Available for Sale Collateralized mortgage obligations $ 164,220 $ (31 ) $ 25,916 $ (1 ) $ 190,136 $ (32 ) Mortgage-backed securities 2 — 19,674 (170 ) 19,676 (170 ) Total $ 164,222 $ (31 ) $ 45,590 $ (171 ) $ 209,812 $ (202 ) Held to Maturity States and political subdivisions $ 6,216 $ (60 ) $ 1,454 $ (54 ) $ 7,670 $ (114 ) Collateralized mortgage obligations 8,166 (78 ) — — 8,166 (78 ) Mortgage-backed securities 7,553,096 (141,652 ) 288,359 (5,330 ) 7,841,455 (146,982 ) Total $ 7,567,478 $ (141,790 ) $ 289,813 $ (5,384 ) $ 7,857,291 $ (147,174 ) |
Investment Securities by Contractual Maturity | The amortized cost and fair value of investment securities at March 31, 2022, by contractual maturity, are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 14,022 $ 14,089 $ — $ — Due after one year through five years 65,918 68,170 — — Due after five years through ten years 30,854 30,702 — — Due after ten years 25,585 24,704 — — Subtotal 136,379 137,665 — — Mortgage-backed securities and collateralized mortgage obligations 14,200,356 13,491,501 459,277 461,392 Total $ 14,336,735 $ 13,629,166 $ 459,277 $ 461,392 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Types of Loans in Loan Portfolio | The loan portfolio consists of various types of loans and is categorized by major type as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Residential mortgage loans held for sale $ 2,810 $ 7,274 Commercial and industrial 2,539,990 2,711,820 Real estate: Construction, land development and other land loans 2,327,837 2,299,715 1-4 family residential (includes home equity) 5,837,940 5,661,434 Commercial real estate (includes multi-family residential) 5,150,555 5,251,368 Farmland 441,446 442,343 Agriculture 175,972 177,995 Consumer and other 246,433 288,496 Total loans held for investment, excluding Warehouse Purchase Program 16,720,173 16,833,171 Warehouse Purchase Program 1,344,541 1,775,699 Total loans, including Warehouse Purchase Program $ 18,067,524 $ 18,616,144 |
Related Party Loans | An analysis of activity with respect to these related party loans is as follows: As of and for the three months ended March 31, 2022 As of and for the year ended December (Dollars in thousands) Beginning balance on January 1 $ 6,524 $ 1,732 New loans 50 5,761 Repayments (2,944 ) (969 ) Ending balance $ 3,630 $ 6,524 |
Aging Analysis of Past Due Loans | An aging analysis of past due loans, segregated by category of loan, is presented below: March 31, 2022 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 14,472 $ 45 $ 14,517 $ 311 $ 2,313,009 $ 2,327,837 Warehouse Purchase Program loans — — — — 1,344,541 1,344,541 Agriculture and agriculture real estate (includes farmland) 2,070 933 3,003 469 613,946 617,418 1-4 family (includes home equity) (1) 14,661 17 14,678 11,583 5,814,489 5,840,750 Commercial real estate (includes multi-family residential) 8,103 — 8,103 7,685 5,134,767 5,150,555 Commercial and industrial 12,806 2,700 15,506 1,702 2,522,782 2,539,990 Consumer and other 225 — 225 15 246,193 246,433 Total $ 52,337 $ 3,695 $ 56,032 $ 21,765 $ 17,989,727 $ 18,067,524 December 31, 2021 Loans Past Due and Still Accruing 30-89 Days 90 or More Days Total Past Due Loans Nonaccrual Loans Current Loans Total Loans (Dollars in thousands) Construction, land development and other land loans $ 4,572 $ — $ 4,572 $ 1,841 $ 2,293,302 $ 2,299,715 Warehouse Purchase Program loans — — — — 1,775,699 1,775,699 Agriculture and agriculture real estate (includes farmland) 995 — 995 546 618,797 620,338 1-4 family (includes home equity) (1) 12,963 19 12,982 11,348 5,644,378 5,668,708 Commercial real estate (includes multi-family residential) 5,773 118 5,891 7,159 5,238,318 5,251,368 Commercial and industrial 4,041 750 4,791 5,360 2,701,669 2,711,820 Consumer and other 450 — 450 15 288,031 288,496 Total $ 28,794 $ 887 $ 29,681 $ 26,269 $ 18,560,194 $ 18,616,144 (1) Includes $2.8 million and $7.3 million of residential mortgage loans held for sale at March 31, 2022 and December 31, 2021, respectively. |
Non-performing Assets | The following table presents information regarding nonperforming assets as of the dates indicated: March 31, 2022 December 31, 2021 (Dollars in thousands) Nonaccrual loans (1) (2) $ 21,765 $ 26,269 Accruing loans 90 or more days past due 3,695 887 Total nonperforming loans 25,460 27,156 Repossessed assets 19 310 Other real estate 1,705 622 Total nonperforming assets $ 27,184 $ 28,088 Nonperforming assets to total loans and other real estate 0.15 % 0.15 % Nonperforming assets to total loans, excluding Warehouse Purchase Program loans, and other real estate 0.16 % 0.17 % Nonaccrual loans to total loans 0.12 % 0.14 % Nonaccrual loans to total loans, excluding Warehouse Purchase Program loans 0.13 % 0.16 % (1) Includes troubled debt restructurings of $1.1 million and $4.2 million as of March 31, 2022 and December 31, 2021, respectively. (2) There were no nonperforming or troubled debt restructurings of Warehouse Purchase Program loans or Warehouse Purchase Program lines of credit for the periods presented. |
Recorded Investment and Outstanding Balance for Purchased Credit Deteriorated Loans and Non Purchased Credit Deteriorated Loans | The recorded investment in PCD loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 (Dollars in thousands) PCD loans: Outstanding balance $ 72,992 $ 83,909 Discount (4,317 ) (4,838 ) Recorded investment $ 68,675 $ 79,071 March 31, 2022 December 31, 2021 (Dollars in thousands) Non-PCD loans: Outstanding balance $ 1,868,511 $ 2,094,039 Discount (3,469 ) (8,143 ) Recorded investment $ 1,865,042 $ 2,085,896 |
Summary of Changes in Accretable Yields of Acquired Loans | Changes in the accretable yield for acquired PCD loans for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Balance at beginning of period $ 4,838 $ 14,216 Accretion charge-offs — (32 ) Accretion (521 ) (3,027 ) Balance at March 31, $ 4,317 $ 11,157 Changes in the discount accretion for Non-PCD loans for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Balance at beginning of period $ 8,143 $ 39,587 Accretion charge-offs — 11 Accretion (4,674 ) (13,313 ) Balance at March 31, $ 3,469 $ 26,285 |
Risk Grade by Category of Loan and Year of Origination/Renewal | The following tables present loans by risk grade, by category of loan and year of origination/renewal at March 31, 2022. Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Construction, Land Development and Other Land Loans Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — — — — — 126 — — 126 Grade 3 199,287 1,060,570 492,468 194,684 37,041 48,818 110,123 7,409 2,150,400 Grade 4 20,528 47,619 52,487 9,012 8,844 7,558 6,967 — 153,015 Grade 5 — 6,233 — 12,259 — 760 1,079 — 20,331 Grade 6 — 341 2,580 — — 486 — — 3,407 Grade 7 — — — — — 11 300 — 311 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — 119 — 128 — — 247 Total $ 219,815 $ 1,114,763 $ 547,535 $ 216,074 $ 45,885 $ 57,887 $ 118,469 $ 7,409 $ 2,327,837 Agriculture and Agriculture Real Estate (includes Farmland) Grade 1 $ 698 $ 1,519 $ 213 $ 16 $ 73 $ 133 $ 8,617 $ 21 $ 11,290 Grade 2 — 207 — — — 1,516 41 — 1,764 Grade 3 47,512 160,794 75,284 46,443 32,228 99,155 91,463 254 553,133 Grade 4 7,491 10,631 5,033 2,679 3,066 9,632 3,099 898 42,529 Grade 5 — 1,505 1,436 536 33 535 1,245 — 5,290 Grade 6 — 877 25 32 58 815 — — 1,807 Grade 7 — — 213 31 1 203 21 — 469 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — 914 — — 222 — — 1,136 Total $ 55,701 $ 175,533 $ 83,118 $ 49,737 $ 35,459 $ 112,211 $ 104,486 $ 1,173 $ 617,418 1-4 Family (includes Home Equity) (1) Grade 1 $ — $ — $ 114 $ — $ — $ — $ — $ — $ 114 Grade 2 — 237 260 83 165 4,716 — — 5,461 Grade 3 408,363 2,026,719 1,232,977 541,955 379,875 993,833 110,646 721 5,695,089 Grade 4 1,486 15,209 13,012 14,855 18,224 53,441 1,482 — 117,709 Grade 5 50 - 918 301 144 3,225 — — 4,638 Grade 6 — 241 17 56 4,972 711 — — 5,997 Grade 7 — 407 755 1,471 1,857 7,093 — — 11,583 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — — — 159 — — 159 Total $ 409,899 $ 2,042,813 $ 1,248,053 $ 558,721 $ 405,237 $ 1,063,178 $ 112,128 $ 721 $ 5,840,750 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Commercial Real Estate (includes Multi-Family Residential) Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — 12,907 5,223 265 - 6,204 — — 24,599 Grade 3 232,176 670,748 504,759 563,704 469,964 1,128,958 84,888 498 3,655,695 Grade 4 51,451 225,803 147,478 66,816 130,943 543,878 11,860 710 1,178,939 Grade 5 27 393 24,309 3,765 48,021 47,223 705 — 124,443 Grade 6 — 7,404 25,974 148 1,193 75,966 — — 110,685 Grade 7 — 9 — — 1,125 6,551 — — 7,685 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 19,304 22,403 6,320 422 60 — — 48,509 Total $ 283,654 $ 936,568 $ 730,146 $ 641,018 $ 651,668 $ 1,808,840 $ 97,453 $ 1,208 $ 5,150,555 Commercial and Industrial Grade 1 $ 7,282 $ 98,943 $ 7,419 $ 1,670 $ 2,583 $ 323 $ 25,897 $ 61 $ 144,178 Grade 2 37 447 448 52 309 2,467 3,924 — 7,684 Grade 3 136,124 319,189 140,989 126,602 106,379 158,025 1,040,634 289 2,028,231 Grade 4 32,470 28,979 16,711 34,786 42,461 23,501 94,352 290 273,550 Grade 5 500 9,923 5,528 6,518 151 672 20,102 241 43,635 Grade 6 — 11,645 4,021 156 131 1 7,593 246 23,793 Grade 7 — 553 150 168 31 205 595 — 1,702 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 387 143 308 8,521 65 7,793 — 17,217 Total $ 176,413 $ 470,066 $ 175,409 $ 170,260 $ 160,566 $ 185,259 $ 1,200,890 $ 1,127 $ 2,539,990 Consumer and Other Grade 1 $ 5,728 $ 15,640 $ 5,173 $ 1,957 $ 1,389 $ 1,326 $ 1,456 $ — $ 32,669 Grade 2 120 1,134 850 529 337 4,465 1,903 — 9,338 Grade 3 28,041 47,471 33,791 21,461 12,235 12,149 32,328 201 187,677 Grade 4 — 2,479 3,293 36 358 130 9,005 — 15,301 Grade 5 — — — — — — — — — Grade 6 — — — — — — 26 — 26 Grade 7 — — 8 — 7 — — — 15 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — 1,407 — — — — — 1,407 Total $ 33,889 $ 66,724 $ 44,522 $ 23,983 $ 14,326 $ 18,070 $ 44,718 $ 201 $ 246,433 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (Dollars in thousands) Warehouse Purchase Program Grade 1 $ — $ — $ — $ — $ — $ — $ — $ — $ — Grade 2 — — — — — — — — — Grade 3 1,344,541 — — — — — — — 1,344,541 Grade 4 — — — — — — — — — Grade 5 — — — — — — — — — Grade 6 — — — — — — — — — Grade 7 — — — — — — — — — Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — — — — — — — — — Total $ 1,344,541 $ — $ — $ — $ — $ — $ — $ — $ 1,344,541 Total Grade 1 $ 13,708 $ 116,102 $ 12,919 $ 3,643 $ 4,045 $ 1,782 $ 35,970 $ 82 $ 188,251 Grade 2 157 14,932 6,781 929 811 19,494 5,868 — 48,972 Grade 3 2,396,044 4,285,491 2,480,268 1,494,849 1,037,722 2,440,938 1,470,082 9,372 15,614,766 Grade 4 113,426 330,720 238,014 128,184 203,896 638,140 126,765 1,898 1,781,043 Grade 5 577 18,054 32,191 23,379 48,349 52,415 23,131 241 198,337 Grade 6 — 20,508 32,617 392 6,354 77,979 7,619 246 145,715 Grade 7 — 969 1,126 1,670 3,021 14,063 916 — 21,765 Grade 8 — — — — — — — — — Grade 9 — — — — — — — — — PCD Loans — 19,691 24,867 6,747 8,943 634 7,793 — 68,675 Total $ 2,523,912 $ 4,806,467 $ 2,828,783 $ 1,659,793 $ 1,313,141 $ 3,245,445 $ 1,678,144 $ 11,839 $ 18,067,524 (1) Includes $2.8 million of residential mortgage loans held for sale at March 31, 2022. |
Allowance for Credit Losses on Loans by Category of Loan | The following table details activity in the allowance for credit losses on loans by category of loan for the three months ended March 31, 2022 and 2021. Construction, Land Development and Other Land Loans Agriculture and Agriculture Real Estate (includes Farmland) 1-4 Family (includes Home Equity) Commercial Real Estate (includes Multi-Family Residential) Commercial and Industrial Consumer and Other Total (Dollars in thousands) Allowance for credit losses on loans: Three Months Ended Balance December 31, 2021 $ 58,897 $ 7,759 $ 56,710 $ 75,005 $ 80,412 $ 7,597 $ 286,380 Provision for credit losses 2,540 41 2,745 (1,268 ) (4,095 ) 37 — Charge-offs (435 ) (155 ) (100 ) (39 ) (472 ) (1,407 ) (2,608 ) Recoveries 5 258 13 405 458 252 1,391 Net charge-offs (430 ) 103 (87 ) 366 (14 ) (1,155 ) (1,217 ) Balance March 31, 2022 $ 61,007 $ 7,903 $ 59,368 $ 74,103 $ 76,303 $ 6,479 $ 285,163 Allowance for credit losses on loans: Three Months Ended Balance December 31, 2020 $ 44,892 $ 7,824 $ 44,555 $ 87,857 $ 116,795 $ 14,145 $ 316,068 Provision for credit losses 5,221 312 3,194 4,572 (9,816 ) (3,483 ) — Charge-offs — (38 ) (54 ) (6,589 ) (1,754 ) (935 ) (9,370 ) Recoveries 5 5 7 — 170 325 512 Net charge-offs 5 (33 ) (47 ) (6,589 ) (1,584 ) (610 ) (8,858 ) Balance March 31, 2021 $ 50,118 $ 8,103 $ 47,702 $ 85,840 $ 105,395 $ 10,052 $ 307,210 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets and Liabilities Measured on Recurring Basis | The following tables present fair values for assets and liabilities measured at fair value on a recurring basis: As of March 31, 2022 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: Collateralized mortgage obligations $ — $ 434,322 $ — $ 434,322 Mortgage-backed securities — 27,070 — 27,070 Total $ — $ 461,392 $ — $ 461,392 Derivative financial instruments: Interest rate lock commitments $ — $ 69 $ — $ 69 Forward mortgage-backed securities trades — 219 — 219 Loan customer counterparty — — — — Financial institution counterparty — 2,428 — 2,428 Liabilities: Derivative financial instruments: Interest rate lock commitments $ — $ 10 $ — $ 10 Forward mortgage-backed securities trades — — — — Loan customer counterparty — 2,428 — 2,428 Financial institution counterparty — — — — As of December 31, 2021 Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets: Available for sale securities: Collateralized mortgage obligations $ — $ 485,671 $ — $ 485,671 Mortgage-backed securities — 29,261 — 29,261 Total available for sale securities $ — $ 514,932 $ — $ 514,932 Derivative financial instruments: Interest rate lock commitments $ — $ 237 $ — $ 237 Forward mortgage-backed securities trades — 18 — 18 Loan customer counterparty — 4,124 — 4,124 Financial institution counterparty — — — — Liabilities: Derivative financial instruments: Interest rate lock commitments $ — $ — $ — $ — Forward mortgage-backed securities trades — 18 — 18 Loan customer counterparty — — — — Financial institution counterparty — 4,124 — 4,124 |
Summary of Carrying and Fair Value Information of Financial Instruments | The following tables present carrying and fair value information of financial instruments as of the dates indicated: As of March 31, 2022 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 1,560,321 $ 1,560,321 $ — $ — $ 1,560,321 Federal funds sold 274 274 — — 274 Held to maturity securities 14,336,735 — 13,629,166 — 13,629,166 Loans held for sale 2,810 — 2,810 — 2,810 Loans held for investment, net of allowance 16,435,010 — — 16,496,301 16,496,301 Loans held for investment - Warehouse Purchase Program 1,344,541 — 1,344,541 — 1,344,541 Other real estate owned 1,705 — 1,705 — 1,705 Liabilities Deposits: Noninterest-bearing $ 10,776,652 $ — $ 10,776,652 $ — $ 10,776,652 Interest-bearing 20,291,658 — 20,255,732 — 20,255,732 Securities sold under repurchase agreements 440,891 — 440,850 — 440,850 As of December 31, 2021 Carrying Estimated Fair Value Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Cash and due from banks $ 2,547,739 $ 2,547,739 $ — $ — $ 2,547,739 Federal funds sold 241 241 — — 241 Held to maturity securities 12,303,969 — 12,251,213 — 12,251,213 Loans held for sale 7,274 — 7,274 — 7,274 Loans held for investment, net of allowance 16,546,791 — — 16,650,432 16,650,432 Loans held for investment - Warehouse Purchase Program 1,775,699 — 1,775,699 — 1,775,699 Other real estate owned 622 — 622 — 622 Liabilities Deposits: Noninterest-bearing $ 10,750,034 $ — $ 10,750,034 $ — $ 10,750,034 Interest-bearing 20,021,728 — 20,023,909 — 20,023,909 Securities sold under repurchase agreements 448,099 — 448,095 — 448,095 |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangibles | Changes in the carrying amount of the Company’s goodwill and core deposit intangibles for the three months ended March 31, 2022 and the year ended December 31, 2021 were as follows: Goodwill Core Deposit Intangibles (Dollars in thousands) Balance as of December 31, 2020 $ 3,231,636 $ 73,235 Less: Amortization — (11,551 ) Balance as of December 31, 2021 3,231,636 61,684 Less: Amortization — (2,620 ) Balance as of March 31, 2022 $ 3,231,636 $ 59,064 |
Estimated Aggregate Future Amortization Expense for Core Deposit Intangibles | The estimated aggregate future amortization expense for core deposit intangibles remaining as of March 31, 2022 is as follows (dollars in thousands): Remaining 2022 $ 7,716 2023 9,360 2024 8,699 2025 8,173 2026 7,684 Thereafter 17,432 Total $ 59,064 |
Contractual Obligations and O_2
Contractual Obligations and Off-Balance Sheet Items (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Undiscounted Cash Payments Associated with its Operating Leases | The Company’s future undiscounted cash payments associated with its operating leases as of March 31, 2022 are summarized below (dollars in thousands). Remaining 2022 $ 8,036 2023 9,992 2024 9,189 2025 8,641 2026 7,620 2027 4,759 Thereafter 6,331 Total undiscounted lease payments $ 54,568 |
Summary of Commitments Associated with Outstanding Standby Letters of Credit, Unused Capacity on Warehouse Purchase Program Loans and Commitments to Extend Credit | The Company’s commitments associated with outstanding standby letters of credit, unused capacity on Warehouse Purchase Program loans and commitments to extend credit expiring by period as of March 31, 2022 are summarized below. Since commitments associated with letters of credit, unused capacity of Warehouse Purchase Program loans and commitments to extend credit may expire unused, the amounts shown may not necessarily reflect the actual future cash funding requirements. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Standby letters of credit $ 88,107 $ 4,262 $ 2,926 $ — $ 95,295 Unused capacity on Warehouse Purchase Program loans 1,497,459 — — — 1,497,459 Commitments to extend credit 1,642,851 1,437,549 182,033 1,482,762 4,745,195 Total $ 3,228,417 $ 1,441,811 $ 184,959 $ 1,482,762 $ 6,337,949 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) | The tax effects allocated to each component of other comprehensive income (loss) were as follows: Three Months Ended March 31, 2022 2021 Before Tax Amount Tax Effect Net of Tax Amount Before Tax Amount Tax Effect Net of Tax Amount (Dollars in thousands) Other comprehensive loss: Securities available for sale: Change in unrealized loss during period $ (175 ) $ 37 $ (138 ) $ (4 ) $ 1 $ (3 ) Total securities available for sale (175 ) 37 (138 ) (4 ) 1 (3 ) Total other comprehensive loss $ (175 ) $ 37 $ (138 ) $ (4 ) $ 1 $ (3 ) |
Activity in Accumulated Other Comprehensive Income (Loss) Associated with Securities Available for Sale, Net of Tax | Activity in accumulated other comprehensive income (loss) associated with securities available for sale, net of tax, was as follows: Securities Available for Sale Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) Balance at December 31, 2021 $ 1,809 $ 1,809 Other comprehensive loss (138 ) (138 ) Balance at March 31, 2022 $ 1,671 $ 1,671 Balance at December 31, 2020 $ 769 $ 769 Other comprehensive loss (3 ) (3 ) Balance at March 31, 2021 $ 766 $ 766 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Balances and Fair Value of Derivative Positions | The following table provides the outstanding notional balances and fair values of outstanding derivative positions at March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value (Dollars in thousands) Interest rate lock commitments $ 3,938 $ 69 $ 10 $ 8,411 $ 237 $ — Forward mortgage-backed securities trades 9,500 219 — 22,250 18 18 Commercial loan interest rate swaps and caps: Loan customer counterparty 198,420 — 2,428 198,683 4,124 — Financial institution counterparty 198,420 2,428 — 198,683 — 4,124 |
Schedule of Weighted Average Received and Paid Interest Rates for Interest Rate Swaps Outstanding | The commercial loan customer counterparty weighted average received and paid interest rates for interest rate swaps outstanding at March 31, 2022 and December 31, 2021 are presented in the following table. Weighted-Average Interest Rate March 31, 2022 December 31, 2021 Received Paid Received Paid Loan customer counterparty 2.64 % 0.94 % 2.64 % 0.80 % |
Schedule of Income (Loss) from Derivatives Not Designated as Hedging Instruments | Income (loss) for the three months ended March 31, 2022 and 2021 was as follows: Three Months Ended March 31, Derivatives not designated as hedging instruments 2022 2021 (Dollars in thousands) Interest rate lock commitments $ (178 ) $ — Forward mortgage-backed securities trades 316 — |
Income Per Common Share - Sched
Income Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income | $ 122,326 | $ 133,309 |
Basic, Weighted average shares outstanding (in shares) | 92,161 | 92,854 |
Basic | $ 1.33 | $ 1.44 |
Diluted, Weighted average shares outstanding (in shares) | 92,161 | 92,854 |
Diluted | $ 1.33 | $ 1.44 |
Income Per Common Share - Addit
Income Per Common Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Number of options outstanding | 0 | |
Antidilutive Securities excluded from computation of earnings per share, amount | 0 | 0 |
New Accounting Standards - Addi
New Accounting Standards - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||
Interest rate swaps and loans portfolio description of index rate basis | LIBOR was used as an index rate for the Company’s interest-rate swaps and approximately 6.7% and 11.4% of the Company’s loan portfolio, respectively | LIBOR was used as an index rate for the Company’s interest-rate swaps and approximately 6.7% and 11.4% of the Company’s loan portfolio, respectively |
Percentage of loan portfolio which used LIBOR as an index rate | 6.70% | 11.40% |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | $ 459,277 | $ 512,642 |
Available for Sale, Gross Unrealized Gains | 2,174 | 2,492 |
Available for Sale, Gross Unrealized Losses | (59) | (202) |
Available for Sale | 461,392 | 514,932 |
Held to Maturity, Amortized Cost | 14,336,735 | 12,303,969 |
Held to Maturity, Gross Unrealized Gains | 12,338 | 94,418 |
Held to Maturity, Gross Unrealized Losses | (719,907) | (147,174) |
Held to Maturity | 13,629,166 | 12,251,213 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 432,627 | 483,761 |
Available for Sale, Gross Unrealized Gains | 1,721 | 1,942 |
Available for Sale, Gross Unrealized Losses | (26) | (32) |
Available for Sale | 434,322 | 485,671 |
Held to Maturity, Amortized Cost | 231,661 | 39,675 |
Held to Maturity, Gross Unrealized Gains | 1 | 483 |
Held to Maturity, Gross Unrealized Losses | (3,801) | (78) |
Held to Maturity | 227,861 | 40,080 |
Mortgage-backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Amortized Cost | 26,650 | 28,881 |
Available for Sale, Gross Unrealized Gains | 453 | 550 |
Available for Sale, Gross Unrealized Losses | (33) | (170) |
Available for Sale | 27,070 | 29,261 |
Held to Maturity, Amortized Cost | 13,968,695 | 12,131,674 |
Held to Maturity, Gross Unrealized Gains | 9,315 | 87,967 |
Held to Maturity, Gross Unrealized Losses | (714,370) | (146,982) |
Held to Maturity | 13,263,640 | 12,072,659 |
States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to Maturity, Amortized Cost | 124,379 | 132,620 |
Held to Maturity, Gross Unrealized Gains | 3,022 | 5,968 |
Held to Maturity, Gross Unrealized Losses | (1,736) | (114) |
Held to Maturity | 125,665 | $ 138,474 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to Maturity, Amortized Cost | 12,000 | |
Held to Maturity | $ 12,000 |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)SegmentSecurity | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)Security | |
Schedule Of Held To Maturity Securities [Line Items] | |||
Number of Investment Securities Segments | Segment | 2 | ||
Credit losses | $ 0 | ||
Municipal securities percentage of securities portfolio | 0.80% | ||
Securities in Unrealized Loss Positions Qualitative Disclosure Number of Positions Greater Than or Equal to One Year | Security | 37 | 30 | |
Gain (loss) on sale of securities | $ 0 | $ 0 | |
Available for Sale Securities, Amortized Cost Basis | 459,277,000 | $ 512,642,000 | |
Available for sale securities, at fair value | 461,392,000 | 514,932,000 | |
Collateralized Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Available for Sale Securities, Amortized Cost Basis | 8,010,000,000 | 6,970,000,000 | |
Available for sale securities, at fair value | $ 7,650,000,000 | $ 6,990,000,000 | |
Securities Concentration Risk [Member] | Stockholders' Equity, Total [Member] | Other Than U.S. Government and Agencies [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% |
Securities - Securities in Cont
Securities - Securities in Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | $ 94,053 | $ 164,222 |
Available for Sale, Unrealized Losses, Less than 12 Months | (36) | (31) |
Available for Sale, Estimated Fair Value, 12 Months or More | 41,441 | 45,590 |
Available for Sale, Unrealized Losses, 12 Months or More | (23) | (171) |
Available for Sale, Estimated Fair Value, Total | 135,494 | 209,812 |
Available for Sale, Unrealized Losses, Total | (59) | (202) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 10,200,688 | 7,567,478 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (504,555) | (141,790) |
Held to Maturity, Estimated Fair Value, 12 Months or More | 2,213,437 | 289,813 |
Held to Maturity, Unrealized Losses, 12 Months or More | (215,352) | (5,384) |
Held to Maturity, Estimated Fair Value, Total | 12,414,125 | 7,857,291 |
Held to Maturity, Unrealized Losses, Total | (719,907) | (147,174) |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 82,900 | 164,220 |
Available for Sale, Unrealized Losses, Less than 12 Months | (3) | (31) |
Available for Sale, Estimated Fair Value, 12 Months or More | 41,441 | 25,916 |
Available for Sale, Unrealized Losses, 12 Months or More | (23) | (1) |
Available for Sale, Estimated Fair Value, Total | 124,341 | 190,136 |
Available for Sale, Unrealized Losses, Total | (26) | (32) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 227,768 | 8,166 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (3,801) | (78) |
Held to Maturity, Estimated Fair Value, Total | 227,768 | 8,166 |
Held to Maturity, Unrealized Losses, Total | (3,801) | (78) |
Mortgage-backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale, Estimated Fair Value, Less than 12 Months | 11,153 | 2 |
Available for Sale, Unrealized Losses, Less than 12 Months | (33) | |
Available for Sale, Estimated Fair Value, 12 Months or More | 19,674 | |
Available for Sale, Unrealized Losses, 12 Months or More | (170) | |
Available for Sale, Estimated Fair Value, Total | 11,153 | 19,676 |
Available for Sale, Unrealized Losses, Total | (33) | (170) |
Held to Maturity, Estimated Fair Value, Less than 12 Months | 9,927,001 | 7,553,096 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (499,216) | (141,652) |
Held to Maturity, Estimated Fair Value, 12 Months or More | 2,210,927 | 288,359 |
Held to Maturity, Unrealized Losses, 12 Months or More | (215,154) | (5,330) |
Held to Maturity, Estimated Fair Value, Total | 12,137,928 | 7,841,455 |
Held to Maturity, Unrealized Losses, Total | (714,370) | (146,982) |
States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Held to Maturity, Estimated Fair Value, Less than 12 Months | 45,919 | 6,216 |
Held to Maturity, Unrealized Losses, Less than 12 Months | (1,538) | (60) |
Held to Maturity, Estimated Fair Value, 12 Months or More | 2,510 | 1,454 |
Held to Maturity, Unrealized Losses, 12 Months or More | (198) | (54) |
Held to Maturity, Estimated Fair Value, Total | 48,429 | 7,670 |
Held to Maturity, Unrealized Losses, Total | $ (1,736) | $ (114) |
Securities - Investment Securit
Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investments Debt And Equity Securities [Abstract] | ||
Held to Maturity, amortized cost, due in one year or less | $ 14,022 | |
Held to Maturity, amortized cost, due after one year through five years | 65,918 | |
Held to Maturity, amortized cost, due after five years through ten years | 30,854 | |
Held to Maturity, amortized cost, due after ten years | 25,585 | |
Held to Maturity, amortized cost, subtotal | 136,379 | |
Held to Maturity, amortized cost, mortgage-backed securities and collateralized mortgage obligations | 14,200,356 | |
Held to Maturity, Amortized Cost | 14,336,735 | $ 12,303,969 |
Held to Maturity, fair value, due in one year or less | 14,089 | |
Held to Maturity, fair value, due after one year through five years | 68,170 | |
Held to Maturity, fair value, due after five years through ten years | 30,702 | |
Held to Maturity, fair value, due after ten years | 24,704 | |
Held to Maturity, fair value, subtotal | 137,665 | |
Held to Maturity, fair value, mortgage-backed securities and collateralized mortgage obligations | 13,491,501 | |
Held to Maturity, fair value, total | 13,629,166 | 12,251,213 |
Available for Sale, amortized cost, mortgage-backed securities and collateralized mortgage obligations | 459,277 | |
Available for Sale, Amortized Cost | 459,277 | 512,642 |
Available for Sale, fair value, mortgage-backed securities and collateralized mortgage obligations | 461,392 | |
Available for Sale securities, at fair value | $ 461,392 | $ 514,932 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Types of Loans in Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for sale | $ 2,810 | $ 7,274 | |
Loans held for investment | 16,720,173 | 16,833,171 | |
Total loans, including Warehouse Purchase Program | 18,067,524 | 18,616,144 | |
Residential Mortgage Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for sale | 2,810 | 7,274 | |
Warehouse Purchase Program [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 1,344,541 | 1,775,699 | |
Total loans, including Warehouse Purchase Program | 1,344,541 | 1,775,699 | |
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 2,539,990 | 2,711,820 | |
Total loans, including Warehouse Purchase Program | 2,539,990 | 2,711,820 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 2,327,837 | 2,299,715 | |
Total loans, including Warehouse Purchase Program | 2,327,837 | 2,299,715 | |
Real Estate [Member] | 1-4 Family [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 5,837,940 | 5,661,434 | |
Total loans, including Warehouse Purchase Program | [1] | 5,840,750 | 5,668,708 |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 5,150,555 | 5,251,368 | |
Total loans, including Warehouse Purchase Program | 5,150,555 | 5,251,368 | |
Real Estate [Member] | Farmland [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 441,446 | 442,343 | |
Agriculture [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 175,972 | 177,995 | |
Consumer and Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 246,433 | 288,496 | |
Total loans, including Warehouse Purchase Program | $ 246,433 | $ 288,496 | |
[1] | Includes $2.8 million and $7.3 million of residential mortgage loans held for sale at March 31, 2022 and December 31, 2021, respectively. |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022USD ($)contract | Mar. 31, 2021USD ($)contract | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Percentage of Loans Related to Single Industry on Loans | 10.00% | 10.00% | ||
Percentage of real estate loans aggregating to company loan portfolio, excluding Warehouse Purchase Program loans | 79.60% | 78.50% | ||
Loans and Leases Receivable, Related Parties | $ 3,630 | $ 6,524 | $ 1,732 | |
Loans held for investment | $ 16,720,173 | $ 16,833,171 | ||
Financing Receivable Ratio of Nonperforming Loans to All Loans and Other Real Estate | 0.15% | 0.15% | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 1,200 | $ 982 | ||
Loans and leases receivable, nonaccrual loans | 21,800 | 43,000 | ||
Financing Receivable, Allowance for Credit Losses on Loans | $ 285,200 | $ 286,400 | ||
Allowance for Credit Losses as Percentage of Loans | 1.58% | 1.54% | ||
Decrease in allowance for credit losses for loans | $ 1,200 | |||
Decrease in allowance for credit losses for loans, percentage | 0.40% | |||
Net charge-offs | $ 1,217 | $ 8,858 | ||
Allowance for credit losses on off-balance sheet credit exposures | 29,947 | $ 29,947 | ||
Commitments expected to fund | 2,030,000 | |||
Nonaccrual loans | $ 21,765 | 26,269 | ||
Financing receivable, number of loans with default | contract | 0 | |||
Loan to be Considered as Payment Default in Period | 90 days | |||
Financing receivable, modifications, number of contract | contract | 0 | 0 | ||
Restructured loans charge-off | $ 0 | $ 0 | ||
Outstanding loan on deferral and modification agreements | 29,000 | |||
Troubled Debt Restructuring [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for credit losses on off-balance sheet credit exposures | 29,900 | 29,900 | ||
Nonaccrual loans | 1,100 | $ 8,700 | ||
PCD Loans [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
General reserve | 553 | |||
CARES Act [Member] | Paycheck Protection Program [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Funded amount | 86,300 | |||
Nonperforming Financial Instruments [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans held for investment | $ 27,200 | $ 28,100 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Related Party Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | ||
Beginning balance on January 1 | $ 6,524 | $ 1,732 |
New loans | 50 | 5,761 |
Repayments | (2,944) | (969) |
Ending balance | $ 3,630 | $ 6,524 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Aging Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | $ 17,989,727 | $ 18,560,194 | |
Nonaccrual loans | 21,765 | 26,269 | |
Total loans | 18,067,524 | 18,616,144 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 52,337 | 28,794 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 3,695 | 887 | |
Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 56,032 | 29,681 | |
Warehouse Purchase Program Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 1,344,541 | 1,775,699 | |
Total loans | 1,344,541 | 1,775,699 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 613,946 | 618,797 | |
Nonaccrual loans | 469 | 546 | |
Total loans | 617,418 | 620,338 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 2,070 | 995 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 933 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 3,003 | 995 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 2,313,009 | 2,293,302 | |
Nonaccrual loans | 311 | 1,841 | |
Total loans | 2,327,837 | 2,299,715 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 14,472 | 4,572 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 45 | ||
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 14,517 | 4,572 | |
Real Estate [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | [1] | 5,814,489 | 5,644,378 |
Nonaccrual loans | [1] | 11,583 | 11,348 |
Total loans | [1] | 5,840,750 | 5,668,708 |
Real Estate [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | [1] | 14,661 | 12,963 |
Real Estate [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | [1] | 17 | 19 |
Real Estate [Member] | 1-4 Family Residential (Includes Home Equity) [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | [1] | 14,678 | 12,982 |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 5,134,767 | 5,238,318 | |
Nonaccrual loans | 7,685 | 7,159 | |
Total loans | 5,150,555 | 5,251,368 | |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 8,103 | 5,773 | |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 118 | ||
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 8,103 | 5,891 | |
Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 2,522,782 | 2,701,669 | |
Nonaccrual loans | 1,702 | 5,360 | |
Total loans | 2,539,990 | 2,711,820 | |
Commercial and Industrial [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 12,806 | 4,041 | |
Commercial and Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 2,700 | 750 | |
Commercial and Industrial [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 15,506 | 4,791 | |
Consumer and Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 246,193 | 288,031 | |
Nonaccrual loans | 15 | 15 | |
Total loans | 246,433 | 288,496 | |
Consumer and Other [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | 225 | 450 | |
Consumer and Other [Member] | Financing Receivables Past Due Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans past due and still accruing | $ 225 | $ 450 | |
[1] | Includes $2.8 million and $7.3 million of residential mortgage loans held for sale at March 31, 2022 and December 31, 2021, respectively. |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Aging Analysis of Past Due Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale | $ 2,810 | $ 7,274 |
Residential Mortgage Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale | $ 2,810 | $ 7,274 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Nonperforming Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 16,720,173 | $ 16,833,171 | |
Other real estate owned | $ 1,705 | $ 622 | |
Nonperforming assets to total loans and other real estate | 0.15% | 0.15% | |
Nonperforming assets to total loans, excluding Warehouse Purchase Program loans, and other real estate | 0.16% | 0.17% | |
Nonaccrual loans to total loans | 0.12% | 0.14% | |
Nonaccrual loans to total loans, excluding Warehouse Purchase Program loans | 0.13% | 0.16% | |
Nonperforming Financial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 25,460 | $ 27,156 | |
Repossessed assets | 19 | 310 | |
Other real estate owned | 1,705 | 622 | |
Total nonperforming assets | 27,184 | 28,088 | |
Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | [1],[2] | 21,765 | 26,269 |
Nonperforming Financial Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 3,695 | $ 887 | |
[1] | Includes troubled debt restructurings of $1.1 million and $4.2 million as of March 31, 2022 and December 31, 2021, respectively. | ||
[2] | There were no nonperforming or troubled debt restructurings of Warehouse Purchase Program loans or Warehouse Purchase Program lines of credit for the periods presented. |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Nonperforming Assets (Parenthetical) (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 16,720,173,000 | $ 16,833,171,000 | |
Nonperforming Financial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 25,460,000 | 27,156,000 | |
Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | [1],[2] | 21,765,000 | 26,269,000 |
Troubled Debt Restructuring [Member] | Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | 1,100,000 | 4,200,000 | |
Troubled Debt Restructuring [Member] | Nonperforming Financial Loans [Member] | Finance Receivable Nonaccrual Status [Member] | Warehouse Purchase Program [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held for investment | $ 0 | $ 0 | |
[1] | Includes troubled debt restructurings of $1.1 million and $4.2 million as of March 31, 2022 and December 31, 2021, respectively. | ||
[2] | There were no nonperforming or troubled debt restructurings of Warehouse Purchase Program loans or Warehouse Purchase Program lines of credit for the periods presented. |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Recorded Investment and Outstanding Balance for Purchased Credit Deteriorated Loans and Non Purchased Credit Deteriorated Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
PCD Loans [Member] | ||
Purchased And Non Purchased Credit Impaired Loans [Line Items] | ||
Outstanding balance | $ 72,992 | $ 83,909 |
Discount | (4,317) | (4,838) |
Recorded investment | 68,675 | 79,071 |
Non-PCD Loans [Member] | ||
Purchased And Non Purchased Credit Impaired Loans [Line Items] | ||
Outstanding balance | 1,868,511 | 2,094,039 |
Discount | (3,469) | (8,143) |
Recorded investment | $ 1,865,042 | $ 2,085,896 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Changes in Accretable Yields of Acquired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
PCD Loans [Member] | ||
Changes In Accretable Yield for PCI And Non PCI Loans [Line Items] | ||
Balance at beginning of period | $ 4,838 | $ 14,216 |
Accretion charge-offs | (32) | |
Accretion | (521) | (3,027) |
Balance at March 31, | 4,317 | 11,157 |
Non-PCD Loans [Member] | ||
Changes In Accretable Yield for PCI And Non PCI Loans [Line Items] | ||
Balance at beginning of period | 8,143 | 39,587 |
Accretion charge-offs | 11 | |
Accretion | (4,674) | (13,313) |
Balance at March 31, | $ 3,469 | $ 26,285 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Risk Grade by Category of Loan and Year of Origination/Renewal (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Impaired [Line Items] | |||
2022 | $ 2,523,912 | ||
2021 | 4,806,467 | ||
2020 | 2,828,783 | ||
2019 | 1,659,793 | ||
2018 | 1,313,141 | ||
Prior | 3,245,445 | ||
Revolving Loans | 1,678,144 | ||
Revolving Loans Converted to Term Loans | 11,839 | ||
Total loans | 18,067,524 | $ 18,616,144 | |
PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 19,691 | ||
2020 | 24,867 | ||
2019 | 6,747 | ||
2018 | 8,943 | ||
Prior | 634 | ||
Revolving Loans | 7,793 | ||
Total loans | 68,675 | ||
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 55,701 | ||
2021 | 175,533 | ||
2020 | 83,118 | ||
2019 | 49,737 | ||
2018 | 35,459 | ||
Prior | 112,211 | ||
Revolving Loans | 104,486 | ||
Revolving Loans Converted to Term Loans | 1,173 | ||
Total loans | 617,418 | 620,338 | |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2020 | 914 | ||
Prior | 222 | ||
Total loans | 1,136 | ||
Warehouse Purchase Program [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 1,344,541 | ||
Total loans | 1,344,541 | 1,775,699 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 219,815 | ||
2021 | 1,114,763 | ||
2020 | 547,535 | ||
2019 | 216,074 | ||
2018 | 45,885 | ||
Prior | 57,887 | ||
Revolving Loans | 118,469 | ||
Revolving Loans Converted to Term Loans | 7,409 | ||
Total loans | 2,327,837 | 2,299,715 | |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2019 | 119 | ||
Prior | 128 | ||
Total loans | 247 | ||
Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 409,899 | ||
2021 | 2,042,813 | ||
2020 | 1,248,053 | ||
2019 | 558,721 | ||
2018 | 405,237 | ||
Prior | 1,063,178 | ||
Revolving Loans | 112,128 | ||
Revolving Loans Converted to Term Loans | 721 | ||
Total loans | [1] | 5,840,750 | 5,668,708 |
Real Estate [Member] | 1-4 Family [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Prior | 159 | ||
Total loans | 159 | ||
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 283,654 | ||
2021 | 936,568 | ||
2020 | 730,146 | ||
2019 | 641,018 | ||
2018 | 651,668 | ||
Prior | 1,808,840 | ||
Revolving Loans | 97,453 | ||
Revolving Loans Converted to Term Loans | 1,208 | ||
Total loans | 5,150,555 | 5,251,368 | |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 19,304 | ||
2020 | 22,403 | ||
2019 | 6,320 | ||
2018 | 422 | ||
Prior | 60 | ||
Total loans | 48,509 | ||
Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 176,413 | ||
2021 | 470,066 | ||
2020 | 175,409 | ||
2019 | 170,260 | ||
2018 | 160,566 | ||
Prior | 185,259 | ||
Revolving Loans | 1,200,890 | ||
Revolving Loans Converted to Term Loans | 1,127 | ||
Total loans | 2,539,990 | 2,711,820 | |
Commercial and Industrial [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 387 | ||
2020 | 143 | ||
2019 | 308 | ||
2018 | 8,521 | ||
Prior | 65 | ||
Revolving Loans | 7,793 | ||
Total loans | 17,217 | ||
Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 33,889 | ||
2021 | 66,724 | ||
2020 | 44,522 | ||
2019 | 23,983 | ||
2018 | 14,326 | ||
Prior | 18,070 | ||
Revolving Loans | 44,718 | ||
Revolving Loans Converted to Term Loans | 201 | ||
Total loans | 246,433 | $ 288,496 | |
Consumer and Other [Member] | PCD Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2020 | 1,407 | ||
Total loans | 1,407 | ||
Grade 1 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 13,708 | ||
2021 | 116,102 | ||
2020 | 12,919 | ||
2019 | 3,643 | ||
2018 | 4,045 | ||
Prior | 1,782 | ||
Revolving Loans | 35,970 | ||
Revolving Loans Converted to Term Loans | 82 | ||
Total loans | 188,251 | ||
Grade 1 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 698 | ||
2021 | 1,519 | ||
2020 | 213 | ||
2019 | 16 | ||
2018 | 73 | ||
Prior | 133 | ||
Revolving Loans | 8,617 | ||
Revolving Loans Converted to Term Loans | 21 | ||
Total loans | 11,290 | ||
Grade 1 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2020 | 114 | ||
Total loans | 114 | ||
Grade 1 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 7,282 | ||
2021 | 98,943 | ||
2020 | 7,419 | ||
2019 | 1,670 | ||
2018 | 2,583 | ||
Prior | 323 | ||
Revolving Loans | 25,897 | ||
Revolving Loans Converted to Term Loans | 61 | ||
Total loans | 144,178 | ||
Grade 1 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 5,728 | ||
2021 | 15,640 | ||
2020 | 5,173 | ||
2019 | 1,957 | ||
2018 | 1,389 | ||
Prior | 1,326 | ||
Revolving Loans | 1,456 | ||
Total loans | 32,669 | ||
Grade 2 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 157 | ||
2021 | 14,932 | ||
2020 | 6,781 | ||
2019 | 929 | ||
2018 | 811 | ||
Prior | 19,494 | ||
Revolving Loans | 5,868 | ||
Total loans | 48,972 | ||
Grade 2 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 207 | ||
Prior | 1,516 | ||
Revolving Loans | 41 | ||
Total loans | 1,764 | ||
Grade 2 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Prior | 126 | ||
Total loans | 126 | ||
Grade 2 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 237 | ||
2020 | 260 | ||
2019 | 83 | ||
2018 | 165 | ||
Prior | 4,716 | ||
Total loans | 5,461 | ||
Grade 2 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 12,907 | ||
2020 | 5,223 | ||
2019 | 265 | ||
Prior | 6,204 | ||
Total loans | 24,599 | ||
Grade 2 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 37 | ||
2021 | 447 | ||
2020 | 448 | ||
2019 | 52 | ||
2018 | 309 | ||
Prior | 2,467 | ||
Revolving Loans | 3,924 | ||
Total loans | 7,684 | ||
Grade 2 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 120 | ||
2021 | 1,134 | ||
2020 | 850 | ||
2019 | 529 | ||
2018 | 337 | ||
Prior | 4,465 | ||
Revolving Loans | 1,903 | ||
Total loans | 9,338 | ||
Grade 3 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 2,396,044 | ||
2021 | 4,285,491 | ||
2020 | 2,480,268 | ||
2019 | 1,494,849 | ||
2018 | 1,037,722 | ||
Prior | 2,440,938 | ||
Revolving Loans | 1,470,082 | ||
Revolving Loans Converted to Term Loans | 9,372 | ||
Total loans | 15,614,766 | ||
Grade 3 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 47,512 | ||
2021 | 160,794 | ||
2020 | 75,284 | ||
2019 | 46,443 | ||
2018 | 32,228 | ||
Prior | 99,155 | ||
Revolving Loans | 91,463 | ||
Revolving Loans Converted to Term Loans | 254 | ||
Total loans | 553,133 | ||
Grade 3 [Member] | Warehouse Purchase Program [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 1,344,541 | ||
Total loans | 1,344,541 | ||
Grade 3 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 199,287 | ||
2021 | 1,060,570 | ||
2020 | 492,468 | ||
2019 | 194,684 | ||
2018 | 37,041 | ||
Prior | 48,818 | ||
Revolving Loans | 110,123 | ||
Revolving Loans Converted to Term Loans | 7,409 | ||
Total loans | 2,150,400 | ||
Grade 3 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 408,363 | ||
2021 | 2,026,719 | ||
2020 | 1,232,977 | ||
2019 | 541,955 | ||
2018 | 379,875 | ||
Prior | 993,833 | ||
Revolving Loans | 110,646 | ||
Revolving Loans Converted to Term Loans | 721 | ||
Total loans | 5,695,089 | ||
Grade 3 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 232,176 | ||
2021 | 670,748 | ||
2020 | 504,759 | ||
2019 | 563,704 | ||
2018 | 469,964 | ||
Prior | 1,128,958 | ||
Revolving Loans | 84,888 | ||
Revolving Loans Converted to Term Loans | 498 | ||
Total loans | 3,655,695 | ||
Grade 3 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 136,124 | ||
2021 | 319,189 | ||
2020 | 140,989 | ||
2019 | 126,602 | ||
2018 | 106,379 | ||
Prior | 158,025 | ||
Revolving Loans | 1,040,634 | ||
Revolving Loans Converted to Term Loans | 289 | ||
Total loans | 2,028,231 | ||
Grade 3 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 28,041 | ||
2021 | 47,471 | ||
2020 | 33,791 | ||
2019 | 21,461 | ||
2018 | 12,235 | ||
Prior | 12,149 | ||
Revolving Loans | 32,328 | ||
Revolving Loans Converted to Term Loans | 201 | ||
Total loans | 187,677 | ||
Grade 4 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 113,426 | ||
2021 | 330,720 | ||
2020 | 238,014 | ||
2019 | 128,184 | ||
2018 | 203,896 | ||
Prior | 638,140 | ||
Revolving Loans | 126,765 | ||
Revolving Loans Converted to Term Loans | 1,898 | ||
Total loans | 1,781,043 | ||
Grade 4 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 7,491 | ||
2021 | 10,631 | ||
2020 | 5,033 | ||
2019 | 2,679 | ||
2018 | 3,066 | ||
Prior | 9,632 | ||
Revolving Loans | 3,099 | ||
Revolving Loans Converted to Term Loans | 898 | ||
Total loans | 42,529 | ||
Grade 4 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 20,528 | ||
2021 | 47,619 | ||
2020 | 52,487 | ||
2019 | 9,012 | ||
2018 | 8,844 | ||
Prior | 7,558 | ||
Revolving Loans | 6,967 | ||
Total loans | 153,015 | ||
Grade 4 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 1,486 | ||
2021 | 15,209 | ||
2020 | 13,012 | ||
2019 | 14,855 | ||
2018 | 18,224 | ||
Prior | 53,441 | ||
Revolving Loans | 1,482 | ||
Total loans | 117,709 | ||
Grade 4 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 51,451 | ||
2021 | 225,803 | ||
2020 | 147,478 | ||
2019 | 66,816 | ||
2018 | 130,943 | ||
Prior | 543,878 | ||
Revolving Loans | 11,860 | ||
Revolving Loans Converted to Term Loans | 710 | ||
Total loans | 1,178,939 | ||
Grade 4 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 32,470 | ||
2021 | 28,979 | ||
2020 | 16,711 | ||
2019 | 34,786 | ||
2018 | 42,461 | ||
Prior | 23,501 | ||
Revolving Loans | 94,352 | ||
Revolving Loans Converted to Term Loans | 290 | ||
Total loans | 273,550 | ||
Grade 4 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 2,479 | ||
2020 | 3,293 | ||
2019 | 36 | ||
2018 | 358 | ||
Prior | 130 | ||
Revolving Loans | 9,005 | ||
Total loans | 15,301 | ||
Grade 5 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 577 | ||
2021 | 18,054 | ||
2020 | 32,191 | ||
2019 | 23,379 | ||
2018 | 48,349 | ||
Prior | 52,415 | ||
Revolving Loans | 23,131 | ||
Revolving Loans Converted to Term Loans | 241 | ||
Total loans | 198,337 | ||
Grade 5 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 1,505 | ||
2020 | 1,436 | ||
2019 | 536 | ||
2018 | 33 | ||
Prior | 535 | ||
Revolving Loans | 1,245 | ||
Total loans | 5,290 | ||
Grade 5 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 6,233 | ||
2019 | 12,259 | ||
Prior | 760 | ||
Revolving Loans | 1,079 | ||
Total loans | 20,331 | ||
Grade 5 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 50 | ||
2020 | 918 | ||
2019 | 301 | ||
2018 | 144 | ||
Prior | 3,225 | ||
Total loans | 4,638 | ||
Grade 5 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 27 | ||
2021 | 393 | ||
2020 | 24,309 | ||
2019 | 3,765 | ||
2018 | 48,021 | ||
Prior | 47,223 | ||
Revolving Loans | 705 | ||
Total loans | 124,443 | ||
Grade 5 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2022 | 500 | ||
2021 | 9,923 | ||
2020 | 5,528 | ||
2019 | 6,518 | ||
2018 | 151 | ||
Prior | 672 | ||
Revolving Loans | 20,102 | ||
Revolving Loans Converted to Term Loans | 241 | ||
Total loans | 43,635 | ||
Grade 6 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 20,508 | ||
2020 | 32,617 | ||
2019 | 392 | ||
2018 | 6,354 | ||
Prior | 77,979 | ||
Revolving Loans | 7,619 | ||
Revolving Loans Converted to Term Loans | 246 | ||
Total loans | 145,715 | ||
Grade 6 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 877 | ||
2020 | 25 | ||
2019 | 32 | ||
2018 | 58 | ||
Prior | 815 | ||
Total loans | 1,807 | ||
Grade 6 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 341 | ||
2020 | 2,580 | ||
Prior | 486 | ||
Total loans | 3,407 | ||
Grade 6 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 241 | ||
2020 | 17 | ||
2019 | 56 | ||
2018 | 4,972 | ||
Prior | 711 | ||
Total loans | 5,997 | ||
Grade 6 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 7,404 | ||
2020 | 25,974 | ||
2019 | 148 | ||
2018 | 1,193 | ||
Prior | 75,966 | ||
Total loans | 110,685 | ||
Grade 6 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 11,645 | ||
2020 | 4,021 | ||
2019 | 156 | ||
2018 | 131 | ||
Prior | 1 | ||
Revolving Loans | 7,593 | ||
Revolving Loans Converted to Term Loans | 246 | ||
Total loans | 23,793 | ||
Grade 6 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Revolving Loans | 26 | ||
Total loans | 26 | ||
Grade 7 [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 969 | ||
2020 | 1,126 | ||
2019 | 1,670 | ||
2018 | 3,021 | ||
Prior | 14,063 | ||
Revolving Loans | 916 | ||
Total loans | 21,765 | ||
Grade 7 [Member] | Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2020 | 213 | ||
2019 | 31 | ||
2018 | 1 | ||
Prior | 203 | ||
Revolving Loans | 21 | ||
Total loans | 469 | ||
Grade 7 [Member] | Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Prior | 11 | ||
Revolving Loans | 300 | ||
Total loans | 311 | ||
Grade 7 [Member] | Real Estate [Member] | 1-4 Family [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 407 | ||
2020 | 755 | ||
2019 | 1,471 | ||
2018 | 1,857 | ||
Prior | 7,093 | ||
Total loans | 11,583 | ||
Grade 7 [Member] | Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 9 | ||
2018 | 1,125 | ||
Prior | 6,551 | ||
Total loans | 7,685 | ||
Grade 7 [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2021 | 553 | ||
2020 | 150 | ||
2019 | 168 | ||
2018 | 31 | ||
Prior | 205 | ||
Revolving Loans | 595 | ||
Total loans | 1,702 | ||
Grade 7 [Member] | Consumer and Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
2020 | 8 | ||
2018 | 7 | ||
Total loans | $ 15 | ||
[1] | Includes $2.8 million and $7.3 million of residential mortgage loans held for sale at March 31, 2022 and December 31, 2021, respectively. |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Risk Grade by Category of Loan and Year of Origination/Renewal (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Impaired [Line Items] | ||
Loans held for sale | $ 2,810 | $ 7,274 |
Residential Mortgage Loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Loans held for sale | $ 2,810 | $ 7,274 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Allowance for Credit Losses on Loans by Category of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, beginning balance | $ 286,380 | $ 316,068 |
Charge-offs | (2,608) | (9,370) |
Recoveries | 1,391 | 512 |
Net charge-offs | (1,217) | (8,858) |
Allowance for credit losses, ending balance | 285,163 | 307,210 |
Agriculture and Agriculture Real Estate (Includes Farmland) [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, beginning balance | 7,759 | 7,824 |
Provision for credit losses | 41 | 312 |
Charge-offs | (155) | (38) |
Recoveries | 258 | 5 |
Net charge-offs | 103 | (33) |
Allowance for credit losses, ending balance | 7,903 | 8,103 |
Real Estate [Member] | Construction, Land Development and Other Land Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, beginning balance | 58,897 | 44,892 |
Provision for credit losses | 2,540 | 5,221 |
Charge-offs | (435) | |
Recoveries | 5 | 5 |
Net charge-offs | (430) | 5 |
Allowance for credit losses, ending balance | 61,007 | 50,118 |
Real Estate [Member] | 1-4 Family [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, beginning balance | 56,710 | 44,555 |
Provision for credit losses | 2,745 | 3,194 |
Charge-offs | (100) | (54) |
Recoveries | 13 | 7 |
Net charge-offs | (87) | (47) |
Allowance for credit losses, ending balance | 59,368 | 47,702 |
Real Estate [Member] | Commercial Real Estate (Includes Multi-Family Residential) [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, beginning balance | 75,005 | 87,857 |
Provision for credit losses | (1,268) | 4,572 |
Charge-offs | (39) | (6,589) |
Recoveries | 405 | |
Net charge-offs | 366 | (6,589) |
Allowance for credit losses, ending balance | 74,103 | 85,840 |
Commercial and Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, beginning balance | 80,412 | 116,795 |
Provision for credit losses | (4,095) | (9,816) |
Charge-offs | (472) | (1,754) |
Recoveries | 458 | 170 |
Net charge-offs | (14) | (1,584) |
Allowance for credit losses, ending balance | 76,303 | 105,395 |
Consumer and Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for credit losses, beginning balance | 7,597 | 14,145 |
Provision for credit losses | 37 | (3,483) |
Charge-offs | (1,407) | (935) |
Recoveries | 252 | 325 |
Net charge-offs | (1,155) | (610) |
Allowance for credit losses, ending balance | $ 6,479 | $ 10,052 |
Fair Value - Fair Value Assets
Fair Value - Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available for sale securities: | ||
Available for sale securities, at fair value | $ 461,392 | $ 514,932 |
Fair Value, Measurements, Recurring [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 461,392 | 514,932 |
Fair Value, Measurements, Recurring [Member] | Loan Customer Counterparty [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 4,124 | |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 2,428 | |
Fair Value, Measurements, Recurring [Member] | Financial Institution Counterparty [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 2,428 | |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 4,124 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 69 | 237 |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 10 | |
Fair Value, Measurements, Recurring [Member] | Forward Mortgage-Backed Securities Trades [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 219 | 18 |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 18 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 461,392 | 514,932 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Loan Customer Counterparty [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 4,124 | |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 2,428 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Financial Institution Counterparty [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 2,428 | |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 4,124 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 69 | 237 |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 10 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Mortgage-Backed Securities Trades [Member] | ||
Derivative financial instruments: | ||
Derivative financial instruments, assets at fair value | 219 | 18 |
Derivative financial instruments: | ||
Derivative financial instruments, liabilities at fair value | 18 | |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 434,322 | 485,671 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 434,322 | 485,671 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | 27,070 | 29,261 |
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities [Member] | Level 2 [Member] | ||
Available for sale securities: | ||
Available for sale securities, at fair value | $ 27,070 | $ 29,261 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Fair Value Disclosures [Abstract] | |
Other real estate, additions | $ 1.6 |
Real estate owned outstanding | 1.5 |
Additions to impaired loans | 2.9 |
Impaired loans outstanding | $ 2.9 |
Fair Value - Summary of Carryin
Fair Value - Summary of Carrying and Fair Value Information of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 1,560,321 | $ 2,547,739 |
Federal funds sold | 274 | 241 |
Held to maturity securities | 13,629,166 | 12,251,213 |
Loans held for sale | 2,810 | 7,274 |
Loans held for investment | 16,720,173 | 16,833,171 |
Other real estate owned | 1,705 | 622 |
Liabilities | ||
Noninterest-bearing | 10,776,652 | 10,750,034 |
Interest-bearing | 20,291,658 | 20,021,728 |
Securities sold under repurchase agreements | 440,891 | 448,099 |
Carrying Amount [Member] | ||
Assets | ||
Cash and due from banks | 1,560,321 | 2,547,739 |
Federal funds sold | 274 | 241 |
Held to maturity securities | 14,336,735 | 12,303,969 |
Loans held for sale | 2,810 | 7,274 |
Loans held for investment, net of allowance | 16,435,010 | 16,546,791 |
Other real estate owned | 1,705 | 622 |
Liabilities | ||
Noninterest-bearing | 10,776,652 | 10,750,034 |
Interest-bearing | 20,291,658 | 20,021,728 |
Securities sold under repurchase agreements | 440,891 | 448,099 |
Carrying Amount [Member] | Warehouse Purchase Program [Member] | ||
Assets | ||
Loans held for investment | 1,344,541 | 1,775,699 |
Estimated Fair Value [Member] | ||
Assets | ||
Cash and due from banks | 1,560,321 | 2,547,739 |
Federal funds sold | 274 | 241 |
Held to maturity securities | 13,629,166 | 12,251,213 |
Loans held for sale | 2,810 | 7,274 |
Loans held for investment, net of allowance | 16,496,301 | 16,650,432 |
Other real estate owned | 1,705 | 622 |
Liabilities | ||
Noninterest-bearing | 10,776,652 | 10,750,034 |
Interest-bearing | 20,255,732 | 20,023,909 |
Securities sold under repurchase agreements | 440,850 | 448,095 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Assets | ||
Cash and due from banks | 1,560,321 | 2,547,739 |
Federal funds sold | 274 | 241 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Assets | ||
Held to maturity securities | 13,629,166 | 12,251,213 |
Loans held for sale | 2,810 | 7,274 |
Other real estate owned | 1,705 | 622 |
Liabilities | ||
Noninterest-bearing | 10,776,652 | 10,750,034 |
Interest-bearing | 20,255,732 | 20,023,909 |
Securities sold under repurchase agreements | 440,850 | 448,095 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Assets | ||
Loans held for investment, net of allowance | 16,496,301 | 16,650,432 |
Estimated Fair Value [Member] | Warehouse Purchase Program [Member] | ||
Assets | ||
Loans held for investment | 1,344,541 | 1,775,699 |
Estimated Fair Value [Member] | Warehouse Purchase Program [Member] | Level 2 [Member] | ||
Assets | ||
Loans held for investment | $ 1,344,541 | $ 1,775,699 |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangibles - Goodwill and Core Deposit Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Goodwill, Beginning balance | $ 3,231,636 | $ 3,231,636 | $ 3,231,636 |
Goodwill, Ending balance | 3,231,636 | 3,231,636 | |
Core Deposit Intangibles, Beginning balance | 61,684 | 73,235 | 73,235 |
Core Deposit Intangibles, Amortization | (2,620) | $ (2,931) | (11,551) |
Core Deposit Intangibles, Ending balance | $ 59,064 | $ 61,684 |
Goodwill and Core Deposit Int_4
Goodwill and Core Deposit Intangibles - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule Of Intangible Assets And Goodwill [Line Items] | |||
Impairment recorded on goodwill and core deposit intangibles | $ 0 | ||
Amortization expense related to intangible assets | $ 2,620,000 | $ 2,931,000 | $ 11,551,000 |
Minimum [Member] | |||
Schedule Of Intangible Assets And Goodwill [Line Items] | |||
Finite-lived intangible assets, useful life | 10 years | ||
Maximum [Member] | |||
Schedule Of Intangible Assets And Goodwill [Line Items] | |||
Finite-lived intangible assets, useful life | 15 years |
Goodwill and Core Deposit Int_5
Goodwill and Core Deposit Intangibles - Estimated Aggregate Future Amortization Expense for Core Deposit Intangibles (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Remaining 2022 | $ 7,716 | ||
2023 | 9,360 | ||
2024 | 8,699 | ||
2025 | 8,173 | ||
2026 | 7,684 | ||
Thereafter | 17,432 | ||
Total | $ 59,064 | $ 61,684 | $ 73,235 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)Planshares | Mar. 31, 2021USD ($) | Dec. 31, 2012shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of stock-based employee compensation plans | Plan | 2 | ||
Total unrecognized compensation expense related to stock-based compensation arrangements | $ | $ 16.4 | ||
Weighted-average period of cost expected to be recognized | 1 year 6 months 10 days | ||
Number of shares outstanding | 0 | ||
Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-based compensation expense | $ | $ 2.9 | $ 3.4 | |
2020 Stock Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common shares authorized for issuance | 2,500,000 | ||
Number of restricted shares granted | 378,563 | ||
Share issued | 24,493 | ||
2012 Stock Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common shares authorized for issuance | 1,250,000 | ||
Number of restricted shares granted | 95,500 | ||
Share issued | 741,875 |
Contractual Obligations and O_3
Contractual Obligations and Off-Balance Sheet Items - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)SubleaseArrangement | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |||
Operating lease, right-of-use asset | $ 46,700 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | ||
Operating lease, liability | $ 46,700 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | ||
Number of sublease arrangement | SubleaseArrangement | 1 | ||
Sublease income | $ 798 | $ 450 | |
Operating lease, weighted average remaining lease term | 5 years 10 months 24 days | ||
Operating lease, weighted average discount rate, percent | 2.16% | ||
Operating lease, payments | $ 2,800 | $ 3,500 | |
Right-of-Use asset obtained in exchange for operating lease liability | 397 | ||
Allowance for credit losses on off-balance sheet credit exposures | $ 29,947 | $ 29,947 | |
Minimum [Member] | |||
Contractual Obligations And Off Balance Sheet Items [Line Items] | |||
Lessee operating lease remaining lease term | 1 year | ||
Maximum [Member] | |||
Contractual Obligations And Off Balance Sheet Items [Line Items] | |||
Lessee operating lease remaining lease term | 17 years |
Contractual Obligations and O_4
Contractual Obligations and Off-Balance Sheet Items - Future Undiscounted Cash Payments Associated with its Operating Leases (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
Remaining 2022 | $ 8,036 |
2023 | 9,992 |
2024 | 9,189 |
2025 | 8,641 |
2026 | 7,620 |
2027 | 4,759 |
Thereafter | 6,331 |
Total undiscounted lease payments | $ 54,568 |
Contractual Obligations and O_5
Contractual Obligations and Off-Balance Sheet Items - Summary of Commitments Associated with Outstanding Standby Letters of Credit and Commitments to Extend Credit (Details) - Guarantee Obligations [Member] $ in Thousands | Mar. 31, 2022USD ($) |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | $ 3,228,417 |
More than 1 year but less than 3 years | 1,441,811 |
3 years or more but less than 5 years | 184,959 |
5 years or more | 1,482,762 |
Total | 6,337,949 |
Standby Letters of Credit [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 88,107 |
More than 1 year but less than 3 years | 4,262 |
3 years or more but less than 5 years | 2,926 |
5 years or more | 0 |
Total | 95,295 |
Unused capacity on Warehouse Purchase Program loans [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 1,497,459 |
Total | 1,497,459 |
Commitments to Extend Credit [Member] | |
Contractual Obligations And Off Balance Sheet Items [Line Items] | |
1 year or less | 1,642,851 |
More than 1 year but less than 3 years | 1,437,549 |
3 years or more but less than 5 years | 182,033 |
5 years or more | 1,482,762 |
Total | $ 4,745,195 |
Other Comprehensive Income - Ta
Other Comprehensive Income - Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Change in unrealized gain (loss) during period, before tax amount | $ (175) | $ (4) |
Change in unrealized gain (loss) during period, tax effect | 37 | 1 |
Change in unrealized gain (loss) during period, net of tax amount | (138) | (3) |
Total securities available for sale, before tax amount | (175) | (4) |
Total securities available for sale, tax effect | 37 | 1 |
Total securities available for sale, net of tax amount | (138) | (3) |
Total other comprehensive income (loss), before tax amount | (175) | (4) |
Total other comprehensive income (loss), tax effect | 37 | 1 |
Other comprehensive loss, net of tax | $ (138) | $ (3) |
Other Comprehensive Income - Ac
Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Loss) Associated with Securities Available for Sale, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning balance, accumulated other comprehensive income | $ 1,809 | $ 769 |
Other comprehensive loss | (138) | (3) |
Ending balance, accumulated other comprehensive income | 1,671 | 766 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Beginning balance, accumulated other comprehensive income | 1,809 | 769 |
Other comprehensive loss | (138) | (3) |
Ending balance, accumulated other comprehensive income | $ 1,671 | $ 766 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Notional Balances and Fair Value of Derivative Positions (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Interest Rate Lock Commitments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Outstanding Notional Balance | $ 3,938 | $ 8,411 |
Derivative financial instruments, assets at fair value | 69 | 237 |
Derivative financial instruments, liabilities at fair value | 10 | |
Forward Mortgage-Backed Securities Trades [Member] | ||
Derivatives Fair Value [Line Items] | ||
Outstanding Notional Balance | 9,500 | 22,250 |
Derivative financial instruments, assets at fair value | 219 | 18 |
Derivative financial instruments, liabilities at fair value | 18 | |
Commercial Loan Interest Rate Swaps and Caps [Member] | Loan Customer Counterparty [Member] | ||
Derivatives Fair Value [Line Items] | ||
Outstanding Notional Balance | 198,420 | 198,683 |
Derivative financial instruments, assets at fair value | 4,124 | |
Derivative financial instruments, liabilities at fair value | 2,428 | |
Commercial Loan Interest Rate Swaps and Caps [Member] | Financial Institution Counterparty [Member] | ||
Derivatives Fair Value [Line Items] | ||
Outstanding Notional Balance | 198,420 | 198,683 |
Derivative financial instruments, assets at fair value | $ 2,428 | |
Derivative financial instruments, liabilities at fair value | $ 4,124 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Weighted Average Received and Paid Interest Rates for Interest Rate Swaps Outstanding (Details) - Commercial Loan Interest Rate Swaps and Caps [Member] - Loan Customer Counterparty [Member] | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Weighted-Average Interest Rate Received | 0.0264 | 0.0264 |
Weighted-Average Interest Rate Paid | 0.0094 | 0.0080 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Details) - Interest Rate Swap [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Credit exposure | $ 2,400,000 | $ 4,100,000 |
Cash collateral pledged | 0 | $ 4,300,000 |
Financial Institution Counterparty [Member] | ||
Derivative [Line Items] | ||
Credit exposure | $ 324,000,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Income (Loss) from Derivatives (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Interest Rate Lock Commitments [Member] | |
Derivative Instruments Gain Loss [Line Items] | |
Derivatives not designated as hedging instruments | $ (178) |
Forward Mortgage-Backed Securities Trades [Member] | |
Derivative Instruments Gain Loss [Line Items] | |
Derivatives not designated as hedging instruments | $ 316 |