Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 21, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | TEXAS CAPITAL BANCSHARES INC/TX | |
Entity Central Index Key | 1,077,428 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 45,819,304 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 117,387 | $ 96,524 |
Interest-bearing deposits | 1,321,064 | 1,233,990 |
Federal funds sold and securities purchased under resale agreements | 16,300 | 0 |
Securities, available-for-sale | 35,361 | 41,719 |
Loans held for investment, mortgage finance | 4,906,415 | 4,102,125 |
Loans held for investment (net of unearned income) | 11,123,325 | 10,154,887 |
Less: Allowance for loan losses | 118,770 | 100,954 |
Loans held for investment, net | 15,910,970 | 14,156,058 |
Premises and equipment, net | 17,951 | 17,368 |
Accrued interest receivable and other assets | 378,068 | 333,699 |
Goodwill and intangible assets, net | 20,237 | 20,588 |
Total assets | 17,817,338 | 15,899,946 |
Non-interest-bearing | ||
Non-interest-bearing | 6,479,073 | 5,011,619 |
Interest-bearing | 7,502,937 | 7,348,972 |
Interest-bearing in foreign branches | 206,266 | 312,709 |
Total deposits | 14,188,276 | 12,673,300 |
Accrued interest payable | 4,905 | 4,747 |
Other liabilities | 161,215 | 145,622 |
Federal funds purchased and repurchase agreements | 109,007 | 92,676 |
Other borrowings | 1,400,000 | 1,100,005 |
Subordinated notes | 286,000 | 286,000 |
Trust preferred subordinated debentures | 113,406 | 113,406 |
Total liabilities | 16,262,809 | 14,415,756 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value, $1,000 liquidation value; Authorized shares - 10,000,000; Issued shares – 6,000,000 shares issued at June 30, 2015 and December 31, 2014, respectively | 150,000 | 150,000 |
Common stock, $.01 par value; Authorized shares - 100,000,000; Issued shares – 45,813,388 and 45,735,424 at June 30, 2015 and December 31, 2014, respectively | 458 | 457 |
Additional paid-in capital | 712,222 | 709,738 |
Retained earnings | 690,826 | 622,714 |
Treasury stock (shares at cost: 417 at June 30, 2015 and December 31, 2014) | (8) | (8) |
Accumulated other comprehensive income, net of taxes | 1,031 | 1,289 |
Total stockholders’ equity | 1,554,529 | 1,484,190 |
Total liabilities and stockholders’ equity | $ 17,817,338 | $ 15,899,946 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 6,000,000 | 6,000,000 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 45,813,388 | 45,735,424 |
Treasury Stock, shares | 417 | 417 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income | ||||
Interest and fees on loans | $ 151,606 | $ 124,234 | $ 290,780 | $ 240,106 |
Securities | 323 | 471 | 681 | 1,011 |
Federal funds sold and securities purchased under resale agreements | 118 | 8 | 234 | 48 |
Deposits in other banks | 1,327 | 100 | 2,587 | 259 |
Total interest income | 153,374 | 124,813 | 294,282 | 241,424 |
Interest expense | ||||
Deposits | 5,642 | 4,246 | 11,270 | 8,276 |
Federal funds purchased | 93 | 115 | 161 | 210 |
Repurchase agreements | 4 | 4 | 8 | 8 |
Other borrowings | 528 | 181 | 918 | 253 |
Subordinated notes | 4,191 | 4,241 | 8,382 | 7,720 |
Trust preferred subordinated debentures | 631 | 619 | 1,249 | 1,235 |
Total interest expense | 11,089 | 9,406 | 21,988 | 17,702 |
Net interest income | 142,285 | 115,407 | 272,294 | 223,722 |
Provision for credit losses | 14,500 | 4,000 | 25,500 | 9,000 |
Net interest income after provision for credit losses | 127,785 | 111,407 | 246,794 | 214,722 |
Non-interest income | ||||
Service charges on deposit accounts | 2,149 | 1,764 | 4,243 | 3,460 |
Trust fee income | 1,287 | 1,242 | 2,487 | 2,524 |
Bank owned life insurance (BOLI) income | 476 | 521 | 960 | 1,030 |
Brokered loan fees | 5,277 | 3,357 | 9,509 | 6,181 |
Swap fees | 1,035 | 410 | 3,021 | 1,634 |
Other | 2,547 | 3,239 | 4,818 | 6,060 |
Total non-interest income | 12,771 | 10,533 | 25,038 | 20,889 |
Non-interest expense | ||||
Salaries and employee benefits | 48,200 | 39,896 | 94,028 | 81,952 |
Net occupancy expense | 5,808 | 5,073 | 11,499 | 9,841 |
Marketing | 3,925 | 3,795 | 8,143 | 7,554 |
Legal and professional | 5,618 | 7,181 | 9,666 | 12,583 |
Communications and technology | 5,647 | 4,361 | 10,725 | 8,285 |
FDIC insurance assessment | 4,211 | 2,544 | 8,001 | 5,269 |
Allowance and other carrying costs for OREO | 6 | 11 | 15 | 56 |
Other | 7,861 | 6,904 | 15,716 | 13,542 |
Total non-interest expense | 81,276 | 69,765 | 157,793 | 139,082 |
Income before income taxes | 59,280 | 52,175 | 114,039 | 96,529 |
Income tax expense | 21,343 | 18,754 | 41,052 | 34,843 |
Net income | 37,937 | 33,421 | 72,987 | 61,686 |
Preferred stock dividends | 2,437 | 2,437 | 4,875 | 4,875 |
Net income available to common stockholders | 35,500 | 30,984 | 68,112 | 56,811 |
Other comprehensive income (loss) | ||||
Change in net unrealized gain on available-for-sale securities arising during period, before-tax | (321) | 43 | (397) | (118) |
Income tax expense (benefit) related to net unrealized gain on available-for-sale securities | (112) | 15 | (139) | (41) |
Other comprehensive income (loss), net of tax | (209) | 28 | (258) | (77) |
Comprehensive income | $ 37,728 | $ 33,449 | $ 72,729 | $ 61,609 |
Basic earnings per common share (usd per share) | $ 0.78 | $ 0.72 | $ 1.49 | $ 1.33 |
Diluted earnings per common share (usd per share) | $ 0.76 | $ 0.71 | $ 1.47 | $ 1.30 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss), Net of Taxes |
Stockholders' equity, beginning balance at Dec. 31, 2013 | $ 1,096,350 | $ 150,000 | $ 410 | $ 448,208 | $ 496,112 | $ (8) | $ 1,628 |
Shares, outstanding, beginning balance at Dec. 31, 2013 | 6,000,000 | 41,036,787 | 417 | ||||
Comprehensive income: | |||||||
Net income | 61,686 | 61,686 | |||||
Change in unrealized gain on available-for-sale securities, net of taxes | (77) | (77) | |||||
Total comprehensive income | 61,609 | ||||||
Tax benefit related to exercise of stock-based awards | 1,479 | 1,479 | |||||
Stock-based compensation expense recognized in earnings | 2,528 | 2,528 | |||||
Issuance of preferred stock - value | 0 | $ 0 | 0 | ||||
Issuance of preferred stock - shares | 0 | ||||||
Preferred stock dividend | (4,875) | (4,875) | |||||
Issuance of stock related to stock-based awards - value | 823 | $ 1 | 824 | ||||
Issuance of stock related to stock-based awards - shares | 94,845 | ||||||
Issuance of common stock - value | 106,548 | $ 19 | 106,529 | ||||
Issuance of common stock - shares | 1,875,000 | ||||||
Issuance of common stock related to warrants - shares | 99,229 | ||||||
Stockholders' equity, ending balance at Jun. 30, 2014 | 1,262,816 | $ 150,000 | $ 431 | 557,919 | 552,923 | $ (8) | 1,551 |
Shares, outstanding, ending balance at Jun. 30, 2014 | 6,000,000 | 43,105,861 | 417 | ||||
Stockholders' equity, beginning balance at Dec. 31, 2014 | 1,484,190 | $ 150,000 | $ 457 | 709,738 | 622,714 | $ (8) | 1,289 |
Shares, outstanding, beginning balance at Dec. 31, 2014 | 6,000,000 | 45,735,424 | 417 | ||||
Comprehensive income: | |||||||
Net income | 72,987 | 72,987 | |||||
Change in unrealized gain on available-for-sale securities, net of taxes | (258) | (258) | |||||
Total comprehensive income | 72,729 | ||||||
Tax benefit related to exercise of stock-based awards | 736 | 736 | |||||
Stock-based compensation expense recognized in earnings | 2,103 | 2,103 | |||||
Preferred stock dividend | (4,875) | (4,875) | |||||
Issuance of stock related to stock-based awards - value | 354 | $ (1) | 355 | ||||
Issuance of stock related to stock-based awards - shares | 77,964 | ||||||
Stockholders' equity, ending balance at Jun. 30, 2015 | $ 1,554,529 | $ 150,000 | $ 458 | $ 712,222 | $ 690,826 | $ (8) | $ 1,031 |
Shares, outstanding, ending balance at Jun. 30, 2015 | 6,000,000 | 45,813,388 | 417 |
CONSOLIDATED STATEMENTS OF STO6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Income tax benefit (expense) related to net unrealized gain on available-for-sale securities | $ 112 | $ (15) | $ 139 | $ 41 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities | ||
Income from continuing operations | $ 72,987 | $ 61,686 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 25,500 | 9,000 |
Depreciation and amortization | 8,289 | 6,693 |
Amortization and accretion on securities | 0 | 0 |
Bank owned life insurance (BOLI) income | (960) | (1,030) |
Stock-based compensation expense | (6,641) | (7,233) |
Excess tax expense from stock-based compensation arrangements | (779) | (1,479) |
Gain on sale of assets | 24 | (709) |
Changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | (50,485) | (51,854) |
Accrued interest payable and other liabilities | 12,090 | (1,324) |
Net cash provided by operating activities | 73,307 | 28,216 |
Investing activities | ||
Maturities and calls of available-for-sale securities | 1,950 | 8,474 |
Principal payments received on available-for-sale securities | 4,011 | 5,292 |
Originations of mortgage finance loans | (45,359,254) | (23,694,564) |
Proceeds from pay-offs of mortgage finance loans | 44,554,964 | 22,778,580 |
Net increase in loans held for investment, excluding mortgage finance loans | (976,122) | (671,896) |
Purchase (disposal) of premises and equipment, net | (2,635) | (6,193) |
Proceeds from sale of foreclosed assets | 1,164 | 5,763 |
Net cash used in investing activities | (1,775,922) | (1,574,544) |
Financing activities | ||
Net increase in deposits | 1,514,976 | 1,499,937 |
Net expense from issuance of stock related to stock-based awards | (354) | (823) |
Net proceeds from issuance of common stock | 0 | 106,548 |
Preferred dividends paid | (4,875) | (4,875) |
Net increase (decrease) in other borrowings | 299,995 | (149,473) |
Excess tax benefits from stock-based compensation arrangements | 779 | 1,479 |
Net increase in Federal funds purchased and repurchase agreements | 16,331 | 124,391 |
Net proceeds from issuance of subordinated notes | 0 | 172,375 |
Net cash provided by financing activities | 1,826,852 | 1,749,559 |
Net increase in cash and cash equivalents | 124,237 | 203,231 |
Cash and cash equivalents at beginning of period | 1,330,514 | 153,911 |
Cash and cash equivalents at end of period | 1,454,751 | 357,142 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 21,830 | 13,780 |
Cash paid during the period for income taxes | 42,934 | 33,702 |
Transfers from loans/leases to OREO and other repossessed assets | $ 1,177 | $ 851 |
OPERATIONS AND SUMMARY OF SIGNI
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations and summary of significant accounting policies | OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Nature of Business Texas Capital Bancshares, Inc. (the “Company”), a Delaware corporation, was incorporated in November 1996 and commenced banking operations in December 1998. The consolidated financial statements of the Company include the accounts of Texas Capital Bancshares, Inc. and its wholly owned subsidiary, Texas Capital Bank, National Association (the “Bank”). We serve the needs of commercial businesses and successful professionals and entrepreneurs located in Texas as well as operate several lines of business serving a regional or national clientele of commercial borrowers. We are primarily a secured lender, with our greatest concentration of loans in Texas. Basis of Presentation Our accounting and reporting policies conform to accounting principles generally accepted in the United States (“GAAP”) and to generally accepted practices within the banking industry. Certain prior period balances have been reclassified to conform to the current period presentation. The consolidated interim financial statements have been prepared without audit. Certain information and footnote disclosures presented in accordance with GAAP have been condensed or omitted. In the opinion of management, the interim financial statements include all normal and recurring adjustments and the disclosures made are adequate to make the interim financial information not misleading. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2014 , included in our Annual Report on Form 10-K filed with the SEC on February 19, 2015 (the “2014 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the fair value of stock-based compensation awards, the fair values of financial instruments and the status of contingencies are particularly susceptible to significant change in the near term. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table presents the computation of basic and diluted earnings per share (in thousands except per share data): Three months ended Six months ended 2015 2014 2015 2014 Numerator: Net income $ 37,937 $ 33,421 $ 72,987 $ 61,686 Preferred stock dividends 2,437 2,437 4,875 4,875 Net income available to common stockholders 35,500 30,984 $ 68,112 56,811 Denominator: Denominator for basic earnings per share— weighted average shares 45,790,093 43,075,213 45,774,461 42,735,580 Effect of employee stock-based awards (1) 229,378 336,993 219,448 359,794 Effect of warrants to purchase common stock 423,942 432,809 411,281 486,113 Denominator for dilutive earnings per share—adjusted weighted average shares and assumed conversions 46,443,413 43,845,015 46,405,190 43,581,487 Basic earnings per common share $ 0.78 $ 0.72 $ 1.49 $ 1.33 Diluted earnings per common share $ 0.76 $ 0.71 $ 1.47 $ 1.30 (1) Stock options, SARs and RSUs outstanding of 173,382 at June 30, 2015 and 46,000 at June 30, 2014 have not been included in diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2015 | |
Available-for-sale Securities [Abstract] | |
SECURITIES | SECURITIES Securities are identified as either held-to-maturity or available-for-sale based upon various factors, including asset/liability management strategies, liquidity and profitability objectives and regulatory requirements. Held-to-maturity securities are carried at cost, adjusted for amortization of premiums or accretion of discounts. Available-for-sale securities are securities that may be sold prior to maturity based upon asset/liability management decisions. Securities identified as available-for-sale are carried at fair value. Unrealized gains or losses on available-for-sale securities are recorded as accumulated other comprehensive income in stockholders’ equity, net of taxes. Amortization of premiums or accretion of discounts on mortgage-backed securities is periodically adjusted for estimated prepayments. Realized gains and losses and declines in value judged to be other-than-temporary are included in gain (loss) on sale of securities. The cost of securities sold is based on the specific identification method. At June 30, 2015 , our net unrealized gain on the available-for-sale securities portfolio was $1.6 million compared to $2.0 million at December 31, 2014 . As a percent of outstanding balances, the unrealized gain was 4.70% and 4.99% at June 30, 2015 , and December 31, 2014 , respectively. The decrease in the unrealized gain percentage at June 30, 2015 is related to the reduction in the portfolio balance due to paydowns and maturities. The following is a summary of available-for-sale securities (in thousands): June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale securities: Residential mortgage-backed securities $ 24,945 $ 1,781 $ — $ 26,726 Municipals 1,308 5 — 1,313 Equity securities (1) 7,522 12 (212 ) 7,322 $ 33,775 $ 1,798 $ (212 ) $ 35,361 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale securities: Residential mortgage-backed securities $ 28,957 $ 2,108 $ — $ 31,065 Municipals 3,257 10 — 3,267 Equity securities (1) 7,522 16 (151 ) 7,387 $ 39,736 $ 2,134 $ (151 ) $ 41,719 (1) Equity securities consist of Community Reinvestment Act funds. The amortized cost and estimated fair value of available-for-sale securities are presented below by contractual maturity (in thousands, except percentage data): June 30, 2015 Less Than One Year After One Through Five Years After Five Through Ten Years After Ten Years Total Available-for-sale: Residential mortgage-backed securities: (1) Amortized cost $ 71 $ 6,800 $ 4,890 $ 13,184 $ 24,945 Estimated fair value 72 7,105 5,479 14,070 26,726 Weighted average yield (3) 5.53 % 4.77 % 5.54 % 2.40 % 3.67 % Municipals: (2) Amortized cost 745 563 — — 1,308 Estimated fair value 747 566 — — 1,313 Weighted average yield (3) 5.51 % 5.69 % — — 5.59 % Equity securities: (4) Amortized cost 7,522 — — — 7,522 Estimated fair value 7,322 — — — 7,322 Total available-for-sale securities: Amortized cost $ 33,775 Estimated fair value $ 35,361 December 31, 2014 Less Than One Year After One Through Five Years After Five Through Ten Years After Ten Years Total Available-for-sale: Residential mortgage-backed securities: (1) Amortized cost $ 1 $ 9,151 $ 5,661 $ 14,144 $ 28,957 Estimated fair value 1 9,662 6,333 15,069 31,065 Weighted average yield (3) 6.50 % 4.79 % 5.54 % 2.36 % 3.75 % Municipals: (2) Amortized cost 1,669 1,588 — — 3,257 Estimated fair value 1,674 1,593 — — 3,267 Weighted average yield (3) 5.78 % 5.79 % — — 5.79 % Equity securities: (4) Amortized cost 7,522 — — — 7,522 Estimated fair value 7,387 — — — 7,387 Total available-for-sale securities: Amortized cost $ 39,736 Estimated fair value $ 41,719 (1) Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. (2) Yields have been adjusted to a tax equivalent basis assuming a 35% federal tax rate. (3) Yields are calculated based on amortized cost. (4) These equity securities do not have a stated maturity. Securities with carrying values of approximately $25.5 million were pledged to secure certain borrowings and deposits at June 30, 2015 . Of the pledged securities at June 30, 2015 , approximately $8.4 million were pledged for certain deposits, and approximately $17.1 million were pledged for repurchase agreements. The following table discloses, as of June 30, 2015 and December 31, 2014 , our investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands): June 30, 2015 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Equity securities $ — $ — $ 6,288 $ (212 ) $ 6,288 $ (212 ) December 31, 2014 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Equity securities $ — $ — $ 6,349 $ (151 ) $ 6,349 $ (151 ) At June 30, 2015 , we owned one security with an unrealized loss position. This security is a publicly traded equity fund and is subject to market pricing volatility. We do not believe this unrealized loss is “other than temporary”. We have evaluated the near-term prospects of the investment in relation to the severity and duration of the impairment and based on that evaluation have the ability and intent to hold the investment until recovery of fair value. |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 6 Months Ended |
Jun. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans and allowance for credit losses | LOANS AND ALLOWANCE FOR LOAN LOSSES At June 30, 2015 and December 31, 2014 , loans were as follows (in thousands): June 30, December 31, Commercial $ 6,388,707 $ 5,869,219 Mortgage finance 4,906,415 4,102,125 Construction 1,837,532 1,416,405 Real estate 2,834,005 2,807,127 Consumer 23,789 19,699 Leases 97,025 99,495 Gross loans held for investment 16,087,473 14,314,070 Deferred income (net of direct origination costs) (57,733 ) (57,058 ) Allowance for loan losses (118,770 ) (100,954 ) Total $ 15,910,970 $ 14,156,058 Commercial Loans and Leases. Our commercial loan and lease portfolio is comprised of lines of credit for working capital and term loans and leases to finance equipment and other business assets. Our energy production loans are generally collateralized with proven reserves based on appropriate valuation standards and take into account the risk of oil and gas price volatility. Our commercial loans and leases are underwritten after carefully evaluating and understanding the borrower’s ability to operate profitably. Our underwriting standards are designed to promote relationship banking rather than to make loans on a transactional basis. Our lines of credit typically are limited to a percentage of the value of the assets securing the line. Lines of credit and term loans typically are reviewed annually and are supported by accounts receivable, inventory, equipment and other assets of our clients’ businesses. Mortgage Finance Loans. Our mortgage finance loans consist of ownership interests purchased in single-family residential mortgages funded through our mortgage finance group. These interests are typically on our balance sheet for 10 to 20 days. We have agreements with mortgage lenders and purchase interests in individual loans they originate. All loans are underwritten consistent with established programs for permanent financing with financially sound investors. Substantially all loans are conforming loans. Balances as of June 30, 2015 and December 31, 2014 are stated net of $541.0 million and $358.3 million participations sold, respectively. Construction Loans. Our construction loan portfolio consists primarily of single- and multi-family residential properties and commercial projects used in manufacturing, warehousing, service or retail businesses. Our construction loans generally have terms of one to three years. We typically make construction loans to developers, builders and contractors that have an established record of successful project completion and loan repayment and have a substantial equity investment in the borrowers. Loan amounts are derived primarily from the bank's evaluation of expected cash flows available to service debt from stabilized projects under hypothetically stressed conditions. Construction loans are also based in part upon estimates of costs and value associated with the completed project. Sources of repayment for these types of loans may be pre-committed permanent loans from other lenders, sales of developed property or an interim loan commitment from us until permanent financing is obtained. The nature of these loans makes ultimate repayment sensitive to overall economic conditions. Borrowers may not be able to correct conditions of default in loans, increasing risk of exposure to classification, non-performing status, reserve allocation and actual credit loss and foreclosure. These loans typically have floating rates and commitment fees. Real Estate Loans. A portion of our real estate loan portfolio is comprised of loans secured by properties other than market risk or investment-type real estate. Market risk loans are real estate loans where the primary source of repayment is expected to come from the sale, permanent financing or lease of the real property collateral. We generally provide temporary financing for commercial and residential property. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Our real estate loans generally have maximum terms of five to seven years, and we provide loans with both floating and fixed rates. We generally avoid long-term loans for commercial real estate held for investment. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. Appraised values may be highly variable due to market conditions, the impact of the inability of potential purchasers and lessees to obtain financing and a lack of transactions at comparable values. At June 30, 2015 and December 31, 2014 , we had a blanket floating lien on certain real estate-secured loans, mortgage finance loans and certain securities used as collateral for Federal Home Loan Bank (“FHLB”) borrowings. Portfolio Geographic Concentration As of June 30, 2015 , a substantial majority of our loans held for investment, excluding our mortgage finance loans and other national lines of business, were to businesses with headquarters and operations in Texas. This geographic concentration subjects the loan portfolio to the general economic conditions within this area. Additionally, we may make loans to these businesses and individuals secured by assets located outside of Texas. The risks created by this concentration have been considered by management in the determination of the appropriateness of the allowance for loan losses. Management believes the allowance for loan losses is appropriate to cover probable losses inherent in the loan portfolio at each balance sheet date. Summary of Loan Loss Experience The reserve for loan losses is comprised of specific reserves for impaired loans and an estimate of losses inherent in the portfolio at the balance sheet date, but not yet identified with specified loans. We regularly evaluate our reserve for loan losses to maintain an appropriate level to absorb estimated loan losses inherent in the loan portfolio. Factors contributing to the determination of reserves include the credit-worthiness of the borrower, changes in the value of pledged collateral and general economic conditions. All loan commitments rated substandard or worse and greater than $500,000 are specifically reviewed for loss potential. For loans deemed to be impaired, a specific allocation is assigned based on the losses expected to be realized from those loans. For purposes of determining the general reserve, the portfolio is segregated by product types to recognize differing risk profiles among categories, and then further segregated by credit grades. Credit grades are assigned to all loans. Each credit grade is assigned a risk factor, or reserve allocation percentage. These risk factors are multiplied by the outstanding principal balance and risk-weighted by product type to calculate the required reserve. A similar process is employed to calculate a reserve assigned to off-balance sheet commitments, specifically unfunded loan commitments and letters of credit, and any needed reserve is recorded in other liabilities. Even though portions of the allowance may be allocated to specific loans, the entire allowance is available for any credit that, in management’s judgment, should be charged off. We have several pass credit grades that are assigned to loans based on varying levels of risk, ranging from credits that are secured by cash or marketable securities, to watch credits which have all the characteristics of an acceptable credit risk but warrant more than the normal level of monitoring. Within our criticized/classified credit grades are special mention, substandard and doubtful. Special mention loans are those that are currently protected by the current sound worth and paying capacity of the borrower, but that are potentially weak and constitute an additional credit risk. The loan has the potential to deteriorate to a substandard grade due to the existence of financial or administrative deficiencies. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Some substandard loans are insufficiently protected by the current sound worth and paying capacity of the borrower and of the collateral pledged and may be considered impaired. Substandard loans can be accruing or can be on non-accrual depending on the circumstances of the individual loans. Loans classified as doubtful have all the weaknesses inherent in substandard loans with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high. All doubtful loans are on non-accrual. The reserve allocation percentages assigned to each credit grade have been developed based primarily on an analysis of our historical loss rates. The allocations are adjusted for certain qualitative factors for such things as general economic conditions and changes in credit policies and lending standards. Changes in the trend and severity of problem loans can cause the estimation of losses to differ from past experience. In addition, the reserve reflects the results of reviews performed by the Company's independent Credit Review function as reflected in their confirmations of assigned credit grades within the portfolio. The Credit Review function reports to the Credit Risk Committee of the Company's board of directors with administrative oversight from the Company's Chief Risk Officer. The portion of the allowance that is not derived by the allowance allocation percentages compensates for the uncertainty and complexity in estimating loan and lease losses including factors and conditions that may not be fully reflected in the determination and application of the allowance allocation percentages. Examples of risks that support the Company's maintaining an unallocated reserve include the possibility of precipitous negative changes in economic conditions and borrowers' submission of financial statements or certifications of collateral value that subsequently prove to be materially inaccurate for reason of either misstatement or omission of critical information. These situations, while not common, do not necessarily correlate well with the general risk profile presented by assigned credit grade and product type categories. We evaluate many factors and conditions in determining the unallocated portion of the allowance, including amount and frequency of losses attributable to issues not specifically addressed or included in the determination and application of the allowance allocation percentages. We consider the allowance to be appropriate, given management’s assessment of probable losses within the portfolio as of the evaluation date, the significant growth in the loan and lease portfolio, current economic conditions in the Company’s market areas and other factors. The methodology used in the periodic review of reserve appropriateness, which is performed at least quarterly, is designed to be dynamic and responsive to changes in portfolio credit quality. The changes are reflected in the general reserve and in specific reserves as the collectability of larger classified loans is evaluated with new information. As our portfolio has matured, historical loss ratios have been closely monitored, and our reserve appropriateness relies primarily on our loss history. The review of the reserve appropriateness is performed by executive management and presented to a committee of our board of directors for their review. The committee reports to the board as part of the board’s review on a quarterly basis of the Company’s consolidated financial statements. The following tables summarize the credit risk profile of our loan portfolio by internally assigned grades and non-accrual status as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Grade: Pass $ 6,142,326 $ 4,906,415 $ 1,819,735 $ 2,804,448 $ 23,568 $ 89,990 $ 15,786,482 Special mention 100,638 — — 20,330 7 505 121,480 Substandard-accruing 53,678 — 1,048 1,558 214 93 56,591 Non-accrual 92,065 — 16,749 7,669 — 6,437 122,920 Total loans held for investment $ 6,388,707 $ 4,906,415 $ 1,837,532 $ 2,834,005 $ 23,789 $ 97,025 $ 16,087,473 December 31, 2014 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Grade: Pass $ 5,738,474 $ 4,102,125 $ 1,414,671 $ 2,785,804 $ 19,579 $ 91,044 $ 14,151,697 Special mention 53,839 — 1,734 8,723 11 4,363 68,670 Substandard-accruing 43,784 — — 2,653 47 3,915 50,399 Non-accrual 33,122 — — 9,947 62 173 43,304 Total loans held for investment $ 5,869,219 $ 4,102,125 $ 1,416,405 $ 2,807,127 $ 19,699 $ 99,495 $ 14,314,070 The following table details activity in the reserve for loan losses by portfolio segment for the six months ended June 30, 2015 and June 30, 2014 . Allocation of a portion of the reserve to one category of loans does not preclude its availability to absorb losses in other categories. June 30, 2015 (in thousands) Commercial Mortgage Finance Construction Real Estate Consumer Leases Unallocated Total Beginning balance $ 70,654 $ — $ 7,935 $ 15,582 $ 240 $ 1,141 $ 5,402 $ 100,954 Provision for loan losses 37,666 — (4,066 ) (6,509 ) 144 (831 ) (1,778 ) 24,626 Charge-offs 8,520 — — 346 62 — — 8,928 Recoveries 1,710 — 355 20 10 23 — 2,118 Net charge-offs (recoveries) 6,810 — (355 ) 326 52 (23 ) — 6,810 Ending balance $ 101,510 $ — $ 4,224 $ 8,747 $ 332 $ 333 $ 3,624 $ 118,770 Period end amount allocated to: Loans individually evaluated for impairment $ 13,717 $ — $ — $ 337 $ — $ 1 $ — $ 14,055 Loans collectively evaluated for impairment 87,793 — 4,224 8,410 332 332 3,624 104,715 Ending balance $ 101,510 $ — $ 4,224 $ 8,747 $ 332 $ 333 $ 3,624 $ 118,770 June 30, 2014 (in thousands) Commercial Mortgage Finance Construction Real Estate Consumer Leases Unallocated Total Beginning balance $ 39,868 $ — $ 14,553 $ 24,210 $ 149 $ 3,105 $ 5,719 $ 87,604 Provision for loan losses 13,714 — 199 (3,891 ) 114 (1,930 ) (139 ) 8,067 Charge-offs 7,526 — — 296 101 — — 7,923 Recoveries 2,239 — — 47 31 1,049 — 3,366 Net charge-offs (recoveries) 5,287 — — 249 70 (1,049 ) — 4,557 Ending balance $ 48,295 $ — $ 14,752 $ 20,070 $ 193 $ 2,224 $ 5,580 $ 91,114 Period end amount allocated to: Loans individually evaluated for impairment $ 6,293 $ — $ — $ 722 $ — $ 3 $ — $ 7,018 Loans collectively evaluated for impairment 42,002 — 14,752 19,348 193 2,221 5,580 84,096 Ending balance $ 48,295 $ — $ 14,752 $ 20,070 $ 193 $ 2,224 $ 5,580 $ 91,114 Our recorded investment in loans as of June 30, 2015 , December 31, 2014 and June 30, 2014 related to each balance in the allowance for loan losses by portfolio segment and disaggregated on the basis of our impairment methodology was as follows (in thousands): June 30, 2015 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Loans individually evaluated for impairment $ 93,944 $ — $ 16,749 $ 10,565 $ — $ 6,437 $ 127,695 Loans collectively evaluated for impairment 6,294,763 4,906,415 1,820,783 2,823,440 23,789 90,588 15,959,778 Total $ 6,388,707 $ 4,906,415 $ 1,837,532 $ 2,834,005 $ 23,789 $ 97,025 $ 16,087,473 December 31, 2014 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Loans individually evaluated for impairment $ 35,165 $ — $ — $ 13,880 $ 62 $ 173 $ 49,280 Loans collectively evaluated for impairment 5,834,054 4,102,125 1,416,405 2,793,247 19,637 99,322 14,264,790 Total $ 5,869,219 $ 4,102,125 $ 1,416,405 $ 2,807,127 $ 19,699 $ 99,495 $ 14,314,070 June 30, 2014 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Loans individually evaluated for impairment $ 27,679 $ — $ — $ 19,790 $ — $ 22 $ 47,491 Loans collectively evaluated for impairment 5,267,689 3,700,253 1,567,667 2,212,130 15,847 95,892 12,859,478 Total $ 5,295,368 $ 3,700,253 $ 1,567,667 $ 2,231,920 $ 15,847 $ 95,914 $ 12,906,969 We have traditionally maintained an unallocated reserve component to compensate for the uncertainty and complexity in estimating loan and lease losses including factors and conditions that may not be fully reflected in the determination and application of the allowance allocation percentages. We believe the level of unallocated reserves at June 30, 2015 is warranted due to the continued uncertain economic environment which has produced losses, including those resulting from borrowers' misstatement of financial information or inaccurate certification of collateral values. Such losses are not necessarily correlated with historical loss trends or general economic conditions. Our methodology used to calculate the allowance considers historical losses; however, the historical loss rates for specific product types or credit risk grades may not fully incorporate the effects of continued weakness in the economy. Generally we place loans on non-accrual when there is a clear indication that the borrower’s cash flow may not be sufficient to meet payments as they become due, which is generally when a loan is 90 days past due. When a loan is placed on non-accrual status, all previously accrued and unpaid interest is reversed. Interest income is subsequently recognized on a cash basis as long as the remaining unpaid principal amount of the loan is deemed to be fully collectible. If collectability is questionable, then cash payments are applied to principal. As of June 30, 2015 , $ 904,100 of our non-accrual loans were earning on a cash basis compared to $ 310,000 at December 31, 2014 . A loan is placed back on accrual status when both principal and interest are current and it is probable that we will be able to collect all amounts due (both principal and interest) according to the terms of the loan agreement. A loan held for investment is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due (both principal and interest) according to the terms of the loan agreement. In accordance with ASC 310 Receivables ("ASC 310"), we have also included all restructured loans in our impaired loan totals. The following tables detail our impaired loans, by portfolio class, as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial Business loans $ 11,557 $ 15,805 $ — $ 20,736 $ — Energy 37,938 37,938 — 6,956 28 Construction Market risk 16,749 16,749 — 2,792 — Real estate Market risk 3,639 3,639 — 3,696 — Commercial 2,951 2,951 — 3,732 — Secured by 1-4 family — — — — — Consumer — — — — — Leases 6,432 6,432 — 1,072 — Total impaired loans with no allowance recorded $ 79,266 $ 83,514 $ — $ 38,984 $ 28 With an allowance recorded: Commercial Business loans $ 44,153 $ 47,153 $ 13,672 $ 29,602 $ — Energy 296 296 45 702 — Construction Market risk — — — — — Real estate Market risk 1,920 1,920 46 2,693 — Commercial 436 436 65 466 — Secured by 1-4 family 1,619 1,619 226 1,757 — Consumer — — — 21 — Leases 5 5 1 145 — Total impaired loans with an allowance recorded $ 48,429 $ 51,429 $ 14,055 $ 35,386 $ — Combined: Commercial Business loans $ 55,710 $ 62,958 $ 13,672 $ 50,338 $ — Energy 38,234 38,234 45 7,658 28 Construction Market risk 16,749 16,749 — 2,792 — Real estate Market risk 5,559 5,559 46 6,389 — Commercial 3,387 3,387 65 4,198 — Secured by 1-4 family 1,619 1,619 226 1,757 — Consumer — — — 21 — Leases 6,437 6,437 1 1,217 — Total impaired loans $ 127,695 $ 134,943 $ 14,055 $ 74,370 $ 28 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial Business loans $ 9,608 $ 11,857 $ — $ 7,334 $ — Energy — — — 375 25 Construction Market risk — — — 118 — Real estate Market risk 3,735 3,735 — 7,970 — Commercial 3,521 3,521 — 2,795 — Secured by 1-4 family — — — 1,210 — Consumer — — — — — Leases — — — — — Total impaired loans with no allowance recorded $ 16,864 $ 19,113 $ — $ 19,802 $ 25 With an allowance recorded: Commercial Business loans $ 24,553 $ 25,553 $ 7,433 $ 17,705 $ — Energy 1,004 1,004 272 991 — Construction Market risk — — — — — Real estate Market risk 4,203 4,203 317 5,064 — Commercial 526 526 79 705 — Secured by 1-4 family 1,895 1,895 240 2,119 — Consumer 62 62 9 16 — Leases 173 173 26 41 — Total impaired loans with an allowance recorded $ 32,416 $ 33,416 $ 8,376 $ 26,641 $ — Combined: Commercial Business loans $ 34,161 $ 37,410 $ 7,433 $ 25,039 $ — Energy 1,004 1,004 272 1,366 25 Construction Market risk — — — 118 — Real estate Market risk 7,938 7,938 317 13,034 — Commercial 4,047 4,047 79 3,500 — Secured by 1-4 family 1,895 1,895 240 3,329 — Consumer 62 62 9 16 — Leases 173 173 26 41 — Total impaired loans $ 49,280 $ 52,529 $ 8,376 $ 46,443 $ 25 Average impaired loans outstanding during the six months ended June 30, 2015 and 2014 totaled $74.4 million and $46.3 million , respectively. The table below provides an age analysis of our past due loans that are still accruing and non-accrual loans, by portfolio class, as of June 30, 2015 (in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days and Accruing(1) Total Past Due Non-accrual Current Total Commercial Business loans $ 16,670 $ 29,520 $ 5,460 $ 51,650 $ 53,831 $ 5,179,526 $ 5,285,007 Energy — — 22 22 38,234 1,065,444 1,103,700 Mortgage finance loans — — — — — 4,906,415 4,906,415 Construction Market risk — — — — 16,749 1,803,414 1,820,163 Secured by 1-4 family — — — — — 17,369 17,369 Real estate Market risk 2,300 — — 2,300 3,779 2,197,463 2,203,542 Commercial — — — — 3,387 522,498 525,885 Secured by 1-4 family 500 — — 500 503 103,575 104,578 Consumer 184 25 — 209 — 23,580 23,789 Leases 235 — — 235 6,437 90,353 97,025 Total loans held for investment $ 19,889 $ 29,545 $ 5,482 $ 54,916 $ 122,920 $ 15,909,637 $ 16,087,473 (1) Loans past due 90 days and still accruing includes premium finance loans of $4.8 million . These loans are generally secured by obligations of insurance carriers to refund premiums on canceled insurance policies. The refund of premiums from the insurance carriers can take 180 days or longer from the cancellation date. Restructured loans are loans on which, due to the borrower’s financial difficulties, we have granted a concession that we would not otherwise consider for borrowers of similar credit quality. This may include a transfer of real estate or other assets from the borrower, a modification of loan terms, or a combination of the two. Modifications of terms that could potentially qualify as a restructuring include reduction of contractual interest rate, extension of the maturity date at a contractual interest rate lower than the current rate for new debt with similar risk, a reduction of the face amount of debt or forgiveness of either principal or accrued interest. As of June 30, 2015 and December 31, 2014 , we had $249,000 and $1.8 million , respectively, in loans considered restructured that are not on non-accrual. These loans did not have unfunded commitments at June 30, 2015 or December 31, 2014 . Of the non-accrual loans at June 30, 2015 and December 31, 2014 , $28.2 million and $12.1 million , respectively, met the criteria for restructured. These loans had no unfunded commitments at their respective balance sheet dates. A loan continues to qualify as restructured until a consistent payment history or change in borrower’s financial condition has been evidenced, generally no less than twelve months. Assuming that the restructuring agreement specifies an interest rate at the time of the restructuring that is greater than or equal to the rate that we are willing to accept for a new extension of credit with comparable risk, then the loan no longer has to be considered a restructuring if it is in compliance with modified terms in calendar years after the year of the restructure. The following tables summarize, for the six months ended June 30, 2015 and 2014 , loans that were restructured during 2015 and 2014 (in thousands): June 30, 2015 Number of Restructured Loans Pre-Restructuring Outstanding Recorded Investment Post-Restructuring Outstanding Recorded Investment Commercial business loans 4 $ 18,329 $ 16,960 Total new restructured loans in 2015 4 $ 18,329 $ 16,960 June 30, 2014 Number of Restructured Loans Pre-Restructuring Outstanding Recorded Investment Post-Restructuring Outstanding Recorded Investment Real estate—commercial 1 $ 1,441 $ 1,430 Total new restructured loans in 2014 1 $ 1,441 $ 1,430 The restructured loans generally include terms to temporarily place loans on interest only, extend the payment terms or reduce the interest rate. We did not forgive any principal on the above loans. The restructuring of the loans did not have a significant impact on our allowance for loan losses at June 30, 2015 or 2014 . The following table provides information on how restructured loans were modified during the six months ended June 30, 2015 and 2014 (in thousands): Six months ended June 30, 2015 2014 Extended maturity $ — $ 1,430 Combination of maturity extension and payment schedule adjustment 16,960 — Total $ 16,960 $ 1,430 As of June 30, 2015 and 2014 , we did not have any loans that were restructured within the last 12 months that subsequently defaulted. |
OREO AND VALUATION ALLOWANCE FO
OREO AND VALUATION ALLOWANCE FOR LOSSES ON OREO | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
OREO AND VALUATION ALLOWANCE FOR LOSSES ON OREO | OREO AND VALUATION ALLOWANCE FOR LOSSES ON OREO The table below presents a summary of the activity related to OREO (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning balance $ 605 $ 2,420 $ 568 $ 5,110 Additions 85 — 1,177 851 Sales (81 ) (1,735 ) (1,136 ) (5,276 ) Valuation allowance for OREO — — — — Direct write-downs — — — — Ending balance $ 609 $ 685 $ 609 $ 685 |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 6 Months Ended |
Jun. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit which involve varying degrees of credit risk in excess of the amount recognized in the consolidated balance sheets. The Bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the borrower. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s credit-worthiness on a case-by-case basis. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The table below summarizes our off-balance sheet financial instruments whose contract amounts represented credit risk (in thousands): June 30, 2015 December 31, 2014 Commitments to extend credit $ 5,256,986 $ 5,324,460 Standby letters of credit 186,483 177,808 |
REGULATORY MATTERS
REGULATORY MATTERS | 6 Months Ended |
Jun. 30, 2014 | |
Regulatory Capital Requirements [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory (and possibly additional discretionary) actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. In July 2013, the Federal Reserve published final rules for the adoption of the Basel III regulatory capital framework (the "Basel III Capital Rules"). The Basel III Capital Rules, among other things, (i) introduce a new capital measure called "Common Equity Tier 1" ("CET1"), (ii) specify that Tier 1 capital consist of Common Equity Tier 1 and "Additional Tier 1 Capital" instruments meeting specified requirements, (iii) define Common Equity Tier 1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to Common Equity Tier 1 and not to the other components of capital and (iv) expand the scope of the deductions/adjustments as compared to existing regulations. The Basel III Capital Rules became effective for us on January 1, 2015 with certain transition provisions fully phased in on January 1, 2019. Quantitative measures established by these regulations to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios CET1, Tier 1 and Total capital to risk-weighted assets, and of Tier 1 capital to average assets, each as defined in the regulations. Management believes, as of June 30, 2015 , that the Company and the Bank met all capital adequacy requirements to which they are subject. Financial institutions are categorized as well capitalized or adequately capitalized, based on minimum total risk-based, Tier 1 risk-based, CET1 and Tier 1 leverage ratios. As shown in the table below, the Company’s capital ratios exceeded the regulatory definition of adequately capitalized as of June 30, 2015 , and December 31, 2014 . Based upon the information in its most recently filed call report, the Bank met the capital ratios necessary to be well capitalized. The regulatory authorities can apply changes in classification of assets and such changes may retroactively subject the Company to changes in capital ratios. Any such changes could result in reducing one or more capital ratios below well-capitalized status. In addition, a change may result in imposition of additional assessments by the FDIC or could result in regulatory actions that could have a material adverse effect on our financial condition and results of operations. Because our bank had less than $15.0 billion in total consolidated assets as of December 31, 2009, we are allowed to continue to classify our trust preferred securities, all of which were issued prior to May 19, 2010, as Tier 1 capital. The table below summarizes our capital ratios: June 30, December 31, Company Risk-based capital: CET1(1) 7.43 % 7.89 % Tier 1 capital 8.82 % 9.46 % Total capital 11.03 % 11.83 % Leverage 9.03 % 10.76 % (1) December 31, 2014 ratio is unaudited. Our mortgage finance loan volumes can increase significantly at month-end, causing a meaningful difference between ending balance and average balance for any period. At June 30, 2015 , our total mortgage finance loans were $4.9 billion compared to the average for the quarter ended June 30, 2015 of $4.6 billion . As CET1, Tier 1 and total capital ratios are calculated using ending risk-weighted assets and our mortgage finance loans are 100% risk-weighted, the quarter-end fluctuation in these balances can significantly impact our reported ratios. Due to the risk profile and liquidity of this asset class, we manage capital allocated to mortgage finance loans based on changing trends in average balances and do not believe that the quarter-end balance is representative of risk characteristics that would justify higher allocations. However, we will continue to monitor our capital allocation to confirm that all capital levels remain above well-capitalized levels. Dividends that may be paid by subsidiary banks are routinely restricted by various regulatory authorities. The amount that can be paid in any calendar year without prior approval of the Bank’s regulatory agencies cannot exceed the lesser of the net profits (as defined) for that year plus the net profits for the preceding two calendar years, or retained earnings. The Basel III Capital Rules further limit the amount of dividends that may be paid by our bank. No dividends were declared or paid on common stock during the three and six months ended June 30, 2015 or 2014 . |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2015 | |
Compensation Related Costs [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION On May 19, 2015, the Company's stockholders approved the Texas Capital Bancshares, Inc. 2015 Long-Term Incentive Plan (the "2015 Plan"), which provides for the issuance of up to 2,550,000 shares of common stock for compensation to the Company's key employees, certain key contractors and non-employee directors, subject to increase by up to approximately 751,887 shares underlying outstanding stock-settled awards granted pursuant to prior plans that may be forfeited, expire or may be canceled and available for reuse in the future pursuant to the terms of the 2015 Plan. The fair value of our stock option and stock appreciation right (“SAR”) grants are estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide the best single measure of the fair value of our employee stock options. Stock-based compensation consists of SARs and RSUs granted from 2009 through June 30, 2015 . Three months ended June 30, Six months ended June 30, (in thousands) 2015 2014 2015 2014 Stock- based compensation expense recognized: SARs $ 93 $ 148 $ 197 $ 291 RSUs 1,019 1,118 1,906 2,237 Total compensation expense recognized $ 1,112 $ 1,266 $ 2,103 $ 2,528 June 30, 2015 (in thousands) Options SARs and RSUs Unrecognized compensation expense related to unvested awards $ — $ 13,839 Weighted average period over which expense is expected to be recognized, in years N/A 3.4 In connection with the 2010 Long-term Incentive Plan, the Company has issued cash-based performance units. A summary of the compensation cost for these units is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Cash-based performance units $ 3,172 $ 1,312 $ 4,538 $ 4,705 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURES ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value under GAAP and requires enhanced disclosures about fair value measurements. Fair value is defined under ASC 820 as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal market for the asset or liability in an orderly transaction between market participants on the measurement date. We determine the fair market values of our assets and liabilities measured at fair value on a recurring and nonrecurring basis using the fair value hierarchy as prescribed in ASC 820. The standard describes three levels of inputs that may be used to measure fair value as provided below. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; 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 2 assets include U.S. government and agency mortgage-backed debt securities, municipal bonds, and Community Reinvestment Act funds. This category includes derivative assets and liabilities where values are obtained from independent pricing services. 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. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair values requires significant management judgment or estimation. This category includes impaired loans and OREO where collateral values have been based on third party appraisals; however, due to current economic conditions, comparative sales data typically used in appraisals may be unavailable or more subjective due to lack of market activity. Assets and liabilities measured at fair value at June 30, 2015 and December 31, 2014 are as follows (in thousands): Fair Value Measurements Using June 30, 2015 Level 1 Level 2 Level 3 Available for sale securities:(1) Residential mortgage-backed securities $ — $ 26,726 $ — Municipals — 1,313 — Equity securities(2) — 7,322 — Loans(3) (5) — — 52,389 OREO(4) (5) — — 609 Derivative assets(6) — 33,576 — Derivative liabilities(6) — 33,576 — December 31, 2014 Available for sale securities:(1) Residential mortgage-backed securities $ — $ 31,065 $ — Municipals — 3,267 — Equity securities(2) — 7,387 — Loans(3) (5) — — 23,536 OREO(4) (5) — — 568 Derivative assets(6) — 31,176 — Derivative liabilities(6) — 31,176 — (1) Securities are measured at fair value on a recurring basis, generally monthly. (2) Equity securities consist of Community Reinvestment Act funds. (3) Includes impaired loans that have been measured for impairment at the fair value of the loan’s collateral. (4) OREO is transferred from loans to OREO at fair value less selling costs. (5) Fair value of loans and OREO is measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions. (6) Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. Level 3 Valuations Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. Currently, we measure fair value for certain loans and OREO on a nonrecurring basis as described below. Loans During six months ended June 30, 2015 and the year ended December 31, 2014 , certain impaired loans were re-evaluated and reported at fair value through a specific allocation of the allowance for loan losses based upon the fair value of the underlying collateral. The $52.4 million reported fair value above includes impaired loans at June 30, 2015 with a carrying value of $58.6 million that were reduced by specific allowance allocations totaling $6.2 million based on collateral valuations utilizing Level 3 valuation inputs. The $23.5 million reported fair value above includes impaired loans at December 31, 2014 with a carrying value of $29.2 million that were reduced by specific valuation allowance allocations totaling $5.7 million based on collateral valuations utilizing Level 3 valuation inputs. Fair values were based on third party appraisals. OREO Certain foreclosed assets, upon initial recognition, are valued based on third party appraisals less estimated selling costs. At June 30, 2015 and December 31, 2014, OREO had a carrying value of $609,000 and $568,000 , respectively, with no specific valuation allowance. The fair value of OREO was computed based on third party appraisals, which are Level 3 valuation inputs. Fair Value of Financial Instruments Generally accepted accounting principles require disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, for which it is practical to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. This disclosure does not and is not intended to represent the fair value of the Company. A summary of the carrying amounts and estimated fair values of financial instruments is as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 1,454,751 $ 1,454,751 $ 1,330,514 $ 1,330,514 Securities, available-for-sale 35,361 35,361 41,719 41,719 Loans held for investment, net 15,910,970 15,912,316 14,156,058 14,161,484 Derivative assets 33,576 33,576 31,176 31,176 Deposits 14,188,276 14,188,818 12,673,300 12,673,607 Federal funds purchased 79,088 79,088 66,971 66,971 Customer repurchase agreements 29,919 29,919 25,705 25,705 Other borrowings 1,400,000 1,400,000 1,100,005 1,100,005 Subordinated notes 286,000 287,807 286,000 289,947 Trust preferred subordinated debentures 113,406 113,406 113,406 113,406 Derivative liabilities 33,576 33,576 31,176 31,176 The following methods and assumptions were used by the Company in estimating fair value disclosures for its financial instruments: Cash and cash equivalents The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents approximate their fair value, which is characterized as a Level 1 asset in the fair value hierarchy Securities The fair value of investment securities is based on prices obtained from independent pricing services which are based on quoted market prices for the same or similar securities, which is characterized as a Level 2 asset in the fair value hierarchy. We have obtained documentation from the primary pricing service we use about their processes and controls over pricing. In addition, on a quarterly basis we independently verify the prices that we receive from the service provider using two additional independent pricing sources. Any significant differences are investigated and resolved. Loans held for investment, net Loans are characterized as Level 3 assets in the fair value hierarchy. For variable-rate loans that reprice frequently with no significant change in credit risk, fair values are generally based on carrying values. The fair value for all other loans is estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Derivatives The estimated fair value of interest rate swaps and caps are obtained from independent pricing services based on quoted market prices for the same or similar derivative contracts and are characterized as a Level 2 asset in the fair value hierarchy. On a quarterly basis, we independently verify the fair value using an additional independent pricing source. Deposits Deposits are characterized as Level 3 liabilities in the fair value hierarchy. The carrying amounts for variable-rate money market accounts approximate their fair value. Fixed-term certificate of deposit fair values are estimated using a discounted cash flow calculation that applies interest rates currently being offered on similar certificates to a schedule of aggregated expected monthly maturities. Federal funds purchased, customer repurchase agreements, other borrowings, subordinated notes and trust preferred subordinated debentures The carrying values reported in the consolidated balance sheets for Federal funds purchased, customer repurchase agreements and other short-term, floating rate borrowings approximate their fair values, which are characterized as Level 2 assets in the fair value hierarchy. The fair values of any fixed rate short-term borrowings and trust preferred subordinated debentures are estimated using a discounted cash flow calculation that applies interest rates currently being offered on similar borrowings, which are characterized as Level 3 liabilities in the fair value hierarchy. The subordinated notes are publicly traded and are valued based on market prices, which are characterized as Level 2 liabilities in the fair value hierarchy. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS The fair value of derivative positions outstanding is included in accrued interest receivable and other assets and other liabilities in the accompanying consolidated balance sheets on a net basis when a right of offset exists, based on transactions with a single counterparty that are subject to a legally enforceable master netting agreement. During three months ended June 30, 2015 and 2014 , we entered into certain interest rate derivative positions that are not designated as hedging instruments. These derivative positions relate to transactions in which we enter into an interest rate swap, cap and/or floor with a customer while at the same time entering into an offsetting interest rate swap, cap and/or floor with another financial institution. In connection with each swap transaction, we agree 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, we agree 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. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate. Because we act as an intermediary for our customer, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on our results of operations. The notional amounts and estimated fair values of interest rate derivative positions outstanding at June 30, 2015 and December 31, 2014 are presented in the following tables (in thousands): June 30, 2015 December 31, 2014 Estimated Fair Value Estimated Fair Value Notional Amount Asset Derivative Liability Derivative Notional Amount Asset Derivative Liability Derivative Non-hedging interest rate derivatives: Financial institution counterparties: Commercial loan/lease interest rate swaps $ 1,016,251 $ 212 $ 31,162 $ 866,432 $ 361 $ 30,162 Commercial loan/lease interest rate caps 223,828 2,414 — 63,414 1,014 — Customer counterparties: Commercial loan/lease interest rate swaps 1,016,251 31,162 212 866,432 30,162 361 Commercial loan/lease interest rate caps 223,828 — 2,414 63,414 — 1,014 Gross derivatives 33,788 33,788 31,537 31,537 Offsetting derivative assets/liabilities (212 ) (212 ) (361 ) (361 ) Net derivatives included in the consolidated balance sheets $ 33,576 $ 33,576 $ 31,176 $ 31,176 The weighted-average receive and pay interest rates for interest rate swaps outstanding at June 30, 2015 were as follows: June 30, 2015 December 31, 2014 Received Paid Received Paid Non-hedging interest rate swaps 2.81 % 4.74 % 2.79 % 4.82 % The weighted-average strike rate for outstanding interest rate caps was 2.25% at June 30, 2015 and 1.44% at December 31, 2014 . Our credit exposure on interest rate swaps and caps is limited to the net favorable value and interest payments of all swaps and caps by each counterparty. In such cases collateral may be required from the counterparties involved if the net value of the swaps and caps exceeds a nominal amount considered to be immaterial . Our credit exposure, net of any collateral pledged, relating to interest rate swaps and caps was approximately $33.6 million at June 30, 2015 and approximately $31.2 million at December 31, 2014 , all of which relates to bank customers. Collateral levels are monitored and adjusted on a regular basis for changes in interest rate swap and cap values. At June 30, 2015 and December 31, 2014 , we had $31.6 million and $30.2 million , respectively, in cash collateral pledged for these derivatives included in interest-bearing deposits. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09") implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017 and is not expected to have a significant impact on our consolidated financial statements. ASU 2014-12 "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" ("ASU 2014-12") requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is intended to resolve the diverse accounting treatments of these types of awards in practice and is effective for annual and interim periods beginning after December 15, 2015. It is not expected to have a significant impact on our consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Organization and Nature of Business Texas Capital Bancshares, Inc. (the “Company”), a Delaware corporation, was incorporated in November 1996 and commenced banking operations in December 1998. The consolidated financial statements of the Company include the accounts of Texas Capital Bancshares, Inc. and its wholly owned subsidiary, Texas Capital Bank, National Association (the “Bank”). We serve the needs of commercial businesses and successful professionals and entrepreneurs located in Texas as well as operate several lines of business serving a regional or national clientele of commercial borrowers. We are primarily a secured lender, with our greatest concentration of loans in Texas. |
Basis of Presentation | Basis of Presentation Our accounting and reporting policies conform to accounting principles generally accepted in the United States (“GAAP”) and to generally accepted practices within the banking industry. Certain prior period balances have been reclassified to conform to the current period presentation. The consolidated interim financial statements have been prepared without audit. Certain information and footnote disclosures presented in accordance with GAAP have been condensed or omitted. In the opinion of management, the interim financial statements include all normal and recurring adjustments and the disclosures made are adequate to make the interim financial information not misleading. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2014 , included in our Annual Report on Form 10-K filed with the SEC on February 19, 2015 (the “2014 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the fair value of stock-based compensation awards, the fair values of financial instruments and the status of contingencies are particularly susceptible to significant change in the near term. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table presents the computation of basic and diluted earnings per share (in thousands except per share data): Three months ended Six months ended 2015 2014 2015 2014 Numerator: Net income $ 37,937 $ 33,421 $ 72,987 $ 61,686 Preferred stock dividends 2,437 2,437 4,875 4,875 Net income available to common stockholders 35,500 30,984 $ 68,112 56,811 Denominator: Denominator for basic earnings per share— weighted average shares 45,790,093 43,075,213 45,774,461 42,735,580 Effect of employee stock-based awards (1) 229,378 336,993 219,448 359,794 Effect of warrants to purchase common stock 423,942 432,809 411,281 486,113 Denominator for dilutive earnings per share—adjusted weighted average shares and assumed conversions 46,443,413 43,845,015 46,405,190 43,581,487 Basic earnings per common share $ 0.78 $ 0.72 $ 1.49 $ 1.33 Diluted earnings per common share $ 0.76 $ 0.71 $ 1.47 $ 1.30 (1) Stock options, SARs and RSUs outstanding of 173,382 at June 30, 2015 and 46,000 at June 30, 2014 have not been included in diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Available-for-sale Securities [Abstract] | |
Schedule of summary of securities | The following is a summary of available-for-sale securities (in thousands): June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale securities: Residential mortgage-backed securities $ 24,945 $ 1,781 $ — $ 26,726 Municipals 1,308 5 — 1,313 Equity securities (1) 7,522 12 (212 ) 7,322 $ 33,775 $ 1,798 $ (212 ) $ 35,361 December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale securities: Residential mortgage-backed securities $ 28,957 $ 2,108 $ — $ 31,065 Municipals 3,257 10 — 3,267 Equity securities (1) 7,522 16 (151 ) 7,387 $ 39,736 $ 2,134 $ (151 ) $ 41,719 (1) Equity securities consist of Community Reinvestment Act funds. |
Schedule of amortized cost and estimated fair value of securities | The amortized cost and estimated fair value of available-for-sale securities are presented below by contractual maturity (in thousands, except percentage data): June 30, 2015 Less Than One Year After One Through Five Years After Five Through Ten Years After Ten Years Total Available-for-sale: Residential mortgage-backed securities: (1) Amortized cost $ 71 $ 6,800 $ 4,890 $ 13,184 $ 24,945 Estimated fair value 72 7,105 5,479 14,070 26,726 Weighted average yield (3) 5.53 % 4.77 % 5.54 % 2.40 % 3.67 % Municipals: (2) Amortized cost 745 563 — — 1,308 Estimated fair value 747 566 — — 1,313 Weighted average yield (3) 5.51 % 5.69 % — — 5.59 % Equity securities: (4) Amortized cost 7,522 — — — 7,522 Estimated fair value 7,322 — — — 7,322 Total available-for-sale securities: Amortized cost $ 33,775 Estimated fair value $ 35,361 December 31, 2014 Less Than One Year After One Through Five Years After Five Through Ten Years After Ten Years Total Available-for-sale: Residential mortgage-backed securities: (1) Amortized cost $ 1 $ 9,151 $ 5,661 $ 14,144 $ 28,957 Estimated fair value 1 9,662 6,333 15,069 31,065 Weighted average yield (3) 6.50 % 4.79 % 5.54 % 2.36 % 3.75 % Municipals: (2) Amortized cost 1,669 1,588 — — 3,257 Estimated fair value 1,674 1,593 — — 3,267 Weighted average yield (3) 5.78 % 5.79 % — — 5.79 % Equity securities: (4) Amortized cost 7,522 — — — 7,522 Estimated fair value 7,387 — — — 7,387 Total available-for-sale securities: Amortized cost $ 39,736 Estimated fair value $ 41,719 (1) Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. (2) Yields have been adjusted to a tax equivalent basis assuming a 35% federal tax rate. (3) Yields are calculated based on amortized cost. (4) These equity securities do not have a stated maturity. |
Schedule of investment securities that have been in a continuous unrealized loss position for less or more than 12 months | The following table discloses, as of June 30, 2015 and December 31, 2014 , our investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands): June 30, 2015 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Equity securities $ — $ — $ 6,288 $ (212 ) $ 6,288 $ (212 ) December 31, 2014 Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Equity securities $ — $ — $ 6,349 $ (151 ) $ 6,349 $ (151 ) |
LOANS AND ALLOWANCE FOR LOAN 22
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of loans held for investments | At June 30, 2015 and December 31, 2014 , loans were as follows (in thousands): June 30, December 31, Commercial $ 6,388,707 $ 5,869,219 Mortgage finance 4,906,415 4,102,125 Construction 1,837,532 1,416,405 Real estate 2,834,005 2,807,127 Consumer 23,789 19,699 Leases 97,025 99,495 Gross loans held for investment 16,087,473 14,314,070 Deferred income (net of direct origination costs) (57,733 ) (57,058 ) Allowance for loan losses (118,770 ) (100,954 ) Total $ 15,910,970 $ 14,156,058 |
Schedule of the credit risk profile of loan portfolio by internally assigned grades and non-accrual status | The following tables summarize the credit risk profile of our loan portfolio by internally assigned grades and non-accrual status as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Grade: Pass $ 6,142,326 $ 4,906,415 $ 1,819,735 $ 2,804,448 $ 23,568 $ 89,990 $ 15,786,482 Special mention 100,638 — — 20,330 7 505 121,480 Substandard-accruing 53,678 — 1,048 1,558 214 93 56,591 Non-accrual 92,065 — 16,749 7,669 — 6,437 122,920 Total loans held for investment $ 6,388,707 $ 4,906,415 $ 1,837,532 $ 2,834,005 $ 23,789 $ 97,025 $ 16,087,473 December 31, 2014 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Grade: Pass $ 5,738,474 $ 4,102,125 $ 1,414,671 $ 2,785,804 $ 19,579 $ 91,044 $ 14,151,697 Special mention 53,839 — 1,734 8,723 11 4,363 68,670 Substandard-accruing 43,784 — — 2,653 47 3,915 50,399 Non-accrual 33,122 — — 9,947 62 173 43,304 Total loans held for investment $ 5,869,219 $ 4,102,125 $ 1,416,405 $ 2,807,127 $ 19,699 $ 99,495 $ 14,314,070 |
Schedule of activity in the reserve for loan losses by portfolio segment | The following table details activity in the reserve for loan losses by portfolio segment for the six months ended June 30, 2015 and June 30, 2014 . Allocation of a portion of the reserve to one category of loans does not preclude its availability to absorb losses in other categories. June 30, 2015 (in thousands) Commercial Mortgage Finance Construction Real Estate Consumer Leases Unallocated Total Beginning balance $ 70,654 $ — $ 7,935 $ 15,582 $ 240 $ 1,141 $ 5,402 $ 100,954 Provision for loan losses 37,666 — (4,066 ) (6,509 ) 144 (831 ) (1,778 ) 24,626 Charge-offs 8,520 — — 346 62 — — 8,928 Recoveries 1,710 — 355 20 10 23 — 2,118 Net charge-offs (recoveries) 6,810 — (355 ) 326 52 (23 ) — 6,810 Ending balance $ 101,510 $ — $ 4,224 $ 8,747 $ 332 $ 333 $ 3,624 $ 118,770 Period end amount allocated to: Loans individually evaluated for impairment $ 13,717 $ — $ — $ 337 $ — $ 1 $ — $ 14,055 Loans collectively evaluated for impairment 87,793 — 4,224 8,410 332 332 3,624 104,715 Ending balance $ 101,510 $ — $ 4,224 $ 8,747 $ 332 $ 333 $ 3,624 $ 118,770 June 30, 2014 (in thousands) Commercial Mortgage Finance Construction Real Estate Consumer Leases Unallocated Total Beginning balance $ 39,868 $ — $ 14,553 $ 24,210 $ 149 $ 3,105 $ 5,719 $ 87,604 Provision for loan losses 13,714 — 199 (3,891 ) 114 (1,930 ) (139 ) 8,067 Charge-offs 7,526 — — 296 101 — — 7,923 Recoveries 2,239 — — 47 31 1,049 — 3,366 Net charge-offs (recoveries) 5,287 — — 249 70 (1,049 ) — 4,557 Ending balance $ 48,295 $ — $ 14,752 $ 20,070 $ 193 $ 2,224 $ 5,580 $ 91,114 Period end amount allocated to: Loans individually evaluated for impairment $ 6,293 $ — $ — $ 722 $ — $ 3 $ — $ 7,018 Loans collectively evaluated for impairment 42,002 — 14,752 19,348 193 2,221 5,580 84,096 Ending balance $ 48,295 $ — $ 14,752 $ 20,070 $ 193 $ 2,224 $ 5,580 $ 91,114 |
Schedule of recorded investment in loans related to each balance in the allowance for loan losses | Our recorded investment in loans as of June 30, 2015 , December 31, 2014 and June 30, 2014 related to each balance in the allowance for loan losses by portfolio segment and disaggregated on the basis of our impairment methodology was as follows (in thousands): June 30, 2015 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Loans individually evaluated for impairment $ 93,944 $ — $ 16,749 $ 10,565 $ — $ 6,437 $ 127,695 Loans collectively evaluated for impairment 6,294,763 4,906,415 1,820,783 2,823,440 23,789 90,588 15,959,778 Total $ 6,388,707 $ 4,906,415 $ 1,837,532 $ 2,834,005 $ 23,789 $ 97,025 $ 16,087,473 December 31, 2014 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Loans individually evaluated for impairment $ 35,165 $ — $ — $ 13,880 $ 62 $ 173 $ 49,280 Loans collectively evaluated for impairment 5,834,054 4,102,125 1,416,405 2,793,247 19,637 99,322 14,264,790 Total $ 5,869,219 $ 4,102,125 $ 1,416,405 $ 2,807,127 $ 19,699 $ 99,495 $ 14,314,070 June 30, 2014 Commercial Mortgage Finance Construction Real Estate Consumer Leases Total Loans individually evaluated for impairment $ 27,679 $ — $ — $ 19,790 $ — $ 22 $ 47,491 Loans collectively evaluated for impairment 5,267,689 3,700,253 1,567,667 2,212,130 15,847 95,892 12,859,478 Total $ 5,295,368 $ 3,700,253 $ 1,567,667 $ 2,231,920 $ 15,847 $ 95,914 $ 12,906,969 |
Schedule of impaired loans, by portfolio class | The following tables detail our impaired loans, by portfolio class, as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial Business loans $ 11,557 $ 15,805 $ — $ 20,736 $ — Energy 37,938 37,938 — 6,956 28 Construction Market risk 16,749 16,749 — 2,792 — Real estate Market risk 3,639 3,639 — 3,696 — Commercial 2,951 2,951 — 3,732 — Secured by 1-4 family — — — — — Consumer — — — — — Leases 6,432 6,432 — 1,072 — Total impaired loans with no allowance recorded $ 79,266 $ 83,514 $ — $ 38,984 $ 28 With an allowance recorded: Commercial Business loans $ 44,153 $ 47,153 $ 13,672 $ 29,602 $ — Energy 296 296 45 702 — Construction Market risk — — — — — Real estate Market risk 1,920 1,920 46 2,693 — Commercial 436 436 65 466 — Secured by 1-4 family 1,619 1,619 226 1,757 — Consumer — — — 21 — Leases 5 5 1 145 — Total impaired loans with an allowance recorded $ 48,429 $ 51,429 $ 14,055 $ 35,386 $ — Combined: Commercial Business loans $ 55,710 $ 62,958 $ 13,672 $ 50,338 $ — Energy 38,234 38,234 45 7,658 28 Construction Market risk 16,749 16,749 — 2,792 — Real estate Market risk 5,559 5,559 46 6,389 — Commercial 3,387 3,387 65 4,198 — Secured by 1-4 family 1,619 1,619 226 1,757 — Consumer — — — 21 — Leases 6,437 6,437 1 1,217 — Total impaired loans $ 127,695 $ 134,943 $ 14,055 $ 74,370 $ 28 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial Business loans $ 9,608 $ 11,857 $ — $ 7,334 $ — Energy — — — 375 25 Construction Market risk — — — 118 — Real estate Market risk 3,735 3,735 — 7,970 — Commercial 3,521 3,521 — 2,795 — Secured by 1-4 family — — — 1,210 — Consumer — — — — — Leases — — — — — Total impaired loans with no allowance recorded $ 16,864 $ 19,113 $ — $ 19,802 $ 25 With an allowance recorded: Commercial Business loans $ 24,553 $ 25,553 $ 7,433 $ 17,705 $ — Energy 1,004 1,004 272 991 — Construction Market risk — — — — — Real estate Market risk 4,203 4,203 317 5,064 — Commercial 526 526 79 705 — Secured by 1-4 family 1,895 1,895 240 2,119 — Consumer 62 62 9 16 — Leases 173 173 26 41 — Total impaired loans with an allowance recorded $ 32,416 $ 33,416 $ 8,376 $ 26,641 $ — Combined: Commercial Business loans $ 34,161 $ 37,410 $ 7,433 $ 25,039 $ — Energy 1,004 1,004 272 1,366 25 Construction Market risk — — — 118 — Real estate Market risk 7,938 7,938 317 13,034 — Commercial 4,047 4,047 79 3,500 — Secured by 1-4 family 1,895 1,895 240 3,329 — Consumer 62 62 9 16 — Leases 173 173 26 41 — Total impaired loans $ 49,280 $ 52,529 $ 8,376 $ 46,443 $ 25 |
Schedule of an age analysis of accruing past due loans | The table below provides an age analysis of our past due loans that are still accruing and non-accrual loans, by portfolio class, as of June 30, 2015 (in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days and Accruing(1) Total Past Due Non-accrual Current Total Commercial Business loans $ 16,670 $ 29,520 $ 5,460 $ 51,650 $ 53,831 $ 5,179,526 $ 5,285,007 Energy — — 22 22 38,234 1,065,444 1,103,700 Mortgage finance loans — — — — — 4,906,415 4,906,415 Construction Market risk — — — — 16,749 1,803,414 1,820,163 Secured by 1-4 family — — — — — 17,369 17,369 Real estate Market risk 2,300 — — 2,300 3,779 2,197,463 2,203,542 Commercial — — — — 3,387 522,498 525,885 Secured by 1-4 family 500 — — 500 503 103,575 104,578 Consumer 184 25 — 209 — 23,580 23,789 Leases 235 — — 235 6,437 90,353 97,025 Total loans held for investment $ 19,889 $ 29,545 $ 5,482 $ 54,916 $ 122,920 $ 15,909,637 $ 16,087,473 (1) Loans past due 90 days and still accruing includes premium finance loans of $4.8 million . These loans are generally secured by obligations of insurance carriers to refund premiums on canceled insurance policies. The refund of premiums from the insurance carriers can take 180 days or longer from the cancellation date. |
Schedule of loans that have been restructured | The following table provides information on how restructured loans were modified during the six months ended June 30, 2015 and 2014 (in thousands): Six months ended June 30, 2015 2014 Extended maturity $ — $ 1,430 Combination of maturity extension and payment schedule adjustment 16,960 — Total $ 16,960 $ 1,430 The following tables summarize, for the six months ended June 30, 2015 and 2014 , loans that were restructured during 2015 and 2014 (in thousands): June 30, 2015 Number of Restructured Loans Pre-Restructuring Outstanding Recorded Investment Post-Restructuring Outstanding Recorded Investment Commercial business loans 4 $ 18,329 $ 16,960 Total new restructured loans in 2015 4 $ 18,329 $ 16,960 June 30, 2014 Number of Restructured Loans Pre-Restructuring Outstanding Recorded Investment Post-Restructuring Outstanding Recorded Investment Real estate—commercial 1 $ 1,441 $ 1,430 Total new restructured loans in 2014 1 $ 1,441 $ 1,430 |
OREO AND VALUATION ALLOWANCE 23
OREO AND VALUATION ALLOWANCE FOR LOSSES ON OREO (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Schedule of the activity related to OREO | The table below presents a summary of the activity related to OREO (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning balance $ 605 $ 2,420 $ 568 $ 5,110 Additions 85 — 1,177 851 Sales (81 ) (1,735 ) (1,136 ) (5,276 ) Valuation allowance for OREO — — — — Direct write-downs — — — — Ending balance $ 609 $ 685 $ 609 $ 685 |
FINANCIAL INSTRUMENTS WITH OF24
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | The table below summarizes our off-balance sheet financial instruments whose contract amounts represented credit risk (in thousands): June 30, 2015 December 31, 2014 Commitments to extend credit $ 5,256,986 $ 5,324,460 Standby letters of credit 186,483 177,808 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of capital ratios | The table below summarizes our capital ratios: June 30, December 31, Company Risk-based capital: CET1(1) 7.43 % 7.89 % Tier 1 capital 8.82 % 9.46 % Total capital 11.03 % 11.83 % Leverage 9.03 % 10.76 % (1) December 31, 2014 ratio is unaudited. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation Related Costs [Abstract] | |
Schedule of stock-based compensation costs | Stock-based compensation consists of SARs and RSUs granted from 2009 through June 30, 2015 . Three months ended June 30, Six months ended June 30, (in thousands) 2015 2014 2015 2014 Stock- based compensation expense recognized: SARs $ 93 $ 148 $ 197 $ 291 RSUs 1,019 1,118 1,906 2,237 Total compensation expense recognized $ 1,112 $ 1,266 $ 2,103 $ 2,528 In connection with the 2010 Long-term Incentive Plan, the Company has issued cash-based performance units. A summary of the compensation cost for these units is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Cash-based performance units $ 3,172 $ 1,312 $ 4,538 $ 4,705 |
Schedule of unrecognized compensation costs | June 30, 2015 (in thousands) Options SARs and RSUs Unrecognized compensation expense related to unvested awards $ — $ 13,839 Weighted average period over which expense is expected to be recognized, in years N/A 3.4 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value | Assets and liabilities measured at fair value at June 30, 2015 and December 31, 2014 are as follows (in thousands): Fair Value Measurements Using June 30, 2015 Level 1 Level 2 Level 3 Available for sale securities:(1) Residential mortgage-backed securities $ — $ 26,726 $ — Municipals — 1,313 — Equity securities(2) — 7,322 — Loans(3) (5) — — 52,389 OREO(4) (5) — — 609 Derivative assets(6) — 33,576 — Derivative liabilities(6) — 33,576 — December 31, 2014 Available for sale securities:(1) Residential mortgage-backed securities $ — $ 31,065 $ — Municipals — 3,267 — Equity securities(2) — 7,387 — Loans(3) (5) — — 23,536 OREO(4) (5) — — 568 Derivative assets(6) — 31,176 — Derivative liabilities(6) — 31,176 — (1) Securities are measured at fair value on a recurring basis, generally monthly. (2) Equity securities consist of Community Reinvestment Act funds. (3) Includes impaired loans that have been measured for impairment at the fair value of the loan’s collateral. (4) OREO is transferred from loans to OREO at fair value less selling costs. (5) Fair value of loans and OREO is measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions. (6) Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. |
Summary of the carrying amounts and estimated fair values of financial instruments | A summary of the carrying amounts and estimated fair values of financial instruments is as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Cash and cash equivalents $ 1,454,751 $ 1,454,751 $ 1,330,514 $ 1,330,514 Securities, available-for-sale 35,361 35,361 41,719 41,719 Loans held for investment, net 15,910,970 15,912,316 14,156,058 14,161,484 Derivative assets 33,576 33,576 31,176 31,176 Deposits 14,188,276 14,188,818 12,673,300 12,673,607 Federal funds purchased 79,088 79,088 66,971 66,971 Customer repurchase agreements 29,919 29,919 25,705 25,705 Other borrowings 1,400,000 1,400,000 1,100,005 1,100,005 Subordinated notes 286,000 287,807 286,000 289,947 Trust preferred subordinated debentures 113,406 113,406 113,406 113,406 Derivative liabilities 33,576 33,576 31,176 31,176 |
DERIVATIVE FINANCIAL INSTRUME28
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional amounts and estimated fair values of interest rate derivative positions | The notional amounts and estimated fair values of interest rate derivative positions outstanding at June 30, 2015 and December 31, 2014 are presented in the following tables (in thousands): June 30, 2015 December 31, 2014 Estimated Fair Value Estimated Fair Value Notional Amount Asset Derivative Liability Derivative Notional Amount Asset Derivative Liability Derivative Non-hedging interest rate derivatives: Financial institution counterparties: Commercial loan/lease interest rate swaps $ 1,016,251 $ 212 $ 31,162 $ 866,432 $ 361 $ 30,162 Commercial loan/lease interest rate caps 223,828 2,414 — 63,414 1,014 — Customer counterparties: Commercial loan/lease interest rate swaps 1,016,251 31,162 212 866,432 30,162 361 Commercial loan/lease interest rate caps 223,828 — 2,414 63,414 — 1,014 Gross derivatives 33,788 33,788 31,537 31,537 Offsetting derivative assets/liabilities (212 ) (212 ) (361 ) (361 ) Net derivatives included in the consolidated balance sheets $ 33,576 $ 33,576 $ 31,176 $ 31,176 |
Schedule of the weighted-average receive and pay interest rate swaps | The weighted-average receive and pay interest rates for interest rate swaps outstanding at June 30, 2015 were as follows: June 30, 2015 December 31, 2014 Received Paid Received Paid Non-hedging interest rate swaps 2.81 % 4.74 % 2.79 % 4.82 % |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Numerator: | |||||
Net income | $ 37,937 | $ 33,421 | $ 72,987 | $ 61,686 | |
Preferred stock dividends | (2,437) | (2,437) | (4,875) | (4,875) | |
Net income available to common stockholders | $ 35,500 | $ 30,984 | $ 68,112 | $ 56,811 | |
Denominator: | |||||
Denominator for basic earnings per share— weighted average shares | 45,790,093 | 43,075,213 | 45,774,461 | 42,735,580 | |
Effect of employee stock-based awards | [1] | 229,378 | 336,993 | 219,448 | 359,794 |
Effect of warrants to purchase common stock | 423,942 | 432,809 | 411,281 | 486,113 | |
Denominator for dilutive earnings per share—adjusted weighted average shares and assumed conversions | 46,443,413 | 43,845,015 | 46,405,190 | 43,581,487 | |
Basic earnings per common share (usd per share) | $ 0.78 | $ 0.72 | $ 1.49 | $ 1.33 | |
Diluted earnings per common share (usd per share) | $ 0.76 | $ 0.71 | $ 1.47 | $ 1.30 | |
Stock options, SARs and RSUs excluded from computation of diluted EPS | 173,382 | 46,000 | |||
[1] | Stock options, SARs and RSUs outstanding of 173,382 at June 30, 2015 and 46,000 at June 30, 2014 have not been included in diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
SECURITIES (Details)
SECURITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Available-for-sale Securities [Abstract] | |||
Available-for-sale securities, net unrealized gains | $ 1,600 | $ 2,000 | |
Available for sale securities, net unrealized gain as percent of outstanding balances | 4.70% | 4.99% | |
Summary of Available-for-Sale Securities | |||
Amortized Cost | $ 33,775 | $ 39,736 | |
Gross Unrealized Gains | 1,798 | 2,134 | |
Gross Unrealized Losses | (212) | (151) | |
Estimated Fair Value | 35,361 | 41,719 | |
Residential mortgage-backed securities | |||
Summary of Available-for-Sale Securities | |||
Amortized Cost | [1] | 24,945 | 28,957 |
Gross Unrealized Gains | 1,781 | 2,108 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | [1] | 26,726 | 31,065 |
Municipals | |||
Summary of Available-for-Sale Securities | |||
Amortized Cost | [2] | 1,308 | 3,257 |
Gross Unrealized Gains | 5 | 10 | |
Gross Unrealized Losses | 0 | 0 | |
Estimated Fair Value | [2] | 1,313 | 3,267 |
Equity securities | |||
Summary of Available-for-Sale Securities | |||
Amortized Cost | [3],[4] | 7,522 | 7,522 |
Gross Unrealized Gains | [3] | 12 | 16 |
Gross Unrealized Losses | [3] | (212) | (151) |
Estimated Fair Value | [3],[4] | $ 7,322 | $ 7,387 |
[1] | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. | ||
[2] | Yields have been adjusted to a tax equivalent basis assuming a 35% federal tax rate. | ||
[3] | Equity securities consist of Community Reinvestment Act funds. | ||
[4] | These equity securities do not have a stated maturity. |
SECURITIES (Details 1)
SECURITIES (Details 1) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
The amortized cost and fair value of available-for-sale securites by maturity | |||
Amortized cost, Total | $ 33,775 | $ 39,736 | |
Estimated Fair Value | $ 35,361 | $ 41,719 | |
Available-for-sale Securities, Other Disclosure Items | |||
Federal tax rate | 35.00% | 35.00% | |
Available-for-sale securities pledged as collateral | $ 25,500 | ||
Residential mortgage-backed securities | |||
The amortized cost and fair value of available-for-sale securites by maturity | |||
Amortized cost, Less Than One Year | [1] | 71 | $ 1 |
Amortized cost, After One Through Five Years | [1] | 6,800 | 9,151 |
Amortized cost, After Five Through Ten Years | [1] | 4,890 | 5,661 |
Amortized cost, After Ten Years | [1] | 13,184 | 14,144 |
Amortized cost, Total | [1] | 24,945 | 28,957 |
Estimated fair value, Less Than One Year | [1] | 72 | 1 |
Estimated fair value, After One Through Five Years | [1] | 7,105 | 9,662 |
Estimated fair value, After Five Through Ten Years | [1] | 5,479 | 6,333 |
Estimated fair value, After Ten Years | [1] | 14,070 | 15,069 |
Estimated Fair Value | [1] | $ 26,726 | $ 31,065 |
Weighted average yield, Less Than One Year | [1],[2] | 5.53% | 6.50% |
Weighted average yield, After One Through Five Years | [1],[2] | 4.77% | 4.79% |
Weighted average yield, After Five Through Ten Years | [1],[2] | 5.54% | 5.54% |
Weighted average yield, After Ten Years | [1],[2] | 2.40% | 2.36% |
Weighted average yield, Total | [1],[2] | 3.67% | 3.75% |
Municipals | |||
The amortized cost and fair value of available-for-sale securites by maturity | |||
Amortized cost, Less Than One Year | [3] | $ 745 | $ 1,669 |
Amortized cost, After One Through Five Years | [3] | 563 | 1,588 |
Amortized cost, After Five Through Ten Years | [3] | 0 | 0 |
Amortized cost, After Ten Years | [3] | 0 | 0 |
Amortized cost, Total | [3] | 1,308 | 3,257 |
Estimated fair value, Less Than One Year | [3] | 747 | 1,674 |
Estimated fair value, After One Through Five Years | [3] | 566 | 1,593 |
Estimated fair value, After Five Through Ten Years | [3] | 0 | 0 |
Estimated fair value, After Ten Years | [3] | 0 | 0 |
Estimated Fair Value | [3] | $ 1,313 | $ 3,267 |
Weighted average yield, Less Than One Year | [2],[3] | 5.51% | 5.78% |
Weighted average yield, After One Through Five Years | [2],[3] | 5.69% | 5.79% |
Weighted average yield, After Five Through Ten Years | [2],[3] | 0.00% | 0.00% |
Weighted average yield, After Ten Years | [2],[3] | 0.00% | 0.00% |
Weighted average yield, Total | [2],[3] | 5.59% | 5.79% |
Equity securities | |||
The amortized cost and fair value of available-for-sale securites by maturity | |||
Amortized cost, Less Than One Year | [4] | $ 7,522 | $ 7,522 |
Amortized cost, After One Through Five Years | [4] | 0 | 0 |
Amortized cost, After Five Through Ten Years | [4] | 0 | 0 |
Amortized cost, After Ten Years | [4] | 0 | 0 |
Amortized cost, Total | [4],[5] | 7,522 | 7,522 |
Estimated fair value, Less Than One Year | [4] | 7,322 | 7,387 |
Estimated fair value, After One Through Five Years | [4] | 0 | 0 |
Estimated fair value, After Five Through Ten Years | [4] | 0 | 0 |
Estimated fair value, After Ten Years | [4] | 0 | 0 |
Estimated Fair Value | [4],[5] | 7,322 | $ 7,387 |
Deposits | |||
Available-for-sale Securities, Other Disclosure Items | |||
Available-for-sale securities pledged as collateral | 8,400 | ||
Repurchase agreements | |||
Available-for-sale Securities, Other Disclosure Items | |||
Available-for-sale securities pledged as collateral | $ 17,100 | ||
[1] | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. | ||
[2] | Yields are calculated based on amortized cost. | ||
[3] | Yields have been adjusted to a tax equivalent basis assuming a 35% federal tax rate. | ||
[4] | These equity securities do not have a stated maturity. | ||
[5] | Equity securities consist of Community Reinvestment Act funds. |
SECURITIES (Details 2)
SECURITIES (Details 2) - Equity securities - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Continuous Unrealized Loss Position | ||
Fair Value, Less Than 12 Months | $ 0 | $ 0 |
Unrealized Loss, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 6,288 | 6,349 |
Unrealized Loss, 12 Months or Longer | (212) | (151) |
Fair Value, Total | 6,288 | 6,349 |
Unrealized Loss, Total | $ (212) | $ (151) |
LOANS AND ALLOWANCE FOR LOAN 33
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Loans and Leases Receivable, Net Reported Amount | ||||
Commercial | $ 6,388,707 | $ 5,869,219 | ||
Mortgage finance | 4,906,415 | 4,102,125 | ||
Construction | 1,837,532 | 1,416,405 | ||
Real estate | 2,834,005 | 2,807,127 | ||
Consumer | 23,789 | 19,699 | ||
Leases | 97,025 | 99,495 | ||
Gross loans held for investment | 16,087,473 | 14,314,070 | $ 12,906,969 | |
Deferred income (net of direct origination costs) | (57,733) | (57,058) | ||
Allowance for loan losses | (118,770) | (100,954) | $ (91,114) | $ (87,604) |
Loans held for investment, net | 15,910,970 | 14,156,058 | ||
Participating mortgage finance loans | $ 541,000 | $ 358,300 |
LOANS AND ALLOWANCE FOR LOAN 34
LOANS AND ALLOWANCE FOR LOAN LOSSES - Credit Risk Profile (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loan commitments rated substandard or worse that are reviewed for loss potential | $ 500,000 | ||
Commercial | 6,388,707,000 | $ 5,869,219,000 | |
Mortgage finance | 4,906,415,000 | 4,102,125,000 | |
Construction | 1,837,532,000 | 1,416,405,000 | |
Real estate | 2,834,005,000 | 2,807,127,000 | |
Consumer | 23,789,000 | 19,699,000 | |
Leases | 97,025,000 | 99,495,000 | |
Gross loans held for investment | 16,087,473,000 | 14,314,070,000 | $ 12,906,969,000 |
Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Commercial | 6,142,326,000 | 5,738,474,000 | |
Mortgage finance | 4,906,415,000 | 4,102,125,000 | |
Construction | 1,819,735,000 | 1,414,671,000 | |
Real estate | 2,804,448,000 | 2,785,804,000 | |
Consumer | 23,568,000 | 19,579,000 | |
Leases | 89,990,000 | 91,044,000 | |
Gross loans held for investment | 15,786,482,000 | 14,151,697,000 | |
Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Commercial | 100,638,000 | 53,839,000 | |
Mortgage finance | 0 | 0 | |
Construction | 0 | 1,734,000 | |
Real estate | 20,330,000 | 8,723,000 | |
Consumer | 7,000 | 11,000 | |
Leases | 505,000 | 4,363,000 | |
Gross loans held for investment | 121,480,000 | 68,670,000 | |
Substandard-accruing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Commercial | 53,678,000 | 43,784,000 | |
Mortgage finance | 0 | 0 | |
Construction | 1,048,000 | 0 | |
Real estate | 1,558,000 | 2,653,000 | |
Consumer | 214,000 | 47,000 | |
Leases | 93,000 | 3,915,000 | |
Gross loans held for investment | 56,591,000 | 50,399,000 | |
Non-accrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Commercial | 92,065,000 | 33,122,000 | |
Mortgage finance | 0 | 0 | |
Construction | 16,749,000 | 0 | |
Real estate | 7,669,000 | 9,947,000 | |
Consumer | 0 | 62,000 | |
Leases | 6,437,000 | 173,000 | |
Gross loans held for investment | $ 122,920,000 | $ 43,304,000 |
LOANS AND ALLOWANCE FOR LOAN 35
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 2) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reserve for loan losses: | ||||
Beginning balance | $ 100,954 | $ 87,604 | ||
Provision for loan losses | 24,626 | 8,067 | ||
Charge-offs | 8,928 | 7,923 | ||
Recoveries | 2,118 | 3,366 | ||
Net charge-offs (recoveries) | 6,810 | 4,557 | ||
Period end amount allocated to: | ||||
Loans individually evaluated for impairment | $ 14,055 | $ 7,018 | ||
Loans collectively evaluated for impairment | 104,715 | 84,096 | ||
Ending balance | 100,954 | 87,604 | 118,770 | 91,114 |
Commercial | ||||
Reserve for loan losses: | ||||
Beginning balance | 70,654 | 39,868 | ||
Provision for loan losses | 37,666 | 13,714 | ||
Charge-offs | 8,520 | 7,526 | ||
Recoveries | 1,710 | 2,239 | ||
Net charge-offs (recoveries) | 6,810 | 5,287 | ||
Period end amount allocated to: | ||||
Loans individually evaluated for impairment | 13,717 | 6,293 | ||
Loans collectively evaluated for impairment | 87,793 | 42,002 | ||
Ending balance | 70,654 | 39,868 | 101,510 | 48,295 |
Mortgage finance loans | ||||
Reserve for loan losses: | ||||
Beginning balance | 0 | 0 | ||
Provision for loan losses | 0 | 0 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Net charge-offs (recoveries) | 0 | 0 | ||
Period end amount allocated to: | ||||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 |
Construction | ||||
Reserve for loan losses: | ||||
Beginning balance | 7,935 | 14,553 | ||
Provision for loan losses | (4,066) | 199 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 355 | 0 | ||
Net charge-offs (recoveries) | (355) | 0 | ||
Period end amount allocated to: | ||||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 4,224 | 14,752 | ||
Ending balance | 7,935 | 14,553 | 4,224 | 14,752 |
Real Estate | ||||
Reserve for loan losses: | ||||
Beginning balance | 15,582 | 24,210 | ||
Provision for loan losses | (6,509) | (3,891) | ||
Charge-offs | 346 | 296 | ||
Recoveries | 20 | 47 | ||
Net charge-offs (recoveries) | 326 | 249 | ||
Period end amount allocated to: | ||||
Loans individually evaluated for impairment | 337 | 722 | ||
Loans collectively evaluated for impairment | 8,410 | 19,348 | ||
Ending balance | 15,582 | 24,210 | 8,747 | 20,070 |
Consumer | ||||
Reserve for loan losses: | ||||
Beginning balance | 240 | 149 | ||
Provision for loan losses | 144 | 114 | ||
Charge-offs | 62 | 101 | ||
Recoveries | 10 | 31 | ||
Net charge-offs (recoveries) | 52 | 70 | ||
Period end amount allocated to: | ||||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 332 | 193 | ||
Ending balance | 240 | 149 | 332 | 193 |
Leases | ||||
Reserve for loan losses: | ||||
Beginning balance | 1,141 | 3,105 | ||
Provision for loan losses | (831) | (1,930) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 23 | 1,049 | ||
Net charge-offs (recoveries) | (23) | (1,049) | ||
Period end amount allocated to: | ||||
Loans individually evaluated for impairment | 1 | 3 | ||
Loans collectively evaluated for impairment | 332 | 2,221 | ||
Ending balance | 1,141 | 3,105 | 333 | 2,224 |
Unallocated | ||||
Reserve for loan losses: | ||||
Beginning balance | 5,402 | 5,719 | ||
Provision for loan losses | (1,778) | (139) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Net charge-offs (recoveries) | 0 | 0 | ||
Period end amount allocated to: | ||||
Loans individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 3,624 | 5,580 | ||
Ending balance | $ 5,402 | $ 5,719 | $ 3,624 | $ 5,580 |
LOANS AND ALLOWANCE FOR LOAN 36
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans individually evaluated for impairment | $ 127,695 | $ 49,280 | $ 47,491 |
Loans collectively evaluated for impairment | 15,959,778 | 14,264,790 | 12,859,478 |
Gross loans held for investment | 16,087,473 | 14,314,070 | 12,906,969 |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans individually evaluated for impairment | 93,944 | 35,165 | 27,679 |
Loans collectively evaluated for impairment | 6,294,763 | 5,834,054 | 5,267,689 |
Gross loans held for investment | 6,388,707 | 5,869,219 | 5,295,368 |
Mortgage finance loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans individually evaluated for impairment | 0 | 0 | 0 |
Loans collectively evaluated for impairment | 4,906,415 | 4,102,125 | 3,700,253 |
Gross loans held for investment | 4,906,415 | 4,102,125 | 3,700,253 |
Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans individually evaluated for impairment | 16,749 | 0 | 0 |
Loans collectively evaluated for impairment | 1,820,783 | 1,416,405 | 1,567,667 |
Gross loans held for investment | 1,837,532 | 1,416,405 | 1,567,667 |
Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans individually evaluated for impairment | 10,565 | 13,880 | 19,790 |
Loans collectively evaluated for impairment | 2,823,440 | 2,793,247 | 2,212,130 |
Gross loans held for investment | 2,834,005 | 2,807,127 | 2,231,920 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans individually evaluated for impairment | 0 | 62 | 0 |
Loans collectively evaluated for impairment | 23,789 | 19,637 | 15,847 |
Gross loans held for investment | 23,789 | 19,699 | 15,847 |
Leases | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans individually evaluated for impairment | 6,437 | 173 | 22 |
Loans collectively evaluated for impairment | 90,588 | 99,322 | 95,892 |
Gross loans held for investment | $ 97,025 | $ 99,495 | $ 95,914 |
LOANS AND ALLOWANCE FOR LOAN 37
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 4) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||
Non-accrual loans earning on a cash basis | $ 904 | $ 310 |
LOANS AND ALLOWANCE FOR LOAN 38
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 5) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Commercial | Energy | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | $ 0 | |
With no related allowance recorded: | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | $ 79,266 | 16,864 |
Unpaid principal balance | 83,514 | 19,113 |
Related allowance | 0 | 0 |
Average recorded investment | 38,984 | 19,802 |
Interest income recognized | 28 | 25 |
With no related allowance recorded: | Commercial | Business loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 11,557 | 9,608 |
Unpaid principal balance | 15,805 | 11,857 |
Related allowance | 0 | 0 |
Average recorded investment | 20,736 | 7,334 |
Interest income recognized | 0 | 0 |
With no related allowance recorded: | Commercial | Energy | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 37,938 | |
Unpaid principal balance | 37,938 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 6,956 | 375 |
Interest income recognized | 28 | 25 |
With no related allowance recorded: | Construction | Market risk | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 16,749 | 0 |
Unpaid principal balance | 16,749 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 2,792 | 118 |
Interest income recognized | 0 | 0 |
With no related allowance recorded: | Real estate | Market risk | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 3,639 | 3,735 |
Unpaid principal balance | 3,639 | 3,735 |
Related allowance | 0 | 0 |
Average recorded investment | 3,696 | 7,970 |
Interest income recognized | 0 | 0 |
With no related allowance recorded: | Real estate | Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 2,951 | 3,521 |
Unpaid principal balance | 2,951 | 3,521 |
Related allowance | 0 | 0 |
Average recorded investment | 3,732 | 2,795 |
Interest income recognized | 0 | 0 |
With no related allowance recorded: | Real estate | Secured by 1-4 family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 1,210 |
Interest income recognized | 0 | 0 |
With no related allowance recorded: | Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | 0 | 0 |
With no related allowance recorded: | Leases | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 6,432 | 0 |
Unpaid principal balance | 6,432 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 1,072 | 0 |
Interest income recognized | 0 | 0 |
With an allowance recorded: | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 48,429 | 32,416 |
Unpaid principal balance | 51,429 | 33,416 |
Related allowance | 14,055 | 8,376 |
Average recorded investment | 35,386 | 26,641 |
Interest income recognized | 0 | 0 |
With an allowance recorded: | Commercial | Business loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 44,153 | 24,553 |
Unpaid principal balance | 47,153 | 25,553 |
Related allowance | 13,672 | 7,433 |
Average recorded investment | 29,602 | 17,705 |
Interest income recognized | 0 | 0 |
With an allowance recorded: | Commercial | Energy | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 296 | 1,004 |
Unpaid principal balance | 296 | 1,004 |
Related allowance | 45 | 272 |
Average recorded investment | 702 | 991 |
Interest income recognized | 0 | 0 |
With an allowance recorded: | Construction | Market risk | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | 0 | 0 |
With an allowance recorded: | Real estate | Market risk | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 1,920 | 4,203 |
Unpaid principal balance | 1,920 | 4,203 |
Related allowance | 46 | 317 |
Average recorded investment | 2,693 | 5,064 |
Interest income recognized | 0 | 0 |
With an allowance recorded: | Real estate | Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 436 | 526 |
Unpaid principal balance | 436 | 526 |
Related allowance | 65 | 79 |
Average recorded investment | 466 | 705 |
Interest income recognized | 0 | 0 |
With an allowance recorded: | Real estate | Secured by 1-4 family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 1,619 | 1,895 |
Unpaid principal balance | 1,619 | 1,895 |
Related allowance | 226 | 240 |
Average recorded investment | 1,757 | 2,119 |
Interest income recognized | 0 | 0 |
With an allowance recorded: | Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 62 |
Unpaid principal balance | 0 | 62 |
Related allowance | 0 | 9 |
Average recorded investment | 21 | 16 |
Interest income recognized | 0 | 0 |
With an allowance recorded: | Leases | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 5 | 173 |
Unpaid principal balance | 5 | 173 |
Related allowance | 1 | 26 |
Average recorded investment | 145 | 41 |
Interest income recognized | 0 | 0 |
Combined: | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 127,695 | 49,280 |
Unpaid principal balance | 134,943 | 52,529 |
Related allowance | 14,055 | 8,376 |
Average recorded investment | 74,370 | 46,443 |
Interest income recognized | 28 | 25 |
Combined: | Commercial | Business loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 55,710 | 34,161 |
Unpaid principal balance | 62,958 | 37,410 |
Related allowance | 13,672 | 7,433 |
Average recorded investment | 50,338 | 25,039 |
Interest income recognized | 0 | 0 |
Combined: | Commercial | Energy | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 38,234 | 1,004 |
Unpaid principal balance | 38,234 | 1,004 |
Related allowance | 45 | 272 |
Average recorded investment | 7,658 | 1,366 |
Interest income recognized | 28 | 25 |
Combined: | Construction | Market risk | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 16,749 | 0 |
Unpaid principal balance | 16,749 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 2,792 | 118 |
Interest income recognized | 0 | 0 |
Combined: | Real estate | Market risk | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 5,559 | 7,938 |
Unpaid principal balance | 5,559 | 7,938 |
Related allowance | 46 | 317 |
Average recorded investment | 6,389 | 13,034 |
Interest income recognized | 0 | 0 |
Combined: | Real estate | Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 3,387 | 4,047 |
Unpaid principal balance | 3,387 | 4,047 |
Related allowance | 65 | 79 |
Average recorded investment | 4,198 | 3,500 |
Interest income recognized | 0 | 0 |
Combined: | Real estate | Secured by 1-4 family | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 1,619 | 1,895 |
Unpaid principal balance | 1,619 | 1,895 |
Related allowance | 226 | 240 |
Average recorded investment | 1,757 | 3,329 |
Interest income recognized | 0 | 0 |
Combined: | Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 0 | 62 |
Unpaid principal balance | 0 | 62 |
Related allowance | 0 | 9 |
Average recorded investment | 21 | 16 |
Interest income recognized | 0 | 0 |
Combined: | Leases | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment | 6,437 | 173 |
Unpaid principal balance | 6,437 | 173 |
Related allowance | 1 | 26 |
Average recorded investment | 1,217 | 41 |
Interest income recognized | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN 39
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 6) $ in Thousands | Jun. 30, 2015USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | $ 19,889 | |
60-89 days past due | 29,545 | |
Greater Than 90 Days and Accruing | [1] | 5,482 |
Total past due | 54,916 | |
Non-accrual | 122,920 | |
Current | 15,909,637 | |
Total | 16,087,473 | |
Premium finance loans past due 90 days and still accruing | 4,800 | |
Commercial | Business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 16,670 | |
60-89 days past due | 29,520 | |
Greater Than 90 Days and Accruing | [1] | 5,460 |
Total past due | 51,650 | |
Non-accrual | 53,831 | |
Current | 5,179,526 | |
Total | 5,285,007 | |
Commercial | Energy | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 0 | |
60-89 days past due | 0 | |
Greater Than 90 Days and Accruing | [1] | 22 |
Total past due | 22 | |
Non-accrual | 38,234 | |
Current | 1,065,444 | |
Total | 1,103,700 | |
Mortgage finance loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 0 | |
60-89 days past due | 0 | |
Greater Than 90 Days and Accruing | [1] | 0 |
Total past due | 0 | |
Non-accrual | 0 | |
Current | 4,906,415 | |
Total | 4,906,415 | |
Construction | Market risk | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 0 | |
60-89 days past due | 0 | |
Greater Than 90 Days and Accruing | [1] | 0 |
Total past due | 0 | |
Non-accrual | 16,749 | |
Current | 1,803,414 | |
Total | 1,820,163 | |
Construction | Secured by 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 0 | |
60-89 days past due | 0 | |
Greater Than 90 Days and Accruing | [1] | 0 |
Total past due | 0 | |
Non-accrual | 0 | |
Current | 17,369 | |
Total | 17,369 | |
Real estate | Market risk | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 2,300 | |
60-89 days past due | 0 | |
Greater Than 90 Days and Accruing | [1] | 0 |
Total past due | 2,300 | |
Non-accrual | 3,779 | |
Current | 2,197,463 | |
Total | 2,203,542 | |
Real estate | Secured by 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 500 | |
60-89 days past due | 0 | |
Greater Than 90 Days and Accruing | [1] | 0 |
Total past due | 500 | |
Non-accrual | 503 | |
Current | 103,575 | |
Total | 104,578 | |
Real estate | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 0 | |
60-89 days past due | 0 | |
Greater Than 90 Days and Accruing | [1] | 0 |
Total past due | 0 | |
Non-accrual | 3,387 | |
Current | 522,498 | |
Total | 525,885 | |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 184 | |
60-89 days past due | 25 | |
Greater Than 90 Days and Accruing | [1] | 0 |
Total past due | 209 | |
Non-accrual | 0 | |
Current | 23,580 | |
Total | 23,789 | |
Leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 days past due | 235 | |
60-89 days past due | 0 | |
Greater Than 90 Days and Accruing | [1] | 0 |
Total past due | 235 | |
Non-accrual | 6,437 | |
Current | 90,353 | |
Total | $ 97,025 | |
[1] | Loans past due 90 days and still accruing includes premium finance loans of $4.8 million. These loans are generally secured by obligations of insurance carriers to refund premiums on canceled insurance policies. The refund of premiums from the insurance carriers can take 180 days or longer from the cancellation date. |
LOANS AND ALLOWANCE FOR LOAN 40
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 7) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Loans considered restructured that are not already on non-accrual | $ 249 | $ 1,800 | |
Non-accrual loans that met the criteria for restructured unfunded commitments | $ 28,200 | $ 12,100 | |
Number of restructured loans | 4 | 1 | |
Pre-restructuring outstanding recorded investment | $ 18,329 | $ 1,441 | |
Post-restructuring outstanding recorded investment | $ 16,960 | $ 1,430 | |
Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of restructured loans | 4 | ||
Pre-restructuring outstanding recorded investment | $ 18,329 | ||
Post-restructuring outstanding recorded investment | $ 16,960 | ||
Real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of restructured loans | 1 | ||
Pre-restructuring outstanding recorded investment | $ 1,441 | ||
Post-restructuring outstanding recorded investment | $ 1,430 |
LOANS AND ALLOWANCE FOR LOAN 41
LOANS AND ALLOWANCE FOR LOAN LOSSES - TDR Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Details of how restructured loans were modified | $ 16,960 | $ 1,430 |
Extended maturity | ||
Financing Receivable, Modifications [Line Items] | ||
Details of how restructured loans were modified | 0 | 1,430 |
Combination of maturity extension and payment schedule adjustment | ||
Financing Receivable, Modifications [Line Items] | ||
Details of how restructured loans were modified | $ 16,960 | $ 0 |
OREO AND VALUATION ALLOWANCE 42
OREO AND VALUATION ALLOWANCE FOR LOSSES ON OREO (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||
Real Estate Acquired Through Foreclosure [Roll Forward] | ||||||
Beginning balance | $ 605 | $ 2,420 | $ 568 | [1],[2] | $ 5,110 | |
Additions | 85 | 0 | 1,177 | 851 | ||
Sales | (81) | (1,735) | (1,136) | (5,276) | ||
Valuation allowance for OREO | 0 | 0 | 0 | 0 | ||
Direct write-downs | 0 | 0 | 0 | 0 | ||
Ending balance | $ 609 | [1],[2] | $ 685 | $ 609 | [1],[2] | $ 685 |
[1] | Fair value of loans and OREO is measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions. | |||||
[2] | OREO is transferred from loans to OREO at fair value less selling costs. |
FINANCIAL INSTRUMENTS WITH OF43
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instruments whose contract amounts represented credit risk | $ 5,256,986 | $ 5,324,460 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet financial instruments whose contract amounts represented credit risk | $ 186,483 | $ 177,808 |
REGULATORY MATTERS (Details)
REGULATORY MATTERS (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Regulatory Capital Requirements [Abstract] | ||
CET1 | 7.43% | 7.89% |
Tier 1 capital | 8.82% | 9.46% |
Total capital | 11.03% | 11.83% |
Leverage | 9.03% | 10.76% |
Mortgage finance | $ 4,906,415 | $ 4,102,125 |
Mortgage finance, average balance | $ 4,600,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | May. 19, 2015 | |
Restricted stock units, additional disclosures | |||||
Compensation expense | $ 1,112 | $ 1,266 | $ 2,103 | $ 2,528 | |
Unrecognized compensation expense related to unvested awards | 13,839 | $ 13,839 | |||
Weighted average period over which expense is expected to be recognized, in years | 3 years 4 months 24 days | ||||
SARs | |||||
Restricted stock units, additional disclosures | |||||
Compensation expense | 93 | 148 | $ 197 | 291 | |
RSUs | |||||
Restricted stock units, additional disclosures | |||||
Compensation expense | 1,019 | 1,118 | 1,906 | 2,237 | |
Cash-based performance units | $ 3,172 | $ 1,312 | $ 4,538 | $ 4,705 | |
2015 Long-Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of common stock shares that can be issued for compensation under the Plan | 2,550,000 | ||||
Number of additional shares that could be issued under the Plan | 751,887 |
FAIR VALUE DISCLOSURES (Assets
FAIR VALUE DISCLOSURES (Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | $ 35,361 | $ 41,719 | |||||||
OREO | 609 | [1],[2] | $ 605 | 568 | [1],[2] | $ 685 | $ 2,420 | $ 5,110 | |
Derivative assets | 33,576 | 31,176 | |||||||
Derivative liabilities | (33,576) | (31,176) | |||||||
Residential mortgage-backed securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [3] | 26,726 | 31,065 | ||||||
Municipals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [4] | 1,313 | 3,267 | ||||||
Equity securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [5],[6] | 7,322 | 7,387 | ||||||
Fair value measurements, recurring basis | Level 1 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative assets | [7] | 0 | 0 | ||||||
Derivative liabilities | [7] | 0 | 0 | ||||||
Fair value measurements, recurring basis | Level 1 | Residential mortgage-backed securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [8] | 0 | 0 | ||||||
Fair value measurements, recurring basis | Level 1 | Municipals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [8] | 0 | 0 | ||||||
Fair value measurements, recurring basis | Level 1 | Equity securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [8],[9] | 0 | 0 | ||||||
Fair value measurements, recurring basis | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative assets | [7] | 33,576 | 31,176 | ||||||
Derivative liabilities | [7] | (33,576) | (31,176) | ||||||
Fair value measurements, recurring basis | Level 2 | Residential mortgage-backed securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [8] | 26,726 | 31,065 | ||||||
Fair value measurements, recurring basis | Level 2 | Municipals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [8] | 1,313 | 3,267 | ||||||
Fair value measurements, recurring basis | Level 2 | Equity securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [8],[9] | 7,322 | 7,387 | ||||||
Fair value measurements, recurring basis | Level 3 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative assets | [7] | 0 | 0 | ||||||
Derivative liabilities | [7] | 0 | 0 | ||||||
Fair value measurements, recurring basis | Level 3 | Residential mortgage-backed securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [8] | 0 | 0 | ||||||
Fair value measurements, recurring basis | Level 3 | Municipals | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [8] | 0 | 0 | ||||||
Fair value measurements, recurring basis | Level 3 | Equity securities | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities, available-for-sale | [8],[9] | 0 | 0 | ||||||
Fair value measurements, nonrecurring basis | Level 1 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Loans | [1],[10] | 0 | 0 | ||||||
OREO | [1],[2] | 0 | 0 | ||||||
Fair value measurements, nonrecurring basis | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Loans | [1],[10] | 0 | 0 | ||||||
OREO | [1],[2] | 0 | 0 | ||||||
Fair value measurements, nonrecurring basis | Level 3 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Loans | [1],[10] | 52,389 | 23,536 | ||||||
OREO | [1],[2] | $ 609 | $ 568 | ||||||
[1] | Fair value of loans and OREO is measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions. | ||||||||
[2] | OREO is transferred from loans to OREO at fair value less selling costs. | ||||||||
[3] | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. | ||||||||
[4] | Yields have been adjusted to a tax equivalent basis assuming a 35% federal tax rate. | ||||||||
[5] | Equity securities consist of Community Reinvestment Act funds. | ||||||||
[6] | These equity securities do not have a stated maturity. | ||||||||
[7] | Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. | ||||||||
[8] | Securities are measured at fair value on a recurring basis, generally monthly. | ||||||||
[9] | Equity securities consist of Community Reinvestment Act funds. | ||||||||
[10] | Includes impaired loans that have been measured for impairment at the fair value of the loan’s collateral. |
FAIR VALUE DISCLOSURES (Financi
FAIR VALUE DISCLOSURES (Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
OREO | $ 609 | [1],[2] | $ 605 | $ 568 | [1],[2] | $ 685 | $ 2,420 | $ 5,110 | |
Securities, available-for-sale | 35,361 | 41,719 | |||||||
Derivative assets | 33,576 | 31,176 | |||||||
Derivative liabilities | 33,576 | 31,176 | |||||||
Carrying amount | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash and cash equivalents | 1,454,751 | 1,330,514 | |||||||
Securities, available-for-sale | 35,361 | 41,719 | |||||||
Loans held for investment, net | 15,910,970 | 14,156,058 | |||||||
Derivative assets | 33,576 | 31,176 | |||||||
Deposits | 14,188,276 | 12,673,300 | |||||||
Federal funds purchased | 79,088 | 66,971 | |||||||
Customer repurchase agreements | 29,919 | 25,705 | |||||||
Other borrowings | 1,400,000 | 1,100,005 | |||||||
Subordinated notes | 286,000 | 286,000 | |||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | |||||||
Derivative liabilities | 33,576 | 31,176 | |||||||
Estimated fair value | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash and cash equivalents | 1,454,751 | 1,330,514 | |||||||
Securities, available-for-sale | 35,361 | 41,719 | |||||||
Loans held for investment, net | 15,912,316 | 14,161,484 | |||||||
Derivative assets | 33,576 | 31,176 | |||||||
Deposits | 14,188,818 | 12,673,607 | |||||||
Federal funds purchased | 79,088 | 66,971 | |||||||
Customer repurchase agreements | 29,919 | 25,705 | |||||||
Other borrowings | 1,400,000 | 1,100,005 | |||||||
Subordinated notes | 287,807 | 289,947 | |||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | |||||||
Derivative liabilities | 33,576 | 31,176 | |||||||
Level 3 | Fair value measurements, nonrecurring basis | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Carrying value of impaired loans | 58,600 | 29,200 | |||||||
Allowance allocation of impaired loans | 6,200 | 5,700 | |||||||
OREO | [1],[2] | 609 | 568 | ||||||
Loans held for investment, net | [1],[3] | $ 52,389 | $ 23,536 | ||||||
[1] | Fair value of loans and OREO is measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions. | ||||||||
[2] | OREO is transferred from loans to OREO at fair value less selling costs. | ||||||||
[3] | Includes impaired loans that have been measured for impairment at the fair value of the loan’s collateral. |
DERIVATIVE FINANCIAL INSTRUME48
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | ||
Asset Derivative | $ 33,788 | $ 31,537 |
Liability Derivative | 33,788 | 31,537 |
Offsetting derivative liability | (212) | (361) |
Offsetting derivative asset | (212) | (361) |
Derivative asset, net | 33,576 | 31,176 |
Derivative liability, net | $ 33,576 | 31,176 |
Description of credit risk exposure on interest rate swaps and caps | Our credit exposure on interest rate swaps and caps is limited to the net favorable value and interest payments of all swaps and caps by each counterparty. In such cases collateral may be required from the counterparties involved if the net value of the swaps and caps exceeds a nominal amount considered to be immaterial | |
Credit exposure relating to interest rate swaps and caps | $ 33,600 | 31,200 |
Cash collateral pledge for derivatives | $ 31,600 | $ 30,200 |
Commercial loan/lease interest rate swaps | Non-hedging interest rate derivatives/swaps | Commercial loan/lease | Weighted-average interest rate received | ||
Derivatives, Fair Value [Line Items] | ||
Weighted-average interest rate received and paid | 2.81% | 2.79% |
Commercial loan/lease interest rate swaps | Non-hedging interest rate derivatives/swaps | Commercial loan/lease | Weighted-average interest rate paid | ||
Derivatives, Fair Value [Line Items] | ||
Weighted-average interest rate received and paid | 4.74% | 4.82% |
Commercial loan/lease interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Weighted-average interest rate received and paid | 2.25% | 1.44% |
Financial institution counterparties: | Commercial loan/lease interest rate swaps | Non-hedging interest rate derivatives/swaps | Commercial loan/lease | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 1,016,251 | $ 866,432 |
Asset Derivative | 212 | 361 |
Liability Derivative | 31,162 | 30,162 |
Financial institution counterparties: | Commercial loan/lease interest rate caps | Non-hedging interest rate derivatives/swaps | Commercial loan/lease | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 223,828 | 63,414 |
Asset Derivative | 2,414 | 1,014 |
Liability Derivative | 0 | 0 |
Customer counterparties: | Commercial loan/lease interest rate swaps | Non-hedging interest rate derivatives/swaps | Commercial loan/lease | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,016,251 | 866,432 |
Asset Derivative | 31,162 | 30,162 |
Liability Derivative | 212 | 361 |
Customer counterparties: | Commercial loan/lease interest rate caps | Non-hedging interest rate derivatives/swaps | Commercial loan/lease | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 223,828 | 63,414 |
Asset Derivative | 0 | 0 |
Liability Derivative | $ 2,414 | $ 1,014 |
Uncategorized Items - tcbi-2015
Label | Element | Value |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | $ 14,500 |
Provision for Loan, Lease, and Other Losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 4,000 |
Bank Owned Life Insurance Income | us-gaap_BankOwnedLifeInsuranceIncome | 476 |
Bank Owned Life Insurance Income | us-gaap_BankOwnedLifeInsuranceIncome | $ 521 |