Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 19, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34657 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-2679109 | |
Entity Address, Address Line One | 2000 McKinney Avenue | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | 214 | |
Local Phone Number | 932-6600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 49,899,211 | |
Entity Registrant Name | TEXAS CAPITAL BANCSHARES INC/TX | |
Entity Central Index Key | 0001077428 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | TCBI | |
Security Exchange Name | NASDAQ | |
Series B Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.75% Non-Cumulative Perpetual Preferred Stock Series B, par value $0.01 per share | |
Trading Symbol | TCBIO | |
Security Exchange Name | NASDAQ |
Operations and Summary of Signi
Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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. (“we,” “us”, or 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 the Company and its wholly owned subsidiary, Texas Capital Bank (the “Bank”). We serve the needs of commercial businesses and 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 the majority of our loans held for investment, excluding mortgage finance loans and other national lines of business, being made to businesses headquartered in or with operations in Texas. Our national lines of business provide specialized lending products to businesses throughout the United States. On September 6, 2022, we announced the sale of BankDirect Capital Finance (“BDCF” or “disposal group”), our insurance premium finance subsidiary, to AFCO Credit Corporation, an indirect wholly-owned subsidiary of Truist Financial Corp. The sale of BDCF includes its business operations and loan portfolio of approximately $3.1 billion as of September 30, 2022. The sale is an all-cash transaction for a purchase price of approximately $3.4 billion, representing an 8.5% asset premium compared to the value of the purchased loan portfolio as of September 30, 2022. The transaction resulted in the recognition of a disposal group that is classified as held for sale but does not meet the criteria for discontinued operations reporting. As such, the loans, assets and liabilities related to the disposal group were transferred at the lower of cost or fair value to loans held for sale, other assets held for sale and other liabilities held for sale, respectively, on the consolidated balance sheet as of September 30, 2022. The pre-tax net income for the disposal group for the three months ended September 30, 2022 and 2021 was $11.9 million and $17.4 million, respectively, and was $49.5 million and $48.7 million for the nine months ended September 30, 2022 and 2021, respectively. The sale is expected to close in the fourth quarter of 2022, subject to various customary closing conditions. 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 are unaudited, and certain information and disclosures in the notes to consolidated unaudited financial statements that are 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 present a fair presentation of our financial position and results of operations. 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 U.S. Securities and Exchange Commission (“SEC”). Accordingly, the financial statements and the notes to the consolidated unaudited financial statements required by GAAP for complete annual financial statements do not include all of the information and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2021, included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 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 credit losses, the fair value of financial instruments and the status of contingencies are particularly susceptible to significant change. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | New Accounting Standards ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2022-02”) eliminates the guidance on troubled debt restructurings and requires entities to evaluate all loan modifications to determine if they result in a new loan or a continuation of the existing loan. ASU 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination for loans and leases. ASU 2022-02 is effective January 1, 2023 and will have an impact on our financial statement disclosures. Accounting Standard Update 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50)” (“ASU 2022-04”) enhances the transparency of supplier finance programs and the related financial statement disclosures. The amendments require that a buyer in a supplier finance program disclose information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period and a description of where in the financial statements outstanding amounts are presented. ASU 2022-04 is effective January 1, 2023, except for the disclosure of rollforward information, which is effective January 1, 2024, and is not expected to have an impact on our consolidated financial statements. |
CONSOLIDATED BALANCE SHEETS - U
CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 240,609 | $ 180,663 |
Interest bearing cash and cash equivalents | 3,399,638 | 7,765,996 |
Available-for-sale debt securities | 2,380,774 | 3,538,201 |
Held-to-maturity debt securities | 955,875 | 0 |
Equity securities | 32,973 | 45,607 |
Investment securities | 3,369,622 | 3,583,808 |
Loans held for sale | 3,142,178 | 8,123 |
Loans held for investment, mortgage finance | 4,908,822 | 7,475,497 |
Loans held for investment | 14,878,959 | 15,331,457 |
Less: Allowance for credit losses on loans | (234,613) | (211,866) |
Total loans held for investment, net | 19,553,168 | 22,595,088 |
Premises and equipment, net | 27,180 | 20,901 |
Accrued interest receivable and other assets | 648,172 | 559,897 |
Other assets held for sale | 26,450 | 0 |
Goodwill and intangible assets, net | 1,496 | 17,262 |
Total assets | 30,408,513 | 34,731,738 |
Liabilities: | ||
Non-interest bearing deposits | 11,494,685 | 13,390,370 |
Interest bearing deposits | 13,003,878 | 14,718,995 |
Total deposits | 24,498,563 | 28,109,365 |
Accrued interest payable | 18,465 | 7,699 |
Other liabilities | 297,900 | 273,488 |
Other liabilities held for sale | 75,564 | 0 |
Short-term borrowings | 1,701,480 | 2,202,832 |
Long-term debt | 930,766 | 928,738 |
Total liabilities | 27,522,738 | 31,522,122 |
Stockholders’ equity: | ||
Issued shares - 300,000 shares issued at September 30, 2022 and December 31, 2021 | 300,000 | 300,000 |
Issued shares - 50,840,022 and 50,618,911 at September 30, 2022 and December 31, 2021, respectively | 509 | 506 |
Additional paid-in capital | 1,020,153 | 1,008,559 |
Retained earnings | 2,050,563 | 1,948,274 |
Treasury stock - 942,296 and 417 shares at cost at September 30, 2022 and December 31, 2021, respectively | (50,031) | (8) |
Accumulated other comprehensive loss, net of taxes | (435,419) | (47,715) |
Total stockholders’ equity | 2,885,775 | 3,209,616 |
Total liabilities and stockholders’ equity | $ 30,408,513 | $ 34,731,738 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, Liquidation value | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 300,000 | 300,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 50,840,022 | 50,618,911 |
Treasury stock, shares | 942,296 | 417 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME/(LOSS) - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | ||||
Interest and fees on loans | $ 282,473 | $ 202,748 | $ 688,420 | $ 616,153 |
Investment securities | 15,002 | 10,235 | 46,969 | 31,040 |
Interest bearing cash and cash equivalents | 24,596 | 3,606 | 37,561 | 9,500 |
Total interest income | 322,071 | 216,589 | 772,950 | 656,693 |
Interest expense | ||||
Deposits | 60,317 | 14,719 | 94,513 | 50,994 |
Short-term borrowings | 10,011 | 748 | 15,628 | 3,842 |
Long-term debt | 12,663 | 10,586 | 34,651 | 27,052 |
Total interest expense | 82,991 | 26,053 | 144,792 | 81,888 |
Net interest income | 239,080 | 190,536 | 628,158 | 574,805 |
Provision for credit losses | 12,000 | 5,000 | 32,000 | (20,000) |
Net interest income after provision for credit losses | 227,080 | 185,536 | 596,158 | 594,805 |
Non-interest income | ||||
Service charges on deposit accounts | 5,701 | 4,622 | 17,726 | 13,972 |
Wealth management and trust fee income | 3,631 | 3,382 | 11,594 | 9,380 |
Brokered loan fees | 3,401 | 6,032 | 11,504 | 22,276 |
Servicing income | 212 | 292 | 677 | 15,236 |
Investment banking and trading income | 7,812 | 4,127 | 23,117 | 17,985 |
Net gain/(loss) on sale of loans held for sale | 0 | (1,185) | 0 | 1,317 |
Other | 4,576 | 7,509 | 7,239 | 26,605 |
Total non-interest income | 25,333 | 24,779 | 71,857 | 106,771 |
Non-interest expense | ||||
Salaries and benefits | 129,336 | 87,503 | 333,319 | 261,855 |
Occupancy expense | 9,433 | 8,324 | 27,192 | 24,463 |
Marketing | 8,282 | 2,123 | 21,765 | 5,720 |
Legal and professional | 16,775 | 11,055 | 38,365 | 28,479 |
Communications and technology | 18,470 | 28,374 | 48,819 | 58,695 |
Federal Deposit Insurance Corporation (“FDIC”) insurance assessment | 3,953 | 4,500 | 11,252 | 16,339 |
Servicing-related expenses | 0 | 2,396 | 0 | 27,740 |
Other | 10,798 | 8,712 | 33,730 | 29,072 |
Total non-interest expense | 197,047 | 152,987 | 514,442 | 452,363 |
Income before income taxes | 55,366 | 57,328 | 153,573 | 249,213 |
Income tax expense | 13,948 | 13,938 | 38,346 | 60,404 |
Net income | 41,418 | 43,390 | 115,227 | 188,809 |
Preferred Stock Dividends and Other Adjustments [Abstract] | ||||
Preferred stock dividends | 4,313 | 4,312 | 12,938 | 14,408 |
Net income available to common stockholders | 37,105 | 39,078 | 102,289 | 174,401 |
Other comprehensive income/(loss): | ||||
Change in unrealized gain/(loss) | (207,204) | (18,131) | (494,261) | (71,501) |
Amounts reclassified into net income | 609 | 0 | 3,498 | 0 |
Other comprehensive income/(loss) | (206,595) | (18,131) | (490,763) | (71,501) |
Income tax expense/(benefit) | (43,384) | (3,808) | (103,059) | (15,015) |
Other comprehensive income/(loss), net of tax | (163,211) | (14,323) | (387,704) | (56,486) |
Comprehensive income/(loss) | $ (121,793) | $ 29,067 | $ (272,477) | $ 132,323 |
Basic earnings per common share | ||||
Basic earnings per common share | $ 0.74 | $ 0.77 | $ 2.03 | $ 3.45 |
Diluted earnings per common share | ||||
Diluted earnings per common share | $ 0.74 | $ 0.76 | $ 2 | $ 3.41 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, Common | Accumulated Other Comprehensive Income |
Preferred stock, beginning balance - shares at Dec. 31, 2020 | 6,000,000 | ||||||
Common stock, beginning balance - shares at Dec. 31, 2020 | 50,470,867 | ||||||
Treasury stock, common, beginning balance - shares at Dec. 31, 2020 | 417 | ||||||
Beginning balance - Amount at Dec. 31, 2020 | $ 2,871,224 | $ 150,000 | $ 504 | $ 991,898 | $ 1,713,056 | $ (8) | $ 15,774 |
Comprehensive income: | |||||||
Net income | 188,809 | 188,809 | |||||
Change in other comprehensive income/(loss), net of taxes | (56,486) | (56,486) | |||||
Comprehensive income/(loss) | 132,323 | ||||||
Stock-based compensation expense recognized in earnings | 22,100 | 22,100 | |||||
Issuance of preferred stock - Shares | 300,000 | ||||||
Issuance of preferred stock - Amount | 289,723 | $ 300,000 | (10,277) | ||||
Preferred stock dividend | (14,408) | (14,408) | |||||
Issuance of stock related to stock-based awards - Shares | 135,176 | ||||||
Issuance of stock related to stock-based awards - Amount | (3,210) | $ 2 | (3,212) | ||||
Redemption of preferred stock - shares | (6,000,000) | ||||||
Redemption of preferred stock | (150,000) | $ (150,000) | |||||
Preferred stock, ending balance - shares at Sep. 30, 2021 | 300,000 | ||||||
Common stock, ending balance - shares at Sep. 30, 2021 | 50,606,043 | ||||||
Treasury stock, common, ending balance - shares at Sep. 30, 2021 | 417 | ||||||
Ending balance - Amount at Sep. 30, 2021 | 3,147,752 | $ 300,000 | $ 506 | 1,000,509 | 1,887,457 | $ (8) | (40,712) |
Preferred stock, beginning balance - shares at Jun. 30, 2021 | 300,000 | ||||||
Common stock, beginning balance - shares at Jun. 30, 2021 | 50,592,618 | ||||||
Treasury stock, common, beginning balance - shares at Jun. 30, 2021 | 417 | ||||||
Beginning balance - Amount at Jun. 30, 2021 | 3,114,957 | $ 300,000 | $ 506 | 992,469 | 1,848,379 | $ (8) | (26,389) |
Comprehensive income: | |||||||
Net income | 43,390 | 43,390 | |||||
Change in other comprehensive income/(loss), net of taxes | (14,323) | (14,323) | |||||
Comprehensive income/(loss) | 29,067 | ||||||
Stock-based compensation expense recognized in earnings | 8,324 | 8,324 | |||||
Preferred stock dividend | (4,312) | (4,312) | |||||
Issuance of stock related to stock-based awards - Shares | 13,425 | ||||||
Issuance of stock related to stock-based awards - Amount | (284) | $ 0 | (284) | ||||
Preferred stock, ending balance - shares at Sep. 30, 2021 | 300,000 | ||||||
Common stock, ending balance - shares at Sep. 30, 2021 | 50,606,043 | ||||||
Treasury stock, common, ending balance - shares at Sep. 30, 2021 | 417 | ||||||
Ending balance - Amount at Sep. 30, 2021 | 3,147,752 | $ 300,000 | $ 506 | 1,000,509 | 1,887,457 | $ (8) | (40,712) |
Preferred stock, beginning balance - shares at Dec. 31, 2021 | 300,000 | ||||||
Common stock, beginning balance - shares at Dec. 31, 2021 | 50,618,911 | ||||||
Treasury stock, common, beginning balance - shares at Dec. 31, 2021 | 417 | ||||||
Beginning balance - Amount at Dec. 31, 2021 | 3,209,616 | $ 300,000 | $ 506 | 1,008,559 | 1,948,274 | $ (8) | (47,715) |
Comprehensive income: | |||||||
Net income | 115,227 | 115,227 | |||||
Change in other comprehensive income/(loss), net of taxes | (387,704) | (387,704) | |||||
Comprehensive income/(loss) | (272,477) | ||||||
Stock-based compensation expense recognized in earnings | 15,805 | 15,805 | |||||
Preferred stock dividend | (12,938) | (12,938) | |||||
Issuance of stock related to stock-based awards - Shares | 221,111 | ||||||
Issuance of stock related to stock-based awards - Amount | $ (4,208) | $ 3 | (4,211) | ||||
Repurchase of common stock - shares | (941,879) | (941,879) | |||||
Repurchase of common stock | $ (50,023) | $ (50,023) | |||||
Preferred stock, ending balance - shares at Sep. 30, 2022 | 300,000 | ||||||
Common stock, ending balance - shares at Sep. 30, 2022 | 50,840,022 | ||||||
Treasury stock, common, ending balance - shares at Sep. 30, 2022 | 942,296 | ||||||
Ending balance - Amount at Sep. 30, 2022 | 2,885,775 | $ 300,000 | $ 509 | 1,020,153 | 2,050,563 | $ (50,031) | (435,419) |
Preferred stock, beginning balance - shares at Jun. 30, 2022 | 300,000 | ||||||
Common stock, beginning balance - shares at Jun. 30, 2022 | 50,820,337 | ||||||
Treasury stock, common, beginning balance - shares at Jun. 30, 2022 | 942,296 | ||||||
Beginning balance - Amount at Jun. 30, 2022 | 3,006,832 | $ 300,000 | $ 508 | 1,015,105 | 2,013,458 | $ (50,031) | (272,208) |
Comprehensive income: | |||||||
Net income | 41,418 | 41,418 | |||||
Change in other comprehensive income/(loss), net of taxes | (163,211) | (163,211) | |||||
Comprehensive income/(loss) | (121,793) | ||||||
Stock-based compensation expense recognized in earnings | 5,376 | 5,376 | |||||
Preferred stock dividend | (4,313) | (4,313) | |||||
Issuance of stock related to stock-based awards - Shares | 19,685 | ||||||
Issuance of stock related to stock-based awards - Amount | (327) | $ 1 | (328) | ||||
Preferred stock, ending balance - shares at Sep. 30, 2022 | 300,000 | ||||||
Common stock, ending balance - shares at Sep. 30, 2022 | 50,840,022 | ||||||
Treasury stock, common, ending balance - shares at Sep. 30, 2022 | 942,296 | ||||||
Ending balance - Amount at Sep. 30, 2022 | $ 2,885,775 | $ 300,000 | $ 509 | $ 1,020,153 | $ 2,050,563 | $ (50,031) | $ (435,419) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income | $ 115,227 | $ 188,809 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 32,000 | (20,000) |
Depreciation and amortization expense | 35,360 | 65,943 |
Net (gain)/loss on sale of loans held for sale | 0 | (1,317) |
Decrease in valuation allowance on mortgage servicing rights | 0 | (16,448) |
Stock-based compensation expense | 15,991 | 23,192 |
Purchases and originations of loans held for sale | (1,642) | (1,413,899) |
Proceeds from sales and repayments of loans held for sale | 5,050 | 1,675,246 |
Changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | (2,152) | 86,707 |
Accrued interest payable and other liabilities | 14,266 | (41,920) |
Net cash provided by operating activities | 214,100 | 546,313 |
Investing activities | ||
Purchases of available-for-sale debt securities | (665,388) | (952,982) |
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | 388,223 | 400,429 |
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | 66,500 | 0 |
Sales/(purchases) of equity securities, net | (3,421) | 0 |
Originations of loans held for investment, mortgage finance | (77,518,608) | (128,503,055) |
Proceeds from pay-offs of loans held for investment, mortgage finance | 80,085,283 | 129,054,151 |
Proceeds from sale of mortgage servicing rights | 0 | 108,925 |
Net (increase)/decrease in loans held for investment, excluding mortgage finance | (2,690,164) | 118,166 |
Purchases of premises and equipment, net | (10,456) | (2,619) |
Net cash provided by/(used in) investing activities | (341,189) | 223,015 |
Financing activities | ||
Net decrease in deposits | (3,610,802) | (1,182,921) |
Issuance of stock related to stock-based awards | (4,208) | (3,210) |
Net proceeds from issuance of preferred stock | 0 | 289,723 |
Redemption of preferred stock | 0 | (150,000) |
Preferred stock dividends paid | (12,938) | (14,408) |
Repurchase of common stock | (50,023) | 0 |
Net decrease in short-term borrowings | (501,352) | (908,281) |
Net proceeds from issuance of long-term debt | 0 | 639,440 |
Repayments of Long-term Debt | 0 | (111,000) |
Net cash used in financing activities | (4,179,323) | (1,440,657) |
Net decrease in cash and cash equivalents | (4,306,412) | (671,329) |
Cash and cash equivalents at beginning of period | 7,946,659 | 9,206,380 |
Cash and cash equivalents at end of period | 3,640,247 | 8,535,051 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 134,026 | 84,118 |
Cash paid during the period for income taxes | 48,569 | 99,915 |
Transfers of loans from held for investment to held for sale | 3,137,792 | 0 |
Transfers of debt securities from available-for-sale to held-to-maturity | $ 1,019,365 | $ 0 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents the computation of basic and diluted earnings per share: Three months ended September 30, Nine months ended September 30, (in thousands except share and per share data) 2022 2021 2022 2021 Numerator: Net income $ 41,418 $ 43,390 $ 115,227 $ 188,809 Preferred stock dividends 4,313 4,312 12,938 14,408 Net income available to common stockholders $ 37,105 $ 39,078 $ 102,289 $ 174,401 Denominator: Denominator for basic earnings per common share—weighted average common shares 49,891,727 50,600,732 50,506,364 50,568,439 Effect of dilutive outstanding stock-settled awards 526,157 538,823 584,151 555,836 Denominator for dilutive earnings per common share—weighted average diluted common shares 50,417,884 51,139,555 51,090,515 51,124,275 Basic earnings per common share $ 0.74 $ 0.77 $ 2.03 $ 3.45 Diluted earnings per common share $ 0.74 $ 0.76 $ 2.00 $ 3.41 Anti-dilutive outstanding stock-settled awards 174,706 208,813 315,499 104,174 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following is a summary of our investment securities: (in thousands) Amortized Gross Gross Estimated September 30, 2022 Available-for-sale debt securities: U.S. Treasury securities $ 668,093 $ — $ (30,812) $ 637,281 U.S. government agency securities 125,000 — (23,310) 101,690 Residential mortgage-backed securities 1,980,590 7 (350,496) 1,630,101 Credit risk transfer (“CRT”) securities 14,713 — (3,011) 11,702 Total available-for-sale debt securities 2,788,396 7 (407,629) 2,380,774 Held-to-maturity debt securities: Residential mortgage-backed securities 955,875 — (136,174) 819,701 Total held-to-maturity debt securities 955,875 — (136,174) 819,701 Equity securities 32,973 Total investment securities(2) $ 3,369,622 December 31, 2021 Available-for-sale debt securities: U.S. government agency securities $ 125,000 $ — $ (4,056) $ 120,944 Residential mortgage-backed securities 3,288,261 156 (63,039) 3,225,378 Tax-exempt asset-backed securities 170,626 9,407 — 180,033 CRT securities 14,713 — (2,867) 11,846 Total available-for-sale debt securities 3,598,600 9,563 (69,962) 3,538,201 Equity securities 45,607 Total investment securities(2) $ 3,583,808 (1) Excludes accrued interest receivable of $4.2 million and $6.6 million at September 30, 2022 and December 31, 2021, respectively, related to available-for-sale debt securities, and $1.5 million at September 30, 2022 related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets. (2) Includes available-for-sale debt securities and equity securities at estimated fair value and held-to-maturity debt securities at amortized cost. Debt Securities In the first quarter of 2022, we transferred $1.0 billion of available-for-sale debt securities to held-to-maturity at fair value. The transfer was the result of deliberate actions taken to execute on our asset-liability management strategies in response to rising interest rates. Management determined that it has both the positive intent and ability to hold these securities to maturity. On the date of transfer, the difference between the carrying value and fair value of these securities, which was recorded, net of tax, as a loss in accumulated other comprehensive income/(loss) (“AOCI”), resulted in the securities transferring at a discount of $69.2 million. The discount and unrealized loss, net of tax, in AOCI will be amortized to interest income over the remaining life of the securities using the interest method. There were no gains or losses recognized as a result of this transfer. In the second quarter of 2022, our tax-exempt asset-backed securities were redeemed at par. The outstanding certificates were cancelled and related trusts were terminated. Unrealized gains and losses previously recorded, net of tax, in AOCI were reversed and no additional gains or losses were recognized as a result of the redemption. The amortized cost and estimated fair value as of September 30, 2022, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. Available-for-Sale Held-to-Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 41 $ 41 $ — $ — Due after one year through five years 668,093 637,281 — — Due after five years through ten years 156,587 127,368 — — Due after ten years 1,963,675 1,616,084 955,875 819,701 Total $ 2,788,396 $ 2,380,774 $ 955,875 $ 819,701 The following table discloses our available-for-sale debt 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: Less Than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss September 30, 2022 U.S. treasury securities $ 637,281 $ (30,812) $ — $ — $ 637,281 $ (30,812) U.S. government agency securities — — 101,690 (23,310) 101,690 (23,310) Residential mortgage-backed securities 310,838 (67,167) 1,318,654 (283,329) 1,629,492 (350,496) CRT securities — — 11,702 (3,011) 11,702 (3,011) Total $ 948,119 $ (97,979) $ 1,432,046 $ (309,650) $ 2,380,165 $ (407,629) December 31, 2021 U.S. government agency securities $ 24,085 $ (915) $ 96,859 $ (3,141) $ 120,944 $ (4,056) Residential mortgage-backed securities 2,871,052 (50,721) 303,491 (12,318) 3,174,543 (63,039) CRT securities — — 11,846 (2,867) 11,846 (2,867) Total $ 2,895,137 $ (51,636) $ 412,196 $ (18,326) $ 3,307,333 $ (69,962) At September 30, 2022, we had 98 available-for-sale debt securities in an unrealized loss position, comprised of twelve U.S. treasury securities, five U.S. government agency securities, 79 residential mortgage-backed securities, and two CRT securities. The unrealized losses on the available-for-sale debt securities were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. We do not intend to sell and it is not more likely than not that we will be required to sell these available-for-sale debt securities before recovery of the amortized cost of such securities in an unrealized loss position and have, therefore, recorded the unrealized losses related to this portfolio in AOCI. Held-to-maturity debt securities consist of government guaranteed securities for which no loss is expected. At September 30, 2022 and December 31, 2021, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities. Debt securities with carrying values of approximately $18.6 million and $1.4 million were pledged to secure certain customer repurchase agreements and deposits, respectively, at September 30, 2022. The comparative amounts at December 31, 2021 were $22.0 million and $2.0 million, respectively. Equity Securities Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments related to our non-qualified deferred compensation plan. The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income/(loss): Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Net gains/(losses) recognized during the period $ (1,165) $ 850 $ (9,801) $ 4,496 Less: Realized net gains/(losses) recognized on securities sold (587) 347 (589) 1,096 Unrealized net gains/(losses) recognized on securities held $ (578) $ 503 $ (9,212) $ 3,400 |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses on Loans | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses on Loans | Loans and Allowance for Credit Losses on Loans Loans are summarized by portfolio segment as follows: (in thousands) September 30, 2022 December 31, 2021 Loans held for investment(1): Commercial $ 8,813,614 $ 9,897,561 Energy 1,106,097 721,373 Mortgage finance 4,908,822 7,475,497 Real estate 5,015,704 4,777,530 Gross loans held for investment 19,844,237 22,871,961 Unearned income (net of direct origination costs) (56,456) (65,007) Total loans held for investment 19,787,781 22,806,954 Allowance for credit losses on loans (234,613) (211,866) Total loans held for investment, net $ 19,553,168 $ 22,595,088 Loans held for sale: Insurance premium finance loans, at lower of cost or fair value (2) $ 3,137,791 $ — Mortgage loans, at fair value 4,387 8,123 Total loans held for sale $ 3,142,178 $ 8,123 (1) Excludes accrued interest receivable of $71.8 million and $50.9 million at September 30, 2022 and December 31, 2021, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets. (2) September 30, 2022 includes $1.3 million in non-accrual loans and $3.1 million in loans past due 90 days and still accruing that were transferred from loans held for investment to loans held for sale as of September 30, 2022. The following tables summarize our gross loans held for investment by year of origination and internally assigned credit grades: (in thousands) 2022 2021 2020 2019 2018 2017 and prior Revolving lines of credit Revolving lines of credit converted to term loans Total September 30, 2022 Commercial (1-7) Pass $ 1,530,588 $ 776,714 $ 252,321 $ 366,245 $ 225,307 $ 316,001 $ 5,004,072 $ 27,344 $ 8,498,592 (8) Special mention 28,302 38,477 6,398 37,809 7,526 5,769 35,967 3,820 164,068 (9) Substandard - accruing — 42,148 315 30,647 15,133 6,365 28,378 — 122,986 (9+) Non-accrual 7,622 602 — 36 9,947 6,875 2,886 — 27,968 Total commercial $ 1,566,512 $ 857,941 $ 259,034 $ 434,737 $ 257,913 $ 335,010 $ 5,071,303 $ 31,164 $ 8,813,614 Energy (1-7) Pass $ 129,764 $ 23,517 $ — $ — $ 20,000 $ 5,743 $ 912,936 $ — $ 1,091,960 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — 7,637 — 7,637 (9+) Non-accrual — — — — — — 6,500 — 6,500 Total energy $ 129,764 $ 23,517 $ — $ — $ 20,000 $ 5,743 $ 927,073 $ — $ 1,106,097 Mortgage finance (1-7) Pass $ 7,913 $ 457,792 $ 196,598 $ 393,675 $ 555,480 $ 3,292,412 $ — $ — $ 4,903,870 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — 1,464 3,488 — — 4,952 (9+) Non-accrual — — — — — — — — — Total mortgage finance $ 7,913 $ 457,792 $ 196,598 $ 393,675 $ 556,944 $ 3,295,900 $ — $ — $ 4,908,822 Real estate CRE (1-7) Pass $ 800,519 $ 611,459 $ 657,829 $ 487,368 $ 183,225 $ 366,644 $ 60,672 $ 15,969 $ 3,183,685 (8) Special mention 2,396 7,249 7,940 5,297 33,454 22,063 — — 78,399 (9) Substandard - accruing — 17,850 — — 11,522 18,629 — — 48,001 (9+) Non-accrual — — — — — 187 — — 187 RBF (1-7) Pass 82,515 85,477 19,560 13,915 7,462 1,162 390,476 — 600,567 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Other (1-7) Pass 129,406 137,275 103,917 79,637 79,984 170,709 39,074 27,316 767,318 (8) Special mention — — 10,711 — — 10,099 — — 20,810 (9) Substandard - accruing — — — — — 1,058 — — 1,058 (9+) Non-accrual — — 1,081 — — — — — 1,081 Secured by 1-4 family (1-7) Pass 45,887 90,434 55,261 26,854 19,439 72,329 4,056 — 314,260 (8) Special mention — — — — — 44 — — 44 (9) Substandard - accruing — — — — — 166 — — 166 (9+) Non-accrual — — — — — 128 — — 128 Total real estate $ 1,060,723 $ 949,744 $ 856,299 $ 613,071 $ 335,086 $ 663,218 $ 494,278 $ 43,285 $ 5,015,704 Total $ 2,764,912 $ 2,288,994 $ 1,311,931 $ 1,441,483 $ 1,169,943 $ 4,299,871 $ 6,492,654 $ 74,449 $ 19,844,237 (in thousands) 2021 2020 2019 2018 2017 2016 and prior Revolving lines of credit Revolving lines of credit converted to term loans Total December 31, 2021 Commercial (1-7) Pass $ 1,133,013 $ 3,157,150 $ 546,520 $ 319,246 $ 200,478 $ 289,795 $ 3,960,706 $ 41,377 $ 9,648,285 (8) Special mention 2,650 5,277 23,129 8,697 39 5,322 5,120 7,883 58,117 (9) Substandard - accruing — 7,705 102,619 25,010 6,202 6,962 14,742 2,007 165,247 (9+) Non-accrual 736 1,191 49 12,955 1,166 6,196 3,619 — 25,912 Total commercial $ 1,136,399 $ 3,171,323 $ 672,317 $ 365,908 $ 207,885 $ 308,275 $ 3,984,187 $ 51,267 $ 9,897,561 Energy (1-7) Pass $ 71,750 $ — $ — $ 3 $ — $ 7,188 $ 577,988 $ — $ 656,929 (8) Special mention — — — — — — 27,421 — 27,421 (9) Substandard - accruing — — — — — 8,643 — — 8,643 (9+) Non-accrual — — — — — — 28,380 — 28,380 Total energy $ 71,750 $ — $ — $ 3 $ — $ 15,831 $ 633,789 $ — $ 721,373 Mortgage finance (1-7) Pass $ 289,042 $ 590,616 $ 656,445 $ 754,507 $ 332,001 $ 4,852,886 $ — $ — $ 7,475,497 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ 289,042 $ 590,616 $ 656,445 $ 754,507 $ 332,001 $ 4,852,886 $ — $ — $ 7,475,497 Real estate CRE (1-7) Pass $ 497,462 $ 576,344 $ 600,005 $ 294,005 $ 155,252 $ 451,042 $ 73,988 $ 25,970 $ 2,674,068 (8) Special mention — — 291 8,827 20,089 26,344 — — 55,551 (9) Substandard - accruing 17,850 — — 40,900 37,393 38,188 — 2,308 136,639 (9+) Non-accrual — — — — — 198 — — 198 RBF (1-7) Pass 155,595 44,362 9,693 8,565 — 12,732 460,888 — 691,835 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Other (1-7) Pass 166,202 148,811 119,017 106,343 61,723 139,723 47,653 29,595 819,067 (8) Special mention — 7,365 — — 845 4,982 — — 13,192 (9) Substandard - accruing — 6,424 — — 16,922 20,184 — — 43,530 (9+) Non-accrual — — — — 2,641 1,450 — 13,741 17,832 Secured by 1-4 family (1-7) Pass 96,899 60,659 40,586 22,976 31,826 65,910 4,535 — 323,391 (8) Special mention — 553 — — — 291 — — 844 (9) Substandard - accruing — — — — — 1,203 — — 1,203 (9+) Non-accrual — — — — — 180 — — 180 Total real estate $ 934,008 $ 844,518 $ 769,592 $ 481,616 $ 326,691 $ 762,427 $ 587,064 $ 71,614 $ 4,777,530 Total $ 2,431,199 $ 4,606,457 $ 2,098,354 $ 1,602,034 $ 866,577 $ 5,939,419 $ 5,205,040 $ 122,881 $ 22,871,961 The following table details activity in the allowance for credit losses on loans. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. (in thousands) Commercial Energy Mortgage Real Total Nine months ended September 30, 2022 Beginning balance $ 102,202 $ 52,568 $ 6,083 $ 51,013 $ 211,866 Provision for credit losses on loans 31,257 (18,636) 4,073 10,923 27,617 Charge-offs 3,210 2,903 — 350 6,463 Recoveries 549 1,044 — — 1,593 Net charge-offs (recoveries) 2,661 1,859 — 350 4,870 Ending balance $ 130,798 $ 32,073 $ 10,156 $ 61,586 $ 234,613 Nine months ended September 30, 2021 Beginning balance $ 73,061 $ 84,064 $ 4,699 $ 92,791 $ 254,615 Provision for credit losses on loans 26,549 (24,730) 1,729 (24,325) (20,777) Charge-offs 8,211 6,418 — 1,192 15,821 Recoveries 2,462 1,366 — 112 3,940 Net charge-offs (recoveries) 5,749 5,052 — 1,080 11,881 Ending balance $ 93,861 $ 54,282 $ 6,428 $ 67,386 $ 221,957 We recorded a $32.0 million provision for credit losses for the nine months ended September 30, 2022, compared to a negative provision of $20.0 million for the same period in 2021. The $32.0 million provision for credit losses resulted primarily from updated views on the downside risks to the economic forecast, partially offset by a decline in criticized loans. We recorded $4.9 million in net charge-offs during the nine months ended September 30, 2022, compared to net charge-offs of $11.9 million during the same period in 2021. Criticized loans totaled $484.0 million at September 30, 2022, compared to $582.9 million and $728.9 million at December 31, 2021 and September 30, 2021, respectively. The decrease in criticized loans as compared to June 30, 2022 was primarily due to the resolution of one mortgage finance credit that was downgraded in the second quarter of 2022 and resolved in the third quarter of 2022 with no losses recorded. The table below provides an age analysis of our gross loans held for investment: (in thousands) 30-59 Days 60-89 Days 90 Days or More Past Due Total Past Non-Accrual Loans(1) Current Total Non-Accrual With No Allowance September 30, 2022 Commercial $ 10,405 $ 151 $ 30,602 $ 41,158 $ 27,968 $ 8,744,488 $ 8,813,614 $ 3,637 Energy — — — — 6,500 1,099,597 1,106,097 — Mortgage finance — — — — — 4,908,822 4,908,822 — Real estate: CRE 52 — — 52 187 3,310,033 3,310,272 — RBF — — — — — 600,567 600,567 — Other 700 2,453 — 3,153 1,081 786,033 790,267 — Secured by 1-4 family — — 62 62 128 314,408 314,598 — Total $ 11,157 $ 2,604 $ 30,664 $ 44,425 $ 35,864 $ 19,763,948 $ 19,844,237 $ 3,637 (3) As of September 30, 2022 and December 31, 2021, $1.8 million of our non-accrual loans were earning interest income on a cash basis. Additionally, $801,000 in interest income was recognized on non-accrual loans for the nine months ended September 30, 2022. Accrued interest of $100,000 was reversed during the nine months ended September 30, 2022. The following table details the recorded investment of loans restructured during the nine months ended September 30, 2022: Extended Maturity Adjusted Payment Schedule Total (in thousands, except number of contracts) Number of Contracts Balance at Period End Number of Contracts Balance at Period End Number of Contracts Balance at Period End Nine months ended September 30, 2022 Commercial loans — $ — 1 $ 604 1 $ 604 Total — $ — 1 $ 604 1 $ 604 We did not have any loans that were restructured during the nine months ended September 30, 2021. The restructuring of the loans did not have a significant impact on our allowance for credit losses at September 30, 2022. As of September 30, 2022 and 2021, we did not have any loans that were restructured within the last 12 months that subsequently defaulted. |
Short-term Borrowings and Long-
Short-term Borrowings and Long-term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt The table below presents a summary of short-term borrowings: (in thousands) September 30, 2022 December 31, 2021 Customer repurchase agreements $ 1,480 $ 2,832 Federal Home Loan Bank borrowings 1,700,000 2,200,000 Total short-term borrowings $ 1,701,480 $ 2,202,832 The table below presents a summary of long-term debt: (in thousands) September 30, 2022 December 31, 2021 Bank-issued floating rate senior unsecured credit-linked notes due 2024 $ 271,991 $ 270,487 Bank-issued 5.25% fixed rate subordinated notes due 2026 174,131 173,935 Company-issued 4.00% fixed rate subordinated notes due 2031 371,238 370,910 Trust preferred floating rate subordinated debentures due 2032 to 2036 113,406 113,406 Total long-term debt $ 930,766 $ 928,738 |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 9 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk The table below presents our financial instruments with off-balance sheet risk as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments. This allowance is recorded in other liabilities on the consolidated balance sheets. Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Beginning balance of allowance for off-balance sheet credit losses $ 17,981 $ 16,747 $ 17,265 $ 17,434 Provision for off-balance sheet credit losses 3,667 1,464 4,383 777 Ending balance of allowance for off-balance sheet credit losses $ 21,648 $ 18,211 $ 21,648 $ 18,211 (in thousands) September 30, 2022 December 31, 2021 Commitments to extend credit - period end balance $ 9,182,739 $ 9,445,763 Standby letters of credit - period end balance 419,828 357,672 |
Regulatory Restrictions
Regulatory Restrictions | 9 Months Ended |
Sep. 30, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Restrictions | Regulatory Ratios and Capital 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 adverse 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. The Basel III regulatory capital framework (the “Basel III Capital Rules”) adopted by U.S. federal regulatory authorities, among other things, (i) establishes the capital measure called “Common Equity Tier 1” (“CET1”), (ii) specifies that Tier 1 capital consist of CET1 and “Additional Tier 1 Capital” instruments meeting stated requirements, (iii) requires that most deductions/adjustments to regulatory capital measures be made to CET1 and not to other components of capital and (iv) defines the scope of the deductions/adjustments to the capital measures. Additionally, the Basel III Capital Rules require that we maintain a 2.5% capital conservation buffer with respect to each of CET1, Tier 1 and total capital to risk-weighted assets, which provides for capital levels that exceed the minimum risk-based capital adequacy requirements. A financial institution with a conservation buffer of less than the required amount is subject to limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers. No dividends were declared or paid on our common stock during the nine months ended September 30, 2022 or during the year ended December 31, 2021. On April 19, 2022, our board of directors authorized a share repurchase program under which we may repurchase up to $150.0 million in shares of our outstanding common stock. During the nine months ended September 30, 2022, the Company repurchased 941,879 shares of its common stock for an aggregate price of $50.0 million, at a weighted average price of $53.11 per share. In February 2019, the federal bank regulatory agencies issued a final rule (the “2019 CECL Rule”) that revised certain capital regulations to account for changes to credit loss accounting under GAAP. The 2019 CECL Rule included a transition option that allows banking organizations to phase in, over a three-year period, the day-one adverse effects of adopting the new accounting standard related to the measurement of current expected credit losses on their regulatory capital ratios (three-year transition option). In March 2020, the federal bank regulatory agencies issued an interim final rule that maintains the three-year transition option of the 2019 CECL Rule and also provides banking organizations that were required under GAAP to implement CECL before the end of 2020 the option to delay for two years an estimate of the effect of CECL on regulatory capital, relative to the incurred loss methodology's effect on regulatory capital, followed by a three-year transition period (five-year transition option). We adopted CECL on January 1, 2020 and have elected to utilize the five-year transition option. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of 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 September 30, 2022, that the Company and the Bank meet all capital adequacy requirements to which they are subject. Financial institutions are categorized as well capitalized based on total risk-based, Tier 1 risk-based, CET1 and Tier 1 leverage ratios. As shown in the table below, the Company’s and the Bank’s capital ratios exceeded the regulatory definition of well capitalized as of September 30, 2022 and December 31, 2021. The regulatory authorities can apply changes in classification of assets and such changes may retroactively subject the Company and the Bank to changes in capital ratios. Any such change could reduce 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 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 actual and required capital ratios under the Basel III Capital Rules. The ratios presented below include the effects of our election to utilize the five-year CECL transition described above. Actual Minimum Capital Required(2) Capital Required to be Well Capitalized (dollars in thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio September 30, 2022 CET1 Company $ 3,011,505 11.08 % $ 1,902,047 7.00 % N/A N/A Bank 3,175,750 11.70 % 1,899,579 7.00 % 1,763,895 6.50 % Total capital (to risk-weighted assets) Company 4,143,219 15.25 % 2,853,071 10.50 % 2,717,210 10.00 % Bank 3,736,226 13.77 % 2,849,369 10.50 % 2,713,685 10.00 % Tier 1 capital (to risk-weighted assets) Company 3,421,505 12.59 % 2,309,629 8.50 % 1,630,326 6.00 % Bank 3,335,750 12.29 % 2,306,632 8.50 % 2,170,948 8.00 % Tier 1 capital (to average assets)(1) Company 3,421,505 10.67 % 1,282,691 4.00 % N/A N/A Bank 3,335,750 10.41 % 1,281,909 4.00 % 1,602,386 5.00 % December 31, 2021 CET1 Company $ 2,949,785 11.06 % $ 1,866,444 7.00 % N/A N/A Bank 3,013,170 11.30 % 1,866,303 7.00 % 1,732,996 6.50 % Total capital (to risk-weighted assets) Company 4,085,540 15.32 % 2,799,666 10.50 % 2,666,348 10.00 % Bank 3,578,014 13.42 % 2,799,455 10.50 % 2,666,148 10.00 % Tier 1 capital (to risk-weighted assets) Company 3,359,785 12.60 % 2,266,396 8.50 % 1,599,809 6.00 % Bank 3,173,170 11.90 % 2,266,225 8.50 % 2,132,918 8.00 % Tier 1 capital (to average assets)(1) Company 3,359,785 9.01 % 1,490,902 4.00 % N/A N/A Bank 3,173,170 8.51 % 1,490,677 4.00 % 1,863,346 5.00 % (1) The Tier 1 capital ratio (to average assets) is not impacted by the Basel III Capital Rules; however, the Federal Reserve Board and the FDIC may require the Company and the Bank, respectively, to maintain a Tier 1 capital ratio (to average assets) above the required minimum. (2) Percentages represent the minimum capital ratios plus the fully phased-in 2.5% CET1 capital buffer under the Basel III Capital Rules. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Compensation Related Costs [Abstract] | |
Stock-based Compensation | Stock-based Compensation We have long-term incentive plans under which stock-based compensation awards are granted to employees and directors by the Company’s board of directors or its designated committee. Grants are subject to vesting requirements and may include, among other things, nonqualified stock options, stock appreciation rights, restricted stock units (“RSUs”), restricted stock and performance units, or any combination thereof. On April 19, 2022, the Company’s stockholders approved the Texas Capital Bancshares, Inc. 2022 Long-Term Incentive Plan, which provides for the issuance of 1,124,880 shares of common stock for compensation to the Company’s key employees and non-employee directors. The table below summarizes our stock-based compensation expense: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Stock-settled awards: RSUs $ 5,376 $ 8,324 $ 15,805 $ 22,099 Restricted stock — — — 1 Cash-settled units 3 64 186 1,092 Total $ 5,379 $ 8,388 $ 15,991 $ 23,192 (in thousands except period data) September 30, 2022 Unrecognized compensation expense related to unvested stock-settled awards $ 37,492 Weighted average period over which expense is expected to be recognized, in years 2.4 |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures 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 the Accounting Standards Codification (“ASC”) 820, Fair Value Measurement . See Note 1 - Operations and Summary of Significant Accounting Policies in our 2021 Form 10-K for information regarding the fair value hierarchy and a description of the methods and significant assumptions used by the Company in estimating its fair value disclosures for financial instruments. Assets and liabilities measured at fair value are as follows: Fair Value Measurements Using (in thousands) Level 1 Level 2 Level 3 September 30, 2022 Available-for-sale debt securities:(1) U.S. Treasury securities $ 637,281 $ — $ — U.S. government agency securities — 101,690 — Residential mortgage-backed securities — 1,630,101 — CRT securities — — 11,702 Equity securities(1)(2) 21,932 11,041 — Mortgage loans held for sale(3) — — 4,387 Derivative assets(4) — 24,093 — Derivative liabilities(4) — 108,608 — Non-qualified deferred compensation plan liabilities(5) 20,028 — — December 31, 2021 Available-for-sale debt securities:(1) U.S. government agency securities $ — $ 120,944 $ — Residential mortgage-backed securities — 3,225,378 — Tax-exempt asset-backed securities — — 180,033 CRT securities — — 11,846 Equity securities(1)(2) 33,589 12,018 — Mortgage loans held for sale(3) — 465 7,658 Derivative assets(4) — 37,788 — Derivative liabilities(4) — 37,788 — Non-qualified deferred compensation plan liabilities(5) 29,695 — — (1) Investment securities are measured at fair value on a recurring basis, generally monthly, except for tax-exempt asset-backed securities and CRT securities, which are measured quarterly. (2) Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments related to our non-qualified deferred compensation plan. (3) Mortgage loans held for sale are measured at fair value on a recurring basis, generally monthly. (4) Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. (5) Non-qualified deferred compensation plan liabilities represent the fair value of the obligation to the employee, which generally corresponds to the fair value of the invested assets, and are measured at fair value on a recurring basis, generally monthly. Level 3 Valuations The following table summarizes the changes in Level 3 assets measured at fair value on a recurring basis: Net Gains (Losses) (in thousands) Balance at Beginning of Period Purchases / Additions Sales / Reductions Realized Unrealized Balance at End of Period Three months ended September 30, 2022 Available-for-sale debt securities:(1) CRT securities $ 11,670 $ — $ — $ — $ 32 $ 11,702 Loans held for sale(2) 4,266 571 (450) — — 4,387 Three months ended September 30, 2021 Available-for-sale debt securities:(1) Tax-exempt asset-backed securities $ 185,954 $ — $ (2,270) $ — $ 1,136 $ 184,820 CRT securities 11,713 — — — 91 11,804 Loans held for sale(2) 8,227 440 (870) — (96) 7,701 Nine months ended September 30, 2022 Available-for-sale debt securities:(1) Tax-exempt asset-backed securities $ 180,033 $ — $ (170,626) $ — $ (9,407) $ — CRT securities 11,846 — — — (144) 11,702 Loans held for sale(2) 7,658 1,898 (5,050) — (119) 4,387 Nine months ended September 30, 2021 Available-for-sale debt securities:(1) Tax-exempt asset-backed securities $ 199,176 $ — $ (13,783) $ — $ (573) $ 184,820 CRT securities 11,417 — — — 387 11,804 Loans held for sale(2) 6,933 2,125 (1,395) 5 33 7,701 (1) Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI. Realized gains/(losses) are recorded in other non-interest income on the consolidated statements of income and other comprehensive income/(loss). (2) Realized and unrealized gains/(losses) on loans held for sale are recorded in net gain/(loss) on sale of loans held for sale on the consolidated statements of income and other comprehensive income/(loss). Tax-exempt asset-backed securities The fair value of tax-exempt asset-backed securities is based on a discounted cash flow model, which utilizes Level 3, or unobservable, inputs, the most significant of which were a discount rate and a weighted-average life. The securities were redeemed in full prior to September 30, 2022. At December 31, 2021, the combined weighted-average discount rate and weighted-average life utilized were 2.60% and 4.61 years, respectively. CRT securities The fair value of CRT securities is based on a discounted cash flow model, which utilizes Level 3, or unobservable, inputs, the most significant of which were a discount rate and a weighted-average life. At September 30, 2022, the discount rates utilized ranged from 6.97% to 11.52% and the weighted-average life ranged from 5.23 years to 8.93 years. On a combined amortized cost weighted-average basis, a discount rate of 8.49% and a weighted-average life of 6.46 years were utilized to determine the fair value of these securities at September 30, 2022. At December 31, 2021, the combined weighted-average discount rate and combined weighted-average life utilized were 4.97% and 6.35 years, respectively. Mortgage loans held for sale The fair value of mortgage loans held for sale using Level 3 inputs include loans that cannot be sold through normal sale channels and thus require significant management judgment or estimation when determining the fair value. The fair value of such loans is generally based upon quoted prices of comparable loans with a liquidity discount applied. At September 30, 2022, the fair value of these loans was calculated using a weighted-average discounted price of 90.4%, compared to 97.8% at December 31, 2021. Fair Value of Financial Instruments A summary of the carrying amounts and estimated fair values of financial instruments is as follows: Estimated Fair Value (in thousands) Carrying Total Level 1 Level 2 Level 3 September 30, 2022 Financial assets: Cash and cash equivalents $ 3,640,247 $ 3,640,247 $ 3,640,247 $ — $ — Available-for-sale debt securities 2,380,774 2,380,774 637,281 1,731,791 11,702 Held-to-maturity debt securities 955,875 819,701 — 819,701 — Equity securities 32,973 32,973 21,932 11,041 — Loans held for sale 3,142,178 3,113,806 — — 3,113,806 Loans held for investment, net 19,553,168 19,472,586 — — 19,472,586 Derivative assets 24,093 24,093 — 24,093 — Financial liabilities: Total deposits 24,498,563 24,502,640 — — 24,502,640 Short-term borrowings 1,701,480 1,701,480 — 1,701,480 — Long-term debt 930,766 873,342 — 873,342 — Derivative liabilities 108,608 108,608 — 108,608 — December 31, 2021 Financial assets: Cash and cash equivalents $ 7,946,659 $ 7,946,659 $ 7,946,659 $ — $ — Available-for-sale debt securities 3,538,201 3,538,201 — 3,346,322 191,879 Equity securities 45,607 45,607 33,589 12,018 — Loans held for sale 8,123 8,123 — 465 7,658 Loans held for investment, net 22,595,088 22,631,252 — — 22,631,252 Derivative assets 37,788 37,788 — 37,788 — Financial liabilities: Total deposits 28,109,365 28,109,762 — — 28,109,762 Short-term borrowings 2,202,832 2,202,832 — 2,202,832 — Long-term debt 928,738 952,404 — 952,404 — Derivative liabilities 37,788 37,788 — 37,788 — |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The notional amounts and estimated fair values of derivative positions outstanding are presented in the following table. September 30, 2022 December 31, 2021 Estimated Fair Value Estimated Fair Value (in thousands) Notional Asset Derivative Liability Derivative Notional Asset Derivative Liability Derivative Derivatives designated as hedges Cash flow hedges: Interest rate contracts: Swaps hedging loans $ 3,000,000 $ 357 $ 80,135 $ — $ — $ — Non-hedging derivatives Customer-initiated and other derivatives: Interest rate contracts: Swaps 3,989,586 86,138 86,138 3,536,090 40,922 40,922 Caps and floors written 130,415 — 1,489 191,291 94 — Caps and floors purchased 130,415 1,489 — 191,291 — 94 Forward contracts 1,025,581 12,536 12,429 — — — Gross derivatives 100,520 180,191 41,016 41,016 Netting adjustment - offsetting derivative assets/liabilities (2,476) (2,476) (3,228) (3,228) Netting adjustment - cash collateral received/posted (73,951) (69,107) — — Net derivatives included on the consolidated balance sheets $ 24,093 $ 108,608 $ 37,788 $ 37,788 Our credit exposure on derivative instruments is limited to the net favorable value and interest payments by each counterparty. In some cases collateral may be required from the counterparties involved if the net value of the derivative instruments exceeds a nominal amount. Our credit exposure associated with these instruments, net of any collateral pledged, was approximately $24.1 million at September 30, 2022, and approximately $37.8 million at December 31, 2021. Collateral levels are monitored and adjusted on a regular basis for changes in the value of derivative instruments. At September 30, 2022, we had $73.0 million in cash collateral pledged to counterparties included in interest-bearing cash and cash equivalents on the consolidated balance sheet and $74.0 million in cash collateral received from counterparties included in interest bearing deposits on the consolidated balance sheet. The comparative amounts at December 31, 2021, were $40.3 million in cash collateral pledged to counterparties and no cash collateral received from counterparties. We also enter into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are either a participant or a lead bank. The risk participation agreements entered into by us as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution. We are party to 18 risk participation agreements where we are a participant bank with a notional amount of $343.3 million at September 30, 2022, compared to seven risk participation agreements with a notional amount of $79.2 million at December 31, 2021. The maximum estimated exposure to these agreements, assuming 100% default by all obligors, was approximately $10.4 million at September 30, 2022 and $2.3 million at December 31, 2021. The fair value of these exposures was insignificant to the consolidated financial statements at both September 30, 2022 and December 31, 2021. Risk participation agreements entered into by us as the lead bank provide credit protection to us should the borrower fail to perform on its interest rate derivative contract with us. We are party to 17 risk participation agreements where we are the lead bank with a notional amount of $201.1 million at September 30, 2022, compared to 15 agreements with a notional amount of $156.1 million at December 31, 2021. Derivatives Designated as Cash Flow Hedges During the nine months ended September 30, 2022, we entered into interest rate derivative contracts that were designated as qualifying cash flow hedges to hedge the exposure to variability in expected future cash flows attributable to changes in a contractually specified interest rate. To qualify for hedge accounting, a formal assessment is prepared to determine whether the hedging relationship, both at inception and on an ongoing basis, is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during the term of the hedge if a cash flow hedge. At inception a statistical regression analysis is prepared to determine hedge effectiveness. At each reporting period thereafter, a statistical regression or qualitative analysis is performed. If it is determined that hedge effectiveness has not been or will not continue to be highly effective, then hedge accounting ceases and any gain or loss in AOCI is recognized in earnings immediately. The cash flow hedges are recorded at fair value in other assets and other liabilities on the consolidated balance sheets with changes in fair value recorded in AOCI, net of tax. Amounts recorded to AOCI are reclassified into earnings in the same period in which the hedged asset or liability affects earnings and are presented in the same income statement line item as the earnings effect of the hedged asset or liability. During the three and nine months ended September 30, 2022, we recorded $78.2 million and $77.9 million, respectively, in unrealized losses to adjust our cash flow hedges to fair value, which was recorded net of tax to AOCI, and reclassified $1.8 million and $2.5 million, respectively, from AOCI into interest income on loans. Based on current market conditions, we estimate that during the next 12 months, an additional $31.7 million will be reclassified from AOCI as a decrease to interest income. As of September 30, 2022, the maximum length of time over which forecasted transactions are hedged is 4.00 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table provides the change in AOCI by component: (in thousands) Cash Flow Hedges Available-for-Sale Securities Held-to-Maturity Securities Total Three months ended September 30, 2022 Beginning balance $ (316) $ (220,090) $ (51,802) $ (272,208) Change in unrealized gain/(loss) (78,177) (129,027) — (207,204) Amounts reclassified into net income (1,760) — 2,369 609 Total other comprehensive income/(loss) (79,937) (129,027) 2,369 (206,595) Income tax expense/(benefit) (16,786) (27,095) 497 (43,384) Total other comprehensive income/(loss), net of tax (63,151) (101,932) 1,872 (163,211) Ending balance $ (63,467) $ (322,022) $ (49,930) $ (435,419) Three months ended September 30, 2021 Beginning balance $ — $ (26,389) $ — $ (26,389) Change in unrealized gain/(loss) — (18,131) — (18,131) Amounts reclassified into net income — — — — Total other comprehensive income/(loss) — (18,131) — (18,131) Income tax expense/(benefit) — (3,808) — (3,808) Total other comprehensive income/(loss), net of tax — (14,323) — (14,323) Ending balance $ — $ (40,712) $ — $ (40,712) Nine months ended September 30, 2022 Beginning balance $ — $ (47,715) $ — $ (47,715) Change in unrealized gain/(loss) (77,873) (347,223) (69,165) (494,261) Amounts reclassified into net income (2,464) — 5,962 3,498 Total other comprehensive income/(loss) (80,337) (347,223) (63,203) (490,763) Income tax expense/(benefit) (16,870) (72,916) (13,273) (103,059) Total other comprehensive income/(loss), net of tax (63,467) (274,307) (49,930) (387,704) Ending balance $ (63,467) $ (322,022) $ (49,930) $ (435,419) Nine months ended September 30, 2021 Beginning balance $ — $ 15,774 $ — $ 15,774 Change in unrealized gain/(loss) — (71,501) — (71,501) Amounts reclassified into net income — — — — Total other comprehensive income/(loss) — (71,501) — (71,501) Income tax expense/(benefit) — (15,015) — (15,015) Total other comprehensive income/(loss), net of tax — (56,486) — (56,486) Ending balance $ — $ (40,712) $ — $ (40,712) |
Operations and Summary of Sig_2
Operations and Summary of Significant Accounting Policies Operations and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Nature Of Business | Organization and Nature of Business Texas Capital Bancshares, Inc. (“we,” “us”, or 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 the Company and its wholly owned subsidiary, Texas Capital Bank (the “Bank”). We serve the needs of commercial businesses and 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 the majority of our loans held for investment, excluding mortgage finance loans and other national lines of business, being made to businesses headquartered in or with operations in Texas. Our national lines of business provide specialized lending products to businesses throughout the United States. On September 6, 2022, we announced the sale of BankDirect Capital Finance (“BDCF” or “disposal group”), our insurance premium finance subsidiary, to AFCO Credit Corporation, an indirect wholly-owned subsidiary of Truist Financial Corp. The sale of BDCF includes its business operations and loan portfolio of approximately $3.1 billion as of September 30, 2022. The sale is an all-cash transaction for a purchase price of approximately $3.4 billion, representing an 8.5% asset premium compared to the value of the purchased loan portfolio as of September 30, 2022. The transaction resulted in the recognition of a disposal group that is classified as held for sale but does not meet the criteria for discontinued operations reporting. As such, the loans, assets and liabilities related to the disposal group were transferred at the lower of cost or fair value to loans held for sale, other assets held for sale and other liabilities held for sale, respectively, on the consolidated balance sheet as of September 30, 2022. The pre-tax net income for the disposal group for the three months ended September 30, 2022 and 2021 was $11.9 million and $17.4 million, respectively, and was $49.5 million and $48.7 million for the nine months ended September 30, 2022 and 2021, respectively. The sale is expected to close in the fourth quarter of 2022, subject to various customary closing conditions. |
Basis of Accounting | 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 are unaudited, and certain information and disclosures in the notes to consolidated unaudited financial statements that are 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 present a fair presentation of our financial position and results of operations. 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 U.S. Securities and Exchange Commission (“SEC”). Accordingly, the financial statements and the notes to the consolidated unaudited financial statements required by GAAP for complete annual financial statements do not include all of the information and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2021, included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 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 credit losses, the fair value of financial instruments and the status of contingencies are particularly susceptible to significant change. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: Three months ended September 30, Nine months ended September 30, (in thousands except share and per share data) 2022 2021 2022 2021 Numerator: Net income $ 41,418 $ 43,390 $ 115,227 $ 188,809 Preferred stock dividends 4,313 4,312 12,938 14,408 Net income available to common stockholders $ 37,105 $ 39,078 $ 102,289 $ 174,401 Denominator: Denominator for basic earnings per common share—weighted average common shares 49,891,727 50,600,732 50,506,364 50,568,439 Effect of dilutive outstanding stock-settled awards 526,157 538,823 584,151 555,836 Denominator for dilutive earnings per common share—weighted average diluted common shares 50,417,884 51,139,555 51,090,515 51,124,275 Basic earnings per common share $ 0.74 $ 0.77 $ 2.03 $ 3.45 Diluted earnings per common share $ 0.74 $ 0.76 $ 2.00 $ 3.41 Anti-dilutive outstanding stock-settled awards 174,706 208,813 315,499 104,174 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities | The following is a summary of our investment securities: (in thousands) Amortized Gross Gross Estimated September 30, 2022 Available-for-sale debt securities: U.S. Treasury securities $ 668,093 $ — $ (30,812) $ 637,281 U.S. government agency securities 125,000 — (23,310) 101,690 Residential mortgage-backed securities 1,980,590 7 (350,496) 1,630,101 Credit risk transfer (“CRT”) securities 14,713 — (3,011) 11,702 Total available-for-sale debt securities 2,788,396 7 (407,629) 2,380,774 Held-to-maturity debt securities: Residential mortgage-backed securities 955,875 — (136,174) 819,701 Total held-to-maturity debt securities 955,875 — (136,174) 819,701 Equity securities 32,973 Total investment securities(2) $ 3,369,622 December 31, 2021 Available-for-sale debt securities: U.S. government agency securities $ 125,000 $ — $ (4,056) $ 120,944 Residential mortgage-backed securities 3,288,261 156 (63,039) 3,225,378 Tax-exempt asset-backed securities 170,626 9,407 — 180,033 CRT securities 14,713 — (2,867) 11,846 Total available-for-sale debt securities 3,598,600 9,563 (69,962) 3,538,201 Equity securities 45,607 Total investment securities(2) $ 3,583,808 (1) Excludes accrued interest receivable of $4.2 million and $6.6 million at September 30, 2022 and December 31, 2021, respectively, related to available-for-sale debt securities, and $1.5 million at September 30, 2022 related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets. (2) Includes available-for-sale debt securities and equity securities at estimated fair value and held-to-maturity debt securities at amortized cost. |
Schedule of amortized cost and estimated fair value of securities | The amortized cost and estimated fair value as of September 30, 2022, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. Available-for-Sale Held-to-Maturity (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 41 $ 41 $ — $ — Due after one year through five years 668,093 637,281 — — Due after five years through ten years 156,587 127,368 — — Due after ten years 1,963,675 1,616,084 955,875 819,701 Total $ 2,788,396 $ 2,380,774 $ 955,875 $ 819,701 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following table discloses our available-for-sale debt 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: Less Than 12 Months 12 Months or Longer Total (in thousands) Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss September 30, 2022 U.S. treasury securities $ 637,281 $ (30,812) $ — $ — $ 637,281 $ (30,812) U.S. government agency securities — — 101,690 (23,310) 101,690 (23,310) Residential mortgage-backed securities 310,838 (67,167) 1,318,654 (283,329) 1,629,492 (350,496) CRT securities — — 11,702 (3,011) 11,702 (3,011) Total $ 948,119 $ (97,979) $ 1,432,046 $ (309,650) $ 2,380,165 $ (407,629) December 31, 2021 U.S. government agency securities $ 24,085 $ (915) $ 96,859 $ (3,141) $ 120,944 $ (4,056) Residential mortgage-backed securities 2,871,052 (50,721) 303,491 (12,318) 3,174,543 (63,039) CRT securities — — 11,846 (2,867) 11,846 (2,867) Total $ 2,895,137 $ (51,636) $ 412,196 $ (18,326) $ 3,307,333 $ (69,962) |
Summary of unrealized and realized gains/(losses) recognized in net income on equity securities | The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income/(loss): Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Net gains/(losses) recognized during the period $ (1,165) $ 850 $ (9,801) $ 4,496 Less: Realized net gains/(losses) recognized on securities sold (587) 347 (589) 1,096 Unrealized net gains/(losses) recognized on securities held $ (578) $ 503 $ (9,212) $ 3,400 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses on Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of loans held for investments | Loans are summarized by portfolio segment as follows: (in thousands) September 30, 2022 December 31, 2021 Loans held for investment(1): Commercial $ 8,813,614 $ 9,897,561 Energy 1,106,097 721,373 Mortgage finance 4,908,822 7,475,497 Real estate 5,015,704 4,777,530 Gross loans held for investment 19,844,237 22,871,961 Unearned income (net of direct origination costs) (56,456) (65,007) Total loans held for investment 19,787,781 22,806,954 Allowance for credit losses on loans (234,613) (211,866) Total loans held for investment, net $ 19,553,168 $ 22,595,088 Loans held for sale: Insurance premium finance loans, at lower of cost or fair value (2) $ 3,137,791 $ — Mortgage loans, at fair value 4,387 8,123 Total loans held for sale $ 3,142,178 $ 8,123 (1) Excludes accrued interest receivable of $71.8 million and $50.9 million at September 30, 2022 and December 31, 2021, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets. (2) September 30, 2022 includes $1.3 million in non-accrual loans and $3.1 million in loans past due 90 days and still accruing that were transferred from loans held for investment to loans held for sale as of September 30, 2022. |
Schedule of the credit risk profile of loan portfolio by internally assigned grades and nonaccrual status | The following tables summarize our gross loans held for investment by year of origination and internally assigned credit grades: (in thousands) 2022 2021 2020 2019 2018 2017 and prior Revolving lines of credit Revolving lines of credit converted to term loans Total September 30, 2022 Commercial (1-7) Pass $ 1,530,588 $ 776,714 $ 252,321 $ 366,245 $ 225,307 $ 316,001 $ 5,004,072 $ 27,344 $ 8,498,592 (8) Special mention 28,302 38,477 6,398 37,809 7,526 5,769 35,967 3,820 164,068 (9) Substandard - accruing — 42,148 315 30,647 15,133 6,365 28,378 — 122,986 (9+) Non-accrual 7,622 602 — 36 9,947 6,875 2,886 — 27,968 Total commercial $ 1,566,512 $ 857,941 $ 259,034 $ 434,737 $ 257,913 $ 335,010 $ 5,071,303 $ 31,164 $ 8,813,614 Energy (1-7) Pass $ 129,764 $ 23,517 $ — $ — $ 20,000 $ 5,743 $ 912,936 $ — $ 1,091,960 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — 7,637 — 7,637 (9+) Non-accrual — — — — — — 6,500 — 6,500 Total energy $ 129,764 $ 23,517 $ — $ — $ 20,000 $ 5,743 $ 927,073 $ — $ 1,106,097 Mortgage finance (1-7) Pass $ 7,913 $ 457,792 $ 196,598 $ 393,675 $ 555,480 $ 3,292,412 $ — $ — $ 4,903,870 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — 1,464 3,488 — — 4,952 (9+) Non-accrual — — — — — — — — — Total mortgage finance $ 7,913 $ 457,792 $ 196,598 $ 393,675 $ 556,944 $ 3,295,900 $ — $ — $ 4,908,822 Real estate CRE (1-7) Pass $ 800,519 $ 611,459 $ 657,829 $ 487,368 $ 183,225 $ 366,644 $ 60,672 $ 15,969 $ 3,183,685 (8) Special mention 2,396 7,249 7,940 5,297 33,454 22,063 — — 78,399 (9) Substandard - accruing — 17,850 — — 11,522 18,629 — — 48,001 (9+) Non-accrual — — — — — 187 — — 187 RBF (1-7) Pass 82,515 85,477 19,560 13,915 7,462 1,162 390,476 — 600,567 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Other (1-7) Pass 129,406 137,275 103,917 79,637 79,984 170,709 39,074 27,316 767,318 (8) Special mention — — 10,711 — — 10,099 — — 20,810 (9) Substandard - accruing — — — — — 1,058 — — 1,058 (9+) Non-accrual — — 1,081 — — — — — 1,081 Secured by 1-4 family (1-7) Pass 45,887 90,434 55,261 26,854 19,439 72,329 4,056 — 314,260 (8) Special mention — — — — — 44 — — 44 (9) Substandard - accruing — — — — — 166 — — 166 (9+) Non-accrual — — — — — 128 — — 128 Total real estate $ 1,060,723 $ 949,744 $ 856,299 $ 613,071 $ 335,086 $ 663,218 $ 494,278 $ 43,285 $ 5,015,704 Total $ 2,764,912 $ 2,288,994 $ 1,311,931 $ 1,441,483 $ 1,169,943 $ 4,299,871 $ 6,492,654 $ 74,449 $ 19,844,237 (in thousands) 2021 2020 2019 2018 2017 2016 and prior Revolving lines of credit Revolving lines of credit converted to term loans Total December 31, 2021 Commercial (1-7) Pass $ 1,133,013 $ 3,157,150 $ 546,520 $ 319,246 $ 200,478 $ 289,795 $ 3,960,706 $ 41,377 $ 9,648,285 (8) Special mention 2,650 5,277 23,129 8,697 39 5,322 5,120 7,883 58,117 (9) Substandard - accruing — 7,705 102,619 25,010 6,202 6,962 14,742 2,007 165,247 (9+) Non-accrual 736 1,191 49 12,955 1,166 6,196 3,619 — 25,912 Total commercial $ 1,136,399 $ 3,171,323 $ 672,317 $ 365,908 $ 207,885 $ 308,275 $ 3,984,187 $ 51,267 $ 9,897,561 Energy (1-7) Pass $ 71,750 $ — $ — $ 3 $ — $ 7,188 $ 577,988 $ — $ 656,929 (8) Special mention — — — — — — 27,421 — 27,421 (9) Substandard - accruing — — — — — 8,643 — — 8,643 (9+) Non-accrual — — — — — — 28,380 — 28,380 Total energy $ 71,750 $ — $ — $ 3 $ — $ 15,831 $ 633,789 $ — $ 721,373 Mortgage finance (1-7) Pass $ 289,042 $ 590,616 $ 656,445 $ 754,507 $ 332,001 $ 4,852,886 $ — $ — $ 7,475,497 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ 289,042 $ 590,616 $ 656,445 $ 754,507 $ 332,001 $ 4,852,886 $ — $ — $ 7,475,497 Real estate CRE (1-7) Pass $ 497,462 $ 576,344 $ 600,005 $ 294,005 $ 155,252 $ 451,042 $ 73,988 $ 25,970 $ 2,674,068 (8) Special mention — — 291 8,827 20,089 26,344 — — 55,551 (9) Substandard - accruing 17,850 — — 40,900 37,393 38,188 — 2,308 136,639 (9+) Non-accrual — — — — — 198 — — 198 RBF (1-7) Pass 155,595 44,362 9,693 8,565 — 12,732 460,888 — 691,835 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Other (1-7) Pass 166,202 148,811 119,017 106,343 61,723 139,723 47,653 29,595 819,067 (8) Special mention — 7,365 — — 845 4,982 — — 13,192 (9) Substandard - accruing — 6,424 — — 16,922 20,184 — — 43,530 (9+) Non-accrual — — — — 2,641 1,450 — 13,741 17,832 Secured by 1-4 family (1-7) Pass 96,899 60,659 40,586 22,976 31,826 65,910 4,535 — 323,391 (8) Special mention — 553 — — — 291 — — 844 (9) Substandard - accruing — — — — — 1,203 — — 1,203 (9+) Non-accrual — — — — — 180 — — 180 Total real estate $ 934,008 $ 844,518 $ 769,592 $ 481,616 $ 326,691 $ 762,427 $ 587,064 $ 71,614 $ 4,777,530 Total $ 2,431,199 $ 4,606,457 $ 2,098,354 $ 1,602,034 $ 866,577 $ 5,939,419 $ 5,205,040 $ 122,881 $ 22,871,961 |
Schedule of activity in the reserve for loan losses by portfolio segment | The following table details activity in the allowance for credit losses on loans. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. (in thousands) Commercial Energy Mortgage Real Total Nine months ended September 30, 2022 Beginning balance $ 102,202 $ 52,568 $ 6,083 $ 51,013 $ 211,866 Provision for credit losses on loans 31,257 (18,636) 4,073 10,923 27,617 Charge-offs 3,210 2,903 — 350 6,463 Recoveries 549 1,044 — — 1,593 Net charge-offs (recoveries) 2,661 1,859 — 350 4,870 Ending balance $ 130,798 $ 32,073 $ 10,156 $ 61,586 $ 234,613 Nine months ended September 30, 2021 Beginning balance $ 73,061 $ 84,064 $ 4,699 $ 92,791 $ 254,615 Provision for credit losses on loans 26,549 (24,730) 1,729 (24,325) (20,777) Charge-offs 8,211 6,418 — 1,192 15,821 Recoveries 2,462 1,366 — 112 3,940 Net charge-offs (recoveries) 5,749 5,052 — 1,080 11,881 Ending balance $ 93,861 $ 54,282 $ 6,428 $ 67,386 $ 221,957 |
Schedule of impaired loans, by portfolio class | The table below provides an age analysis of our gross loans held for investment: (in thousands) 30-59 Days 60-89 Days 90 Days or More Past Due Total Past Non-Accrual Loans(1) Current Total Non-Accrual With No Allowance September 30, 2022 Commercial $ 10,405 $ 151 $ 30,602 $ 41,158 $ 27,968 $ 8,744,488 $ 8,813,614 $ 3,637 Energy — — — — 6,500 1,099,597 1,106,097 — Mortgage finance — — — — — 4,908,822 4,908,822 — Real estate: CRE 52 — — 52 187 3,310,033 3,310,272 — RBF — — — — — 600,567 600,567 — Other 700 2,453 — 3,153 1,081 786,033 790,267 — Secured by 1-4 family — — 62 62 128 314,408 314,598 — Total $ 11,157 $ 2,604 $ 30,664 $ 44,425 $ 35,864 $ 19,763,948 $ 19,844,237 $ 3,637 (3) As of September 30, 2022 and December 31, 2021, $1.8 million of our non-accrual loans were earning interest income on a cash basis. Additionally, $801,000 in interest income was recognized on non-accrual loans for the nine months ended September 30, 2022. Accrued interest of $100,000 was reversed during the nine months ended September 30, 2022. |
Schedule of recorded investment of loans restructured | The following table details the recorded investment of loans restructured during the nine months ended September 30, 2022: Extended Maturity Adjusted Payment Schedule Total (in thousands, except number of contracts) Number of Contracts Balance at Period End Number of Contracts Balance at Period End Number of Contracts Balance at Period End Nine months ended September 30, 2022 Commercial loans — $ — 1 $ 604 1 $ 604 Total — $ — 1 $ 604 1 $ 604 |
Short-term Borrowings and Lon_2
Short-term Borrowings and Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of borrowings | The table below presents a summary of short-term borrowings: (in thousands) September 30, 2022 December 31, 2021 Customer repurchase agreements $ 1,480 $ 2,832 Federal Home Loan Bank borrowings 1,700,000 2,200,000 Total short-term borrowings $ 1,701,480 $ 2,202,832 The table below presents a summary of long-term debt: (in thousands) September 30, 2022 December 31, 2021 Bank-issued floating rate senior unsecured credit-linked notes due 2024 $ 271,991 $ 270,487 Bank-issued 5.25% fixed rate subordinated notes due 2026 174,131 173,935 Company-issued 4.00% fixed rate subordinated notes due 2031 371,238 370,910 Trust preferred floating rate subordinated debentures due 2032 to 2036 113,406 113,406 Total long-term debt $ 930,766 $ 928,738 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | The table below presents our financial instruments with off-balance sheet risk as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments. This allowance is recorded in other liabilities on the consolidated balance sheets. Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Beginning balance of allowance for off-balance sheet credit losses $ 17,981 $ 16,747 $ 17,265 $ 17,434 Provision for off-balance sheet credit losses 3,667 1,464 4,383 777 Ending balance of allowance for off-balance sheet credit losses $ 21,648 $ 18,211 $ 21,648 $ 18,211 (in thousands) September 30, 2022 December 31, 2021 Commitments to extend credit - period end balance $ 9,182,739 $ 9,445,763 Standby letters of credit - period end balance 419,828 357,672 |
Regulatory Restrictions (Tables
Regulatory Restrictions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of compliance with Regulatory Capital Requirements | The table below summarizes our actual and required capital ratios under the Basel III Capital Rules. The ratios presented below include the effects of our election to utilize the five-year CECL transition described above. Actual Minimum Capital Required(2) Capital Required to be Well Capitalized (dollars in thousands) Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio September 30, 2022 CET1 Company $ 3,011,505 11.08 % $ 1,902,047 7.00 % N/A N/A Bank 3,175,750 11.70 % 1,899,579 7.00 % 1,763,895 6.50 % Total capital (to risk-weighted assets) Company 4,143,219 15.25 % 2,853,071 10.50 % 2,717,210 10.00 % Bank 3,736,226 13.77 % 2,849,369 10.50 % 2,713,685 10.00 % Tier 1 capital (to risk-weighted assets) Company 3,421,505 12.59 % 2,309,629 8.50 % 1,630,326 6.00 % Bank 3,335,750 12.29 % 2,306,632 8.50 % 2,170,948 8.00 % Tier 1 capital (to average assets)(1) Company 3,421,505 10.67 % 1,282,691 4.00 % N/A N/A Bank 3,335,750 10.41 % 1,281,909 4.00 % 1,602,386 5.00 % December 31, 2021 CET1 Company $ 2,949,785 11.06 % $ 1,866,444 7.00 % N/A N/A Bank 3,013,170 11.30 % 1,866,303 7.00 % 1,732,996 6.50 % Total capital (to risk-weighted assets) Company 4,085,540 15.32 % 2,799,666 10.50 % 2,666,348 10.00 % Bank 3,578,014 13.42 % 2,799,455 10.50 % 2,666,148 10.00 % Tier 1 capital (to risk-weighted assets) Company 3,359,785 12.60 % 2,266,396 8.50 % 1,599,809 6.00 % Bank 3,173,170 11.90 % 2,266,225 8.50 % 2,132,918 8.00 % Tier 1 capital (to average assets)(1) Company 3,359,785 9.01 % 1,490,902 4.00 % N/A N/A Bank 3,173,170 8.51 % 1,490,677 4.00 % 1,863,346 5.00 % (1) The Tier 1 capital ratio (to average assets) is not impacted by the Basel III Capital Rules; however, the Federal Reserve Board and the FDIC may require the Company and the Bank, respectively, to maintain a Tier 1 capital ratio (to average assets) above the required minimum. (2) Percentages represent the minimum capital ratios plus the fully phased-in 2.5% CET1 capital buffer under the Basel III Capital Rules. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Compensation Related Costs [Abstract] | |
Schedule of stock-based compensation costs | The table below summarizes our stock-based compensation expense: Three months ended September 30, Nine months ended September 30, (in thousands) 2022 2021 2022 2021 Stock-settled awards: RSUs $ 5,376 $ 8,324 $ 15,805 $ 22,099 Restricted stock — — — 1 Cash-settled units 3 64 186 1,092 Total $ 5,379 $ 8,388 $ 15,991 $ 23,192 |
Schedule of unrecognized compensation costs | (in thousands except period data) September 30, 2022 Unrecognized compensation expense related to unvested stock-settled awards $ 37,492 Weighted average period over which expense is expected to be recognized, in years 2.4 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value | Assets and liabilities measured at fair value are as follows: Fair Value Measurements Using (in thousands) Level 1 Level 2 Level 3 September 30, 2022 Available-for-sale debt securities:(1) U.S. Treasury securities $ 637,281 $ — $ — U.S. government agency securities — 101,690 — Residential mortgage-backed securities — 1,630,101 — CRT securities — — 11,702 Equity securities(1)(2) 21,932 11,041 — Mortgage loans held for sale(3) — — 4,387 Derivative assets(4) — 24,093 — Derivative liabilities(4) — 108,608 — Non-qualified deferred compensation plan liabilities(5) 20,028 — — December 31, 2021 Available-for-sale debt securities:(1) U.S. government agency securities $ — $ 120,944 $ — Residential mortgage-backed securities — 3,225,378 — Tax-exempt asset-backed securities — — 180,033 CRT securities — — 11,846 Equity securities(1)(2) 33,589 12,018 — Mortgage loans held for sale(3) — 465 7,658 Derivative assets(4) — 37,788 — Derivative liabilities(4) — 37,788 — Non-qualified deferred compensation plan liabilities(5) 29,695 — — (1) Investment securities are measured at fair value on a recurring basis, generally monthly, except for tax-exempt asset-backed securities and CRT securities, which are measured quarterly. (2) Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments related to our non-qualified deferred compensation plan. (3) Mortgage loans held for sale are measured at fair value on a recurring basis, generally monthly. (4) Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. (5) Non-qualified deferred compensation plan liabilities represent the fair value of the obligation to the employee, which generally corresponds to the fair value of the invested assets, and are measured at fair value on a recurring basis, generally monthly. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in Level 3 assets measured at fair value on a recurring basis: Net Gains (Losses) (in thousands) Balance at Beginning of Period Purchases / Additions Sales / Reductions Realized Unrealized Balance at End of Period Three months ended September 30, 2022 Available-for-sale debt securities:(1) CRT securities $ 11,670 $ — $ — $ — $ 32 $ 11,702 Loans held for sale(2) 4,266 571 (450) — — 4,387 Three months ended September 30, 2021 Available-for-sale debt securities:(1) Tax-exempt asset-backed securities $ 185,954 $ — $ (2,270) $ — $ 1,136 $ 184,820 CRT securities 11,713 — — — 91 11,804 Loans held for sale(2) 8,227 440 (870) — (96) 7,701 Nine months ended September 30, 2022 Available-for-sale debt securities:(1) Tax-exempt asset-backed securities $ 180,033 $ — $ (170,626) $ — $ (9,407) $ — CRT securities 11,846 — — — (144) 11,702 Loans held for sale(2) 7,658 1,898 (5,050) — (119) 4,387 Nine months ended September 30, 2021 Available-for-sale debt securities:(1) Tax-exempt asset-backed securities $ 199,176 $ — $ (13,783) $ — $ (573) $ 184,820 CRT securities 11,417 — — — 387 11,804 Loans held for sale(2) 6,933 2,125 (1,395) 5 33 7,701 (1) Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI. Realized gains/(losses) are recorded in other non-interest income on the consolidated statements of income and other comprehensive income/(loss). (2) Realized and unrealized gains/(losses) on loans held for sale are recorded in net gain/(loss) on sale of loans held for sale on the consolidated statements of income and other comprehensive income/(loss). |
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: Estimated Fair Value (in thousands) Carrying Total Level 1 Level 2 Level 3 September 30, 2022 Financial assets: Cash and cash equivalents $ 3,640,247 $ 3,640,247 $ 3,640,247 $ — $ — Available-for-sale debt securities 2,380,774 2,380,774 637,281 1,731,791 11,702 Held-to-maturity debt securities 955,875 819,701 — 819,701 — Equity securities 32,973 32,973 21,932 11,041 — Loans held for sale 3,142,178 3,113,806 — — 3,113,806 Loans held for investment, net 19,553,168 19,472,586 — — 19,472,586 Derivative assets 24,093 24,093 — 24,093 — Financial liabilities: Total deposits 24,498,563 24,502,640 — — 24,502,640 Short-term borrowings 1,701,480 1,701,480 — 1,701,480 — Long-term debt 930,766 873,342 — 873,342 — Derivative liabilities 108,608 108,608 — 108,608 — December 31, 2021 Financial assets: Cash and cash equivalents $ 7,946,659 $ 7,946,659 $ 7,946,659 $ — $ — Available-for-sale debt securities 3,538,201 3,538,201 — 3,346,322 191,879 Equity securities 45,607 45,607 33,589 12,018 — Loans held for sale 8,123 8,123 — 465 7,658 Loans held for investment, net 22,595,088 22,631,252 — — 22,631,252 Derivative assets 37,788 37,788 — 37,788 — Financial liabilities: Total deposits 28,109,365 28,109,762 — — 28,109,762 Short-term borrowings 2,202,832 2,202,832 — 2,202,832 — Long-term debt 928,738 952,404 — 952,404 — Derivative liabilities 37,788 37,788 — 37,788 — |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The notional amounts and estimated fair values of derivative positions outstanding are presented in the following table. September 30, 2022 December 31, 2021 Estimated Fair Value Estimated Fair Value (in thousands) Notional Asset Derivative Liability Derivative Notional Asset Derivative Liability Derivative Derivatives designated as hedges Cash flow hedges: Interest rate contracts: Swaps hedging loans $ 3,000,000 $ 357 $ 80,135 $ — $ — $ — Non-hedging derivatives Customer-initiated and other derivatives: Interest rate contracts: Swaps 3,989,586 86,138 86,138 3,536,090 40,922 40,922 Caps and floors written 130,415 — 1,489 191,291 94 — Caps and floors purchased 130,415 1,489 — 191,291 — 94 Forward contracts 1,025,581 12,536 12,429 — — — Gross derivatives 100,520 180,191 41,016 41,016 Netting adjustment - offsetting derivative assets/liabilities (2,476) (2,476) (3,228) (3,228) Netting adjustment - cash collateral received/posted (73,951) (69,107) — — Net derivatives included on the consolidated balance sheets $ 24,093 $ 108,608 $ 37,788 $ 37,788 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table provides the change in AOCI by component: (in thousands) Cash Flow Hedges Available-for-Sale Securities Held-to-Maturity Securities Total Three months ended September 30, 2022 Beginning balance $ (316) $ (220,090) $ (51,802) $ (272,208) Change in unrealized gain/(loss) (78,177) (129,027) — (207,204) Amounts reclassified into net income (1,760) — 2,369 609 Total other comprehensive income/(loss) (79,937) (129,027) 2,369 (206,595) Income tax expense/(benefit) (16,786) (27,095) 497 (43,384) Total other comprehensive income/(loss), net of tax (63,151) (101,932) 1,872 (163,211) Ending balance $ (63,467) $ (322,022) $ (49,930) $ (435,419) Three months ended September 30, 2021 Beginning balance $ — $ (26,389) $ — $ (26,389) Change in unrealized gain/(loss) — (18,131) — (18,131) Amounts reclassified into net income — — — — Total other comprehensive income/(loss) — (18,131) — (18,131) Income tax expense/(benefit) — (3,808) — (3,808) Total other comprehensive income/(loss), net of tax — (14,323) — (14,323) Ending balance $ — $ (40,712) $ — $ (40,712) Nine months ended September 30, 2022 Beginning balance $ — $ (47,715) $ — $ (47,715) Change in unrealized gain/(loss) (77,873) (347,223) (69,165) (494,261) Amounts reclassified into net income (2,464) — 5,962 3,498 Total other comprehensive income/(loss) (80,337) (347,223) (63,203) (490,763) Income tax expense/(benefit) (16,870) (72,916) (13,273) (103,059) Total other comprehensive income/(loss), net of tax (63,467) (274,307) (49,930) (387,704) Ending balance $ (63,467) $ (322,022) $ (49,930) $ (435,419) Nine months ended September 30, 2021 Beginning balance $ — $ 15,774 $ — $ 15,774 Change in unrealized gain/(loss) — (71,501) — (71,501) Amounts reclassified into net income — — — — Total other comprehensive income/(loss) — (71,501) — (71,501) Income tax expense/(benefit) — (15,015) — (15,015) Total other comprehensive income/(loss), net of tax — (56,486) — (56,486) Ending balance $ — $ (40,712) $ — $ (40,712) |
Operations and Summary of Sig_3
Operations and Summary of Significant Accounting Policies - Additional Information (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - BDCF - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal group, including discontinued operation, financing receivable, excluding accrued interest | $ 3,100 | $ 3,100 | ||
Disposal group, including discontinued operation, consideration | $ 3,400 | $ 3,400 | ||
Disposal group, including discontinued operation, asset premium percentage | 8.50% | 8.50% | ||
Disposal group pre-tax net income | $ 11.9 | $ 17.4 | $ 49.5 | $ 48.7 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Net income | $ 41,418 | $ 43,390 | $ 115,227 | $ 188,809 |
Preferred stock dividends | 4,313 | 4,312 | 12,938 | 14,408 |
Net income available to common stockholders | $ 37,105 | $ 39,078 | $ 102,289 | $ 174,401 |
Denominator: | ||||
Denominator for basic earnings per common share—weighted average common shares | 49,891,727 | 50,600,732 | 50,506,364 | 50,568,439 |
Effect of dilutive outstanding stock-settled awards | 526,157 | 538,823 | 584,151 | 555,836 |
Denominator for dilutive earnings per common share—weighted average diluted common shares | 50,417,884 | 51,139,555 | 51,090,515 | 51,124,275 |
Basic earnings per common share | $ 0.74 | $ 0.77 | $ 2.03 | $ 3.45 |
Diluted earnings per common share | $ 0.74 | $ 0.76 | $ 2 | $ 3.41 |
Anti-dilutive outstanding stock-settled awards | 174,706 | 208,813 | 315,499 | 104,174 |
Investment Securities - Summary
Investment Securities - Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-sale debt securities: | ||
Total | $ 2,788,396 | $ 3,598,600 |
Gross Unrealized Gains | 7 | 9,563 |
Gross Unrealized Losses | (407,629) | (69,962) |
Estimated Fair Value | 2,380,774 | 3,538,201 |
Held-to-maturity debt securities: | ||
Amortized Cost(1) | 955,875 | 0 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 136,174 | |
Estimated Fair Value | 819,701 | |
Equity securities | 32,973 | 45,607 |
Total investment securities | 3,369,622 | 3,583,808 |
Interest receivable | 71,800 | 50,900 |
Available-for-Sale | ||
Available-for-sale debt securities: | ||
Total | 2,788,396 | |
Estimated Fair Value | 2,380,774 | |
Held-to-maturity debt securities: | ||
Interest receivable | 4,200 | 6,600 |
Held-to-Maturity | ||
Held-to-maturity debt securities: | ||
Estimated Fair Value | 819,701 | |
Interest receivable | 1,500 | |
U.S. Treasury securities | ||
Available-for-sale debt securities: | ||
Total | 668,093 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (30,812) | |
Estimated Fair Value | 637,281 | |
U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Total | 125,000 | 125,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (23,310) | (4,056) |
Estimated Fair Value | 101,690 | 120,944 |
Residential mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Total | 1,980,590 | 3,288,261 |
Gross Unrealized Gains | 7 | 156 |
Gross Unrealized Losses | (350,496) | (63,039) |
Estimated Fair Value | 1,630,101 | 3,225,378 |
Held-to-maturity debt securities: | ||
Amortized Cost(1) | 955,875 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 136,174 | |
Estimated Fair Value | 819,701 | |
Tax-exempt asset-backed securities | ||
Available-for-sale debt securities: | ||
Total | 170,626 | |
Gross Unrealized Gains | 9,407 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 180,033 | |
Credit risk transfer (“CRT”) securities | ||
Available-for-sale debt securities: | ||
Total | 14,713 | 14,713 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,011) | (2,867) |
Estimated Fair Value | $ 11,702 | $ 11,846 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) security | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Debt securities, held-to-maturity, discount | $ | $ 69.2 | |
Debt securities, available-for-sale, number of unrealized loss positions | 98 | |
Held-to-Maturity | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Available-for-sale debt securities transferred to held-to-maturity at fair value | $ | $ 1,000 | |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Debt securities, available-for-sale, number of unrealized loss positions | 12 | |
U.S. government agency securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Debt securities, available-for-sale, number of unrealized loss positions | 5 | |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Debt securities, available-for-sale, number of unrealized loss positions | 79 | |
Credit risk transfer (“CRT”) securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Debt securities, available-for-sale, number of unrealized loss positions | 2 | |
Customer repurchase agreements | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Available-for-sale debt securities pledged to secure certain customer repurchase agreements and deposits | $ | $ 18.6 | $ 22 |
Deposits | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Available-for-sale debt securities pledged to secure certain customer repurchase agreements and deposits | $ | $ 1.4 | $ 2 |
Investment Securities - Debt Se
Investment Securities - Debt Securities Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Total | $ 2,788,396 | $ 3,598,600 |
Fair Value | ||
Available-for-sale debt securities | 2,380,774 | $ 3,538,201 |
Fair Value | ||
Total | 819,701 | |
Available-for-Sale | ||
Amortized Cost | ||
Due within one year | 41 | |
Due after one year through five years | 668,093 | |
Due after five years through ten years | 156,587 | |
Due after ten years | 1,963,675 | |
Total | 2,788,396 | |
Fair Value | ||
Due within one year | 41 | |
Due after one year through five years | 637,281 | |
Due after five years through ten years | 127,368 | |
Due after ten years | 1,616,084 | |
Available-for-sale debt securities | 2,380,774 | |
Held-to-Maturity | ||
Amortized Cost | ||
Due within one year | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 955,875 | |
Total | 955,875 | |
Fair Value | ||
Due within one year | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 819,701 | |
Total | $ 819,701 |
Investment Securities - Debt _2
Investment Securities - Debt Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | $ 948,119 | $ 2,895,137 |
Less Than 12 Months, Unrealized Loss | (97,979) | (51,636) |
12 Months or Longer, Fair Value | 1,432,046 | 412,196 |
12 Months or Longer, Unrealized Loss | (309,650) | (18,326) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,380,165 | 3,307,333 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (407,629) | (69,962) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 637,281 | |
Less Than 12 Months, Unrealized Loss | (30,812) | |
12 Months or Longer, Fair Value | 0 | |
12 Months or Longer, Unrealized Loss | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 637,281 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (30,812) | |
U.S. government agency securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 0 | 24,085 |
Less Than 12 Months, Unrealized Loss | 0 | (915) |
12 Months or Longer, Fair Value | 101,690 | 96,859 |
12 Months or Longer, Unrealized Loss | (23,310) | (3,141) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 101,690 | 120,944 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (23,310) | (4,056) |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 310,838 | 2,871,052 |
Less Than 12 Months, Unrealized Loss | (67,167) | (50,721) |
12 Months or Longer, Fair Value | 1,318,654 | 303,491 |
12 Months or Longer, Unrealized Loss | (283,329) | (12,318) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,629,492 | 3,174,543 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (350,496) | (63,039) |
Credit risk transfer (“CRT”) securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less Than 12 Months, Fair Value | 0 | 0 |
Less Than 12 Months, Unrealized Loss | 0 | 0 |
12 Months or Longer, Fair Value | 11,702 | 11,846 |
12 Months or Longer, Unrealized Loss | (3,011) | (2,867) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 11,702 | 11,846 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (3,011) | $ (2,867) |
Investment Securities - Equity
Investment Securities - Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net gains/(losses) recognized during the period | $ (1,165) | $ 850 | $ (9,801) | $ 4,496 |
Less: Realized net gains/(losses) recognized on securities sold | 587 | (347) | 589 | (1,096) |
Unrealized net gains/(losses) recognized on securities held | $ (578) | $ 503 | $ (9,212) | $ 3,400 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses on Loans - Loans By Portfolio Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Gross loans held for investment | $ 19,844,237 | $ 22,871,961 | ||
Unearned income (net of direct origination costs) | (56,456) | (65,007) | ||
Total loans held for investment | 19,787,781 | 22,806,954 | ||
Allowance for credit losses on loans | (234,613) | (211,866) | $ (221,957) | $ (254,615) |
Total loans held for investment, net | 19,553,168 | 22,595,088 | ||
Loans held for sale | 3,142,178 | 8,123 | ||
Interest receivable | 71,800 | 50,900 | ||
Non-accrual | 35,864 | |||
Insurance premium finance loans, at lower of cost or fair value | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans held for sale | 3,137,791 | 0 | ||
Non-accrual | 1,300 | |||
Past due 90 days and still accruing | 3,100 | |||
Mortgage loans, at fair value | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans held for sale | 4,387 | 8,123 | ||
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Gross loans held for investment | 8,813,614 | 9,897,561 | ||
Allowance for credit losses on loans | (130,798) | (102,202) | (93,861) | (73,061) |
Non-accrual | 27,968 | |||
Energy | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Gross loans held for investment | 1,106,097 | 721,373 | ||
Allowance for credit losses on loans | (32,073) | (52,568) | (54,282) | (84,064) |
Non-accrual | 6,500 | |||
Mortgage finance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Gross loans held for investment | 4,908,822 | 7,475,497 | ||
Allowance for credit losses on loans | (10,156) | (6,083) | (6,428) | (4,699) |
Non-accrual | 0 | |||
Real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Gross loans held for investment | 5,015,704 | 4,777,530 | ||
Allowance for credit losses on loans | $ (61,586) | $ (51,013) | $ (67,386) | $ (92,791) |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses on Loans - Loans by Credit Quality Grade (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 2,764,912 | $ 2,431,199 |
2021 | 2,288,994 | 4,606,457 |
2020 | 1,311,931 | 2,098,354 |
2019 | 1,441,483 | 1,602,034 |
2018 | 1,169,943 | 866,577 |
2017 and prior | 4,299,871 | 5,939,419 |
Revolving lines of credit | 6,492,654 | 5,205,040 |
Revolving lines of credit converted to term loans | 74,449 | 122,881 |
Total | 19,844,237 | 22,871,961 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,566,512 | 1,136,399 |
2021 | 857,941 | 3,171,323 |
2020 | 259,034 | 672,317 |
2019 | 434,737 | 365,908 |
2018 | 257,913 | 207,885 |
2017 and prior | 335,010 | 308,275 |
Revolving lines of credit | 5,071,303 | 3,984,187 |
Revolving lines of credit converted to term loans | 31,164 | 51,267 |
Total | 8,813,614 | 9,897,561 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,530,588 | 1,133,013 |
2021 | 776,714 | 3,157,150 |
2020 | 252,321 | 546,520 |
2019 | 366,245 | 319,246 |
2018 | 225,307 | 200,478 |
2017 and prior | 316,001 | 289,795 |
Revolving lines of credit | 5,004,072 | 3,960,706 |
Revolving lines of credit converted to term loans | 27,344 | 41,377 |
Total | 8,498,592 | 9,648,285 |
Commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 28,302 | 2,650 |
2021 | 38,477 | 5,277 |
2020 | 6,398 | 23,129 |
2019 | 37,809 | 8,697 |
2018 | 7,526 | 39 |
2017 and prior | 5,769 | 5,322 |
Revolving lines of credit | 35,967 | 5,120 |
Revolving lines of credit converted to term loans | 3,820 | 7,883 |
Total | 164,068 | 58,117 |
Commercial | Substandard-accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 42,148 | 7,705 |
2020 | 315 | 102,619 |
2019 | 30,647 | 25,010 |
2018 | 15,133 | 6,202 |
2017 and prior | 6,365 | 6,962 |
Revolving lines of credit | 28,378 | 14,742 |
Revolving lines of credit converted to term loans | 0 | 2,007 |
Total | 122,986 | 165,247 |
Commercial | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 7,622 | 736 |
2021 | 602 | 1,191 |
2020 | 0 | 49 |
2019 | 36 | 12,955 |
2018 | 9,947 | 1,166 |
2017 and prior | 6,875 | 6,196 |
Revolving lines of credit | 2,886 | 3,619 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 27,968 | 25,912 |
Energy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 129,764 | 71,750 |
2021 | 23,517 | 0 |
2020 | 0 | 0 |
2019 | 0 | 3 |
2018 | 20,000 | 0 |
2017 and prior | 5,743 | 15,831 |
Revolving lines of credit | 927,073 | 633,789 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 1,106,097 | 721,373 |
Energy | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 129,764 | 71,750 |
2021 | 23,517 | 0 |
2020 | 0 | 0 |
2019 | 0 | 3 |
2018 | 20,000 | 0 |
2017 and prior | 5,743 | 7,188 |
Revolving lines of credit | 912,936 | 577,988 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 1,091,960 | 656,929 |
Energy | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 0 | 0 |
Revolving lines of credit | 0 | 27,421 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 0 | 27,421 |
Energy | Substandard-accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 0 | 8,643 |
Revolving lines of credit | 7,637 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 7,637 | 8,643 |
Energy | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 0 | 0 |
Revolving lines of credit | 6,500 | 28,380 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 6,500 | 28,380 |
Mortgage finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 7,913 | 289,042 |
2021 | 457,792 | 590,616 |
2020 | 196,598 | 656,445 |
2019 | 393,675 | 754,507 |
2018 | 556,944 | 332,001 |
2017 and prior | 3,295,900 | 4,852,886 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 4,908,822 | 7,475,497 |
Mortgage finance | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 7,913 | 289,042 |
2021 | 457,792 | 590,616 |
2020 | 196,598 | 656,445 |
2019 | 393,675 | 754,507 |
2018 | 555,480 | 332,001 |
2017 and prior | 3,292,412 | 4,852,886 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 4,903,870 | 7,475,497 |
Mortgage finance | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 0 | 0 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 0 | 0 |
Mortgage finance | Substandard-accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 1,464 | 0 |
2017 and prior | 3,488 | 0 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 4,952 | 0 |
Mortgage finance | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 0 | 0 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 0 | 0 |
Real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,060,723 | 934,008 |
2021 | 949,744 | 844,518 |
2020 | 856,299 | 769,592 |
2019 | 613,071 | 481,616 |
2018 | 335,086 | 326,691 |
2017 and prior | 663,218 | 762,427 |
Revolving lines of credit | 494,278 | 587,064 |
Revolving lines of credit converted to term loans | 43,285 | 71,614 |
Total | 5,015,704 | 4,777,530 |
Real estate | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,310,272 | |
Real estate | Commercial Real Estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 800,519 | 497,462 |
2021 | 611,459 | 576,344 |
2020 | 657,829 | 600,005 |
2019 | 487,368 | 294,005 |
2018 | 183,225 | 155,252 |
2017 and prior | 366,644 | 451,042 |
Revolving lines of credit | 60,672 | 73,988 |
Revolving lines of credit converted to term loans | 15,969 | 25,970 |
Total | 3,183,685 | 2,674,068 |
Real estate | Commercial Real Estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,396 | 0 |
2021 | 7,249 | 0 |
2020 | 7,940 | 291 |
2019 | 5,297 | 8,827 |
2018 | 33,454 | 20,089 |
2017 and prior | 22,063 | 26,344 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 78,399 | 55,551 |
Real estate | Commercial Real Estate | Substandard-accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 17,850 |
2021 | 17,850 | 0 |
2020 | 0 | 0 |
2019 | 0 | 40,900 |
2018 | 11,522 | 37,393 |
2017 and prior | 18,629 | 38,188 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 2,308 |
Total | 48,001 | 136,639 |
Real estate | Commercial Real Estate | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 187 | 198 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 187 | 198 |
Real estate | Residential Homebuilder Finance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 600,567 | |
Real estate | Residential Homebuilder Finance | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 82,515 | 155,595 |
2021 | 85,477 | 44,362 |
2020 | 19,560 | 9,693 |
2019 | 13,915 | 8,565 |
2018 | 7,462 | 0 |
2017 and prior | 1,162 | 12,732 |
Revolving lines of credit | 390,476 | 460,888 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 600,567 | 691,835 |
Real estate | Residential Homebuilder Finance | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 0 | 0 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 0 | 0 |
Real estate | Residential Homebuilder Finance | Substandard-accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 0 | 0 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 0 | 0 |
Real estate | Residential Homebuilder Finance | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 0 | 0 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 0 | 0 |
Real estate | Other Financing Receivable | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 790,267 | |
Real estate | Other Financing Receivable | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 129,406 | 166,202 |
2021 | 137,275 | 148,811 |
2020 | 103,917 | 119,017 |
2019 | 79,637 | 106,343 |
2018 | 79,984 | 61,723 |
2017 and prior | 170,709 | 139,723 |
Revolving lines of credit | 39,074 | 47,653 |
Revolving lines of credit converted to term loans | 27,316 | 29,595 |
Total | 767,318 | 819,067 |
Real estate | Other Financing Receivable | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 7,365 |
2020 | 10,711 | 0 |
2019 | 0 | 0 |
2018 | 0 | 845 |
2017 and prior | 10,099 | 4,982 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 20,810 | 13,192 |
Real estate | Other Financing Receivable | Substandard-accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 6,424 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 16,922 |
2017 and prior | 1,058 | 20,184 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 1,058 | 43,530 |
Real estate | Other Financing Receivable | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 1,081 | 0 |
2019 | 0 | 0 |
2018 | 0 | 2,641 |
2017 and prior | 0 | 1,450 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 13,741 |
Total | 1,081 | 17,832 |
Real estate | Secured by 1-4 family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 314,598 | |
Real estate | Secured by 1-4 family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 45,887 | 96,899 |
2021 | 90,434 | 60,659 |
2020 | 55,261 | 40,586 |
2019 | 26,854 | 22,976 |
2018 | 19,439 | 31,826 |
2017 and prior | 72,329 | 65,910 |
Revolving lines of credit | 4,056 | 4,535 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 314,260 | 323,391 |
Real estate | Secured by 1-4 family | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 553 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 44 | 291 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 44 | 844 |
Real estate | Secured by 1-4 family | Substandard-accruing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 166 | 1,203 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | 166 | 1,203 |
Real estate | Secured by 1-4 family | Non-accrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 and prior | 128 | 180 |
Revolving lines of credit | 0 | 0 |
Revolving lines of credit converted to term loans | 0 | 0 |
Total | $ 128 | $ 180 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses on Loans - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 211,866 | $ 254,615 |
Provision for credit losses on loans | 27,617 | (20,777) |
Charge-offs | 6,463 | 15,821 |
Recoveries | 1,593 | 3,940 |
Net charge-offs (recoveries) | 4,870 | 11,881 |
Ending balance | 234,613 | 221,957 |
Commercial | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 102,202 | 73,061 |
Provision for credit losses on loans | 31,257 | 26,549 |
Charge-offs | 3,210 | 8,211 |
Recoveries | 549 | 2,462 |
Net charge-offs (recoveries) | 2,661 | 5,749 |
Ending balance | 130,798 | 93,861 |
Energy | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 52,568 | 84,064 |
Provision for credit losses on loans | (18,636) | (24,730) |
Charge-offs | 2,903 | 6,418 |
Recoveries | 1,044 | 1,366 |
Net charge-offs (recoveries) | 1,859 | 5,052 |
Ending balance | 32,073 | 54,282 |
Mortgage finance | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 6,083 | 4,699 |
Provision for credit losses on loans | 4,073 | 1,729 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs (recoveries) | 0 | 0 |
Ending balance | 10,156 | 6,428 |
Real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 51,013 | 92,791 |
Provision for credit losses on loans | 10,923 | (24,325) |
Charge-offs | 350 | 1,192 |
Recoveries | 0 | 112 |
Net charge-offs (recoveries) | 350 | 1,080 |
Ending balance | $ 61,586 | $ 67,386 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses on Loans - Impact of Adoption Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Provision for credit losses | $ 12,000 | $ 5,000 | $ 32,000 | $ (20,000) | |
Net charge-offs (recoveries) | 4,870 | 11,881 | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 19,844,237 | 19,844,237 | $ 22,871,961 | ||
Criticized | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Financing receivable, excluding accrued interest, before allowance for credit loss | $ 484,000 | $ 728,900 | 484,000 | 728,900 | $ 582,900 |
Leveraged Lending | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net charge-offs (recoveries) | 11,900 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Provision for credit losses | $ (32,000) | $ 20,000 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses on Loans - Collateral Dependent (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Real estate | Real Property | Asset Pledged as Collateral | |
Financing Receivable, Past Due [Line Items] | |
Collateral-dependent real estate loans | $ 0 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses on Loans - Age Analysis (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | $ 19,844,237,000 | $ 22,871,961,000 | |
Non-accrual | 35,864,000 | ||
Non-Accrual With No Allowance | 3,637,000 | ||
Nonaccrual, interest income | 801,000 | $ 1,800,000 | |
Interest income reversed | 100,000 | ||
30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 11,157,000 | ||
60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,604,000 | ||
Greater Than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 30,664,000 | ||
Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 44,425,000 | ||
Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 19,763,948,000 | ||
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 8,813,614,000 | 9,897,561,000 | |
Non-accrual | 27,968,000 | ||
Non-Accrual With No Allowance | 3,637,000 | ||
Commercial | 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 10,405,000 | ||
Commercial | 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 151,000 | ||
Commercial | Greater Than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 30,602,000 | ||
Commercial | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 41,158,000 | ||
Commercial | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 8,744,488,000 | ||
Energy | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,106,097,000 | 721,373,000 | |
Non-accrual | 6,500,000 | ||
Non-Accrual With No Allowance | 0 | ||
Energy | 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Energy | 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Energy | Greater Than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Energy | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Energy | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 1,099,597,000 | ||
Mortgage finance | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 4,908,822,000 | 7,475,497,000 | |
Non-accrual | 0 | ||
Non-Accrual With No Allowance | 0 | ||
Mortgage finance | 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Mortgage finance | 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Mortgage finance | Greater Than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Mortgage finance | Financial Asset, Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Mortgage finance | Financial Asset, Not Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 4,908,822,000 | ||
Real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 5,015,704,000 | $ 4,777,530,000 | |
Real estate | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 3,310,272,000 | ||
Non-accrual | 187,000 | ||
Non-Accrual With No Allowance | 0 | ||
Real estate | Residential Homebuilder Finance | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 600,567,000 | ||
Non-accrual | 0 | ||
Non-Accrual With No Allowance | 0 | ||
Real estate | Other Financing Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 790,267,000 | ||
Non-accrual | 1,081,000 | ||
Non-Accrual With No Allowance | 0 | ||
Real estate | Secured by 1-4 family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 314,598,000 | ||
Non-accrual | 128,000 | ||
Non-Accrual With No Allowance | 0 | ||
Real estate | 30 to 59 Days Past Due | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 52,000 | ||
Real estate | 30 to 59 Days Past Due | Residential Homebuilder Finance | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Real estate | 30 to 59 Days Past Due | Other Financing Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 700,000 | ||
Real estate | 30 to 59 Days Past Due | Secured by 1-4 family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Real estate | 60 to 89 Days Past Due | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Real estate | 60 to 89 Days Past Due | Residential Homebuilder Finance | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Real estate | 60 to 89 Days Past Due | Other Financing Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,453,000 | ||
Real estate | 60 to 89 Days Past Due | Secured by 1-4 family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Real estate | Greater Than 90 Days | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Real estate | Greater Than 90 Days | Residential Homebuilder Finance | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Real estate | Greater Than 90 Days | Other Financing Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Real estate | Greater Than 90 Days | Secured by 1-4 family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 62,000 | ||
Real estate | Financial Asset, Past Due | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 52,000 | ||
Real estate | Financial Asset, Past Due | Residential Homebuilder Finance | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 0 | ||
Real estate | Financial Asset, Past Due | Other Financing Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 3,153,000 | ||
Real estate | Financial Asset, Past Due | Secured by 1-4 family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 62,000 | ||
Real estate | Financial Asset, Not Past Due | Commercial Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 3,310,033,000 | ||
Real estate | Financial Asset, Not Past Due | Residential Homebuilder Finance | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 600,567,000 | ||
Real estate | Financial Asset, Not Past Due | Other Financing Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 786,033,000 | ||
Real estate | Financial Asset, Not Past Due | Secured by 1-4 family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | $ 314,408,000 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses on Loans - Restructured Loans (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Receivables [Abstract] | ||
Nonaccrual loans that met the criteria for restructured | $ 2,200 | $ 19,400 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 1 | |
Balance at Period End | $ 604 | |
Extended Maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | |
Balance at Period End | $ 0 | |
Adjusted Payment Schedule | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 1 | |
Balance at Period End | $ 604 | |
Commercial loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 1 | |
Balance at Period End | $ 604 | |
Commercial loans | Extended Maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 0 | |
Balance at Period End | $ 0 | |
Commercial loans | Adjusted Payment Schedule | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 1 | |
Balance at Period End | $ 604 |
Short-term Borrowings and Lon_3
Short-term Borrowings and Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | May 06, 2021 | Jan. 31, 2014 |
Debt Instrument [Line Items] | ||||
Amount outstanding at year-end | $ 1,701,480 | $ 2,202,832 | ||
Long-term debt | 930,766 | 928,738 | ||
Customer repurchase agreements | ||||
Debt Instrument [Line Items] | ||||
Amount outstanding at year-end | 1,480 | |||
Federal Home Loan Bank borrowings | ||||
Debt Instrument [Line Items] | ||||
Amount outstanding at year-end | 1,700,000 | |||
Senior Unsecured Credit-Linked Notes, Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Face amount | 271,991 | 270,487 | ||
5.75% Subordinated Notes, Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt | 174,131 | 173,935 | ||
Stated interest rate | 5.25% | |||
4.00% Subordinated Notes, Due 2031 | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt | 371,238 | 370,910 | ||
Stated interest rate | 4% | |||
Floating Rate Subordinated Debentures, Due 2032 to 2036 | ||||
Debt Instrument [Line Items] | ||||
Subordinated debt | $ 113,406 | 113,406 | ||
Customer repurchase agreements | ||||
Debt Instrument [Line Items] | ||||
Amount outstanding at year-end | 2,832 | |||
Federal Home Loan Bank borrowings | ||||
Debt Instrument [Line Items] | ||||
Amount outstanding at year-end | $ 2,200,000 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Beginning balance of allowance for off-balance sheet credit losses | $ 17,981 | $ 16,747 | $ 17,265 | $ 17,434 | |
Provision for off-balance sheet credit losses | 3,667 | 1,464 | 4,383 | 777 | |
Ending balance of allowance for off-balance sheet credit losses | 21,648 | $ 18,211 | 21,648 | $ 18,211 | |
Commitments to extend credit | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Off-balance sheet liability | 9,182,739 | 9,182,739 | $ 9,445,763 | ||
Standby letters of credit | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Off-balance sheet liability | $ 419,828 | $ 419,828 | $ 357,672 |
Regulatory Restrictions - Addit
Regulatory Restrictions - Additional Information (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) $ / shares shares | Apr. 19, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2019 | Dec. 31, 2009 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Assets | $ 30,408,513 | $ 34,731,738 | $ 15,000,000 | ||
Share repurchase program, authorized amount | $ 150,000 | ||||
Stock Repurchased During Period, Shares | shares | 941,879 | ||||
Stock Repurchased During Period, Value | $ 50,023 | ||||
Repurchase Of Common Stock Price Per Share | $ / shares | $ 53.11 | ||||
Basel III, Phased-In | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
CET1, Tier 1, and total capital to risk-weighted assets capital conservation buffer | 0.025 |
Regulatory Restrictions - Sched
Regulatory Restrictions - Schedule of Compliance With Regulatory Capital Requirements (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2019 |
Common Equity Tier 1 [Abstract] | |||
CET1, actual amount | $ 3,011,505 | $ 2,949,785 | |
Total capital (to risk-weighted assets): | |||
Total capital (to risk weighted assets), actual amount | 4,143,219 | 4,085,540 | |
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 2,717,210 | 2,666,348 | |
Tier 1 capital (to risk-weighted assets): | |||
Tier 1 capital (to risk-weighted assets), actual amount | 3,421,505 | 3,359,785 | |
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 1,630,326 | 1,599,809 | |
Tier 1 capital (to average assets): | |||
Tier 1 capital (to average assets), actual amount | $ 3,421,505 | $ 3,359,785 | |
Banking Regulation, Risk-Based Information [Abstract] | |||
CET1, actual ratio | 11.08% | 11.06% | |
Total capital (to risk weighted assets), actual ratio | 0.1525 | 0.1532 | |
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 | |
Tier 1 capital (to risk-weighted assets), actual ratio | 0.1259 | 0.1260 | |
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, ratio | 0.0600 | 0.0600 | |
Tier 1 capital (to average assets), actual ratio | 0.1067 | 0.0901 | |
Bank | |||
Common Equity Tier 1 [Abstract] | |||
CET1, actual amount | $ 3,175,750 | $ 3,013,170 | |
CET1 to be well capitalized under prompt corrective action provisions, amount | 1,763,895 | 1,732,996 | |
Total capital (to risk-weighted assets): | |||
Total capital (to risk weighted assets), actual amount | 3,736,226 | 3,578,014 | |
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 2,713,685 | 2,666,148 | |
Tier 1 capital (to risk-weighted assets): | |||
Tier 1 capital (to risk-weighted assets), actual amount | 3,335,750 | 3,173,170 | |
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 2,170,948 | 2,132,918 | |
Tier 1 capital (to average assets): | |||
Tier 1 capital (to average assets), actual amount | 3,335,750 | 3,173,170 | |
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action provisions, amount | $ 1,602,386 | $ 1,863,346 | |
Banking Regulation, Risk-Based Information [Abstract] | |||
CET1, actual ratio | 11.70% | 11.30% | |
CET1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% | |
Total capital (to risk weighted assets), actual ratio | 0.1377 | 0.1342 | |
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 | |
Tier 1 capital (to risk-weighted assets), actual ratio | 0.1229 | 0.1190 | |
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 | |
Tier 1 capital (to average assets), actual ratio | 0.1041 | 0.0851 | |
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 | |
Basel III, Phased-In | |||
Common Equity Tier 1 [Abstract] | |||
CET1 for capital adequacy purposes, amount | $ 1,902,047 | $ 1,866,444 | |
Total capital (to risk-weighted assets): | |||
Total capital (to risk weighted assets) for capital adequacy purposes, amount | 2,853,071 | 2,799,666 | |
Tier 1 capital (to risk-weighted assets): | |||
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, amount | 2,309,629 | 2,266,396 | |
Tier 1 capital (to average assets): | |||
Tier 1 capital (to average assets) for capital adequacy purposes, amount | $ 1,282,691 | $ 1,490,902 | |
Banking Regulation, Risk-Based Information [Abstract] | |||
CET1 for capital adequacy purposes, ratio | 7% | 7% | |
Total capital (to risk weighted assets) for capital adequacy purposes, ratio | 0.1050 | 0.1050 | |
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, ratio | 0.0850 | 0.0850 | |
Tier 1 capital (to average assets) for capital adequacy purposes, ratio | 0.0400 | 0.0400 | |
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action provisions, ratio | 0.025 | ||
Basel III, Phased-In | Bank | |||
Common Equity Tier 1 [Abstract] | |||
CET1 for capital adequacy purposes, amount | $ 1,899,579 | $ 1,866,303 | |
Total capital (to risk-weighted assets): | |||
Total capital (to risk weighted assets) for capital adequacy purposes, amount | 2,849,369 | 2,799,455 | |
Tier 1 capital (to risk-weighted assets): | |||
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, amount | 2,306,632 | 2,266,225 | |
Tier 1 capital (to average assets): | |||
Tier 1 capital (to average assets) for capital adequacy purposes, amount | $ 1,281,909 | $ 1,490,677 | |
Banking Regulation, Risk-Based Information [Abstract] | |||
CET1 for capital adequacy purposes, ratio | 7% | 7% | |
Total capital (to risk weighted assets) for capital adequacy purposes, ratio | 0.1050 | 0.1050 | |
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, ratio | 0.0850 | 0.0850 | |
Tier 1 capital (to average assets) for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Apr. 19, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 5,379 | $ 8,388 | $ 15,991 | $ 23,192 | |
Unrecognized compensation expense related to unvested stock-settled awards | 37,492 | $ 37,492 | |||
Weighted average period over which unrecognized compensation expense is expected to be recognized (in years) | 2 years 4 months 24 days | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | 5,376 | 8,324 | $ 15,805 | 22,099 | |
Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | 0 | 0 | 0 | 1 | |
Cash-settled performance units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 3 | $ 64 | $ 186 | $ 1,092 | |
Long-Term Incentive Plan 2015 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under the plan | 1,124,880 |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | $ 2,380,774 | $ 3,538,201 |
Equity securities | 32,973 | 45,607 |
Derivative assets | 37,788 | |
Derivative liabilities | 37,788 | |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 637,281 | |
U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 101,690 | 120,944 |
Tax-exempt asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 180,033 | |
Credit risk transfer (“CRT”) securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 11,702 | 11,846 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 24,093 | |
Derivative liabilities | 108,608 | |
Fair value measurements, recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Non-qualified deferred compensation plan liabilities | 20,028 | 29,695 |
Fair value measurements, recurring basis | Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 637,281 | |
Fair value measurements, recurring basis | Level 1 | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 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] | ||
Available-for-sale debt securities | 0 | 0 |
Fair value measurements, recurring basis | Level 1 | Tax-exempt asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Fair value measurements, recurring basis | Level 1 | Credit risk transfer (“CRT”) securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | 0 |
Fair value measurements, recurring basis | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 21,932 | 33,589 |
Fair value measurements, recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | 465 |
Derivative liabilities | 37,788 | |
Non-qualified deferred compensation plan liabilities | 0 | 0 |
Fair value measurements, recurring basis | Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Fair value measurements, recurring basis | Level 2 | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 101,690 | 120,944 |
Fair value measurements, recurring basis | Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 1,630,101 | 3,225,378 |
Fair value measurements, recurring basis | Level 2 | Tax-exempt asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Fair value measurements, recurring basis | Level 2 | Credit risk transfer (“CRT”) securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | 0 |
Fair value measurements, recurring basis | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 11,041 | 12,018 |
Fair value measurements, recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 4,387 | 7,658 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Non-qualified deferred compensation plan liabilities | 0 | 0 |
Fair value measurements, recurring basis | Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Fair value measurements, recurring basis | Level 3 | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 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] | ||
Available-for-sale debt securities | 0 | 0 |
Fair value measurements, recurring basis | Level 3 | Tax-exempt asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 180,033 | |
Fair value measurements, recurring basis | Level 3 | Credit risk transfer (“CRT”) securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 11,702 | 11,846 |
Fair value measurements, recurring basis | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 0 | 0 |
Not Designated as Hedging Instrument | Fair value measurements, recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 37,788 |
Fair Value Disclosures (Detai_2
Fair Value Disclosures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Tax-exempt asset-backed securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at Beginning of Period | $ 185,954 | $ 180,033 | $ 199,176 | |
Purchases / Additions | 0 | 0 | 0 | |
Sales / Reductions | (2,270) | (170,626) | (13,783) | |
Realized | 0 | 0 | 0 | |
Unrealized | 1,136 | (9,407) | (573) | |
Balance at End of Period | $ 0 | 184,820 | 0 | 184,820 |
Credit risk transfer (“CRT”) securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at Beginning of Period | 11,670 | 11,713 | 11,846 | 11,417 |
Purchases / Additions | 0 | 0 | 0 | 0 |
Sales / Reductions | 0 | 0 | 0 | 0 |
Realized | 0 | 0 | 0 | 0 |
Unrealized | 32 | 91 | (144) | 387 |
Balance at End of Period | 11,702 | 11,804 | 11,702 | 11,804 |
Loans Held For Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at Beginning of Period | 4,266 | 8,227 | 7,658 | 6,933 |
Purchases / Additions | 571 | 440 | 1,898 | 2,125 |
Sales / Reductions | (450) | (870) | (5,050) | (1,395) |
Realized | 0 | 0 | 0 | 5 |
Unrealized | 0 | (96) | (119) | 33 |
Balance at End of Period | $ 4,387 | $ 7,701 | $ 4,387 | $ 7,701 |
Fair Value Disclosures (Detai_3
Fair Value Disclosures (Details 2) | Sep. 30, 2022 | Dec. 31, 2021 |
Measurement Input, Discount Rate | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Loans Held-for-sale, measurement input | 0.904 | 0.978 |
Minimum | Credit risk transfer (“CRT”) securities | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
AFS, term | 5 years 2 months 23 days | |
Minimum | Measurement Input, Discount Rate | Credit risk transfer (“CRT”) securities | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
AFS, measurement input | 0.0697 | |
Maximum | Credit risk transfer (“CRT”) securities | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
AFS, term | 8 years 11 months 4 days | |
Maximum | Measurement Input, Discount Rate | Credit risk transfer (“CRT”) securities | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
AFS, measurement input | 0.1152 | |
Weighted Average | Measurement Input, Discount Rate | Tax-exempt asset-backed securities | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
AFS, measurement input | 0.0260 | |
AFS, term | 4 years 7 months 9 days | |
Weighted Average | Measurement Input, Discount Rate | Credit risk transfer (“CRT”) securities | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
AFS, measurement input | 0.0849 | 0.0497 |
AFS, term | 6 years 5 months 15 days | 6 years 4 months 6 days |
Fair Value Disclosures (Detai_4
Fair Value Disclosures (Details 3) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale debt securities | $ 2,380,774 | $ 3,538,201 |
Held-to-maturity debt securities | 955,875 | 0 |
Equity securities | 32,973 | 45,607 |
Derivative assets | 37,788 | |
Long-term debt | 930,766 | 928,738 |
Derivative liabilities | 37,788 | |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,640,247 | 7,946,659 |
Available-for-sale debt securities | 2,380,774 | 3,538,201 |
Held-to-maturity debt securities | 955,875 | |
Equity securities | 32,973 | 45,607 |
Loans held for sale | 3,142,178 | 8,123 |
Loans held for investment, net | 19,553,168 | 22,595,088 |
Derivative assets | 24,093 | 37,788 |
Total deposits | 24,498,563 | 28,109,365 |
Short-term borrowings | 1,701,480 | 2,202,832 |
Long-term debt | 930,766 | 928,738 |
Derivative liabilities | 108,608 | 37,788 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,640,247 | 7,946,659 |
Available-for-sale debt securities | 2,380,774 | 3,538,201 |
Held-to-maturity debt securities | 819,701 | |
Equity securities | 32,973 | 45,607 |
Loans held for sale | 3,113,806 | 8,123 |
Loans held for investment, net | 19,472,586 | 22,631,252 |
Derivative assets | 24,093 | 37,788 |
Total deposits | 24,502,640 | 28,109,762 |
Short-term borrowings | 1,701,480 | 2,202,832 |
Long-term debt | 873,342 | 952,404 |
Derivative liabilities | 108,608 | 37,788 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,640,247 | 7,946,659 |
Available-for-sale debt securities | 637,281 | |
Equity securities | 21,932 | 33,589 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 24,093 | |
Derivative liabilities | 108,608 | |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale debt securities | 1,731,791 | 3,346,322 |
Held-to-maturity debt securities | 819,701 | |
Equity securities | 11,041 | 12,018 |
Loans held for sale | 465 | |
Derivative assets | 24,093 | 37,788 |
Short-term borrowings | 1,701,480 | 2,202,832 |
Long-term debt | 873,342 | 952,404 |
Derivative liabilities | 108,608 | 37,788 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale debt securities | 11,702 | 191,879 |
Loans held for sale | 3,113,806 | 7,658 |
Loans held for investment, net | 19,472,586 | 22,631,252 |
Total deposits | $ 24,502,640 | $ 28,109,762 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Estimated fair value, asset derivative | $ 100,520 | $ 41,016 |
Estimated fair value, liability derivative | 180,191 | 41,016 |
Netting adjustment - offsetting derivative assets/liabilities, estimated fair value, asset derivative | (2,476) | (3,228) |
Netting adjustment - offsetting derivative assets/liabilities, estimated fair value, liability derivative | (2,476) | (3,228) |
Netting adjustment - cash collateral received/posted, estimated fair value, asset derivative | (73,951) | 0 |
Netting adjustment - cash collateral received/posted, estimated fair value, liability derivative | (69,107) | 0 |
Asset Derivative | 37,788 | |
Liability Derivative | 37,788 | |
Interest rate swap | Cash Flow Hedging | Derivatives designated as hedges | ||
Derivative [Line Items] | ||
Notional Amount | 3,000,000 | 0 |
Estimated fair value, asset derivative | 357 | 0 |
Estimated fair value, liability derivative | 80,135 | 0 |
Interest rate swap | Customer-Initiated and Other Derivatives | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 3,989,586 | 3,536,090 |
Estimated fair value, asset derivative | 86,138 | 40,922 |
Estimated fair value, liability derivative | 86,138 | 40,922 |
Caps and floors written | Customer-Initiated and Other Derivatives | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 130,415 | 191,291 |
Estimated fair value, asset derivative | 0 | 94 |
Estimated fair value, liability derivative | 1,489 | 0 |
Caps and floors purchased | Customer-Initiated and Other Derivatives | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 130,415 | 191,291 |
Estimated fair value, asset derivative | 1,489 | 0 |
Estimated fair value, liability derivative | 0 | 94 |
Forward contracts | Customer-Initiated and Other Derivatives | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 1,025,581 | 0 |
Estimated fair value, asset derivative | 12,536 | 0 |
Estimated fair value, liability derivative | $ 12,429 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Financial Instruments (Details 3) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 USD ($) instrument | Sep. 30, 2022 USD ($) instrument | Dec. 31, 2021 USD ($) instrument | |
Derivative [Line Items] | |||
Cash collateral pledged for derivatives | $ 73,000 | $ 73,000 | $ 40,300 |
CashCollateralPostedForDerivativesInLiabilityPosition | $ 74,000 | $ 74,000 | $ 0 |
Risk participation agreement - participant bank | |||
Derivative [Line Items] | |||
Instruments held | instrument | 18 | 18 | 7 |
Maximum exposure | $ 10,400 | $ 10,400 | $ 2,300 |
Notional Amount | $ 343,300 | $ 343,300 | $ 79,200 |
Risk participation agreement - lead bank | |||
Derivative [Line Items] | |||
Instruments held | instrument | 17 | 17 | 15 |
Notional Amount | $ 201,100 | $ 201,100 | $ 156,100 |
Interest rate contract | |||
Derivative [Line Items] | |||
Unrealized losses to adjust cash flow hedges to fair value | 78,200 | 77,900 | |
Amount reclassified from AOCI into interest income on loans | 1,800 | 2,500 | |
Amount to be reclassified from AOCI within 12 months | $ 31,700 | ||
Maximum length of time hedged | 4 years | ||
Non-hedging derivatives | Commercial loan/lease | |||
Derivative [Line Items] | |||
Credit risk exposure, net of collateral pledged, relating to derivatives | $ 24,100 | $ 24,100 | $ 37,800 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance - Amount | $ 3,006,832 | $ 3,114,957 | $ 3,209,616 | $ 2,871,224 |
Change in unrealized gain/(loss) | (207,204) | (18,131) | (494,261) | (71,501) |
Amounts reclassified into net income | 609 | 0 | 3,498 | 0 |
Total other comprehensive income/(loss) | (206,595) | (18,131) | (490,763) | (71,501) |
Income tax expense/(benefit) | (43,384) | (3,808) | (103,059) | (15,015) |
Total other comprehensive income/(loss), net of tax | (163,211) | (14,323) | (387,704) | (56,486) |
Ending balance - Amount | 2,885,775 | 3,147,752 | 2,885,775 | 3,147,752 |
AOCI Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance - Amount | (272,208) | (26,389) | (47,715) | 15,774 |
Ending balance - Amount | (435,419) | (40,712) | (435,419) | (40,712) |
Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance - Amount | (316) | 0 | 0 | 0 |
Change in unrealized gain/(loss) | (78,177) | 0 | (77,873) | 0 |
Amounts reclassified into net income | (1,760) | 0 | (2,464) | 0 |
Total other comprehensive income/(loss) | (79,937) | 0 | (80,337) | 0 |
Income tax expense/(benefit) | (16,786) | 0 | (16,870) | 0 |
Total other comprehensive income/(loss), net of tax | (63,151) | 0 | (63,467) | 0 |
Ending balance - Amount | (63,467) | 0 | (63,467) | 0 |
Available-for-Sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance - Amount | (220,090) | (26,389) | (47,715) | 15,774 |
Change in unrealized gain/(loss) | (129,027) | (18,131) | (347,223) | (71,501) |
Amounts reclassified into net income | 0 | 0 | 0 | 0 |
Total other comprehensive income/(loss) | (129,027) | (18,131) | (347,223) | (71,501) |
Income tax expense/(benefit) | (27,095) | (3,808) | (72,916) | (15,015) |
Total other comprehensive income/(loss), net of tax | (101,932) | (14,323) | (274,307) | (56,486) |
Ending balance - Amount | (322,022) | (40,712) | (322,022) | (40,712) |
Held-to-Maturity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance - Amount | (51,802) | 0 | 0 | 0 |
Change in unrealized gain/(loss) | 0 | 0 | (69,165) | 0 |
Amounts reclassified into net income | 2,369 | 0 | 5,962 | 0 |
Total other comprehensive income/(loss) | 2,369 | 0 | (63,203) | 0 |
Income tax expense/(benefit) | 497 | 0 | (13,273) | 0 |
Total other comprehensive income/(loss), net of tax | 1,872 | 0 | (49,930) | 0 |
Ending balance - Amount | $ (49,930) | $ 0 | $ (49,930) | $ 0 |