Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 19, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | 47,869,688 | |
Entity Registrant Name | TEXAS CAPITAL BANCSHARES INC/TX | |
Entity Central Index Key | 0001077428 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 $0.01 per share | |
Trading Symbol | TCBIO | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 264,211 | $ 233,637 |
Interest bearing cash and cash equivalents | 3,385,494 | 4,778,623 |
Available-for-sale debt securities | 3,394,293 | 2,615,644 |
Held-to-maturity debt securities | 918,962 | 935,514 |
Equity securities | 32,714 | 33,956 |
Investment securities | 4,345,969 | 3,585,114 |
Loans held for sale | 27,608 | 36,357 |
Loans held for investment, mortgage finance | 4,060,570 | 4,090,033 |
Loans held for investment | 16,014,497 | 15,197,307 |
Less: Allowance for credit losses on loans | (260,928) | (253,469) |
Loans held for investment, net | 19,814,139 | 19,033,871 |
Premises and equipment, net | 25,268 | 26,382 |
Accrued interest receivable and other assets | 732,468 | 719,162 |
Goodwill and intangibles, net | 1,496 | 1,496 |
Total assets | 28,596,653 | 28,414,642 |
Deposits [Abstract] | ||
Non-interest bearing deposits | 9,500,583 | 9,618,081 |
Interest bearing deposits | 12,679,114 | 13,238,799 |
Total deposits | 22,179,697 | 22,856,880 |
Accrued interest payable | 31,198 | 24,000 |
Other liabilities | 273,665 | 345,827 |
Short-term borrowings | 2,100,000 | 1,201,142 |
Long-term debt | 932,119 | 931,442 |
Total liabilities | 25,516,679 | 25,359,291 |
Stockholders’ equity: | ||
Preferred stock | 300,000 | 300,000 |
Common stock | 509 | 509 |
Additional paid-in capital | 1,031,905 | 1,025,593 |
Retained earnings | 2,297,850 | 2,263,502 |
Treasury stock - 3,095,444 and 2,083,535 shares at cost at March 31, 2023 and December 31, 2022, respectively | (175,528) | (115,310) |
Accumulated other comprehensive loss, net of taxes | (374,762) | (418,943) |
Total stockholders’ equity | 3,079,974 | 3,055,351 |
Total liabilities and stockholders’ equity | $ 28,596,653 | $ 28,414,642 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
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 | 50,947,306 | 50,867,298 |
Treasury stock, shares | 3,095,444 | 2,083,535 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income | ||
Interest and fees on loans | $ 297,438 | $ 187,656 |
Investment securities | 25,292 | 17,302 |
Interest bearing cash and cash equivalents | 62,436 | 3,571 |
Total interest income | 385,166 | 208,529 |
Interest expense | ||
Deposits | 120,094 | 13,630 |
Short-term borrowings | 14,744 | 758 |
Long-term debt | 14,983 | 10,595 |
Total interest expense | 149,821 | 24,983 |
Net interest income | 235,345 | 183,546 |
Provision for credit losses | 28,000 | (2,000) |
Net interest income after provision for credit losses | 207,345 | 185,546 |
Non-interest income | ||
Service charges on deposit accounts | 5,022 | 6,115 |
Wealth management and trust fee income | 3,429 | 3,912 |
Brokered loan fees | 1,895 | 3,970 |
Investment banking and trading income | 18,768 | 4,179 |
Other | 8,289 | 2,107 |
Total non-interest income | 37,403 | 20,283 |
Non-interest expense | ||
Salaries and benefits | 128,670 | 99,859 |
Occupancy expense | 9,619 | 8,885 |
Marketing | 9,044 | 4,977 |
Legal and professional | 14,514 | 10,302 |
Communications and technology | 17,523 | 14,700 |
Federal Deposit Insurance Corporation insurance assessment | 2,170 | 3,981 |
Other | 12,487 | 10,388 |
Total non-interest expense | 194,027 | 153,092 |
Income before income taxes | 50,721 | 52,737 |
Income tax expense | 12,060 | 13,087 |
Net income | 38,661 | 39,650 |
Preferred stock dividends | (4,313) | (4,313) |
Net income available to common stockholders | 34,348 | 35,337 |
Other comprehensive income/(loss): | ||
Change in unrealized gain/(loss) | 42,953 | (200,619) |
Amounts reclassified into net income | 12,973 | 986 |
Other comprehensive income/(loss) | 55,926 | (199,633) |
Income tax expense/(benefit) | 11,745 | (41,923) |
Other comprehensive income/(loss), net of tax | 44,181 | (157,710) |
Comprehensive income/(loss) | $ 82,842 | $ (118,060) |
Basic earnings per common share | ||
Basic earnings per common share | $ 0.71 | $ 0.70 |
Diluted earnings per common share | ||
Diluted earnings per common share | $ 0.70 | $ 0.69 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income |
Beginning balance, preferred stock (in shares) at Dec. 31, 2021 | 300,000 | ||||||
Beginning balance, common stock (in shares) at Dec. 31, 2021 | 50,618,911 | ||||||
Beginning balance, treasury stock (in shares) at Dec. 31, 2021 | 417 | ||||||
Beginning balance at Dec. 31, 2021 | $ 3,209,616 | $ 300,000 | $ 506 | $ 1,008,559 | $ 1,948,274 | $ (8) | $ (47,715) |
Comprehensive income/(loss): | |||||||
Net income | 39,650 | 39,650 | |||||
Change in other comprehensive income/(loss), net of taxes | (157,710) | (157,710) | |||||
Total comprehensive loss | (118,060) | ||||||
Stock-based compensation expense recognized in earnings | 5,407 | 5,407 | |||||
Preferred stock dividend | (4,313) | (4,313) | |||||
Issuance of stock related to stock-based awards (in shares) | 91,947 | ||||||
Issuance of stock related to stock-based awards | (2,612) | $ 1 | (2,613) | ||||
Ending balance, preferred stock (in shares) at Mar. 31, 2022 | 300,000 | ||||||
Ending balance, common stock (in shares) at Mar. 31, 2022 | 50,710,858 | ||||||
Ending balance, treasury stock (in shares) at Mar. 31, 2022 | 417 | ||||||
Ending balance at Mar. 31, 2022 | $ 3,090,038 | $ 300,000 | $ 507 | 1,011,353 | 1,983,611 | $ (8) | (205,425) |
Beginning balance, preferred stock (in shares) at Dec. 31, 2022 | 300,000 | ||||||
Beginning balance, common stock (in shares) at Dec. 31, 2022 | 50,867,298 | ||||||
Beginning balance, treasury stock (in shares) at Dec. 31, 2022 | 2,083,535 | 2,083,535 | |||||
Beginning balance at Dec. 31, 2022 | $ 3,055,351 | $ 300,000 | $ 509 | 1,025,593 | 2,263,502 | $ (115,310) | (418,943) |
Comprehensive income/(loss): | |||||||
Net income | 38,661 | 38,661 | |||||
Change in other comprehensive income/(loss), net of taxes | 44,181 | 44,181 | |||||
Total comprehensive loss | 82,842 | ||||||
Stock-based compensation expense recognized in earnings | 8,438 | 8,438 | |||||
Preferred stock dividend | (4,313) | (4,313) | |||||
Issuance of stock related to stock-based awards (in shares) | 80,008 | ||||||
Issuance of stock related to stock-based awards | (2,126) | $ 0 | (2,126) | ||||
Repurchase of common stock (shares) | (1,011,909) | ||||||
Repurchase of common stock | $ (60,218) | $ (60,218) | |||||
Ending balance, preferred stock (in shares) at Mar. 31, 2023 | 300,000 | ||||||
Ending balance, common stock (in shares) at Mar. 31, 2023 | 50,947,306 | ||||||
Ending balance, treasury stock (in shares) at Mar. 31, 2023 | 3,095,444 | 3,095,444 | |||||
Ending balance at Mar. 31, 2023 | $ 3,079,974 | $ 300,000 | $ 509 | $ 1,031,905 | $ 2,297,850 | $ (175,528) | $ (374,762) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 38,661 | $ 39,650 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Provision for credit losses | 28,000 | (2,000) |
Depreciation and amortization | 8,683 | 10,604 |
Net gain recognized on investment securities | (1,734) | 0 |
Stock-based compensation expense | 8,438 | 5,588 |
Proceeds from sales and repayments of loans held for sale | 8,749 | 571 |
Changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | (28,286) | 43,200 |
Accrued interest payable and other liabilities | (44,308) | (24,691) |
Net cash provided by operating activities | 18,203 | 72,922 |
Investing activities | ||
Purchases of available-for-sale securities | (849,391) | (376,415) |
Proceeds from sales of available-for-sale debt securities | 56,923 | 0 |
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | 45,716 | 104,338 |
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | 17,489 | 9,882 |
Sales/(purchases) of equity securities, net | 2,487 | 940 |
Originations of loans held for investment, mortgage finance | (14,897,110) | (26,902,960) |
Proceeds from pay-offs of loans held for investment, mortgage finance | 14,926,573 | 28,550,492 |
Net increase in loans held for investment, excluding mortgage finance loans | (837,100) | (517,465) |
Purchase of premises and equipment, net | (1,363) | (2,709) |
Net cash provided by/(used in) investing activities | (1,535,776) | 866,103 |
Financing activities | ||
Net decrease in deposits | (677,183) | (2,731,427) |
Issuance of stock related to stock-based awards | (2,126) | (2,612) |
Preferred dividends paid | (4,313) | (4,313) |
Repurchase of common stock | (60,218) | 0 |
Redemption of long-term debt | 898,858 | (775,799) |
Net cash provided by/(used in) financing activities | 155,018 | (3,514,151) |
Net decrease in cash and cash equivalents | (1,362,555) | (2,575,126) |
Cash and cash equivalents at beginning of period | 5,012,260 | 7,946,659 |
Cash and cash equivalents at end of period | 3,649,705 | 5,371,533 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 142,623 | 24,122 |
Cash paid during the period for income taxes | 451 | 302 |
Transfers of debt securities from available-for-sale to held-to-maturity | $ 0 | $ 1,019,365 |
Operations and Summary of Signi
Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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. (“TCBI” or the “Company”), a Delaware corporation, was incorporated in November 1996 and commenced banking operations in December 1998. The consolidated financial statements include the accounts of TCBI and its wholly owned subsidiary, Texas Capital Bank (the “Bank”). The Company serves the needs of commercial businesses, entrepreneurs and professionals located in Texas through a custom array of financial products and services with high-quality personal service. Basis of Presentation The Company’s 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, 2022, included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 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. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (in thousands except share and per share data) 2023 2022 Numerator: Net income $ 38,661 $ 39,650 Preferred stock dividends 4,313 4,313 Net income available to common stockholders $ 34,348 $ 35,337 Denominator: Denominator for basic earnings per common share—weighted average common shares 48,264,121 50,667,090 Effect of dilutive outstanding stock-settled awards 616,604 656,937 Denominator for dilutive earnings per common share—weighted average diluted common shares 48,880,725 51,324,027 Basic earnings per common share $ 0.71 $ 0.70 Diluted earnings per common share $ 0.70 $ 0.69 Anti-dilutive outstanding stock-settled awards 252,308 229,488 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following is a summary of the Company’s investment securities: (in thousands) Amortized Gross Gross Estimated March 31, 2023 Available-for-sale debt securities: U.S. Treasury securities $ 644,697 $ — $ (21,385) $ 623,312 U.S. government agency securities 125,000 — (20,883) 104,117 Residential mortgage-backed securities 2,965,866 1,077 (312,007) 2,654,936 CRT securities 14,507 — (2,579) 11,928 Total available-for-sale debt securities 3,750,070 1,077 (356,854) 3,394,293 Held-to-maturity debt securities: Residential mortgage-backed securities 918,962 — (107,431) 811,531 Total held-to-maturity debt securities 918,962 — (107,431) 811,531 Equity securities 32,714 Total investment securities(2) $ 4,345,969 December 31, 2022 Available-for-sale debt securities: U.S. Treasury securities $ 698,769 $ — $ (28,187) $ 670,582 U.S. government agency securities 125,000 — (22,846) 102,154 Residential mortgage-backed securities 2,162,364 3 (331,320) 1,831,047 CRT securities 14,713 — (2,852) 11,861 Total available-for-sale debt securities 3,000,846 3 (385,205) 2,615,644 Held-to-maturity securities: Residential mortgage-backed securities 935,514 — (118,600) 816,914 Total held-to-maturity securities 935,514 — (118,600) 816,914 Equity securities 33,956 Total investment securities(2) $ 3,585,114 (1) Excludes accrued interest receivable of $8.4 million and $6.6 million at March 31, 2023 and December 31, 2022, respectively, related to available-for-sale debt securities and $1.5 million and $1.5 million at March 31, 2023 and December 31, 2022, respectively, 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 2023, the Company sold U.S. Treasury securities with an amortized cost of $56.4 million and realized a gain of $489,000. The amortized cost and estimated fair value as of March 31, 2023, 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 $ 250,900 $ 243,554 $ — $ — Due after one year through five years 443,798 422,944 — — Due after five years through ten years 106,319 87,120 — — Due after ten years 2,949,053 2,640,675 918,962 811,531 Total $ 3,750,070 $ 3,394,293 $ 918,962 $ 811,531 The following table discloses the Company’s 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 March 31, 2023 U.S. Treasury securities $ 261,821 $ (5,170) $ 361,491 $ (16,215) $ 623,312 $ (21,385) U.S. government agency securities — — 104,117 (20,883) 104,117 (20,883) Residential mortgage-backed securities 947,217 (10,451) 1,593,098 (301,556) 2,540,315 (312,007) CRT securities — — 11,928 (2,579) 11,928 (2,579) Total $ 1,209,038 $ (15,621) $ 2,070,634 $ (341,233) $ 3,279,672 $ (356,854) December 31, 2022 U.S. Treasury securities $ 670,582 $ (28,187) $ — $ — $ 670,582 $ (28,187) U.S. government agency securities — — 102,154 (22,846) 102,154 (22,846) Residential mortgage-backed securities 261,502 (9,481) 1,569,107 (321,839) 1,830,609 (331,320) CRT securities — — 11,861 (2,852) 11,861 (2,852) Total $ 932,084 $ (37,668) $ 1,683,122 $ (347,537) $ 2,615,206 $ (385,205) At March 31, 2023, the Company had 109 available-for-sale debt securities in an unrealized loss position, comprised of 11 U.S. Treasury securities, five U.S. government agency securities, 91 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. The Company does not currently intend to sell and based on current conditions it does not believe it is likely that the Company 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 has, therefore recorded the unrealized losses related to this portfolio in AOCI. Held-to-maturity securities consist of government guaranteed securities for which no loss is expected. At March 31, 2023 and December 31, 2022, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities. Debt securities with carrying values of approximately $1.6 billion and $1.7 million were pledged to secure certain customer repurchase agreements and deposits, respectively, at March 31, 2023. The comparative amounts at December 31, 2022 were $16.1 million and $1.4 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 the Company’s 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: Three Months Ended March 31, (in thousands) 2023 2022 Net gains/(losses) recognized during the period $ 1,245 $ (3,640) Less: Realized net gains/(losses) recognized on securities sold (596) 202 Unrealized net gains/(losses) recognized on securities still held $ 1,841 $ (3,842) |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses on Loans | 3 Months Ended |
Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [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) March 31, 2023 December 31, 2022 Loans held for investment(1): Commercial $ 9,514,781 $ 8,902,948 Energy 1,294,671 1,159,296 Mortgage finance 4,060,570 4,090,033 Real estate 5,272,443 5,198,643 Gross loans held for investment 20,142,465 19,350,920 Unearned income (net of direct origination costs) (67,398) (63,580) Total loans held for investment 20,075,067 19,287,340 Allowance for credit losses on loans (260,928) (253,469) Total loans held for investment, net $ 19,814,139 $ 19,033,871 Loans held for sale: Non-mortgage loans, at lower of cost or fair value 27,608 36,357 Total loans held for sale $ 27,608 $ 36,357 (1) Excludes accrued interest receivable of $100.0 million and $100.4 million at March 31, 2023 and December 31, 2022, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets. The following tables summarize gross loans held for investment by year of origination and internally assigned credit grades: (in thousands) 2023 2022 2021 2020 2019 2018 and prior Revolving lines of credit Revolving lines of credit converted to term loans Total March 31, 2023 Commercial (1-7) Pass $ 668,265 $ 1,913,280 $ 594,666 $ 192,154 $ 186,922 $ 440,995 $ 5,079,665 $ 19,786 $ 9,095,733 (8) Special mention 95 47,169 18,690 1,399 61,187 12,025 67,354 1,860 209,779 (9) Substandard - accruing — 18,298 39,079 1,649 3,295 24,755 34,358 895 122,329 (9+) Non-accrual — 42,328 3,104 2,229 31,319 7,046 — 914 86,940 Total commercial $ 668,360 $ 2,021,075 $ 655,539 $ 197,431 $ 282,723 $ 484,821 $ 5,181,377 $ 23,455 $ 9,514,781 Energy (1-7) Pass $ 55,167 $ 114,845 $ — $ — $ — $ — $ 1,114,145 $ — $ 1,284,157 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — 7,037 — 7,037 (9+) Non-accrual — — — — — — — 3,477 3,477 Total energy $ 55,167 $ 114,845 $ — $ — $ — $ — $ 1,121,182 $ 3,477 $ 1,294,671 Mortgage finance (1-7) Pass $ 110,532 $ 29,682 $ 486,327 $ 261,183 $ 288,589 $ 2,884,257 $ — $ — $ 4,060,570 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ 110,532 $ 29,682 $ 486,327 $ 261,183 $ 288,589 $ 2,884,257 $ — $ — $ 4,060,570 Real estate CRE (1-7) Pass $ 156,825 $ 1,199,143 $ 807,286 $ 492,723 $ 369,393 $ 450,333 $ 97,541 $ 10,924 $ 3,584,168 (8) Special mention — 2,650 5,847 29,802 — 24,926 — — 63,225 (9) Substandard - accruing — — 17,850 — — 29,860 — — 47,710 (9+) Non-accrual — — — — — 179 — — 179 RBF (1-7) Pass 17,975 88,017 52,541 10,180 1,636 4,966 281,514 — 456,829 (8) Special mention — 8,352 — — — — — — 8,352 (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Other (1-7) Pass 8,741 182,857 145,691 92,562 61,954 222,495 39,401 25,465 779,166 (8) Special mention — 720 — 6,161 — 376 — — 7,257 (9) Substandard - accruing — — — — — 442 — — 442 (9+) Non-accrual — — — 3,355 — — — — 3,355 Secured by 1-4 family (1-7) Pass 7,781 64,081 89,336 52,460 17,746 84,837 4,519 — 320,760 (8) Special mention — — — — — 1,000 — — 1,000 (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total real estate $ 191,322 $ 1,545,820 $ 1,118,551 $ 687,243 $ 450,729 $ 819,414 $ 422,975 $ 36,389 $ 5,272,443 Total $ 1,025,381 $ 3,711,422 $ 2,260,417 $ 1,145,857 $ 1,022,041 $ 4,188,492 $ 6,725,534 $ 63,321 $ 20,142,465 Gross charge-offs $ — $ 90 $ 19,828 $ — $ 262 $ 552 $ — $ — $ 20,732 (in thousands) 2022 2021 2020 2019 2018 2017 and prior Revolving lines of credit Revolving lines of credit converted to term loans Total December 31, 2022 Commercial (1-7) Pass $ 1,903,529 $ 671,459 $ 244,568 $ 255,444 $ 325,201 $ 244,373 $ 4,877,753 $ 21,063 $ 8,543,390 (8) Special mention 9,141 7,740 3,628 37,794 11,998 4,975 95,310 2,250 172,836 (9) Substandard - accruing 18,670 71,147 514 1,666 14,933 6,305 30,070 — 143,305 (9+) Non-accrual 376 512 751 30,425 6,226 2,520 2,607 — 43,417 Total commercial $ 1,931,716 $ 750,858 $ 249,461 $ 325,329 $ 358,358 $ 258,173 $ 5,005,740 $ 23,313 $ 8,902,948 Energy (1-7) Pass $ 124,691 $ 12,517 $ — $ — $ — $ 3,317 $ 1,007,776 $ — $ 1,148,301 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — 7,337 — 7,337 (9+) Non-accrual — — — — — — 3,658 — 3,658 Total energy $ 124,691 $ 12,517 $ — $ — $ — $ 3,317 $ 1,018,771 $ — $ 1,159,296 Mortgage finance (1-7) Pass $ 30,485 $ 482,477 $ 197,045 $ 267,758 $ 464,753 $ 2,647,515 $ — $ — $ 4,090,033 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ 30,485 $ 482,477 $ 197,045 $ 267,758 $ 464,753 $ 2,647,515 $ — $ — $ 4,090,033 Real estate CRE (1-7) Pass $ 1,085,254 $ 756,180 $ 563,341 $ 447,346 $ 183,634 $ 284,698 $ 97,337 $ 11,944 $ 3,429,734 (8) Special mention 2,765 6,524 37,791 5,295 19,350 3,652 — — 75,377 (9) Substandard - accruing — 17,850 — — 11,458 17,698 — — 47,006 (9+) Non-accrual — — — — — 182 — — 182 RBF (1-7) Pass 94,066 70,951 12,161 6,106 2,655 — 326,164 — 512,103 (8) Special mention — — — — — — — — — (9) Substandard - accruing 7,840 — — — — — — — 7,840 (9+) Non-accrual — — — — — — — — — Other (1-7) Pass 182,840 131,538 94,611 67,518 76,951 163,838 42,333 31,293 790,922 (8) Special mention 729 — 8,721 — — 386 — — 9,836 (9) Substandard - accruing — — — 247 — 1,035 — — 1,282 (9+) Non-accrual — — 1,081 — — — — — 1,081 Secured by 1-4 family (1-7) Pass 64,050 89,967 53,003 24,314 16,953 70,082 4,911 — 323,280 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total real estate $ 1,437,544 $ 1,073,010 $ 770,709 $ 550,826 $ 311,001 $ 541,571 $ 470,745 $ 43,237 $ 5,198,643 Total $ 3,524,436 $ 2,318,862 $ 1,217,215 $ 1,143,913 $ 1,134,112 $ 3,450,576 $ 6,495,256 $ 66,550 $ 19,350,920 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 Three Months Ended March 31, 2023 Beginning balance $ 136,841 $ 49,000 $ 10,745 $ 56,883 $ 253,469 Provision for credit losses on loans 32,475 1,930 (3,345) (3,691) 27,369 Charge-offs 20,732 — — — 20,732 Recoveries 816 6 — — 822 Net charge-offs (recoveries) 19,916 (6) — — 19,910 Ending balance $ 149,400 $ 50,936 $ 7,400 $ 53,192 $ 260,928 Three Months Ended March 31, 2022 Beginning balance $ 102,202 $ 52,568 $ 6,083 $ 51,013 $ 211,866 Provision for credit losses on loans 5,437 (24,522) 4,159 13,699 (1,227) Charge-offs 110 — — 350 460 Recoveries 217 755 — — 972 Net charge-offs (recoveries) (107) (755) — 350 (512) Ending balance $ 107,746 $ 28,801 $ 10,242 $ 64,362 $ 211,151 The Company recorded a $27.4 million provision for credit losses on loans for the three months ended March 31, 2023, compared to a $1.2 million negative provision for the same period of 2022. The $27.4 million provision for credit losses on loans resulted primarily from updated views on the downside risks to the economic forecast and increases in net charge-offs and criticized loans during the three months ended March 31, 2023. Net charge-offs of $19.9 million were recorded during the three months ended March 31, 2023, related primarily to a single commercial loan, compared to net recoveries of $512,000 during the same period of 2022. Criticized loans totaled $561.1 million at March 31, 2023, $513.2 million at December 31, 2022 and $476.1 million at March 31, 2022. A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. At March 31, 2023, the Company had $38.7 million in collateral-dependent commercial loans, collateralized by business assets, and $1.1 million in collateral-dependent real estate loans, collateralized by real estate property. The table below provides an age analysis of gross loans held for investment: (in thousands) 30-59 Days 60-89 Days 90 Days or More Past Due Total Past Non-accrual(1) Current Total Non-accrual With No Allowance March 31, 2023 Commercial $ 3,185 $ 242 $ 3,098 $ 6,525 $ 86,940 $ 9,421,316 $ 9,514,781 $ 71,999 Energy — — — — 3,477 1,291,194 1,294,671 3,477 Mortgage finance — — — — — 4,060,570 4,060,570 — Real estate CRE — — — — 179 3,695,103 3,695,282 — RBF — — — — — 465,181 465,181 — Other 430 — — 430 3,355 786,435 790,220 3,355 Secured by 1-4 family 2,388 — — 2,388 — 319,372 321,760 — Total $ 6,003 $ 242 $ 3,098 $ 9,343 $ 93,951 $ 20,039,171 $ 20,142,465 $ 78,831 (1) As of March 31, 2023, $2.1 million of non-accrual loans were earning interest income on a cash basis compared to $2.2 million as of December 31, 2022. We did not recognize interest income on non-accrual loans for the three months ended March 31, 2023 and March 31, 2022. Accrued interest of $1.5 million and $4,000 was reversed during the three months ended March 31, 2023 and March 31, 2022, respectively. Modifications to Borrowers Experiencing Financial Difficulty The Company adopted Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. The table below details the amortized cost of gross loans held for investment made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2023: (in thousands) Payment Term Payment Interest Rate Total Percentage of Commercial $ 31,431 $ 1,800 $ — $ 14,933 $ 48,164 0.24 % Energy — — 3,477 — 3,477 0.02 % Total $ 31,431 $ 1,800 $ 3,477 $ 14,933 $ 51,641 0.26 % The following table summarizes the financial impacts of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023: Interest Rate Term Extension Total Payment Commercial 0.70% 6 to 18 $ 3,523 Energy — 36 1,200 As of March 31, 2023, the Company did not have any loans made to borrowers experiencing financial difficulty that were modified during the first quarter of 2023 that subsequently defaulted. Payment default is defined as movement to nonperforming status, foreclosure or charge-off, whichever occurs first. The table below provides an age analysis of gross loans held for investment made to borrowers experiencing financial difficulty that were modified on or after January 1, 2023, the date we adopted ASU 2022-02: (in thousands) 30-89 Days 90+ Days Non-Accrual Current Total March 31, 2023 Commercial $ 161 $ — $ 924 $ 47,079 $ 48,164 Energy — — 3,477 — 3,477 Total $ 161 $ — $ 4,401 $ 47,079 $ 51,641 Troubled Debt Restructuring Disclosures Prior to the Adoption of ASU 2022-02 The Company did not have any loans that were restructured during the three months ended March 31, 2022. As of December 31, 2022 and March 31, 2022, the Company did not have any loans considered restructured that were not on non-accrual. Of the non-accrual loans at December 31, 2022 and March 31, 2022, $531,000 and $18.0 million, respectively, met the criteria for restructured. These loans had no unfunded commitments at their respective balance sheet dates. |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
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) March 31, 2023 December 31, 2022 Customer repurchase agreements $ — $ 1,142 Federal Home Loan Bank borrowings 2,100,000 1,200,000 Total short-term borrowings $ 2,100,000 $ 1,201,142 The table below presents a summary of long-term debt: (in thousands) March 31, 2023 December 31, 2022 Bank-issued floating rate senior unsecured credit-linked notes due 2024 $ 272,994 $ 272,492 Bank-issued 5.25% fixed rate subordinated notes due 2026 174,262 174,196 Company-issued 4.00% fixed rate subordinated notes due 2031 371,457 371,348 Trust preferred floating rate subordinated debentures due 2032 to 2036 113,406 113,406 Total long-term debt $ 932,119 $ 931,442 |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk The table below presents the Company’s 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: Three Months Ended March 31, (in thousands) 2023 2022 Beginning balance of allowance for off-balance sheet credit losses $ 21,793 $ 17,265 Provision for off-balance sheet credit losses 631 (773) Ending balance of allowance for off-balance sheet credit losses $ 22,424 $ 16,492 (in thousands) March 31, 2023 December 31, 2022 Commitments to extend credit - period end balance $ 10,231,682 $ 9,673,082 Standby letters of credit - period end balance 436,057 417,896 |
Regulatory Ratios and Capital
Regulatory Ratios and Capital | 3 Months Ended |
Mar. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Ratios and Capital | 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 the Company maintains 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 the Company’s common stock during the three months ended March 31, 2023 or 2022. In January 2023, the Company completed the full $150.0 million of repurchases authorized by the Company’s board of directors on April 19, 2022. On January 18, 2023, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $150.0 million in shares of its outstanding common stock. During the three months ended March 31, 2023, the Company repurchased 1,011,909 shares of its common stock for an aggregate price of $59.7 million, at a weighted average price of $58.98 per share. The aggregate purchase price and weighted average price per share does not include the effect of excise tax incurred on net stock repurchases. 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). The Company 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 March 31, 2023, 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 Bank’s capital ratios exceeded the regulatory definition of well capitalized as of March 31, 2023 and December 31, 2022. The regulatory authorities can apply changes in the 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 Federal Deposit Insurance Corporation (“FDIC”) or could result in regulatory actions that could have a material effect on the Bank’s condition and results of operations. Because the Bank had less than $15.0 billion in total consolidated assets as of December 31, 2009, it is allowed to continue to classify the trust preferred securities, all of which were issued prior to May 19, 2010, as Tier 1 capital. At the beginning of each of the last five years of the life of the Bank-issued fixed rate subordinated notes due 2026, the amount that is eligible to be included in Tier 2 capital is reduced by 20% of the original amount of the notes (net of redemptions). In 2023, the amount of the notes that qualify as Tier 2 capital has been reduced by 60%. The table below summarizes the Company’s and the Bank’s actual and required capital ratios under the Basel III Capital Rules. The ratios presented below include the effects of the 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 March 31, 2023 CET1 Company $ 3,157,937 12.42 % $ 1,779,755 7.00 % N/A N/A Bank 3,454,486 13.61 % 1,776,757 7.00 % 1,649,845 6.50 % Total capital (to risk-weighted assets) Company 4,285,396 16.86 % 2,669,633 10.50 % 2,542,507 10.00 % Bank 4,010,488 15.80 % 2,665,135 10.50 % 2,538,224 10.00 % Tier 1 capital (to risk-weighted assets) Company 3,567,937 14.03 % 2,161,131 8.50 % 1,525,504 6.00 % Bank 3,614,486 14.24 % 2,157,490 8.50 % 2,030,579 8.00 % Tier 1 capital (to average assets)(1) Company 3,567,937 12.03 % 1,186,723 4.00 % N/A N/A Bank 3,614,486 12.20 % 1,185,349 4.00 % 1,481,686 5.00 % December 31, 2022 CET1 Company $ 3,180,208 13.00 % $ 1,712,608 7.00 % N/A N/A Bank 3,408,178 13.95 % 1,710,056 7.00 % 1,587,909 6.50 % Total capital (to risk-weighted assets) Company 4,331,098 17.70 % 2,568,912 10.50 % 2,446,583 10.00 % Bank 3,987,720 16.32 % 2,565,083 10.50 % 2,442,937 10.00 % Tier 1 capital (to risk-weighted assets) Company 3,590,208 14.67 % 2,079,595 8.50 % 1,467,950 6.00 % Bank 3,568,178 14.61 % 2,076,496 8.50 % 1,954,349 8.00 % Tier 1 capital (to average assets)(1) Company 3,590,208 11.54 % 1,244,494 4.00 % N/A N/A Bank 3,568,178 11.48 % 1,243,232 4.00 % 1,554,039 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, as applicable, the fully phased-in 2.5% CET1 capital buffer under the Basel III Capital Rules. The Company is required to maintain reserve balances in cash and on deposit with the Federal Reserve based on a percentage of transactional deposits; however, the Federal Reserve reduced the reserve requirement ratio to zero effective March 26, 2020, therefore the total requirement was zero at both March 31, 2023 and December 31, 2022. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Stock-Based Compensation | Stock-Based CompensationWe 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. The table below summarizes our stock-based compensation expense: Three Months Ended March 31, (in thousands) 2023 2022 Stock-settled awards: RSUs $ 8,438 $ 5,407 Cash-settled units — 181 Total $ 8,438 $ 5,588 (in thousands except period data) March 31, 2023 Unrecognized compensation expense related to unvested stock-settled awards $ 46,870 Weighted average period over which expense is expected to be recognized, in years 2.5 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The Company determines the fair market values of its assets and liabilities measured at fair value on a recurring and nonrecurring basis using the fair value hierarchy as prescribed in ASC 820. See Note 1 - Operations and Summary of Significant Accounting Policies in our 2022 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 statements. Assets and liabilities measured at fair value are as follows: Fair Value Measurements Using (in thousands) Level 1 Level 2 Level 3 March 31, 2023 Available-for-sale debt securities:(1) U.S. Treasury securities $ 623,312 $ — $ — U.S. government agency securities — 104,117 — Residential mortgage-backed securities — 2,654,936 — CRT securities — — 11,928 Equity securities(1)(2) 21,548 11,166 — Loans held for investment(3) — — 35,458 Derivative assets(4) — 19,401 — Derivative liabilities(4) — 70,220 — Non-qualified deferred compensation plan liabilities(4) 19,778 — — December 31, 2022 Available-for-sale debt securities:(1) U.S. Treasury securities $ 670,582 $ — $ — U.S. government agency securities — 102,154 — Residential mortgage-backed securities — 1,831,047 — CRT securities — — 11,861 Equity securities(1)(2) 22,879 11,077 — Derivative assets(4) — 13,504 — Derivative liabilities(4) — 91,758 — Non-qualified deferred compensation plan liabilities(4) 21,177 — — (1) Investment securities are measured at fair value on a recurring basis, generally monthly. (2) Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments related to non-qualified deferred compensation plan. (3) Includes certain collateral-dependent loans held for investment for which a specific allocation of the allowance for credit losses is based upon the fair value of the loan’s underlying collateral. These loans held for investment are measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions. (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 presents a reconciliation of the level 3 fair value category 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 March 31, 2023 Available-for-sale debt securities:(1) CRT securities $ 11,861 $ — $ — $ — $ 67 $ 11,928 Three Months Ended March 31, 2022 Available-for-sale debt securities:(1) Tax-exempt asset-backed securities $ 180,033 $ — $ (3,736) $ — $ (10,452) $ 165,845 CRT securities 11,846 — — — 55 11,901 Loans held for sale(2) 7,658 1,327 (571) — (329) 8,085 (1) Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI other non-interest income (2) Realized and unrealized gains/(losses) on loans held for sale are recorded in other non-interest income 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 weighted-average life. At March 31, 2023, the discount rates utilized ranged from 5.43% to 11.37% and the weighted-average life ranged from 4.84 years to 8.42 years. On a combined amortized cost weighted-average basis a discount rate of 7.44% and a weighted-average life of 6.05 years were utilized to determine the fair value of these securities at March 31, 2023. At December 31, 2022, the combined weighted-average discount rate and weighted-average life utilized were 8.24% and 6.26 years, respectively. Loans held for investment Certain collateral-dependent loans held for investment are reported at fair value when, based upon an individual evaluation, the specific allocation of the allowance for credit losses that is deducted from the loan's amortized cost is based upon the fair value of the loan's underlying collateral. The $35.5 million fair value of loans held for investment at March 31, 2023 reported above includes impaired loans with a carrying value of $39.8 million that were reduced by specific allowance allocations totaling $4.3 million based on collateral valuations utilizing Level 3 inputs. There were no collateral-dependent loans held for investment reported at fair value at December 31, 2022. Fair Value of Financial Instruments A summary of the carrying amounts and estimated fair values of financial instruments is as follows: Carrying Estimated Fair Value (in thousands) Total Level 1 Level 2 Level 3 March 31, 2023 Financial assets: Cash and cash equivalents $ 3,649,705 $ 3,649,705 $ 3,649,705 $ — $ — Available-for-sale debt securities 3,394,293 3,394,293 623,312 2,759,053 11,928 Held-to-maturity debt securities 918,962 811,531 — 811,531 — Equity securities 32,714 32,714 21,548 11,166 — Loans held for sale 27,608 27,208 — 27,208 — Loans held for investment, net 19,814,139 19,755,693 — — 19,755,693 Derivative assets 19,401 19,401 — 19,401 — Financial liabilities: Total deposits 22,179,697 22,184,982 — — 22,184,982 Short-term borrowings 2,100,000 2,100,000 — 2,100,000 — Long-term debt 932,119 866,529 — 866,529 — Derivative liabilities 70,220 70,220 — 70,220 — December 31, 2022 Financial assets: Cash and cash equivalents $ 5,012,260 $ 5,012,260 $ 5,012,260 $ — $ — Available-for-sale debt securities 2,615,644 2,615,644 670,582 1,933,201 11,861 Held-to-maturity debt securities 935,514 816,914 — 816,914 — Equity securities 33,956 33,956 22,879 11,077 — Loans held for sale 36,357 36,357 — — 36,357 Loans held for investment, net 19,033,871 18,969,922 — — 18,969,922 Derivative assets 13,504 13,504 — 13,504 — Financial liabilities: Total deposits 22,856,880 22,857,949 — — 22,857,949 Short-term borrowings 1,201,142 1,201,142 — 1,201,142 — Long-term debt 931,442 881,716 — 881,716 — Derivative liabilities 91,758 91,758 — 91,758 — |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
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. March 31, 2023 December 31, 2022 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 $ 3,100,000 $ 1,658 $ 65,090 $ 3,000,000 $ — $ 86,378 Non-hedging derivatives Customer-initiated and other derivatives: Foreign currency forward contracts 2,682 13 — — — — Interest rate contracts: Swaps 4,527,001 70,881 70,881 4,396,367 83,529 83,529 Caps and floors written 168,065 — 2,238 220,142 — 2,583 Caps and floors purchased 168,065 2,238 — 220,142 2,583 — Forward contracts 4,486,001 12,755 12,167 1,569,326 4,431 4,053 Gross derivatives 87,545 150,376 90,543 176,543 Netting adjustment - offsetting derivative assets/liabilities (14,038) (14,038) (5,164) (5,164) Netting adjustment - cash collateral received/posted (54,106) (66,118) (71,875) (79,621) Net derivatives included on the consolidated balance sheets $ 19,401 $ 70,220 $ 13,504 $ 91,758 The Company’s 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. The Company’s credit exposure associated with these instruments, net of any collateral pledged, was approximately $19.4 million at March 31, 2023 and approximately $13.5 million at December 31, 2022. Collateral levels are monitored and adjusted on a regular basis for changes in the value of derivative instruments. At March 31, 2023, the Company had $135.6 million in cash collateral pledged to counterparties included in interest bearing cash and cash equivalents on the consolidated balance sheet and $57.0 million in cash collateral received from counterparties included in interest bearing deposits on the consolidated balance sheet. The comparative amounts at December 31, 2022, were $89.2 million in cash collateral pledged to counterparties and $72.5 million cash collateral received from counterparties. The Company also enters into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which the Company is either a participant or a lead bank. The risk participation agreements entered into by the Company 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. The Company is party to 18 risk participation agreements where it acts as a participant bank with a notional amount of $336.9 million at March 31, 2023, compared to 19 risk participation agreements with a notional amount of $291.2 million at December 31, 2022. The maximum estimated exposure to these agreements, assuming 100% default by all obligors, was approximately $6.6 million at March 31, 2023 and $8.9 million at December 31, 2022. The fair value of these exposures was insignificant to the consolidated financial statements at both March 31, 2023 and December 31, 2022. Risk participation agreements entered into by the Company as the lead bank provide credit protection should the borrower fail to perform on its interest rate derivative contract. The Company is party to 9 risk participation agreements where the Company acts as the lead bank having a notional amount of $124.7 million at March 31, 2023, compared to 18 agreements having a notional amount of $222.0 million at December 31, 2022. Derivatives Designated as Cash Flow Hedges The Company enters into interest rate derivative contracts that are 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. During the three months ended March 31, 2023, the Company recorded $13.5 million in unrealized losses to adjust its cash flow hedges to fair value, which was recorded net of tax to AOCI, and reclassified $11.1 million from AOCI into interest income on loans. Based on current market conditions, the Company estimates that during the next 12 months, an additional $50.3 million will be reclassified from AOCI as a decrease to interest income. As of March 31, 2023, the maximum length of time over which forecasted transactions are hedged is 3.50 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2023 | |
Equity [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 March 31, 2023 Beginning balance $ (66,394) $ (304,309) $ (48,240) $ (418,943) Change in unrealized gain/(loss) 13,528 29,425 — 42,953 Amounts reclassified into net income 11,129 — 1,844 12,973 Total other comprehensive income/(loss) 24,657 29,425 1,844 55,926 Income tax expense/(benefit) 5,179 6,179 387 11,745 Total other comprehensive income/(loss), net of tax 19,478 23,246 1,457 44,181 Ending balance $ (46,916) $ (281,063) $ (46,783) $ (374,762) Three Months Ended March 31, 2022 Beginning balance $ — $ (47,715) $ — $ (47,715) Change in unrealized gain/(loss) — (131,454) (69,165) (200,619) Amounts reclassified into net income — — 986 986 Total other comprehensive income/(loss) — (131,454) (68,179) (199,633) Income tax expense/(benefit) — (27,605) (14,318) (41,923) Total other comprehensive income/(loss), net of tax — (103,849) (53,861) (157,710) Ending balance $ — $ (151,564) $ (53,861) $ (205,425) |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | New Accounting Standards ASU 2023-01, “Leases (Topic 842) - Common Control Arrangements” (“ASU 2023-01”) requires entities to determine whether a related party arrangement between entities under common control is a lease. If the arrangement is determined to be a lease, an entity must classify and account for the lease on the same basis as an arrangement with a related party (on the basis of legally enforceable terms and conditions). ASU 2023-01 is effective January 1, 2024 and is not expected to have an impact on our financial statements. ASU 2023-02 “Investments - Equity Method and Join Ventures (Topic 323) - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”) permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. ASU 2023-02 is effective January 1, 2024 and is not expected to have an impact on our financial statements. |
Operations and Summary of Sig_2
Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Organization and Nature of Business Texas Capital Bancshares, Inc. (“TCBI” or the “Company”), a Delaware corporation, was incorporated in November 1996 and commenced banking operations in December 1998. The consolidated financial statements include the accounts of TCBI and its wholly owned subsidiary, Texas Capital Bank (the “Bank”). The Company serves the needs of commercial businesses, entrepreneurs and professionals located in Texas through a custom array of financial products and services with high-quality personal service. |
Basis of Presentation | Basis of Presentation The Company’s 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, 2022, included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 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. |
New Accounting Standards | ASU 2023-01, “Leases (Topic 842) - Common Control Arrangements” (“ASU 2023-01”) requires entities to determine whether a related party arrangement between entities under common control is a lease. If the arrangement is determined to be a lease, an entity must classify and account for the lease on the same basis as an arrangement with a related party (on the basis of legally enforceable terms and conditions). ASU 2023-01 is effective January 1, 2024 and is not expected to have an impact on our financial statements. ASU 2023-02 “Investments - Equity Method and Join Ventures (Topic 323) - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method” (“ASU 2023-02”) permits reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. ASU 2023-02 is effective January 1, 2024 and is not expected to have an impact on our financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (in thousands except share and per share data) 2023 2022 Numerator: Net income $ 38,661 $ 39,650 Preferred stock dividends 4,313 4,313 Net income available to common stockholders $ 34,348 $ 35,337 Denominator: Denominator for basic earnings per common share—weighted average common shares 48,264,121 50,667,090 Effect of dilutive outstanding stock-settled awards 616,604 656,937 Denominator for dilutive earnings per common share—weighted average diluted common shares 48,880,725 51,324,027 Basic earnings per common share $ 0.71 $ 0.70 Diluted earnings per common share $ 0.70 $ 0.69 Anti-dilutive outstanding stock-settled awards 252,308 229,488 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Debt Securities | The following is a summary of the Company’s investment securities: (in thousands) Amortized Gross Gross Estimated March 31, 2023 Available-for-sale debt securities: U.S. Treasury securities $ 644,697 $ — $ (21,385) $ 623,312 U.S. government agency securities 125,000 — (20,883) 104,117 Residential mortgage-backed securities 2,965,866 1,077 (312,007) 2,654,936 CRT securities 14,507 — (2,579) 11,928 Total available-for-sale debt securities 3,750,070 1,077 (356,854) 3,394,293 Held-to-maturity debt securities: Residential mortgage-backed securities 918,962 — (107,431) 811,531 Total held-to-maturity debt securities 918,962 — (107,431) 811,531 Equity securities 32,714 Total investment securities(2) $ 4,345,969 December 31, 2022 Available-for-sale debt securities: U.S. Treasury securities $ 698,769 $ — $ (28,187) $ 670,582 U.S. government agency securities 125,000 — (22,846) 102,154 Residential mortgage-backed securities 2,162,364 3 (331,320) 1,831,047 CRT securities 14,713 — (2,852) 11,861 Total available-for-sale debt securities 3,000,846 3 (385,205) 2,615,644 Held-to-maturity securities: Residential mortgage-backed securities 935,514 — (118,600) 816,914 Total held-to-maturity securities 935,514 — (118,600) 816,914 Equity securities 33,956 Total investment securities(2) $ 3,585,114 (1) Excludes accrued interest receivable of $8.4 million and $6.6 million at March 31, 2023 and December 31, 2022, respectively, related to available-for-sale debt securities and $1.5 million and $1.5 million at March 31, 2023 and December 31, 2022, respectively, 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 March 31, 2023, 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 $ 250,900 $ 243,554 $ — $ — Due after one year through five years 443,798 422,944 — — Due after five years through ten years 106,319 87,120 — — Due after ten years 2,949,053 2,640,675 918,962 811,531 Total $ 3,750,070 $ 3,394,293 $ 918,962 $ 811,531 |
Schedule of Available-for-Sale Debt Securities in a Continuous Unrealized Loss Position | The following table discloses the Company’s 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 March 31, 2023 U.S. Treasury securities $ 261,821 $ (5,170) $ 361,491 $ (16,215) $ 623,312 $ (21,385) U.S. government agency securities — — 104,117 (20,883) 104,117 (20,883) Residential mortgage-backed securities 947,217 (10,451) 1,593,098 (301,556) 2,540,315 (312,007) CRT securities — — 11,928 (2,579) 11,928 (2,579) Total $ 1,209,038 $ (15,621) $ 2,070,634 $ (341,233) $ 3,279,672 $ (356,854) December 31, 2022 U.S. Treasury securities $ 670,582 $ (28,187) $ — $ — $ 670,582 $ (28,187) U.S. government agency securities — — 102,154 (22,846) 102,154 (22,846) Residential mortgage-backed securities 261,502 (9,481) 1,569,107 (321,839) 1,830,609 (331,320) CRT securities — — 11,861 (2,852) 11,861 (2,852) Total $ 932,084 $ (37,668) $ 1,683,122 $ (347,537) $ 2,615,206 $ (385,205) |
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: Three Months Ended March 31, (in thousands) 2023 2022 Net gains/(losses) recognized during the period $ 1,245 $ (3,640) Less: Realized net gains/(losses) recognized on securities sold (596) 202 Unrealized net gains/(losses) recognized on securities still held $ 1,841 $ (3,842) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of loans held for investments | Loans are summarized by portfolio segment as follows: (in thousands) March 31, 2023 December 31, 2022 Loans held for investment(1): Commercial $ 9,514,781 $ 8,902,948 Energy 1,294,671 1,159,296 Mortgage finance 4,060,570 4,090,033 Real estate 5,272,443 5,198,643 Gross loans held for investment 20,142,465 19,350,920 Unearned income (net of direct origination costs) (67,398) (63,580) Total loans held for investment 20,075,067 19,287,340 Allowance for credit losses on loans (260,928) (253,469) Total loans held for investment, net $ 19,814,139 $ 19,033,871 Loans held for sale: Non-mortgage loans, at lower of cost or fair value 27,608 36,357 Total loans held for sale $ 27,608 $ 36,357 (1) Excludes accrued interest receivable of $100.0 million and $100.4 million at March 31, 2023 and December 31, 2022, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets. |
Schedule of the credit risk profile of loan portfolio by internally assigned grades and nonaccrual status | The following tables summarize gross loans held for investment by year of origination and internally assigned credit grades: (in thousands) 2023 2022 2021 2020 2019 2018 and prior Revolving lines of credit Revolving lines of credit converted to term loans Total March 31, 2023 Commercial (1-7) Pass $ 668,265 $ 1,913,280 $ 594,666 $ 192,154 $ 186,922 $ 440,995 $ 5,079,665 $ 19,786 $ 9,095,733 (8) Special mention 95 47,169 18,690 1,399 61,187 12,025 67,354 1,860 209,779 (9) Substandard - accruing — 18,298 39,079 1,649 3,295 24,755 34,358 895 122,329 (9+) Non-accrual — 42,328 3,104 2,229 31,319 7,046 — 914 86,940 Total commercial $ 668,360 $ 2,021,075 $ 655,539 $ 197,431 $ 282,723 $ 484,821 $ 5,181,377 $ 23,455 $ 9,514,781 Energy (1-7) Pass $ 55,167 $ 114,845 $ — $ — $ — $ — $ 1,114,145 $ — $ 1,284,157 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — 7,037 — 7,037 (9+) Non-accrual — — — — — — — 3,477 3,477 Total energy $ 55,167 $ 114,845 $ — $ — $ — $ — $ 1,121,182 $ 3,477 $ 1,294,671 Mortgage finance (1-7) Pass $ 110,532 $ 29,682 $ 486,327 $ 261,183 $ 288,589 $ 2,884,257 $ — $ — $ 4,060,570 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ 110,532 $ 29,682 $ 486,327 $ 261,183 $ 288,589 $ 2,884,257 $ — $ — $ 4,060,570 Real estate CRE (1-7) Pass $ 156,825 $ 1,199,143 $ 807,286 $ 492,723 $ 369,393 $ 450,333 $ 97,541 $ 10,924 $ 3,584,168 (8) Special mention — 2,650 5,847 29,802 — 24,926 — — 63,225 (9) Substandard - accruing — — 17,850 — — 29,860 — — 47,710 (9+) Non-accrual — — — — — 179 — — 179 RBF (1-7) Pass 17,975 88,017 52,541 10,180 1,636 4,966 281,514 — 456,829 (8) Special mention — 8,352 — — — — — — 8,352 (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Other (1-7) Pass 8,741 182,857 145,691 92,562 61,954 222,495 39,401 25,465 779,166 (8) Special mention — 720 — 6,161 — 376 — — 7,257 (9) Substandard - accruing — — — — — 442 — — 442 (9+) Non-accrual — — — 3,355 — — — — 3,355 Secured by 1-4 family (1-7) Pass 7,781 64,081 89,336 52,460 17,746 84,837 4,519 — 320,760 (8) Special mention — — — — — 1,000 — — 1,000 (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total real estate $ 191,322 $ 1,545,820 $ 1,118,551 $ 687,243 $ 450,729 $ 819,414 $ 422,975 $ 36,389 $ 5,272,443 Total $ 1,025,381 $ 3,711,422 $ 2,260,417 $ 1,145,857 $ 1,022,041 $ 4,188,492 $ 6,725,534 $ 63,321 $ 20,142,465 Gross charge-offs $ — $ 90 $ 19,828 $ — $ 262 $ 552 $ — $ — $ 20,732 (in thousands) 2022 2021 2020 2019 2018 2017 and prior Revolving lines of credit Revolving lines of credit converted to term loans Total December 31, 2022 Commercial (1-7) Pass $ 1,903,529 $ 671,459 $ 244,568 $ 255,444 $ 325,201 $ 244,373 $ 4,877,753 $ 21,063 $ 8,543,390 (8) Special mention 9,141 7,740 3,628 37,794 11,998 4,975 95,310 2,250 172,836 (9) Substandard - accruing 18,670 71,147 514 1,666 14,933 6,305 30,070 — 143,305 (9+) Non-accrual 376 512 751 30,425 6,226 2,520 2,607 — 43,417 Total commercial $ 1,931,716 $ 750,858 $ 249,461 $ 325,329 $ 358,358 $ 258,173 $ 5,005,740 $ 23,313 $ 8,902,948 Energy (1-7) Pass $ 124,691 $ 12,517 $ — $ — $ — $ 3,317 $ 1,007,776 $ — $ 1,148,301 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — 7,337 — 7,337 (9+) Non-accrual — — — — — — 3,658 — 3,658 Total energy $ 124,691 $ 12,517 $ — $ — $ — $ 3,317 $ 1,018,771 $ — $ 1,159,296 Mortgage finance (1-7) Pass $ 30,485 $ 482,477 $ 197,045 $ 267,758 $ 464,753 $ 2,647,515 $ — $ — $ 4,090,033 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ 30,485 $ 482,477 $ 197,045 $ 267,758 $ 464,753 $ 2,647,515 $ — $ — $ 4,090,033 Real estate CRE (1-7) Pass $ 1,085,254 $ 756,180 $ 563,341 $ 447,346 $ 183,634 $ 284,698 $ 97,337 $ 11,944 $ 3,429,734 (8) Special mention 2,765 6,524 37,791 5,295 19,350 3,652 — — 75,377 (9) Substandard - accruing — 17,850 — — 11,458 17,698 — — 47,006 (9+) Non-accrual — — — — — 182 — — 182 RBF (1-7) Pass 94,066 70,951 12,161 6,106 2,655 — 326,164 — 512,103 (8) Special mention — — — — — — — — — (9) Substandard - accruing 7,840 — — — — — — — 7,840 (9+) Non-accrual — — — — — — — — — Other (1-7) Pass 182,840 131,538 94,611 67,518 76,951 163,838 42,333 31,293 790,922 (8) Special mention 729 — 8,721 — — 386 — — 9,836 (9) Substandard - accruing — — — 247 — 1,035 — — 1,282 (9+) Non-accrual — — 1,081 — — — — — 1,081 Secured by 1-4 family (1-7) Pass 64,050 89,967 53,003 24,314 16,953 70,082 4,911 — 323,280 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total real estate $ 1,437,544 $ 1,073,010 $ 770,709 $ 550,826 $ 311,001 $ 541,571 $ 470,745 $ 43,237 $ 5,198,643 Total $ 3,524,436 $ 2,318,862 $ 1,217,215 $ 1,143,913 $ 1,134,112 $ 3,450,576 $ 6,495,256 $ 66,550 $ 19,350,920 |
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 Three Months Ended March 31, 2023 Beginning balance $ 136,841 $ 49,000 $ 10,745 $ 56,883 $ 253,469 Provision for credit losses on loans 32,475 1,930 (3,345) (3,691) 27,369 Charge-offs 20,732 — — — 20,732 Recoveries 816 6 — — 822 Net charge-offs (recoveries) 19,916 (6) — — 19,910 Ending balance $ 149,400 $ 50,936 $ 7,400 $ 53,192 $ 260,928 Three Months Ended March 31, 2022 Beginning balance $ 102,202 $ 52,568 $ 6,083 $ 51,013 $ 211,866 Provision for credit losses on loans 5,437 (24,522) 4,159 13,699 (1,227) Charge-offs 110 — — 350 460 Recoveries 217 755 — — 972 Net charge-offs (recoveries) (107) (755) — 350 (512) Ending balance $ 107,746 $ 28,801 $ 10,242 $ 64,362 $ 211,151 |
Schedule of an age analysis of accruing past due loans | The table below provides an age analysis of gross loans held for investment: (in thousands) 30-59 Days 60-89 Days 90 Days or More Past Due Total Past Non-accrual(1) Current Total Non-accrual With No Allowance March 31, 2023 Commercial $ 3,185 $ 242 $ 3,098 $ 6,525 $ 86,940 $ 9,421,316 $ 9,514,781 $ 71,999 Energy — — — — 3,477 1,291,194 1,294,671 3,477 Mortgage finance — — — — — 4,060,570 4,060,570 — Real estate CRE — — — — 179 3,695,103 3,695,282 — RBF — — — — — 465,181 465,181 — Other 430 — — 430 3,355 786,435 790,220 3,355 Secured by 1-4 family 2,388 — — 2,388 — 319,372 321,760 — Total $ 6,003 $ 242 $ 3,098 $ 9,343 $ 93,951 $ 20,039,171 $ 20,142,465 $ 78,831 (1) As of March 31, 2023, $2.1 million of non-accrual loans were earning interest income on a cash basis compared to $2.2 million as of December 31, 2022. We did not recognize interest income on non-accrual loans for the three months ended March 31, 2023 and March 31, 2022. Accrued interest of $1.5 million and $4,000 was reversed during the three months ended March 31, 2023 and March 31, 2022, respectively. |
Summary of loan modifications | The table below details the amortized cost of gross loans held for investment made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2023: (in thousands) Payment Term Payment Interest Rate Total Percentage of Commercial $ 31,431 $ 1,800 $ — $ 14,933 $ 48,164 0.24 % Energy — — 3,477 — 3,477 0.02 % Total $ 31,431 $ 1,800 $ 3,477 $ 14,933 $ 51,641 0.26 % The following table summarizes the financial impacts of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023: Interest Rate Term Extension Total Payment Commercial 0.70% 6 to 18 $ 3,523 Energy — 36 1,200 The table below provides an age analysis of gross loans held for investment made to borrowers experiencing financial difficulty that were modified on or after January 1, 2023, the date we adopted ASU 2022-02: (in thousands) 30-89 Days 90+ Days Non-Accrual Current Total March 31, 2023 Commercial $ 161 $ — $ 924 $ 47,079 $ 48,164 Energy — — 3,477 — 3,477 Total $ 161 $ — $ 4,401 $ 47,079 $ 51,641 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of borrowings | The table below presents a summary of short-term borrowings: (in thousands) March 31, 2023 December 31, 2022 Customer repurchase agreements $ — $ 1,142 Federal Home Loan Bank borrowings 2,100,000 1,200,000 Total short-term borrowings $ 2,100,000 $ 1,201,142 |
Summary of significant terms of preferred subordinated debentures | The table below presents a summary of long-term debt: (in thousands) March 31, 2023 December 31, 2022 Bank-issued floating rate senior unsecured credit-linked notes due 2024 $ 272,994 $ 272,492 Bank-issued 5.25% fixed rate subordinated notes due 2026 174,262 174,196 Company-issued 4.00% fixed rate subordinated notes due 2031 371,457 371,348 Trust preferred floating rate subordinated debentures due 2032 to 2036 113,406 113,406 Total long-term debt $ 932,119 $ 931,442 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | The table below presents the Company’s 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: Three Months Ended March 31, (in thousands) 2023 2022 Beginning balance of allowance for off-balance sheet credit losses $ 21,793 $ 17,265 Provision for off-balance sheet credit losses 631 (773) Ending balance of allowance for off-balance sheet credit losses $ 22,424 $ 16,492 (in thousands) March 31, 2023 December 31, 2022 Commitments to extend credit - period end balance $ 10,231,682 $ 9,673,082 Standby letters of credit - period end balance 436,057 417,896 |
Regulatory Ratios and Capital (
Regulatory Ratios and Capital (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of compliance with Regulatory Capital Requirements | The table below summarizes the Company’s and the Bank’s actual and required capital ratios under the Basel III Capital Rules. The ratios presented below include the effects of the 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 March 31, 2023 CET1 Company $ 3,157,937 12.42 % $ 1,779,755 7.00 % N/A N/A Bank 3,454,486 13.61 % 1,776,757 7.00 % 1,649,845 6.50 % Total capital (to risk-weighted assets) Company 4,285,396 16.86 % 2,669,633 10.50 % 2,542,507 10.00 % Bank 4,010,488 15.80 % 2,665,135 10.50 % 2,538,224 10.00 % Tier 1 capital (to risk-weighted assets) Company 3,567,937 14.03 % 2,161,131 8.50 % 1,525,504 6.00 % Bank 3,614,486 14.24 % 2,157,490 8.50 % 2,030,579 8.00 % Tier 1 capital (to average assets)(1) Company 3,567,937 12.03 % 1,186,723 4.00 % N/A N/A Bank 3,614,486 12.20 % 1,185,349 4.00 % 1,481,686 5.00 % December 31, 2022 CET1 Company $ 3,180,208 13.00 % $ 1,712,608 7.00 % N/A N/A Bank 3,408,178 13.95 % 1,710,056 7.00 % 1,587,909 6.50 % Total capital (to risk-weighted assets) Company 4,331,098 17.70 % 2,568,912 10.50 % 2,446,583 10.00 % Bank 3,987,720 16.32 % 2,565,083 10.50 % 2,442,937 10.00 % Tier 1 capital (to risk-weighted assets) Company 3,590,208 14.67 % 2,079,595 8.50 % 1,467,950 6.00 % Bank 3,568,178 14.61 % 2,076,496 8.50 % 1,954,349 8.00 % Tier 1 capital (to average assets)(1) Company 3,590,208 11.54 % 1,244,494 4.00 % N/A N/A Bank 3,568,178 11.48 % 1,243,232 4.00 % 1,554,039 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, as applicable, the fully phased-in 2.5% CET1 capital buffer under the Basel III Capital Rules. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Schedule of stock-based compensation costs | The table below summarizes our stock-based compensation expense: Three Months Ended March 31, (in thousands) 2023 2022 Stock-settled awards: RSUs $ 8,438 $ 5,407 Cash-settled units — 181 Total $ 8,438 $ 5,588 |
Schedule of unrecognized compensation costs | (in thousands except period data) March 31, 2023 Unrecognized compensation expense related to unvested stock-settled awards $ 46,870 Weighted average period over which expense is expected to be recognized, in years 2.5 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Available-for-sale debt securities:(1) U.S. Treasury securities $ 623,312 $ — $ — U.S. government agency securities — 104,117 — Residential mortgage-backed securities — 2,654,936 — CRT securities — — 11,928 Equity securities(1)(2) 21,548 11,166 — Loans held for investment(3) — — 35,458 Derivative assets(4) — 19,401 — Derivative liabilities(4) — 70,220 — Non-qualified deferred compensation plan liabilities(4) 19,778 — — December 31, 2022 Available-for-sale debt securities:(1) U.S. Treasury securities $ 670,582 $ — $ — U.S. government agency securities — 102,154 — Residential mortgage-backed securities — 1,831,047 — CRT securities — — 11,861 Equity securities(1)(2) 22,879 11,077 — Derivative assets(4) — 13,504 — Derivative liabilities(4) — 91,758 — Non-qualified deferred compensation plan liabilities(4) 21,177 — — (1) Investment securities are measured at fair value on a recurring basis, generally monthly. (2) Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments related to non-qualified deferred compensation plan. (3) Includes certain collateral-dependent loans held for investment for which a specific allocation of the allowance for credit losses is based upon the fair value of the loan’s underlying collateral. These loans held for investment are measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions. (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 Fair Value Assets Measured on a Recurring Basis | The following table presents a reconciliation of the level 3 fair value category 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 March 31, 2023 Available-for-sale debt securities:(1) CRT securities $ 11,861 $ — $ — $ — $ 67 $ 11,928 Three Months Ended March 31, 2022 Available-for-sale debt securities:(1) Tax-exempt asset-backed securities $ 180,033 $ — $ (3,736) $ — $ (10,452) $ 165,845 CRT securities 11,846 — — — 55 11,901 Loans held for sale(2) 7,658 1,327 (571) — (329) 8,085 (1) Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI other non-interest income (2) Realized and unrealized gains/(losses) on loans held for sale are recorded in other non-interest income |
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: Carrying Estimated Fair Value (in thousands) Total Level 1 Level 2 Level 3 March 31, 2023 Financial assets: Cash and cash equivalents $ 3,649,705 $ 3,649,705 $ 3,649,705 $ — $ — Available-for-sale debt securities 3,394,293 3,394,293 623,312 2,759,053 11,928 Held-to-maturity debt securities 918,962 811,531 — 811,531 — Equity securities 32,714 32,714 21,548 11,166 — Loans held for sale 27,608 27,208 — 27,208 — Loans held for investment, net 19,814,139 19,755,693 — — 19,755,693 Derivative assets 19,401 19,401 — 19,401 — Financial liabilities: Total deposits 22,179,697 22,184,982 — — 22,184,982 Short-term borrowings 2,100,000 2,100,000 — 2,100,000 — Long-term debt 932,119 866,529 — 866,529 — Derivative liabilities 70,220 70,220 — 70,220 — December 31, 2022 Financial assets: Cash and cash equivalents $ 5,012,260 $ 5,012,260 $ 5,012,260 $ — $ — Available-for-sale debt securities 2,615,644 2,615,644 670,582 1,933,201 11,861 Held-to-maturity debt securities 935,514 816,914 — 816,914 — Equity securities 33,956 33,956 22,879 11,077 — Loans held for sale 36,357 36,357 — — 36,357 Loans held for investment, net 19,033,871 18,969,922 — — 18,969,922 Derivative assets 13,504 13,504 — 13,504 — Financial liabilities: Total deposits 22,856,880 22,857,949 — — 22,857,949 Short-term borrowings 1,201,142 1,201,142 — 1,201,142 — Long-term debt 931,442 881,716 — 881,716 — Derivative liabilities 91,758 91,758 — 91,758 — |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. March 31, 2023 December 31, 2022 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 $ 3,100,000 $ 1,658 $ 65,090 $ 3,000,000 $ — $ 86,378 Non-hedging derivatives Customer-initiated and other derivatives: Foreign currency forward contracts 2,682 13 — — — — Interest rate contracts: Swaps 4,527,001 70,881 70,881 4,396,367 83,529 83,529 Caps and floors written 168,065 — 2,238 220,142 — 2,583 Caps and floors purchased 168,065 2,238 — 220,142 2,583 — Forward contracts 4,486,001 12,755 12,167 1,569,326 4,431 4,053 Gross derivatives 87,545 150,376 90,543 176,543 Netting adjustment - offsetting derivative assets/liabilities (14,038) (14,038) (5,164) (5,164) Netting adjustment - cash collateral received/posted (54,106) (66,118) (71,875) (79,621) Net derivatives included on the consolidated balance sheets $ 19,401 $ 70,220 $ 13,504 $ 91,758 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [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 March 31, 2023 Beginning balance $ (66,394) $ (304,309) $ (48,240) $ (418,943) Change in unrealized gain/(loss) 13,528 29,425 — 42,953 Amounts reclassified into net income 11,129 — 1,844 12,973 Total other comprehensive income/(loss) 24,657 29,425 1,844 55,926 Income tax expense/(benefit) 5,179 6,179 387 11,745 Total other comprehensive income/(loss), net of tax 19,478 23,246 1,457 44,181 Ending balance $ (46,916) $ (281,063) $ (46,783) $ (374,762) Three Months Ended March 31, 2022 Beginning balance $ — $ (47,715) $ — $ (47,715) Change in unrealized gain/(loss) — (131,454) (69,165) (200,619) Amounts reclassified into net income — — 986 986 Total other comprehensive income/(loss) — (131,454) (68,179) (199,633) Income tax expense/(benefit) — (27,605) (14,318) (41,923) Total other comprehensive income/(loss), net of tax — (103,849) (53,861) (157,710) Ending balance $ — $ (151,564) $ (53,861) $ (205,425) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income | $ 38,661 | $ 39,650 |
Preferred stock dividends | 4,313 | 4,313 |
Net income available to common stockholders | $ 34,348 | $ 35,337 |
Denominator: | ||
Denominator for basic earnings per common share—weighted average common shares | 48,264,121 | 50,667,090 |
Effect of employee stock-based awards | 616,604 | 656,937 |
Denominator for dilutive earnings per common share—weighted average diluted common shares | 48,880,725 | 51,324,027 |
Basic earnings per common share (in usd per share) | $ 0.71 | $ 0.70 |
Diluted earnings per common share (in usd per share) | $ 0.70 | $ 0.69 |
Anti-dilutive outstanding stock-settled awards | 252,308 | 229,488 |
Investment Securities - Summary
Investment Securities - Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 3,750,070 | $ 3,000,846 |
Gross Unrealized Gains | 1,077 | 3 |
Gross Unrealized Losses | (356,854) | (385,205) |
Estimated Fair Value | 3,394,293 | 2,615,644 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Held-to-maturity debt securities | 918,962 | 935,514 |
Equity securities at fair value | 32,714 | 33,956 |
Total investment securities(2) | 4,345,969 | 3,585,114 |
Interest receivable | 100,000 | 100,400 |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 3,750,070 | |
Estimated Fair Value | 3,394,293 | |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Interest receivable | 8,400 | 6,600 |
Held-to-Maturity Securities | ||
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Estimated Fair Value | 811,531 | |
Interest receivable | 1,500 | 1,500 |
US Treasury Securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 644,697 | 698,769 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (21,385) | (28,187) |
Estimated Fair Value | 623,312 | 670,582 |
U.S. government agency securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 125,000 | 125,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (20,883) | (22,846) |
Estimated Fair Value | 104,117 | 102,154 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 2,965,866 | 2,162,364 |
Gross Unrealized Gains | 1,077 | 3 |
Gross Unrealized Losses | (312,007) | (331,320) |
Estimated Fair Value | 2,654,936 | 1,831,047 |
Debt Securities, Held-to-Maturity, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract] | ||
Held-to-maturity debt securities | 918,962 | 935,514 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (107,431) | (118,600) |
Estimated Fair Value | 811,531 | 816,914 |
CRT securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 14,507 | 14,713 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2,579) | (2,852) |
Estimated Fair Value | $ 11,928 | $ 11,861 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | 109 | ||
Held-to-Maturity Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale debt securities transferred to held-to-maturity | $ | $ 56,400 | ||
Realized gain | $ | $ 489 | ||
US Treasury Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | 11 | ||
U.S. government agency securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | 5 | ||
CRT securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | 2 | ||
Residential mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | 91 | ||
Customer repurchase agreements | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale debt securities pledged to secure certain customer repurchase agreements and deposits | $ | $ 1,600,000 | $ 16,100 | |
Deposits | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale debt securities pledged to secure certain customer repurchase agreements and deposits | $ | $ 1,700 | $ 1,400 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Amortized Cost | $ 3,750,070 | $ 3,000,846 |
Fair Value | ||
Fair Value | 3,394,293 | $ 2,615,644 |
Available-for-sale Securities | ||
Amortized Cost | ||
Due within one year | 250,900 | |
Due after one year through five years | 443,798 | |
Due after five years through ten years | 106,319 | |
Due after ten years | 2,949,053 | |
Amortized Cost | 3,750,070 | |
Fair Value | ||
Due within one year | 243,554 | |
Due after one year through five years | 422,944 | |
Due after five years through ten years | 87,120 | |
Due after ten years | 2,640,675 | |
Fair Value | 3,394,293 | |
Held-to-Maturity Securities | ||
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 | 918,962 | |
Amortized Cost | 918,962 | |
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 | 811,531 | |
Fair Value | $ 811,531 |
Investment Securities - Sched_2
Investment Securities - Schedule of Available-for-Sale Debt Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | $ 1,209,038 | $ 932,084 |
Less Than 12 Months, Unrealized Loss | (15,621) | (37,668) |
12 Months or Longer, Fair Value | 2,070,634 | 1,683,122 |
12 Months or Longer, Unrealized Loss | (341,233) | (347,537) |
Total, Fair Value | 3,279,672 | 2,615,206 |
Total, Unrealized Loss | (356,854) | (385,205) |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 0 | 0 |
Less Than 12 Months, Unrealized Loss | 0 | 0 |
12 Months or Longer, Fair Value | 104,117 | 102,154 |
12 Months or Longer, Unrealized Loss | (20,883) | (22,846) |
Total, Fair Value | 104,117 | 102,154 |
Total, Unrealized Loss | (20,883) | (22,846) |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 947,217 | 261,502 |
Less Than 12 Months, Unrealized Loss | (10,451) | (9,481) |
12 Months or Longer, Fair Value | 1,593,098 | 1,569,107 |
12 Months or Longer, Unrealized Loss | (301,556) | (321,839) |
Total, Fair Value | 2,540,315 | 1,830,609 |
Total, Unrealized Loss | (312,007) | (331,320) |
CRT securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 0 | 0 |
Less Than 12 Months, Unrealized Loss | 0 | 0 |
12 Months or Longer, Fair Value | 11,928 | 11,861 |
12 Months or Longer, Unrealized Loss | (2,579) | (2,852) |
Total, Fair Value | 11,928 | 11,861 |
Total, Unrealized Loss | (2,579) | (2,852) |
US Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 261,821 | 670,582 |
Less Than 12 Months, Unrealized Loss | (5,170) | (28,187) |
12 Months or Longer, Fair Value | 361,491 | 0 |
12 Months or Longer, Unrealized Loss | (16,215) | 0 |
Total, Fair Value | 623,312 | 670,582 |
Total, Unrealized Loss | $ (21,385) | $ (28,187) |
Investment Securities - Summa_2
Investment Securities - Summary of Unrealized and Realized Gains/(Losses) Recognized in Net Income on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net gains/(losses) recognized during the period | $ 1,245 | $ (3,640) |
Less: Realized net gains/(losses) recognized on securities sold | 596 | (202) |
Unrealized net gains/(losses) recognized on securities still held | $ 1,841 | $ (3,842) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses on Loans - Loans Held for Investment by Portfolio Segment (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | $ 20,142,465,000 | $ 19,350,920,000 | ||
Unearned income (net of direct origination costs) | (67,398,000) | (63,580,000) | ||
Total loans held for investment | 20,075,067,000 | 19,287,340,000 | ||
Allowance for credit losses on loans | (260,928,000) | (253,469,000) | $ (211,151,000) | $ (211,866,000) |
Loans held for investment, net | 19,814,139,000 | 19,033,871,000 | ||
Loans held for sale | 27,608,000 | 36,357,000 | ||
Interest receivable | 100,000,000 | 100,400,000 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 9,514,781,000 | 8,902,948,000 | ||
Allowance for credit losses on loans | (149,400,000) | (136,841,000) | (107,746,000) | (102,202,000) |
Loans held for sale | 27,608,000 | 36,357,000 | ||
Energy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 1,294,671,000 | 1,159,296,000 | ||
Allowance for credit losses on loans | (50,936,000) | (49,000,000) | (28,801,000) | (52,568,000) |
Mortgage Finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 4,060,570,000 | 4,090,033,000 | ||
Allowance for credit losses on loans | (7,400,000) | (10,745,000) | (10,242,000) | (6,083,000) |
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 5,272,443,000 | 5,198,643,000 | ||
Allowance for credit losses on loans | $ (53,192,000) | $ (56,883,000) | $ (64,362,000) | $ (51,013,000) |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses on Loans - Loans by Investment Grade (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | $ 1,025,381 | $ 3,524,436 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,711,422 | 2,318,862 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 2,260,417 | 1,217,215 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,145,857 | 1,143,913 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,022,041 | 1,134,112 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 4,188,492 | 3,450,576 | |
Revolving lines of credit | 6,725,534 | 6,495,256 | |
Revolving lines of credit converted to term loans | 63,321 | 66,550 | |
Total | 20,142,465 | 19,350,920 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 90 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 19,828 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 262 | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 552 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 20,732 | $ 460 | |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 668,360 | 1,931,716 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,021,075 | 750,858 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 655,539 | 249,461 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 197,431 | 325,329 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 282,723 | 358,358 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 484,821 | 258,173 | |
Revolving lines of credit | 5,181,377 | 5,005,740 | |
Revolving lines of credit converted to term loans | 23,455 | 23,313 | |
Total | 9,514,781 | 8,902,948 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 20,732 | 110 | |
Commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 668,265 | 1,903,529 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,913,280 | 671,459 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 594,666 | 244,568 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 192,154 | 255,444 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 186,922 | 325,201 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 440,995 | 244,373 | |
Revolving lines of credit | 5,079,665 | 4,877,753 | |
Revolving lines of credit converted to term loans | 19,786 | 21,063 | |
Total | 9,095,733 | 8,543,390 | |
Commercial | Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 95 | 9,141 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 47,169 | 7,740 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 18,690 | 3,628 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,399 | 37,794 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 61,187 | 11,998 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 12,025 | 4,975 | |
Revolving lines of credit | 67,354 | 95,310 | |
Revolving lines of credit converted to term loans | 1,860 | 2,250 | |
Total | 209,779 | 172,836 | |
Commercial | Substandard - accruing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 18,670 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 18,298 | 71,147 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 39,079 | 514 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,649 | 1,666 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 3,295 | 14,933 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 24,755 | 6,305 | |
Revolving lines of credit | 34,358 | 30,070 | |
Revolving lines of credit converted to term loans | 895 | 0 | |
Total | 122,329 | 143,305 | |
Commercial | Non-accrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 376 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 42,328 | 512 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 3,104 | 751 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 2,229 | 30,425 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 31,319 | 6,226 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 7,046 | 2,520 | |
Revolving lines of credit | 0 | 2,607 | |
Revolving lines of credit converted to term loans | 914 | 0 | |
Total | 86,940 | 43,417 | |
Energy | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 55,167 | 124,691 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 114,845 | 12,517 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 3,317 | |
Revolving lines of credit | 1,121,182 | 1,018,771 | |
Revolving lines of credit converted to term loans | 3,477 | 0 | |
Total | 1,294,671 | 1,159,296 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |
Energy | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 55,167 | 124,691 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 114,845 | 12,517 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 3,317 | |
Revolving lines of credit | 1,114,145 | 1,007,776 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 1,284,157 | 1,148,301 | |
Energy | Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 0 | 0 | |
Energy | Substandard - accruing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 7,037 | 7,337 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 7,037 | 7,337 | |
Energy | Non-accrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 3,658 | |
Revolving lines of credit converted to term loans | 3,477 | 0 | |
Total | 3,477 | 3,658 | |
Mortgage Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 110,532 | 30,485 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 29,682 | 482,477 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 486,327 | 197,045 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 261,183 | 267,758 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 288,589 | 464,753 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 2,884,257 | 2,647,515 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 4,060,570 | 4,090,033 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 0 | |
Mortgage Finance | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 110,532 | 30,485 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 29,682 | 482,477 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 486,327 | 197,045 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 261,183 | 267,758 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 288,589 | 464,753 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 2,884,257 | 2,647,515 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 4,060,570 | 4,090,033 | |
Mortgage Finance | Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 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, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 0 | 0 | |
Mortgage Finance | Non-accrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 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, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 191,322 | 1,437,544 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,545,820 | 1,073,010 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,118,551 | 770,709 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 687,243 | 550,826 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 450,729 | 311,001 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 819,414 | 541,571 | |
Revolving lines of credit | 422,975 | 470,745 | |
Revolving lines of credit converted to term loans | 36,389 | 43,237 | |
Total | 5,272,443 | 5,198,643 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | $ 350 | |
Real Estate | Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 3,695,282 | ||
Real Estate | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 465,181 | ||
Real Estate | Other Financing Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 790,220 | ||
Real Estate | Secured By Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total | 321,760 | ||
Real Estate | Pass | Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 156,825 | 1,085,254 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,199,143 | 756,180 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 807,286 | 563,341 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 492,723 | 447,346 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 369,393 | 183,634 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 450,333 | 284,698 | |
Revolving lines of credit | 97,541 | 97,337 | |
Revolving lines of credit converted to term loans | 10,924 | 11,944 | |
Total | 3,584,168 | 3,429,734 | |
Real Estate | Pass | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 17,975 | 94,066 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 88,017 | 70,951 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 52,541 | 12,161 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 10,180 | 6,106 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,636 | 2,655 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 4,966 | 0 | |
Revolving lines of credit | 281,514 | 326,164 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 456,829 | 512,103 | |
Real Estate | Pass | Other Financing Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 8,741 | 182,840 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 182,857 | 131,538 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 145,691 | 94,611 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 92,562 | 67,518 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 61,954 | 76,951 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 222,495 | 163,838 | |
Revolving lines of credit | 39,401 | 42,333 | |
Revolving lines of credit converted to term loans | 25,465 | 31,293 | |
Total | 779,166 | 790,922 | |
Real Estate | Pass | Secured By Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 7,781 | 64,050 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 64,081 | 89,967 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 89,336 | 53,003 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 52,460 | 24,314 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 17,746 | 16,953 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 84,837 | 70,082 | |
Revolving lines of credit | 4,519 | 4,911 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 320,760 | 323,280 | |
Real Estate | Special mention | Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 2,765 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,650 | 6,524 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 5,847 | 37,791 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 29,802 | 5,295 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 19,350 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 24,926 | 3,652 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 63,225 | 75,377 | |
Real Estate | Special mention | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,352 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 8,352 | 0 | |
Real Estate | Special mention | Other Financing Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 729 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 720 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 8,721 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 6,161 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 376 | 386 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 7,257 | 9,836 | |
Real Estate | Special mention | Secured By Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,000 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 1,000 | 0 | |
Real Estate | Substandard - accruing | Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 17,850 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 17,850 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 11,458 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 29,860 | 17,698 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 47,710 | 47,006 | |
Real Estate | Substandard - accruing | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 7,840 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 0 | 7,840 | |
Real Estate | Substandard - accruing | Other Financing Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 247 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 442 | 1,035 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 442 | 1,282 | |
Real Estate | Substandard - accruing | Secured By Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 0 | 0 | |
Real Estate | Non-accrual | Commercial Real Estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 179 | 182 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 179 | 182 | |
Real Estate | Non-accrual | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 0 | 0 | |
Real Estate | Non-accrual | Other Financing Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 1,081 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 3,355 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 3,355 | 1,081 | |
Real Estate | Non-accrual | Secured By Family | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | $ 0 | $ 0 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses on Loans - Allowance Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 253,469 | $ 211,866 |
Provision for credit losses on loans | 27,369 | (1,227) |
Charge-offs | 20,732 | 460 |
Recoveries | 822 | 972 |
Net charge-offs (recoveries) | 19,910 | (512) |
Ending balance | 260,928 | 211,151 |
Commercial | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 136,841 | 102,202 |
Provision for credit losses on loans | 32,475 | 5,437 |
Charge-offs | 20,732 | 110 |
Recoveries | 816 | 217 |
Net charge-offs (recoveries) | 19,916 | (107) |
Ending balance | 149,400 | 107,746 |
Energy | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 49,000 | 52,568 |
Provision for credit losses on loans | 1,930 | (24,522) |
Charge-offs | 0 | 0 |
Recoveries | 6 | 755 |
Net charge-offs (recoveries) | (6) | (755) |
Ending balance | 50,936 | 28,801 |
Mortgage Finance | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 10,745 | 6,083 |
Provision for credit losses on loans | (3,345) | 4,159 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs (recoveries) | 0 | 0 |
Ending balance | 7,400 | 10,242 |
Real Estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 56,883 | 51,013 |
Provision for credit losses on loans | (3,691) | 13,699 |
Charge-offs | 0 | 350 |
Recoveries | 0 | 0 |
Net charge-offs (recoveries) | 0 | 350 |
Ending balance | $ 53,192 | $ 64,362 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses on Loans - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for credit losses | $ 28,000 | $ (2,000) | |
Net charge-offs (recoveries) | 19,910 | (512) | |
Loan balance | 20,142,465 | $ 19,350,920 | |
Nonaccrual loans that met the criteria for restructured | 18,000 | 531 | |
Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net charge-offs (recoveries) | 19,916 | (107) | |
Loan balance | 9,514,781 | 8,902,948 | |
Commercial | Asset Pledged as Collateral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loan balance | 38,700 | ||
Real Estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net charge-offs (recoveries) | 0 | 350 | |
Loan balance | 5,272,443 | 5,198,643 | |
Real Estate | Asset Pledged as Collateral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loan balance | 1,100 | ||
Criticized | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loan balance | 561,100 | 476,100 | $ 513,200 |
Leveraged Lending | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net charge-offs (recoveries) | (512) | ||
Cumulative Effect, Period of Adoption, Adjustment | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for credit losses | $ 27,400 | $ (1,200) |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses on Loans - Age Analysis (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 20,142,465,000 | $ 19,350,920,000 | |
Non-accrual | 93,951,000 | ||
Non-accrual With No Allowance | 78,831,000 | ||
Non-accrual loans earning interest income on cash basis | 2,100,000 | 2,200,000 | |
Interest income on non-accrual loans | 0 | ||
Interest Income Reversed | 1,500,000 | $ 4,000 | |
Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 9,514,781,000 | 8,902,948,000 | |
Non-accrual | 86,940,000 | ||
Non-accrual With No Allowance | 71,999,000 | ||
Energy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 1,294,671,000 | 1,159,296,000 | |
Non-accrual | 3,477,000 | ||
Non-accrual With No Allowance | 3,477,000 | ||
Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 4,060,570,000 | 4,090,033,000 | |
Non-accrual | 0 | ||
Non-accrual With No Allowance | 0 | ||
Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 5,272,443,000 | $ 5,198,643,000 | |
Real Estate | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,695,282,000 | ||
Non-accrual | 179,000 | ||
Non-accrual With No Allowance | 0 | ||
Real Estate | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 465,181,000 | ||
Non-accrual | 0 | ||
Non-accrual With No Allowance | 0 | ||
Real Estate | Other Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 790,220,000 | ||
Non-accrual | 3,355,000 | ||
Non-accrual With No Allowance | 3,355,000 | ||
Real Estate | Secured By Family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 321,760,000 | ||
Non-accrual | 0 | ||
Non-accrual With No Allowance | 0 | ||
30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 6,003,000 | ||
30-59 Days Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,185,000 | ||
30-59 Days Past Due | Energy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
30-59 Days Past Due | Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
30-59 Days Past Due | Real Estate | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
30-59 Days Past Due | Real Estate | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
30-59 Days Past Due | Real Estate | Other Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 430,000 | ||
30-59 Days Past Due | Real Estate | Secured By Family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 2,388,000 | ||
60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 242,000 | ||
60-89 Days Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 242,000 | ||
60-89 Days Past Due | Energy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
60-89 Days Past Due | Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
60-89 Days Past Due | Real Estate | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
60-89 Days Past Due | Real Estate | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
60-89 Days Past Due | Real Estate | Other Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
60-89 Days Past Due | Real Estate | Secured By Family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,098,000 | ||
90 Days or More Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,098,000 | ||
90 Days or More Past Due | Energy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
90 Days or More Past Due | Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
90 Days or More Past Due | Real Estate | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
90 Days or More Past Due | Real Estate | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
90 Days or More Past Due | Real Estate | Other Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
90 Days or More Past Due | Real Estate | Secured By Family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
Total Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 9,343,000 | ||
Total Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 6,525,000 | ||
Total Past Due | Energy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
Total Past Due | Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
Total Past Due | Real Estate | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
Total Past Due | Real Estate | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
Total Past Due | Real Estate | Other Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 430,000 | ||
Total Past Due | Real Estate | Secured By Family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 2,388,000 | ||
Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 20,039,171,000 | ||
Current | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 9,421,316,000 | ||
Current | Energy | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 1,291,194,000 | ||
Current | Mortgage Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 4,060,570,000 | ||
Current | Real Estate | Commercial Real Estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,695,103,000 | ||
Current | Real Estate | Residential Homebuilder Finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 465,181,000 | ||
Current | Real Estate | Other Financing Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 786,435,000 | ||
Current | Real Estate | Secured By Family | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 319,372,000 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses on Loans - Summary of Amortized Cost of Gross Modified Loans Held for Investment (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | $ 51,641 |
Percentage of Total Loans Held for Investment | 0.26% |
Payment Deferral | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | $ 31,431 |
Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | 1,800 |
Payment Deferral and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | 3,477 |
Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | 14,933 |
Commercial | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | $ 48,164 |
Percentage of Total Loans Held for Investment | 0.24% |
Commercial | Payment Deferral | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | $ 31,431 |
Commercial | Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | 1,800 |
Commercial | Payment Deferral and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | 0 |
Commercial | Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | 14,933 |
Energy | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | $ 3,477 |
Percentage of Total Loans Held for Investment | 0.02% |
Energy | Payment Deferral | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | $ 0 |
Energy | Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | 0 |
Energy | Payment Deferral and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | 3,477 |
Energy | Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Total modified in period | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses on Loans - Summary of Financial Impacts of Loan Modifications (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Commercial | |
Financing Receivable, Modifications [Line Items] | |
Interest Rate Reduction | 0.70% |
Total Payment Deferrals (in thousands) | $ 3,523 |
Commercial | Minimum | |
Financing Receivable, Modifications [Line Items] | |
Term Extension (in months) | 6 months |
Commercial | Maximum | |
Financing Receivable, Modifications [Line Items] | |
Term Extension (in months) | 18 months |
Energy | |
Financing Receivable, Modifications [Line Items] | |
Interest Rate Reduction | 0% |
Term Extension (in months) | 36 months |
Total Payment Deferrals (in thousands) | $ 1,200 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses on Loans - Schedule of Age Analysis of Gross Modified Loans Held for Investment (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Financing Receivable, Modifications [Line Items] | |
Total | $ 51,641 |
30-89 Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 161 |
90+ Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 0 |
Non-Accrual | |
Financing Receivable, Modifications [Line Items] | |
Total | 4,401 |
Current | |
Financing Receivable, Modifications [Line Items] | |
Total | 47,079 |
Commercial | |
Financing Receivable, Modifications [Line Items] | |
Total | 48,164 |
Commercial | 30-89 Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 161 |
Commercial | 90+ Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 0 |
Commercial | Non-Accrual | |
Financing Receivable, Modifications [Line Items] | |
Total | 924 |
Commercial | Current | |
Financing Receivable, Modifications [Line Items] | |
Total | 47,079 |
Energy | |
Financing Receivable, Modifications [Line Items] | |
Total | 3,477 |
Energy | 30-89 Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 0 |
Energy | 90+ Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 0 |
Energy | Non-Accrual | |
Financing Receivable, Modifications [Line Items] | |
Total | 3,477 |
Energy | Current | |
Financing Receivable, Modifications [Line Items] | |
Total | $ 0 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt - Summary of Short-Term Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Amount outstanding at year-end | $ 2,100,000 | $ 1,201,142 |
Customer repurchase agreements | ||
Debt Instrument [Line Items] | ||
Amount outstanding at year-end | 0 | 1,142 |
Federal Home Loan Bank borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding at year-end | $ 2,100,000 | $ 1,200,000 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt - Summary of Long-Term Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | May 06, 2021 | Jan. 31, 2014 |
Schedule Of Borrowings [Line Items] | ||||
Long-term debt | $ 932,119 | $ 931,442 | ||
Senior Unsecured Credit-Linked Notes, Due 2024 | ||||
Schedule Of Borrowings [Line Items] | ||||
Senior unsecured credit-linked notes | 272,994 | 272,492 | ||
5.75% Subordinated Notes, Due 2026 | ||||
Schedule Of Borrowings [Line Items] | ||||
Trust preferred securities issued | 174,262 | 174,196 | ||
Interest rate | 5.25% | |||
4.00% Subordinated Notes, Due 2031 | ||||
Schedule Of Borrowings [Line Items] | ||||
Trust preferred securities issued | 371,457 | 371,348 | ||
Interest rate | 4% | |||
Floating Rate Subordinated Debentures, Due 2032 to 2036 | ||||
Schedule Of Borrowings [Line Items] | ||||
Trust preferred securities issued | $ 113,406 | $ 113,406 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Beginning balance of allowance for off-balance sheet credit losses | $ 21,793 | $ 17,265 | |
Provision for off-balance sheet credit losses | 631 | (773) | |
Ending balance of allowance for off-balance sheet credit losses | 22,424 | $ 16,492 | |
Commitments to extend credit | |||
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Off-balance sheet liability | 10,231,682 | $ 9,673,082 | |
Standby letters of credit | |||
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Off-balance sheet liability | $ 436,057 | $ 417,896 |
Regulatory Ratios and Capital -
Regulatory Ratios and Capital - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 USD ($) $ / shares shares | Jan. 18, 2023 USD ($) | Dec. 31, 2022 USD ($) | Apr. 19, 2022 USD ($) | Dec. 31, 2009 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Shares repurchased | $ 60,218 | ||||
Assets | $ 28,596,653 | $ 28,414,642 | $ 15,000,000 | ||
Required reserve balance at the Federal Reserve | $ 0 | ||||
April 2022 Share Repurchase Program | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Authorized repurchase amount | $ 150,000 | ||||
January 2023 Share Repurchase Program | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Authorized repurchase amount | $ 150,000 | ||||
Shares repurchased (in shares) | shares | 1,011,909 | ||||
Shares repurchased | $ 59,700 | ||||
Shares repurchased, price per share (in dollars per share) | $ / shares | $ 58.98 | ||||
Basel III, Phased-In | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action provisions, ratio | 0.025 |
Regulatory Ratios and Capital_2
Regulatory Ratios and Capital - Schedule of Compliance With Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Common Equity Tier 1 [Abstract] | ||
CET1, actual amount | $ 3,157,937 | $ 3,180,208 |
Total capital (to risk-weighted assets): | ||
Total capital (to risk weighted assets), actual amount | 4,285,396 | 4,331,098 |
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 2,542,507 | 2,446,583 |
Tier 1 capital (to risk-weighted assets): | ||
Tier 1 capital (to risk-weighted assets), actual amount | 3,567,937 | 3,590,208 |
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 1,525,504 | 1,467,950 |
Tier 1 capital (to average assets): | ||
Tier 1 capital (to average assets), actual amount | $ 3,567,937 | $ 3,590,208 |
Risk Based Ratios [Abstract] | ||
CET1, actual ratio | 12.42% | 13% |
Total capital (to risk weighted assets), actual ratio | 0.1686 | 0.1770 |
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 | 0.1403 | 0.1467 |
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 | 0.1203 | 0.1154 |
Bank | ||
Common Equity Tier 1 [Abstract] | ||
CET1, actual amount | $ 3,454,486 | $ 3,408,178 |
CET1 to be well capitalized under prompt corrective action provisions, amount | 1,649,845 | 1,587,909 |
Total capital (to risk-weighted assets): | ||
Total capital (to risk weighted assets), actual amount | 4,010,488 | 3,987,720 |
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 2,538,224 | 2,442,937 |
Tier 1 capital (to risk-weighted assets): | ||
Tier 1 capital (to risk-weighted assets), actual amount | 3,614,486 | 3,568,178 |
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 2,030,579 | 1,954,349 |
Tier 1 capital (to average assets): | ||
Tier 1 capital (to average assets), actual amount | 3,614,486 | 3,568,178 |
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action provisions, amount | $ 1,481,686 | $ 1,554,039 |
Risk Based Ratios [Abstract] | ||
CET1, actual ratio | 13.61% | 13.95% |
CET1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Total capital (to risk weighted assets), actual ratio | 0.1580 | 0.1632 |
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 | 0.1424 | 0.1461 |
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 | 0.1220 | 0.1148 |
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Basel III, Phase-In Schedule | ||
Common Equity Tier 1 [Abstract] | ||
CET1 for capital adequacy purposes, amount | $ 1,779,755 | $ 1,712,608 |
Total capital (to risk-weighted assets): | ||
Total capital (to risk weighted assets) for capital adequacy purposes, amount | 2,669,633 | 2,568,912 |
Tier 1 capital (to risk-weighted assets): | ||
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, amount | 2,161,131 | 2,079,595 |
Tier 1 capital (to average assets): | ||
Tier 1 capital (to average assets) for capital adequacy purposes, amount | $ 1,186,723 | $ 1,244,494 |
Risk Based Ratios [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 |
Basel III, Phase-In Schedule | Bank | ||
Common Equity Tier 1 [Abstract] | ||
CET1 for capital adequacy purposes, amount | $ 1,776,757 | $ 1,710,056 |
Total capital (to risk-weighted assets): | ||
Total capital (to risk weighted assets) for capital adequacy purposes, amount | 2,665,135 | 2,565,083 |
Tier 1 capital (to risk-weighted assets): | ||
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, amount | 2,157,490 | 2,076,496 |
Tier 1 capital (to average assets): | ||
Tier 1 capital (to average assets) for capital adequacy purposes, amount | $ 1,185,349 | $ 1,243,232 |
Risk Based Ratios [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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-settled awards: | $ 8,438 | $ 5,588 |
Unrecognized compensation expense related to unvested stock-settled awards | $ 46,870 | |
Weighted average period over which expense is expected to be recognized, in years | 2 years 6 months | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-settled awards: | $ 8,438 | 5,407 |
Cash-settled units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-settled awards: | $ 0 | $ 181 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | $ 3,394,293 | $ 2,615,644 |
Equity securities | 32,714 | 33,956 |
Derivative assets | 19,401 | 13,504 |
Derivative liabilities | 70,220 | 91,758 |
US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 623,312 | 670,582 |
U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 104,117 | 102,154 |
CRT securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 11,928 | 11,861 |
Fair value measurements, recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 21,548 | 22,879 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Non-qualified deferred compensation plan liabilities | 19,778 | 21,177 |
Fair value measurements, recurring basis | Level 1 | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 623,312 | 670,582 |
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 | 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 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 11,166 | 11,077 |
Derivative assets | 19,401 | 13,504 |
Derivative liabilities | 70,220 | 91,758 |
Non-qualified deferred compensation plan liabilities | 0 | 0 |
Fair value measurements, recurring basis | Level 2 | US Treasury 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 | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 104,117 | 102,154 |
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 | 2,654,936 | 1,831,047 |
Fair value measurements, recurring basis | Level 2 | 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 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Non-qualified deferred compensation plan liabilities | 0 | 0 |
Fair value measurements, recurring basis | Level 3 | US Treasury 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 | 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 | CRT securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 11,928 | $ 11,861 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, net | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, net | 0 | |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment, net | $ 35,458 |
Fair Value Disclosures - Level
Fair Value Disclosures - Level 3 Fair Value Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at Beginning of Period | $ 7,658 | |
Purchases / Additions | 1,327 | |
Sales / Reductions | (571) | |
Realized | 0 | |
Unrealized | (329) | |
Balance at End of Period | $ 8,085 | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other |
Tax-exempt asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at Beginning of Period | $ 180,033 | |
Purchases / Additions | 0 | |
Sales / Reductions | (3,736) | |
Realized | 0 | |
Unrealized | (10,452) | |
Balance at End of Period | $ 165,845 | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Accumulated other comprehensive loss, net of taxes | Accumulated other comprehensive loss, net of taxes |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other |
CRT securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at Beginning of Period | $ 11,861 | $ 11,846 |
Purchases / Additions | 0 | 0 |
Sales / Reductions | 0 | 0 |
Realized | 0 | 0 |
Unrealized | 67 | 55 |
Balance at End of Period | $ 11,928 | $ 11,901 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Accumulated other comprehensive loss, net of taxes | Accumulated other comprehensive loss, net of taxes |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other | Noninterest Income, Other |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Nonrecurring | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Loans held for investment, net | $ 35,458 | |
Impaired loans, carrying value | 39,800 | |
Allowance allocations | $ 4,300 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Loans held for sale, fair value | $ 0 | |
CRT securities | Minimum | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Debt securities, available-for-sale, term | 4 years 10 months 2 days | |
CRT securities | Maximum | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Debt securities, available-for-sale, term | 8 years 5 months 1 day | |
Measurement Input, Discount Rate | CRT securities | Minimum | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0543 | |
Measurement Input, Discount Rate | CRT securities | Maximum | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.1137 | |
Measurement Input, Discount Rate | CRT securities | Weighted Average | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0744 | 0.0824 |
Debt securities, available-for-sale, term | 6 years 18 days | 6 years 3 months 3 days |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of the Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale debt securities | $ 3,394,293 | $ 2,615,644 |
Held-to-maturity debt securities | 918,962 | 935,514 |
Equity securities | 32,714 | 33,956 |
Derivative assets | 19,401 | 13,504 |
Long-term debt | 932,119 | 931,442 |
Derivative liabilities | 70,220 | 91,758 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,649,705 | 5,012,260 |
Available-for-sale debt securities | 3,394,293 | 2,615,644 |
Held-to-maturity debt securities | 918,962 | 935,514 |
Equity securities | 32,714 | 33,956 |
Loans held for sale | 27,608 | 36,357 |
Loans held for investment, net | 19,814,139 | 19,033,871 |
Derivative assets | 19,401 | 13,504 |
Total deposits | 22,179,697 | 22,856,880 |
Short-term borrowings | 2,100,000 | 1,201,142 |
Long-term debt | 932,119 | 931,442 |
Derivative liabilities | 70,220 | 91,758 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,649,705 | 5,012,260 |
Available-for-sale debt securities | 3,394,293 | 2,615,644 |
Held-to-maturity debt securities | 811,531 | 816,914 |
Equity securities | 32,714 | 33,956 |
Loans held for sale | 27,208 | 36,357 |
Loans held for investment, net | 19,755,693 | 18,969,922 |
Derivative assets | 19,401 | 13,504 |
Total deposits | 22,184,982 | 22,857,949 |
Short-term borrowings | 2,100,000 | 1,201,142 |
Long-term debt | 866,529 | 881,716 |
Derivative liabilities | 70,220 | 91,758 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,649,705 | 5,012,260 |
Available-for-sale debt securities | 623,312 | 670,582 |
Equity securities | 21,548 | 22,879 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale debt securities | 2,759,053 | 1,933,201 |
Held-to-maturity debt securities | 811,531 | 816,914 |
Equity securities | 11,166 | 11,077 |
Loans held for sale | 27,208 | 0 |
Derivative assets | 19,401 | 13,504 |
Short-term borrowings | 2,100,000 | 1,201,142 |
Long-term debt | 866,529 | 881,716 |
Derivative liabilities | 70,220 | 91,758 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale debt securities | 11,928 | 11,861 |
Loans held for sale | 0 | 36,357 |
Loans held for investment, net | 19,755,693 | 18,969,922 |
Total deposits | $ 22,184,982 | $ 22,857,949 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Estimated fair value, asset derivative | $ 87,545 | $ 90,543 |
Estimated fair value, liability derivative | 150,376 | 176,543 |
Offsetting derivative liabilities | (14,038) | (5,164) |
Offsetting derivative assets | (14,038) | (5,164) |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset | (54,106) | (71,875) |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | (66,118) | (79,621) |
Net asset derivatives included in the consolidated balance sheets | 19,401 | 13,504 |
Net liability derivatives included in the consolidated balance sheets | $ 70,220 | $ 91,758 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Derivatives designated as hedges | Swaps | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | $ 3,100,000 | $ 3,000,000 |
Estimated fair value, asset derivative | 1,658 | 0 |
Estimated fair value, liability derivative | 65,090 | 86,378 |
Non-hedging derivatives | Swaps | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 4,527,001 | 4,396,367 |
Estimated fair value, asset derivative | 70,881 | 83,529 |
Estimated fair value, liability derivative | 70,881 | 83,529 |
Non-hedging derivatives | Foreign currency forward contracts | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 2,682 | 0 |
Estimated fair value, asset derivative | 13 | 0 |
Estimated fair value, liability derivative | 0 | 0 |
Non-hedging derivatives | Caps and floors written | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 168,065 | 220,142 |
Estimated fair value, asset derivative | 0 | 0 |
Estimated fair value, liability derivative | 2,238 | 2,583 |
Non-hedging derivatives | Caps and floors purchased | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 168,065 | 220,142 |
Estimated fair value, asset derivative | 2,238 | 2,583 |
Estimated fair value, liability derivative | 0 | 0 |
Non-hedging derivatives | Forward contracts | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 4,486,001 | 1,569,326 |
Estimated fair value, asset derivative | 12,755 | 4,431 |
Estimated fair value, liability derivative | $ 12,167 | $ 4,053 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2023 USD ($) instrument | Dec. 31, 2022 USD ($) instrument | |
Derivative [Line Items] | ||
Cash collateral pledged for derivatives | $ 135,600,000 | $ 89,200,000 |
CashCollateralPostedForDerivativesInLiabilityPosition | $ 57,000,000 | $ 72,500,000 |
Risk participation agreement - participant bank | ||
Derivative [Line Items] | ||
Instruments held | instrument | 18 | 19 |
Non-hedging derivatives, notional amoount | $ 336,900,000 | $ 291,200,000 |
Maximum exposure | $ 6,600,000 | $ 8,900,000 |
Risk participation agreement - lead bank | ||
Derivative [Line Items] | ||
Instruments held | instrument | 9 | 18 |
Non-hedging derivatives, notional amoount | $ 124,700,000 | $ 222,000,000 |
Interest rate contract | ||
Derivative [Line Items] | ||
Unrealized losses, net of tax to AOCI | (13,500,000) | |
Amount reclassified from AOCI into interest income on loans | 11,100,000 | |
Amount reclassified from AOCI as a decrease to interest income | $ 50,300,000 | |
Maximum period to hedge forecasted transactions | 3 years 6 months | |
Loans Receivable | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Credit risk exposure, net of collateral pledged, relating to derivatives | $ 19,400,000 | $ 13,500,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 3,055,351 | $ 3,209,616 |
Change in unrealized gain/(loss) | 42,953 | (200,619) |
Amounts reclassified into net income | 12,973 | 986 |
Other comprehensive income/(loss) | 55,926 | (199,633) |
Income tax expense/(benefit) | 11,745 | (41,923) |
Other comprehensive income/(loss), net of tax | 44,181 | (157,710) |
Ending balance | 3,079,974 | 3,090,038 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (66,394) | 0 |
Change in unrealized gain/(loss) | 13,528 | 0 |
Amounts reclassified into net income | 11,129 | 0 |
Other comprehensive income/(loss) | 24,657 | 0 |
Income tax expense/(benefit) | 5,179 | 0 |
Other comprehensive income/(loss), net of tax | 19,478 | 0 |
Ending balance | (46,916) | 0 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (304,309) | (47,715) |
Change in unrealized gain/(loss) | 29,425 | (131,454) |
Amounts reclassified into net income | 0 | 0 |
Other comprehensive income/(loss) | 29,425 | (131,454) |
Income tax expense/(benefit) | 6,179 | (27,605) |
Other comprehensive income/(loss), net of tax | 23,246 | (103,849) |
Ending balance | (281,063) | (151,564) |
AOCI, Accumulated Gain (Loss), Debt Securities, Held-to-Maturity, Parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (48,240) | 0 |
Change in unrealized gain/(loss) | 0 | (69,165) |
Amounts reclassified into net income | 1,844 | 986 |
Other comprehensive income/(loss) | 1,844 | (68,179) |
Income tax expense/(benefit) | 387 | (14,318) |
Other comprehensive income/(loss), net of tax | 1,457 | (53,861) |
Ending balance | (46,783) | (53,861) |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (418,943) | (47,715) |
Ending balance | $ (374,762) | $ (205,425) |