Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 17, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 46,653,108 | |
Entity Registrant Name | TEXAS CAPITAL BANCSHARES INC/TX | |
Entity Central Index Key | 0001077428 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
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, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 167,985 | $ 200,493 |
Interest bearing cash and cash equivalents | 3,148,157 | 3,042,357 |
Available-for-sale debt securities | 3,491,510 | 3,225,892 |
Held-to-maturity debt securities | 849,283 | 865,477 |
Equity securities | 73,487 | 51,825 |
Investment securities | 4,414,280 | 4,143,194 |
Loans held for sale | 37,750 | 44,105 |
Loans held for investment, mortgage finance | 4,153,313 | 3,978,328 |
Loans held for investment | 16,677,691 | 16,362,230 |
Less: Allowance for credit losses on loans | 263,962 | 249,973 |
Loans held for investment, net | 20,567,042 | 20,090,585 |
Premises and equipment, net | 49,899 | 32,366 |
Accrued interest receivable and other assets | 793,976 | 801,670 |
Goodwill and intangibles, net | 1,496 | 1,496 |
Total assets | 29,180,585 | 28,356,266 |
Deposits [Abstract] | ||
Non-interest bearing deposits | 8,478,215 | 7,328,276 |
Interest bearing deposits | 15,475,822 | 15,043,563 |
Total deposits | 23,954,037 | 22,371,839 |
Accrued interest payable | 32,352 | 33,234 |
Other liabilities | 413,711 | 392,904 |
Short-term borrowings | 750,000 | 1,500,000 |
Long-term debt | 859,823 | 859,147 |
Total liabilities | 26,009,923 | 25,157,124 |
Stockholders’ equity: | ||
Preferred stock | 300,000 | 300,000 |
Common stock | 514 | 511 |
Additional paid-in capital | 1,044,669 | 1,045,576 |
Retained earnings | 2,457,222 | 2,435,393 |
Treasury stock - 4,434,405 and 3,905,067 shares at cost at March 31, 2024 and December 31, 2023, respectively | (251,857) | (220,334) |
Accumulated other comprehensive loss, net of taxes | (379,886) | (362,004) |
Total stockholders’ equity | 3,170,662 | 3,199,142 |
Total liabilities and stockholders’ equity | $ 29,180,585 | $ 28,356,266 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 51,420,680 | 51,142,979 |
Treasury stock, shares | 4,434,405 | 3,905,067 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Interest and fees on loans | $ 330,879 | $ 297,438 |
Investment securities | 32,144 | 25,292 |
Interest bearing cash and cash equivalents | 54,355 | 62,436 |
Total interest income | 417,378 | 385,166 |
Interest expense | ||
Deposits | 175,600 | 120,094 |
Short-term borrowings | 12,783 | 14,744 |
Long-term debt | 13,986 | 14,983 |
Total interest expense | 202,369 | 149,821 |
Net interest income | 215,009 | 235,345 |
Provision for credit losses | 19,000 | 28,000 |
Net interest income after provision for credit losses | 196,009 | 207,345 |
Non-interest income | ||
Service charges on deposit accounts | 6,339 | 5,022 |
Wealth management and trust fee income | 3,567 | 3,429 |
Brokered loan fees | 1,911 | 1,895 |
Investment banking and advisory fees | 18,424 | 14,564 |
Trading income | 4,712 | 4,204 |
Other | 6,366 | 8,289 |
Total non-interest income | 41,319 | 37,403 |
Non-interest expense | ||
Salaries and benefits | 128,727 | 128,670 |
Occupancy expense | 9,737 | 9,619 |
Marketing | 6,036 | 9,044 |
Legal and professional | 16,195 | 14,514 |
Communications and technology | 21,114 | 17,523 |
Federal Deposit Insurance Corporation insurance assessment | 8,421 | 2,170 |
Other | 12,163 | 12,487 |
Total non-interest expense | 202,393 | 194,027 |
Income before income taxes | 34,935 | 50,721 |
Income tax expense | 8,793 | 12,060 |
Net income | 26,142 | 38,661 |
Preferred stock dividends | (4,313) | (4,313) |
Net income available to common stockholders | 21,829 | 34,348 |
Other comprehensive income/(loss) | ||
Change in unrealized gain/(loss) | (42,343) | 42,953 |
Amounts reclassified into net income | 19,708 | 12,973 |
Other comprehensive income/(loss) | (22,635) | 55,926 |
Income tax expense/(benefit) | (4,753) | 11,745 |
Other comprehensive income/(loss), net of tax | (17,882) | 44,181 |
Comprehensive income | $ 8,260 | $ 82,842 |
Basic earnings per common share | ||
Basic earnings per common share | $ 0.46 | $ 0.71 |
Diluted earnings per common share | ||
Diluted earnings per common share | $ 0.46 | $ 0.70 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income/(Loss) |
Beginning balance, preferred stock (in shares) at Dec. 31, 2022 | 300,000 | ||||||
Beginning balance at Dec. 31, 2022 | $ 3,055,351 | $ 300,000 | $ 509 | $ 1,025,593 | $ 2,263,502 | $ (115,310) | $ (418,943) |
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 | ||||||
Comprehensive income/(loss): | |||||||
Net income | 38,661 | 38,661 | |||||
Change in other comprehensive income/(loss), net of taxes | 44,181 | 44,181 | |||||
Total comprehensive income | 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 at Mar. 31, 2023 | 3,079,974 | $ 300,000 | $ 509 | 1,031,905 | 2,297,850 | $ (175,528) | (374,762) |
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 | ||||||
Beginning balance, preferred stock (in shares) at Dec. 31, 2023 | 300,000 | ||||||
Beginning balance at Dec. 31, 2023 | $ 3,199,142 | $ 300,000 | $ 511 | 1,045,576 | 2,435,393 | $ (220,334) | (362,004) |
Beginning balance, common stock (in shares) at Dec. 31, 2023 | 51,142,979 | ||||||
Beginning balance, treasury stock (in shares) at Dec. 31, 2023 | 3,905,067 | 3,905,067 | |||||
Comprehensive income/(loss): | |||||||
Net income | $ 26,142 | 26,142 | |||||
Change in other comprehensive income/(loss), net of taxes | (17,882) | (17,882) | |||||
Total comprehensive income | 8,260 | ||||||
Stock-based compensation expense recognized in earnings | 8,026 | 8,026 | |||||
Preferred stock dividend | (4,313) | (4,313) | |||||
Issuance of stock related to stock-based awards (in shares) | 277,701 | ||||||
Issuance of stock related to stock-based awards | (8,930) | $ 3 | (8,933) | ||||
Repurchase of common stock (shares) | (529,338) | ||||||
Repurchase of common stock | (31,523) | $ (31,523) | |||||
Ending balance, preferred stock (in shares) at Mar. 31, 2024 | 300,000 | ||||||
Ending balance at Mar. 31, 2024 | $ 3,170,662 | $ 300,000 | $ 514 | $ 1,044,669 | $ 2,457,222 | $ (251,857) | $ (379,886) |
Ending balance, common stock (in shares) at Mar. 31, 2024 | 51,420,680 | ||||||
Ending balance, treasury stock (in shares) at Mar. 31, 2024 | 4,434,405 | 4,434,405 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net income | $ 26,142 | $ 38,661 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Provision for credit losses | 19,000 | 28,000 |
Depreciation and amortization | 10,906 | 8,683 |
Net gain recognized on investment securities | (4,034) | (1,734) |
Stock-based compensation expense | 8,534 | 8,438 |
Proceeds from sales and repayments of loans held for sale | 15,605 | 8,749 |
Changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | 48,253 | (28,286) |
Accrued interest payable and other liabilities | (28,586) | (44,308) |
Net cash provided by operating activities | 95,820 | 18,203 |
Investing activities | ||
Purchases of available-for-sale debt securities | (596,610) | (849,391) |
Proceeds from sales of available-for-sale debt securities | 0 | 56,923 |
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | 317,717 | 45,716 |
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | 17,064 | 17,489 |
Sales/(purchases) of equity securities, net | (17,628) | 2,487 |
Originations of loans held for investment, mortgage finance | (16,389,564) | (14,897,110) |
Proceeds from pay-offs of loans held for investment, mortgage finance | 16,214,579 | 14,926,573 |
Net increase in loans held for investment, excluding mortgage finance loans | (335,475) | (837,100) |
Purchase of premises and equipment, net | (20,043) | (1,363) |
Net cash used in investing activities | (809,960) | (1,535,776) |
Financing activities | ||
Net increase/(decrease) in deposits | 1,582,198 | (677,183) |
Issuance of stock related to stock-based awards | (8,930) | (2,126) |
Preferred dividends paid | (4,313) | (4,313) |
Repurchase of common stock | (31,523) | (60,218) |
Net increase/(decrease) in short-term borrowings | (750,000) | 898,858 |
Net cash provided by financing activities | 787,432 | 155,018 |
Net increase/(decrease) in cash and cash equivalents | 73,292 | (1,362,555) |
Cash and cash equivalents at beginning of period | 3,242,850 | 5,012,260 |
Cash and cash equivalents at end of period | 3,316,142 | 3,649,705 |
Supplemental disclosures of cash flow information | ||
Cash paid during the period for interest | 267,955 | 142,623 |
Cash paid/(refunded) during the period for income taxes | (909) | 451 |
Transfers of loans from held for investment to held for sale | $ 9,250 | $ 0 |
Operations and Summary of Signi
Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 1996 and commenced banking operations in 1998. The consolidated financial statements include the accounts of TCBI and its wholly owned subsidiary, Texas Capital Bank (the “Bank”), a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. The Company is headquartered in Dallas, with primary banking offices in Austin, Dallas, Fort Worth, Houston and San Antonio, and has built a network of clients across the country. 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 the Company’s 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 the consolidated financial statements, and notes thereto, for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 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, 2024 | |
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) 2024 2023 Numerator: Net income $ 26,142 $ 38,661 Preferred stock dividends 4,313 4,313 Net income available to common stockholders $ 21,829 $ 34,348 Denominator: Basic earnings per common share—weighted average common shares 47,278,681 48,264,121 Effect of dilutive outstanding stock-settled awards 432,511 616,604 Dilutive earnings per common share—weighted average diluted common shares 47,711,192 48,880,725 Basic earnings per common share $ 0.46 $ 0.71 Diluted earnings per common share $ 0.46 $ 0.70 Anti-dilutive outstanding stock-settled awards 127,145 252,308 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Available-for-sale debt securities: U.S. Treasury securities $ 401,652 $ — $ (16,099) $ 385,553 U.S. government agency securities 125,000 — (19,230) 105,770 Residential mortgage-backed securities 3,312,491 6,977 (331,542) 2,987,926 CRT securities 13,427 — (1,166) 12,261 Total available-for-sale debt securities 3,852,570 6,977 (368,037) 3,491,510 Held-to-maturity debt securities: Residential mortgage-backed securities 849,283 — (112,172) 737,111 Total held-to-maturity debt securities 849,283 — (112,172) 737,111 Equity securities 73,487 Total investment securities(2) $ 4,414,280 December 31, 2023 Available-for-sale debt securities: U.S. Treasury securities $ 651,112 $ — $ (14,639) $ 636,473 U.S. government agency securities 125,000 — (18,408) 106,592 Residential mortgage-backed securities 2,782,734 540 (312,442) 2,470,832 CRT securities 13,636 — (1,641) 11,995 Total available-for-sale debt securities 3,572,482 540 (347,130) 3,225,892 Held-to-maturity securities: Residential mortgage-backed securities 865,477 — (101,633) 763,844 Total held-to-maturity securities 865,477 — (101,633) 763,844 Equity securities 51,825 Total investment securities(2) $ 4,143,194 (1) Excludes accrued interest receivable of $10.4 million and $9.5 million at March 31, 2024 and December 31, 2023, respectively, related to available-for-sale debt securities and $1.4 million and $1.4 million at March 31, 2024 and December 31, 2023, 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 The Company did not sell any available-for-sale debt securities in the first quarter of 2024. 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, 2024, 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 $ — $ — $ — $ — Due after one year through five years 451,652 429,431 — — Due after five years through ten years 105,716 88,977 — — Due after ten years 3,295,202 2,973,102 849,283 737,111 Total $ 3,852,570 $ 3,491,510 $ 849,283 $ 737,111 The table below presents the weighted average yields for the Company’s available-for-sale debt securities for the three months ended March 31, 2024. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% tax rate, where applicable. U.S. Treasury securities U.S. government agency securities Residential mortgage-backed securities CRT securities Due within one year — % — % — % — % Due after one year through five years 2.71 1.00 — — Due after five years through ten years — 1.21 1.23 5.45 Due after ten years — — 3.32 — Total 2.71 % 1.13 % 3.31 % 5.45 % 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, 2024 U.S. Treasury securities $ — $ — $ 385,553 $ (16,099) $ 385,553 $ (16,099) U.S. government agency securities — — 105,771 (19,230) 105,771 (19,230) Residential mortgage-backed securities 395,176 (4,230) 2,291,560 (327,312) 2,686,736 (331,542) CRT securities — — 12,261 (1,166) 12,261 (1,166) Total $ 395,176 $ (4,230) $ 2,795,145 $ (363,807) $ 3,190,321 $ (368,037) December 31, 2023 U.S. Treasury securities $ — $ — $ 636,473 $ (14,639) $ 636,473 $ (14,639) U.S. government agency securities — — 106,592 (18,408) 106,592 (18,408) Residential mortgage-backed securities 910,999 (19,751) 1,501,340 (292,691) 2,412,339 (312,442) CRT securities — — 11,995 (1,641) 11,995 (1,641) Total $ 910,999 $ (19,751) $ 2,256,400 $ (327,379) $ 3,167,399 $ (347,130) At March 31, 2024, the Company had 112 available-for-sale debt securities in an unrealized loss position, comprised of 10 U.S. Treasury securities, five U.S. government agency securities, 95 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 accumulated other comprehensive income/(loss), net (“AOCI”). Held-to-maturity securities consist of government guaranteed securities for which no loss is expected. At March 31, 2024 and December 31, 2023, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities. At March 31, 2024 and December 31, 2023, debt securities with carrying values of approximately $1.5 million and $1.6 million, respectively, were pledged to secure certain customer deposits. Equity Securities Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments in exchange traded funds. 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) 2024 2023 Net gains/(losses) recognized during the period $ 4,034 $ 1,245 Less: Realized net gains/(losses) recognized on securities sold 312 (596) Unrealized net gains/(losses) recognized on securities still held $ 3,722 $ 1,841 |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses on Loans | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Loans held for investment(1): Commercial $ 10,383,184 $ 10,410,766 Mortgage finance 4,153,313 3,978,328 Commercial real estate 5,822,461 5,500,774 Consumer 549,963 530,948 Gross loans held for investment 20,908,921 20,420,816 Unearned income (net of direct origination costs) (77,917) (80,258) Total loans held for investment 20,831,004 20,340,558 Allowance for credit losses on loans (263,962) (249,973) Total loans held for investment, net $ 20,567,042 $ 20,090,585 Loans held for sale: Mortgage loans, at fair value $ 700 $ 706 Non-mortgage loans, at lower of cost or fair value 37,050 43,399 Total loans held for sale $ 37,750 $ 44,105 (1) Excludes accrued interest receivable of $114.0 million and $118.1 million at March 31, 2024 and December 31, 2023, 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) 2024 2023 2022 2021 2020 2019 Revolving lines of credit Revolving lines of credit converted to term loans Total March 31, 2024 Commercial (1-7) Pass $ 259,505 $ 1,520,538 $ 1,318,364 $ 273,069 $ 121,851 $ 279,527 $ 6,133,867 $ 15,177 $ 9,921,898 (8) Special mention — 41,444 89,022 33,634 274 8,444 72,605 — 245,423 (9) Substandard - accruing — 21,802 48,945 16,246 17,859 3,478 27,017 — 135,347 (9+) Non-accrual — 12,835 3,204 — 1,891 23,159 39,427 — 80,516 Total commercial $ 259,505 $ 1,596,619 $ 1,459,535 $ 322,949 $ 141,875 $ 314,608 $ 6,272,916 $ 15,177 $ 10,383,184 Mortgage finance (1-7) Pass $ — $ — $ — $ — $ — $ — $ 4,153,313 $ — $ 4,153,313 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ — $ — $ — $ — $ — $ — $ 4,153,313 $ — $ 4,153,313 Commercial real estate (1-7) Pass $ 25,635 $ 783,034 $ 1,765,387 $ 1,104,942 $ 462,880 $ 996,932 $ 261,278 $ 25,810 $ 5,425,898 (8) Special mention — 1,019 240,303 268 24,416 72,393 — — 338,399 (9) Substandard - accruing — — 12,545 17,127 — 17,143 — — 46,815 (9+) Non-accrual — — — — — 11,349 — — 11,349 Total commercial real estate $ 25,635 $ 784,053 $ 2,018,235 $ 1,122,337 $ 487,296 $ 1,097,817 $ 261,278 $ 25,810 $ 5,822,461 Consumer (1-7) Pass $ 15,677 $ 28,709 $ 53,989 $ 77,692 $ 45,897 $ 113,642 $ 212,667 $ — $ 548,273 (8) Special mention — — — — 689 — — 17 706 (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — 984 — — 984 Total consumer $ 15,677 $ 28,709 $ 53,989 $ 77,692 $ 46,586 $ 114,626 $ 212,667 $ 17 $ 549,963 Total $ 300,817 $ 2,409,381 $ 3,531,759 $ 1,522,978 $ 675,757 $ 1,527,051 $ 10,900,174 $ 41,004 $ 20,908,921 Gross charge-offs $ — $ 6,731 $ 311 $ 3,512 $ — $ 232 $ 83 $ — $ 10,869 (in thousands) 2023 2022 2021 2020 2019 2018 Revolving lines of credit Revolving lines of credit converted to term loans Total December 31, 2023 Commercial (1-7) Pass $ 1,546,257 $ 1,408,672 $ 279,266 $ 144,699 $ 142,301 $ 157,808 $ 6,284,464 $ 16,580 $ 9,980,047 (8) Special mention 22,148 118,991 35,619 285 823 13,385 40,647 89 231,987 (9) Substandard - accruing 12,477 50,876 9,334 18,547 — 78 38,372 — 129,684 (9+) Non-accrual 9,395 34,229 340 2,085 15,080 7,840 79 — 69,048 Total commercial $ 1,590,277 $ 1,612,768 $ 324,559 $ 165,616 $ 158,204 $ 179,111 $ 6,363,562 $ 16,669 $ 10,410,766 Mortgage finance (1-7) Pass $ — $ — $ — $ — $ — $ — $ 3,978,328 $ — $ 3,978,328 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ — $ — $ — $ — $ — $ — $ 3,978,328 $ — $ 3,978,328 Commercial real estate (1-7) Pass $ 561,801 $ 1,689,325 $ 1,042,953 $ 419,703 $ 317,480 $ 559,026 $ 575,928 $ 28,175 $ 5,194,391 (8) Special mention — 136,801 32,937 24,440 34,181 22,833 7,895 — 259,087 (9) Substandard - accruing — 2,232 — — — 28,573 4,141 — 34,946 (9+) Non-accrual — — 12,350 — — — — — 12,350 Total commercial real estate $ 561,801 $ 1,828,358 $ 1,088,240 $ 444,143 $ 351,661 $ 610,432 $ 587,964 $ 28,175 $ 5,500,774 Consumer (1-7) Pass $ 31,876 $ 56,425 $ 78,096 $ 47,423 $ 14,141 $ 102,691 $ 199,171 $ — $ 529,823 (8) Special mention — — — — — — 100 41 141 (9) Substandard - accruing — — — — — 984 — — 984 (9+) Non-accrual — — — — — — — — — Total Consumer $ 31,876 $ 56,425 $ 78,096 $ 47,423 $ 14,141 $ 103,675 $ 199,271 $ 41 $ 530,948 Total $ 2,183,954 $ 3,497,551 $ 1,490,895 $ 657,182 $ 524,006 $ 893,218 $ 11,129,125 $ 44,885 $ 20,420,816 Gross charge-offs $ 8,364 $ 5,090 $ 25,578 $ — $ 15,243 $ 883 $ 698 $ 871 $ 56,727 The following table details activity in the allowance for credit losses on loans. As discussed in Note 1 - Operations and Summary of Significant Accounting Policies in the Company’s 2023 Form 10-K, in the second quarter of 2023, changes were made to certain estimates used in the Company’s current expected credit loss model which resulted in adjustments being made to the Company’s portfolio segments. As a result, prior period balances in the table below have been reclassified to conform to the current period presentation of portfolio segments. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories. (in thousands) Commercial Mortgage Commercial Real Estate Consumer Total Three Months Ended March 31, 2024 Beginning balance $ 171,437 $ 4,173 $ 71,829 $ 2,534 $ 249,973 Provision for credit losses on loans 19,976 1,825 2,786 166 24,753 Charge-offs 7,544 — 3,325 — 10,869 Recoveries 105 — — — 105 Net charge-offs (recoveries) 7,439 — 3,325 — 10,764 Ending balance $ 183,974 $ 5,998 $ 71,290 $ 2,700 $ 263,962 Three Months Ended March 31, 2023 Beginning balance $ 185,303 $ 10,745 $ 54,268 $ 3,153 $ 253,469 Provision for credit losses on loans 34,380 (3,345) (3,810) 144 27,369 Charge-offs 20,732 — — — 20,732 Recoveries 819 — — 3 822 Net charge-offs (recoveries) 19,913 — — (3) 19,910 Ending balance $ 199,770 $ 7,400 $ 50,458 $ 3,300 $ 260,928 The Company recorded a $24.8 million provision for credit losses on loans for the three months ended March 31, 2024, compared to $27.4 million for the same period of 2023. The $24.8 million provision for credit losses on loans resulted primarily from increases in criticized and non-accrual loans, growth in loans held for investment and $10.8 million in net charge-offs recorded during the three months ended March 31, 2024. Net charge-offs of $10.8 million were recorded during the three months ended March 31, 2024, compared to net charge-offs of $19.9 million during the same period of 2023. Criticized loans totaled $859.5 million at March 31, 2024, compared to $738.2 million at December 31, 2023. 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, 2024, the Company had $47.1 million in collateral-dependent commercial loans, collateralized by business assets, $11.3 million in collateral-dependent commercial real estate loans, collateralized by real estate, and $1.0 million in collateral-dependent consumer loans, collateralized by real estate. 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, 2024 Commercial $ 3,340 $ 759 $ 3,406 $ 7,505 $ 80,516 $ 10,295,163 $ 10,383,184 $ 14,889 Mortgage finance — — — — — 4,153,313 4,153,313 — Commercial real estate — — 268 268 11,349 5,810,844 5,822,461 — Consumer 689 — — 689 984 548,290 549,963 984 Total $ 4,029 $ 759 $ 3,674 $ 8,462 $ 92,849 $ 20,807,610 $ 20,908,921 $ 15,873 (1) As of March 31, 2024, $1.3 million of non-accrual loans were earning interest income on a cash basis compared to $358,000 as of December 31, 2023. Additionally, $18,000 of interest income was recognized on non-accrual loans for the three months ended March 31, 2024 compared to none for the same period in 2023, respectively. Accrued interest of $487,000 and $1.5 million was reversed during the three months ended March 31, 2024 and March 31, 2023, respectively. Modifications to Borrowers Experiencing Financial Difficulty The table below details gross loans held for investment as of March 31, 2024 and March 31, 2023 made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 and March 31, 2023 by type of modification granted and the financial effect of those modifications: Financial Statement Impact ($ in thousands) Payment Term Payment Interest Rate Total Percentage of Loans Held for Investment Interest Rate Reduction Term Extension (in months) Payment Deferrals Three Months Ended March 31, 2024 Commercial $ 11,575 $ 300 $ — $ — $ 11,875 0.06 % —% 12 $ 3,650 Total $ 11,575 $ 300 $ — $ — $ 11,875 0.06 % Three Months Ended March 31, 2023 Commercial $ 31,431 $ 1,800 $ 3,477 $ 14,933 $ 51,641 0.26 % 0.70% 6 to 36 $ 4,723 Total $ 31,431 $ 1,800 $ 3,477 $ 14,933 $ 51,641 0.26 % The table below details loans that experienced a default during the three months ended March 31, 2024, subsequent to being granted a modification in the prior twelve months. Default is defined as movement to nonperforming status, foreclosure or charge-off, whichever occurs first. (in thousands) Payment Payment Deferral and Term Extension Total Three Months Ended March 31, 2024 Commercial $ 3,129 $ 1,756 $ 4,885 Total $ 3,129 $ 1,756 $ 4,885 The table below provides an age analysis of gross loans held for investment as of March 31, 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months: (in thousands) 30-89 Days 90+ Days Non-Accrual Current Total March 31, 2024 Commercial $ 259 $ — $ 12,463 $ 34,253 $ 46,975 Commercial real estate — — — 18,581 18,581 Total $ 259 $ — $ 12,463 $ 52,834 $ 65,556 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Federal Home Loan Bank borrowings 750,000 1,500,000 Total short-term borrowings $ 750,000 $ 1,500,000 The table below presents a summary of long-term debt: (in thousands) March 31, 2024 December 31, 2023 Bank-issued floating rate senior unsecured credit-linked notes due 2024 $ 200,000 $ 199,499 Bank-issued 5.25% fixed rate subordinated notes due 2026 174,522 174,457 Company-issued 4.00% fixed rate subordinated notes due 2031 371,895 371,785 Trust preferred floating rate subordinated debentures due 2032 to 2036 113,406 113,406 Total long-term debt $ 859,823 $ 859,147 |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk | 3 Months Ended |
Mar. 31, 2024 | |
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. As discussed in Note 1 - Operations and Summary of Significant Accounting Policies in the Company’s 2023 Form 10-K, in the second quarter of 2023, changes were made to certain estimates used in the Company’s current expected credit loss model which resulted in adjustments being made to the Company’s portfolio segments. As a result, prior period balances in the table below have been reclassified to conform to the current period presentation of portfolio segments. (in thousands) Commercial Mortgage Commercial Consumer Total Three Months Ended March 31, 2024 Beginning balance $ 36,040 $ 6 $ 10,147 $ 169 $ 46,362 Provision for off-balance sheet credit losses (3,728) 28 (2,048) (5) (5,753) Ending balance $ 32,312 $ 34 $ 8,099 $ 164 $ 40,609 Three Months Ended March 31, 2023 Beginning balance $ 16,550 $ — $ 5,222 $ 21 $ 21,793 Provision for off-balance sheet credit losses 1,335 — (711) 7 631 Ending balance $ 17,885 $ — $ 4,511 $ 28 $ 22,424 (in thousands) March 31, 2024 December 31, 2023 Commitments to extend credit - period end balance $ 9,470,887 $ 9,749,085 Standby letters of credit - period end balance 551,421 595,079 |
Regulatory Ratios and Capital
Regulatory Ratios and Capital | 3 Months Ended |
Mar. 31, 2024 | |
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 Capital Rules adopted by U.S. federal banking agencies, among other things, (i) establish the capital measure called “Common Equity Tier 1” (“CET1”), (ii) specify that Tier 1 capital consists 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) define the scope of the deductions/adjustments to the capital measures. Additionally, the Basel III Capital Rules require that the Company maintain a 2.5% capital conservation buffer comprised of CET1, with respect to each of CET1, Tier 1 and total capital to risk-weighted asset ratios. 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, 2024 or during 2023. On January 17, 2024, the Company’s board of directors authorized a new share repurchase program under which the Company could repurchase up to $150.0 million in shares of its outstanding common stock, which is set to expire on January 31, 2025. During the three months ended March 31, 2024, the Company repurchased 529,338 shares of its common stock for an aggregate price, including excise tax expense, of $31.5 million, at a weighted average price of $59.27 per share. In February 2019, the federal bank regulatory agencies issued a final rule (the “2019 CECL Rule”) that revised certain capital regulations to account for changes to credit loss accounting under GAAP. The 2019 CECL Rule included a transition option that allows banking organizations to phase in, over a three-year period, the day-one adverse effects of adopting the new accounting standard related to the measurement of current expected credit losses on their regulatory capital ratios (three-year transition option). In March 2020, the federal bank regulatory agencies issued an interim final rule that maintains the three-year transition option of the 2019 CECL Rule and also provides banking organizations that were required under GAAP to implement CECL before the end of 2020 the option to delay for two years an estimate of the effect of CECL on regulatory capital, relative to the incurred loss methodology's effect on regulatory capital, followed by a three-year transition period (five-year transition option). The Company adopted CECL on January 1, 2020 and has elected to utilize the five-year transition option. 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 2024, the amount of the notes that qualify as Tier 2 capital has been reduced by 80%. The table below summarizes the Company’s and the Bank’s actual and required capital ratios under the Basel III Capital Rules and other standards. 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, 2024 and December 31, 2023. The ratios presented below include the effects of the election to utilize the five-year CECL transition described above. March 31, 2024 December 31, 2023 (dollars in thousands) Minimum Capital Required(2) Capital Required to be Well Capitalized Capital Amount Ratio Capital Amount Ratio The Company CET1 capital (to risk-weighted assets) 7.00 % N/A $ 3,251,260 12.38 % $ 3,264,609 12.65 % Tier 1 capital (to risk-weighted assets) 8.50 % 6.00 % 3,661,260 13.95 % 3,674,609 14.24 % Total capital (to risk-weighted assets) 10.50 % 10.00 % 4,368,943 16.64 % 4,405,575 17.07 % Tier 1 capital (to average assets)(1) 4.00 % N/A 3,661,260 12.40 % 3,674,609 12.21 % The Bank CET1 capital (to risk-weighted assets) 7.00 % 6.50 % 3,612,873 13.84 % 3,599,919 14.01 % Tier 1 capital (to risk-weighted assets) 8.50 % 8.00 % 3,612,873 13.84 % 3,599,919 14.01 % Total capital (to risk-weighted assets) 10.50 % 10.00 % 3,948,661 15.13 % 3,959,100 15.41 % Tier 1 capital (to average assets)(1) 4.00 % 5.00 % 3,612,873 12.30 % 3,599,919 12.00 % (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
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Compensation Related Costs [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has 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 the Company’s stock-based compensation expense: Three Months Ended March 31, (in thousands) 2024 2023 Stock-settled awards: RSUs $ 8,026 $ 8,438 Cash-settled units 508 — Total $ 8,534 $ 8,438 (in thousands except period data) March 31, 2024 Unrecognized compensation expense related to unvested stock-settled awards $ 32,201 Weighted average period over which expense is expected to be recognized, in years 2.0 |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2024 | |
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 Accounting Standards Codification 820, Fair Value Measurements and Disclosures. See Note 1 - Operations and Summary of Significant Accounting Policies in our 2023 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, 2024 Available-for-sale debt securities:(1) U.S. Treasury securities $ 385,553 $ — $ — U.S. government agency securities — 105,770 — Residential mortgage-backed securities — 2,987,926 — CRT securities — — 12,261 Equity securities(1)(2) 57,421 16,066 — Mortgage loans held for sale(3) — 700 — Loans held for investment(4) — — 30,467 Derivative assets(5) — 11,613 — Securities sold not yet purchased(6) 34,705 — — Derivative liabilities(5) — 85,030 — Non-qualified deferred compensation plan liabilities(7) 19,966 — — December 31, 2023 Available-for-sale debt securities:(1) U.S. Treasury securities $ 636,473 $ — $ — U.S. government agency securities — 106,592 — Residential mortgage-backed securities — 2,470,832 — CRT securities — — 11,995 Equity securities(1)(2) 40,661 11,164 — Mortgage loans held for sale(3) — 706 — Loans held for investment(4) — — 38,341 Derivative assets(5) — 32,944 — Securities sold not yet purchased(6) 10,602 — — Derivative liabilities(5) — 70,917 — Non-qualified deferred compensation plan liabilities(7) 20,387 — — (1) Available-for-sale debt securities and equity 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 in exchange traded funds. (3) Loans held for sale are measured at fair value on a recurring basis, generally monthly. (4) 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. (5) Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. (6) Securities sold not yet purchased are measured at fair value on a recurring basis, generally monthly. (7) 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, 2024 Available-for-sale debt securities:(1) CRT securities $ 11,995 $ — $ (209) $ — $ 475 $ 12,261 Three Months Ended March 31, 2023 Available-for-sale debt securities:(1) CRT securities $ 11,861 $ — $ — $ — $ 67 $ 11,928 (1) Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI other non-interest income CRT securities The fair value of CRT securities is based on a discounted cash flow model, which utilizes Level 3 inputs, the most significant of which were a discount rate and weighted-average life. At March 31, 2024, the discount rates utilized ranged from 5.43% to 7.99% and the weighted-average life ranged from 4.76 years to 7.42 years. On a combined amortized cost weighted-average basis a discount rate of 6.36% and a weighted-average life of 5.73 years were utilized to determine the fair value of these securities at March 31, 2024. At December 31, 2023, the combined weighted-average discount rate and weighted-average life utilized were 6.57% and 6.06 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 $30.5 million fair value of loans held for investment at March 31, 2024 reported above includes impaired loans with a carrying value of $59.4 million that were reduced by specific allowance allocations totaling $28.9 million based on collateral valuations utilizing Level 3 inputs. The $38.3 million fair value of loans held for investment at December 31, 2023 reported above includes impaired loans with a carrying value of $58.3 million that were reduced by specific allowance allocations totaling $20.0 million based on collateral valuations utilizing Level 3 inputs. 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, 2024 Financial assets: Cash and cash equivalents $ 3,316,142 $ 3,316,142 $ 3,316,142 $ — $ — Available-for-sale debt securities 3,491,510 3,491,510 385,553 3,093,696 12,261 Held-to-maturity debt securities 849,283 737,111 — 737,111 — Equity securities 73,487 73,487 57,421 16,066 — Loans held for sale 37,750 37,750 9,250 28,500 — Loans held for investment, net 20,567,042 20,452,964 — — 20,452,964 Derivative assets 11,613 11,613 — 11,613 — Financial liabilities: Total deposits 23,954,037 23,953,821 — — 23,953,821 Short-term borrowings 750,000 750,000 — 750,000 — Long-term debt 859,823 798,890 — 798,890 — Securities sold not yet purchased 34,705 34,705 34,705 — — Derivative liabilities 85,030 85,030 — 85,030 — December 31, 2023 Financial assets: Cash and cash equivalents $ 3,242,850 $ 3,242,850 $ 3,242,850 $ — $ — Available-for-sale debt securities 3,225,892 3,225,892 636,473 2,577,424 11,995 Held-to-maturity debt securities 865,477 763,844 — 763,844 — Equity securities 51,825 51,825 40,661 11,164 — Loans held for sale 44,105 44,105 15,000 29,105 — Loans held for investment, net 20,090,585 20,050,974 — — 20,050,974 Derivative assets 32,944 32,944 — 32,944 — Financial liabilities: Total deposits 22,371,839 22,379,452 — — 22,379,452 Short-term borrowings 1,500,000 1,500,000 — 1,500,000 — Long-term debt 859,147 801,309 — 801,309 — Securities sold not yet purchased 10,602 10,602 10,602 — — Derivative liabilities 70,917 70,917 — 70,917 — |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 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 $ 2,850,000 $ — $ 68,771 $ 2,850,000 $ 668 $ 57,961 Non-hedging derivatives Customer-initiated and other derivatives: Foreign currency forward contracts 327,276 396 316 4,824 52 31 Interest rate contracts: Swaps 5,681,887 72,254 72,254 5,673,822 65,247 69,863 Caps and floors written 1,124,522 127 9,880 637,971 1,654 2,228 Caps and floors purchased 1,124,522 9,880 127 637,971 2,228 1,654 Forward contracts 14,478,341 23,652 22,907 8,665,675 39,123 38,570 Gross derivatives 106,309 174,255 108,972 170,307 Netting adjustment - offsetting derivative assets/liabilities (36,754) (36,754) (37,346) (37,346) Netting adjustment - cash collateral received/posted (57,942) (52,471) (38,682) (62,044) Net derivatives included on the consolidated balance sheets $ 11,613 $ 85,030 $ 32,944 $ 70,917 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 $11.6 million at March 31, 2024 and approximately $32.9 million at December 31, 2023. Collateral levels are monitored and adjusted on a regular basis for changes in the value of derivative instruments. At March 31, 2024, the Company had $109.5 million in cash collateral pledged to counterparties included in interest bearing cash and cash equivalents on the consolidated balance sheet and $58.7 million in cash collateral received from counterparties included in interest bearing deposits on the consolidated balance sheet. The comparative amounts at December 31, 2023, were $119.0 million in cash collateral pledged to counterparties and $42.3 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 14 risk participation agreements where it acts as a participant bank with a notional amount of $229.0 million at March 31, 2024, compared to 14 risk participation agreements with a notional amount of $230.7 million at December 31, 2023. The maximum estimated exposure to these agreements, assuming 100% default by all obligors, was approximately $6.4 million at March 31, 2024 and $4.5 million at December 31, 2023. The fair value of these exposures was insignificant to the consolidated financial statements at both March 31, 2024 and December 31, 2023. 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 16 risk participation agreements where the Company acts as the lead bank having a notional amount of $211.3 million at March 31, 2024, compared to 15 agreements having a notional amount of $204.8 million at December 31, 2023. 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, 2024, the Company recorded $27.9 million in unrealized losses to adjust its cash flow hedges to fair value, which was recorded net of tax to AOCI, and reclassified $18.0 million from AOCI as a decrease to interest income on loans. Based on current market conditions, the Company estimates that during the next 12 months, an additional $58.1 million related to active and terminated hedges will be reclassified from AOCI as a decrease to interest income. As of March 31, 2024, the maximum length of time over which forecasted transactions are hedged is 1.92 years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Beginning balance $ (45,749) $ (273,806) $ (42,449) $ (362,004) Change in unrealized gain/(loss) (27,873) (14,470) — (42,343) Amounts reclassified into net income 18,006 — 1,702 19,708 Total other comprehensive income/(loss) (9,867) (14,470) 1,702 (22,635) Income tax expense/(benefit) (2,072) (3,038) 357 (4,753) Total other comprehensive income/(loss), net of tax (7,795) (11,432) 1,345 (17,882) Ending balance $ (53,544) $ (285,238) $ (41,104) $ (379,886) 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) |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | New Accounting Standards Accounting Standards Update 2024-01 “Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards” (“ASU 2024-01”) clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. ASU 2024-01 is effective January 1, 2025, including interim periods, and is not expected to have a significant impact on our financial statements. Accounting Standards Update 2024-02 “Codification Improvements” (“ASU 2024-02”) amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements. |
Operations and Summary of Sig_2
Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 1996 and commenced banking operations in 1998. The consolidated financial statements include the accounts of TCBI and its wholly owned subsidiary, Texas Capital Bank (the “Bank”), a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. The Company is headquartered in Dallas, with primary banking offices in Austin, Dallas, Fort Worth, Houston and San Antonio, and has built a network of clients across the country. |
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 the Company’s 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 the consolidated financial statements, and notes thereto, for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 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 | Accounting Standards Update 2024-01 “Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards” (“ASU 2024-01”) clarifies how an entity determines whether a profits interest or similar award is within the scope of Topic 718 or is not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 provides an illustrative example with multiple fact patterns and also amends certain language in the “Scope” and “Scope Exceptions” sections of Topic 718 to improve its clarity and operability without changing the guidance. Entities can apply the amendments either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. If prospective application is elected, an entity must disclose the nature of and reason for the change in accounting principle. ASU 2024-01 is effective January 1, 2025, including interim periods, and is not expected to have a significant impact on our financial statements. Accounting Standards Update 2024-02 “Codification Improvements” (“ASU 2024-02”) amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Numerator: Net income $ 26,142 $ 38,661 Preferred stock dividends 4,313 4,313 Net income available to common stockholders $ 21,829 $ 34,348 Denominator: Basic earnings per common share—weighted average common shares 47,278,681 48,264,121 Effect of dilutive outstanding stock-settled awards 432,511 616,604 Dilutive earnings per common share—weighted average diluted common shares 47,711,192 48,880,725 Basic earnings per common share $ 0.46 $ 0.71 Diluted earnings per common share $ 0.46 $ 0.70 Anti-dilutive outstanding stock-settled awards 127,145 252,308 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Available-for-sale debt securities: U.S. Treasury securities $ 401,652 $ — $ (16,099) $ 385,553 U.S. government agency securities 125,000 — (19,230) 105,770 Residential mortgage-backed securities 3,312,491 6,977 (331,542) 2,987,926 CRT securities 13,427 — (1,166) 12,261 Total available-for-sale debt securities 3,852,570 6,977 (368,037) 3,491,510 Held-to-maturity debt securities: Residential mortgage-backed securities 849,283 — (112,172) 737,111 Total held-to-maturity debt securities 849,283 — (112,172) 737,111 Equity securities 73,487 Total investment securities(2) $ 4,414,280 December 31, 2023 Available-for-sale debt securities: U.S. Treasury securities $ 651,112 $ — $ (14,639) $ 636,473 U.S. government agency securities 125,000 — (18,408) 106,592 Residential mortgage-backed securities 2,782,734 540 (312,442) 2,470,832 CRT securities 13,636 — (1,641) 11,995 Total available-for-sale debt securities 3,572,482 540 (347,130) 3,225,892 Held-to-maturity securities: Residential mortgage-backed securities 865,477 — (101,633) 763,844 Total held-to-maturity securities 865,477 — (101,633) 763,844 Equity securities 51,825 Total investment securities(2) $ 4,143,194 (1) Excludes accrued interest receivable of $10.4 million and $9.5 million at March 31, 2024 and December 31, 2023, respectively, related to available-for-sale debt securities and $1.4 million and $1.4 million at March 31, 2024 and December 31, 2023, 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. |
Summary of Amortized Cost, Estimated Fair Value, and Weighted Average Yields for Available-for-Sale Debt Securities | The amortized cost and estimated fair value as of March 31, 2024, 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 $ — $ — $ — $ — Due after one year through five years 451,652 429,431 — — Due after five years through ten years 105,716 88,977 — — Due after ten years 3,295,202 2,973,102 849,283 737,111 Total $ 3,852,570 $ 3,491,510 $ 849,283 $ 737,111 The table below presents the weighted average yields for the Company’s available-for-sale debt securities for the three months ended March 31, 2024. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% tax rate, where applicable. U.S. Treasury securities U.S. government agency securities Residential mortgage-backed securities CRT securities Due within one year — % — % — % — % Due after one year through five years 2.71 1.00 — — Due after five years through ten years — 1.21 1.23 5.45 Due after ten years — — 3.32 — Total 2.71 % 1.13 % 3.31 % 5.45 % |
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, 2024 U.S. Treasury securities $ — $ — $ 385,553 $ (16,099) $ 385,553 $ (16,099) U.S. government agency securities — — 105,771 (19,230) 105,771 (19,230) Residential mortgage-backed securities 395,176 (4,230) 2,291,560 (327,312) 2,686,736 (331,542) CRT securities — — 12,261 (1,166) 12,261 (1,166) Total $ 395,176 $ (4,230) $ 2,795,145 $ (363,807) $ 3,190,321 $ (368,037) December 31, 2023 U.S. Treasury securities $ — $ — $ 636,473 $ (14,639) $ 636,473 $ (14,639) U.S. government agency securities — — 106,592 (18,408) 106,592 (18,408) Residential mortgage-backed securities 910,999 (19,751) 1,501,340 (292,691) 2,412,339 (312,442) CRT securities — — 11,995 (1,641) 11,995 (1,641) Total $ 910,999 $ (19,751) $ 2,256,400 $ (327,379) $ 3,167,399 $ (347,130) |
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) 2024 2023 Net gains/(losses) recognized during the period $ 4,034 $ 1,245 Less: Realized net gains/(losses) recognized on securities sold 312 (596) Unrealized net gains/(losses) recognized on securities still held $ 3,722 $ 1,841 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses on Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Loans held for investment(1): Commercial $ 10,383,184 $ 10,410,766 Mortgage finance 4,153,313 3,978,328 Commercial real estate 5,822,461 5,500,774 Consumer 549,963 530,948 Gross loans held for investment 20,908,921 20,420,816 Unearned income (net of direct origination costs) (77,917) (80,258) Total loans held for investment 20,831,004 20,340,558 Allowance for credit losses on loans (263,962) (249,973) Total loans held for investment, net $ 20,567,042 $ 20,090,585 Loans held for sale: Mortgage loans, at fair value $ 700 $ 706 Non-mortgage loans, at lower of cost or fair value 37,050 43,399 Total loans held for sale $ 37,750 $ 44,105 (1) Excludes accrued interest receivable of $114.0 million and $118.1 million at March 31, 2024 and December 31, 2023, 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) 2024 2023 2022 2021 2020 2019 Revolving lines of credit Revolving lines of credit converted to term loans Total March 31, 2024 Commercial (1-7) Pass $ 259,505 $ 1,520,538 $ 1,318,364 $ 273,069 $ 121,851 $ 279,527 $ 6,133,867 $ 15,177 $ 9,921,898 (8) Special mention — 41,444 89,022 33,634 274 8,444 72,605 — 245,423 (9) Substandard - accruing — 21,802 48,945 16,246 17,859 3,478 27,017 — 135,347 (9+) Non-accrual — 12,835 3,204 — 1,891 23,159 39,427 — 80,516 Total commercial $ 259,505 $ 1,596,619 $ 1,459,535 $ 322,949 $ 141,875 $ 314,608 $ 6,272,916 $ 15,177 $ 10,383,184 Mortgage finance (1-7) Pass $ — $ — $ — $ — $ — $ — $ 4,153,313 $ — $ 4,153,313 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ — $ — $ — $ — $ — $ — $ 4,153,313 $ — $ 4,153,313 Commercial real estate (1-7) Pass $ 25,635 $ 783,034 $ 1,765,387 $ 1,104,942 $ 462,880 $ 996,932 $ 261,278 $ 25,810 $ 5,425,898 (8) Special mention — 1,019 240,303 268 24,416 72,393 — — 338,399 (9) Substandard - accruing — — 12,545 17,127 — 17,143 — — 46,815 (9+) Non-accrual — — — — — 11,349 — — 11,349 Total commercial real estate $ 25,635 $ 784,053 $ 2,018,235 $ 1,122,337 $ 487,296 $ 1,097,817 $ 261,278 $ 25,810 $ 5,822,461 Consumer (1-7) Pass $ 15,677 $ 28,709 $ 53,989 $ 77,692 $ 45,897 $ 113,642 $ 212,667 $ — $ 548,273 (8) Special mention — — — — 689 — — 17 706 (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — 984 — — 984 Total consumer $ 15,677 $ 28,709 $ 53,989 $ 77,692 $ 46,586 $ 114,626 $ 212,667 $ 17 $ 549,963 Total $ 300,817 $ 2,409,381 $ 3,531,759 $ 1,522,978 $ 675,757 $ 1,527,051 $ 10,900,174 $ 41,004 $ 20,908,921 Gross charge-offs $ — $ 6,731 $ 311 $ 3,512 $ — $ 232 $ 83 $ — $ 10,869 (in thousands) 2023 2022 2021 2020 2019 2018 Revolving lines of credit Revolving lines of credit converted to term loans Total December 31, 2023 Commercial (1-7) Pass $ 1,546,257 $ 1,408,672 $ 279,266 $ 144,699 $ 142,301 $ 157,808 $ 6,284,464 $ 16,580 $ 9,980,047 (8) Special mention 22,148 118,991 35,619 285 823 13,385 40,647 89 231,987 (9) Substandard - accruing 12,477 50,876 9,334 18,547 — 78 38,372 — 129,684 (9+) Non-accrual 9,395 34,229 340 2,085 15,080 7,840 79 — 69,048 Total commercial $ 1,590,277 $ 1,612,768 $ 324,559 $ 165,616 $ 158,204 $ 179,111 $ 6,363,562 $ 16,669 $ 10,410,766 Mortgage finance (1-7) Pass $ — $ — $ — $ — $ — $ — $ 3,978,328 $ — $ 3,978,328 (8) Special mention — — — — — — — — — (9) Substandard - accruing — — — — — — — — — (9+) Non-accrual — — — — — — — — — Total mortgage finance $ — $ — $ — $ — $ — $ — $ 3,978,328 $ — $ 3,978,328 Commercial real estate (1-7) Pass $ 561,801 $ 1,689,325 $ 1,042,953 $ 419,703 $ 317,480 $ 559,026 $ 575,928 $ 28,175 $ 5,194,391 (8) Special mention — 136,801 32,937 24,440 34,181 22,833 7,895 — 259,087 (9) Substandard - accruing — 2,232 — — — 28,573 4,141 — 34,946 (9+) Non-accrual — — 12,350 — — — — — 12,350 Total commercial real estate $ 561,801 $ 1,828,358 $ 1,088,240 $ 444,143 $ 351,661 $ 610,432 $ 587,964 $ 28,175 $ 5,500,774 Consumer (1-7) Pass $ 31,876 $ 56,425 $ 78,096 $ 47,423 $ 14,141 $ 102,691 $ 199,171 $ — $ 529,823 (8) Special mention — — — — — — 100 41 141 (9) Substandard - accruing — — — — — 984 — — 984 (9+) Non-accrual — — — — — — — — — Total Consumer $ 31,876 $ 56,425 $ 78,096 $ 47,423 $ 14,141 $ 103,675 $ 199,271 $ 41 $ 530,948 Total $ 2,183,954 $ 3,497,551 $ 1,490,895 $ 657,182 $ 524,006 $ 893,218 $ 11,129,125 $ 44,885 $ 20,420,816 Gross charge-offs $ 8,364 $ 5,090 $ 25,578 $ — $ 15,243 $ 883 $ 698 $ 871 $ 56,727 |
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. As discussed in Note 1 - Operations and Summary of Significant Accounting Policies in the Company’s 2023 Form 10-K, in the second quarter of 2023, changes were made to certain estimates used in the Company’s current expected credit loss model which resulted in adjustments being made to the Company’s portfolio segments. As a result, prior period balances in the table below have been reclassified to conform to the current period presentation of portfolio segments. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories. (in thousands) Commercial Mortgage Commercial Real Estate Consumer Total Three Months Ended March 31, 2024 Beginning balance $ 171,437 $ 4,173 $ 71,829 $ 2,534 $ 249,973 Provision for credit losses on loans 19,976 1,825 2,786 166 24,753 Charge-offs 7,544 — 3,325 — 10,869 Recoveries 105 — — — 105 Net charge-offs (recoveries) 7,439 — 3,325 — 10,764 Ending balance $ 183,974 $ 5,998 $ 71,290 $ 2,700 $ 263,962 Three Months Ended March 31, 2023 Beginning balance $ 185,303 $ 10,745 $ 54,268 $ 3,153 $ 253,469 Provision for credit losses on loans 34,380 (3,345) (3,810) 144 27,369 Charge-offs 20,732 — — — 20,732 Recoveries 819 — — 3 822 Net charge-offs (recoveries) 19,913 — — (3) 19,910 Ending balance $ 199,770 $ 7,400 $ 50,458 $ 3,300 $ 260,928 |
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, 2024 Commercial $ 3,340 $ 759 $ 3,406 $ 7,505 $ 80,516 $ 10,295,163 $ 10,383,184 $ 14,889 Mortgage finance — — — — — 4,153,313 4,153,313 — Commercial real estate — — 268 268 11,349 5,810,844 5,822,461 — Consumer 689 — — 689 984 548,290 549,963 984 Total $ 4,029 $ 759 $ 3,674 $ 8,462 $ 92,849 $ 20,807,610 $ 20,908,921 $ 15,873 (1) As of March 31, 2024, $1.3 million of non-accrual loans were earning interest income on a cash basis compared to $358,000 as of December 31, 2023. Additionally, $18,000 of interest income was recognized on non-accrual loans for the three months ended March 31, 2024 compared to none for the same period in 2023, respectively. Accrued interest of $487,000 and $1.5 million was reversed during the three months ended March 31, 2024 and March 31, 2023, respectively. |
Summary of loan modifications | The table below details gross loans held for investment as of March 31, 2024 and March 31, 2023 made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 and March 31, 2023 by type of modification granted and the financial effect of those modifications: Financial Statement Impact ($ in thousands) Payment Term Payment Interest Rate Total Percentage of Loans Held for Investment Interest Rate Reduction Term Extension (in months) Payment Deferrals Three Months Ended March 31, 2024 Commercial $ 11,575 $ 300 $ — $ — $ 11,875 0.06 % —% 12 $ 3,650 Total $ 11,575 $ 300 $ — $ — $ 11,875 0.06 % Three Months Ended March 31, 2023 Commercial $ 31,431 $ 1,800 $ 3,477 $ 14,933 $ 51,641 0.26 % 0.70% 6 to 36 $ 4,723 Total $ 31,431 $ 1,800 $ 3,477 $ 14,933 $ 51,641 0.26 % The table below details loans that experienced a default during the three months ended March 31, 2024, subsequent to being granted a modification in the prior twelve months. Default is defined as movement to nonperforming status, foreclosure or charge-off, whichever occurs first. (in thousands) Payment Payment Deferral and Term Extension Total Three Months Ended March 31, 2024 Commercial $ 3,129 $ 1,756 $ 4,885 Total $ 3,129 $ 1,756 $ 4,885 The table below provides an age analysis of gross loans held for investment as of March 31, 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months: (in thousands) 30-89 Days 90+ Days Non-Accrual Current Total March 31, 2024 Commercial $ 259 $ — $ 12,463 $ 34,253 $ 46,975 Commercial real estate — — — 18,581 18,581 Total $ 259 $ — $ 12,463 $ 52,834 $ 65,556 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of short-term borrowings | The table below presents a summary of short-term borrowings: (in thousands) March 31, 2024 December 31, 2023 Federal Home Loan Bank borrowings 750,000 1,500,000 Total short-term borrowings $ 750,000 $ 1,500,000 |
Summary of long-term debt | The table below presents a summary of long-term debt: (in thousands) March 31, 2024 December 31, 2023 Bank-issued floating rate senior unsecured credit-linked notes due 2024 $ 200,000 $ 199,499 Bank-issued 5.25% fixed rate subordinated notes due 2026 174,522 174,457 Company-issued 4.00% fixed rate subordinated notes due 2031 371,895 371,785 Trust preferred floating rate subordinated debentures due 2032 to 2036 113,406 113,406 Total long-term debt $ 859,823 $ 859,147 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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. As discussed in Note 1 - Operations and Summary of Significant Accounting Policies in the Company’s 2023 Form 10-K, in the second quarter of 2023, changes were made to certain estimates used in the Company’s current expected credit loss model which resulted in adjustments being made to the Company’s portfolio segments. As a result, prior period balances in the table below have been reclassified to conform to the current period presentation of portfolio segments. (in thousands) Commercial Mortgage Commercial Consumer Total Three Months Ended March 31, 2024 Beginning balance $ 36,040 $ 6 $ 10,147 $ 169 $ 46,362 Provision for off-balance sheet credit losses (3,728) 28 (2,048) (5) (5,753) Ending balance $ 32,312 $ 34 $ 8,099 $ 164 $ 40,609 Three Months Ended March 31, 2023 Beginning balance $ 16,550 $ — $ 5,222 $ 21 $ 21,793 Provision for off-balance sheet credit losses 1,335 — (711) 7 631 Ending balance $ 17,885 $ — $ 4,511 $ 28 $ 22,424 (in thousands) March 31, 2024 December 31, 2023 Commitments to extend credit - period end balance $ 9,470,887 $ 9,749,085 Standby letters of credit - period end balance 551,421 595,079 |
Regulatory Ratios and Capital (
Regulatory Ratios and Capital (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 and other standards. 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, 2024 and December 31, 2023. The ratios presented below include the effects of the election to utilize the five-year CECL transition described above. March 31, 2024 December 31, 2023 (dollars in thousands) Minimum Capital Required(2) Capital Required to be Well Capitalized Capital Amount Ratio Capital Amount Ratio The Company CET1 capital (to risk-weighted assets) 7.00 % N/A $ 3,251,260 12.38 % $ 3,264,609 12.65 % Tier 1 capital (to risk-weighted assets) 8.50 % 6.00 % 3,661,260 13.95 % 3,674,609 14.24 % Total capital (to risk-weighted assets) 10.50 % 10.00 % 4,368,943 16.64 % 4,405,575 17.07 % Tier 1 capital (to average assets)(1) 4.00 % N/A 3,661,260 12.40 % 3,674,609 12.21 % The Bank CET1 capital (to risk-weighted assets) 7.00 % 6.50 % 3,612,873 13.84 % 3,599,919 14.01 % Tier 1 capital (to risk-weighted assets) 8.50 % 8.00 % 3,612,873 13.84 % 3,599,919 14.01 % Total capital (to risk-weighted assets) 10.50 % 10.00 % 3,948,661 15.13 % 3,959,100 15.41 % Tier 1 capital (to average assets)(1) 4.00 % 5.00 % 3,612,873 12.30 % 3,599,919 12.00 % (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, 2024 | |
Compensation Related Costs [Abstract] | |
Schedule of stock-based compensation costs | The table below summarizes the Company’s stock-based compensation expense: Three Months Ended March 31, (in thousands) 2024 2023 Stock-settled awards: RSUs $ 8,026 $ 8,438 Cash-settled units 508 — Total $ 8,534 $ 8,438 |
Schedule of unrecognized compensation costs | (in thousands except period data) March 31, 2024 Unrecognized compensation expense related to unvested stock-settled awards $ 32,201 Weighted average period over which expense is expected to be recognized, in years 2.0 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Available-for-sale debt securities:(1) U.S. Treasury securities $ 385,553 $ — $ — U.S. government agency securities — 105,770 — Residential mortgage-backed securities — 2,987,926 — CRT securities — — 12,261 Equity securities(1)(2) 57,421 16,066 — Mortgage loans held for sale(3) — 700 — Loans held for investment(4) — — 30,467 Derivative assets(5) — 11,613 — Securities sold not yet purchased(6) 34,705 — — Derivative liabilities(5) — 85,030 — Non-qualified deferred compensation plan liabilities(7) 19,966 — — December 31, 2023 Available-for-sale debt securities:(1) U.S. Treasury securities $ 636,473 $ — $ — U.S. government agency securities — 106,592 — Residential mortgage-backed securities — 2,470,832 — CRT securities — — 11,995 Equity securities(1)(2) 40,661 11,164 — Mortgage loans held for sale(3) — 706 — Loans held for investment(4) — — 38,341 Derivative assets(5) — 32,944 — Securities sold not yet purchased(6) 10,602 — — Derivative liabilities(5) — 70,917 — Non-qualified deferred compensation plan liabilities(7) 20,387 — — (1) Available-for-sale debt securities and equity 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 in exchange traded funds. (3) Loans held for sale are measured at fair value on a recurring basis, generally monthly. (4) 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. (5) Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. (6) Securities sold not yet purchased are measured at fair value on a recurring basis, generally monthly. (7) 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, 2024 Available-for-sale debt securities:(1) CRT securities $ 11,995 $ — $ (209) $ — $ 475 $ 12,261 Three Months Ended March 31, 2023 Available-for-sale debt securities:(1) CRT securities $ 11,861 $ — $ — $ — $ 67 $ 11,928 (1) Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI 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, 2024 Financial assets: Cash and cash equivalents $ 3,316,142 $ 3,316,142 $ 3,316,142 $ — $ — Available-for-sale debt securities 3,491,510 3,491,510 385,553 3,093,696 12,261 Held-to-maturity debt securities 849,283 737,111 — 737,111 — Equity securities 73,487 73,487 57,421 16,066 — Loans held for sale 37,750 37,750 9,250 28,500 — Loans held for investment, net 20,567,042 20,452,964 — — 20,452,964 Derivative assets 11,613 11,613 — 11,613 — Financial liabilities: Total deposits 23,954,037 23,953,821 — — 23,953,821 Short-term borrowings 750,000 750,000 — 750,000 — Long-term debt 859,823 798,890 — 798,890 — Securities sold not yet purchased 34,705 34,705 34,705 — — Derivative liabilities 85,030 85,030 — 85,030 — December 31, 2023 Financial assets: Cash and cash equivalents $ 3,242,850 $ 3,242,850 $ 3,242,850 $ — $ — Available-for-sale debt securities 3,225,892 3,225,892 636,473 2,577,424 11,995 Held-to-maturity debt securities 865,477 763,844 — 763,844 — Equity securities 51,825 51,825 40,661 11,164 — Loans held for sale 44,105 44,105 15,000 29,105 — Loans held for investment, net 20,090,585 20,050,974 — — 20,050,974 Derivative assets 32,944 32,944 — 32,944 — Financial liabilities: Total deposits 22,371,839 22,379,452 — — 22,379,452 Short-term borrowings 1,500,000 1,500,000 — 1,500,000 — Long-term debt 859,147 801,309 — 801,309 — Securities sold not yet purchased 10,602 10,602 10,602 — — Derivative liabilities 70,917 70,917 — 70,917 — |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 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 $ 2,850,000 $ — $ 68,771 $ 2,850,000 $ 668 $ 57,961 Non-hedging derivatives Customer-initiated and other derivatives: Foreign currency forward contracts 327,276 396 316 4,824 52 31 Interest rate contracts: Swaps 5,681,887 72,254 72,254 5,673,822 65,247 69,863 Caps and floors written 1,124,522 127 9,880 637,971 1,654 2,228 Caps and floors purchased 1,124,522 9,880 127 637,971 2,228 1,654 Forward contracts 14,478,341 23,652 22,907 8,665,675 39,123 38,570 Gross derivatives 106,309 174,255 108,972 170,307 Netting adjustment - offsetting derivative assets/liabilities (36,754) (36,754) (37,346) (37,346) Netting adjustment - cash collateral received/posted (57,942) (52,471) (38,682) (62,044) Net derivatives included on the consolidated balance sheets $ 11,613 $ 85,030 $ 32,944 $ 70,917 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Beginning balance $ (45,749) $ (273,806) $ (42,449) $ (362,004) Change in unrealized gain/(loss) (27,873) (14,470) — (42,343) Amounts reclassified into net income 18,006 — 1,702 19,708 Total other comprehensive income/(loss) (9,867) (14,470) 1,702 (22,635) Income tax expense/(benefit) (2,072) (3,038) 357 (4,753) Total other comprehensive income/(loss), net of tax (7,795) (11,432) 1,345 (17,882) Ending balance $ (53,544) $ (285,238) $ (41,104) $ (379,886) 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) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net income | $ 26,142 | $ 38,661 |
Preferred stock dividends | 4,313 | 4,313 |
Net income available to common stockholders | $ 21,829 | $ 34,348 |
Denominator: | ||
Basic earnings per common share—weighted average common shares | 47,278,681 | 48,264,121 |
Effect of employee stock-based awards | 432,511 | 616,604 |
Dilutive earnings per common share—weighted average diluted common shares | 47,711,192 | 48,880,725 |
Basic earnings per common share (in usd per share) | $ 0.46 | $ 0.71 |
Diluted earnings per common share (in usd per share) | $ 0.46 | $ 0.70 |
Anti-dilutive outstanding stock-settled awards | 127,145 | 252,308 |
Investment Securities - Summary
Investment Securities - Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale debt securities: | ||
Amortized Cost | $ 3,852,570 | $ 3,572,482 |
Gross Unrealized Gains | 6,977 | 540 |
Gross Unrealized Losses | (368,037) | (347,130) |
Estimated Fair Value | 3,491,510 | 3,225,892 |
Held-to-maturity debt securities: | ||
Held-to-maturity debt securities | 849,283 | 865,477 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (112,172) | (101,633) |
Estimated Fair Value | 737,111 | 763,844 |
Equity securities at fair value | 73,487 | 51,825 |
Total investment securities | 4,414,280 | 4,143,194 |
Interest receivable | 114,000 | 118,100 |
Available-for-sale | ||
Available-for-sale debt securities: | ||
Amortized Cost | 3,852,570 | |
Estimated Fair Value | 3,491,510 | |
Held-to-maturity debt securities: | ||
Interest receivable | 10,400 | 9,500 |
Held-to-maturity | ||
Held-to-maturity debt securities: | ||
Estimated Fair Value | 737,111 | |
Interest receivable | 1,400 | 1,400 |
U.S. Treasury securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 401,652 | 651,112 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (16,099) | (14,639) |
Estimated Fair Value | 385,553 | 636,473 |
U.S. government agency securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 125,000 | 125,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (19,230) | (18,408) |
Estimated Fair Value | 105,770 | 106,592 |
Residential mortgage-backed securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 3,312,491 | 2,782,734 |
Gross Unrealized Gains | 6,977 | 540 |
Gross Unrealized Losses | (331,542) | (312,442) |
Estimated Fair Value | 2,987,926 | 2,470,832 |
Held-to-maturity debt securities: | ||
Held-to-maturity debt securities | 849,283 | 865,477 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (112,172) | (101,633) |
Estimated Fair Value | 737,111 | 763,844 |
CRT securities | ||
Available-for-sale debt securities: | ||
Amortized Cost | 13,427 | 13,636 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,166) | (1,641) |
Estimated Fair Value | $ 12,261 | $ 11,995 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) security | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | security | 112 | ||
Expected loss on held-to-maturity securities | $ 0 | ||
Allowance for credit losses on available-for-sale debt securities | 0 | $ 0 | |
Allowance for credit losses on held-to-maturity debt securities | $ 0 | 0 | |
Held-to-maturity | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale debt securities transferred to held-to-maturity | $ 56,400 | ||
Realized gain | $ 489 | ||
U.S. Treasury securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | security | 10 | ||
U.S. government agency securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | security | 5 | ||
CRT securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | security | 2 | ||
Residential mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Number of securities in an unrealized loss position | security | 95 | ||
Deposits | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale debt securities pledged to secure certain customer repurchase agreements and deposits | $ 1,500 | $ 1,600 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Amortized Cost | $ 3,852,570 | $ 3,572,482 |
Fair Value | ||
Fair Value | 3,491,510 | 3,225,892 |
Fair Value | ||
Fair Value | 737,111 | $ 763,844 |
Available-for-sale | ||
Amortized Cost | ||
Due within one year | 0 | |
Due after one year through five years | 451,652 | |
Due after five years through ten years | 105,716 | |
Due after ten years | 3,295,202 | |
Amortized Cost | 3,852,570 | |
Fair Value | ||
Due within one year | 0 | |
Due after one year through five years | 429,431 | |
Due after five years through ten years | 88,977 | |
Due after ten years | 2,973,102 | |
Fair Value | 3,491,510 | |
Held-to-maturity | ||
Amortized Cost | ||
Due within one year | 0 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 0 | |
Due after ten years | 849,283 | |
Amortized Cost | 849,283 | |
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 | 737,111 | |
Fair Value | $ 737,111 |
Investment Securities - Weighte
Investment Securities - Weighted Average Yields for Available-for-Sale Debt Securities (Details) | Mar. 31, 2024 |
U.S. Treasury securities | |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | 0% |
Due after one year through five years | 2.71% |
Due after five years through ten years | 0% |
Due after ten years | 0% |
Total | 2.71% |
U.S. government agency securities | |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | 0% |
Due after one year through five years | 1% |
Due after five years through ten years | 1.21% |
Due after ten years | 0% |
Total | 1.13% |
Residential mortgage-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | 0% |
Due after one year through five years | 0% |
Due after five years through ten years | 1.23% |
Due after ten years | 3.32% |
Total | 3.31% |
CRT securities | |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | 0% |
Due after one year through five years | 0% |
Due after five years through ten years | 5.45% |
Due after ten years | 0% |
Total | 5.45% |
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, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | $ 395,176 | $ 910,999 |
Less Than 12 Months, Unrealized Loss | (4,230) | (19,751) |
12 Months or Longer, Fair Value | 2,795,145 | 2,256,400 |
12 Months or Longer, Unrealized Loss | (363,807) | (327,379) |
Total, Fair Value | 3,190,321 | 3,167,399 |
Total, Unrealized Loss | (368,037) | (347,130) |
U.S. Treasury 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 | 385,553 | 636,473 |
12 Months or Longer, Unrealized Loss | (16,099) | (14,639) |
Total, Fair Value | 385,553 | 636,473 |
Total, Unrealized Loss | (16,099) | (14,639) |
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 | 105,771 | 106,592 |
12 Months or Longer, Unrealized Loss | (19,230) | (18,408) |
Total, Fair Value | 105,771 | 106,592 |
Total, Unrealized Loss | (19,230) | (18,408) |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 395,176 | 910,999 |
Less Than 12 Months, Unrealized Loss | (4,230) | (19,751) |
12 Months or Longer, Fair Value | 2,291,560 | 1,501,340 |
12 Months or Longer, Unrealized Loss | (327,312) | (292,691) |
Total, Fair Value | 2,686,736 | 2,412,339 |
Total, Unrealized Loss | (331,542) | (312,442) |
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 | 12,261 | 11,995 |
12 Months or Longer, Unrealized Loss | (1,166) | (1,641) |
Total, Fair Value | 12,261 | 11,995 |
Total, Unrealized Loss | $ (1,166) | $ (1,641) |
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, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net gains/(losses) recognized during the period | $ 4,034 | $ 1,245 |
Less: Realized net gains/(losses) recognized on securities sold | (312) | 596 |
Unrealized net gains/(losses) recognized on securities still held | $ 3,722 | $ 1,841 |
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | $ 20,908,921,000 | $ 20,420,816,000 | ||
Unearned income (net of direct origination costs) | (77,917,000) | (80,258,000) | ||
Total loans held for investment | 20,831,004,000 | 20,340,558,000 | ||
Allowance for credit losses on loans | (263,962,000) | (249,973,000) | $ (260,928,000) | $ (253,469,000) |
Loans held for investment, net | 20,567,042,000 | 20,090,585,000 | ||
Loans held for sale | 37,750,000 | 44,105,000 | ||
Interest receivable | 114,000,000 | 118,100,000 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 10,383,184,000 | 10,410,766,000 | ||
Allowance for credit losses on loans | (183,974,000) | (171,437,000) | (199,770,000) | (185,303,000) |
Loans held for sale | 37,050,000 | 43,399,000 | ||
Mortgage finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 4,153,313,000 | 3,978,328,000 | ||
Allowance for credit losses on loans | (5,998,000) | (4,173,000) | (7,400,000) | (10,745,000) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 5,822,461,000 | 5,500,774,000 | ||
Allowance for credit losses on loans | (71,290,000) | (71,829,000) | (50,458,000) | (54,268,000) |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 549,963,000 | 530,948,000 | ||
Allowance for credit losses on loans | (2,700,000) | (2,534,000) | $ (3,300,000) | $ (3,153,000) |
Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held for sale | $ 700,000 | $ 706,000 |
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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | $ 300,817 | $ 2,183,954 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,409,381 | 3,497,551 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 3,531,759 | 1,490,895 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,522,978 | 657,182 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 675,757 | 524,006 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,527,051 | 893,218 | |
Revolving lines of credit | 10,900,174 | 11,129,125 | |
Revolving lines of credit converted to term loans | 41,004 | 44,885 | |
Total | 20,908,921 | 20,420,816 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 8,364 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 6,731 | 5,090 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 311 | 25,578 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 3,512 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 15,243 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 232 | 883 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Writeoff | 83 | 698 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 871 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 10,869 | $ 20,732 | 56,727 |
Commercial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 259,505 | 1,590,277 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,596,619 | 1,612,768 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,459,535 | 324,559 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 322,949 | 165,616 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 141,875 | 158,204 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 314,608 | 179,111 | |
Revolving lines of credit | 6,272,916 | 6,363,562 | |
Revolving lines of credit converted to term loans | 15,177 | 16,669 | |
Total | 10,383,184 | 10,410,766 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 7,544 | 20,732 | |
Commercial | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 259,505 | 1,546,257 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,520,538 | 1,408,672 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,318,364 | 279,266 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 273,069 | 144,699 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 121,851 | 142,301 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 279,527 | 157,808 | |
Revolving lines of credit | 6,133,867 | 6,284,464 | |
Revolving lines of credit converted to term loans | 15,177 | 16,580 | |
Total | 9,921,898 | 9,980,047 | |
Commercial | Special mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 22,148 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 41,444 | 118,991 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 89,022 | 35,619 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 33,634 | 285 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 274 | 823 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 8,444 | 13,385 | |
Revolving lines of credit | 72,605 | 40,647 | |
Revolving lines of credit converted to term loans | 0 | 89 | |
Total | 245,423 | 231,987 | |
Commercial | Substandard - accruing | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 12,477 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,802 | 50,876 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 48,945 | 9,334 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 16,246 | 18,547 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 17,859 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 3,478 | 78 | |
Revolving lines of credit | 27,017 | 38,372 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 135,347 | 129,684 | |
Commercial | Non-accrual | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 9,395 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 12,835 | 34,229 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 3,204 | 340 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 2,085 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,891 | 15,080 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 23,159 | 7,840 | |
Revolving lines of credit | 39,427 | 79 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 80,516 | 69,048 | |
Mortgage 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 | 4,153,313 | 3,978,328 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 4,153,313 | 3,978,328 | |
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 | 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 | 4,153,313 | 3,978,328 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 4,153,313 | 3,978,328 | |
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 | |
Commercial real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 25,635 | 561,801 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 784,053 | 1,828,358 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 2,018,235 | 1,088,240 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,122,337 | 444,143 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 487,296 | 351,661 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,097,817 | 610,432 | |
Revolving lines of credit | 261,278 | 587,964 | |
Revolving lines of credit converted to term loans | 25,810 | 28,175 | |
Total | 5,822,461 | 5,500,774 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 3,325 | 0 | |
Commercial real estate | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 25,635 | 561,801 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 783,034 | 1,689,325 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,765,387 | 1,042,953 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,104,942 | 419,703 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 462,880 | 317,480 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 996,932 | 559,026 | |
Revolving lines of credit | 261,278 | 575,928 | |
Revolving lines of credit converted to term loans | 25,810 | 28,175 | |
Total | 5,425,898 | 5,194,391 | |
Commercial real estate | 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 | 1,019 | 136,801 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 240,303 | 32,937 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 268 | 24,440 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 24,416 | 34,181 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 72,393 | 22,833 | |
Revolving lines of credit | 0 | 7,895 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 338,399 | 259,087 | |
Commercial real estate | 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 | 2,232 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 12,545 | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 17,127 | 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 | 17,143 | 28,573 | |
Revolving lines of credit | 0 | 4,141 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 46,815 | 34,946 | |
Commercial real estate | 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 | 12,350 | |
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 | 11,349 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 11,349 | 12,350 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 15,677 | 31,876 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 28,709 | 56,425 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 53,989 | 78,096 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 77,692 | 47,423 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 46,586 | 14,141 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 114,626 | 103,675 | |
Revolving lines of credit | 212,667 | 199,271 | |
Revolving lines of credit converted to term loans | 17 | 41 | |
Total | 549,963 | 530,948 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | $ 0 | |
Consumer | Pass | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 15,677 | 31,876 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 28,709 | 56,425 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 53,989 | 78,096 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 77,692 | 47,423 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 45,897 | 14,141 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 113,642 | 102,691 | |
Revolving lines of credit | 212,667 | 199,171 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 548,273 | 529,823 | |
Consumer | 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 | 689 | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 | |
Revolving lines of credit | 0 | 100 | |
Revolving lines of credit converted to term loans | 17 | 41 | |
Total | 706 | 141 | |
Consumer | 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 | 984 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | 0 | 984 | |
Consumer | 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 | 984 | 0 | |
Revolving lines of credit | 0 | 0 | |
Revolving lines of credit converted to term loans | 0 | 0 | |
Total | $ 984 | $ 0 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses on Loans - Allowance Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 249,973 | $ 253,469 | $ 253,469 |
Provision for credit losses on loans | 24,753 | 27,369 | |
Charge-offs | 10,869 | 20,732 | 56,727 |
Recoveries | 105 | 822 | |
Net charge-offs (recoveries) | 10,764 | 19,910 | |
Ending balance | 263,962 | 260,928 | 249,973 |
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 171,437 | 185,303 | 185,303 |
Provision for credit losses on loans | 19,976 | 34,380 | |
Charge-offs | 7,544 | 20,732 | |
Recoveries | 105 | 819 | |
Net charge-offs (recoveries) | 7,439 | 19,913 | |
Ending balance | 183,974 | 199,770 | 171,437 |
Mortgage finance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 4,173 | 10,745 | 10,745 |
Provision for credit losses on loans | 1,825 | (3,345) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net charge-offs (recoveries) | 0 | 0 | |
Ending balance | 5,998 | 7,400 | 4,173 |
Commercial real estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 71,829 | 54,268 | 54,268 |
Provision for credit losses on loans | 2,786 | (3,810) | |
Charge-offs | 3,325 | 0 | |
Recoveries | 0 | 0 | |
Net charge-offs (recoveries) | 3,325 | 0 | |
Ending balance | 71,290 | 50,458 | 71,829 |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,534 | 3,153 | 3,153 |
Provision for credit losses on loans | 166 | 144 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 3 | |
Net charge-offs (recoveries) | 0 | (3) | |
Ending balance | $ 2,700 | $ 3,300 | $ 2,534 |
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, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for credit losses on loans | $ 24,753 | $ 27,369 | |
Net charge-offs (recoveries) | 10,764 | 19,910 | |
Loan balance | 20,908,921 | $ 20,420,816 | |
Commercial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for credit losses on loans | 19,976 | 34,380 | |
Net charge-offs (recoveries) | 7,439 | 19,913 | |
Loan balance | 10,383,184 | 10,410,766 | |
Commercial | Asset Pledged as Collateral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loan balance | 47,100 | ||
Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for credit losses on loans | 2,786 | (3,810) | |
Net charge-offs (recoveries) | 3,325 | 0 | |
Loan balance | 5,822,461 | 5,500,774 | |
Commercial real estate | Asset Pledged as Collateral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loan balance | 11,300 | ||
Consumer | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for credit losses on loans | 166 | 144 | |
Net charge-offs (recoveries) | 0 | (3) | |
Loan balance | 549,963 | 530,948 | |
Consumer | Asset Pledged as Collateral | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loan balance | 1,000 | ||
Criticized | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loan balance | $ 859,500 | $ 738,200 | |
Leveraged Lending | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Net charge-offs (recoveries) | $ 19,900 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses on Loans - Age Analysis (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 20,908,921,000 | $ 20,420,816,000 | |
Non-accrual | 92,849,000 | ||
Non-accrual With No Allowance | 15,873,000 | ||
Non-accrual loans earning interest income on cash basis | 1,300,000 | 358,000 | |
Interest income on non-accrual loans | 18,000 | $ 0 | |
Interest Income Reversed | 487,000 | $ 1,500,000 | |
Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 10,383,184,000 | 10,410,766,000 | |
Non-accrual | 80,516,000 | ||
Non-accrual With No Allowance | 14,889,000 | ||
Mortgage finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 4,153,313,000 | 3,978,328,000 | |
Non-accrual | 0 | ||
Non-accrual With No Allowance | 0 | ||
Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 5,822,461,000 | 5,500,774,000 | |
Non-accrual | 11,349,000 | ||
Non-accrual With No Allowance | 0 | ||
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 549,963,000 | $ 530,948,000 | |
Non-accrual | 984,000 | ||
Non-accrual With No Allowance | 984,000 | ||
30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 4,029,000 | ||
30-59 Days Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,340,000 | ||
30-59 Days Past Due | Mortgage finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
30-59 Days Past Due | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
30-59 Days Past Due | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 689,000 | ||
60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 759,000 | ||
60-89 Days Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 759,000 | ||
60-89 Days Past Due | Mortgage finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
60-89 Days Past Due | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
60-89 Days Past Due | Consumer | |||
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 | 3,674,000 | ||
90 Days or More Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 3,406,000 | ||
90 Days or More Past Due | Mortgage finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
90 Days or More Past Due | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 268,000 | ||
90 Days or More Past Due | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
Total Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 8,462,000 | ||
Total Past Due | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 7,505,000 | ||
Total Past Due | Mortgage finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 0 | ||
Total Past Due | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 268,000 | ||
Total Past Due | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 689,000 | ||
Current | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 20,807,610,000 | ||
Current | Commercial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 10,295,163,000 | ||
Current | Mortgage finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 4,153,313,000 | ||
Current | Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | 5,810,844,000 | ||
Current | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total | $ 548,290,000 |
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) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | $ 11,875 | $ 51,641 |
Percentage of Loans Held for Investment | 0.06% | 0.26% |
Payment Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | $ 11,575 | $ 31,431 |
Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | 300 | 1,800 |
Payment Deferral and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | 0 | 3,477 |
Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | 0 | 14,933 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | $ 11,875 | $ 51,641 |
Percentage of Loans Held for Investment | 0.06% | 0.26% |
Interest Rate Reduction | 0% | 0.70% |
Term Extension (in months) | 12 months | |
Payment Deferrals | $ 3,650 | $ 4,723 |
Commercial | Minimum | ||
Financing Receivable, Modifications [Line Items] | ||
Term Extension (in months) | 6 months | |
Commercial | Maximum | ||
Financing Receivable, Modifications [Line Items] | ||
Term Extension (in months) | 36 months | |
Commercial | Payment Deferral | ||
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | 11,575 | $ 31,431 |
Commercial | Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | 300 | 1,800 |
Commercial | Payment Deferral and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | 0 | 3,477 |
Commercial | Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Total modified in period | $ 0 | $ 14,933 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses on Loans - Summary of Loans In Default (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Financing Receivable, Modifications [Line Items] | |
Loans subsequently defaulted | $ 4,885 |
Payment Deferral | |
Financing Receivable, Modifications [Line Items] | |
Loans subsequently defaulted | 3,129 |
Payment Deferral and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Loans subsequently defaulted | 1,756 |
Commercial | |
Financing Receivable, Modifications [Line Items] | |
Loans subsequently defaulted | 4,885 |
Commercial | Payment Deferral | |
Financing Receivable, Modifications [Line Items] | |
Loans subsequently defaulted | 3,129 |
Commercial | Payment Deferral and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Loans subsequently defaulted | $ 1,756 |
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, 2024 USD ($) |
Financing Receivable, Modifications [Line Items] | |
Total | $ 65,556 |
30-89 Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 259 |
90+ Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 0 |
Non-Accrual | |
Financing Receivable, Modifications [Line Items] | |
Total | 12,463 |
Current | |
Financing Receivable, Modifications [Line Items] | |
Total | 52,834 |
Commercial | |
Financing Receivable, Modifications [Line Items] | |
Total | 46,975 |
Commercial | 30-89 Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 259 |
Commercial | 90+ Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 0 |
Commercial | Non-Accrual | |
Financing Receivable, Modifications [Line Items] | |
Total | 12,463 |
Commercial | Current | |
Financing Receivable, Modifications [Line Items] | |
Total | 34,253 |
Commercial real estate | |
Financing Receivable, Modifications [Line Items] | |
Total | 18,581 |
Commercial real estate | 30-89 Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 0 |
Commercial real estate | 90+ Days Past Due | |
Financing Receivable, Modifications [Line Items] | |
Total | 0 |
Commercial real estate | Non-Accrual | |
Financing Receivable, Modifications [Line Items] | |
Total | 0 |
Commercial real estate | Current | |
Financing Receivable, Modifications [Line Items] | |
Total | $ 18,581 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | May 06, 2021 | Jan. 31, 2014 |
Short-Term Debt [Line Items] | ||||
Total short-term borrowings | $ 750,000 | $ 1,500,000 | ||
Debt Instrument [Line Items] | ||||
Long-term debt | 859,823 | 859,147 | ||
FHLB Borrowings | ||||
Short-Term Debt [Line Items] | ||||
Total short-term borrowings | 750,000 | 1,500,000 | ||
Senior Unsecured Credit-Linked Notes, Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured credit-linked notes | 200,000 | 199,499 | ||
5.75% Subordinated Notes, Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.25% | |||
Trust preferred securities issued | 174,522 | 174,457 | ||
4.00% Subordinated Notes, Due 2031 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4% | |||
Trust preferred securities issued | 371,895 | 371,785 | ||
Floating Rate Subordinated Debentures, Due 2032 to 2036 | ||||
Debt Instrument [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, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Beginning balance | $ 46,362 | $ 21,793 | |
Provision for credit losses | (5,753) | 631 | |
Ending balance | 40,609 | 22,424 | |
Commercial | |||
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Beginning balance | 36,040 | 16,550 | |
Provision for credit losses | (3,728) | 1,335 | |
Ending balance | 32,312 | 17,885 | |
Mortgage finance | |||
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Beginning balance | 6 | 0 | |
Provision for credit losses | 28 | 0 | |
Ending balance | 34 | 0 | |
Commercial real estate | |||
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Beginning balance | 10,147 | 5,222 | |
Provision for credit losses | (2,048) | (711) | |
Ending balance | 8,099 | 4,511 | |
Consumer | |||
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Beginning balance | 169 | 21 | |
Provision for credit losses | (5) | 7 | |
Ending balance | 164 | $ 28 | |
Commitments to extend credit | |||
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Off-balance sheet liability | 9,470,887 | $ 9,749,085 | |
Standby letters of credit | |||
Allowance For Off-Balance Sheet Credit Losses [Roll Forward] | |||
Off-balance sheet liability | $ 551,421 | $ 595,079 |
Regulatory Ratios and Capital -
Regulatory Ratios and Capital - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | Jan. 17, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2009 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Shares repurchased | $ 31,523 | $ 60,218 | |||
Assets | $ 29,180,585 | $ 28,356,266 | $ 15,000,000 | ||
January 2024 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] | |||||
Shares repurchased (in shares) | shares | 529,338 | ||||
Shares repurchased | $ 31,500 | ||||
Shares repurchased, price per share (in dollars per share) | $ / shares | $ 59.27 | ||||
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, 2024 | Dec. 31, 2023 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0600 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | |
CET1, actual amount | $ 3,251,260 | $ 3,264,609 |
Tier One Risk Based Capital | 3,661,260 | 3,674,609 |
Capital | 4,368,943 | 4,405,575 |
Tier One Leverage Capital | $ 3,661,260 | $ 3,674,609 |
CET1, actual ratio | 12.38% | 12.65% |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1395 | 0.1424 |
Capital to Risk Weighted Assets | 0.1664 | 0.1707 |
Tier One Leverage Capital to Average Assets | 0.1240 | 0.1221 |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 to be well capitalized under prompt corrective action provisions, ratio | 6.50% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0800 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 | |
CET1, actual amount | $ 3,612,873 | $ 3,599,919 |
Tier One Risk Based Capital | 3,612,873 | 3,599,919 |
Capital | 3,948,661 | 3,959,100 |
Tier One Leverage Capital | $ 3,612,873 | $ 3,599,919 |
CET1, actual ratio | 13.84% | 14.01% |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1384 | 0.1401 |
Capital to Risk Weighted Assets | 0.1513 | 0.1541 |
Tier One Leverage Capital to Average Assets | 0.1230 | 0.1200 |
Basel III, Phase-In Schedule | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 for capital adequacy purposes, ratio | 7% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0850 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | |
Basel III, Phase-In Schedule | Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 for capital adequacy purposes, ratio | 7% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0850 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-settled awards: | $ 8,534 | $ 8,438 |
Unrecognized compensation expense related to unvested stock-settled awards | $ 32,201 | |
Weighted average period over which unrecognized compensation expense is expected to be recognized (in years) | 2 years | |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-settled awards: | $ 8,026 | 8,438 |
Cash-settled units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-settled awards: | $ 508 | $ 0 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | $ 3,491,510 | $ 3,225,892 |
Equity securities | 73,487 | 51,825 |
Derivative assets | 11,613 | 32,944 |
Derivative liabilities | 85,030 | 70,917 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 385,553 | 636,473 |
U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 105,770 | 106,592 |
CRT securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 12,261 | 11,995 |
Fair value measurements, recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 57,421 | 40,661 |
Mortgage loans held for sale | 0 | 0 |
Loans held for investment | 0 | 0 |
Derivative assets | 0 | 0 |
Securities sold not yet purchased | 34,705 | 10,602 |
Derivative liabilities | 0 | 0 |
Non-qualified deferred compensation plan liabilities | 19,966 | 20,387 |
Fair value measurements, recurring basis | Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 385,553 | 636,473 |
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 | 16,066 | 11,164 |
Mortgage loans held for sale | 700 | 706 |
Loans held for investment | 0 | 0 |
Derivative assets | 11,613 | 32,944 |
Securities sold not yet purchased | 0 | 0 |
Derivative liabilities | 85,030 | 70,917 |
Non-qualified deferred compensation plan liabilities | 0 | 0 |
Fair value measurements, recurring basis | Level 2 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | 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 | 105,770 | 106,592 |
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 | 2,987,926 | 2,470,832 |
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 |
Mortgage loans held for sale | 0 | 0 |
Loans held for investment | 30,467 | 38,341 |
Derivative assets | 0 | 0 |
Securities sold not yet purchased | 0 | 0 |
Derivative liabilities | 0 | 0 |
Non-qualified deferred compensation plan liabilities | 0 | 0 |
Fair value measurements, recurring basis | Level 3 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale debt securities | 0 | 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 | $ 12,261 | $ 11,995 |
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, 2024 | Mar. 31, 2023 | |
CRT securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at Beginning of Period | $ 11,995 | $ 11,861 |
Purchases / Additions | 0 | 0 |
Sales / Reductions | (209) | 0 |
Realized | 0 | 0 |
Unrealized | 475 | 67 |
Balance at End of Period | $ 12,261 | $ 11,928 |
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 |
Tax-exempt asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
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 Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
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 | $ 30.5 | $ 38.3 |
Impaired loans, carrying value | 59.4 | 58.3 |
Allowance allocations | $ 28.9 | $ 20 |
CRT securities | Minimum | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Debt securities, available-for-sale, term | 4 years 9 months 3 days | |
CRT securities | Maximum | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Debt securities, available-for-sale, term | 7 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 | 0.0799 | |
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 | 0.0636 | 0.0657 |
Debt securities, available-for-sale, term | 5 years 8 months 23 days | 6 years 21 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, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale debt securities | $ 3,491,510 | $ 3,225,892 |
Held-to-maturity debt securities | 849,283 | 865,477 |
Equity securities | 73,487 | 51,825 |
Derivative assets | 11,613 | 32,944 |
Long-term debt | 859,823 | 859,147 |
Derivative liabilities | 85,030 | 70,917 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,316,142 | 3,242,850 |
Available-for-sale debt securities | 3,491,510 | 3,225,892 |
Held-to-maturity debt securities | 849,283 | 865,477 |
Equity securities | 73,487 | 51,825 |
Loans held for sale | 37,750 | 44,105 |
Loans held for investment, net | 20,567,042 | 20,090,585 |
Derivative assets | 11,613 | 32,944 |
Total deposits | 23,954,037 | 22,371,839 |
Short-term borrowings | 750,000 | 1,500,000 |
Long-term debt | 859,823 | 859,147 |
Securities sold not yet purchased | 34,705 | 10,602 |
Derivative liabilities | 85,030 | 70,917 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,316,142 | 3,242,850 |
Available-for-sale debt securities | 3,491,510 | 3,225,892 |
Held-to-maturity debt securities | 737,111 | 763,844 |
Equity securities | 73,487 | 51,825 |
Loans held for sale | 37,750 | 44,105 |
Loans held for investment, net | 20,452,964 | 20,050,974 |
Derivative assets | 11,613 | 32,944 |
Total deposits | 23,953,821 | 22,379,452 |
Short-term borrowings | 750,000 | 1,500,000 |
Long-term debt | 798,890 | 801,309 |
Securities sold not yet purchased | 34,705 | 10,602 |
Derivative liabilities | 85,030 | 70,917 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,316,142 | 3,242,850 |
Available-for-sale debt securities | 385,553 | 636,473 |
Held-to-maturity debt securities | 0 | 0 |
Equity securities | 57,421 | 40,661 |
Loans held for sale | 9,250 | 15,000 |
Loans held for investment, net | 0 | 0 |
Derivative assets | 0 | 0 |
Total deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Securities sold not yet purchased | 34,705 | 10,602 |
Derivative liabilities | 0 | 0 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Available-for-sale debt securities | 3,093,696 | 2,577,424 |
Held-to-maturity debt securities | 737,111 | 763,844 |
Equity securities | 16,066 | 11,164 |
Loans held for sale | 28,500 | 29,105 |
Loans held for investment, net | 0 | 0 |
Derivative assets | 11,613 | 32,944 |
Total deposits | 0 | 0 |
Short-term borrowings | 750,000 | 1,500,000 |
Long-term debt | 798,890 | 801,309 |
Securities sold not yet purchased | 0 | 0 |
Derivative liabilities | 85,030 | 70,917 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Available-for-sale debt securities | 12,261 | 11,995 |
Held-to-maturity debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment, net | 20,452,964 | 20,050,974 |
Derivative assets | 0 | 0 |
Total deposits | 23,953,821 | 22,379,452 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Securities sold not yet purchased | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Estimated fair value, asset derivative | $ 106,309 | $ 108,972 |
Estimated fair value, liability derivative | 174,255 | 170,307 |
Offsetting derivative liabilities | (36,754) | (37,346) |
Offsetting derivative assets | (36,754) | (37,346) |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash, Offset Against Derivative Asset | (57,942) | (38,682) |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Offset | (52,471) | (62,044) |
Net asset derivatives included in the consolidated balance sheets | 11,613 | 32,944 |
Net liability derivatives included in the consolidated balance sheets | $ 85,030 | $ 70,917 |
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 | $ 2,850,000 | $ 2,850,000 |
Estimated fair value, asset derivative | 0 | 668 |
Estimated fair value, liability derivative | 68,771 | 57,961 |
Non-hedging derivatives | Swaps | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 5,681,887 | 5,673,822 |
Estimated fair value, asset derivative | 72,254 | 65,247 |
Estimated fair value, liability derivative | 72,254 | 69,863 |
Non-hedging derivatives | Foreign currency forward contracts | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 327,276 | 4,824 |
Estimated fair value, asset derivative | 396 | 52 |
Estimated fair value, liability derivative | 316 | 31 |
Non-hedging derivatives | Caps and floors written | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 1,124,522 | 637,971 |
Estimated fair value, asset derivative | 127 | 1,654 |
Estimated fair value, liability derivative | 9,880 | 2,228 |
Non-hedging derivatives | Caps and floors purchased | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 1,124,522 | 637,971 |
Estimated fair value, asset derivative | 9,880 | 2,228 |
Estimated fair value, liability derivative | 127 | 1,654 |
Non-hedging derivatives | Forward contracts | Customer-Initiated and Other Derivatives | ||
Derivative [Line Items] | ||
Residential MSRs, notional amount | 14,478,341 | 8,665,675 |
Estimated fair value, asset derivative | 23,652 | 39,123 |
Estimated fair value, liability derivative | $ 22,907 | $ 38,570 |
Derivative Financial Instrume_4
Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) instrument | Dec. 31, 2023 USD ($) instrument | |
Derivative [Line Items] | ||
Cash collateral pledged for derivatives | $ 109,500,000 | $ 119,000,000 |
CashCollateralPostedForDerivativesInLiabilityPosition | $ 58,700,000 | $ 42,300,000 |
Risk participation agreement - participant bank | ||
Derivative [Line Items] | ||
Instruments held | instrument | 14 | 14 |
Non-hedging derivatives, notional amoount | $ 229,000,000 | $ 230,700,000 |
Maximum exposure | $ 6,400,000 | $ 4,500,000 |
Risk participation agreement - lead bank | ||
Derivative [Line Items] | ||
Instruments held | instrument | 16 | 15 |
Non-hedging derivatives, notional amoount | $ 211,300,000 | $ 204,800,000 |
Interest rate contract | ||
Derivative [Line Items] | ||
Unrealized losses, net of tax to AOCI | 27,900,000 | |
Amount reclassified from AOCI into interest income on loans | 18,000,000 | |
Amount reclassified from AOCI as a decrease to interest income | $ 58,100,000 | |
Maximum period to hedge forecasted transactions | 1 year 11 months 1 day | |
Loans Receivable | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Credit risk exposure, net of collateral pledged, relating to derivatives | $ 11,600,000 | $ 32,900,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 3,199,142 | $ 3,055,351 |
Change in unrealized gain/(loss) | (42,343) | 42,953 |
Amounts reclassified into net income | 19,708 | 12,973 |
Other comprehensive income/(loss) | (22,635) | 55,926 |
Income tax expense/(benefit) | (4,753) | 11,745 |
Other comprehensive income/(loss), net of tax | (17,882) | 44,181 |
Ending balance | 3,170,662 | 3,079,974 |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (45,749) | (66,394) |
Change in unrealized gain/(loss) | (27,873) | 13,528 |
Amounts reclassified into net income | 18,006 | 11,129 |
Other comprehensive income/(loss) | (9,867) | 24,657 |
Income tax expense/(benefit) | (2,072) | 5,179 |
Other comprehensive income/(loss), net of tax | (7,795) | 19,478 |
Ending balance | (53,544) | (46,916) |
Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (273,806) | (304,309) |
Change in unrealized gain/(loss) | (14,470) | 29,425 |
Amounts reclassified into net income | 0 | 0 |
Other comprehensive income/(loss) | (14,470) | 29,425 |
Income tax expense/(benefit) | (3,038) | 6,179 |
Other comprehensive income/(loss), net of tax | (11,432) | 23,246 |
Ending balance | (285,238) | (281,063) |
Held-to-Maturity Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (42,449) | (48,240) |
Change in unrealized gain/(loss) | 0 | 0 |
Amounts reclassified into net income | 1,702 | 1,844 |
Other comprehensive income/(loss) | 1,702 | 1,844 |
Income tax expense/(benefit) | 357 | 387 |
Other comprehensive income/(loss), net of tax | 1,345 | 1,457 |
Ending balance | (41,104) | (46,783) |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (362,004) | (418,943) |
Ending balance | $ (379,886) | $ (374,762) |