Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Nov. 07, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Entity Registrant Name | 'TEXAS CAPITAL BANCSHARES INC/TX | ' |
Entity Central Index Key | '0001077428 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Common Stock, Shares Outstanding | ' | 40,982,263 |
Entity Public Float | ' | $2,108,537,431 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $118,268 | $111,938 |
Interest-bearing Deposits in Banks | 76,690 | 94,410 |
Federal funds sold and securities purchased under resale agreements | 100 | 0 |
Securities, available-for-sale | 67,815 | 100,195 |
Loans held for sale | 2,262,085 | 3,175,272 |
Loans held for sale from discontinued operations | 296 | 302 |
Loans held for investment (net of unearned income) | 8,051,328 | 6,785,535 |
Less: Allowance for loan losses | 84,006 | 74,337 |
Loans held for investment, net | 7,967,322 | 6,711,198 |
Premises and equipment, net | 12,653 | 11,445 |
Accrued interest receivable and other assets | 271,052 | 316,201 |
Goodwill and intangible assets, net | 21,463 | 19,883 |
Total assets | 10,797,744 | 10,540,844 |
Deposits: | ' | ' |
Non-interest bearing | 3,242,060 | 2,535,375 |
Interest bearing | 5,344,152 | 4,576,120 |
Interest bearing in foreign branches | 370,869 | 329,309 |
Total deposits | 8,957,081 | 7,440,804 |
Accrued interest payable | 743 | 650 |
Other liabilities | 99,161 | 91,581 |
Federal funds purchased | 169,794 | 273,179 |
Repurchase agreements | 29,899 | 23,936 |
Other borrowings | 250,031 | 1,650,046 |
Subordinated notes | 111,000 | 111,000 |
Trust preferred subordinated debentures | 113,406 | 113,406 |
Total liabilities | 9,731,115 | 9,704,602 |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value, $1,000 liquidation value: Authorized shares - 10,000,000; Issued shares - none | 150,000 | 0 |
Common stock, $.01 par value: Authorized shares - 100,000,000; Issued shares - 36,957,104 and 35,919,941 at December 31 2010 and 2009, respectively | 409 | 407 |
Additional paid-in capital | 446,249 | 450,116 |
Retained earnings | 468,191 | 382,455 |
Treasury stock | 8 | 8 |
Accumulated other comprehensive income | 1,788 | 3,272 |
Total stockholders' equity | -1,066,629 | -836,242 |
Total liabilities and stockholders' equity | $10,797,744 | $10,540,844 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, Par or Stated Value Per Share | ($0.01) | ($0.01) |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 40,935,040 | 40,727,996 |
Treasury Stock, Shares | 417 | 417 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income | ' | ' | ' | ' |
Interest and fees on loans | $114,453 | $100,830 | $324,053 | $286,895 |
Securities | 682 | 1,125 | 2,394 | 3,635 |
Federal funds sold | 22 | 2 | 41 | 7 |
Deposits in other banks | 60 | 54 | 172 | 151 |
Interest and Dividend Income, Operating, Total | 115,217 | 102,011 | 326,660 | 290,688 |
Interest expense | ' | ' | ' | ' |
Deposits | 3,699 | 3,378 | 10,172 | 10,332 |
Federal funds purchased | 152 | 268 | 570 | 789 |
Repurchase agreements | 4 | 3 | 13 | 10 |
Other borrowings | 119 | 607 | 475 | 1,534 |
Subordinated notes | 1,829 | 208 | 5,487 | 208 |
Trust preferred submordinated debentures | 638 | 692 | 1,905 | 2,091 |
Interest Expense, Total | 6,441 | 5,156 | 18,622 | 14,964 |
Net interest income | 108,776 | 96,855 | 308,038 | 275,724 |
Provision for credit losses | 5,000 | 3,000 | 14,000 | 7,000 |
Net interest income after provision for credit losses | 103,776 | 93,855 | 294,038 | 268,724 |
Non-interest income | ' | ' | ' | ' |
Service charges on deposit accounts | 1,659 | 1,684 | 5,109 | 4,912 |
Trust fee income | 1,263 | 1,216 | 3,773 | 3,562 |
Bank Owned Life Insurance (BOLI) Income | 423 | 549 | 1,384 | 1,658 |
Brokered loan fees | 4,078 | 4,839 | 13,600 | 12,618 |
Swap fee income | 983 | 1,397 | 3,616 | 2,815 |
Other | 2,025 | 867 | 5,358 | 4,639 |
Total non-interest income | 10,431 | 10,552 | 32,840 | 30,204 |
Non-interest expense | ' | ' | ' | ' |
Salaries and employee benefits | 36,012 | 31,009 | 114,744 | 90,258 |
Net occupancy expense | 4,342 | 3,653 | 12,334 | 10,936 |
Marketing | 3,974 | 3,472 | 12,020 | 9,469 |
Legal and professional | 3,937 | 4,916 | 12,584 | 12,237 |
Communications and technology | 3,696 | 2,885 | 10,165 | 8,088 |
FDIC insurance assessment | 4,357 | 1,332 | 6,134 | 4,497 |
Allowance and other carrying costs for OREO | 267 | 552 | 1,179 | 7,706 |
Other | 5,424 | 5,702 | 17,283 | 16,579 |
Total non-interest expense | 62,009 | 53,521 | 186,443 | 159,770 |
Income (loss) from continuing operations before income taxes | 52,198 | 50,886 | 140,435 | 139,158 |
Income tax expense | 18,724 | 18,316 | 49,745 | 49,884 |
Income from continuing operations | 33,474 | 32,570 | 90,690 | 89,274 |
Income (loss) from discontinued operations (after-tax) | 2 | -34 | 2 | -31 |
Net income | 33,476 | 32,536 | 90,692 | 89,243 |
Preferred stock dividends | 2,437 | 0 | 4,956 | 0 |
Net income available to common shareholders | 31,039 | 32,536 | 85,736 | 89,243 |
Basic earnings per common share | ' | ' | ' | ' |
Income from continuing operations | $0.76 | $0.82 | $2.10 | $2.32 |
Net income | $0.76 | $0.82 | $2.10 | $2.32 |
Diluted earnings per common share | ' | ' | ' | ' |
Income from continuing operations | $0.74 | $0.80 | $2.05 | $2.25 |
Net income | $0.74 | $0.80 | $2.05 | $2.25 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax | ' | ' | ' | ' |
Change in unrealized gain on available-for-sale securities arising during period, before tax | -531 | -386 | -2,283 | -1,298 |
Income tax benefit related to unrealized gain on available-for-sale securities | ' | ' | 799 | 454 |
Other Comprehensive Income, net of tax | -345 | -251 | -1,484 | -844 |
Comprehensive income: | ' | ' | ' | ' |
Comprehensive income | $33,131 | $32,285 | $89,208 | $88,399 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2011 | $616,331 | $0 | $376 | $349,458 | $261,783 | ($8) | $4,722 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2011 | ' | 0 | 37,666,708 | ' | ' | -417 | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income | 89,243 | ' | ' | ' | 89,243 | ' | ' |
Change in unrealized gain on available-for-sale securities, net of taxes of $100 (unaudited) | -844 | ' | ' | ' | ' | ' | -844 |
Comprehensive income | 88,399 | ' | ' | ' | ' | ' | ' |
Tax expense related to exercise of stock options | 5,773 | ' | ' | 5,773 | ' | ' | ' |
Stock-based compensation expense recognized in earnings | -9,886 | ' | ' | 4,648 | ' | ' | ' |
Issuance of common stock related to stock-based awards - Value | 268 | ' | 7 | 261 | ' | ' | ' |
Issuance of common stock related to stock-based awards - Shares | ' | ' | 613,992 | ' | ' | ' | ' |
Issuance of common stock - Value | 86,987 | ' | 23 | 86,964 | ' | ' | ' |
Issuance of common stock - Shares | ' | ' | 2,300,000 | ' | ' | ' | ' |
Preferred stock dividend and accretion of preferred stock discount | 0 | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2012 | 802,406 | 0 | 406 | 447,104 | 351,026 | -8 | 3,878 |
Shares, Outstanding, Ending Balance at Sep. 30, 2012 | ' | 0 | 40,580,700 | ' | ' | -417 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2012 | 836,242 | 0 | 407 | 450,116 | 382,455 | -8 | 3,272 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2012 | ' | 0 | 40,727,996 | ' | ' | -417 | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income | 90,692 | ' | ' | ' | 90,692 | ' | ' |
Change in unrealized gain on available-for-sale securities, net of taxes of $100 (unaudited) | -1,484 | ' | ' | ' | ' | ' | -1,484 |
Comprehensive income | 89,208 | ' | ' | ' | ' | ' | ' |
Tax expense related to exercise of stock options | 124 | ' | ' | 124 | ' | ' | ' |
Stock-based compensation expense recognized in earnings | -14,464 | ' | ' | 2,896 | ' | ' | ' |
Issuance of common stock related to stock-based awards - Value | -1,872 | ' | 2 | -1,874 | ' | ' | ' |
Issuance of common stock related to stock-based awards - Shares | ' | ' | 207,044 | ' | ' | ' | ' |
Issuance of preferred stock - Value | 144,987 | ' | 150,000 | -5,013 | ' | ' | ' |
Issuance of preferred stock - Shares | ' | 6,000,000 | ' | ' | ' | ' | ' |
Preferred stock dividend and accretion of preferred stock discount | 4,956 | ' | ' | ' | 4,956 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 30, 2013 | $1,066,629 | $150,000 | $409 | $446,249 | $468,191 | ($8) | $1,788 |
Shares, Outstanding, Ending Balance at Sep. 30, 2013 | ' | 6,000,000 | 40,935,040 | ' | ' | -417 | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Available-for-sale Securities, Income Tax Expense on Change in Unrealized Holding Gain (Loss) | $799 | $454 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net income from continuing operations | $90,690 | $89,274 |
Adjustments to reconcile net income to net cash (used in) operating activities | ' | ' |
Provision for credit losses | 14,000 | 7,000 |
Depreciation and amortization | 8,224 | 3,569 |
Amortiziation and accretion on securities | 19 | 31 |
Bank Owned Life Insurance (BOLI) Income | -1,384 | -1,658 |
Tax benefit from stock option exercises | 124 | 5,773 |
Excess tax benefits from stock-based compensation arrangements | -355 | -16,493 |
Originations of loans held for sale | -39,620,728 | -36,239,859 |
Proeeds from sales of loans held for sale | 40,533,915 | 35,501,320 |
Loss on sale of assets | -490 | -357 |
Changes in operating assets and liabilities: | ' | ' |
Accrued interest receivable and other assets | 38,259 | -41,625 |
Accrued interest payable and other liabilities | -3,097 | 2,814 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total | 1,073,641 | -680,325 |
Net cash (used in) operating activities of discontinued operations | 7 | 57 |
Net Cash Provided by (Used in) Operating Activities, Total | 1,073,648 | -680,268 |
Net cash used in investing activities of continuing operations | ' | ' |
Payments to Acquire Available-for-sale Securities | 0 | 6 |
Maturities and calls of available-for-sale securities | 15,090 | 14,260 |
Principal payments received on available-for-sale securities | 14,988 | 20,839 |
Net (increase) decrease in loans held for investment | -1,270,123 | -980,292 |
Purchase of premises and equipment, net | -3,828 | -2,505 |
Proceeds from sale of foreclosed assets | -4,026 | -12,482 |
Cash paid for acquisition | 2,445 | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations, Total | -1,242,292 | -935,222 |
Net cash provided by financing activities of continuing operations | ' | ' |
Net increase (decrease) in deposits | 1,516,277 | 1,161,322 |
Proceeds from issuance of stock related to stock-based awards | -1,872 | 268 |
Proceeds from issuance of common stock | 0 | 86,987 |
Proceeds from issuance of preferred stock and related warrants | 144,987 | 0 |
Preferred stock dividend and accretion of preferred stock discount | -4,956 | 0 |
Net increase (decrease) in other borrowings | -1,394,052 | 216,972 |
Proceeds from issuance of subordinated notes | 0 | 111,000 |
Excess tax benefits from stock-based compensation arrangements | 355 | 16,493 |
Net (decrease) in federal funds purchased | -103,385 | 61,081 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations, Total | 157,354 | 1,654,123 |
Cash and Cash Equivalents, Period Increase (Decrease), Total | -11,290 | 38,633 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 206,348 | 110,558 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 195,058 | 149,191 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid during the period for interest | 18,529 | 14,524 |
Cash paid during the period for income taxes | 55,246 | 56,552 |
Non-cash transactions: | ' | ' |
Transfers from loans/leases to OREO and other repossessed assets | $980 | $3,410 |
Operations_and_Summary_of_Sign
Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Operations and Summary of Significant Accounting Policies | ' |
TEXAS CAPITAL BANCSHARES, INC. | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED | |
(1) OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Organization and Nature of Business | |
Texas Capital Bancshares, Inc. (“the Company”), a Delaware financial holding company, was incorporated in November 1996 and commenced doing business in March 1998, but did not commence banking operations until December 1998. The consolidated financial statements of the Company include the accounts of Texas Capital Bancshares, Inc. and its wholly owned subsidiary, Texas Capital Bank, National Association (“the Bank”). The Bank currently provides commercial banking services to its customers largely in Texas and concentrates on middle market commercial businesses and successful professionals and entrepreneurs. | |
Basis of Presentation | |
The accounting and reporting policies of Texas Capital Bancshares, Inc. conform to accounting principles generally accepted in the United States and to generally accepted practices within the banking industry. Our consolidated financial statements include the accounts of Texas Capital Bancshares, Inc. and its subsidiary, the Bank. Certain prior period balances have been reclassified to conform to the current period presentation. | |
The consolidated interim financial statements have been prepared without audit. Certain information and footnote disclosures presented in accordance with accounting principles generally accepted in the United States have been condensed or omitted. In the opinion of management, the interim financial statements include all normal and recurring adjustments and the disclosures made are adequate to make interim financial information not misleading. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2012, included in our Annual Report on Form 10-K filed with the SEC on February 21, 2013 (the “2012 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the fair value of stock-based compensation awards, the fair values of financial instruments and the status of contingencies are particularly susceptible to significant change in the near term. | |
Cash and Cash Equivalents | |
Cash equivalents include amounts due from banks, Federal funds sold and securities purchased under resale agreements. | |
Securities | |
Securities are classified as trading, available-for-sale or held-to-maturity. Management classifies securities at the time of purchase and re-assesses such designation at each balance sheet date; however, transfers between categories from this re-assessment are rare. | |
Trading Account | |
Securities acquired for resale in anticipation of short-term market movements are classified as trading, with realized and unrealized gains and losses recognized in income. To date, we have not had any activity in our trading account. | |
Held-to-Maturity and Available-for-Sale | |
Debt securities are classified as held-to-maturity when we have the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost. Debt securities not classified as held-to-maturity or trading and marketable equity securities not classified as trading are classified as available-for-sale. | |
Available-for-sale securities are stated at fair value, with the unrealized gains and losses reported in a separate component of accumulated other comprehensive income, net of tax. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion is included in interest income from securities. Realized gains and losses and declines in value judged to be other-than-temporary are included in gain (loss) on sale of securities. The cost of securities sold is based on the specific identification method. | |
All securities are available-for-sale as of September 30, 2013 and December 31, 2012. | |
Loans | |
Loans Held for Investment | |
Loans held for investment (which include equipment leases accounted for as financing leases) are stated at the amount of unpaid principal reduced by deferred income (net of costs). Interest on loans is recognized using the simple-interest method on the daily balances of the principal amounts outstanding. Loan origination fees, net of direct loan origination costs, and commitment fees, are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. | |
A loan held for investment is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due (both principal and interest) according to the terms of the loan agreement. Reserves on impaired loans are measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the underlying collateral. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |
The accrual of interest on loans is discontinued when there is a clear indication that the borrower's cash flow may not be sufficient to meet payments as they become due, which is generally when a loan is 90 days past due. When a loan is placed on non-accrual status, all previously accrued and unpaid interest is reversed. Interest income is subsequently recognized on a cash basis as long as the remaining book balance of the asset is deemed to be collectible. If collectability is questionable, then cash payments are applied to principal. A loan is placed back on accrual status when both principal and interest are current and it is probable that we will be able to collect all amounts due (both principal and interest) according to the terms of the loan agreement. | |
Loans Held for Sale | |
We purchase legal ownership interests in mortgage loans for sale in the secondary market through our mortgage finance division. The ownership interests are purchased from unaffiliated mortgage originators who are seeking additional funding through sale of the undivided ownership interests to facilitate their ability to originate loans. The mortgage originator has no obligation to offer and we have no obligation to purchase these interests. The originator closes mortgage loans consistent with underwriting standards established by approved investors, and, at the time of the sale to the investor, our ownership interest is delivered by us to the investor selected by the originator and approved by us. We typically purchase up to a 99% ownership interest. These loans are held by us for an interim period, usually less than 30 days and more typically 10-20 days. Because of conditions in agreements with originators designed to reduce transaction risks, under the form-based rules of Accounting Standards Codification 860, Transfers and Servicing of Financial Assets (“ASC 860”), the ownership interests do not qualify as participating interests. Under ASC 860, the ownership interests are deemed to be loans to the originator, although we have an actual, legal ownership interest in the underlying residential mortgage loans to individual borrowers. Accordingly, because we intend to sell and do sell directly to third party investors our legal ownership interest in the mortgage loans, which give rise to the loan to the originator, the loans to the originators are classified as held for sale and are carried at the lower of cost or fair value, determined on an individual loan basis. | |
Due to market conditions or events of default by the investor or the originator, we could be required to purchase the remaining interests in the underlying mortgage loans and transfer them to our loans held for investment portfolio at fair value. Mortgage loans transferred to our loans held for investment portfolio could require future allocations of the allowance for loan losses or be subject to charge off in the event the loans become impaired. | |
We sell participations in our ownership interests to other financial institutions. These qualify as participating interests under ASC 860 and such sales reduce our loans held for sale balance on the balance sheet. | |
Supplemental Call Report instructions issued in October 2013 resulted in Texas Capital Bank reporting mortgage loan interests as held for investment rather than held for sale in its September 30, 2013 Call Report. See Note 7 – Regulatory Matters for further discussion. | |
Allowance for Loan Losses | |
The allowance for loan losses is established through a provision for loan losses charged against income. The allowance for loan losses includes specific reserves for impaired loans and a general reserve for estimated losses inherent in the loan portfolio at the balance sheet date, but not yet identified with specific loans. Loans deemed to be uncollectible are charged against the allowance when management believes that the collectibility of the principal is unlikely and subsequent recoveries, if any, are credited to the allowance. Management's periodic evaluation of the adequacy of the allowance is based on an assessment of the current loan portfolio, including known inherent risks, adverse situations that may affect the borrowers' ability to repay, the estimated value of any underlying collateral and current economic conditions. | |
Repossessed Assets | |
Repossessed assets, which are included in other assets on the balance sheet, consist of collateral that has been repossessed. Collateral that has been repossessed is recorded at fair value less selling costs through a charge to the allowance for loan losses, if necessary. Write-downs are provided for subsequent permanent declines in value and are recorded in other non-interest expense. | |
Other Real Estate Owned | |
Other real estate owned (“OREO”), which is included in other assets on the balance sheet, consists of real estate that has been foreclosed. Real estate that has been foreclosed is recorded at the fair value of the real estate, less selling costs, through a charge to the allowance for loan losses, if necessary. Subsequent write-downs required for declines in value are recorded through a valuation allowance, or taken directly to the asset, charged to other non-interest expense. | |
Premises and Equipment | |
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three to ten years. Gains or losses on disposals of premises and equipment are included in results of operations. | |
Marketing and Software | |
Marketing costs are expensed as incurred. Ongoing maintenance and enhancements of websites are expensed as incurred. Costs incurred in connection with development or purchase of internal use software are capitalized and amortized over a period not to exceed five years. Capitalized internal use software costs are included in other assets in the consolidated financial statements. | |
Goodwill and Other Intangible Assets | |
Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Our intangible assets relate primarily to loan customer relationships. Intangible assets with definite useful lives are amortized on an accelerated basis over their estimated life. Intangible assets are tested for impairment annually or whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Segment Reporting | |
We have determined that all of our lending divisions and subsidiaries meet the aggregation criteria of ASC 280, Segment Reporting, since all offer similar products and services, operate with similar processes, and have similar customers. | |
Stock-based Compensation | |
We account for all stock-based compensation transactions in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”), which requires that stock compensation transactions be recognized as compensation expense in the statement of operations based on their fair values on the measurement date, which is the date of the grant. | |
Accumulated Other Comprehensive Income | |
Unrealized gains or losses on our available-for-sale securities (after applicable income tax expense or benefit) are included in accumulated other comprehensive income, net. Accumulated comprehensive income, net for the nine months ended September 30, 2013 and 2012 is reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of income and comprehensive income. | |
Income Taxes | |
The Company and its subsidiary file a consolidated federal income tax return. We utilize the liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based upon the difference between the values of the assets and liabilities as reflected in the financial statements and their related tax basis using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. As changes in tax law or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation reserve is provided against deferred tax assets unless it is more likely than not that such deferred tax assets will be realized. | |
Basic and Diluted Earnings Per Common Share | |
Basic earnings per common share is based on net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period excluding non-vested stock. Diluted earnings per common share include the dilutive effect of stock options and non-vested stock awards granted using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 2 – Earnings Per Common Share. | |
Fair Values of Financial Instruments | |
ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
(2) EARNINGS PER COMMON SHARE | ||||||||||||
The following table presents the computation of basic and diluted earnings per share (in thousands except per share data): | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Numerator: | ||||||||||||
Net income from continuing operations | $ | 33,474 | $ | 32,570 | $ | 90,690 | $ | 89,274 | ||||
Preferred stock dividends | 2,437 | - | 4,956 | - | ||||||||
Net income from continuing operations | ||||||||||||
available to common shareholders | 31,037 | 32,570 | 85,734 | 89,274 | ||||||||
Income (loss) from discontinued operations | 2 | -34 | 2 | -31 | ||||||||
Net income | $ | 31,039 | $ | 32,536 | $ | 85,736 | $ | 89,243 | ||||
Denominator: | ||||||||||||
Denominator for basic earnings per | ||||||||||||
share - weighted average shares | 40,901,867 | 39,618,007 | 40,824,223 | 38,513,515 | ||||||||
Effect of employee stock-based awards(1) | 375,773 | 632,790 | 415,867 | 677,782 | ||||||||
Effect of warrants to purchase common stock | 514,034 | 504,936 | 502,294 | 459,898 | ||||||||
Denominator for dilutive earnings per share - | ||||||||||||
adjusted weighted average shares and | ||||||||||||
assumed conversions | 41,791,674 | 40,755,733 | 41,742,384 | 39,651,195 | ||||||||
Basic earnings per common share from | ||||||||||||
continuing operations | $ | 0.76 | $ | 0.82 | $ | 2.1 | $ | 2.32 | ||||
Basic earnings per common share | $ | 0.76 | $ | 0.82 | $ | 2.1 | $ | 2.32 | ||||
Diluted earnings per share from | ||||||||||||
continuing operations | $ | 0.74 | $ | 0.8 | $ | 2.05 | $ | 2.25 | ||||
Diluted earnings per common share | $ | 0.74 | $ | 0.8 | $ | 2.05 | $ | 2.25 | ||||
(1) Stock options, SARs and RSUs outstanding of 98,000 at September 30, 2013 and 47,000 at September 30, 2012 have not been included in diluted earnings per share because to do so would have been anti-dilutive for the periods presented. | ||||||||||||
Securities
Securities | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ' | ||||||||||||||||||||||||||
Securities | ' | ' | ||||||||||||||||||||||||||
30-Sep-13 | (3) SECURITIES | |||||||||||||||||||||||||||
After One | After Five | |||||||||||||||||||||||||||
Less Than | Through | Through | After Ten | Securities are identified as either held-to-maturity or available-for-sale based upon various factors, including asset/liability management strategies, liquidity and profitability objectives, and regulatory requirements. Held-to-maturity securities are carried at cost, adjusted for amortization of premiums or accretion of discounts. Available-for-sale securities are securities that may be sold prior to maturity based upon asset/liability management decisions. Securities identified as available-for-sale are carried at fair value. Unrealized gains or losses on available-for-sale securities are recorded as accumulated other comprehensive income in stockholders' equity, net of taxes. Amortization of premiums or accretion of discounts on mortgage-backed securities is periodically adjusted for estimated prepayments. Realized gains and losses and declines in value judged to be other-than-temporary are included in gain (loss) on sale of securities. The cost of securities sold is based on the specific identification method. | ||||||||||||||||||||||||
One Year | Five Years | Ten Years | Years | Total | ||||||||||||||||||||||||
Available-for-sale: | At September 30, 2013, our net unrealized gain on the available-for-sale securities portfolio was $2.8 million compared to $5.0 million at December 31, 2012. As indicated by the difference in the gain as a percent of the amortized cost, the reduction in the total unrealized gain was due almost entirely to the reduction in the balances of the securities held. As a percent of outstanding balances, the unrealized gain was 4.23% and 5.02%, respectively, for the periods presented. | |||||||||||||||||||||||||||
Residential mortgage-backed | The following is a summary of securities (in thousands): | |||||||||||||||||||||||||||
securities:(1) | 30-Sep-13 | |||||||||||||||||||||||||||
Amortized cost | $ | 445 | $ | 16,140 | $ | 8,712 | $ | 17,046 | $ | 42,343 | Gross | Gross | Estimated | |||||||||||||||
Estimated fair value | 473 | 17,126 | 9,464 | 18,015 | 45,078 | Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||
Weighted average yield(3) | 4.28% | 4.78% | 5.55% | 2.55% | 4.04% | Cost | Gains | Losses | Value | |||||||||||||||||||
Municipals:(2) | Available-for-Sale Securities: | |||||||||||||||||||||||||||
Amortized cost | 8,550 | 6,652 | - | - | 15,202 | Residential mortgage-backed securities | $ | 42,343 | $ | 2,735 | $ | - | $ | 45,078 | ||||||||||||||
Estimated fair value | 8,679 | 6,730 | - | - | 15,409 | Municipals | 15,202 | 207 | - | 15,409 | ||||||||||||||||||
Weighted average yield(3) | 5.75% | 5.70% | - | - | 5.73% | Equity securities(1) | 7,519 | - | -191 | 7,328 | ||||||||||||||||||
Equity securities:(4) | $ | 65,064 | $ | 2,942 | $ | -191 | $ | 67,815 | ||||||||||||||||||||
Amortized cost | 7,519 | - | - | - | 7,519 | |||||||||||||||||||||||
Estimated fair value | 7,328 | - | - | - | 7,328 | 31-Dec-12 | ||||||||||||||||||||||
Total available-for-sale securities: | Gross | Gross | Estimated | |||||||||||||||||||||||||
Amortized cost | $ | 65,064 | Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Estimated fair value | $ | 67,815 | Cost | Gains | Losses | Value | ||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||
31-Dec-12 | Residential mortgage-backed securities | $ | 57,342 | $ | 4,239 | $ | - | $ | 61,581 | |||||||||||||||||||
After One | After Five | Corporate securities | 5,000 | 80 | - | 5,080 | ||||||||||||||||||||||
Less Than | Through | Through | After Ten | Municipals | 25,300 | 594 | - | 25,894 | ||||||||||||||||||||
One Year | Five Years | Ten Years | Years | Total | Equity securities(1) | 7,519 | 121 | - | 7,640 | |||||||||||||||||||
Available-for-sale: | $ | 95,161 | $ | 5,034 | $ | - | $ | 100,195 | ||||||||||||||||||||
Residential mortgage-backed | (1) Equity securities consist of Community Reinvestment Act funds. | |||||||||||||||||||||||||||
securities:(1) | ||||||||||||||||||||||||||||
Amortized cost | $ | 656 | $ | 5,698 | $ | 23,111 | $ | 27,877 | $ | 57,342 | The amortized cost and estimated fair value of securities are presented below by contractual maturity (in thousands, except percentage data): | |||||||||||||||||
Estimated fair value | 690 | 6,113 | 24,948 | 29,830 | 61,581 | (1) Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. | ||||||||||||||||||||||
Weighted average yield(3) | 4.20% | 5.29% | 4.86% | 3.41% | 4.19% | (2) Yields have been adjusted to a tax equivalent basis assuming a 35% federal tax rate. | ||||||||||||||||||||||
Corporate securities: | (3) Yields are calculated based on amortized cost. | |||||||||||||||||||||||||||
Amortized cost | 5,000 | - | - | - | 5,000 | (4) These equity securities do not have a stated maturity. | ||||||||||||||||||||||
Estimated fair value | 5,080 | - | - | - | 5,080 | |||||||||||||||||||||||
Weighted average yield(3) | 7.38% | - | - | - | 7.38% | Securities with carrying values of approximately $49.5 million were pledged to secure certain borrowings and deposits at September 30, 2013. Of the pledged securities at September 30, 2013, approximately $8.4 million were pledged for certain deposits, and approximately $41.1 million were pledged for repurchase agreements. | ||||||||||||||||||||||
Municipals:(2) | ||||||||||||||||||||||||||||
Amortized cost | 6,575 | 16,448 | 2,277 | - | 25,300 | The following table discloses, as of September 30, 2013, our investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands): | ||||||||||||||||||||||
Estimated fair value | 6,646 | 16,895 | 2,353 | - | 25,894 | Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||
Weighted average yield(3) | 5.75% | 5.66% | 6.01% | - | 5.72% | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||
Equity securities:(4) | ||||||||||||||||||||||||||||
Amortized cost | 7,519 | - | - | - | 7,519 | Equity securities | $ | 7,328 | $ | -191 | $ | - | $ | - | $ | 7,328 | $ | -191 | ||||||||||
Estimated fair value | 7,640 | - | - | - | 7,640 | At September 30, 2013, there was one investment position in an unrealized loss position. This security is a publicly traded equity fund and is subject to market pricing volatility. We do not believe these unrealized losses are “other than temporary”. We have evaluated the near-term prospects of the investment in relation to the severity and duration of the impairment and based on that evaluation have the ability and intent to hold the investment until recovery of fair value. We have not identified any issues related to the ultimate repayment of principal as a result of credit concerns on these securities. | ||||||||||||||||||||||
Total available-for-sale securities: | ||||||||||||||||||||||||||||
Amortized cost | $ | 95,161 | At December 31, 2012, we did not have any investment securities in an unrealized loss position. | |||||||||||||||||||||||||
Estimated fair value | $ | 100,195 |
Loans_and_Allowance_for_Credit
Loans and Allowance for Credit Losses | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ' | |||||||||||||||
Loans and Allowance for Credit Losses | ' | ' | |||||||||||||||
(4) LOANS AND ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||
At September 30, 2013 and December 31, 2012, loans were as follows (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Commercial | $ | 4,782,234 | $ | 4,106,419 | |||||||||||||
Construction | 1,125,908 | 737,637 | |||||||||||||||
Real estate | 2,087,058 | 1,892,451 | |||||||||||||||
Consumer | 19,619 | 19,493 | |||||||||||||||
Leases | 85,936 | 69,470 | |||||||||||||||
Gross loans held for investment | 8,100,755 | 6,825,470 | |||||||||||||||
Deferred income (net of direct origination costs) | -49,427 | -39,935 | |||||||||||||||
Allowance for loan losses | -84,006 | -74,337 | |||||||||||||||
Total loans held for investment, net | 7,967,322 | 6,711,198 | |||||||||||||||
Loans held for sale | 2,262,085 | 3,175,272 | |||||||||||||||
Total | $ | 10,229,407 | $ | 9,886,470 | |||||||||||||
Commercial Loans and Leases. Our commercial loan and lease portfolio is comprised of lines of credit for working capital and term loans and leases to finance equipment and other business assets. Our energy production loans are generally collateralized with proven reserves based on appropriate valuation standards. Our commercial loans and leases are underwritten after carefully evaluating and understanding the borrower's ability to operate profitably. Our underwriting standards are designed to promote relationship banking rather than making loans on a transactional basis. Our lines of credit typically are limited to a percentage of the value of the assets securing the line. Lines of credit and term loans typically are reviewed annually and are supported by accounts receivable, inventory, equipment and other assets of our clients' businesses. | |||||||||||||||||
Real Estate Loans. A portion of our real estate loan portfolio is comprised of loans secured by properties other than market risk or investment-type real estate. Market risk loans are real estate loans where the primary source of repayment is expected to come from the sale or lease of the real property collateral. We generally provide temporary financing for commercial and residential property. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Our real estate loans generally have maximum terms of five to seven years, and we provide loans with both floating and fixed rates. We generally avoid long-term loans for commercial real estate held for investment. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. Appraised values may be highly variable due to market conditions and the impact of the inability of potential purchasers and lessees to obtain financing and lack of transactions at comparable values. | |||||||||||||||||
Construction Loans. Our construction loan portfolio consists primarily of single- and multi-family residential properties and commercial projects used in manufacturing, warehousing, service or retail businesses. Our construction loans generally have terms of one to three years. We typically make construction loans to developers, builders and contractors that have an established record of successful project completion and loan repayment and have a substantial equity investment in the borrowers. Construction loans are generally based upon estimates of costs and value associated with the completed project. Sources of repayment for these types of loans may be pre-committed permanent loans from other lenders, sales of developed property, or an interim loan commitment from us until permanent financing is obtained. The nature of these loans makes ultimate repayment extremely sensitive to overall economic conditions. Borrowers may not be able to correct conditions of default in loans, increasing risk of exposure to classification, non-performing status, reserve allocation and actual credit loss and foreclosure. These loans typically have floating rates and commitment fees. | |||||||||||||||||
Loans Held for Sale. Our loans held for sale consist of ownership interests purchased in single-family residential mortgages funded through our mortgage finance group. These loans are held by us for an interim period, usually less than 30 days and more typically 10-20 days. We have agreements with mortgage lenders and purchase legal interests in individual loans they originate. All loans are underwritten consistent with established programs for permanent financing with financially sound investors. Substantially all loans are conforming loans. Loans held for sale as of September 30, 2013 and December 31, 2012 are net of $133.9 million and $436.0 million, respectively, of participations sold. | |||||||||||||||||
As of September 30, 2013, a substantial majority of the principal amount of the loans held for investment in our portfolio was to businesses and individuals in Texas. This geographic concentration subjects the loan portfolio to the general economic conditions within this area. The risks created by this concentration have been considered by management in the determination of the appropriateness of the allowance for loan losses. Management believes the allowance for loan losses is appropriate to cover estimated losses on loans at each balance sheet date. | |||||||||||||||||
At September 30, 2013, certain real estate loans used as collateral for Federal Home Loan Bank (“FHLB”) borrowings were subject to a blanket floating lien. | |||||||||||||||||
The reserve for loan losses is comprised of specific reserves for impaired loans and an estimate of losses inherent in the portfolio at the balance sheet date, but not yet identified with specified loans. We regularly evaluate our reserve for loan losses to maintain an appropriate level to absorb estimated loan losses inherent in the loan portfolio. Factors contributing to the determination of reserves include the credit worthiness of the borrower, changes in the value of pledged collateral, and general economic conditions. All loan commitments rated substandard or worse and greater than $500,000 are specifically reviewed for loss potential. For loans deemed to be impaired, a specific allocation is assigned based on the losses expected to be realized from those loans. For purposes of determining the general reserve, the portfolio is segregated by product types to recognize differing risk profiles among categories, and then further segregated by credit grades. Credit grades are assigned to all loans. Each credit grade is assigned a risk factor, or reserve allocation percentage. These risk factors are multiplied by the outstanding principal balance and risk-weighted by product type to calculate the required reserve. A similar process is employed to calculate a reserve assigned to off-balance sheet commitments, specifically unfunded loan commitments and letters of credit, and any needed reserve is recorded in other liabilities. Even though portions of the allowance may be allocated to specific loans, the entire allowance is available for any credit that, in management's judgment, should be charged off. | |||||||||||||||||
We have several pass credit grades that are assigned to loans based on varying levels of risk, ranging from credits that are secured by cash or marketable securities, to watch credits which have all the characteristics of an acceptable credit risk but warrant more than the normal level of monitoring. Within our criticized/classified credit grades are special mention, substandard, and doubtful. Special mention loans are those that are currently protected by sound worth and paying capacity of the borrower, but that are potentially weak and constitute an additional credit risk. The loan has the potential to deteriorate to a substandard grade due to the existence of financial or administrative deficiencies. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Some substandard loans are inappropriately protected by sound worth and paying capacity of the borrower and of the collateral pledged and may be considered impaired. Substandard loans can be accruing or can be on non-accrual depending on the circumstances of the individual loans. Loans classified as doubtful have all the weaknesses inherent in substandard loans with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable. The possibility of loss is extremely high. All doubtful loans are on nonaccrual. | |||||||||||||||||
The reserve allocation percentages assigned to each credit grade have been developed based primarily on an analysis of our historical loss rates. The allocations are adjusted for certain qualitative factors for such things as general economic conditions, changes in credit policies and lending standards. Historical loss rates are adjusted to account for current environmental conditions which we believe are likely to cause loss rates to be higher or lower than past experience. Each quarter we produce an adjustment range for environmental factors unique to us and our market. Changes in the trend and severity of problem loans can cause the estimation of losses to differ from past experience. In addition, the reserve considers the results of reviews performed by independent third party reviewers as reflected in their confirmations of assigned credit grades within the portfolio. The portion of the allowance that is not derived by the allowance allocation percentages compensates for the uncertainty and complexity in estimating loan and lease losses including factors and conditions that may not be fully reflected in the determination and application of the allowance allocation percentages. We evaluate many factors and conditions in determining the unallocated portion of the allowance, including the economic and business conditions affecting key lending areas, credit quality trends and general growth in the portfolio. The allowance is considered appropriate, given management's assessment of potential losses within the portfolio as of the evaluation date, the significant growth in the loan and lease portfolio, current economic conditions in the Company's market areas and other factors. | |||||||||||||||||
The methodology used in the periodic review of reserve adequacy, which is performed at least quarterly, is designed to be dynamic and responsive to changes in portfolio credit quality. The changes are reflected in the general reserve and in specific reserves as the collectability of larger classified loans is evaluated with new information. As our portfolio has matured, historical loss ratios have been closely monitored, and our reserve adequacy relies primarily on our loss history. Currently, the review of reserve adequacy is performed by executive management and presented to our board of directors for their review, consideration and ratification on a quarterly basis. | |||||||||||||||||
The following tables summarize the credit risk profile of our loan portfolio by internally assigned grades and non-accrual status as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Grade: | |||||||||||||||||
Pass | $ | 4,674,546 | $ | 1,122,191 | $ | 2,001,825 | $ | 19,549 | $ | 79,189 | $ | 7,897,300 | |||||
Special mention | 34,144 | 2,909 | 39,170 | - | 1,914 | 78,137 | |||||||||||
Substandard-accruing | 52,550 | 808 | 31,447 | - | 4,776 | 89,581 | |||||||||||
Non-accrual | 20,994 | - | 14,616 | 70 | 57 | 35,737 | |||||||||||
Total loans held for | |||||||||||||||||
investment | $ | 4,782,234 | $ | 1,125,908 | $ | 2,087,058 | $ | 19,619 | $ | 85,936 | $ | 8,100,755 | |||||
31-Dec-12 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Grade: | |||||||||||||||||
Pass | $ | 4,013,538 | $ | 703,673 | $ | 1,816,027 | $ | 19,436 | $ | 68,327 | $ | 6,621,001 | |||||
Special mention | 33,137 | 11,957 | 12,461 | - | 919 | 58,474 | |||||||||||
Substandard-accruing | 44,371 | 4,790 | 40,897 | - | 104 | 90,162 | |||||||||||
Non-accrual | 15,373 | 17,217 | 23,066 | 57 | 120 | 55,833 | |||||||||||
Total loans held for | |||||||||||||||||
investment | $ | 4,106,419 | $ | 737,637 | $ | 1,892,451 | $ | 19,493 | $ | 69,470 | $ | 6,825,470 | |||||
The following table details activity in the reserve for loan losses by portfolio segment for the nine months ended September 30, 2013 and September 30, 2012. Allocation of a portion of the reserve to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
(in thousands) | Commercial | Construction | Real Estate | Consumer | Leases | Unallocated | Total | ||||||||||
Beginning balance | $ | 21,547 | $ | 12,097 | $ | 30,893 | $ | 226 | $ | 2,460 | $ | 7,114 | $ | 74,337 | |||
Provision for loan losses | 15,707 | 1,866 | -4,793 | 25 | -4 | 498 | 13,299 | ||||||||||
Charge-offs | 4,970 | - | 144 | 45 | 2 | - | 5,161 | ||||||||||
Recoveries | 978 | - | 210 | 64 | 279 | - | 1,531 | ||||||||||
Net charge-offs (recoveries) | 3,992 | - | -66 | -19 | -277 | - | 3,630 | ||||||||||
Ending balance | $ | 33,262 | $ | 13,963 | $ | 26,166 | $ | 270 | $ | 2,733 | $ | 7,612 | $ | 84,006 | |||
Period end amount allocated to: | |||||||||||||||||
Loans individually evaluated | |||||||||||||||||
for impairment | $ | 3,199 | $ | - | $ | 1,064 | $ | 11 | $ | 9 | $ | - | $ | 4,283 | |||
Loans collectively evaluated | |||||||||||||||||
for impairment | 30,063 | 13,963 | 25,102 | 259 | 2,724 | 7,612 | 79,723 | ||||||||||
Ending balance | $ | 33,262 | $ | 13,963 | $ | 26,166 | $ | 270 | $ | 2,733 | $ | 7,612 | $ | 84,006 | |||
30-Sep-12 | |||||||||||||||||
(in thousands) | Commercial | Construction | Real Estate | Consumer | Leases | Unallocated | Total | ||||||||||
Beginning balance | $ | 17,337 | $ | 7,845 | $ | 33,721 | $ | 223 | $ | 2,356 | $ | 8,813 | $ | 70,295 | |||
Provision for loan losses | 4,575 | 3,258 | -2,840 | 6 | 417 | 602 | 6,018 | ||||||||||
Charge-offs | 2,664 | - | 899 | 49 | 170 | - | 3,782 | ||||||||||
Recoveries | 482 | 10 | 586 | 26 | 87 | - | 1,191 | ||||||||||
Net charge-offs (recoveries) | 2,182 | -10 | 313 | 23 | 83 | - | 2,591 | ||||||||||
Ending balance | $ | 19,730 | $ | 11,113 | $ | 30,568 | $ | 206 | $ | 2,690 | $ | 9,415 | $ | 73,722 | |||
Period end amount allocated to: | |||||||||||||||||
Loans individually evaluated | |||||||||||||||||
for impairment | $ | 5,149 | $ | - | $ | 775 | $ | 18 | $ | 42 | $ | - | $ | 5,984 | |||
Loans collectively evaluated | |||||||||||||||||
for impairment | 14,581 | 11,113 | 29,793 | 188 | 2,648 | 9,415 | 67,738 | ||||||||||
Ending balance | $ | 19,730 | $ | 11,113 | $ | 30,568 | $ | 206 | $ | 2,690 | $ | 9,415 | $ | 73,722 | |||
Our recorded investment in loans as of September 30, 2013, December 31, 2012 and September 30, 2012 related to each balance in the allowance for loan losses by portfolio segment and disaggregated on the basis of our impairment methodology was as follows (in thousands): | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Loans individually evaluated for impairment | $ | 23,422 | $ | - | $ | 23,745 | $ | 70 | $ | 57 | $ | 47,294 | |||||
Loans collectively evaluated for impairment | 4,758,812 | 1,125,908 | 2,063,313 | 19,549 | 85,879 | 8,053,461 | |||||||||||
Total | $ | 4,782,234 | $ | 1,125,908 | $ | 2,087,058 | $ | 19,619 | $ | 85,936 | $ | 8,100,755 | |||||
31-Dec-12 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Loans individually evaluated for impairment | $ | 15,373 | $ | 18,179 | $ | 32,512 | $ | 57 | $ | 120 | $ | 66,241 | |||||
Loans collectively evaluated for impairment | 4,091,046 | 719,458 | 1,859,939 | 19,436 | 69,350 | 6,759,229 | |||||||||||
Total | $ | 4,106,419 | $ | 737,637 | $ | 1,892,451 | $ | 19,493 | $ | 69,470 | $ | 6,825,470 | |||||
30-Sep-12 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Loans individually evaluated for impairment | $ | 17,653 | $ | 19,248 | $ | 29,246 | $ | 60 | $ | 213 | $ | 66,420 | |||||
Loans collectively evaluated for impairment | 4,021,302 | 630,127 | 1,775,188 | 19,915 | 73,994 | 6,520,526 | |||||||||||
Total | $ | 4,038,955 | $ | 649,375 | $ | 1,804,434 | $ | 19,975 | $ | 74,207 | $ | 6,586,946 | |||||
We have traditionally maintained an unallocated reserve component to allow for uncertainty in economic and other conditions affecting the quality of the loan portfolio. Fraud losses that do not correlate to historical loss rates for specific product types or credit risk grades are but one factor that continues to justify an unallocated reserve. Other factors include rapid loan growth, larger hold limits and anticipated changes in taxing and spending policies contributing to unprecedented economic and political uncertainty. Our methodology used to calculate the allowance considers historical losses, however, the historical loss rates for specific product types or credit risk grades may not fully incorporate the effects of continued weakness in the economy. | |||||||||||||||||
Generally we place loans on non-accrual when there is a clear indication that the borrower's cash flow may not be sufficient to meet payments as they become due, which is generally when a loan is 90 days past due. When a loan is placed on non-accrual status, all previously accrued and unpaid interest is reversed. Interest income is subsequently recognized on a cash basis as long as the remaining unpaid principal amount of the loan is deemed to be fully collectible. If collectability is questionable, then cash payments are applied to principal. The table below summarizes our non-accrual loans by type and purpose as of September 30, 2013 (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 20,994 | $ | 15,373 | |||||||||||||
Construction | |||||||||||||||||
Market risk | - | 17,217 | |||||||||||||||
Real estate | |||||||||||||||||
Market risk | 11,983 | 11,054 | |||||||||||||||
Commercial | 529 | 8,617 | |||||||||||||||
Secured by 1-4 family | 2,104 | 3,395 | |||||||||||||||
Consumer | 70 | 57 | |||||||||||||||
Leases | 57 | 120 | |||||||||||||||
Total non-accrual loans | $ | 35,737 | $ | 55,833 | |||||||||||||
As of September 30, 2013, non-accrual loans included in the table above included $24.2 million related to loans that met the criteria for restructured compared to $19.6 million at December 31, 2012. | |||||||||||||||||
A loan held for investment is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due (both principal and interest) according to the terms of the loan agreement. In accordance with ASC 310 Receivables, we have also included all restructured loans in our impaired loan totals. The following tables detail our impaired loans, by portfolio class as of September 30, 2013 and December 31, 2012 (in thousands) | |||||||||||||||||
30-Sep-13 | |||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||
With no related allowance recorded: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 7,196 | $ | 7,196 | $ | - | $ | 3,864 | $ | - | |||||||
Energy | 1,668 | 3,498 | - | 741 | - | ||||||||||||
Construction | |||||||||||||||||
Market risk | - | - | - | 4,069 | 114 | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 11,211 | 11,211 | - | 9,068 | - | ||||||||||||
Commercial | 529 | 529 | - | 7,103 | - | ||||||||||||
Secured by 1-4 family | 2,512 | 2,512 | - | 2,580 | - | ||||||||||||
Consumer | - | - | - | - | - | ||||||||||||
Leases | - | - | - | - | - | ||||||||||||
Total impaired loans with no allowance | |||||||||||||||||
recorded | $ | 23,116 | $ | 24,946 | $ | - | $ | 27,425 | $ | 114 | |||||||
With an allowance recorded: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 14,558 | $ | 14,558 | $ | 3,199 | $ | 14,523 | $ | - | |||||||
Energy | - | - | - | 1,166 | - | ||||||||||||
Construction | |||||||||||||||||
Market risk | - | - | - | 214 | - | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 8,728 | 8,728 | 823 | 7,911 | - | ||||||||||||
Commercial | - | - | - | 636 | - | ||||||||||||
Secured by 1-4 family | 765 | 765 | 241 | 784 | - | ||||||||||||
Consumer | 70 | 70 | 11 | 36 | - | ||||||||||||
Leases | 57 | 57 | 9 | 78 | - | ||||||||||||
Total impaired loans with an allowance | |||||||||||||||||
recorded | $ | 24,178 | $ | 24,178 | $ | 4,283 | $ | 25,348 | $ | - | |||||||
Combined: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 21,754 | $ | 21,754 | $ | 3,199 | $ | 18,387 | $ | - | |||||||
Energy | 1,668 | 3,498 | - | 1,907 | - | ||||||||||||
Construction | |||||||||||||||||
Market risk | - | - | - | 4,283 | 114 | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 19,939 | 19,939 | 823 | 16,979 | - | ||||||||||||
Commercial | 529 | 529 | - | 7,739 | - | ||||||||||||
Secured by 1-4 family | 3,277 | 3,277 | 241 | 3,364 | - | ||||||||||||
Consumer | 70 | 70 | 11 | 36 | - | ||||||||||||
Leases | 57 | 57 | 9 | 78 | - | ||||||||||||
Total impaired loans | $ | 47,294 | $ | 49,124 | $ | 4,283 | $ | 52,773 | $ | 114 | |||||||
31-Dec-12 | |||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||
With no related allowance recorded: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 2,938 | $ | 2,938 | $ | - | $ | 1,409 | $ | - | |||||||
Construction | |||||||||||||||||
Market risk | 17,217 | 17,217 | - | 18,571 | 677 | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 9,061 | 9,061 | - | 7,944 | - | ||||||||||||
Commercial | 6,604 | 6,604 | - | 6,451 | - | ||||||||||||
Secured by 1-4 family | 2,632 | 2,632 | - | 1,827 | - | ||||||||||||
Consumer | - | - | - | - | - | ||||||||||||
Leases | - | - | - | - | - | ||||||||||||
Total impaired loans with no allowance | |||||||||||||||||
recorded | $ | 38,452 | $ | 38,452 | $ | - | $ | 36,202 | $ | 677 | |||||||
With an allowance recorded: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 12,435 | $ | 18,391 | $ | 2,983 | $ | 15,484 | $ | - | |||||||
Construction | |||||||||||||||||
Market risk | 962 | 962 | 14 | 321 | - | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 11,439 | 11,439 | 535 | 11,811 | - | ||||||||||||
Commercial | 2,013 | 2,013 | 89 | 671 | - | ||||||||||||
Secured by 1-4 family | 763 | 763 | 275 | 1,632 | - | ||||||||||||
Consumer | 57 | 57 | 16 | 59 | - | ||||||||||||
Leases | 120 | 120 | 18 | 182 | - | ||||||||||||
Total impaired loans with an allowance | |||||||||||||||||
recorded | $ | 27,789 | $ | 33,745 | $ | 3,930 | $ | 30,160 | $ | - | |||||||
Combined: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 15,373 | $ | 21,329 | $ | 2,983 | $ | 16,893 | $ | - | |||||||
Construction | |||||||||||||||||
Market risk | 18,179 | 18,179 | 14 | 18,892 | 677 | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 20,500 | 20,500 | 535 | 19,755 | - | ||||||||||||
Commercial | 8,617 | 8,617 | 89 | 7,122 | - | ||||||||||||
Secured by 1-4 family | 3,395 | 3,395 | 275 | 3,459 | - | ||||||||||||
Consumer | 57 | 57 | 16 | 59 | - | ||||||||||||
Leases | 120 | 120 | 18 | 182 | - | ||||||||||||
Total impaired loans | $ | 66,241 | $ | 72,197 | $ | 3,930 | $ | 66,362 | $ | 677 | |||||||
Average impaired loans outstanding during the nine months ended September 30, 2013 and 2012 totaled $52.8 million and $69.1 million, respectively. | |||||||||||||||||
The table below provides an age analysis of our past due loans that are still accruing as of September 30, 2013 (in thousands): | |||||||||||||||||
Greater | |||||||||||||||||
Than 90 | |||||||||||||||||
30-59 Days | 60-89 Days | Days and | Total Past | ||||||||||||||
Past Due | Past Due | Accruing(1) | Due | Current | Total | ||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 36,703 | $ | 3,727 | $ | 7,084 | $ | 47,514 | $ | 3,737,690 | $ | 3,785,204 | |||||
Energy | - | 626 | - | 626 | 975,410 | 976,036 | |||||||||||
Construction | |||||||||||||||||
Market risk | 278 | 705 | - | 983 | 1,112,011 | 1,112,994 | |||||||||||
Secured by 1-4 family | - | - | - | - | 12,914 | 12,914 | |||||||||||
Real estate | |||||||||||||||||
Market risk | 4,803 | 790 | 426 | 6,019 | 1,569,299 | 1,575,318 | |||||||||||
Commercial | 2,970 | - | - | 2,970 | 400,002 | 402,972 | |||||||||||
Secured by 1-4 family | 480 | - | - | 480 | 93,672 | 94,152 | |||||||||||
Consumer | 482 | - | - | 482 | 19,067 | 19,549 | |||||||||||
Leases | 4,998 | - | - | 4,998 | 80,881 | 85,879 | |||||||||||
Total loans held for investment | $ | 50,714 | $ | 5,848 | $ | 7,510 | $ | 64,072 | $ | 8,000,946 | $ | 8,065,018 | |||||
(1) Loans past due 90 days and still accruing includes premium finance loans of $3.1 million. These loans are generally secured by obligations of insurance carriers to refund premiums on cancelled insurance policies. The refund of premiums from the insurance carriers can take 180 days or longer from the cancellation date. | |||||||||||||||||
Restructured loans are loans on which, due to the borrower's financial difficulties, we have granted a concession that we would not otherwise consider for borrowers of similar credit quality. This may include a transfer of real estate or other assets from the borrower, a modification of loan terms, or a combination of the two. Modifications of terms that could potentially qualify as a restructuring include reduction of contractual interest rate, extension of the maturity date at a contractual interest rate lower than the current rate for new debt with similar risk, or a reduction of the face amount of debt, or forgiveness of either principal or accrued interest. As of September 30, 2013 and December 31, 2012, we have $4.7 million and $10.4 million, respectively, in loans considered restructured that are not on non-accrual. As of September 30, 2013 these loans did not have an unfunded commitment total compared to $599,000 at December 31, 2012. Of the non-accrual loans at September 30, 2013 and December 31, 2012, $24.2 million and $19.6 million, respectively, met the criteria for restructured. These loans have no unfunded commitments at their respective balance sheet date. A loan continues to qualify as restructured until a consistent payment history or change in borrower's financial condition has been evidenced, generally no less than twelve months. Assuming that the restructuring agreement specifies an interest rate at the time of the restructuring that is greater than or equal to the rate that we are willing to accept for a new extension of credit with comparable risk, then the loan no longer has to be considered a restructuring if it is in compliance with modified terms in calendar years after the year of the restructure. | |||||||||||||||||
The following tables summarize, for the nine months ended September 30, 2013 and 2012, loans that have been restructured during 2013 and 2012, respectively, (in thousands): | |||||||||||||||||
30-Sep-13 | Pre-Restructuring | Post-Restructuring | |||||||||||||||
Number of | Outstanding Recorded | Outstanding Recorded | |||||||||||||||
Contracts | Investment | Investment | |||||||||||||||
Commercial business loans | 3 | $ | 10,823 | $ | 10,734 | ||||||||||||
Real estate market risk | 1 | 892 | 892 | ||||||||||||||
Total new restructured loans in 2013 | 4 | $ | 11,715 | $ | 11,626 | ||||||||||||
30-Sep-12 | Pre-Restructuring | Post-Restructuring | |||||||||||||||
Number of | Outstanding Recorded | Outstanding Recorded | |||||||||||||||
Contracts | Investment | Investment | |||||||||||||||
Commercial business loans | 1 | $ | 802 | $ | 777 | ||||||||||||
Real estate market risk | 2 | 1,726 | 1,162 | ||||||||||||||
Real estate - 1-4 family | 1 | 1,424 | 1,424 | ||||||||||||||
Total new restructured loans in 2012 | 4 | $ | 3,952 | $ | 3,363 | ||||||||||||
The restructured loans generally include terms to reduce the interest rate and extend payment terms. We have not forgiven any principal on the above loans. The restructuring of the loans did not have a significant impact on our allowance for loan losses at September 30, 2013. | |||||||||||||||||
The following table provides information on how loans were modified as a restructured loan during the nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Extended maturity | $ | 892 | $ | 1,939 | |||||||||||||
Adjusted payment schedule | - | 1,424 | |||||||||||||||
Combination of maturity extension and payment schedule adjustment | 10,734 | - | |||||||||||||||
Total | $ | 11,626 | $ | 3,363 | |||||||||||||
As of September 30, 2013, we did not have any loans that were restructured within the last 12 months that subsequently defaulted |
OREO_and_Valuation_Allowance_f
OREO and Valuation Allowance for Losses on OREO | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ||||||||
OREO and Valuation Allowance for Losses on OREO | ' | ||||||||
(5) OREO AND VALUATION ALLOWANCE FOR LOSSES ON OREO | |||||||||
The table below presents a summary of the activity related to OREO (in thousands): | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Beginning balance | $ | 13,053 | $ | 27,882 | $ | 15,991 | $ | 34,077 | |
Additions | 68 | 0 | 980 | 3,397 | |||||
Sales | -316 | -8,739 | -3,712 | -12,467 | |||||
Valuation allowance for OREO | 0 | 0 | -164 | -3,556 | |||||
Direct write-downs | 0 | -64 | -290 | -2,372 | |||||
Ending balance | $ | 12,805 | $ | 19,079 | $ | 12,805 | $ | 19,079 |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Risks and Uncertainties [Abstract] | ' | ||||
Financial Instruments with Off-Balance Sheet Risk | ' | ||||
(6) FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | |||||
The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit which involve varying degrees of credit risk in excess of the amount recognized in the consolidated balance sheets. The Bank's exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of these instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The amount of collateral obtained, if deemed necessary, is based on management's credit evaluation of the borrower. | |||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer's credit-worthiness on a case-by-case basis. | |||||
Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. | |||||
The table below summarizes our off-balance sheet financial instruments whose contract amounts represented credit risk (in thousands): | |||||
30-Sep-13 | 31-Dec-12 | ||||
Commitments to extend credit | $ | 3,545,057 | $ | 2,648,454 | |
Standby letters of credit | 124,259 | 83,429 |
Regulatory_Restrictions
Regulatory Restrictions | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||
Regulatory Restrictions | ' | |||||||
(7) REGULATORY MATTERS | ||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory (and possibly additional discretionary) actions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company's and the Bank's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's and the Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | ||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I capital (as defined) to average assets (as defined). Management believes, as of September 30, 2013, that the Company and the Bank meet all capital adequacy requirements to which they are subject. | ||||||||
Financial institutions are categorized as well capitalized or adequately capitalized, based on minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the tables below. As shown in the table below, the Company's capital ratios exceed the regulatory definition of adequately capitalized as of September 30, 2013 and 2012. Based upon the information in its most recently filed call report, the Bank meets the capital ratios necessary to be well capitalized. The regulatory authorities can apply changes in classification of assets and such change may retroactively subject the Company to change in capital ratios. Any such change could result in reducing one or more capital ratios below well-capitalized status. In addition, a change may result in imposition of additional assessments by the FDIC or could result in regulatory actions that could have a material effect on condition and results of operations. | ||||||||
In response to supplemental FFIEC Call Report instructions issued in early April 2013, we began using a 100% risk weight for the mortgage assets with our March 31, 2013 Call Report and Form 10-Q. In previous filings, we applied a 50% risk weight (or 20% risk weight for government-guaranteed loans) to these assets for purposes of calculating the Bank's risk-based capital ratios. Having now determined that the 100% risk weight must be applied under our current program we were required to amend our year-end Call Reports for 2012 and 2011. This change required application of the 100% risk weight to our mortgage loan interests in these earlier periods, which is consistent with our March 2013 and June 2013 Call Reports. The amendment of Call Reports had no impact on our consolidation balance sheet or statements of operations, stockholders' equity and cash flows. | ||||||||
This retroactive change in risk weighting of our mortgage loan interests required that we amend the previously reported values for our risk-weighted capital ratios for December 31, 2012 and 2011. See below for amended December 31, 2012 risk-weighted capital ratios. These amended ratios exceed levels required to be “adequately capitalized” on a consolidated basis and at the Bank. As amended, the Bank was “well capitalized” in the Tier 1 measure of capital adequacy, but the total risk-based capital ratio was below that required to be considered “well capitalized”. The adjustment had no impact on the ratio of tangible common equity to total assets. We believe that we had the financial and operational capacity to maintain well-capitalized status had we determined that the higher risk weighting was required to be applied to our ownership interests in mortgage loans at year-end 2012 and 2011. | ||||||||
Incidental to the amended Call Reports described above, we were assessed $3.0 million by the FDIC that was paid during the third quarter of 2013. We do not believe this is an assessment warranted under our circumstances, and we have disputed the charge. Any recovery of the $3.0 million expense would be credited to non-interest expense in a future quarter. | ||||||||
September 30, | December 31, | September 30, | ||||||
2013 | 2012 | 2012 | ||||||
Company | ||||||||
Risk-based capital: | ||||||||
Tier 1 capital | 9.67% | 8.27% | 10.35% | |||||
Total capital | 11.34% | 9.97% | 12.55% | |||||
Leverage | 10.85% | 9.41% | 9.63% | |||||
Bank | ||||||||
Risk-based capital: | ||||||||
Tier 1 capital | 7.91% | 7.17% | 8.93% | |||||
Total capital | 10.42% | 8.50% | 10.41% | |||||
Leverage | 8.88% | 8.16% | 8.30% | |||||
In July 2013, the Federal Reserve published final rules for the adoption of the Basel III regulatory capital framework (the “Basel III Capital Rules”). The Basel III Capital Rules, among other things, (i) introduce a new capital measure called “Common Equity Tier 1,” (ii) specify that Tier 1 capital consist of Common Equity Tier 1 and “Additional Tier 1 Capital” instruments meeting specified requirements, (iii) define Common Equity Tier 1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to Common Equity Tier 1 and not to the other components of capital and (iv) expand the scope of the deductions/adjustments as compared to existing regulations. The Basel III Capital Rules will be effective for us on January 1, 2015 with certain transition provisions fully phased in on January 1 2019. Based on our initial assessment of the Basel III Capital Rules, we do not believe they will have a material impact, and we believe we would meet the capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis if such requirements were currently in effect. | ||||||||
Federal Financial Institutions Examination Council Financial Institution Letter FIL-44-2013 issued October 7, 2013, included Supplemental Instructions for September 30, 2013 Call Reports (the “Supplemental Instructions”) requiring that reporting institutions consider whether loans originated by third parties and acquired by the institution should be accounted for as a purchase of loans held for sale or as a secured loan to the originator that is held for investment based upon factors identified in the Supplemental Instructions. For periods ending prior to September 30, 2013, we have reported interests in mortgage loans originated by our mortgage warehouse customers and acquired in our mortgage finance division as loans to the originator that are held for sale in our Call Reports and our financial statements. | ||||||||
For Call Report purposes, we reported mortgage loan interests as held for investment commencing with the September 30, 2013 Call Report in accordance with the Supplemental Instructions. These financial assets continue to be classified as held for sale in our financial reporting. | ||||||||
The difference in reporting our mortgage loan interests for Call Report purposes does not impact our reported earnings as we do not believe any reserve for loan losses relating to the mortgage warehouse lending portfolio is necessary based upon the risk profile of the assets and the less than one basis point loss experience of the program over the past ten years. | ||||||||
The following table summarizes the differences between our financial reporting and Call Report resulting from the change described above (in thousands): | ||||||||
600 | ||||||||
Had we classified our mortgage loan interests as held for investment for financial reporting or Call Report purposes as of December 31, 2012, total loans of $9.9 billion would have been unchanged. | ||||||||
Call Reports do not include a statement of cash flows. Had we classified our mortgage loan interests as held for investment for financial reporting purposes, the cash flows relating to these activities, which currently are reflected on a gross basis in operating cash flow activity, would be presented on a net basis in investing cash flow activity. The net origination and proceeds of loans held for sale of $913.2 million and $(738.5) million for the nine months ended September 30, 2013 and 2012, respectively, would have been presented in investing activities. | ||||||||
On August 1, 2012 we completed a sale of 2.3 million shares of our common stock in a public offering. Net proceeds from the sale totaled $87.0 million. The additional equity was used for general corporate purposes, including retirement of $15.0 million of debt and additional capital to support continued loan growth at our bank. | ||||||||
On September 21, 2012, we issued $111.0 million of subordinated notes. The notes mature in September 2042 and bear interest at a rate of 6.50% per annum, payable quarterly. The proceeds were used for general corporate purposes including funding regulatory capital infusions into the Bank. The indenture contains customary financial covenants and restrictions. | ||||||||
On March 28, 2013, we completed a sale of 6.0 million shares of 6.5% non-cumulative preferred stock in a public offering. Net proceeds from the sale totaled $145.0 million. The additional equity is being used for general corporate purposes, which may include funding regulatory capital infusions into the Bank. | ||||||||
Stockbased_Comensation
Stock-based Comensation | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Compensation Related Costs [Abstract] | ' | ||||||||||
Employee Benefits | ' | ||||||||||
(8) STOCK-BASED COMPENSATION | |||||||||||
The fair value of our stock option and stock appreciation right (“SAR”) grants are estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide the best single measure of the fair value of its employee stock options. | |||||||||||
Stock-based compensation consists of SARs and RSUs that were granted from 2007 through 2013. | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||
Stock- based compensation expense recognized: | |||||||||||
SARs | $ | 130 | $ | 179 | $ | 412 | $ | 554 | |||
RSUs | 923 | 916 | 2,484 | 4,094 | |||||||
Total compensation expense recognized | $ | 1,053 | $ | 1,095 | $ | 2,896 | $ | 4,648 | |||
30-Sep-13 | |||||||||||
(in thousands) | Options | SARs and RSUs | |||||||||
Unrecognized compensation expense related to unvested awards | $ | - | $ | 12,521 | |||||||
Weighted average period over which expense is expected to be | |||||||||||
recognized, in years | - | 3.73 | |||||||||
In connection with the 2010 Long-term Incentive Plan, the Company has issued cash-based performance units. | |||||||||||
A summary of the compensation cost for these units is as follows (in thousands): | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Cash-based performance units | $ | 2,161 | $ | 2,337 | $ | 11,568 | $ | 5,238 | |||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||
Stock- based compensation expense recognized: | |||||||||||
SARs | $ | 130 | $ | 179 | $ | 412 | $ | 554 | |||
RSUs | 923 | 916 | 2,484 | 4,094 | |||||||
Total compensation expense recognized | $ | 1,053 | $ | 1,095 | $ | 2,896 | $ | 4,648 | |||
30-Sep-13 | |||||||||||
(in thousands) | Options | SARs and RSUs | |||||||||
Unrecognized compensation expense related to unvested awards | $ | - | $ | 12,521 | |||||||
Weighted average period over which expense is expected to be | |||||||||||
recognized, in years | - | 3.73 | |||||||||
In connection with the 2010 Long-term Incentive Plan, the Company has issued cash-based performance units. | |||||||||||
A summary of the compensation cost for these units is as follows (in thousands): | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Cash-based performance units | $ | 2,161 | $ | 2,337 | $ | 11,568 | $ | 5,238 | |||
The compensation cost for the nine months ended September, 2013, includes approximately $4.1 million related to a charge taken to reflect the financial effect of the organizational changes announced during the second quarter of 2013 and includes assumptions about future payouts that may or may not happen. Additionally, there was another $2.2 million of charges related to the increased probability that certain performance targets for executive cash based incentives will be met, reflecting the increase in our stock price. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
(9) DISCONTINUED OPERATIONS | |
Subsequent to the end of the first quarter of 2007, we and the purchaser of our residential mortgage loan division (“RML”) agreed to terminate and settle the contractual arrangements related to the sale of the division, which had been completed as of the end of the third quarter of 2006. Historical operating results of RML are reflected as discontinued operations in the financial statements. | |
During the three months ended September 30, 2013 and 2012, the income and loss from discontinued operations was $2,000 and $34,000, net of taxes, respectively. During the nine months ended September 30, 2013 and 2012, the income from discontinued operations was $2,000 and $31,000, net of taxes, respectively. We still have approximately $296,000 in loans held for sale from discontinued operations that are carried at the estimated market value at quarter-end, which is less than the original cost. We plan to sell these loans, but timing and price to be realized cannot be determined at this time due to market conditions. In addition, we continue to address requests from investors related to repurchasing loans previously sold. While the balances as of September 30, 2013 include a liability for exposure to additional contingencies, including risk of having to repurchase loans previously sold, we recognize that market conditions may result in additional exposure to loss and the extension of time necessary to complete the discontinued mortgage operation. | |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||
Fair Value Disclosures | ' | ' | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | (10) FAIR VALUE DISCLOSURES | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Amount | Fair Value | Amount | Fair Value | ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal market for the asset or liability in an orderly transaction between market participants on the measurement date. | ||||||||||||||
Cash and cash equivalents | $ | 195,058 | $ | 195,058 | $ | 206,348 | $ | 206,348 | We determine the fair market values of our assets and liabilities measured at fair value on a recurring and nonrecurring basis using the fair value hierarchy as prescribed in ASC 820. The standard describes three levels of inputs that may be used to measure fair value as provided below. | |||||||||
Securities, available-for-sale | 67,815 | 67,815 | 100,195 | 100,195 | ||||||||||||||
Loans held for sale | 2,262,085 | 2,262,085 | 3,175,272 | 3,175,272 | Level 1 Quoted prices in active markets for identical assets or liabilities. Level 1 assets include U.S. Treasuries that are highly liquid and are actively traded in over-the-counter markets. | |||||||||||||
Loans held for sale from discontinued operations | 296 | 296 | 302 | 302 | ||||||||||||||
Loans held for investment, net | 7,967,322 | 7,962,217 | 6,711,198 | 6,714,031 | Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets include U.S. government and agency mortgage-backed debt securities, corporate securities, municipal bonds, and Community Reinvestment Act funds. This category includes derivative assets and liabilities where values are obtained from independent pricing services. | |||||||||||||
Derivative asset | 13,886 | 13,886 | 28,473 | 28,473 | ||||||||||||||
Deposits | 8,957,081 | 8,958,305 | 7,440,804 | 7,441,240 | Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair values requires significant management judgment or estimation. This category also includes impaired loans and OREO where collateral values have been based on third party appraisals; however, due to current economic conditions, comparative sales data typically used in appraisals may be unavailable or more subjective due to lack of market activity. | |||||||||||||
Federal funds purchased | 169,794 | 169,794 | 273,179 | 273,179 | ||||||||||||||
Borrowings | 279,930 | 279,931 | 1,673,982 | 1,673,983 | Assets and liabilities measured at fair value at September 30, 2013 and December 31, 2012 are as follows (in thousands): | |||||||||||||
Subordinated notes | 111,000 | 98,130 | 111,000 | 112,757 | Fair Value Measurements Using | |||||||||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | 113,406 | 113,406 | 30-Sep-13 | Level 1 | Level 2 | Level 3 | ||||||||||
Derivative liability | 13,886 | 13,886 | 28,473 | 28,473 | ||||||||||||||
Available for sale securities:(1) | ||||||||||||||||||
Residential mortgage-backed securities | $ | - | $ | 45,078 | $ | - | ||||||||||||
Municipals | - | 15,409 | - | |||||||||||||||
Equity securities | - | 7,328 | - | |||||||||||||||
Loans(2) (4) | - | - | 12,658 | |||||||||||||||
OREO(3) (4) | - | - | 12,805 | |||||||||||||||
Derivative asset(5) | - | 13,886 | - | |||||||||||||||
Derivative liability(5) | - | -13,886 | - | |||||||||||||||
31-Dec-12 | ||||||||||||||||||
Available for sale securities:(1) | ||||||||||||||||||
Residential mortgage-backed securities | $ | - | $ | 61,581 | $ | - | ||||||||||||
Corporate securities | - | 5,080 | - | |||||||||||||||
Municipals | - | 25,894 | - | |||||||||||||||
Equity securities | - | 7,640 | - | |||||||||||||||
Loans(2) (4) | - | - | 11,639 | |||||||||||||||
OREO(3) (4) | - | - | 15,991 | |||||||||||||||
Derivative asset(5) | - | 28,473 | - | |||||||||||||||
Derivative liability(5) | - | -28,473 | - | |||||||||||||||
Securities are measured at fair value on a recurring basis, generally monthly. | ||||||||||||||||||
Includes impaired loans that have been measured for impairment at the fair value of the loan's collateral. | ||||||||||||||||||
OREO is transferred from loans to OREO at fair value less selling costs. | ||||||||||||||||||
Fair value of loans and OREO is measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions | ||||||||||||||||||
Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. | ||||||||||||||||||
Level 3 Valuations | ||||||||||||||||||
Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. Currently, we measure fair value for certain loans on a nonrecurring basis as described below. | ||||||||||||||||||
Loans | ||||||||||||||||||
During the three and nine months ended September 30, 2013, certain impaired loans were reevaluated and reported at fair value through a specific allocation of the allowance for loan losses based upon the fair value of the underlying collateral. The $12.7 million total above includes impaired loans at September 30, 2013 with a carrying value of $12.7 million that did not have specific allowance allocations for a total reported fair value of $12.7 million based on collateral valuations utilizing Level 3 valuation inputs. Fair values were based on third party appraisals; however, based on the current economic conditions, comparative sales data typically used in the appraisals may be unavailable or more subjective due to the lack of real estate market activity. | ||||||||||||||||||
OREO | ||||||||||||||||||
Certain foreclosed assets, upon initial recognition, are valued based on third party appraisals less estimated selling costs. At September 30, 2013, OREO with a carrying value of $17.4 million was reduced by specific valuation allowance allocations totaling $4.6 million for a total reported fair value of $12.8 million based on valuations utilizing Level 3 valuation inputs. Fair values are based on third party appraisals; however, based on the current economic conditions, comparative sales data typically used in the appraisals may be unavailable or more subjective due to the lack of real estate market activity. | ||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||
Generally accepted accounting principles require disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, for which it is practical to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. This disclosure does not and is not intended to represent the fair value of the Company. | ||||||||||||||||||
A summary of the carrying amounts and estimated fair values of financial instruments is as follows (in thousands): | ||||||||||||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: | ||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||
The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents approximate their fair value, which is characterized as a Level 1 asset in the fair value hierarchy. | ||||||||||||||||||
Securities | ||||||||||||||||||
The fair value of investment securities is based on prices obtained from independent pricing services which are based on quoted market prices for the same or similar securities, which is characterized as a Level 2 asset in the fair value hierarchy. We have obtained documentation from the primary pricing service we use about their processes and controls over pricing. In addition, on a quarterly basis we independently verify the prices that we receive from the service provider using two additional independent pricing sources. Any significant differences are investigated and resolved. | ||||||||||||||||||
Loans, net | ||||||||||||||||||
Loans are characterized as Level 3 assets in the fair value hierarchy. For variable-rate loans that reprice frequently with no significant change in credit risk, fair values are generally based on carrying values. The fair value for all other loans is estimated using discounted cash flow analyses, using interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. The carrying amount of accrued interest approximates its fair value. The carrying amount of loans held for sale approximates fair value. | ||||||||||||||||||
Derivatives | ||||||||||||||||||
The estimated fair value of the interest rate swaps are obtained from independent pricing services based on quote market prices for the same or similar derivative contracts and are characterized as a Level 2 asset in the fair value hierarchy. On a quarterly basis, we independently verify the fair value using an additional independent pricing source. | ||||||||||||||||||
Deposits | ||||||||||||||||||
Deposits are characterized as Level 3 liabilities in the fair value hierarchy. The carrying amounts for variable-rate money market accounts approximate their fair value. Fixed-term certificates of deposit fair values are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities. | ||||||||||||||||||
Federal funds purchased, other borrowings, subordinated notes and trust preferred subordinated debentures | ||||||||||||||||||
The carrying value reported in the consolidated balance sheet for Federal funds purchased and other short-term, floating rate borrowings approximates their fair value, which is characterized as a Level 1 asset in the fair value hierarchy. The fair value of any fixed rate short-term borrowings and trust preferred subordinated debentures are estimated using a discounted cash flow calculation that applies interest rates currently being offered on similar borrowings, which is characterized as a Level 3 liability in the fair value hierarchy. The subordinated notes are publicly traded and are valued based on market prices, which is characterized as a Level 2 liability in the fair value hierarchy. | ||||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivative Financial Instruments | ' | ||||||||||
(11) DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||
The fair value of derivative positions outstanding is included in other assets and other liabilities in the accompanying consolidated balance sheets. | |||||||||||
During 2013 and 2012, we entered into certain interest rate derivative positions that are not designated as hedging instruments. These derivative positions relate to transactions in which we enter into an interest rate swap, cap and/or floor with a customer while at the same time entering into an offsetting interest rate swap, cap and/or floor with another financial institution. In connection with each swap transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate. Because we act as an intermediary for our customer, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on our results of operations. | |||||||||||
The notional amounts and estimated fair values of interest rate derivative positions outstanding at September 30, 2013 and December 31, 2012 are presented in the following tables (in thousands): | |||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||
Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | ||||||||
Non-hedging interest rate derivative: | |||||||||||
Commercial loan/lease interest rate swaps | $ | 719,755 | $ | 13,250 | $ | 523,216 | $ | 28,469 | |||
Commercial loan/lease interest rate swaps | -719,755 | -13,250 | -523,216 | -28,469 | |||||||
Commercial loan/lease interest rate caps | -67,461 | -636 | -42,380 | -4 | |||||||
Commercial loan/lease interest rate caps | 67,461 | 636 | 42,380 | 4 | |||||||
The weighted-average receive and pay interest rates for interest rate swaps outstanding at September 30, 2013 were as follows: | |||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||
Weighted-Average Interest Rate | Weighted-Average Interest Rate | ||||||||||
Received | Paid | Received | Paid | ||||||||
Non-hedging interest rate swaps | 4.89% | 3.17% | 4.76% | 3.11% | |||||||
The weighted-average strike rate for outstanding interest rate caps was 1.89% at September 30, 2013 and 2.06% at December 31, 2012. | |||||||||||
Our credit exposure on interest rate swaps and caps is limited to the net favorable value and interest payments of all swaps and caps by each counterparty. In such cases collateral may be required from the counterparties involved if the net value of the swaps and caps exceeds a nominal amount considered to be immaterial. Our credit exposure, net of any collateral pledged, relating to interest rate swaps and caps was approximately $13.9 million at September 30, 2013 and approximately $28.5 million at December 31, 2012, all of which relates to bank customers. Collateral levels are monitored and adjusted on a regular basis for changes in interest rate swap and cap values. At September 30, 2013 and December 31, 2012, we had $12.3 million and $17.1 million, respectively, in cash collateral pledged for these derivatives included in interest-bearing deposits. | |||||||||||
Stockholders_Equity
Stockholder's Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
(12) STOCKHOLDERS' EQUITY | |
On August 1, 2012, we completed a sale of 2.3 million shares of our common stock in a public offering. Net proceeds from the sale totaled $87.0 million. The additional equity was used for general corporate purposes, including retirement of $15.0 million of debt and additional capital to support continued loan growth at our bank. | |
On March 28, 2013, we completed a sale of 6.0 million shares of 6.5% non-cumulative preferred stock, par value $0.01, with a liquidation preference of $25 per share, in a public offering. Dividends on the preferred stock are not cumulative and will be paid when declared by our board of directors to the extent that we have lawfully available funds to pay dividends. If declared, dividends will accrue and be payable quarterly, in arrears, on the liquidation preference amount, on a non-cumulative basis, at a rate of 6.50% per annum. We paid $2.4 million in dividends on the preferred stock on September 15, 2013. Holders of preferred stock will not have voting rights, except with respect to authorizing or increasing the authorized amount of senior stock, certain changes in the terms of the preferred stock, certain dividend non-payments and as otherwise required by applicable law. Net proceeds from the sale totaled $145.0 million. The additional equity is being used for general corporate purposes, including funding regulatory capital infusions into the Bank. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Standards | ' |
(13) NEW ACCOUNTING PRONOUNCEMENTS | |
ASU 2013-01, “Balance Sheet (Topic 210) – Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”) amends Topic 210, “Balance Sheet” to clarify that the scope of ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” would apply to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements and securities borrowing and securities lending transactions that are offset in accordance with Topic 815, “Derivatives and Hedging”. ASU 2013-01 was effective January 1, 2013 and did not have a significant impact on our financial statements. | |
ASU 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”) amends Topic 220, “Comprehensive Income” to improve the reporting of reclassifications out of accumulated other comprehensive income. Entities are required to separately present significant amounts reclassified out of accumulated other comprehensive income for each component of accumulated other comprehensive income and to disclose, for each affected line item in the income statement, the amount of accumulated other comprehensive income that has been reclassified into that line item. ASU 2013-02 was effective for fiscal years, and interim periods within those years, beginning after December 13, 2012 and did not have a significant impact on our financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Nature of Business | ' |
Organization and Nature of Business | |
Texas Capital Bancshares, Inc. (“the Company”), a Delaware financial holding company, was incorporated in November 1996 and commenced doing business in March 1998, but did not commence banking operations until December 1998. The consolidated financial statements of the Company include the accounts of Texas Capital Bancshares, Inc. and its wholly owned subsidiary, Texas Capital Bank, National Association (“the Bank”). The Bank currently provides commercial banking services to its customers largely in Texas and concentrates on middle market commercial businesses and successful professionals and entrepreneurs. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accounting and reporting policies of Texas Capital Bancshares, Inc. conform to accounting principles generally accepted in the United States and to generally accepted practices within the banking industry. Our consolidated financial statements include the accounts of Texas Capital Bancshares, Inc. and its subsidiary, the Bank. Certain prior period balances have been reclassified to conform to the current period presentation. | |
The consolidated interim financial statements have been prepared without audit. Certain information and footnote disclosures presented in accordance with accounting principles generally accepted in the United States have been condensed or omitted. In the opinion of management, the interim financial statements include all normal and recurring adjustments and the disclosures made are adequate to make interim financial information not misleading. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2012, included in our Annual Report on Form 10-K filed with the SEC on February 21, 2013 (the “2012 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for loan losses, the fair value of stock-based compensation awards, the fair values of financial instruments and the status of contingencies are particularly susceptible to significant change in the near term. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash equivalents include amounts due from banks, Federal funds sold | |
Securities | ' |
Securities | |
Securities are classified as trading, available-for-sale or held-to-maturity. Management classifies securities at the time of purchase and re-assesses such designation at each balance sheet date; however, transfers between categories from this re-assessment are rare. | |
Trading Account | |
Securities acquired for resale in anticipation of short-term market movements are classified as trading, with realized and unrealized gains and losses recognized in income. To date, we have not had any activity in our trading account. | |
Held-to-Maturity and Available-for-Sale | |
Debt securities are classified as held-to-maturity when we have the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost. Debt securities not classified as held-to-maturity or trading and marketable equity securities not classified as trading are classified as available-for-sale. | |
Available-for-sale securities are stated at fair value, with the unrealized gains and losses reported in a separate component of accumulated other comprehensive income, net of tax. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion is included in interest income from securities. Realized gains and losses and declines in value judged to be other-than-temporary are included in gain (loss) on sale of securities. The cost of securities sold is based on the specific identification method. | |
All securities are available-for-sale as of September 30, 2013 and December 31, 2012. | |
Loans | ' |
Loans | |
Loans Held for Investment | |
Loans held for investment (which include equipment leases accounted for as financing leases) are stated at the amount of unpaid principal reduced by deferred income (net of costs). Interest on loans is recognized using the simple-interest method on the daily balances of the principal amounts outstanding. Loan origination fees, net of direct loan origination costs, and commitment fees, are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. | |
A loan held for investment is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due (both principal and interest) according to the terms of the loan agreement. Reserves on impaired loans are measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or the fair value of the underlying collateral. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |
The accrual of interest on loans is discontinued when there is a clear indication that the borrower's cash flow may not be sufficient to meet payments as they become due, which is generally when a loan is 90 days past due. When a loan is placed on non-accrual status, all previously accrued and unpaid interest is reversed. Interest income is subsequently recognized on a cash basis as long as the remaining book balance of the asset is deemed to be collectible. If collectability is questionable, then cash payments are applied to principal. A loan is placed back on accrual status when both principal and interest are current and it is probable that we will be able to collect all amounts due (both principal and interest) according to the terms of the loan agreement. | |
Loans Held for Sale | |
We purchase legal ownership interests in mortgage loans for sale in the secondary market through our mortgage finance division. The ownership interests are purchased from unaffiliated mortgage originators who are seeking additional funding through sale of the undivided ownership interests to facilitate their ability to originate loans. The mortgage originator has no obligation to offer and we have no obligation to purchase these interests. The originator closes mortgage loans consistent with underwriting standards established by approved investors, and, at the time of the sale to the investor, our ownership interest is delivered by us to the investor selected by the originator and approved by us. We typically purchase up to a 99% ownership interest. These loans are held by us for an interim period, usually less than 30 days and more typically 10-20 days. Because of conditions in agreements with originators designed to reduce transaction risks, under the form-based rules of Accounting Standards Codification 860, Transfers and Servicing of Financial Assets (“ASC 860”), the ownership interests do not qualify as participating interests. Under ASC 860, the ownership interests are deemed to be loans to the originator, although we have an actual, legal ownership interest in the underlying residential mortgage loans to individual borrowers. Accordingly, because we intend to sell and do sell directly to third party investors our legal ownership interest in the mortgage loans, which give rise to the loan to the originator, the loans to the originators are classified as held for sale and are carried at the lower of cost or fair value, determined on an individual loan basis. | |
Due to market conditions or events of default by the investor or the originator, we could be required to purchase the remaining interests in the underlying mortgage loans and transfer them to our loans held for investment portfolio at fair value. Mortgage loans transferred to our loans held for investment portfolio could require future allocations of the allowance for loan losses or be subject to charge off in the event the loans become impaired. | |
We sell participations in our ownership interests to other financial institutions. These qualify as participating interests under ASC 860 and such sales reduce our loans held for sale balance on the balance sheet. | |
Allowance for Loan Losses | ' |
Allowance for Loan Losses | |
The allowance for loan losses is established through a provision for loan losses charged against income. The allowance for loan losses includes specific reserves for impaired loans and a general reserve for estimated losses inherent in the loan portfolio at the balance sheet date, but not yet identified with specific loans. Loans deemed to be uncollectible are charged against the allowance when management believes that the collectibility of the principal is unlikely and subsequent recoveries, if any, are credited to the allowance. Management's periodic evaluation of the adequacy of the allowance is based on an assessment of the current loan portfolio, including known inherent risks, adverse situations that may affect the borrowers' ability to repay, the estimated value of any underlying collateral and current economic conditions. | |
Repossessed Assets | ' |
Repossessed Assets | |
Repossessed assets, which are included in other assets on the balance sheet, consist of collateral that has been repossessed. Collateral that has been repossessed is recorded at fair value less selling costs through a charge to the allowance for loan losses, if necessary. Write-downs are provided for subsequent permanent declines in value and are recorded in other non-interest expense. | |
Other Real Estate Owned | ' |
Other Real Estate Owned | |
Other real estate owned (“OREO”), which is included in other assets on the balance sheet, consists of real estate that has been foreclosed. Real estate that has been foreclosed is recorded at the fair value of the real estate, less selling costs, through a charge to the allowance for loan losses, if necessary. Subsequent write-downs required for declines in value are recorded through a valuation allowance, or taken directly to the asset, charged to other non-interest expense. | |
Premises and Equipment | ' |
Premises and Equipment | |
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three to ten years. Gains or losses on disposals of premises and equipment are included in results of operations. | |
Marketing and Software | ' |
Marketing and Software | |
Marketing costs are expensed as incurred. Ongoing maintenance and enhancements of websites are expensed as incurred. Costs incurred in connection with development or purchase of internal use software are capitalized and amortized over a period not to exceed five years. Capitalized internal use software costs are included in other assets in the consolidated financial statements. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Our intangible assets relate primarily to loan customer relationships. Intangible assets with definite useful lives are amortized on an accelerated basis over their estimated life. Intangible assets are tested for impairment annually or whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value. | |
Segment Reporting | ' |
Segment Reporting | |
We have determined that all of our lending divisions and subsidiaries meet the aggregation criteria of ASC 280, Segment Reporting, since all offer similar products and services, operate with similar processes, and have similar customers. | |
Stock-based Compensation | ' |
Stock-based Compensation | |
We account for all stock-based compensation transactions in accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”), which requires that stock compensation transactions be recognized as compensation expense in the statement of operations based on their fair values on the measurement date, which is the date of the grant. | |
Accumulated Other Comprehensive Income (Loss) | ' |
Accumulated Other Comprehensive Income | |
Unrealized gains or losses on our available-for-sale securities (after applicable income tax expense or benefit) are included in accumulated other comprehensive income, net. Accumulated comprehensive income, net for the nine months ended September 30, 2013 and 2012 is reported in the accompanying consolidated statements of changes in stockholders' equity and consolidated statements of income and comprehensive income. | |
Income Taxes | ' |
Income Taxes | |
The Company and its subsidiary file a consolidated federal income tax return. We utilize the liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based upon the difference between the values of the assets and liabilities as reflected in the financial statements and their related tax basis using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. As changes in tax law or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. A valuation reserve is provided against deferred tax assets unless it is more likely than not that such deferred tax assets will be realized. | |
Basic and Diluted Earnings Per Common Share | ' |
Basic and Diluted Earnings Per Common Share | |
Basic earnings per common share is based on net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period excluding non-vested stock. Diluted earnings per common share include the dilutive effect of stock options and non-vested stock awards granted using the treasury stock method. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 2 – Earnings Per Common Share. | |
Fair Values of Financial Instruments | ' |
Fair Values of Financial Instruments | |
ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of computation of basic and diluted earnings per share | ' | |||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Numerator: | ||||||||||||
Net income from continuing operations | $ | 33,474 | $ | 32,570 | $ | 90,690 | $ | 89,274 | ||||
Preferred stock dividends | 2,437 | - | 4,956 | - | ||||||||
Net income from continuing operations | ||||||||||||
available to common shareholders | 31,037 | 32,570 | 85,734 | 89,274 | ||||||||
Income (loss) from discontinued operations | 2 | -34 | 2 | -31 | ||||||||
Net income | $ | 31,039 | $ | 32,536 | $ | 85,736 | $ | 89,243 | ||||
Denominator: | ||||||||||||
Denominator for basic earnings per | ||||||||||||
share - weighted average shares | 40,901,867 | 39,618,007 | 40,824,223 | 38,513,515 | ||||||||
Effect of employee stock-based awards(1) | 375,773 | 632,790 | 415,867 | 677,782 | ||||||||
Effect of warrants to purchase common stock | 514,034 | 504,936 | 502,294 | 459,898 | ||||||||
Denominator for dilutive earnings per share - | ||||||||||||
adjusted weighted average shares and | ||||||||||||
assumed conversions | 41,791,674 | 40,755,733 | 41,742,384 | 39,651,195 | ||||||||
Basic earnings per common share from | ||||||||||||
continuing operations | $ | 0.76 | $ | 0.82 | $ | 2.1 | $ | 2.32 | ||||
Basic earnings per common share | $ | 0.76 | $ | 0.82 | $ | 2.1 | $ | 2.32 | ||||
Diluted earnings per share from | ||||||||||||
continuing operations | $ | 0.74 | $ | 0.8 | $ | 2.05 | $ | 2.25 | ||||
Diluted earnings per common share | $ | 0.74 | $ | 0.8 | $ | 2.05 | $ | 2.25 |
Securities_Tables
Securities (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ' | ||||||||||||||||||||||||||
Schedule of summary of securities | ' | ' | ||||||||||||||||||||||||||
The following is a summary of securities (in thousands): | ||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 42,343 | $ | 2,735 | $ | - | $ | 45,078 | ||||||||||||||||||||
Municipals | 15,202 | 207 | - | 15,409 | ||||||||||||||||||||||||
Equity securities(1) | 7,519 | - | -191 | 7,328 | ||||||||||||||||||||||||
$ | 65,064 | $ | 2,942 | $ | -191 | $ | 67,815 | |||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||||||
Available-for-Sale Securities: | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 57,342 | $ | 4,239 | $ | - | $ | 61,581 | ||||||||||||||||||||
Corporate securities | 5,000 | 80 | - | 5,080 | ||||||||||||||||||||||||
Municipals | 25,300 | 594 | - | 25,894 | ||||||||||||||||||||||||
Equity securities(1) | 7,519 | 121 | - | 7,640 | ||||||||||||||||||||||||
$ | 95,161 | $ | 5,034 | $ | - | $ | 100,195 | |||||||||||||||||||||
Schedule of amortized cost and estimated fair value of securities | ' | ' | ||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||
After One | After Five | |||||||||||||||||||||||||||
Less Than | Through | Through | After Ten | |||||||||||||||||||||||||
One Year | Five Years | Ten Years | Years | Total | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Residential mortgage-backed | ||||||||||||||||||||||||||||
securities:(1) | ||||||||||||||||||||||||||||
Amortized cost | $ | 445 | $ | 16,140 | $ | 8,712 | $ | 17,046 | $ | 42,343 | ||||||||||||||||||
Estimated fair value | 473 | 17,126 | 9,464 | 18,015 | 45,078 | |||||||||||||||||||||||
Weighted average yield(3) | 4.28% | 4.78% | 5.55% | 2.55% | 4.04% | |||||||||||||||||||||||
Municipals:(2) | ||||||||||||||||||||||||||||
Amortized cost | 8,550 | 6,652 | - | - | 15,202 | |||||||||||||||||||||||
Estimated fair value | 8,679 | 6,730 | - | - | 15,409 | |||||||||||||||||||||||
Weighted average yield(3) | 5.75% | 5.70% | - | - | 5.73% | |||||||||||||||||||||||
Equity securities:(4) | ||||||||||||||||||||||||||||
Amortized cost | 7,519 | - | - | - | 7,519 | |||||||||||||||||||||||
Estimated fair value | 7,328 | - | - | - | 7,328 | |||||||||||||||||||||||
Total available-for-sale securities: | ||||||||||||||||||||||||||||
Amortized cost | $ | 65,064 | ||||||||||||||||||||||||||
Estimated fair value | $ | 67,815 | ||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
After One | After Five | |||||||||||||||||||||||||||
Less Than | Through | Through | After Ten | |||||||||||||||||||||||||
One Year | Five Years | Ten Years | Years | Total | ||||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||||||
Residential mortgage-backed | ||||||||||||||||||||||||||||
securities:(1) | ||||||||||||||||||||||||||||
Amortized cost | $ | 656 | $ | 5,698 | $ | 23,111 | $ | 27,877 | $ | 57,342 | ||||||||||||||||||
Estimated fair value | 690 | 6,113 | 24,948 | 29,830 | 61,581 | |||||||||||||||||||||||
Weighted average yield(3) | 4.20% | 5.29% | 4.86% | 3.41% | 4.19% | |||||||||||||||||||||||
Corporate securities: | ||||||||||||||||||||||||||||
Amortized cost | 5,000 | - | - | - | 5,000 | |||||||||||||||||||||||
Estimated fair value | 5,080 | - | - | - | 5,080 | |||||||||||||||||||||||
Weighted average yield(3) | 7.38% | - | - | - | 7.38% | |||||||||||||||||||||||
Municipals:(2) | ||||||||||||||||||||||||||||
Amortized cost | 6,575 | 16,448 | 2,277 | - | 25,300 | |||||||||||||||||||||||
Estimated fair value | 6,646 | 16,895 | 2,353 | - | 25,894 | |||||||||||||||||||||||
Weighted average yield(3) | 5.75% | 5.66% | 6.01% | - | 5.72% | |||||||||||||||||||||||
Equity securities:(4) | ||||||||||||||||||||||||||||
Amortized cost | 7,519 | - | - | - | 7,519 | |||||||||||||||||||||||
Estimated fair value | 7,640 | - | - | - | 7,640 | |||||||||||||||||||||||
Total available-for-sale securities: | ||||||||||||||||||||||||||||
Amortized cost | $ | 95,161 | ||||||||||||||||||||||||||
Estimated fair value | $ | 100,195 | ||||||||||||||||||||||||||
Schedule of investment securities that have been in a continuous unrealized loss position for less or more than 12 months | ' | ' | ||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||
Equity securities | $ | 7,328 | $ | -191 | $ | - | $ | - | $ | 7,328 | $ | -191 |
Loans_and_Allowance_for_Credit1
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ' | ' | |||||||||||||||
Schedule of loans held for investments | ' | ' | |||||||||||||||
(4) LOANS AND ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||
At September 30, 2013 and December 31, 2012, loans were as follows (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Commercial | $ | 4,782,234 | $ | 4,106,419 | |||||||||||||
Construction | 1,125,908 | 737,637 | |||||||||||||||
Real estate | 2,087,058 | 1,892,451 | |||||||||||||||
Consumer | 19,619 | 19,493 | |||||||||||||||
Leases | 85,936 | 69,470 | |||||||||||||||
Gross loans held for investment | 8,100,755 | 6,825,470 | |||||||||||||||
Deferred income (net of direct origination costs) | -49,427 | -39,935 | |||||||||||||||
Allowance for loan losses | -84,006 | -74,337 | |||||||||||||||
Total loans held for investment, net | 7,967,322 | 6,711,198 | |||||||||||||||
Loans held for sale | 2,262,085 | 3,175,272 | |||||||||||||||
Total | $ | 10,229,407 | $ | 9,886,470 | |||||||||||||
Schedule of the credit risk profile of loan portfolio by internally assigned grades and nonaccrual status | ' | ' | |||||||||||||||
30-Sep-13 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Grade: | |||||||||||||||||
Pass | $ | 4,674,546 | $ | 1,122,191 | $ | 2,001,825 | $ | 19,549 | $ | 79,189 | $ | 7,897,300 | |||||
Special mention | 34,144 | 2,909 | 39,170 | - | 1,914 | 78,137 | |||||||||||
Substandard-accruing | 52,550 | 808 | 31,447 | - | 4,776 | 89,581 | |||||||||||
Non-accrual | 20,994 | - | 14,616 | 70 | 57 | 35,737 | |||||||||||
Total loans held for | |||||||||||||||||
investment | $ | 4,782,234 | $ | 1,125,908 | $ | 2,087,058 | $ | 19,619 | $ | 85,936 | $ | 8,100,755 | |||||
31-Dec-12 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Grade: | |||||||||||||||||
Pass | $ | 4,013,538 | $ | 703,673 | $ | 1,816,027 | $ | 19,436 | $ | 68,327 | $ | 6,621,001 | |||||
Special mention | 33,137 | 11,957 | 12,461 | - | 919 | 58,474 | |||||||||||
Substandard-accruing | 44,371 | 4,790 | 40,897 | - | 104 | 90,162 | |||||||||||
Non-accrual | 15,373 | 17,217 | 23,066 | 57 | 120 | 55,833 | |||||||||||
Total loans held for | |||||||||||||||||
investment | $ | 4,106,419 | $ | 737,637 | $ | 1,892,451 | $ | 19,493 | $ | 69,470 | $ | 6,825,470 | |||||
Schedule of activity in the reserve for loan losses by portfolio segment | ' | ' | |||||||||||||||
30-Sep-13 | |||||||||||||||||
(in thousands) | Commercial | Construction | Real Estate | Consumer | Leases | Unallocated | Total | ||||||||||
Beginning balance | $ | 21,547 | $ | 12,097 | $ | 30,893 | $ | 226 | $ | 2,460 | $ | 7,114 | $ | 74,337 | |||
Provision for loan losses | 15,707 | 1,866 | -4,793 | 25 | -4 | 498 | 13,299 | ||||||||||
Charge-offs | 4,970 | - | 144 | 45 | 2 | - | 5,161 | ||||||||||
Recoveries | 978 | - | 210 | 64 | 279 | - | 1,531 | ||||||||||
Net charge-offs (recoveries) | 3,992 | - | -66 | -19 | -277 | - | 3,630 | ||||||||||
Ending balance | $ | 33,262 | $ | 13,963 | $ | 26,166 | $ | 270 | $ | 2,733 | $ | 7,612 | $ | 84,006 | |||
Period end amount allocated to: | |||||||||||||||||
Loans individually evaluated | |||||||||||||||||
for impairment | $ | 3,199 | $ | - | $ | 1,064 | $ | 11 | $ | 9 | $ | - | $ | 4,283 | |||
Loans collectively evaluated | |||||||||||||||||
for impairment | 30,063 | 13,963 | 25,102 | 259 | 2,724 | 7,612 | 79,723 | ||||||||||
Ending balance | $ | 33,262 | $ | 13,963 | $ | 26,166 | $ | 270 | $ | 2,733 | $ | 7,612 | $ | 84,006 | |||
30-Sep-12 | |||||||||||||||||
(in thousands) | Commercial | Construction | Real Estate | Consumer | Leases | Unallocated | Total | ||||||||||
Beginning balance | $ | 17,337 | $ | 7,845 | $ | 33,721 | $ | 223 | $ | 2,356 | $ | 8,813 | $ | 70,295 | |||
Provision for loan losses | 4,575 | 3,258 | -2,840 | 6 | 417 | 602 | 6,018 | ||||||||||
Charge-offs | 2,664 | - | 899 | 49 | 170 | - | 3,782 | ||||||||||
Recoveries | 482 | 10 | 586 | 26 | 87 | - | 1,191 | ||||||||||
Net charge-offs (recoveries) | 2,182 | -10 | 313 | 23 | 83 | - | 2,591 | ||||||||||
Ending balance | $ | 19,730 | $ | 11,113 | $ | 30,568 | $ | 206 | $ | 2,690 | $ | 9,415 | $ | 73,722 | |||
Period end amount allocated to: | |||||||||||||||||
Loans individually evaluated | |||||||||||||||||
for impairment | $ | 5,149 | $ | - | $ | 775 | $ | 18 | $ | 42 | $ | - | $ | 5,984 | |||
Loans collectively evaluated | |||||||||||||||||
for impairment | 14,581 | 11,113 | 29,793 | 188 | 2,648 | 9,415 | 67,738 | ||||||||||
Ending balance | $ | 19,730 | $ | 11,113 | $ | 30,568 | $ | 206 | $ | 2,690 | $ | 9,415 | $ | 73,722 | |||
Schedule Of Financing Receivables Related To Allowance For Loan Losses By Portfolio Category Disaggregated Based On Impairment Methodology [Table Text Block] | ' | ' | |||||||||||||||
30-Sep-13 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Loans individually evaluated for impairment | $ | 23,422 | $ | - | $ | 23,745 | $ | 70 | $ | 57 | $ | 47,294 | |||||
Loans collectively evaluated for impairment | 4,758,812 | 1,125,908 | 2,063,313 | 19,549 | 85,879 | 8,053,461 | |||||||||||
Total | $ | 4,782,234 | $ | 1,125,908 | $ | 2,087,058 | $ | 19,619 | $ | 85,936 | $ | 8,100,755 | |||||
31-Dec-12 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Loans individually evaluated for impairment | $ | 15,373 | $ | 18,179 | $ | 32,512 | $ | 57 | $ | 120 | $ | 66,241 | |||||
Loans collectively evaluated for impairment | 4,091,046 | 719,458 | 1,859,939 | 19,436 | 69,350 | 6,759,229 | |||||||||||
Total | $ | 4,106,419 | $ | 737,637 | $ | 1,892,451 | $ | 19,493 | $ | 69,470 | $ | 6,825,470 | |||||
30-Sep-12 | |||||||||||||||||
Commercial | Construction | Real Estate | Consumer | Leases | Total | ||||||||||||
Loans individually evaluated for impairment | $ | 17,653 | $ | 19,248 | $ | 29,246 | $ | 60 | $ | 213 | $ | 66,420 | |||||
Loans collectively evaluated for impairment | 4,021,302 | 630,127 | 1,775,188 | 19,915 | 73,994 | 6,520,526 | |||||||||||
Total | $ | 4,038,955 | $ | 649,375 | $ | 1,804,434 | $ | 19,975 | $ | 74,207 | $ | 6,586,946 | |||||
Schedule of non-accrual loans by type and purpose | ' | ' | |||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 20,994 | $ | 15,373 | |||||||||||||
Construction | |||||||||||||||||
Market risk | - | 17,217 | |||||||||||||||
Real estate | |||||||||||||||||
Market risk | 11,983 | 11,054 | |||||||||||||||
Commercial | 529 | 8,617 | |||||||||||||||
Secured by 1-4 family | 2,104 | 3,395 | |||||||||||||||
Consumer | 70 | 57 | |||||||||||||||
Leases | 57 | 120 | |||||||||||||||
Total non-accrual loans | $ | 35,737 | $ | 55,833 | |||||||||||||
Schedule of impaired loans, by portfolio class | ' | ' | |||||||||||||||
30-Sep-13 | |||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||
With no related allowance recorded: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 7,196 | $ | 7,196 | $ | - | $ | 3,864 | $ | - | |||||||
Energy | 1,668 | 3,498 | - | 741 | - | ||||||||||||
Construction | |||||||||||||||||
Market risk | - | - | - | 4,069 | 114 | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 11,211 | 11,211 | - | 9,068 | - | ||||||||||||
Commercial | 529 | 529 | - | 7,103 | - | ||||||||||||
Secured by 1-4 family | 2,512 | 2,512 | - | 2,580 | - | ||||||||||||
Consumer | - | - | - | - | - | ||||||||||||
Leases | - | - | - | - | - | ||||||||||||
Total impaired loans with no allowance | |||||||||||||||||
recorded | $ | 23,116 | $ | 24,946 | $ | - | $ | 27,425 | $ | 114 | |||||||
With an allowance recorded: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 14,558 | $ | 14,558 | $ | 3,199 | $ | 14,523 | $ | - | |||||||
Energy | - | - | - | 1,166 | - | ||||||||||||
Construction | |||||||||||||||||
Market risk | - | - | - | 214 | - | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 8,728 | 8,728 | 823 | 7,911 | - | ||||||||||||
Commercial | - | - | - | 636 | - | ||||||||||||
Secured by 1-4 family | 765 | 765 | 241 | 784 | - | ||||||||||||
Consumer | 70 | 70 | 11 | 36 | - | ||||||||||||
Leases | 57 | 57 | 9 | 78 | - | ||||||||||||
Total impaired loans with an allowance | |||||||||||||||||
recorded | $ | 24,178 | $ | 24,178 | $ | 4,283 | $ | 25,348 | $ | - | |||||||
Combined: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 21,754 | $ | 21,754 | $ | 3,199 | $ | 18,387 | $ | - | |||||||
Energy | 1,668 | 3,498 | - | 1,907 | - | ||||||||||||
Construction | |||||||||||||||||
Market risk | - | - | - | 4,283 | 114 | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 19,939 | 19,939 | 823 | 16,979 | - | ||||||||||||
Commercial | 529 | 529 | - | 7,739 | - | ||||||||||||
Secured by 1-4 family | 3,277 | 3,277 | 241 | 3,364 | - | ||||||||||||
Consumer | 70 | 70 | 11 | 36 | - | ||||||||||||
Leases | 57 | 57 | 9 | 78 | - | ||||||||||||
Total impaired loans | $ | 47,294 | $ | 49,124 | $ | 4,283 | $ | 52,773 | $ | 114 | |||||||
31-Dec-12 | |||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | |||||||||||||
With no related allowance recorded: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 2,938 | $ | 2,938 | $ | - | $ | 1,409 | $ | - | |||||||
Construction | |||||||||||||||||
Market risk | 17,217 | 17,217 | - | 18,571 | 677 | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 9,061 | 9,061 | - | 7,944 | - | ||||||||||||
Commercial | 6,604 | 6,604 | - | 6,451 | - | ||||||||||||
Secured by 1-4 family | 2,632 | 2,632 | - | 1,827 | - | ||||||||||||
Consumer | - | - | - | - | - | ||||||||||||
Leases | - | - | - | - | - | ||||||||||||
Total impaired loans with no allowance | |||||||||||||||||
recorded | $ | 38,452 | $ | 38,452 | $ | - | $ | 36,202 | $ | 677 | |||||||
With an allowance recorded: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 12,435 | $ | 18,391 | $ | 2,983 | $ | 15,484 | $ | - | |||||||
Construction | |||||||||||||||||
Market risk | 962 | 962 | 14 | 321 | - | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 11,439 | 11,439 | 535 | 11,811 | - | ||||||||||||
Commercial | 2,013 | 2,013 | 89 | 671 | - | ||||||||||||
Secured by 1-4 family | 763 | 763 | 275 | 1,632 | - | ||||||||||||
Consumer | 57 | 57 | 16 | 59 | - | ||||||||||||
Leases | 120 | 120 | 18 | 182 | - | ||||||||||||
Total impaired loans with an allowance | |||||||||||||||||
recorded | $ | 27,789 | $ | 33,745 | $ | 3,930 | $ | 30,160 | $ | - | |||||||
Combined: | |||||||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 15,373 | $ | 21,329 | $ | 2,983 | $ | 16,893 | $ | - | |||||||
Construction | |||||||||||||||||
Market risk | 18,179 | 18,179 | 14 | 18,892 | 677 | ||||||||||||
Real estate | |||||||||||||||||
Market risk | 20,500 | 20,500 | 535 | 19,755 | - | ||||||||||||
Commercial | 8,617 | 8,617 | 89 | 7,122 | - | ||||||||||||
Secured by 1-4 family | 3,395 | 3,395 | 275 | 3,459 | - | ||||||||||||
Consumer | 57 | 57 | 16 | 59 | - | ||||||||||||
Leases | 120 | 120 | 18 | 182 | - | ||||||||||||
Total impaired loans | $ | 66,241 | $ | 72,197 | $ | 3,930 | $ | 66,362 | $ | 677 | |||||||
Schedule of an age analysis of accruing past due loans | ' | ' | |||||||||||||||
Greater | |||||||||||||||||
Than 90 | |||||||||||||||||
30-59 Days | 60-89 Days | Days and | Total Past | ||||||||||||||
Past Due | Past Due | Accruing(1) | Due | Current | Total | ||||||||||||
Commercial | |||||||||||||||||
Business loans | $ | 36,703 | $ | 3,727 | $ | 7,084 | $ | 47,514 | $ | 3,737,690 | $ | 3,785,204 | |||||
Energy | - | 626 | - | 626 | 975,410 | 976,036 | |||||||||||
Construction | |||||||||||||||||
Market risk | 278 | 705 | - | 983 | 1,112,011 | 1,112,994 | |||||||||||
Secured by 1-4 family | - | - | - | - | 12,914 | 12,914 | |||||||||||
Real estate | |||||||||||||||||
Market risk | 4,803 | 790 | 426 | 6,019 | 1,569,299 | 1,575,318 | |||||||||||
Commercial | 2,970 | - | - | 2,970 | 400,002 | 402,972 | |||||||||||
Secured by 1-4 family | 480 | - | - | 480 | 93,672 | 94,152 | |||||||||||
Consumer | 482 | - | - | 482 | 19,067 | 19,549 | |||||||||||
Leases | 4,998 | - | - | 4,998 | 80,881 | 85,879 | |||||||||||
Total loans held for investment | $ | 50,714 | $ | 5,848 | $ | 7,510 | $ | 64,072 | $ | 8,000,946 | $ | 8,065,018 | |||||
Schedule of loans that have been restructured | ' | ' | |||||||||||||||
30-Sep-13 | Pre-Restructuring | Post-Restructuring | |||||||||||||||
Number of | Outstanding Recorded | Outstanding Recorded | |||||||||||||||
Contracts | Investment | Investment | |||||||||||||||
Commercial business loans | 3 | $ | 10,823 | $ | 10,734 | ||||||||||||
Real estate market risk | 1 | 892 | 892 | ||||||||||||||
Total new restructured loans in 2013 | 4 | $ | 11,715 | $ | 11,626 | ||||||||||||
30-Sep-12 | Pre-Restructuring | Post-Restructuring | |||||||||||||||
Number of | Outstanding Recorded | Outstanding Recorded | |||||||||||||||
Contracts | Investment | Investment | |||||||||||||||
Commercial business loans | 1 | $ | 802 | $ | 777 | ||||||||||||
Real estate market risk | 2 | 1,726 | 1,162 | ||||||||||||||
Real estate - 1-4 family | 1 | 1,424 | 1,424 | ||||||||||||||
Total new restructured loans in 2012 | 4 | $ | 3,952 | $ | 3,363 | ||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Extended maturity | $ | 892 | $ | 1,939 | |||||||||||||
Adjusted payment schedule | - | 1,424 | |||||||||||||||
Combination of maturity extension and payment schedule adjustment | 10,734 | - | |||||||||||||||
Total | $ | 11,626 | $ | 3,363 |
OREO_and_Valuation_Allowance_f1
OREO and Valuation Allowance for Losses on OREO (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ||||||||
Schedule of the activity related to OREO | ' | ||||||||
(5) OREO AND VALUATION ALLOWANCE FOR LOSSES ON OREO | |||||||||
The table below presents a summary of the activity related to OREO (in thousands): | |||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Beginning balance | $ | 13,053 | $ | 27,882 | $ | 15,991 | $ | 34,077 | |
Additions | 68 | 0 | 980 | 3,397 | |||||
Sales | -316 | -8,739 | -3,712 | -12,467 | |||||
Valuation allowance for OREO | 0 | 0 | -164 | -3,556 | |||||
Direct write-downs | 0 | -64 | -290 | -2,372 | |||||
Ending balance | $ | 12,805 | $ | 19,079 | $ | 12,805 | $ | 19,079 |
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Risks and Uncertainties [Abstract] | ' | ||||
Schedule of financial instruments with off-balance sheet risk | ' | ||||
30-Sep-13 | 31-Dec-12 | ||||
Commitments to extend credit | $ | 3,545,057 | $ | 2,648,454 | |
Standby letters of credit | 124,259 | 83,429 |
Regulatory_Restrictions_Tables
Regulatory Restrictions (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||
Schedule of compliance with Regulatory Capital Requirements | ' | |||||||
September 30, | December 31, | September 30, | ||||||
2013 | 2012 | 2012 | ||||||
Company | ||||||||
Risk-based capital: | ||||||||
Tier 1 capital | 9.67% | 8.27% | 10.35% | |||||
Total capital | 11.34% | 9.97% | 12.55% | |||||
Leverage | 10.85% | 9.41% | 9.63% | |||||
Bank | ||||||||
Risk-based capital: | ||||||||
Tier 1 capital | 7.91% | 7.17% | 8.93% | |||||
Total capital | 10.42% | 8.50% | 10.41% | |||||
Leverage | 8.88% | 8.16% | 8.30% | |||||
ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock | '600 |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Compensation Related Costs [Abstract] | ' | ||||||||||
Schedule of share-based compensation expense | ' | ||||||||||
(8) STOCK-BASED COMPENSATION | |||||||||||
The fair value of our stock option and stock appreciation right (“SAR”) grants are estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because our employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide the best single measure of the fair value of its employee stock options. | |||||||||||
Stock-based compensation consists of SARs and RSUs that were granted from 2007 through 2013. | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||
Stock- based compensation expense recognized: | |||||||||||
SARs | $ | 130 | $ | 179 | $ | 412 | $ | 554 | |||
RSUs | 923 | 916 | 2,484 | 4,094 | |||||||
Total compensation expense recognized | $ | 1,053 | $ | 1,095 | $ | 2,896 | $ | 4,648 | |||
30-Sep-13 | |||||||||||
(in thousands) | Options | SARs and RSUs | |||||||||
Unrecognized compensation expense related to unvested awards | $ | - | $ | 12,521 | |||||||
Weighted average period over which expense is expected to be | |||||||||||
recognized, in years | - | 3.73 | |||||||||
In connection with the 2010 Long-term Incentive Plan, the Company has issued cash-based performance units. | |||||||||||
A summary of the compensation cost for these units is as follows (in thousands): | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Cash-based performance units | $ | 2,161 | $ | 2,337 | $ | 11,568 | $ | 5,238 | |||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||
Stock- based compensation expense recognized: | |||||||||||
SARs | $ | 130 | $ | 179 | $ | 412 | $ | 554 | |||
RSUs | 923 | 916 | 2,484 | 4,094 | |||||||
Total compensation expense recognized | $ | 1,053 | $ | 1,095 | $ | 2,896 | $ | 4,648 | |||
30-Sep-13 | |||||||||||
(in thousands) | Options | SARs and RSUs | |||||||||
Unrecognized compensation expense related to unvested awards | $ | - | $ | 12,521 | |||||||
Weighted average period over which expense is expected to be | |||||||||||
recognized, in years | - | 3.73 | |||||||||
In connection with the 2010 Long-term Incentive Plan, the Company has issued cash-based performance units. | |||||||||||
A summary of the compensation cost for these units is as follows (in thousands): | |||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Cash-based performance units | $ | 2,161 | $ | 2,337 | $ | 11,568 | $ | 5,238 | |||
The compensation cost for the nine months ended September, 2013, includes approximately $4.1 million related to a charge taken to reflect the financial effect of the organizational changes announced during the second quarter of 2013 and includes assumptions about future payouts that may or may not happen. Additionally, there was another $2.2 million of charges related to the increased probability that certain performance targets for executive cash based incentives will be met, reflecting the increase in our stock price. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring and nonrecurring basis | ' | ' | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||
30-Sep-13 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Available for sale securities:(1) | ||||||||||||||||||
Residential mortgage-backed securities | $ | - | $ | 45,078 | $ | - | ||||||||||||
Municipals | - | 15,409 | - | |||||||||||||||
Equity securities | - | 7,328 | - | |||||||||||||||
Loans(2) (4) | - | - | 12,658 | |||||||||||||||
OREO(3) (4) | - | - | 12,805 | |||||||||||||||
Derivative asset(5) | - | 13,886 | - | |||||||||||||||
Derivative liability(5) | - | -13,886 | - | |||||||||||||||
31-Dec-12 | ||||||||||||||||||
Available for sale securities:(1) | ||||||||||||||||||
Residential mortgage-backed securities | $ | - | $ | 61,581 | $ | - | ||||||||||||
Corporate securities | - | 5,080 | - | |||||||||||||||
Municipals | - | 25,894 | - | |||||||||||||||
Equity securities | - | 7,640 | - | |||||||||||||||
Loans(2) (4) | - | - | 11,639 | |||||||||||||||
OREO(3) (4) | - | - | 15,991 | |||||||||||||||
Derivative asset(5) | - | 28,473 | - | |||||||||||||||
Derivative liability(5) | - | -28,473 | - | |||||||||||||||
Schedule of a summary of the carrying amounts and estimated fair values of financial instruments | ' | ' | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||
Cash and cash equivalents | $ | 195,058 | $ | 195,058 | $ | 206,348 | $ | 206,348 | ||||||||||
Securities, available-for-sale | 67,815 | 67,815 | 100,195 | 100,195 | ||||||||||||||
Loans held for sale | 2,262,085 | 2,262,085 | 3,175,272 | 3,175,272 | ||||||||||||||
Loans held for sale from discontinued operations | 296 | 296 | 302 | 302 | ||||||||||||||
Loans held for investment, net | 7,967,322 | 7,962,217 | 6,711,198 | 6,714,031 | ||||||||||||||
Derivative asset | 13,886 | 13,886 | 28,473 | 28,473 | ||||||||||||||
Deposits | 8,957,081 | 8,958,305 | 7,440,804 | 7,441,240 | ||||||||||||||
Federal funds purchased | 169,794 | 169,794 | 273,179 | 273,179 | ||||||||||||||
Borrowings | 279,930 | 279,931 | 1,673,982 | 1,673,983 | ||||||||||||||
Subordinated notes | 111,000 | 98,130 | 111,000 | 112,757 | ||||||||||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | 113,406 | 113,406 | ||||||||||||||
Derivative liability | 13,886 | 13,886 | 28,473 | 28,473 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Schedule of notional amounts and estimated fair values of interest rate derivatives | ' | ||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||
Notional Amount | Estimated Fair Value | Notional Amount | Estimated Fair Value | ||||||||
Non-hedging interest rate derivative: | |||||||||||
Commercial loan/lease interest rate swaps | $ | 719,755 | $ | 13,250 | $ | 523,216 | $ | 28,469 | |||
Commercial loan/lease interest rate swaps | -719,755 | -13,250 | -523,216 | -28,469 | |||||||
Commercial loan/lease interest rate caps | -67,461 | -636 | -42,380 | -4 | |||||||
Commercial loan/lease interest rate caps | 67,461 | 636 | 42,380 | 4 | |||||||
Schedule of the weighted-average receive and pay interest rate swaps | ' | ||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||
Weighted-Average Interest Rate | Weighted-Average Interest Rate | ||||||||||
Received | Paid | Received | Paid | ||||||||
Non-hedging interest rate swaps | 4.89% | 3.17% | 4.76% | 3.11% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income from continuing operations | $33,474 | $32,570 | $90,690 | $89,274 |
Preferred stock dividends | 2,437 | 0 | 4,956 | 0 |
Net income from continuing operations available to common shareholders | 31,037 | 32,570 | 85,734 | 89,274 |
Income (loss) from discontinued operations | 2 | -34 | 2 | -31 |
Net income available to common shareholders | $31,039 | $32,536 | $85,736 | $89,243 |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share - weighted average shares | 40,901,867 | 39,618,007 | 40,824,223 | 38,513,515 |
Effect of employee stock-based awards | 375,773 | 632,790 | 415,867 | 677,782 |
Effect of warrants to purchase common stock | 514,034 | 504,936 | 502,294 | 459,898 |
Denominator for dilutive earnings per share - adjusted weighted average shares and assumed conversions | 41,791,674 | 40,755,733 | 41,742,384 | 39,651,195 |
Basic earnings per common share from continuing operations | $0.76 | $0.82 | $2.10 | $2.32 |
Basic earnings per common share | $0.76 | $0.82 | $2.10 | $2.32 |
Diluted earnings per share from continuing operations | $0.74 | $0.80 | $2.05 | $2.25 |
Diluted earnings per common share | $0.74 | $0.80 | $2.05 | $2.25 |
Stock options exluded from computation of EPS | ' | ' | 98,000 | 47,000 |
Securities_Details
Securities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities [Abstract] | ' | ' |
Available-for-sale Securities, Gross Unrealized Gains | $2,942 | $5,034 |
Available for Sale Securities, net unrealized gain as percent of amortized cost | 4.23% | 5.02% |
Summary of Available-for-Sale Securities | ' | ' |
Amortized Cost | 65,064 | 95,161 |
Gross Unrealized Gains | 2,942 | 5,034 |
Gross Unrealized Losses | 191 | 0 |
Estimated Fair Value | 67,815 | 100,195 |
Residential mortgage-backed securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Available-for-sale Securities, Gross Unrealized Gains | 2,735 | 4,239 |
Summary of Available-for-Sale Securities | ' | ' |
Amortized Cost | 42,343 | 57,342 |
Gross Unrealized Gains | 2,735 | 4,239 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 45,078 | 61,581 |
Corporate securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 80 |
Summary of Available-for-Sale Securities | ' | ' |
Amortized Cost | 0 | 5,000 |
Gross Unrealized Gains | 0 | 80 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 5,080 |
Municipals | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Available-for-sale Securities, Gross Unrealized Gains | 207 | 594 |
Summary of Available-for-Sale Securities | ' | ' |
Amortized Cost | 15,202 | 25,300 |
Gross Unrealized Gains | 207 | 594 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 15,409 | 25,894 |
Equity securities | ' | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 121 |
Summary of Available-for-Sale Securities | ' | ' |
Amortized Cost | 7,519 | 7,519 |
Gross Unrealized Gains | 0 | 121 |
Gross Unrealized Losses | 191 | 0 |
Estimated Fair Value | $7,328 | $7,640 |
Securities_Details_1
Securities (Details 1) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
The amortized cost and fair value of available-for-sale securites by maturity | ' | ' |
Available-for-sale Securities, Amortized Cost Basis, Total | $65,064,000 | $95,161,000 |
Estimated Fair Value | 67,815,000 | 100,195,000 |
Weighted average yield, Total | 4.04% | ' |
Available-for-sale Securities, Other Disclosure Items | ' | ' |
Federal Tax Rate | 35.00% | ' |
Available-for-sale Securities Pledged as Collateral | 49,500,000 | ' |
Residential mortgage-backed securities | ' | ' |
The amortized cost and fair value of available-for-sale securites by maturity | ' | ' |
Amortized cost, Less Than One Year | 445,000 | 656,000 |
Amortized cost, After One Through Five Years | 16,140,000 | 5,698,000 |
Amortized cost, After Five Through Ten Years | 8,712,000 | 23,111,000 |
Amortized cost, After Ten Years | 17,046,000 | 27,877,000 |
Available-for-sale Securities, Amortized Cost Basis, Total | 42,343,000 | 57,342,000 |
Estimated fair value, Less Than One Year | 473,000 | 690,000 |
Estimated fair value, After One Through Five Years | 17,126,000 | 6,113,000 |
Estimated fair value, After Five Through Ten Years | 9,464,000 | 24,948,000 |
Estimated fair value, After Ten Years | 18,015,000 | 29,830,000 |
Estimated Fair Value | 45,078,000 | 61,581,000 |
Weighted average yield, Less Than One Year | 4.28% | 4.20% |
Weighted average yield, After One Through Five Years | 4.78% | 5.29% |
Weighted average yield, After Five Through Ten Years | 5.55% | 4.86% |
Weighted average yield, After Ten Years | 2.55% | 3.41% |
Weighted average yield, Total | ' | 4.19% |
Corporate securities | ' | ' |
The amortized cost and fair value of available-for-sale securites by maturity | ' | ' |
Amortized cost, Less Than One Year | ' | 5,000,000 |
Amortized cost, After One Through Five Years | ' | 0 |
Amortized cost, After Five Through Ten Years | ' | 0 |
Amortized cost, After Ten Years | ' | 0 |
Available-for-sale Securities, Amortized Cost Basis, Total | 0 | 5,000,000 |
Estimated fair value, Less Than One Year | ' | 5,080,000 |
Estimated fair value, After One Through Five Years | ' | 0 |
Estimated fair value, After Five Through Ten Years | ' | 0 |
Estimated fair value, After Ten Years | ' | 0 |
Estimated Fair Value | 0 | 5,080,000 |
Weighted average yield, Less Than One Year | 0.00% | 7.38% |
Weighted average yield, After One Through Five Years | 0.00% | 0.00% |
Weighted average yield, After Five Through Ten Years | 0.00% | 0.00% |
Weighted average yield, After Ten Years | 0.00% | 0.00% |
Weighted average yield, Total | 0.00% | 7.38% |
Municipals | ' | ' |
The amortized cost and fair value of available-for-sale securites by maturity | ' | ' |
Amortized cost, Less Than One Year | 8,550,000 | 6,575,000 |
Amortized cost, After One Through Five Years | 6,652,000 | 16,448,000 |
Amortized cost, After Five Through Ten Years | 0 | 2,277,000 |
Amortized cost, After Ten Years | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis, Total | 15,202,000 | 25,300,000 |
Estimated fair value, Less Than One Year | 8,679,000 | 6,646,000 |
Estimated fair value, After One Through Five Years | 6,730,000 | 16,895,000 |
Estimated fair value, After Five Through Ten Years | 0 | 2,353,000 |
Estimated fair value, After Ten Years | 0 | 0 |
Estimated Fair Value | 15,409,000 | 25,894,000 |
Weighted average yield, Less Than One Year | 5.75% | 5.75% |
Weighted average yield, After One Through Five Years | 5.70% | 5.66% |
Weighted average yield, After Five Through Ten Years | 0.00% | 6.01% |
Weighted average yield, After Ten Years | 0.00% | 0.00% |
Weighted average yield, Total | 5.73% | 5.72% |
Equity securities | ' | ' |
The amortized cost and fair value of available-for-sale securites by maturity | ' | ' |
Amortized cost, Less Than One Year | 7,519,000 | 7,519,000 |
Amortized cost, After One Through Five Years | 0 | 0 |
Amortized cost, After Five Through Ten Years | 0 | 0 |
Amortized cost, After Ten Years | 0 | 0 |
Available-for-sale Securities, Amortized Cost Basis, Total | 7,519,000 | 7,519,000 |
Estimated fair value, Less Than One Year | 7,328,000 | 7,640,000 |
Estimated fair value, After One Through Five Years | 0 | 0 |
Estimated fair value, After Five Through Ten Years | 0 | 0 |
Estimated fair value, After Ten Years | 0 | 0 |
Estimated Fair Value | 7,328,000 | 7,640,000 |
Deposits | ' | ' |
Available-for-sale Securities, Other Disclosure Items | ' | ' |
Available-for-sale Securities Pledged as Collateral | 8,400,000 | ' |
Customer repurchase agreements | ' | ' |
Available-for-sale Securities, Other Disclosure Items | ' | ' |
Available-for-sale Securities Pledged as Collateral | $41,100,000 | ' |
Securities_Details_2
Securities (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Available-for-sale Securities, Continuous Unrealized Loss Position | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $7,328 | ' | $7,328 | ' |
Unrealized Loss, Total | 191 | ' | 191 | ' |
Comprehensive income | 33,131 | 32,285 | 89,208 | 88,399 |
Change in unrealized gain on available-for-sale securities, net of taxes of $100 (unaudited) | -345 | -251 | -1,484 | -844 |
Equity securities | ' | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position | ' | ' | ' | ' |
Fair Value, Less Than 12 Months | 7,328 | ' | 7,328 | ' |
Unrealized Loss, Less Than 12 Months | 191 | ' | 191 | ' |
Fair Value, 12 Months or Longer | 0 | ' | 0 | ' |
Unrealized Loss, 12 Months or Longer | $0 | ' | $0 | ' |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
Loans and Leases Receivable, Net Reported Amount | ' | ' | ' | ' |
Commercial | $4,782,234,000 | $4,106,419,000 | $4,782,234,000 | ' |
Construction | 1,125,908,000 | 737,637,000 | 1,125,908,000 | ' |
Real Estate | 2,087,058,000 | 1,892,451,000 | 2,087,058,000 | ' |
Consumer | 19,619,000 | 19,493,000 | 19,619,000 | ' |
Leases | 85,936,000 | 69,470,000 | 85,936,000 | ' |
Loans and Leases Receivable, Gross, Total | 8,100,755,000 | 6,825,470,000 | 8,100,755,000 | ' |
Deferred inocme (net of origination costs) | 49,427,000 | 39,935,000 | ' | ' |
Allowance for loan losses | -84,006,000 | -74,337,000 | -73,722,000 | -70,295,000 |
Loans held for investment, net | 7,967,322,000 | 6,711,198,000 | ' | ' |
Loans held for sale | 2,262,085,000 | 3,175,272,000 | ' | ' |
Total | 10,229,407,000 | 9,886,470,000 | ' | ' |
Mortgage Finance loan participations | $133,900,000 | $436,000,000 | ' | ' |
Loans_and_Allowances_for_Credi
Loans and Allowances for Credit Losses - Credit Risk Profile (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Commercial | $4,782,234 | $4,106,419 | $4,782,234 |
Construction | 1,125,908 | 737,637 | 1,125,908 |
Real Estate | 2,087,058 | 1,892,451 | 2,087,058 |
Consumer | 19,619 | 19,493 | 19,619 |
Leases | 85,936 | 69,470 | 85,936 |
Total loans held for investment | 8,100,755 | 6,825,470 | 8,100,755 |
Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Commercial | ' | 33,137 | 34,144 |
Construction | ' | 11,957 | 2,909 |
Real Estate | ' | 12,461 | 39,170 |
Consumer | ' | 0 | 0 |
Leases | ' | 919 | 1,914 |
Total loans held for investment | ' | 58,474 | 78,137 |
Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Commercial | ' | 44,371 | 52,550 |
Construction | ' | 4,790 | 808 |
Real Estate | ' | 40,897 | 31,447 |
Consumer | ' | 0 | 0 |
Leases | ' | 104 | 4,776 |
Total loans held for investment | ' | 90,162 | 89,581 |
Pass [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Commercial | ' | 4,013,538 | 4,674,546 |
Construction | ' | 703,673 | 1,122,191 |
Real Estate | ' | 1,816,027 | 2,001,825 |
Consumer | ' | 19,436 | 19,549 |
Leases | ' | 68,327 | 79,189 |
Total loans held for investment | ' | 6,621,001 | 7,897,300 |
Nonperforming Financing Receivable [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Commercial | ' | 15,373 | 20,994 |
Construction | ' | 17,217 | 0 |
Real Estate | ' | 23,066 | 14,616 |
Consumer | ' | 57 | 70 |
Leases | ' | 120 | 57 |
Total loans held for investment | ' | $55,833 | $35,737 |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses (Details 1) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Reserve for loan losses: | ' | ' |
Loans and Leases Receivable, Allowance, Beginning Balance | $74,337 | $70,295 |
Loans charged-off | 5,161 | 3,782 |
Recoveries | 1,531 | 1,191 |
Net charge-offs | 3,630 | 2,591 |
Provision for loan losses | 13,299 | 6,018 |
Loans and Leases Receivable, Allowance, Ending Balance | $84,006 | $73,722 |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses (Details 2) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Allowance, Beginning Balance | $74,337 | $70,295 |
Provision for possible loan losses | 13,299 | 6,018 |
Loans charged-off | 5,161 | 3,782 |
Recoveries | 1,531 | 1,191 |
Net charge-offs | 3,630 | 2,591 |
Loans and Leases Receivable, Allowance, Ending Balance | 84,006 | 73,722 |
Period end amount allocated to: | ' | ' |
Period end allowance for loan loss allocated to loans individually evaluated for impairment | 4,283 | 5,984 |
Period end allowance for loan loss allocated to loans collectively evaluated for impairment | 79,723 | 67,738 |
Commercial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Allowance, Beginning Balance | 21,547 | 17,337 |
Provision for possible loan losses | 15,707 | 4,575 |
Loans charged-off | 4,970 | 2,664 |
Recoveries | 978 | 482 |
Net charge-offs | 3,992 | 2,182 |
Loans and Leases Receivable, Allowance, Ending Balance | 33,262 | 19,730 |
Period end amount allocated to: | ' | ' |
Period end allowance for loan loss allocated to loans individually evaluated for impairment | 3,199 | 5,149 |
Period end allowance for loan loss allocated to loans collectively evaluated for impairment | 30,063 | 14,581 |
Construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Allowance, Beginning Balance | 12,097 | 7,845 |
Provision for possible loan losses | 1,866 | 3,258 |
Loans charged-off | 0 | 0 |
Recoveries | 0 | 10 |
Net charge-offs | 0 | -10 |
Loans and Leases Receivable, Allowance, Ending Balance | 13,963 | 11,113 |
Period end amount allocated to: | ' | ' |
Period end allowance for loan loss allocated to loans individually evaluated for impairment | 0 | 0 |
Period end allowance for loan loss allocated to loans collectively evaluated for impairment | 13,963 | 11,113 |
Real Estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Allowance, Beginning Balance | 30,893 | 33,721 |
Provision for possible loan losses | -4,793 | -2,840 |
Loans charged-off | 144 | 899 |
Recoveries | 210 | 586 |
Net charge-offs | -66 | 313 |
Loans and Leases Receivable, Allowance, Ending Balance | 26,166 | 30,568 |
Period end amount allocated to: | ' | ' |
Period end allowance for loan loss allocated to loans individually evaluated for impairment | 1,064 | 775 |
Period end allowance for loan loss allocated to loans collectively evaluated for impairment | 25,102 | 29,793 |
Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Allowance, Beginning Balance | 226 | 223 |
Provision for possible loan losses | 25 | 6 |
Loans charged-off | 45 | 49 |
Recoveries | 64 | 26 |
Net charge-offs | -19 | 23 |
Loans and Leases Receivable, Allowance, Ending Balance | 270 | 206 |
Period end amount allocated to: | ' | ' |
Period end allowance for loan loss allocated to loans individually evaluated for impairment | 11 | 18 |
Period end allowance for loan loss allocated to loans collectively evaluated for impairment | 259 | 188 |
Leases | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Allowance, Beginning Balance | 2,460 | 2,356 |
Provision for possible loan losses | -4 | 417 |
Loans charged-off | 2 | 170 |
Recoveries | 279 | 87 |
Net charge-offs | -277 | 83 |
Loans and Leases Receivable, Allowance, Ending Balance | 2,733 | 2,690 |
Period end amount allocated to: | ' | ' |
Period end allowance for loan loss allocated to loans individually evaluated for impairment | 9 | 42 |
Period end allowance for loan loss allocated to loans collectively evaluated for impairment | 2,724 | 2,648 |
Unallocated | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Loans and Leases Receivable, Allowance, Beginning Balance | 7,114 | 8,813 |
Provision for possible loan losses | 498 | 602 |
Loans charged-off | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Loans and Leases Receivable, Allowance, Ending Balance | 7,612 | 9,415 |
Period end amount allocated to: | ' | ' |
Period end allowance for loan loss allocated to loans individually evaluated for impairment | 0 | 0 |
Period end allowance for loan loss allocated to loans collectively evaluated for impairment | $7,612 | $9,415 |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
AccountsNotesAndLoansReceivableLineItems | ' | ' | ' |
Loans individually evaluated for impairment | $47,294 | $66,241 | $66,420 |
Loans collectively evaluated for impairment | 8,053,461 | 6,759,229 | 6,520,526 |
Commercial | ' | ' | ' |
AccountsNotesAndLoansReceivableLineItems | ' | ' | ' |
Loans individually evaluated for impairment | 23,422 | 15,373 | 17,653 |
Loans collectively evaluated for impairment | 4,758,812 | 4,091,046 | 4,021,302 |
Construction | ' | ' | ' |
AccountsNotesAndLoansReceivableLineItems | ' | ' | ' |
Loans individually evaluated for impairment | 0 | 18,179 | 19,248 |
Loans collectively evaluated for impairment | 1,125,908 | 719,458 | 630,127 |
Real Estate | ' | ' | ' |
AccountsNotesAndLoansReceivableLineItems | ' | ' | ' |
Loans individually evaluated for impairment | 23,745 | 32,512 | 29,246 |
Loans collectively evaluated for impairment | 2,063,313 | 1,859,939 | 1,775,188 |
Consumer | ' | ' | ' |
AccountsNotesAndLoansReceivableLineItems | ' | ' | ' |
Loans individually evaluated for impairment | 70 | 57 | 60 |
Loans collectively evaluated for impairment | 19,549 | 19,436 | 19,915 |
Leases | ' | ' | ' |
AccountsNotesAndLoansReceivableLineItems | ' | ' | ' |
Loans individually evaluated for impairment | 57 | 120 | 213 |
Loans collectively evaluated for impairment | $85,879 | $69,350 | $73,994 |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses (Details 4) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | $35,737 | $55,833 |
Commercial | Business loans | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 20,994 | 15,373 |
Commercial | Energy | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 0 | 0 |
Construction | Market risk | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 0 | 17,217 |
Real estate | Market risk | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 11,983 | 11,054 |
Real estate | Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 529 | 8,617 |
Real estate | Secured by 1-4 family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 2,104 | 3,395 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 70 | 57 |
Leases | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | $57 | $120 |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses (Details 5) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Commercial | Energy | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | ' | ' | $0 |
With no related allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 23,116 | ' | 38,452 |
Unpaid Principal Balance | 24,946 | ' | 38,452 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 27,425 | ' | 36,202 |
Interest Income Recognized | 114 | ' | 677 |
With no related allowance recorded | Commercial | Business loans | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 7,196 | ' | 2,938 |
Unpaid Principal Balance | 7,196 | ' | 2,938 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 3,864 | ' | 1,409 |
Interest Income Recognized | 0 | ' | 0 |
With no related allowance recorded | Commercial | Energy | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 1,668 | ' | ' |
Unpaid Principal Balance | 3,498 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 741 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With no related allowance recorded | Commercial | Other | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With no related allowance recorded | Construction | Other | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With no related allowance recorded | Construction | Market risk | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 17,217 |
Unpaid Principal Balance | 0 | ' | 17,217 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 4,069 | ' | 18,571 |
Interest Income Recognized | 114 | ' | 677 |
With no related allowance recorded | Construction | Secured by 1-4 family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With no related allowance recorded | Real estate | Market risk | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 11,211 | ' | 9,061 |
Unpaid Principal Balance | 11,211 | ' | 9,061 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 9,068 | ' | 7,944 |
Interest Income Recognized | 0 | ' | 0 |
With no related allowance recorded | Real estate | Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 529 | ' | 6,604 |
Unpaid Principal Balance | 529 | ' | 6,604 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 7,103 | ' | 6,451 |
Interest Income Recognized | 0 | ' | 0 |
With no related allowance recorded | Real estate | Secured by 1-4 family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 2,512 | ' | 2,632 |
Unpaid Principal Balance | 2,512 | ' | 2,632 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 2,580 | ' | 1,827 |
Interest Income Recognized | 0 | ' | 0 |
With no related allowance recorded | Consumer | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With no related allowance recorded | Leases | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 24,178 | ' | 27,789 |
Unpaid Principal Balance | 24,178 | ' | 33,745 |
Related Allowance | 4,283 | ' | 3,930 |
Average Recorded Investment | 25,348 | ' | 30,160 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Commercial | Business loans | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 14,558 | ' | 12,435 |
Unpaid Principal Balance | 14,558 | ' | 18,391 |
Related Allowance | 3,199 | ' | 2,983 |
Average Recorded Investment | 14,523 | ' | 15,484 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Commercial | Energy | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 1,166 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Commercial | Other | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Construction | Other | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Construction | Market risk | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 962 |
Unpaid Principal Balance | 0 | ' | 962 |
Related Allowance | 0 | ' | 14 |
Average Recorded Investment | 214 | ' | 321 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Construction | Secured by 1-4 family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Real estate | Market risk | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 8,728 | ' | 11,439 |
Unpaid Principal Balance | 8,728 | ' | 11,439 |
Related Allowance | 823 | ' | 535 |
Average Recorded Investment | 7,911 | ' | 11,811 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Real estate | Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 2,013 |
Unpaid Principal Balance | 0 | ' | 2,013 |
Related Allowance | 0 | ' | 89 |
Average Recorded Investment | 636 | ' | 671 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Real estate | Secured by 1-4 family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 765 | ' | 763 |
Unpaid Principal Balance | 765 | ' | 763 |
Related Allowance | 241 | ' | 275 |
Average Recorded Investment | 784 | ' | 1,632 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Consumer | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 70 | ' | 57 |
Unpaid Principal Balance | 70 | ' | 57 |
Related Allowance | 11 | ' | 16 |
Average Recorded Investment | 36 | ' | 59 |
Interest Income Recognized | 0 | ' | 0 |
With an allowance recorded | Leases | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 57 | ' | 120 |
Unpaid Principal Balance | 57 | ' | 120 |
Related Allowance | 9 | ' | 18 |
Average Recorded Investment | 78 | ' | 182 |
Interest Income Recognized | 0 | ' | 0 |
Combined | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 47,294 | ' | 66,241 |
Unpaid Principal Balance | 49,124 | ' | 72,197 |
Related Allowance | 4,283 | ' | 3,930 |
Average Recorded Investment | 52,773 | 69,100 | 66,362 |
Interest Income Recognized | 114 | ' | 677 |
Combined | Commercial | Business loans | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 21,754 | ' | 15,373 |
Unpaid Principal Balance | 21,754 | ' | 21,329 |
Related Allowance | 3,199 | ' | 2,983 |
Average Recorded Investment | 18,387 | ' | 16,893 |
Interest Income Recognized | 0 | ' | 0 |
Combined | Commercial | Energy | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 1,668 | ' | 0 |
Unpaid Principal Balance | 3,498 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 1,907 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
Combined | Commercial | Other | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
Combined | Construction | Other | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | 0 |
Interest Income Recognized | 0 | ' | 0 |
Combined | Construction | Market risk | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 18,179 |
Unpaid Principal Balance | 0 | ' | 18,179 |
Related Allowance | 0 | ' | 14 |
Average Recorded Investment | 4,283 | ' | 18,892 |
Interest Income Recognized | 114 | ' | 677 |
Combined | Construction | Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Average Recorded Investment | ' | ' | 0 |
Combined | Construction | Secured by 1-4 family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment | 0 | ' | ' |
Interest Income Recognized | 0 | ' | 0 |
Combined | Real estate | Market risk | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 19,939 | ' | 20,500 |
Unpaid Principal Balance | 19,939 | ' | 20,500 |
Related Allowance | 823 | ' | 535 |
Average Recorded Investment | 16,979 | ' | 19,755 |
Interest Income Recognized | 0 | ' | 0 |
Combined | Real estate | Commercial | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 529 | ' | 8,617 |
Unpaid Principal Balance | 529 | ' | 8,617 |
Related Allowance | 0 | ' | 89 |
Average Recorded Investment | 7,739 | ' | 7,122 |
Interest Income Recognized | 0 | ' | 0 |
Combined | Real estate | Secured by 1-4 family | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 3,277 | ' | 3,395 |
Unpaid Principal Balance | 3,277 | ' | 3,395 |
Related Allowance | 241 | ' | 275 |
Average Recorded Investment | 3,364 | ' | 3,459 |
Interest Income Recognized | 0 | ' | 0 |
Combined | Consumer | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 70 | ' | 57 |
Unpaid Principal Balance | 70 | ' | 57 |
Related Allowance | 11 | ' | 16 |
Average Recorded Investment | 36 | ' | 59 |
Interest Income Recognized | 0 | ' | 0 |
Combined | Leases | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 57 | ' | 120 |
Unpaid Principal Balance | 57 | ' | 120 |
Related Allowance | 9 | ' | 18 |
Average Recorded Investment | 78 | ' | 182 |
Interest Income Recognized | $0 | ' | $0 |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses (Details 6) (USD $) | Sep. 30, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | $50,714,000 |
60-89 Days Past Due | 5,848,000 |
Financing Receivable, Recorded Investment, Past Due, Total | 64,072,000 |
Current | 8,000,946,000 |
Total loans held for investment | 8,065,018,000 |
Greater Than 90 Days and Accruing | 7,510,000 |
Greater Than 90 Days and Accruing, premium finance loans | 3,100,000 |
Commercial | Business loans | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | 36,703,000 |
60-89 Days Past Due | 3,727,000 |
Financing Receivable, Recorded Investment, Past Due, Total | 47,514,000 |
Current | 3,737,690,000 |
Total loans held for investment | 3,785,204,000 |
Greater Than 90 Days and Accruing | 7,084,000 |
Commercial | Energy | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | 0 |
60-89 Days Past Due | 626,000 |
Financing Receivable, Recorded Investment, Past Due, Total | 626,000 |
Current | 975,410,000 |
Total loans held for investment | 976,036,000 |
Greater Than 90 Days and Accruing | 0 |
Construction | Market risk | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | 278,000 |
60-89 Days Past Due | 705,000 |
Financing Receivable, Recorded Investment, Past Due, Total | 983,000 |
Current | 1,112,011,000 |
Total loans held for investment | 1,112,994,000 |
Greater Than 90 Days and Accruing | 0 |
Construction | Secured by 1-4 family | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | 0 |
60-89 Days Past Due | 0 |
Financing Receivable, Recorded Investment, Past Due, Total | 0 |
Current | 12,914,000 |
Total loans held for investment | 12,914,000 |
Greater Than 90 Days and Accruing | 0 |
Real estate | Market risk | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | 4,803,000 |
60-89 Days Past Due | 790,000 |
Financing Receivable, Recorded Investment, Past Due, Total | 6,019,000 |
Current | 1,569,299,000 |
Total loans held for investment | 1,575,318,000 |
Greater Than 90 Days and Accruing | 426,000 |
Real estate | Commercial | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | 2,970,000 |
60-89 Days Past Due | 0 |
Financing Receivable, Recorded Investment, Past Due, Total | 2,970,000 |
Current | 400,002,000 |
Total loans held for investment | 402,972,000 |
Greater Than 90 Days and Accruing | 0 |
Real estate | Secured by 1-4 family | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | 480,000 |
60-89 Days Past Due | 0 |
Financing Receivable, Recorded Investment, Past Due, Total | 480,000 |
Current | 93,672,000 |
Total loans held for investment | 94,152,000 |
Greater Than 90 Days and Accruing | 0 |
Consumer | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | 482,000 |
60-89 Days Past Due | 0 |
Financing Receivable, Recorded Investment, Past Due, Total | 482,000 |
Current | 19,067,000 |
Total loans held for investment | 19,549,000 |
Greater Than 90 Days and Accruing | 0 |
Leases | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' |
30-59 Days Past Due | 4,998,000 |
60-89 Days Past Due | 0 |
Financing Receivable, Recorded Investment, Past Due, Total | 4,998,000 |
Current | 80,881,000 |
Total loans held for investment | 85,879,000 |
Greater Than 90 Days and Accruing | $0 |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses (Details 7) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 4 | ' | 4 |
Pre-Restructuring Outstanding Recorded Investment | $11,715,000 | ' | $3,952,000 |
Post-Restructuring Outstanding Recorded Investment | 11,626,000 | ' | 3,363,000 |
Loans considered restructured that are not already on nonaccrual | 4,700,000 | 10,400,000 | ' |
Unfunded commitments on restructured loans not on nonaccrual | ' | 599,000 | ' |
Nonaccrual loans that met the criteria for restructured | 24,200,000 | 19,600,000 | ' |
Real estate loan that subsequently defaulted | Market risk | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 1 | ' | ' |
Post-Restructuring Outstanding Recorded Investment | 2,453,000 | ' | ' |
Commercial | Business loans | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 3 | ' | 1 |
Pre-Restructuring Outstanding Recorded Investment | 10,823,000 | ' | 802,000 |
Post-Restructuring Outstanding Recorded Investment | 10,734,000 | ' | 777,000 |
Commercial | Real estate loan that subsequently defaulted | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 1 | ' | ' |
Post-Restructuring Outstanding Recorded Investment | 814,000 | ' | ' |
Construction | Market risk | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Pre-Restructuring Outstanding Recorded Investment | 892,000 | ' | ' |
Real estate | Market risk | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 1 | ' | 2 |
Pre-Restructuring Outstanding Recorded Investment | ' | ' | 1,726,000 |
Post-Restructuring Outstanding Recorded Investment | 892,000 | ' | 1,162,000 |
Real estate | Secured by 1-4 family | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | ' | ' | 1 |
Pre-Restructuring Outstanding Recorded Investment | ' | ' | 1,424,000 |
Post-Restructuring Outstanding Recorded Investment | ' | ' | $1,424,000 |
Recovered_Sheet1
Loans and Allowance for Credit Losses - TDR Summary (Details 8) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Recorded Investment | $11,626 | $3,363 |
Extended maturity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Recorded Investment | 892 | 1,939 |
Adjusted interest rates [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Recorded Investment | 0 | 1,424 |
Combination of rate and maturity [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Recorded Investment | 10,734 | 0 |
Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable, Modifications, Recorded Investment | $0 | $0 |
OREO_and_Valuation_Allowance_f2
OREO and Valuation Allowance for Losses on OREO (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ' | ' | ' | ' |
Beginning balance | $13,053 | $27,882 | $15,991 | $34,077 |
Additions | 68 | 0 | 980 | 3,397 |
Sales | 316 | 8,739 | 3,712 | 12,467 |
Valuation allowance for OREO | 0 | 0 | 164 | 3,556 |
Real Estate Acquired Through Foreclosure Direct Write Offs | 0 | -64 | -290 | -2,372 |
Ending balance | $12,805 | $19,079 | $12,805 | $19,079 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments to extend credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $3,545,057 | $2,648,454 |
Standby letters of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $124,259 | $83,429 |
Regulatory_Restrictions_Detail
Regulatory Restrictions (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Total capital (to risk weighted assets), actual ratio | 11.34% | 9.97% | 12.55% |
Tier 1 capital (to risk-weighted assets), actual ratio | 9.67% | 8.27% | 10.35% |
Tier 1 capital (to average assets), actual ratio | 10.85% | 9.41% | 9.63% |
Bank | ' | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' |
Total capital (to risk weighted assets), actual ratio | 10.42% | 8.50% | 10.41% |
Tier 1 capital (to risk-weighted assets), actual ratio | 7.91% | 7.17% | 8.93% |
Tier 1 capital (to average assets), actual ratio | 8.88% | 8.16% | 8.30% |
Regulatory_Restrictions_Detail1
Regulatory Restrictions (Details 1) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Loans Held-for-sale, Mortgages | $2,262,085,000 | ' | $3,175,272,000 |
Loans and Leases Receivable, Net of Deferred Income | 8,051,328,000 | ' | 6,785,535,000 |
Loans And Leases Receivable Net Reported Amount Including Loans Held For Sale | 10,229,407,000 | ' | 9,886,470,000 |
Net Originations And Proceeds Of Loans Held For Sale | 913,200,000 | -738,500,000 | ' |
Financial Reporting | ' | ' | ' |
Loans Held-for-sale, Mortgages | 2,262,085,000 | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 7,967,322,000 | ' | ' |
Loans And Leases Receivable Net Reported Amount Including Loans Held For Sale | 10,229,407,000 | ' | ' |
Adjustment | ' | ' | ' |
Loans Held-for-sale, Mortgages | -2,262,085,000 | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 2,262,085,000 | ' | ' |
Loans And Leases Receivable Net Reported Amount Including Loans Held For Sale | 0 | ' | ' |
Call Report | ' | ' | ' |
Loans Held-for-sale, Mortgages | 0 | ' | ' |
Loans and Leases Receivable, Net of Deferred Income | 10,229,407,000 | ' | ' |
Loans And Leases Receivable Net Reported Amount Including Loans Held For Sale | $10,229,407,000 | ' | ' |
Employee_Benefits_Details_3
Employee Benefits (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted stock units, additional disclosures | ' | ' | ' | ' |
Compensation expense | $1,053,000 | $1,095,000 | $2,896,000 | $4,648,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 12,521,000 | ' | 12,521,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '3 years 8 months | ' |
Excess tax benefits from stock-based compensation arrangements | ' | ' | 355,000 | 16,493,000 |
Tax expense related to exercise of stock options | ' | ' | 124,000 | 5,773,000 |
Charge taken to reflect the financial effect of executive organizational changes | ' | ' | 4,100,000 | ' |
Charge taken related to the increased probability that certain performance targets for executive incentives will be met | ' | ' | 2,200,000 | ' |
RSUs | ' | ' | ' | ' |
Restricted stock units, additional disclosures | ' | ' | ' | ' |
Compensation expense | 923,000 | 916,000 | 2,484,000 | 4,094,000 |
Cash-based compensation expense | 2,161,000 | 2,337,000 | 11,568,000 | 5,238,000 |
SARs | ' | ' | ' | ' |
Restricted stock units, additional disclosures | ' | ' | ' | ' |
Compensation expense | $130,000 | $179,000 | $412,000 | $554,000 |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | $67,815 | ' | $100,195 | ' | ' | ' |
OREO | 12,805 | 13,053 | 15,991 | 19,079 | 27,882 | 34,077 |
Mortgage-backed securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 45,078 | ' | 61,581 | ' | ' | ' |
Corporate securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 5,080 | ' | ' | ' |
Municipals | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 15,409 | ' | 25,894 | ' | ' | ' |
Equity securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 7,328 | ' | 7,640 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 1 | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative assets | 0 | ' | 0 | ' | ' | ' |
Derivative liabilitiy | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 1 | Mortgage-backed securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 1 | Corporate securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 1 | Municipals | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 1 | Equity securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 2 | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative assets | 13,886 | ' | 28,473 | ' | ' | ' |
Derivative liabilitiy | 13,886 | ' | 28,473 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 2 | Mortgage-backed securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 45,078 | ' | 61,581 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 2 | Corporate securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 5,080 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 2 | Municipals | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 15,409 | ' | 25,894 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 2 | Equity securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 7,328 | ' | 7,640 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 3 | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative assets | 0 | ' | 0 | ' | ' | ' |
Derivative liabilitiy | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 3 | Mortgage-backed securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 3 | Corporate securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 3 | Municipals | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, recurring basis | Level 3 | Equity securities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, nonrecurring basis | Level 1 | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 0 | ' | 0 | ' | ' | ' |
OREO | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, nonrecurring basis | Level 2 | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 0 | ' | 0 | ' | ' | ' |
OREO | 0 | ' | 0 | ' | ' | ' |
Fair value measuremenets, nonrecurring basis | Level 3 | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Loans | 12,658 | ' | 11,639 | ' | ' | ' |
OREO | $12,805 | ' | $15,991 | ' | ' | ' |
Fair_Value_Disclosures_Details1
Fair Value Disclosures (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value Disclosure | $67,815 | $100,195 |
Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 195,058 | 206,348 |
Available-for-sale Securities, Fair Value Disclosure | 67,815 | 100,195 |
Loans held for sale | 2,262,085 | 3,175,272 |
Loans held for sale from discontinued operations | 296 | 302 |
Loans held for investment, net | 7,967,322 | 6,711,198 |
Derivative assets | 13,886 | 28,473 |
Deposits | 8,957,081 | 7,440,804 |
Federal funds purchased | 169,794 | 273,179 |
Borrowings | 279,930 | 1,673,982 |
Subordinated notes | 111,000 | 111,000 |
Trust preferred subordinated debentures | 113,406 | 113,406 |
Derivative liabilities | 13,886 | 28,473 |
Estimated Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 195,058 | 206,348 |
Available-for-sale Securities, Fair Value Disclosure | 67,815 | 100,195 |
Loans held for sale | 2,262,085 | 3,175,272 |
Loans held for sale from discontinued operations | 296 | 302 |
Loans held for investment, net | 7,962,217 | 6,714,031 |
Derivative assets | 13,886 | 28,473 |
Deposits | 8,958,305 | 7,441,240 |
Federal funds purchased | 169,794 | 273,179 |
Borrowings | 279,931 | 1,673,983 |
Subordinated notes | 98,130 | 112,757 |
Trust preferred subordinated debentures | 113,406 | 113,406 |
Derivative liabilities | $13,886 | $28,473 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Non-hedging | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | |||
Commercial loan/lease | Non-hedging | Non-hedging | Non-hedging | Non-hedging | Non-hedging | Non-hedging | Non-hedging | Non-hedging | |||||
Commercial loan/lease | Commercial loan/lease | Commercial loan/lease | Commercial loan/lease | Commercial loan/lease | Commercial loan/lease | Commercial loan/lease | Commercial loan/lease | ||||||
Interest Rate Received | Interest Rate Received | Interest Rate Paid | Interest Rate Paid | ||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value, Derivative Assets | ' | ' | ' | $13,250,000 | $28,469,000 | ' | ' | ' | ' | ' | ' | ($636,000) | ($4,000) |
Estimated Fair Value, Derivative Liabilities | ' | ' | ' | -13,250,000 | -28,469,000 | ' | ' | ' | ' | ' | ' | 636,000 | 4,000 |
Notional Amount, Derivative Assets | ' | ' | ' | 719,755,000 | 523,216,000 | ' | ' | ' | ' | ' | -42,380,000 | -67,461,000 | ' |
Notional Amount, Derivative Liabilities | ' | ' | ' | -719,755,000 | -523,216,000 | ' | ' | ' | ' | ' | ' | 67,461,000 | 42,380,000 |
Weighted-average receive and pay interest rate | ' | ' | ' | ' | ' | 4.89% | 4.76% | 3.17% | 3.11% | 1.89% | 2.06% | ' | ' |
Credit Risk Derivatives [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of credit risk exposure | 'Our credit exposure on interest rate swaps and caps is limited to the net favorable value and interest payments of all swaps and caps by each counterparty. In such cases collateral may be required from the counterparties involved if the net value of the swaps and caps exceeds a nominal amount considered to be immaterial. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit exposure on risk derivatives | ' | ' | 13,900,000 | ' | 28,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Pledged As Derivative Collateral | $12,300,000 | $17,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Equity Distribution Agreement [Line Items] | ' | ' |
Sale of common stock | $0 | $86,987 |
Issuance of preferred stock - Value | $144,987 | ' |