Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 18, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | TEXAS CAPITAL BANCSHARES INC/TX | ||
Entity Central Index Key | 1077428 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 45,762,854 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2,295,411,136 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $96,524 | $92,484 |
Interest-bearing deposits | 1,233,990 | 61,337 |
Federal funds sold | 0 | 90 |
Securities, available-for-sale | 41,719 | 63,214 |
Loans held for investment, mortgage finance | 4,102,125 | 2,784,265 |
Loans held for investment (net of unearned income) | 10,154,887 | 8,486,603 |
Less: Allowance for loan losses | -100,954 | -87,604 |
Loans held for investment, net | 14,156,058 | 11,183,264 |
Premises and equipment, net | 17,368 | 11,482 |
Accrued interest receivable and other assets | 333,699 | 286,907 |
Goodwill and intangible assets, net | 20,588 | 21,286 |
Total assets | 15,899,946 | 11,720,064 |
Deposits: | ||
Non-interest-bearing | 5,011,619 | 3,347,567 |
Interest-bearing | 7,348,972 | 5,579,505 |
Interest-bearing in foreign branches | 312,709 | 330,307 |
Total deposits | 12,673,300 | 9,257,379 |
Accrued interest payable | 4,747 | 749 |
Other liabilities | 145,622 | 115,550 |
Federal funds purchased and repurchase agreements | 92,676 | 170,604 |
Other borrowings | 1,100,005 | 855,026 |
Subordinated notes | 286,000 | 111,000 |
Trust preferred subordinated debentures | 113,406 | 113,406 |
Total liabilities | 14,415,756 | 10,623,714 |
Comprehensive income: | ||
Preferred stock, $.01 par value, $1,000 liquidation value: Authorized shares - 10,000,000; Issued shares - 6,000,000 shares issued at December 31, 2014 and 2013 | 150,000 | 150,000 |
Common stock, $.01 par value: Authorized shares - 100,000,000; Issued shares - 45,735,424 and 41,036,787 at December 31, 2014 and 2013, respectively | 457 | 410 |
Additional paid-in capital | 709,738 | 448,208 |
Retained earnings | 622,714 | 496,112 |
Treasury stock (shares at cost: 417 at December 31, 2014 and 2013) | -8 | -8 |
Accumulated other comprehensive income, net of taxes | 1,289 | 1,628 |
Total stockholders’ equity | 1,484,190 | 1,096,350 |
Total liabilities and stockholders’ equity | $15,899,946 | $11,720,064 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 6,000,000 | 6,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 45,735,424 | 41,036,787 |
Treasury stock, shares | 417 | 417 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income | |||
Interest and fees on loans | $511,606 | $441,314 | $393,548 |
Securities | 1,828 | 3,015 | 4,688 |
Federal funds sold | 207 | 65 | 13 |
Deposits in other banks | 906 | 231 | 208 |
Total interest income | 514,547 | 444,625 | 398,457 |
Interest expense | |||
Deposits | 18,145 | 14,030 | 13,644 |
Federal funds purchased | 373 | 686 | 979 |
Repurchase agreements | 17 | 18 | 13 |
Other borrowings | 356 | 515 | 2,149 |
Subordinated notes | 16,202 | 7,327 | 2,037 |
Trust preferred subordinated debentures | 2,489 | 2,536 | 2,756 |
Total interest expense | 37,582 | 25,112 | 21,578 |
Net interest income | 476,965 | 419,513 | 376,879 |
Provision for credit losses | 22,000 | 19,000 | 11,500 |
Net interest income after provision for credit losses | 454,965 | 400,513 | 365,379 |
Non-interest income | |||
Service charges on deposit accounts | 7,253 | 6,783 | 6,605 |
Trust fee income | 4,937 | 5,023 | 4,822 |
Bank owned life insurance (BOLI) income | 2,067 | 1,917 | 2,168 |
Brokered loan fees | 13,981 | 16,980 | 17,596 |
Swap fees | 2,992 | 5,520 | 4,909 |
Other | 11,281 | 7,801 | 6,940 |
Total non-interest income | 42,511 | 44,024 | 43,040 |
Non-interest expense | |||
Salaries and employee benefits | 169,051 | 157,752 | 121,456 |
Net occupancy expense | 20,866 | 16,821 | 14,852 |
Marketing | 15,989 | 16,203 | 13,449 |
Legal and professional | 21,182 | 18,104 | 17,557 |
Communications and technology | 18,667 | 13,762 | 11,158 |
FDIC insurance assessment | 10,919 | 8,057 | 5,568 |
Allowance and other carrying costs for OREO | 85 | 1,788 | 9,075 |
Other | 28,355 | 24,242 | 26,766 |
Total non-interest expense | 285,114 | 256,729 | 219,881 |
Income before income taxes | 212,362 | 187,808 | 188,538 |
Income tax expense | 76,010 | 66,757 | 67,866 |
Net income | 136,352 | 121,051 | 120,672 |
Preferred stock dividends | -9,750 | -7,394 | 0 |
Net income available to common stockholders | 126,602 | 113,657 | 120,672 |
Other comprehensive gain (loss) | |||
Change in unrealized gain on available-for-sale securities arising during period, before tax | -522 | -2,529 | -2,231 |
Income tax benefit related to unrealized loss on available-for-sale securities | -183 | -885 | -781 |
Other comprehensive loss net of tax | -339 | -1,644 | -1,450 |
Comprehensive income | $136,013 | $119,407 | $119,222 |
Basic earnings per common share | |||
Basic earnings per common share | $2.93 | $2.78 | $3.09 |
Diluted earnings per common share | |||
Diluted earnings per common share | $2.88 | $2.72 | $3 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock | Common Stock | Preferred Stock | Preferred Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income |
In Thousands, except Share data, unless otherwise specified | Preferred Stock | Common Stock | |||||||||||
Beginning balance - Amount at Dec. 31, 2011 | $616,331 | $376 | $349,458 | $261,783 | ($8) | $4,722 | |||||||
Beginning balance - Shares at Dec. 31, 2011 | 37,666,708 | 417 | |||||||||||
Net income | 120,672 | 120,672 | |||||||||||
Comprehensive income: | |||||||||||||
Change in unrealized gain (loss) on available-for-sale securities, net of taxes | -1,450 | -1,450 | |||||||||||
Comprehensive income | 119,222 | ||||||||||||
Tax expense related to exercise of stock-based awards | 7,769 | 7,769 | |||||||||||
Stock-based compensation expense recognized in earnings | 5,578 | 5,578 | |||||||||||
Issuance of stock related to stock-based awards - Shares | 761,288 | ||||||||||||
Issuance of stock related to stock-based awards - Amount | 355 | 8 | 347 | ||||||||||
Issuance of stock - Shares | 2,300,000 | ||||||||||||
Issuance of stock - Amount | 86,987 | 23 | 86,964 | ||||||||||
Ending balance - Amount at Dec. 31, 2012 | 836,242 | 407 | 450,116 | 382,455 | -8 | 3,272 | |||||||
Ending balance - Shares at Dec. 31, 2012 | 40,727,996 | 417 | |||||||||||
Net income | 121,051 | 121,051 | |||||||||||
Comprehensive income: | |||||||||||||
Change in unrealized gain (loss) on available-for-sale securities, net of taxes | -1,644 | -1,644 | |||||||||||
Comprehensive income | 119,407 | ||||||||||||
Tax expense related to exercise of stock-based awards | 1,200 | 1,200 | |||||||||||
Stock-based compensation expense recognized in earnings | 4,118 | 4,118 | |||||||||||
Issuance of stock related to stock-based awards - Shares | 272,452 | ||||||||||||
Issuance of stock related to stock-based awards - Amount | -2,250 | 3 | -2,253 | ||||||||||
Issuance of stock - Shares | 6,000,000 | 36,339 | |||||||||||
Issuance of stock - Amount | 144,987 | 40 | 150,000 | 0 | 5,013 | 40 | |||||||
Preferred stock dividends | -7,394 | -7,394 | |||||||||||
Ending balance - Amount at Dec. 31, 2013 | 1,096,350 | 150,000 | 410 | 448,208 | 496,112 | -8 | 1,628 | ||||||
Ending balance - Shares at Dec. 31, 2013 | 6,000,000 | 41,036,787 | 417 | ||||||||||
Comprehensive income: | |||||||||||||
Issuance of stock - Shares | 1,900,000 | ||||||||||||
Issuance of stock - Amount | 106,500 | ||||||||||||
Ending balance - Amount at Jan. 31, 2014 | |||||||||||||
Beginning balance - Amount at Dec. 31, 2013 | 1,096,350 | 150,000 | 410 | 448,208 | 496,112 | -8 | 1,628 | ||||||
Beginning balance - Shares at Dec. 31, 2013 | 6,000,000 | 41,036,787 | 417 | ||||||||||
Net income | 136,352 | 136,352 | |||||||||||
Comprehensive income: | |||||||||||||
Change in unrealized gain (loss) on available-for-sale securities, net of taxes | -339 | -339 | |||||||||||
Comprehensive income | 136,013 | ||||||||||||
Tax expense related to exercise of stock-based awards | 2,929 | 2,929 | |||||||||||
Stock-based compensation expense recognized in earnings | 4,628 | 4,628 | |||||||||||
Issuance of stock related to stock-based awards - Shares | 201,280 | ||||||||||||
Issuance of stock related to stock-based awards - Amount | -2,203 | 2 | -2,205 | ||||||||||
Issuance of stock - Shares | 4,398,128 | ||||||||||||
Issuance of stock - Amount | 256,223 | 44 | 256,179 | ||||||||||
Preferred stock dividends | -9,750 | -9,750 | |||||||||||
Issuance of stock related to warrants - Shares | 99,229 | ||||||||||||
Issuance of stock related to warrants - Amount | 0 | 1 | -1 | ||||||||||
Ending balance - Amount at Dec. 31, 2014 | $1,484,190 | $150,000 | $457 | $709,738 | $622,714 | ($8) | $1,289 | ||||||
Ending balance - Shares at Dec. 31, 2014 | 6,000,000 | 45,735,424 | 417 |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Income tax expense (benefit) related to unrealized loss on available-for-sale securities | ($183) | ($885) | ($781) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income | $136,352 | $121,051 | $120,672 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 22,000 | 19,000 | 11,500 |
Deferred tax expense | -3,969 | -11,599 | -3,131 |
Depreciation and amortization | 14,798 | 11,480 | 9,437 |
Amortization on securities | 0 | 22 | 38 |
Bank owned life insurance (BOLI) income | -2,067 | -1,917 | -2,168 |
Stock-based compensation expense | 14,577 | 20,953 | 12,018 |
Excess tax benefits from stock-based compensation arrangements | -2,929 | -1,200 | -7,769 |
Gain on sale of assets | -822 | -931 | -917 |
Changes in operating assets and liabilities: | |||
Accrued interest receivable and other assets | -58,579 | 31,010 | -61,243 |
Accrued interest payable and other liabilities | 32,599 | 3,508 | 10,835 |
Net cash provided by operating activities | 151,960 | 191,377 | 89,272 |
Investing activities | |||
Purchases of available-for-sale securities | 0 | -2 | -13 |
Maturities and calls of available-for-sale securities | 11,150 | 15,890 | 14,260 |
Principal payments received on available-for-sale securities | 9,822 | 18,542 | 27,000 |
Originations of mortgage finance loans | -58,090,177 | -51,087,328 | -51,110,692 |
Proceeds from pay-offs of mortgage finance loans | 56,772,317 | 51,478,335 | 50,015,503 |
Net increase in loans held for investment, excluding mortgage finance loans | -1,676,927 | -1,706,505 | -1,220,626 |
Purchase of premises and equipment, net | -9,965 | -4,029 | -3,538 |
Proceeds from sale of foreclosed assets | 5,877 | 11,667 | 14,921 |
Cash paid for acquisition | 0 | -2,445 | 0 |
Net cash used in investing activities | -2,977,903 | -1,275,875 | -2,263,185 |
Financing activities | |||
Net increase in deposits | 3,415,921 | 1,816,575 | 1,884,547 |
Proceeds (costs) from issuance of stock related to stock-based awards and warrants | -2,203 | -2,210 | 355 |
Net proceeds from issuance of common stock | 256,223 | 0 | 86,987 |
Net proceeds from issuance of preferred stock | 0 | 144,987 | 0 |
Preferred dividends paid | -9,750 | -6,960 | 0 |
Net increase (decrease) in other borrowings | 244,979 | -797,002 | 318,115 |
Excess tax benefits from stock-based compensation arrangements | 2,929 | 1,200 | 7,769 |
Net decrease in federal funds purchased and repurchase agreements | -77,928 | -124,529 | -139,070 |
Issuance of subordinated notes | 172,375 | 0 | 111,000 |
Net cash provided by financing activities | 4,002,546 | 1,032,061 | 2,269,703 |
Net increase (decrease) in cash and cash equivalents | 1,176,603 | -52,437 | 95,790 |
Cash and cash equivalents at beginning of period | 153,911 | 206,348 | 110,558 |
Cash and cash equivalents at end of period | 1,330,514 | 153,911 | 206,348 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the period for interest | 33,584 | 24,962 | 21,527 |
Cash paid during the period for income taxes | 74,998 | 77,635 | 69,095 |
Transfers from loans/leases to OREO and other repossessed assets | $851 | $1,331 | $3,489 |
Operations_and_Summary_of_Sign
Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations and Summary of Significant Accounting Policies | Operations and Summary of Significant Accounting Policies |
Organization and Nature of Business | |
Texas Capital Bancshares, Inc. (the "Company”), a Delaware corporation, was incorporated in November 1996 and commenced banking operations in December 1998. The consolidated financial statements of the Company include the accounts of Texas Capital Bancshares, Inc. and its wholly owned subsidiary, Texas Capital Bank, National Association (the "Bank”). We serve the needs of commercial businesses and successful professionals and entrepreneurs located in Texas as well as operate several lines of business serving a regional or national clientele of commercial borrowers. We are primarily a secured lender, with our greatest concentration of loans in Texas. | |
Basis of Presentation | |
Our accounting and reporting policies conform to accounting principles generally accepted in the United States ("GAAP") and to generally accepted practices within the banking industry. Certain prior period balances have been reclassified to conform to the current period presentation. | |
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, interest-bearing deposits and Federal funds sold. | |
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 (loss), 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 December 31, 2014 and 2013. | |
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 uncollectable. | |
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 investment includes legal ownership interests in mortgage loans that we purchase through our mortgage warehouse lending 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 and that of the originator are delivered by us to the investor selected by the originator and approved by us. We typically purchase up to a 99% ownership interest in each mortgage with the originator owning the remaining percentage. These mortgage ownership interests are held by us for a period of less than 30 days and more typically 10-20 days. Because of conditions in agreements with originators designed to reduce transaction risks, under 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 originators and payments we receive from investors are deemed to be payments made by or on behalf of the originator to repay the loan deemed made to the originator. Because we have an actual, legal ownership interest in the underlying residential mortgage loan, these interests are not extensions of credit to the originators that are secured by the mortgage loans as collateral. | |
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 mortgage loans and hold them beyond the expected 10-20 days. Mortgage loans acquired under these conditions would require mark-to-market adjustments to income and could require future allocations of the allowance for loan losses or be subject to charge off in the event the loans become impaired. Mortgage loan interests purchased and disposed of as expected receive no allocation of the allowance for loan losses due to the minimal loss experience with these assets. | |
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 uncollectable are charged against the allowance when management believes that the collectability 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. | |
Other Real Estate Owned | |
Other real estate owned (“OREO”), which is included in other assets on the consolidated 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. Internal use software costs are included in other assets in the consolidated balance sheets. | |
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. Goodwill and 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 consolidated statement of income and other comprehensive income 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 (loss), net for the three years ended December 31, 2014 is reported in the accompanying consolidated statements of stockholders’ equity and consolidated statements of income and other 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 14 — Earnings Per 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. |
Securities
Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||
The following is a summary of securities (in thousands): | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 28,957 | $ | 2,108 | $ | — | $ | 31,065 | ||||||||||||||||
Municipals | 3,257 | 10 | — | 3,267 | ||||||||||||||||||||
Equity securities(1) | 7,522 | 16 | (151 | ) | 7,387 | |||||||||||||||||||
$ | 39,736 | $ | 2,134 | $ | (151 | ) | $ | 41,719 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 38,786 | $ | 2,676 | $ | — | $ | 41,462 | ||||||||||||||||
Municipals | 14,401 | 104 | — | 14,505 | ||||||||||||||||||||
Equity securities(1) | 7,522 | — | (275 | ) | 7,247 | |||||||||||||||||||
$ | 60,709 | $ | 2,780 | $ | (275 | ) | $ | 63,214 | ||||||||||||||||
-1 | Equity securities consist of Community Reinvestment Act funds. | |||||||||||||||||||||||
The amortized cost and estimated fair value of securities are presented below by contractual maturity (in thousands, except percentage data): | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less Than | After One | After Five | After Ten | Total | ||||||||||||||||||||
One Year | Through | Through | Years | |||||||||||||||||||||
Five Years | Ten Years | |||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Residential mortgage-backed securities:(1) | ||||||||||||||||||||||||
Amortized cost | $ | 1 | $ | 9,151 | $ | 5,661 | $ | 14,144 | $ | 28,957 | ||||||||||||||
Estimated fair value | 1 | 9,662 | 6,333 | 15,069 | 31,065 | |||||||||||||||||||
Weighted average yield(3) | 6.5 | % | 4.79 | % | 5.54 | % | 2.36 | % | 3.75 | % | ||||||||||||||
Municipals:(2) | ||||||||||||||||||||||||
Amortized cost | 1,669 | 1,588 | — | — | 3,257 | |||||||||||||||||||
Estimated fair value | 1,674 | 1,593 | — | — | 3,267 | |||||||||||||||||||
Weighted average yield(3) | 5.78 | % | 5.79 | % | — | % | — | % | 5.79 | % | ||||||||||||||
Equity securities:(4) | ||||||||||||||||||||||||
Amortized cost | 7,522 | — | — | — | 7,522 | |||||||||||||||||||
Estimated fair value | 7,387 | — | — | — | 7,387 | |||||||||||||||||||
Total available-for-sale securities: | ||||||||||||||||||||||||
Amortized cost | $ | 39,736 | ||||||||||||||||||||||
Estimated fair value | $ | 41,719 | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Less Than | After One | After Five | After Ten | Total | ||||||||||||||||||||
One Year | Through | Through | Years | |||||||||||||||||||||
Five Years | Ten Years | |||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Residential mortgage-backed securities:(1) | ||||||||||||||||||||||||
Amortized cost | $ | 238 | $ | 14,720 | $ | 7,718 | $ | 16,110 | $ | 38,786 | ||||||||||||||
Estimated fair value | 252 | 15,641 | 8,456 | 17,113 | 41,462 | |||||||||||||||||||
Weighted average yield(3) | 4.32 | % | 4.78 | % | 5.56 | % | 2.4 | % | 3.94 | % | ||||||||||||||
Municipals:(2) | ||||||||||||||||||||||||
Amortized cost | 7,749 | 6,652 | — | — | 14,401 | |||||||||||||||||||
Estimated fair value | 7,818 | 6,687 | — | — | 14,505 | |||||||||||||||||||
Weighted average yield(3) | 5.76 | % | 5.71 | % | — | % | — | % | 5.73 | % | ||||||||||||||
Equity securities:(4) | ||||||||||||||||||||||||
Amortized cost | 7,522 | — | — | — | 7,522 | |||||||||||||||||||
Estimated fair value | 7,247 | — | — | — | 7,247 | |||||||||||||||||||
Total available-for-sale securities: | ||||||||||||||||||||||||
Amortized cost | $ | 60,709 | ||||||||||||||||||||||
Estimated fair value | $ | 63,214 | ||||||||||||||||||||||
-1 | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. The average expected life of the mortgage-backed securities was 1.2 years at December 31, 2014 and 1.4 years at December 31, 2013. | |||||||||||||||||||||||
-2 | Yields have been adjusted to a tax equivalent basis assuming a 35% federal tax rate. | |||||||||||||||||||||||
-3 | Yields are calculated based on amortized cost. | |||||||||||||||||||||||
-4 | These equity securities do not have a stated maturity. | |||||||||||||||||||||||
Securities with carrying values of approximately $32,718,000 and $45,993,000 were pledged to secure certain borrowings and deposits at December 31, 2014 and 2013, respectively. See Note 8 — Borrowing Arrangements for discussion of securities securing borrowings. Of the pledged securities at December 31, 2014 and 2013, approximately $10,891,000 and $8,273,000, respectively, were pledged for certain deposits. | ||||||||||||||||||||||||
The following table discloses, as of December 31, 2014 and December 31, 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): | ||||||||||||||||||||||||
31-Dec-14 | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
Equity securities | $ | — | $ | — | $ | 6,349 | $ | (151 | ) | $ | 6,349 | $ | (151 | ) | ||||||||||
31-Dec-13 | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
Equity securities | $ | 7,247 | $ | (275 | ) | $ | — | $ | — | $ | 7,247 | $ | (275 | ) | ||||||||||
At December 31, 2014 and 2013, we had one investment with an unrealized loss position. This security is a publicly traded equity fund and is subject to market pricing volatility. We do not believe that this unrealized loss is “other than temporary.” We have evaluated the near-term prospects of the investment in relation to the severity and duration of the impairment and based on that evaluation have the ability and intent to hold the investment until recovery of fair value. We have not identified any issues related to the ultimate recovery of our investment as a result of credit concerns on this security. | ||||||||||||||||||||||||
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. We had comprehensive income of $136.0 million for the year ended December 31, 2014 and comprehensive income of $119.4 million for the year ended December 31, 2013. Comprehensive income during the years ended December 31, 2014 and 2013 included a net after-tax loss of $339.0 thousand and $1.6 million, respectively, due to changes in the net unrealized gains/losses on securities available-for-sale. |
Loans_and_Allowance_for_Credit
Loans and Allowance for Credit Losses | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | Loans | |||||||||||||||||||||||||||||||
Loans held for investment are summarized by category as follows (in thousands): | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial | $ | 5,869,219 | $ | 5,020,565 | ||||||||||||||||||||||||||||
Mortgage finance | 4,102,125 | 2,784,265 | ||||||||||||||||||||||||||||||
Construction | 1,416,405 | 1,262,905 | ||||||||||||||||||||||||||||||
Real estate | 2,807,127 | 2,146,522 | ||||||||||||||||||||||||||||||
Consumer | 19,699 | 15,350 | ||||||||||||||||||||||||||||||
Equipment leases | 99,495 | 93,160 | ||||||||||||||||||||||||||||||
Gross loans held for investment | 14,314,070 | 11,322,767 | ||||||||||||||||||||||||||||||
Deferred income (net of direct origination costs) | (57,058 | ) | (51,899 | ) | ||||||||||||||||||||||||||||
Allowance for loan losses | (100,954 | ) | (87,604 | ) | ||||||||||||||||||||||||||||
Total | $ | 14,156,058 | $ | 11,183,264 | ||||||||||||||||||||||||||||
Commercial Loans and Leases. Our commercial loan portfolio is comprised of lines of credit for working capital and term loans and leases to finance equipment and other business assets. Our energy production loans are generally collateralized with proven reserves based on appropriate valuation standards and take into account the risk of oil and gas price volatility. Our commercial loans and leases are underwritten after carefully evaluating and understanding the borrower’s ability to operate profitably. Our underwriting standards are designed to promote relationship banking rather than to make loans on a transaction basis. Our lines of credit typically are limited to a percentage of the value of the assets securing the line. Lines of credit and term loans typically are reviewed annually and are supported by accounts receivable, inventory, equipment and other assets of our clients’ businesses. | ||||||||||||||||||||||||||||||||
Mortgage finance loans. Our mortgage finance loans consist of ownership interests purchased in single-family residential mortgages funded through our mortgage finance group. These loans are typically on our balance sheet for 10 to 20 days. We have agreements with mortgage lenders and purchase interests in individual loans they originate. All loans are underwritten consistent with established programs for permanent financing with financially sound investors. Substantially all loans are conforming loans. December 31, 2014 and 2013 balances are stated net of $358.3 million and $33.1 million participations sold, respectively. | ||||||||||||||||||||||||||||||||
Construction Loans. Our construction loan portfolio consists primarily of single- and multi-family residential properties and commercial projects used in manufacturing, warehousing, service or retail businesses. Our construction loans generally have terms of one to three years. We typically make construction loans to developers, builders and contractors that have an established record of successful project completion and loan repayment and have a substantial equity investment in the borrowers. Loan amounts are derived primarily from the bank's evaluation of expected cash flows available to service debt from stabilized projects under hypothetically stressed conditions. Construction loans are also based in part upon estimates of costs and value associated with the completed project. Sources of repayment for these types of loans may be pre-committed permanent loans from other lenders, sales of developed property, or an interim loan commitment from us until permanent financing is obtained. The nature of these loans makes ultimate repayment sensitive to overall economic conditions. Borrowers may not be able to correct conditions of default in loans, increasing risk of exposure to classification, non-performing status, reserve allocation and actual credit loss and foreclosure. These loans typically have floating rates and commitment fees. | ||||||||||||||||||||||||||||||||
Real Estate Loans. A portion of our real estate loan portfolio is comprised of loans secured by properties other than market risk or investment-type real estate. Market risk loans are real estate loans where the primary source of repayment is expected to come from the sale, permanent financing or lease of the real property collateral. We generally provide temporary financing for commercial and residential property. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Our real estate loans generally have maximum terms of five to seven years, and we provide loans with both floating and fixed rates. We generally avoid long-term loans for commercial real estate held for investment. Real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. Appraised values may be highly variable due to market conditions and the impact of the inability of potential purchasers and lessees to obtain financing and a lack of transactions at comparable values. | ||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, we had a blanket floating lien on certain real estate-secured loans, mortgage finance loans and also certain securities used as collateral for FHLB borrowings. | ||||||||||||||||||||||||||||||||
Portfolio Geographic Concentration | ||||||||||||||||||||||||||||||||
As of December 31, 2014, a majority of our loans held for investment, excluding our mortgage finance loans and other national lines of business, were to businesses with headquarters and operations in Texas. This geographic concentration subjects the loan portfolio to the general economic conditions within this area. Additionally, we make loans to these businesses and individuals secured by assets located outside of Texas. The risks created by the geographic distribution of loans have been considered by management in the determination of the adequacy 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. | ||||||||||||||||||||||||||||||||
Summary of Loan Losses | ||||||||||||||||||||||||||||||||
The allowance 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 creditworthiness 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 non-accrual. | ||||||||||||||||||||||||||||||||
The reserve allocation percentages assigned to each credit grade have been developed based primarily on an analysis of our historical loss rates. The allocations are adjusted for certain qualitative factors, including general economic conditions, changes in credit policies and lending standards. Changes in the trend and severity of problem loans can cause the estimation of losses to differ from past experience. In addition, the reserve 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. Examples of risks that support the Bank's maintaining an unallocated reserve include the possibility of precipitous negative changes in economic conditions and borrowers' submission of financial statements or certifications of collateral value that subsequently prove to be materially inaccurate for reason of either misstatement or omission of critical information. These situations, while not common, do not necessarily correlate well with the general risk profile presented by assigned credit grade and product type categories. We evaluate many such factors and conditions in determining the unallocated portion of the allowance, including amount and frequency of losses attributable to issues not specifically addressed or included in the determination and application of the allowance allocation percentages. 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. The review of reserve adequacy is performed by executive management and presented to a committee of our board of directors for their review. The committee reports to the board as part of the board's review on a quarterly basis of the Company's consolidated financial statements. | ||||||||||||||||||||||||||||||||
The following tables summarize the credit risk profile of our loan portfolio by internally assigned grades and non-accrual status as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Construction | Real Estate | Consumer | Equipment Leases | Total | ||||||||||||||||||||||||||
Finance | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||
Pass | $ | 5,738,474 | $ | 4,102,125 | $ | 1,414,671 | $ | 2,785,804 | $ | 19,579 | $ | 91,044 | $ | 14,151,697 | ||||||||||||||||||
Special mention | 53,839 | — | 1,734 | 8,723 | 11 | 4,363 | 68,670 | |||||||||||||||||||||||||
Substandard- accruing | 43,784 | — | — | 2,653 | 47 | 3,915 | 50,399 | |||||||||||||||||||||||||
Non-accrual | 33,122 | — | — | 9,947 | 62 | 173 | 43,304 | |||||||||||||||||||||||||
Total loans held for investment | $ | 5,869,219 | $ | 4,102,125 | $ | 1,416,405 | $ | 2,807,127 | $ | 19,699 | $ | 99,495 | $ | 14,314,070 | ||||||||||||||||||
Commercial | Mortgage | Construction | Real Estate | Consumer | Equipment Leases | Total | ||||||||||||||||||||||||||
Finance | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||
Pass | $ | 4,908,944 | $ | 2,784,265 | $ | 1,261,995 | $ | 2,099,744 | $ | 15,251 | $ | 89,317 | $ | 11,159,516 | ||||||||||||||||||
Special mention | 24,132 | — | 102 | 6,338 | — | 51 | 30,623 | |||||||||||||||||||||||||
Substandard-accruing | 74,593 | — | 103 | 21,770 | 45 | 3,742 | 100,253 | |||||||||||||||||||||||||
Non-accrual | 12,896 | — | 705 | 18,670 | 54 | 50 | 32,375 | |||||||||||||||||||||||||
Total loans held for investment | $ | 5,020,565 | $ | 2,784,265 | $ | 1,262,905 | $ | 2,146,522 | $ | 15,350 | $ | 93,160 | $ | 11,322,767 | ||||||||||||||||||
The following tables detail activity in the reserve for loan losses by portfolio segment for the years ended December 31, 2014 and 2013. Allocation of a portion of the reserve to one category of loans does not preclude its availability to absorb losses in other categories. | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Construction | Real | Consumer | Equipment Leases | Unallocated | Total | |||||||||||||||||||||||||
Finance | Estate | |||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 39,868 | $ | — | $ | 14,553 | $ | 24,210 | $ | 149 | $ | 3,105 | $ | 5,719 | $ | 87,604 | ||||||||||||||||
Provision for loan losses | 37,827 | — | (6,618 | ) | (8,411 | ) | 195 | (3,046 | ) | (317 | ) | 19,630 | ||||||||||||||||||||
Charge-offs | 9,803 | — | 296 | 266 | — | — | 10,365 | |||||||||||||||||||||||||
Recoveries | 2,762 | — | 79 | 162 | 1,082 | — | 4,085 | |||||||||||||||||||||||||
Net charge-offs (recoveries) | 7,041 | — | — | 217 | 104 | (1,082 | ) | — | 6,280 | |||||||||||||||||||||||
Ending balance | $ | 70,654 | $ | — | $ | 7,935 | $ | 15,582 | $ | 240 | $ | 1,141 | $ | 5,402 | $ | 100,954 | ||||||||||||||||
Period end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 7,705 | $ | — | $ | — | $ | 636 | $ | 9 | $ | 26 | $ | — | $ | 8,376 | ||||||||||||||||
Loans collectively evaluated for impairment | 62,949 | — | 7,935 | 14,946 | 231 | 1,115 | 5,402 | 92,578 | ||||||||||||||||||||||||
Ending balance | $ | 70,654 | $ | — | $ | 7,935 | $ | 15,582 | $ | 240 | $ | 1,141 | $ | 5,402 | $ | 100,954 | ||||||||||||||||
Commercial | Mortgage | Construction | Real | Consumer | Equipment Leases | Unallocated | Total | |||||||||||||||||||||||||
Finance | Estate | |||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 21,547 | $ | — | $ | 12,097 | $ | 30,893 | $ | 226 | $ | 2,460 | $ | 7,114 | $ | 74,337 | ||||||||||||||||
Provision for loan losses | 23,693 | — | 2,456 | (6,809 | ) | (105 | ) | 325 | (1,395 | ) | 18,165 | |||||||||||||||||||||
Charge-offs | 6,575 | — | — | 144 | 45 | 2 | — | 6,766 | ||||||||||||||||||||||||
Recoveries | 1,203 | — | — | 270 | 73 | 322 | — | 1,868 | ||||||||||||||||||||||||
Net charge-offs (recoveries) | 5,372 | — | — | (126 | ) | (28 | ) | (320 | ) | — | 4,898 | |||||||||||||||||||||
Ending balance | $ | 39,868 | $ | — | $ | 14,553 | $ | 24,210 | $ | 149 | $ | 3,105 | $ | 5,719 | $ | 87,604 | ||||||||||||||||
Period end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,015 | $ | — | $ | — | $ | 1,143 | $ | 8 | $ | 8 | $ | — | $ | 3,174 | ||||||||||||||||
Loans collectively evaluated for impairment | 37,853 | — | 14,553 | 23,067 | 141 | 3,097 | 5,719 | 84,430 | ||||||||||||||||||||||||
Ending balance | $ | 39,868 | $ | — | $ | 14,553 | $ | 24,210 | $ | 149 | $ | 3,105 | $ | 5,719 | $ | 87,604 | ||||||||||||||||
Our recorded investment in loans as of December 31, 2014 and 2013 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): | ||||||||||||||||||||||||||||||||
Commercial | Mortgage | Construction | Real | Consumer | Equipment Leases | Total | ||||||||||||||||||||||||||
Finance | Estate | |||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 35,165 | $ | — | $ | — | $ | 13,880 | $ | 62 | $ | 173 | $ | 49,280 | ||||||||||||||||||
Loans collectively evaluated for impairment | 5,834,054 | 4,102,125 | 1,416,405 | 2,793,247 | 19,637 | 99,322 | 14,264,790 | |||||||||||||||||||||||||
Total | $ | 5,869,219 | $ | 4,102,125 | $ | 1,416,405 | $ | 2,807,127 | $ | 19,699 | $ | 99,495 | $ | 14,314,070 | ||||||||||||||||||
Commercial | Mortgage | Construction | Real | Consumer | Equipment Leases | Total | ||||||||||||||||||||||||||
Finance | Estate | |||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 15,139 | $ | — | $ | 705 | $ | 24,028 | $ | 54 | $ | 50 | $ | 39,976 | ||||||||||||||||||
Loans collectively evaluated for impairment | 5,005,426 | 2,784,265 | 1,262,200 | 2,122,494 | 15,296 | 93,110 | 11,282,791 | |||||||||||||||||||||||||
Total | $ | 5,020,565 | $ | 2,784,265 | $ | 1,262,905 | $ | 2,146,522 | $ | 15,350 | $ | 93,160 | $ | 11,322,767 | ||||||||||||||||||
We have traditionally maintained an unallocated reserve component to compensate for the uncertainty and complexity in estimating loan and lease losses including factors and conditions that may not be fully reflected in the determination and application of the allowance allocation percentages. We believe the level of unallocated reserves at December 31, 2014 is warranted due to the continued uncertain economic environment which has produced losses, including those resulting from borrowers' misstatement of financial information or inaccurate certification of collateral values. Such losses are not necessarily correlated with historical loss trends or general economic conditions. Our methodology used to calculate the allowance considers historical losses; however, the historical loss rates for specific product types or credit risk grades may not fully incorporate the effects of continued weakness in the economy. | ||||||||||||||||||||||||||||||||
Generally we place loans on non-accrual when there is a clear indication that the borrower’s cash flow may not be sufficient to meet payments as they become due, which is generally when a loan is 90 days past due. When a loan is placed on non-accrual status, all previously accrued and unpaid interest is reversed. Interest income is subsequently recognized on a cash basis as long as the remaining unpaid principal amount of the loan is deemed to be fully collectible. If collectability is questionable, then cash payments are applied to principal. We recognized $1.7 million in interest income on non-accrual loans during 2014 compared to $2.4 million in 2013 and $2.6 million in 2012. Additional interest income that would have been recorded if the loans had been current during the years ended December 31, 2014, 2013 and 2012 totaled $2.1 million, $2.5 million and $2.4 million, respectively. As of December 31, 2014, $310,000 of our non-accrual loans were earning on a cash basis, compared to none at December 31, 2013. A loan is placed back on accrual status when both principal and interest are current and it is probable that we will be able to collect all amounts due (both principal and interest) according to the terms of the loan agreement. | ||||||||||||||||||||||||||||||||
A loan held for investment is considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due (both principal and interest) according to the terms of the loan agreement. In accordance with FASB ASC 310 Receivables, we have included all restructured loans in our impaired loan totals. The following tables detail our impaired loans, by portfolio class as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 9,608 | $ | 11,857 | $ | — | $ | 7,334 | $ | — | ||||||||||||||||||||||
Energy loans | — | — | — | 375 | 25 | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | 118 | — | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 3,735 | 3,735 | — | 7,970 | — | |||||||||||||||||||||||||||
Commercial | 3,521 | 3,521 | — | 2,795 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | — | — | — | 1,210 | — | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Equipment leases | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans with no allowance recorded | $ | 16,864 | $ | 19,113 | $ | — | $ | 19,802 | $ | 25 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 24,553 | $ | 25,553 | $ | 7,433 | $ | 17,705 | $ | — | ||||||||||||||||||||||
Energy loans | 1,004 | 1,004 | 272 | 991 | — | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | — | — | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 4,203 | 4,203 | 317 | 5,064 | — | |||||||||||||||||||||||||||
Commercial | 526 | 526 | 79 | 705 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 1,895 | 1,895 | 240 | 2,119 | — | |||||||||||||||||||||||||||
Consumer | 62 | 62 | 9 | 16 | — | |||||||||||||||||||||||||||
Equipment leases | 173 | 173 | 26 | 41 | — | |||||||||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 32,416 | $ | 33,416 | $ | 8,376 | $ | 26,641 | $ | — | ||||||||||||||||||||||
Combined: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 34,161 | $ | 37,410 | $ | 7,433 | $ | 25,039 | $ | — | ||||||||||||||||||||||
Energy loans | 1,004 | 1,004 | 272 | 1,366 | 25 | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | 118 | — | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 7,938 | 7,938 | 317 | 13,034 | — | |||||||||||||||||||||||||||
Commercial | 4,047 | 4,047 | 79 | 3,500 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 1,895 | 1,895 | 240 | 3,329 | — | |||||||||||||||||||||||||||
Consumer | 62 | 62 | 9 | 16 | — | |||||||||||||||||||||||||||
Equipment leases | 173 | 173 | 26 | 41 | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 49,280 | $ | 52,529 | $ | 8,376 | $ | 46,443 | $ | 25 | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 2,005 | $ | 2,005 | $ | — | $ | 4,265 | $ | — | ||||||||||||||||||||||
Energy loans | 1,614 | 3,443 | — | 969 | — | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | 705 | 705 | — | 3,111 | 114 | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 13,524 | 13,524 | — | 9,796 | — | |||||||||||||||||||||||||||
Commercial | 508 | 508 | — | 5,458 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 1,320 | 1,320 | — | 2,464 | — | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Equipment leases | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans with no allowance recorded | $ | 19,676 | $ | 21,505 | $ | — | $ | 26,063 | $ | 114 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 11,060 | $ | 12,425 | $ | 1,946 | $ | 14,240 | $ | — | ||||||||||||||||||||||
Energy loans | 460 | 460 | 69 | 913 | — | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | 160 | — | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 6,289 | 6,289 | 822 | 7,912 | — | |||||||||||||||||||||||||||
Commercial | — | — | — | 477 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 2,387 | 2,387 | 321 | 914 | — | |||||||||||||||||||||||||||
Consumer | 54 | 54 | 8 | 43 | — | |||||||||||||||||||||||||||
Equipment leases | 50 | 50 | 8 | 72 | — | |||||||||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 20,300 | $ | 21,665 | $ | 3,174 | $ | 24,731 | $ | — | ||||||||||||||||||||||
Combined: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 13,065 | $ | 14,430 | $ | 1,946 | $ | 18,505 | $ | — | ||||||||||||||||||||||
Energy loans | 2,074 | 3,903 | 69 | 1,882 | — | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | 705 | 705 | — | 3,271 | 114 | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 19,813 | 19,813 | 822 | 17,708 | — | |||||||||||||||||||||||||||
Commercial | 508 | 508 | — | 5,935 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 3,707 | 3,707 | 321 | 3,378 | — | |||||||||||||||||||||||||||
Consumer | 54 | 54 | 8 | 43 | — | |||||||||||||||||||||||||||
Equipment leases | 50 | 50 | 8 | 72 | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 39,976 | $ | 43,170 | $ | 3,174 | $ | 50,794 | $ | 114 | ||||||||||||||||||||||
Average impaired loans outstanding during the years ended December 31, 2014, 2013 and 2012 totaled $46.4 million, $50.8 million and $66.4 million respectively. | ||||||||||||||||||||||||||||||||
The table below provides an age analysis of our past due loans that are still accruing as of December 31, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Non-accrual | Current | Total | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due(1) | |||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 37,459 | $ | 4,355 | $ | 5,274 | $ | 47,088 | $ | 32,118 | $ | 4,680,114 | $ | 4,759,320 | ||||||||||||||||||
Energy | — | — | — | — | 1,004 | 1,108,895 | 1,109,899 | |||||||||||||||||||||||||
Mortgage finance loans | — | — | — | — | — | 4,102,125 | 4,102,125 | |||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | 3,571 | — | — | 3,571 | — | 1,393,513 | 1,397,084 | |||||||||||||||||||||||||
Secured by 1-4 family | — | — | — | — | — | 19,321 | 19,321 | |||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | — | 5,134 | 2,176,939 | 2,182,073 | |||||||||||||||||||||||||
Commercial | 5,758 | — | — | 5,758 | 4,047 | 523,855 | 533,660 | |||||||||||||||||||||||||
Secured by 1-4 family | 599 | — | — | 599 | 766 | 90,029 | 91,394 | |||||||||||||||||||||||||
Consumer | 43 | 8 | — | 51 | 62 | 19,586 | 19,699 | |||||||||||||||||||||||||
Equipment leases | 9,396 | — | — | 9,396 | 173 | 89,926 | 99,495 | |||||||||||||||||||||||||
Total loans held for investment | $ | 56,826 | $ | 4,363 | $ | 5,274 | $ | 66,463 | $ | 43,304 | $ | 14,204,303 | $ | 14,314,070 | ||||||||||||||||||
-1 | Loans past due 90 days and still accruing includes premium finance loans of $3.7 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 December 31, 2014 and December 31, 2013, we had $1.8 million and $1.9 million, respectively, in loans considered restructured that are not on non-accrual. These loans did not have unfunded commitments at December 31, 2014 or 2013. Of the non-accrual loans at December 31, 2014 and 2013, $12.1 million and $17.8 million, respectively, met the criteria for restructured. These loans had no unfunded commitments at their respective balance sheet dates. A loan continues to qualify as restructured until a consistent payment history or change in borrower’s financial condition has been evidenced, generally no less than twelve months. Assuming that the restructuring agreement specifies an interest rate at the time of the restructuring that is greater than or equal to the rate that we are willing to accept for a new extension of credit with comparable risk, then the loan no longer has to be considered a restructuring if it is in compliance with modified terms in calendar years after the year of the restructure. | ||||||||||||||||||||||||||||||||
The following tables summarize, as of December 31, 2014 and 2013, loans that have been restructured during 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Number of | Pre-Restructuring | Post-Restructuring | ||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
Real estate - commercial | 1 | $ | 1,441 | $ | 1,441 | |||||||||||||||||||||||||||
Commercial business loans | 1 | $ | 95 | $ | 80 | |||||||||||||||||||||||||||
Total new restructured loans in 2014 | 2 | $ | 1,536 | $ | 1,521 | |||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Number of | Pre-Restructuring | Post-Restructuring | ||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
Commercial business loans | 3 | $ | 10,823 | $ | 8,921 | |||||||||||||||||||||||||||
Real estate market risk | 1 | 892 | 874 | |||||||||||||||||||||||||||||
Total new restructured loans in 2013 | 4 | $ | 11,715 | $ | 9,795 | |||||||||||||||||||||||||||
The restructured loans generally include terms to temporarily place the loan on interest only, extend the payment terms or reduce the interest rate. We did not forgive any principal on the above loans. The $15,000 decrease in the post-restructuring recorded investment compared to the pre-restructuring recorded investment is due to paydowns. At December 31, 2014, $1.5 million of the above loans restructured in 2014 are on non-accrual. The restructuring of the loans did not have a significant impact on our allowance for loan losses at December 31, 2014 or 2013. | ||||||||||||||||||||||||||||||||
The following table provides information on how loans were modified as a restructured loan during the year ended December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Extended maturity | $ | 1,441 | $ | 874 | ||||||||||||||||||||||||||||
Adjusted payment schedule | — | — | ||||||||||||||||||||||||||||||
Combination of maturity extension and payment schedule adjustment | 80 | 8,921 | ||||||||||||||||||||||||||||||
Total | $ | 1,521 | $ | 9,795 | ||||||||||||||||||||||||||||
As of December 31, 2014 and 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 | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||||||||||||
OREO and Valuation Allowance for Losses on OREO | OREO and Valuation Allowance for Losses on OREO | |||||||||||
The table below presents a summary of the activity related to OREO (in thousands): | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | 5,110 | $ | 15,991 | $ | 34,077 | ||||||
Additions | 851 | 1,331 | 3,434 | |||||||||
Sales | (5,393 | ) | (11,292 | ) | (14,637 | ) | ||||||
Valuation allowance for OREO | — | 958 | (4,488 | ) | ||||||||
Direct write-downs | — | (1,878 | ) | (2,395 | ) | |||||||
Ending balance | $ | 568 | $ | 5,110 | $ | 15,991 | ||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||
In May 2013, we acquired the assets of a premium finance company and recorded a total intangible asset of $2.1 million. Of this total, $954,000 was allocated to goodwill, $554,000 to customer relationships, $457,000 to developed technology and $98,000 to trade name. The $554,000 customer relationship intangible will be amortized over 14 years, the $457,000 technology intangible will be amortized over 7 years, and the $98,000 intangible related to the trade name was determined to have an indefinite life. | ||||||||||||
Goodwill and other intangible assets at December 31, 2014 and 2013 are summarized as follows (in thousands): | ||||||||||||
Gross Goodwill | Accumulated | Net | ||||||||||
and Intangible | Amortization | Goodwill | ||||||||||
Assets | and | |||||||||||
Intangible | ||||||||||||
Assets | ||||||||||||
December 31, 2014 | ||||||||||||
Goodwill | $ | 15,370 | $ | (374 | ) | $ | 14,996 | |||||
Intangible assets—customer relationships and trademarks | 9,104 | (3,512 | ) | 5,592 | ||||||||
Total goodwill and intangible assets | $ | 24,474 | $ | (3,886 | ) | $ | 20,588 | |||||
December 31, 2013 | ||||||||||||
Goodwill | $ | 15,370 | $ | (374 | ) | $ | 14,996 | |||||
Intangible assets—customer relationships and trademarks | 9,104 | (2,814 | ) | 6,290 | ||||||||
Total goodwill and intangible assets | $ | 24,474 | $ | (3,188 | ) | $ | 21,286 | |||||
Amortization expense related to intangible assets totaled $699,000 in 2014, $660,000 in 2013 and $597,000 in 2012. The estimated aggregate future amortization expense for intangible assets remaining as of December 31, 2014 is as follows (in thousands): | ||||||||||||
2015 | $ | 598 | ||||||||||
2016 | 501 | |||||||||||
2017 | 474 | |||||||||||
2018 | 473 | |||||||||||
2019 | 473 | |||||||||||
Thereafter | 3,073 | |||||||||||
$ | 5,592 | |||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Premises and Equipment | Premises and Equipment | |||||||
Premises and equipment at December 31, 2014 and 2013 are summarized as follows (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Premises | $ | 17,235 | $ | 14,113 | ||||
Furniture and equipment | 22,418 | 28,865 | ||||||
39,653 | 42,978 | |||||||
Accumulated depreciation | (22,285 | ) | (31,496 | ) | ||||
Total premises and equipment, net | $ | 17,368 | $ | 11,482 | ||||
Depreciation expense for the above premises and equipment was approximately $4,079,000, $3,992,000 and $3,550,000 in 2014, 2013 and 2012, respectively. |
Deposits
Deposits | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Deposits | Deposits | |||||||
Deposits at December 31, 2014 and 2013 were as follows (in thousands): | ||||||||
2014 | 2013 | |||||||
Non-interest-bearing demand deposits | $ | 5,011,619 | $ | 3,347,567 | ||||
Interest-bearing deposits | ||||||||
Transaction | 1,292,388 | 792,186 | ||||||
Savings | 5,630,253 | 4,414,680 | ||||||
Time | 426,331 | 372,639 | ||||||
Deposits in foreign branches | 312,709 | 330,307 | ||||||
Total interest-bearing deposits | 7,661,681 | 5,909,812 | ||||||
Total deposits | $ | 12,673,300 | $ | 9,257,379 | ||||
The scheduled maturities of interest-bearing time deposits were as follows at December 31, 2014 (in thousands): | ||||||||
2015 | $ | 397,192 | ||||||
2016 | 20,514 | |||||||
2017 | 4,341 | |||||||
2018 | 233 | |||||||
2019 | 4,051 | |||||||
2020 and after | — | |||||||
$ | 426,331 | |||||||
At December 31, 2014 and 2013, the Bank had approximately $30,171,000 and $27,139,000, respectively, in deposits from related parties, including directors, stockholders, and their related affiliates on terms similar to those from third parties. | ||||||||
At December 31, 2014 and 2013, interest-bearing time deposits, including deposits in foreign branches, of $250,000 or more were approximately $527,583,000 and $550,678,000, respectively. |
Borrowing_Arrangements
Borrowing Arrangements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Borrowing Arrangements | Borrowing Arrangements | ||||||||||||||||||||
The following table summarizes our borrowings at December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Balance | Rate(3) | Balance | Rate(3) | Balance | Rate(3) | ||||||||||||||||
Federal funds purchased(4) | $ | 66,971 | 0.3 | % | $ | 148,650 | 0.22 | % | $ | 273,179 | 0.26 | % | |||||||||
Customer repurchase agreements(1) | 25,705 | 0.38 | % | 21,954 | 0.31 | % | 23,936 | 0.04 | % | ||||||||||||
FHLB borrowings(2) | 1,100,005 | 0.13 | % | 840,026 | 0.12 | % | 1,650,046 | 0.09 | % | ||||||||||||
Line of credit | — | — | % | 15,000 | 2.65 | % | — | — | % | ||||||||||||
Subordinated notes | 286,000 | 5.82 | % | 111,000 | 6.5 | % | 111,000 | 6.5 | % | ||||||||||||
Trust preferred subordinated debentures | 113,406 | 2.18 | % | 113,406 | 2.17 | % | 113,406 | 2.24 | % | ||||||||||||
Total borrowings | $ | 1,592,087 | $ | 1,250,036 | $ | 2,171,567 | |||||||||||||||
Maximum outstanding at any month end | $ | 1,592,087 | $ | 1,859,036 | $ | 2,432,945 | |||||||||||||||
-1 | Securities pledged for customer repurchase agreements were $21.8 million, $37.7 million and $23.9 million at December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
-2 | FHLB borrowings are collateralized by a blanket floating lien on certain real estate secured loans, mortgage finance assets and also certain pledged securities. The weighted-average interest rate for the years ended December 31, 2014, 2013 and 2012 was 0.15%, 0.14% and 0.16%, respectively. The average balance of FHLB borrowings for the years ended December 31, 2014, 2013 and 2012 was $213.4 million, $370.0 million and $1.2 billion, respectively. | ||||||||||||||||||||
-3 | Interest rate as of period end. | ||||||||||||||||||||
-4 | The weighted-average interest rate on federal funds purchased for the years ended December 31, 2014, 2013 and 2012 was 0.27%, 0.27% and 0.28%, respectively. The average balance of federal funds purchased for the years ended December 31, 2014, 2013 and 2012 was $139.3 million, $254.3 million and $350.8 million, respectively. | ||||||||||||||||||||
The following table summarizes our other borrowing capacities in addition to balances outstanding at December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
FHLB borrowing capacity relating to loans | $ | 3,602,994 | $ | 693,302 | $ | 267,542 | |||||||||||||||
FHLB borrowing capacity relating to securities | 535 | 8,482 | 33,204 | ||||||||||||||||||
Total FHLB borrowing capacity | $ | 3,603,529 | $ | 701,784 | $ | 300,746 | |||||||||||||||
Unused Federal funds lines available from commercial banks | $ | 1,186,000 | $ | 890,000 | $ | 706,000 | |||||||||||||||
Unused Federal Reserve Borrowings capacity | $ | 2,643,000 | $ | 2,284,000 | $ | 1,940,000 | |||||||||||||||
We had an existing non-revolving amortizing line of credit with $100.0 million of unused capacity that matured on December 15, 2014. This line of credit was renewed on December 23, 2014 with a new maturity date of December 22, 2015. The loan proceeds may be used for general corporate purposes including funding regulatory capital infusions into the Bank. The loan agreement contains customary financial covenants and restrictions. As of December 31, 2014, no borrowings were outstanding compared to $15.0 million outstanding at December 31, 2013. | |||||||||||||||||||||
The scheduled maturities of our borrowings at December 31, 2014, were as follows (in thousands): | |||||||||||||||||||||
Within One | After One | After Three | After Five | Total | |||||||||||||||||
Year | But Within | But Within | Years | ||||||||||||||||||
Three Years | Five Years | ||||||||||||||||||||
Federal funds purchased and customer repurchase agreements(1) | $ | 92,676 | $ | — | $ | — | $ | — | $ | 92,676 | |||||||||||
FHLB borrowings(1) | 1,100,005 | — | — | — | 1,100,005 | ||||||||||||||||
Subordinated notes(1) | — | — | — | 286,000 | 286,000 | ||||||||||||||||
Trust preferred subordinated debentures(1) | — | — | — | 113,406 | 113,406 | ||||||||||||||||
Total borrowings | $ | 1,192,681 | $ | — | $ | — | $ | 399,406 | $ | 1,592,087 | |||||||||||
-1 | Excludes interest. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Subordinated Borrowings [Abstract] | ||||||||||
Trust Preferred Subordinated Debentures | Long-Term Debt | |||||||||
From November 2002 to September 2006 various Texas Capital Statutory Trusts were created and subsequently issued floating rate trust preferred securities in various private offerings totaling $113.4 million. As of December 31, 2014, the details of the trust preferred subordinated debentures are summarized below (in thousands): | ||||||||||
Texas Capital | Texas Capital | Texas Capital | Texas Capital | Texas Capital | ||||||
Bancshares | Statutory | Statutory | Statutory | Statutory Trust V | ||||||
Statutory Trust I | Trust II | Trust III | Trust IV | |||||||
Date issued | November 19, 2002 | April 10, 2003 | October 6, 2005 | April 28, 2006 | September 29, 2006 | |||||
Trust preferred securities issued | $10,310 | $10,310 | $25,774 | $25,774 | $41,238 | |||||
Floating or fixed rate securities | Floating | Floating | Floating | Floating | Floating | |||||
Interest rate on subordinated debentures | 3 month LIBOR | 3 month LIBOR | 3 month LIBOR | 3 month LIBOR | 3 month LIBOR | |||||
+ 3.35% | + 3.25% | + 1.51% | + 1.60% | + 1.71% | ||||||
Maturity date | Nov-32 | Apr-33 | Dec-35 | Jun-36 | Dec-36 | |||||
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 indenture governing the notes contains customary covenants and restrictions. | ||||||||||
On January 31, 2014, the Bank issued $175.0 million of subordinated notes in an offering to institutional investors exempt from registration under Section 3(a)(2) of the Securities Act of 1933 and 12 C.F.R. Part 16. Net proceeds from the transaction were $172.4 million. The notes mature in January 2026 and bear interest at a rate of 5.25% per annum, payable semi-annually. The notes are unsecured and are subordinate to the Bank’s obligations to its depositors, its obligations under banker’s acceptances and letters of credit, certain obligations to Federal Reserve Banks and the FDIC and the Bank’s obligations to its other creditors, except any obligations which expressly rank on a parity with or junior to the notes. The notes qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations. | ||||||||||
Interest payments on all long-term debt are deductible for federal income tax purposes. | ||||||||||
Because our bank had less than $15.0 billion in total consolidated assets as of December 31, 2009, we are allowed to continue to classify our trust preferred securities, all of which were issued prior to May 19, 2010, as Tier 1 capital. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
We have a gross deferred tax asset of $65.5 million and $60.2 million at December 31, 2014 and 2013, respectively, which relates primarily to our allowance for loan losses, loan origination fees and stock compensation. Management believes it is more likely than not that all of the deferred tax assets will be realized. Our net deferred tax asset is included in other assets in the consolidated balance sheet. | ||||||||||||
Income tax expense/(benefit) consists of the following for the years ended (in thousands): | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 77,855 | $ | 76,478 | $ | 69,112 | ||||||
State | 2,124 | 1,878 | 1,885 | |||||||||
Total | $ | 79,979 | $ | 78,356 | $ | 70,997 | ||||||
Deferred | ||||||||||||
Federal | $ | (3,969 | ) | $ | (11,599 | ) | $ | (3,131 | ) | |||
State | — | — | — | |||||||||
Total | $ | (3,969 | ) | $ | (11,599 | ) | $ | (3,131 | ) | |||
Total expense | ||||||||||||
Federal | $ | 73,886 | $ | 64,879 | $ | 65,981 | ||||||
State | 2,124 | 1,878 | 1,885 | |||||||||
Total | $ | 76,010 | $ | 66,757 | $ | 67,866 | ||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Allowance for credit losses | $ | 38,356 | $ | 32,752 | ||||||||
Loan origination fees | 13,651 | 11,580 | ||||||||||
Stock compensation | 8,263 | 10,786 | ||||||||||
Mark to market on mortgage loans | 215 | 220 | ||||||||||
Reserve for potential mortgage loan repurchases | 20 | 20 | ||||||||||
Non-accrual interest | 1,272 | 1,907 | ||||||||||
Deferred lease expense | 1,688 | 1,316 | ||||||||||
Depreciation | 691 | — | ||||||||||
OREO valuation allowance | 22 | 499 | ||||||||||
Other | 1,298 | 1,157 | ||||||||||
Total deferred tax assets | 65,476 | 60,237 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Loan origination costs | (1,488 | ) | (1,048 | ) | ||||||||
Leases | (9,466 | ) | (6,587 | ) | ||||||||
Depreciation | — | (2,224 | ) | |||||||||
Unrealized gain on securities | (694 | ) | (877 | ) | ||||||||
Other | (1,914 | ) | (1,819 | ) | ||||||||
Total deferred tax liabilities | (13,562 | ) | (12,555 | ) | ||||||||
Net deferred tax asset | $ | 51,914 | $ | 47,682 | ||||||||
ASC 740-10, Income Taxes — Accounting for Uncertainties in Income Taxes (“ASC 740-10”) prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of cumulative benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC 740-10 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. | ||||||||||||
We file income tax returns in the U.S. federal jurisdiction and several U.S. state jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2011. | ||||||||||||
The reconciliation of income computed at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax at U.S. statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes | 1 | % | 1 | % | 1 | % | ||||||
Non-deductible expenses | 1 | % | 1 | % | 1 | % | ||||||
Non-taxable income | (1 | )% | (1 | )% | (1 | )% | ||||||
Total | 36 | % | 36 | % | 36 | % |
Employee_Benefits
Employee Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation Related Costs [Abstract] | ||||||||||||||||||||||||
Employee Benefits | Employee Benefits | |||||||||||||||||||||||
We have a qualified retirement plan, with a salary deferral feature designed to qualify under Section 401 of the Internal Revenue Code (“the 401(k) Plan”). The 401(k) Plan permits our employees to defer a portion of their compensation. Matching contributions may be made in amounts and at times determined by the Company. We contributed approximately $4.5 million, $3.7 million, and $2.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. Employees are eligible to participate in the 401(k) Plan when they meet certain requirements concerning minimum age and period of credited service. All contributions to the 401(k) Plan are invested in accordance with participant elections among certain investment options. | ||||||||||||||||||||||||
During 2000, we implemented an Employee Stock Purchase Plan (“ESPP”). Employees are eligible for the plan when they have met certain requirements concerning period of credited service and minimum hours worked. Eligible employees may contribute a minimum of 1% to a maximum of 10% of eligible compensation up to the Section 423 of the Internal Revenue Code limit of $25,000. In 2006, stockholders approved the 2006 ESPP, which allocated 400,000 shares for purchase. As of December 31, 2014, 2013 and 2012, 102,836, 93,388 and 85,013 shares had been purchased on behalf of the employees under the 2006 ESPP. | ||||||||||||||||||||||||
As of December 31, 2014, we had three equity-based compensation plans, the 1999 Stock Omnibus Plan (“1999 Plan”), the 2005 Long-Term Incentive Plan (“2005 Plan”) and the 2010 Long-Term Incentive Plan (“2010 Plan”). The 1999 Plan is no longer available for grants of equity based compensation; however, options to purchase shares previously issued under the plan will remain outstanding and be subject to administration by the Human Resources Committee of our board of directors. Under both the 2005 and 2010 Plans, equity-based compensation grants were made by the board of directors, or its designated committee. Grants are subject to vesting requirements. Under the 2005 and 2010 Plans, we may grant, among other things, nonqualified stock options, incentive stock options, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), cash-based performance units or any combination thereof. Both Plans include grants for employees and directors. Total shares authorized under the 2005 plan are 1,500,000, with 700,000 authorized under the 2010 Plan. Total shares which may be issued under the 2005 Plan at December 31, 2014, 2013 and 2012 were 44,655, 43,495 and 26,615, respectively. Total shares which may be issued under the 2010 Plan at December 31, 2014, 2013 and 2012 were 180,120, 218,820 and 363,020, respectively. | ||||||||||||||||||||||||
The fair value of our stock option and 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. | ||||||||||||||||||||||||
The fair value of the options and stock appreciation rights were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Risk-free rate | 1.46 | % | 1.17 | % | 0.76 | % | ||||||||||||||||||
Market price volatility factor | 0.402 | 0.409 | 0.404 | |||||||||||||||||||||
Weighted-average expected life of options | 5 years | 5 years | 5 years | |||||||||||||||||||||
Market price volatility and expected life of options is based on historical data and other factors. | ||||||||||||||||||||||||
A summary of our stock option activity and related information for 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||
Options outstanding at beginning of year | 54,900 | $ | 18.65 | 174,062 | $ | 13.51 | 569,410 | $ | 13.02 | |||||||||||||||
Options exercised | (28,400 | ) | 17.34 | (119,162 | ) | 11.14 | (391,348 | ) | 12.74 | |||||||||||||||
Options forfeited | (1,500 | ) | 14.91 | — | — | (4,000 | ) | 19.37 | ||||||||||||||||
Options outstanding at year-end | 25,000 | $ | 20.6 | 54,900 | $ | 18.65 | 174,062 | $ | 13.51 | |||||||||||||||
Options vested and exercisable at year-end | 25,000 | $ | 20.6 | 54,900 | $ | 18.65 | 174,062 | $ | 13.51 | |||||||||||||||
Intrinsic value of options vested and exercisable | $ | 843,190 | $ | 2,391,014 | $ | 5,450,620 | ||||||||||||||||||
Weighted average remaining contractual life of options vested and exercisable (in years) | 0.3 | 0.97 | 1.15 | |||||||||||||||||||||
Intrinsic value of options exercised | $ | 1,193,070 | $ | 4,176,787 | $ | 10,246,387 | ||||||||||||||||||
Weighted average remaining contractual life of options currently outstanding (in years) | 0.3 | 0.97 | 1.15 | |||||||||||||||||||||
There was no expense related to stock option awards in 2014, 2013 and 2012. No stock options were granted in 2014, 2013 or 2012. | ||||||||||||||||||||||||
Pursuant to the 2010 Long-term Incentive Plan, we granted stock appreciation rights in 2014, 2013 and 2012. These rights are time-vested and generally vest ratably over a period of five years. | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
SARs | Weighted | SARs | Weighted | SARs / | Weighted | |||||||||||||||||||
Average | Average | PSARs | Average | |||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||
SARs outstanding at beginning of year | 537,149 | $ | 23.68 | 640,220 | $ | 20.9 | 983,700 | $ | 19.56 | |||||||||||||||
SARs granted | 8,000 | 62.02 | 53,500 | 43.73 | 36,000 | 44.94 | ||||||||||||||||||
SARs exercised | (92,640 | ) | 20.87 | (134,271 | ) | 19.21 | (345,480 | ) | 19.44 | |||||||||||||||
SARs forfeited | (7,500 | ) | 31.16 | (22,300 | ) | 18.99 | (34,000 | ) | 24.79 | |||||||||||||||
SARs outstanding at year-end | 445,009 | $ | 24.83 | 537,149 | $ | 23.68 | 640,220 | $ | 20.9 | |||||||||||||||
SARs vested and exercisable at year-end | 355,509 | $ | 21.16 | 384,974 | $ | 20.64 | 446,970 | $ | 20.41 | |||||||||||||||
Weighted average remaining contractual life of SARs vested | 2.89 | 3.46 | 4.25 | |||||||||||||||||||||
Compensation expense | $ | 530,000 | $ | 564,000 | $ | 704,000 | ||||||||||||||||||
Weighted average fair value of SARs granted | $ | 23.02 | $ | 16.26 | $ | 16.21 | ||||||||||||||||||
Fair value of shares vested during the year | $ | 580,345 | $ | 566,341 | $ | 758,543 | ||||||||||||||||||
Weighted average remaining contractual life of SARs currently outstanding (in years) | 3.85 | 4.68 | 5.19 | |||||||||||||||||||||
As of December 31, 2014, 2013 and 2012, the intrinsic value of SARs vested was $11.8 million, $16.0 million and $10.9 million, respectively. | ||||||||||||||||||||||||
The following table summarizes the status of and changes in our nonvested restricted stock units: | ||||||||||||||||||||||||
Non-Vested Stock Awards | ||||||||||||||||||||||||
Outstanding | ||||||||||||||||||||||||
Number | Weighted- | |||||||||||||||||||||||
of Shares | Average Grant- | |||||||||||||||||||||||
Date Fair Value | ||||||||||||||||||||||||
Balance, January 1, 2012 | 661,492 | $ | 17.44 | |||||||||||||||||||||
Granted | 105,000 | 39.89 | ||||||||||||||||||||||
Vested and issued | (311,410 | ) | 18.82 | |||||||||||||||||||||
Forfeited | (43,163 | ) | 25.25 | |||||||||||||||||||||
Balance, December 31, 2012 | 411,919 | 23.8 | ||||||||||||||||||||||
Granted | 163,500 | 45.35 | ||||||||||||||||||||||
Vested and issued | (151,480 | ) | 20.47 | |||||||||||||||||||||
Forfeited | (20,200 | ) | 24.96 | |||||||||||||||||||||
Balance, December 31, 2013 | 403,739 | 33.72 | ||||||||||||||||||||||
Granted | 64,050 | 57.84 | ||||||||||||||||||||||
Vested and issued | (161,249 | ) | 26.4 | |||||||||||||||||||||
Forfeited | (17,375 | ) | 37.4 | |||||||||||||||||||||
Balance, December 31, 2014 | 289,165 | $ | 42.93 | |||||||||||||||||||||
The RSUs granted during 2014, 2013 and 2012 vest ratably over four to five years. Compensation cost for restricted stock units was $4,098,000, $3,551,000, $4,875,000 for years ended December 31, 2014, 2013 and 2012, respectively. The weighted average remaining contractual life of RSUs currently outstanding is 8.11 years. | ||||||||||||||||||||||||
Total compensation cost for all share-based arrangements, net of taxes, was $3,008,000, $2,677,000 and $3,626,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Unrecognized stock-based compensation expense related to SAR grants issued through December 31, 2014 was $1.1 million. At December 31, 2014, the weighted average period over which this unrecognized expense was expected to be recognized was 3.2 years. Unrecognized stock-based compensation expense related to RSU grants through December 31, 2014 was $10.6 million. At December 31, 2014, the weighted average period over which this unrecognized expense was expected to be recognized was 3.5 years. | ||||||||||||||||||||||||
Cash flows from financing activities included $2,929,000, $1,200,000 and $7,769,000 in cash inflows from excess tax benefits related to stock compensation in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Upon share option exercise, new shares are issued as opposed to treasury shares. | ||||||||||||||||||||||||
Pursuant to the 2010 Long-term Incentive Plan, we granted a total of 171,808, 173,035 and 344,127 cash-based performance units in 2014, 2013 and 2012, with a total of 502,532 outstanding at December 31, 2014. Of the outstanding units at December 31, 2014, 328,916 are service-based and vest ratably over a period of five years. Additionally, 173,616 units contain both service and performance based vesting requirements: 25-50% of the units will vest on the third anniversary of the date of grant, and the balance will vest based on attainment of certain performance metrics developed by the Human Resources Committee. Since these units have a cash payout feature, they are accounted for under the liability method and the related expense is based on the stock price at period end. Compensation cost for the units was $9,949,000, $17,287,000 and $6,440,000 for the years ended December 31, 2014, 2013, and 2012 respectively. At December 31, 2014, the weighted average remaining contractual life of the units was 8.08 years. | ||||||||||||||||||||||||
Total compensation cost for all cash-based arrangements, net of taxes, for the years ended December 31, 2014, 2013 and 2012 was $6,467,000, $11,237,000 and $4,186,000, respectively. |
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Risks and Uncertainties [Abstract] | ||||||||
Financial Instruments with Off-Balance Sheet Risk | Financial Instruments with Off-Balance Sheet Risk | |||||||
The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit that 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. | ||||||||
At December 31, 2014 and 2013, commitments to extend credit and standby and commercial letters of credit were as follows (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Commitments to extend credit | $ | 5,324,460 | $ | 3,674,391 | ||||
Standby letters of credit | 177,808 | 145,662 | ||||||
At December 31, 2014 and 2013, we had $7.1 million and $4.7 million, respectively, in allowance allocations for these off-balance sheet commitments. |
Regulatory_Restrictions
Regulatory Restrictions | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||
Regulatory Restrictions | Regulatory Restrictions | ||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory (and possibly additional discretionary) actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. | |||||||||||||||||||||
In July 2013, the Federal Reserve published final rules for the adoption of the Basel III regulatory capital framework (the "Basel III Capital Rules"). The Basel III Capital Rules, among other things, (i) introduce a new capital measure called "Common Equity Tier 1," (ii) specify that Tier 1 capital consist of Common Equity Tier 1 and "Additional Tier 1 Capital" instruments meeting specified requirements, (iii) define Common Equity Tier 1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to Common Equity Tier 1 and not to the other components of capital and (iv) expand the scope of the deductions/adjustments as compared to existing regulations. The Basel III Capital Rules became effective for us on January 1, 2015 with certain transition provisions fully phased in on January 1, 2019. Based on our initial assessment of the Basel III Capital Rules, we do not believe they will have a material impact on the Company or our bank. We believe we will meet the capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis when we commence filing 2015 reports with the FDIC and OCC. | |||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets, each as defined in the regulations. Management believes, as of December 31, 2014, 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 1 risk-based and Tier 1 leverage ratios. As shown in the table below, the Company’s capital ratios exceeded the regulatory definition of adequately capitalized as of December 31, 2014 and 2013. Based upon the information in its most recently filed call report, the Bank met the capital ratios necessary to be well capitalized. The regulatory authorities can apply changes in classification of assets and such 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. | |||||||||||||||||||||
Because our bank had less than $15.0 billion in total consolidated assets as of December 31, 2009, we are allowed to continue to classify our trust preferred securities, all of which were issued prior to May 19, 2010, as Tier 1 capital. | |||||||||||||||||||||
The table below summarizes our capital ratios: | |||||||||||||||||||||
Actual | For Capital | To Be Well Capitalized | |||||||||||||||||||
Adequacy | Under Prompt Corrective | ||||||||||||||||||||
Purposes | Action Provisions | ||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 1,967,021 | 11.83 | % | $ | 1,330,568 | 8 | % | N/A | N/A | |||||||||||
Bank | 1,757,365 | 10.57 | % | 1,330,226 | 8 | % | $ | 1,662,782 | 10 | % | |||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 1,573,007 | 9.46 | % | $ | 665,284 | 4 | % | N/A | N/A | |||||||||||
Bank | 1,424,351 | 8.57 | % | 665,113 | 4 | % | $ | 997,669 | 6 | % | |||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||
Company | $ | 1,573,007 | 10.76 | % | $ | 584,765 | 4 | % | N/A | N/A | |||||||||||
Bank | 1,424,351 | 9.75 | % | 584,597 | 4 | % | $ | 730,746 | 5 | % | |||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 1,387,312 | 10.73 | % | $ | 1,034,721 | 8 | % | N/A | N/A | |||||||||||
Bank | 1,328,227 | 10.27 | % | 1,034,406 | 8 | % | $ | 1,293,007 | 10 | % | |||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 1,184,018 | 9.15 | % | $ | 517,361 | 4 | % | N/A | N/A | |||||||||||
Bank | 975,933 | 7.55 | % | 517,203 | 4 | % | $ | 775,804 | 6 | % | |||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||
Company | $ | 1,184,018 | 10.87 | % | $ | 435,750 | 4 | % | N/A | N/A | |||||||||||
Bank | 975,933 | 8.96 | % | 435,601 | 4 | % | $ | 544,502 | 5 | % | |||||||||||
Dividends that may be paid by subsidiary banks are routinely restricted by various regulatory authorities. The amount that can be paid in any calendar year without prior approval of the Bank’s regulatory agencies cannot exceed the lesser of net profits (as defined) for that year plus the net profits for the preceding two calendar years, or retained earnings. The Basel III Capital Rules, will further limit the amount of dividends that be paid by our bank. No dividends were declared or paid on our common stock during 2014, 2013 or 2012. | |||||||||||||||||||||
The required reserve balances at the Federal Reserve at December 31, 2014 and 2013 were approximately $88,155,000 and $51,692,000, respectively. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
The following table presents the computation of basic and diluted earnings per share (in thousands except share data): | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income | $ | 136,352 | $ | 121,051 | $ | 120,672 | ||||||
Preferred stock dividends | 9,750 | 7,394 | — | |||||||||
Net income available to common stockholders | 126,602 | 113,657 | 120,672 | |||||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share—weighted average shares | 43,236,344 | 40,864,225 | 39,046,340 | |||||||||
Effect of employee stock-based awards(1) | 311,423 | 402,593 | 645,771 | |||||||||
Effect of warrants to purchase common stock | 455,489 | 513,063 | 473,736 | |||||||||
Denominator for dilutive earnings per share—adjusted weighted average shares and assumed conversions | 44,003,256 | 41,779,881 | 40,165,847 | |||||||||
Basic earnings per common share | $ | 2.93 | $ | 2.78 | $ | 3.09 | ||||||
Diluted earnings per common share | $ | 2.88 | $ | 2.72 | $ | 3 | ||||||
-1 | Stock options, SARs and RSUs outstanding of 51,300, 118,500 and 79,500 in 2014, 2013 and 2012, respectively, have not been included in diluted earnings per share because to do so would have been antidilutive for the periods presented. Stock options are antidilutive when the exercise price is higher than the average market price of the Company’s common stock. |
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures | |||||||||||||||
ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value under GAAP and requires enhanced disclosures about fair value measurements. Fair value is defined under ASC 820 as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal market for the asset or liability in an orderly transaction between market participants on the measurement date. | ||||||||||||||||
We determine the fair market values of our assets and liabilities measured at fair value on a recurring and nonrecurring basis using the fair value hierarchy as prescribed in ASC 820. The standard describes three levels of inputs that may be used to measure fair value as provided below. | ||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets include U.S. government and agency mortgage-backed debt securities, municipal bonds, and Community Reinvestment Act funds. This category includes derivative assets and liabilities where values are obtained from independent pricing services. | |||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair values requires significant management judgment or estimation. This category 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. | |||||||||||||||
Assets and liabilities measured at fair value at December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
December 31, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Available for sale securities:(1) | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 31,065 | $ | — | ||||||||||
Municipals | — | 3,267 | — | |||||||||||||
Equity securities(2) | — | 7,387 | — | |||||||||||||
Loans(3)(5) | — | — | 23,536 | |||||||||||||
OREO(4)(5) | — | — | 568 | |||||||||||||
Derivative assets(6) | — | 31,176 | — | |||||||||||||
Derivative liabilities(6) | — | 31,176 | — | |||||||||||||
December 31, 2013 | ||||||||||||||||
Available for sale securities:(1) | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 41,462 | $ | — | ||||||||||
Municipals | — | 14,505 | — | |||||||||||||
Equity securities(2) | — | 7,247 | — | |||||||||||||
Loans(3)(5) | — | — | 13,474 | |||||||||||||
OREO(4)(5) | — | — | 5,110 | |||||||||||||
Derivative assets(6) | — | 14,690 | — | |||||||||||||
Derivative liabilities(6) | — | 14,690 | — | |||||||||||||
-1 | Securities are measured at fair value on a recurring basis, generally monthly. | |||||||||||||||
-2 | Equity securities consist of Community Reinvestment Act funds. | |||||||||||||||
-3 | Includes impaired loans that have been measured for impairment at the fair value of the loan’s collateral. | |||||||||||||||
-4 | OREO is transferred from loans to OREO at fair value less selling costs. | |||||||||||||||
-5 | Fair value of loans and OREO is measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions | |||||||||||||||
-6 | Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. | |||||||||||||||
Level 3 Valuations | ||||||||||||||||
Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. Level 3 financial instruments also include those for which the determination of fair value requires significant management judgment or estimation. Currently, we measure fair value for certain loans on a nonrecurring basis as described below. | ||||||||||||||||
Loans | ||||||||||||||||
During the years ended December 31, 2014 and 2013, certain impaired loans were reevaluated and reported at fair value through a specific valuation allowance allocation of the allowance for possible loan losses based upon the fair value of the underlying collateral. The $23.5 million total above includes impaired loans at December 31, 2014 with a carrying value of $29.2 million that were reduced by specific valuation allowance allocations totaling $5.7 million for a total reported fair value of $23.5 million based on collateral valuations utilizing Level 3 valuation inputs. The $13.5 million total above includes impaired loans at December 31, 2013 with a carrying value of $14.9 million that were reduced by specific valuation allowance allocations totaling $1.4 million for a total reported fair value of $13.5 million based on collateral valuations utilizing Level 3 valuation inputs. Fair values were based on third party appraisals. | ||||||||||||||||
OREO | ||||||||||||||||
Certain foreclosed assets, upon initial recognition, were valued based on third party appraisals. At December 31, 2014 and 2013, OREO had a carrying value of $568,000 and $5.1 million, respectively, with no specific valuation allowance. The fair value of OREO was computed based on third party appraisals, which are Level 3 valuation inputs. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
Generally accepted accounting principles require disclosure of fair value information about financial instruments, whether or not recognized on the balance sheet, for which it is practical to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. This disclosure does not and is not intended to represent the fair value of the Company. | ||||||||||||||||
A summary of the carrying amounts and estimated fair values of financial instruments is as follows (in thousands): | ||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 1,330,514 | $ | 1,330,514 | $ | 153,911 | $ | 153,911 | ||||||||
Securities, available-for-sale | 41,719 | 41,719 | 63,214 | 63,214 | ||||||||||||
Loans held for investment, net | 14,156,058 | 14,161,484 | 11,183,264 | 11,179,439 | ||||||||||||
Derivative assets | 31,176 | 31,176 | 14,690 | 14,690 | ||||||||||||
Deposits | 12,673,300 | 12,673,607 | 9,257,379 | 9,257,574 | ||||||||||||
Federal funds purchased | 66,971 | 66,971 | 148,650 | 148,650 | ||||||||||||
Customer repurchase agreements | 25,705 | 25,705 | 21,954 | 21,954 | ||||||||||||
Other borrowings | 1,100,005 | 1,100,005 | 855,026 | 855,026 | ||||||||||||
Subordinated notes | 286,000 | 289,947 | 111,000 | 96,647 | ||||||||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | 113,406 | 113,406 | ||||||||||||
Derivative liabilities | 31,176 | 31,176 | 14,690 | 14,690 | ||||||||||||
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 mortgage finance loans approximates fair value. | ||||||||||||||||
Derivatives | ||||||||||||||||
The estimated fair value of the interest rate swaps are obtained from independent pricing services based on quoted market prices for the same or similar derivative contracts and are characterized as a Level 2 asset in the fair value hierarchy. On a quarterly basis, we independently verify the fair value using an additional independent pricing source. | ||||||||||||||||
Deposits | ||||||||||||||||
Deposits are characterized as Level 3 liabilities in the fair value hierarchy. The carrying amounts for variable-rate money market accounts approximate their fair value. Fixed-term 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, customer repurchase agreements, other borrowings, subordinated notes and trust preferred subordinated debentures | ||||||||||||||||
The carrying value reported in the consolidated balance sheet for Federal funds purchased, customer repurchase agreements and other short-term, floating rate borrowings approximates their fair value, which is characterized as a Level 2 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. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
We lease various premises under operating leases with various expiration dates ranging from January 2018 through February 2025. Rent expense incurred under operating leases amounted to approximately $13,639,000, $10,216,000 and $8,993,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
Minimum future lease payments under operating leases are as follows (in thousands): | ||||
Year ending December 31, | Minimum | |||
Payments | ||||
2015 | $ | 15,557 | ||
2016 | 15,544 | |||
2017 | 15,572 | |||
2018 | 15,534 | |||
2019 | 15,378 | |||
2020 and thereafter | 54,021 | |||
$ | 131,606 | |||
Parent_Company_Only
Parent Company Only | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Parent Company Only | Parent Company Only | |||||||||||
Summarized financial information for Texas Capital Bancshares, Inc. – Parent Company Only follows (in thousands): | ||||||||||||
Balance Sheet | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 176,324 | $ | 47,605 | ||||||||
Investment in subsidiaries | 1,459,092 | 1,011,823 | ||||||||||
Other assets | 82,783 | 287,734 | ||||||||||
Total assets | $ | 1,718,199 | $ | 1,347,162 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Other liabilities | $ | 1,328 | $ | 1,254 | ||||||||
Line of credit | — | 15,000 | ||||||||||
Subordinated notes | 111,000 | 111,000 | ||||||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | ||||||||||
Total liabilities | 225,734 | 240,660 | ||||||||||
Preferred stock | 150,000 | 150,000 | ||||||||||
Common stock | 457 | 410 | ||||||||||
Additional paid-in capital | 719,890 | 458,360 | ||||||||||
Retained earnings | 620,837 | 496,112 | ||||||||||
Treasury stock | (8 | ) | (8 | ) | ||||||||
Accumulated other comprehensive income | 1,289 | 1,628 | ||||||||||
Total stockholders’ equity | 1,492,465 | 1,106,502 | ||||||||||
Total liabilities and stockholders’ equity | $ | 1,718,199 | $ | 1,347,162 | ||||||||
Statement of Earnings | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Loan income | $ | 10,850 | $ | 10,382 | $ | 1,484 | ||||||
Dividend income | 5,275 | 76 | 83 | |||||||||
Other income | 28 | 72 | 38 | |||||||||
Total income | 16,153 | 10,530 | 1,605 | |||||||||
Interest expense | 10,038 | 9,863 | 4,913 | |||||||||
Salaries and employee benefits | 617 | 669 | 668 | |||||||||
Legal and professional | 2,237 | 2,605 | 2,094 | |||||||||
Other non-interest expense | 933 | 651 | 744 | |||||||||
Total expense | 13,825 | 13,788 | 8,419 | |||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiary | 2,328 | (3,258 | ) | (6,814 | ) | |||||||
Income tax expense (benefit) | 833 | (1,165 | ) | (2,435 | ) | |||||||
Income (loss) before equity in undistributed income of subsidiary | 1,495 | (2,093 | ) | (4,379 | ) | |||||||
Equity in undistributed income of subsidiary | 132,980 | 123,144 | 124,951 | |||||||||
Net income | 134,475 | 121,051 | 120,572 | |||||||||
Preferred stock dividends | 9,750 | 7,394 | — | |||||||||
Net income available to common stockholders | $ | 124,725 | $ | 113,657 | $ | 120,572 | ||||||
Statements of Cash Flows | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Operating Activities | ||||||||||||
Net income | $ | 134,475 | $ | 121,051 | $ | 120,572 | ||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Equity in undistributed income of subsidiary | (132,980 | ) | (123,144 | ) | (124,951 | ) | ||||||
Increase in other assets | (2,120 | ) | (2,413 | ) | (3,793 | ) | ||||||
Excess tax benefits from stock-based compensation arrangements | (2,929 | ) | (1,200 | ) | (7,769 | ) | ||||||
Increase (decrease) in other liabilities | 74 | 37 | 83 | |||||||||
Net cash used in operating activities of continuing operations | (3,480 | ) | (5,669 | ) | (15,858 | ) | ||||||
Investing Activity | ||||||||||||
Investments in and advances to subsidiaries | (100,000 | ) | (240,000 | ) | (70,000 | ) | ||||||
Net cash used in investing activity | (100,000 | ) | (240,000 | ) | (70,000 | ) | ||||||
Financing Activities | ||||||||||||
Proceeds from sale of stock related to stock-based awards | (2,203 | ) | (2,210 | ) | 355 | |||||||
Proceeds from sale of common stock | 256,223 | — | 86,987 | |||||||||
Proceeds from issuance of preferred stock | — | 144,987 | — | |||||||||
Preferred dividends paid | (9,750 | ) | (6,960 | ) | — | |||||||
Issuance of subordinated notes | — | — | 111,000 | |||||||||
Net other borrowings | (15,000 | ) | 15,000 | — | ||||||||
Excess tax benefits from stock-based compensation arrangements | 2,929 | 1,200 | 7,769 | |||||||||
Net cash provided by financing activities | 232,199 | 152,017 | 206,111 | |||||||||
Net increase (decrease) in cash and cash equivalents | 128,719 | (93,652 | ) | 120,253 | ||||||||
Cash and cash equivalents at beginning of year | 47,605 | 141,257 | 21,004 | |||||||||
Cash and cash equivalents at end of year | $ | 176,324 | $ | 47,605 | $ | 141,257 | ||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
See Note 7 for a description of deposits from related parties. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||||
The fair value of derivative positions outstanding is included in other assets and other liabilities in the accompanying consolidated balance sheets on a net basis when a right of offset exists, based on transactions with a single counterparty that are subject to a legally enforceable master netting agreement. | ||||||||||||||||||||||
During 2014 and 2013, we entered into certain interest rate derivative positions that were 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 December 31, 2014 and 2013 presented in the following table (in thousands): | ||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||
Notional | Asset Derivative | Liability Derivative | Notional | Asset Derivative | Liability Derivative | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Non-hedging interest rate derivatives: | ||||||||||||||||||||||
Financial institution counterparties: | ||||||||||||||||||||||
Commercial loan/lease interest rate swaps | $ | 866,432 | $ | 361 | $ | 30,162 | $ | 764,939 | $ | 5,374 | $ | 14,026 | ||||||||||
Commercial loan/lease interest rate caps | 63,414 | $ | 1,014 | — | 58,706 | 664 | $ | — | ||||||||||||||
Customer counterparties: | ||||||||||||||||||||||
Commercial loan/lease interest rate swaps | 866,432 | 30,162 | 361 | 764,939 | 14,026 | 5,374 | ||||||||||||||||
Commercial loan/lease interest rate caps | 63,414 | — | 1,014 | 58,706 | — | 664 | ||||||||||||||||
Gross derivatives | 31,537 | 31,537 | 20,064 | 20,064 | ||||||||||||||||||
Offsetting derivative assets/liabilities | (361 | ) | (361 | ) | (5,374 | ) | (5,374 | ) | ||||||||||||||
Net derivatives included in the consolidated balance sheets | $ | 31,176 | $ | 31,176 | $ | 14,690 | $ | 14,690 | ||||||||||||||
The weighted-average receive and pay interest rates for interest rate swaps outstanding at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||
Weighted-Average Interest Rate | Weighted-Average Interest Rate | |||||||||||||||||||||
Received | Paid | Received | Paid | |||||||||||||||||||
Non-hedging interest rate swaps | 2.79 | % | 4.82 | % | 2.99 | % | 4.89 | % | ||||||||||||||
The weighted-average strike rate for outstanding interest rate caps was 1.44% at December 31, 2014 and 1.87% at December 31, 2013. | ||||||||||||||||||||||
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 $31.2 million at December 31, 2014 and approximately $14.7 million at December 31, 2013, 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 December 31, 2014 and 2013, we had $30.2 million and $10.7 million in cash collateral pledged for these derivatives included in interest-bearing deposits. |
Stockholders_Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity |
In January 2009, we issued $75 million of perpetual preferred stock and related warrants under the U.S. Department of Treasury’s voluntary Capital Purchase Program. The preferred stock was repurchased in May 2009 and the U.S. Treasury auctioned the related warrants in the first quarter of 2010. As of December 31, 2014, warrants to purchase 581,500 shares at $14.84 per share are still outstanding. | |
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 $9.8 million in dividends on the preferred stock for the year ended December 31, 2014 compared to $7.0 million for the same period of 2013. Holders of preferred stock do 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 was used for general corporate purposes, including funding regulatory capital infusions into the Bank. | |
In January 2014, we completed an offering of 1.9 million shares of our common stock. Net proceeds from the sale totaled $106.5 million. The net proceeds of the offering were available to the Company for general corporate purposes, including retirement of $15.0 million of short-term debt that was outstanding at December 31, 2013, and additional capital to support continued loan growth. | |
On November 12, 2014, we completed a sale of 2.5 million of our common stock in a public offering. Net proceeds from the sale totaled $149.6 million. The additional equity will be used for general corporate purposes and additional capital to support continued loan growth. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||
Quarterly Financial Information | Quarterly Financial Data (unaudited) | |||||||||||||||
The tables below summarize our quarterly financial information for the years December 31, 2014 and 2013 (in thousands except per share and average share data): | ||||||||||||||||
2014 Selected Quarterly Financial Data | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Interest income | $ | 137,833 | $ | 135,290 | $ | 124,813 | $ | 116,611 | ||||||||
Interest expense | 10,251 | 9,629 | 9,406 | 8,296 | ||||||||||||
Net interest income | 127,582 | 125,661 | 115,407 | 108,315 | ||||||||||||
Provision for credit losses | 6,500 | 6,500 | 4,000 | 5,000 | ||||||||||||
Net interest income after provision for credit losses | 121,082 | 119,161 | 111,407 | 103,315 | ||||||||||||
Non-interest income | 11,226 | 10,396 | 10,533 | 10,356 | ||||||||||||
Non-interest expense | 74,117 | 71,915 | 69,765 | 69,317 | ||||||||||||
Income before income taxes | 58,191 | 57,642 | 52,175 | 44,354 | ||||||||||||
Income tax expense | 20,357 | 20,810 | 18,754 | 16,089 | ||||||||||||
Net income | 37,834 | 36,832 | 33,421 | 28,265 | ||||||||||||
Preferred stock dividends | 2,437 | 2,438 | 2,437 | 2,438 | ||||||||||||
Net income available to common stockholders | $ | 35,397 | $ | 34,394 | $ | 30,984 | $ | 25,827 | ||||||||
Basic earnings per share: | $ | 0.8 | $ | 0.8 | $ | 0.72 | $ | 0.61 | ||||||||
Diluted earnings per share: | $ | 0.78 | $ | 0.78 | $ | 0.71 | $ | 0.6 | ||||||||
Average shares | ||||||||||||||||
Basic | 44,406,000 | 43,144,000 | 43,075,000 | 42,298,000 | ||||||||||||
Diluted | 45,093,000 | 43,850,000 | 43,845,000 | 43,220,000 | ||||||||||||
2013 Selected Quarterly Financial Data | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Interest income | $ | 117,965 | $ | 115,217 | $ | 107,264 | $ | 104,179 | ||||||||
Interest expense | 6,490 | 6,441 | 6,044 | 6,137 | ||||||||||||
Net interest income | 111,475 | 108,776 | 101,220 | 98,042 | ||||||||||||
Provision for credit losses | 5,000 | 5,000 | 7,000 | 2,000 | ||||||||||||
Net interest income after provision for credit losses | 106,475 | 103,776 | 94,220 | 96,042 | ||||||||||||
Non-interest income | 11,184 | 10,431 | 11,128 | 11,281 | ||||||||||||
Non-interest expense | 70,288 | 62,007 | 68,733 | 55,701 | ||||||||||||
Income before income taxes | 47,371 | 52,200 | 36,615 | 51,622 | ||||||||||||
Income tax expense | 17,012 | 18,724 | 12,542 | 18,479 | ||||||||||||
Net income | 30,359 | 33,476 | 24,073 | 33,143 | ||||||||||||
Preferred stock dividends | $ | 2,438 | $ | 2,437 | $ | 2,438 | $ | 81 | ||||||||
Net income available to common stockholders | $ | 27,921 | $ | 31,039 | $ | 21,635 | $ | 33,062 | ||||||||
Basic earnings per share: | $ | 0.68 | $ | 0.76 | $ | 0.53 | $ | 0.82 | ||||||||
Diluted earnings per share: | $ | 0.67 | $ | 0.74 | $ | 0.52 | $ | 0.8 | ||||||||
Average shares | ||||||||||||||||
Basic | 40,983,000 | 40,902,000 | 40,814,000 | 40,474,000 | ||||||||||||
Diluted | 41,889,000 | 41,792,000 | 41,724,000 | 41,429,000 | ||||||||||||
New_Accounting_Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | New Accounting Standards |
ASU 2014-04 “Receivables (Topic 310) - Troubled Debt Restructurings by Creditors” (“ASU 2014-04”) amends Topic 310 “Receivables” to clarify the terms defining when an in substance repossession or foreclosure occurs, which determines when the receivable should be derecognized and the real estate property is recognized. ASU 2013-04 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. It is not expected to have a significant impact on our consolidated financial statements. | |
ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09") implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 establishes a five-step model which entities must follow to recognize revenue and removes inconsistencies and weaknesses in existing guidance. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016 and is not expected to have a significant impact on our consolidated financial statements. | |
ASU 2014-11 "Transfers and Servicing (Topic 860" ("ASU 2014-11") requires that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. The amendments to ASU 2014-11 update the accounting for repurchase-to-maturity transactions and link repurchase financings to secured borrowing accounting, which is consistent with the accounting for other repurchase agreements. ASU 2014-11 also requires two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales that are economically similar to repurchase agreements. The second disclosure provides added transparency about the types of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. ASU 2014-11 is effective for annual and interim periods beginning after December 15, 2014 and is not expected to have a significant impact on our consolidated financial statements. | |
ASU 2014-12 "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" ("ASU 2014-12") requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is intended to resolve the diverse accounting treatments of these types of awards in practice and is effective for annual and interim periods beginning after December 15, 2015 and is not expected to have a significant impact on our consolidated financial statements. |
Operations_and_Summary_of_Sign1
Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Organization and Nature of Business |
Texas Capital Bancshares, Inc. (the "Company”), a Delaware corporation, was incorporated in November 1996 and commenced banking operations in December 1998. The consolidated financial statements of the Company include the accounts of Texas Capital Bancshares, Inc. and its wholly owned subsidiary, Texas Capital Bank, National Association (the "Bank”). We serve the needs of commercial businesses and successful professionals and entrepreneurs located in Texas as well as operate several lines of business serving a regional or national clientele of commercial borrowers. We are primarily a secured lender, with our greatest concentration of loans in Texas. | |
Basis of Presentation | Basis of Presentation |
Our accounting and reporting policies conform to accounting principles generally accepted in the United States ("GAAP") and to generally accepted practices within the banking industry. Certain prior period balances have been reclassified to conform to the current period presentation. | |
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, interest-bearing deposits and 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 (loss), 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 December 31, 2014 and 2013. | |
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 uncollectable. | |
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 investment includes legal ownership interests in mortgage loans that we purchase through our mortgage warehouse lending 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 and that of the originator are delivered by us to the investor selected by the originator and approved by us. We typically purchase up to a 99% ownership interest in each mortgage with the originator owning the remaining percentage. These mortgage ownership interests are held by us for a period of less than 30 days and more typically 10-20 days. Because of conditions in agreements with originators designed to reduce transaction risks, under 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 originators and payments we receive from investors are deemed to be payments made by or on behalf of the originator to repay the loan deemed made to the originator. Because we have an actual, legal ownership interest in the underlying residential mortgage loan, these interests are not extensions of credit to the originators that are secured by the mortgage loans as collateral. | |
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 mortgage loans and hold them beyond the expected 10-20 days. Mortgage loans acquired under these conditions would require mark-to-market adjustments to income and could require future allocations of the allowance for loan losses or be subject to charge off in the event the loans become impaired. Mortgage loan interests purchased and disposed of as expected receive no allocation of the allowance for loan losses due to the minimal loss experience with these assets. | |
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 uncollectable are charged against the allowance when management believes that the collectability 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. | |
Other Real Estate Owned | Other Real Estate Owned |
Other real estate owned (“OREO”), which is included in other assets on the consolidated 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. Internal use software costs are included in other assets in the consolidated balance sheets. | |
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. Goodwill and 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 consolidated statement of income and other comprehensive income based on their fair values on the measurement date, which is the date of the grant. | |
Accumulated Other Comprehensive Income | 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 (loss), net for the three years ended December 31, 2014 is reported in the accompanying consolidated statements of stockholders’ equity and consolidated statements of income and other 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 14 — Earnings Per 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. |
Securities_Tables
Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ||||||||||||||||||||||||
Summary of securities | The following is a summary of securities (in thousands): | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 28,957 | $ | 2,108 | $ | — | $ | 31,065 | ||||||||||||||||
Municipals | 3,257 | 10 | — | 3,267 | ||||||||||||||||||||
Equity securities(1) | 7,522 | 16 | (151 | ) | 7,387 | |||||||||||||||||||
$ | 39,736 | $ | 2,134 | $ | (151 | ) | $ | 41,719 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Gains | Losses | Value | ||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 38,786 | $ | 2,676 | $ | — | $ | 41,462 | ||||||||||||||||
Municipals | 14,401 | 104 | — | 14,505 | ||||||||||||||||||||
Equity securities(1) | 7,522 | — | (275 | ) | 7,247 | |||||||||||||||||||
$ | 60,709 | $ | 2,780 | $ | (275 | ) | $ | 63,214 | ||||||||||||||||
-1 | Equity securities consist of Community Reinvestment Act funds. | |||||||||||||||||||||||
Schedule of amortized cost and estimated fair value of securities | The amortized cost and estimated fair value of securities are presented below by contractual maturity (in thousands, except percentage data): | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less Than | After One | After Five | After Ten | Total | ||||||||||||||||||||
One Year | Through | Through | Years | |||||||||||||||||||||
Five Years | Ten Years | |||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Residential mortgage-backed securities:(1) | ||||||||||||||||||||||||
Amortized cost | $ | 1 | $ | 9,151 | $ | 5,661 | $ | 14,144 | $ | 28,957 | ||||||||||||||
Estimated fair value | 1 | 9,662 | 6,333 | 15,069 | 31,065 | |||||||||||||||||||
Weighted average yield(3) | 6.5 | % | 4.79 | % | 5.54 | % | 2.36 | % | 3.75 | % | ||||||||||||||
Municipals:(2) | ||||||||||||||||||||||||
Amortized cost | 1,669 | 1,588 | — | — | 3,257 | |||||||||||||||||||
Estimated fair value | 1,674 | 1,593 | — | — | 3,267 | |||||||||||||||||||
Weighted average yield(3) | 5.78 | % | 5.79 | % | — | % | — | % | 5.79 | % | ||||||||||||||
Equity securities:(4) | ||||||||||||||||||||||||
Amortized cost | 7,522 | — | — | — | 7,522 | |||||||||||||||||||
Estimated fair value | 7,387 | — | — | — | 7,387 | |||||||||||||||||||
Total available-for-sale securities: | ||||||||||||||||||||||||
Amortized cost | $ | 39,736 | ||||||||||||||||||||||
Estimated fair value | $ | 41,719 | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Less Than | After One | After Five | After Ten | Total | ||||||||||||||||||||
One Year | Through | Through | Years | |||||||||||||||||||||
Five Years | Ten Years | |||||||||||||||||||||||
Available-for-sale: | ||||||||||||||||||||||||
Residential mortgage-backed securities:(1) | ||||||||||||||||||||||||
Amortized cost | $ | 238 | $ | 14,720 | $ | 7,718 | $ | 16,110 | $ | 38,786 | ||||||||||||||
Estimated fair value | 252 | 15,641 | 8,456 | 17,113 | 41,462 | |||||||||||||||||||
Weighted average yield(3) | 4.32 | % | 4.78 | % | 5.56 | % | 2.4 | % | 3.94 | % | ||||||||||||||
Municipals:(2) | ||||||||||||||||||||||||
Amortized cost | 7,749 | 6,652 | — | — | 14,401 | |||||||||||||||||||
Estimated fair value | 7,818 | 6,687 | — | — | 14,505 | |||||||||||||||||||
Weighted average yield(3) | 5.76 | % | 5.71 | % | — | % | — | % | 5.73 | % | ||||||||||||||
Equity securities:(4) | ||||||||||||||||||||||||
Amortized cost | 7,522 | — | — | — | 7,522 | |||||||||||||||||||
Estimated fair value | 7,247 | — | — | — | 7,247 | |||||||||||||||||||
Total available-for-sale securities: | ||||||||||||||||||||||||
Amortized cost | $ | 60,709 | ||||||||||||||||||||||
Estimated fair value | $ | 63,214 | ||||||||||||||||||||||
-1 | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. The average expected life of the mortgage-backed securities was 1.2 years at December 31, 2014 and 1.4 years at December 31, 2013. | |||||||||||||||||||||||
-2 | Yields have been adjusted to a tax equivalent basis assuming a 35% federal tax rate. | |||||||||||||||||||||||
-3 | Yields are calculated based on amortized cost. | |||||||||||||||||||||||
-4 | These equity securities do not have a stated maturity. | |||||||||||||||||||||||
Schedule of investment securities that have been in a continuous unrealized loss position for less or more than 12 months | The following table discloses, as of December 31, 2014 and December 31, 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): | |||||||||||||||||||||||
31-Dec-14 | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
Equity securities | $ | — | $ | — | $ | 6,349 | $ | (151 | ) | $ | 6,349 | $ | (151 | ) | ||||||||||
31-Dec-13 | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Loss | Value | Loss | Value | Loss | |||||||||||||||||||
Equity securities | $ | 7,247 | $ | (275 | ) | $ | — | $ | — | $ | 7,247 | $ | (275 | ) | ||||||||||
Loans_and_Allowance_for_Credit1
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of loans held for investments | Loans held for investment are summarized by category as follows (in thousands): | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Commercial | $ | 5,869,219 | $ | 5,020,565 | ||||||||||||||||||||||||||||
Mortgage finance | 4,102,125 | 2,784,265 | ||||||||||||||||||||||||||||||
Construction | 1,416,405 | 1,262,905 | ||||||||||||||||||||||||||||||
Real estate | 2,807,127 | 2,146,522 | ||||||||||||||||||||||||||||||
Consumer | 19,699 | 15,350 | ||||||||||||||||||||||||||||||
Equipment leases | 99,495 | 93,160 | ||||||||||||||||||||||||||||||
Gross loans held for investment | 14,314,070 | 11,322,767 | ||||||||||||||||||||||||||||||
Deferred income (net of direct origination costs) | (57,058 | ) | (51,899 | ) | ||||||||||||||||||||||||||||
Allowance for loan losses | (100,954 | ) | (87,604 | ) | ||||||||||||||||||||||||||||
Total | $ | 14,156,058 | $ | 11,183,264 | ||||||||||||||||||||||||||||
Schedule of the credit risk profile of loan portfolio by internally assigned grades and nonaccrual status | The following tables summarize the credit risk profile of our loan portfolio by internally assigned grades and non-accrual status as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||
Commercial | Mortgage | Construction | Real Estate | Consumer | Equipment Leases | Total | ||||||||||||||||||||||||||
Finance | ||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||
Pass | $ | 5,738,474 | $ | 4,102,125 | $ | 1,414,671 | $ | 2,785,804 | $ | 19,579 | $ | 91,044 | $ | 14,151,697 | ||||||||||||||||||
Special mention | 53,839 | — | 1,734 | 8,723 | 11 | 4,363 | 68,670 | |||||||||||||||||||||||||
Substandard- accruing | 43,784 | — | — | 2,653 | 47 | 3,915 | 50,399 | |||||||||||||||||||||||||
Non-accrual | 33,122 | — | — | 9,947 | 62 | 173 | 43,304 | |||||||||||||||||||||||||
Total loans held for investment | $ | 5,869,219 | $ | 4,102,125 | $ | 1,416,405 | $ | 2,807,127 | $ | 19,699 | $ | 99,495 | $ | 14,314,070 | ||||||||||||||||||
Commercial | Mortgage | Construction | Real Estate | Consumer | Equipment Leases | Total | ||||||||||||||||||||||||||
Finance | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||
Pass | $ | 4,908,944 | $ | 2,784,265 | $ | 1,261,995 | $ | 2,099,744 | $ | 15,251 | $ | 89,317 | $ | 11,159,516 | ||||||||||||||||||
Special mention | 24,132 | — | 102 | 6,338 | — | 51 | 30,623 | |||||||||||||||||||||||||
Substandard-accruing | 74,593 | — | 103 | 21,770 | 45 | 3,742 | 100,253 | |||||||||||||||||||||||||
Non-accrual | 12,896 | — | 705 | 18,670 | 54 | 50 | 32,375 | |||||||||||||||||||||||||
Total loans held for investment | $ | 5,020,565 | $ | 2,784,265 | $ | 1,262,905 | $ | 2,146,522 | $ | 15,350 | $ | 93,160 | $ | 11,322,767 | ||||||||||||||||||
Schedule of activity in the reserve for loan losses by portfolio segment | Allocation of a portion of the reserve to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||||
Commercial | Mortgage | Construction | Real | Consumer | Equipment Leases | Unallocated | Total | |||||||||||||||||||||||||
Finance | Estate | |||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 39,868 | $ | — | $ | 14,553 | $ | 24,210 | $ | 149 | $ | 3,105 | $ | 5,719 | $ | 87,604 | ||||||||||||||||
Provision for loan losses | 37,827 | — | (6,618 | ) | (8,411 | ) | 195 | (3,046 | ) | (317 | ) | 19,630 | ||||||||||||||||||||
Charge-offs | 9,803 | — | 296 | 266 | — | — | 10,365 | |||||||||||||||||||||||||
Recoveries | 2,762 | — | 79 | 162 | 1,082 | — | 4,085 | |||||||||||||||||||||||||
Net charge-offs (recoveries) | 7,041 | — | — | 217 | 104 | (1,082 | ) | — | 6,280 | |||||||||||||||||||||||
Ending balance | $ | 70,654 | $ | — | $ | 7,935 | $ | 15,582 | $ | 240 | $ | 1,141 | $ | 5,402 | $ | 100,954 | ||||||||||||||||
Period end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 7,705 | $ | — | $ | — | $ | 636 | $ | 9 | $ | 26 | $ | — | $ | 8,376 | ||||||||||||||||
Loans collectively evaluated for impairment | 62,949 | — | 7,935 | 14,946 | 231 | 1,115 | 5,402 | 92,578 | ||||||||||||||||||||||||
Ending balance | $ | 70,654 | $ | — | $ | 7,935 | $ | 15,582 | $ | 240 | $ | 1,141 | $ | 5,402 | $ | 100,954 | ||||||||||||||||
Commercial | Mortgage | Construction | Real | Consumer | Equipment Leases | Unallocated | Total | |||||||||||||||||||||||||
Finance | Estate | |||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 21,547 | $ | — | $ | 12,097 | $ | 30,893 | $ | 226 | $ | 2,460 | $ | 7,114 | $ | 74,337 | ||||||||||||||||
Provision for loan losses | 23,693 | — | 2,456 | (6,809 | ) | (105 | ) | 325 | (1,395 | ) | 18,165 | |||||||||||||||||||||
Charge-offs | 6,575 | — | — | 144 | 45 | 2 | — | 6,766 | ||||||||||||||||||||||||
Recoveries | 1,203 | — | — | 270 | 73 | 322 | — | 1,868 | ||||||||||||||||||||||||
Net charge-offs (recoveries) | 5,372 | — | — | (126 | ) | (28 | ) | (320 | ) | — | 4,898 | |||||||||||||||||||||
Ending balance | $ | 39,868 | $ | — | $ | 14,553 | $ | 24,210 | $ | 149 | $ | 3,105 | $ | 5,719 | $ | 87,604 | ||||||||||||||||
Period end amount allocated to: | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 2,015 | $ | — | $ | — | $ | 1,143 | $ | 8 | $ | 8 | $ | — | $ | 3,174 | ||||||||||||||||
Loans collectively evaluated for impairment | 37,853 | — | 14,553 | 23,067 | 141 | 3,097 | 5,719 | 84,430 | ||||||||||||||||||||||||
Ending balance | $ | 39,868 | $ | — | $ | 14,553 | $ | 24,210 | $ | 149 | $ | 3,105 | $ | 5,719 | $ | 87,604 | ||||||||||||||||
Schedule of recorded investment in loans related to each balance in the allowance for loan losses | Our recorded investment in loans as of December 31, 2014 and 2013 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): | |||||||||||||||||||||||||||||||
Commercial | Mortgage | Construction | Real | Consumer | Equipment Leases | Total | ||||||||||||||||||||||||||
Finance | Estate | |||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 35,165 | $ | — | $ | — | $ | 13,880 | $ | 62 | $ | 173 | $ | 49,280 | ||||||||||||||||||
Loans collectively evaluated for impairment | 5,834,054 | 4,102,125 | 1,416,405 | 2,793,247 | 19,637 | 99,322 | 14,264,790 | |||||||||||||||||||||||||
Total | $ | 5,869,219 | $ | 4,102,125 | $ | 1,416,405 | $ | 2,807,127 | $ | 19,699 | $ | 99,495 | $ | 14,314,070 | ||||||||||||||||||
Commercial | Mortgage | Construction | Real | Consumer | Equipment Leases | Total | ||||||||||||||||||||||||||
Finance | Estate | |||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 15,139 | $ | — | $ | 705 | $ | 24,028 | $ | 54 | $ | 50 | $ | 39,976 | ||||||||||||||||||
Loans collectively evaluated for impairment | 5,005,426 | 2,784,265 | 1,262,200 | 2,122,494 | 15,296 | 93,110 | 11,282,791 | |||||||||||||||||||||||||
Total | $ | 5,020,565 | $ | 2,784,265 | $ | 1,262,905 | $ | 2,146,522 | $ | 15,350 | $ | 93,160 | $ | 11,322,767 | ||||||||||||||||||
Schedule of impaired loans, by portfolio class | The following tables detail our impaired loans, by portfolio class as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 9,608 | $ | 11,857 | $ | — | $ | 7,334 | $ | — | ||||||||||||||||||||||
Energy loans | — | — | — | 375 | 25 | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | 118 | — | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 3,735 | 3,735 | — | 7,970 | — | |||||||||||||||||||||||||||
Commercial | 3,521 | 3,521 | — | 2,795 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | — | — | — | 1,210 | — | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Equipment leases | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans with no allowance recorded | $ | 16,864 | $ | 19,113 | $ | — | $ | 19,802 | $ | 25 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 24,553 | $ | 25,553 | $ | 7,433 | $ | 17,705 | $ | — | ||||||||||||||||||||||
Energy loans | 1,004 | 1,004 | 272 | 991 | — | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | — | — | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 4,203 | 4,203 | 317 | 5,064 | — | |||||||||||||||||||||||||||
Commercial | 526 | 526 | 79 | 705 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 1,895 | 1,895 | 240 | 2,119 | — | |||||||||||||||||||||||||||
Consumer | 62 | 62 | 9 | 16 | — | |||||||||||||||||||||||||||
Equipment leases | 173 | 173 | 26 | 41 | — | |||||||||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 32,416 | $ | 33,416 | $ | 8,376 | $ | 26,641 | $ | — | ||||||||||||||||||||||
Combined: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 34,161 | $ | 37,410 | $ | 7,433 | $ | 25,039 | $ | — | ||||||||||||||||||||||
Energy loans | 1,004 | 1,004 | 272 | 1,366 | 25 | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | 118 | — | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 7,938 | 7,938 | 317 | 13,034 | — | |||||||||||||||||||||||||||
Commercial | 4,047 | 4,047 | 79 | 3,500 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 1,895 | 1,895 | 240 | 3,329 | — | |||||||||||||||||||||||||||
Consumer | 62 | 62 | 9 | 16 | — | |||||||||||||||||||||||||||
Equipment leases | 173 | 173 | 26 | 41 | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 49,280 | $ | 52,529 | $ | 8,376 | $ | 46,443 | $ | 25 | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 2,005 | $ | 2,005 | $ | — | $ | 4,265 | $ | — | ||||||||||||||||||||||
Energy loans | 1,614 | 3,443 | — | 969 | — | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | 705 | 705 | — | 3,111 | 114 | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 13,524 | 13,524 | — | 9,796 | — | |||||||||||||||||||||||||||
Commercial | 508 | 508 | — | 5,458 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 1,320 | 1,320 | — | 2,464 | — | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||
Equipment leases | — | — | — | — | — | |||||||||||||||||||||||||||
Total impaired loans with no allowance recorded | $ | 19,676 | $ | 21,505 | $ | — | $ | 26,063 | $ | 114 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 11,060 | $ | 12,425 | $ | 1,946 | $ | 14,240 | $ | — | ||||||||||||||||||||||
Energy loans | 460 | 460 | 69 | 913 | — | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | 160 | — | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 6,289 | 6,289 | 822 | 7,912 | — | |||||||||||||||||||||||||||
Commercial | — | — | — | 477 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 2,387 | 2,387 | 321 | 914 | — | |||||||||||||||||||||||||||
Consumer | 54 | 54 | 8 | 43 | — | |||||||||||||||||||||||||||
Equipment leases | 50 | 50 | 8 | 72 | — | |||||||||||||||||||||||||||
Total impaired loans with an allowance recorded | $ | 20,300 | $ | 21,665 | $ | 3,174 | $ | 24,731 | $ | — | ||||||||||||||||||||||
Combined: | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 13,065 | $ | 14,430 | $ | 1,946 | $ | 18,505 | $ | — | ||||||||||||||||||||||
Energy loans | 2,074 | 3,903 | 69 | 1,882 | — | |||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | 705 | 705 | — | 3,271 | 114 | |||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | 19,813 | 19,813 | 822 | 17,708 | — | |||||||||||||||||||||||||||
Commercial | 508 | 508 | — | 5,935 | — | |||||||||||||||||||||||||||
Secured by 1-4 family | 3,707 | 3,707 | 321 | 3,378 | — | |||||||||||||||||||||||||||
Consumer | 54 | 54 | 8 | 43 | — | |||||||||||||||||||||||||||
Equipment leases | 50 | 50 | 8 | 72 | — | |||||||||||||||||||||||||||
Total impaired loans | $ | 39,976 | $ | 43,170 | $ | 3,174 | $ | 50,794 | $ | 114 | ||||||||||||||||||||||
Schedule of an age analysis of accruing past due loans | The table below provides an age analysis of our past due loans that are still accruing as of December 31, 2014 (in thousands): | |||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Non-accrual | Current | Total | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due(1) | |||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Business loans | $ | 37,459 | $ | 4,355 | $ | 5,274 | $ | 47,088 | $ | 32,118 | $ | 4,680,114 | $ | 4,759,320 | ||||||||||||||||||
Energy | — | — | — | — | 1,004 | 1,108,895 | 1,109,899 | |||||||||||||||||||||||||
Mortgage finance loans | — | — | — | — | — | 4,102,125 | 4,102,125 | |||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Market risk | 3,571 | — | — | 3,571 | — | 1,393,513 | 1,397,084 | |||||||||||||||||||||||||
Secured by 1-4 family | — | — | — | — | — | 19,321 | 19,321 | |||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||
Market risk | — | — | — | — | 5,134 | 2,176,939 | 2,182,073 | |||||||||||||||||||||||||
Commercial | 5,758 | — | — | 5,758 | 4,047 | 523,855 | 533,660 | |||||||||||||||||||||||||
Secured by 1-4 family | 599 | — | — | 599 | 766 | 90,029 | 91,394 | |||||||||||||||||||||||||
Consumer | 43 | 8 | — | 51 | 62 | 19,586 | 19,699 | |||||||||||||||||||||||||
Equipment leases | 9,396 | — | — | 9,396 | 173 | 89,926 | 99,495 | |||||||||||||||||||||||||
Total loans held for investment | $ | 56,826 | $ | 4,363 | $ | 5,274 | $ | 66,463 | $ | 43,304 | $ | 14,204,303 | $ | 14,314,070 | ||||||||||||||||||
-1 | Loans past due 90 days and still accruing includes premium finance loans of $3.7 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. | |||||||||||||||||||||||||||||||
Schedule of loans that have been restructured | The following table provides information on how loans were modified as a restructured loan during the year ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Extended maturity | $ | 1,441 | $ | 874 | ||||||||||||||||||||||||||||
Adjusted payment schedule | — | — | ||||||||||||||||||||||||||||||
Combination of maturity extension and payment schedule adjustment | 80 | 8,921 | ||||||||||||||||||||||||||||||
Total | $ | 1,521 | $ | 9,795 | ||||||||||||||||||||||||||||
The following tables summarize, as of December 31, 2014 and 2013, loans that have been restructured during 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Number of | Pre-Restructuring | Post-Restructuring | ||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
Real estate - commercial | 1 | $ | 1,441 | $ | 1,441 | |||||||||||||||||||||||||||
Commercial business loans | 1 | $ | 95 | $ | 80 | |||||||||||||||||||||||||||
Total new restructured loans in 2014 | 2 | $ | 1,536 | $ | 1,521 | |||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Number of | Pre-Restructuring | Post-Restructuring | ||||||||||||||||||||||||||||||
Contracts | Outstanding Recorded | Outstanding Recorded | ||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
Commercial business loans | 3 | $ | 10,823 | $ | 8,921 | |||||||||||||||||||||||||||
Real estate market risk | 1 | 892 | 874 | |||||||||||||||||||||||||||||
Total new restructured loans in 2013 | 4 | $ | 11,715 | $ | 9,795 | |||||||||||||||||||||||||||
OREO_and_Valuation_Allowance_f1
OREO and Valuation Allowance for Losses on OREO (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||||||||||||
Summary of the activity related to OREO | The table below presents a summary of the activity related to OREO (in thousands): | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | 5,110 | $ | 15,991 | $ | 34,077 | ||||||
Additions | 851 | 1,331 | 3,434 | |||||||||
Sales | (5,393 | ) | (11,292 | ) | (14,637 | ) | ||||||
Valuation allowance for OREO | — | 958 | (4,488 | ) | ||||||||
Direct write-downs | — | (1,878 | ) | (2,395 | ) | |||||||
Ending balance | $ | 568 | $ | 5,110 | $ | 15,991 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Schedule of goodwill and other intangible assets | Goodwill and other intangible assets at December 31, 2014 and 2013 are summarized as follows (in thousands): | |||||||||||
Gross Goodwill | Accumulated | Net | ||||||||||
and Intangible | Amortization | Goodwill | ||||||||||
Assets | and | |||||||||||
Intangible | ||||||||||||
Assets | ||||||||||||
December 31, 2014 | ||||||||||||
Goodwill | $ | 15,370 | $ | (374 | ) | $ | 14,996 | |||||
Intangible assets—customer relationships and trademarks | 9,104 | (3,512 | ) | 5,592 | ||||||||
Total goodwill and intangible assets | $ | 24,474 | $ | (3,886 | ) | $ | 20,588 | |||||
December 31, 2013 | ||||||||||||
Goodwill | $ | 15,370 | $ | (374 | ) | $ | 14,996 | |||||
Intangible assets—customer relationships and trademarks | 9,104 | (2,814 | ) | 6,290 | ||||||||
Total goodwill and intangible assets | $ | 24,474 | $ | (3,188 | ) | $ | 21,286 | |||||
Schedule of estimated aggregate future amortization expense for intangible assets | The estimated aggregate future amortization expense for intangible assets remaining as of December 31, 2014 is as follows (in thousands): | |||||||||||
2015 | $ | 598 | ||||||||||
2016 | 501 | |||||||||||
2017 | 474 | |||||||||||
2018 | 473 | |||||||||||
2019 | 473 | |||||||||||
Thereafter | 3,073 | |||||||||||
$ | 5,592 | |||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Summary of premises and equipment | Premises and equipment at December 31, 2014 and 2013 are summarized as follows (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Premises | $ | 17,235 | $ | 14,113 | ||||
Furniture and equipment | 22,418 | 28,865 | ||||||
39,653 | 42,978 | |||||||
Accumulated depreciation | (22,285 | ) | (31,496 | ) | ||||
Total premises and equipment, net | $ | 17,368 | $ | 11,482 | ||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deposits [Abstract] | ||||||||
Schedule of deposits | Deposits at December 31, 2014 and 2013 were as follows (in thousands): | |||||||
2014 | 2013 | |||||||
Non-interest-bearing demand deposits | $ | 5,011,619 | $ | 3,347,567 | ||||
Interest-bearing deposits | ||||||||
Transaction | 1,292,388 | 792,186 | ||||||
Savings | 5,630,253 | 4,414,680 | ||||||
Time | 426,331 | 372,639 | ||||||
Deposits in foreign branches | 312,709 | 330,307 | ||||||
Total interest-bearing deposits | 7,661,681 | 5,909,812 | ||||||
Total deposits | $ | 12,673,300 | $ | 9,257,379 | ||||
Schedule of maturities of interest-bearing time deposits | The scheduled maturities of interest-bearing time deposits were as follows at December 31, 2014 (in thousands): | |||||||
2015 | $ | 397,192 | ||||||
2016 | 20,514 | |||||||
2017 | 4,341 | |||||||
2018 | 233 | |||||||
2019 | 4,051 | |||||||
2020 and after | — | |||||||
$ | 426,331 | |||||||
Borrowing_Arrangements_Tables
Borrowing Arrangements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Summary of borrowings | The following table summarizes our borrowings at December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Balance | Rate(3) | Balance | Rate(3) | Balance | Rate(3) | ||||||||||||||||
Federal funds purchased(4) | $ | 66,971 | 0.3 | % | $ | 148,650 | 0.22 | % | $ | 273,179 | 0.26 | % | |||||||||
Customer repurchase agreements(1) | 25,705 | 0.38 | % | 21,954 | 0.31 | % | 23,936 | 0.04 | % | ||||||||||||
FHLB borrowings(2) | 1,100,005 | 0.13 | % | 840,026 | 0.12 | % | 1,650,046 | 0.09 | % | ||||||||||||
Line of credit | — | — | % | 15,000 | 2.65 | % | — | — | % | ||||||||||||
Subordinated notes | 286,000 | 5.82 | % | 111,000 | 6.5 | % | 111,000 | 6.5 | % | ||||||||||||
Trust preferred subordinated debentures | 113,406 | 2.18 | % | 113,406 | 2.17 | % | 113,406 | 2.24 | % | ||||||||||||
Total borrowings | $ | 1,592,087 | $ | 1,250,036 | $ | 2,171,567 | |||||||||||||||
Maximum outstanding at any month end | $ | 1,592,087 | $ | 1,859,036 | $ | 2,432,945 | |||||||||||||||
-1 | Securities pledged for customer repurchase agreements were $21.8 million, $37.7 million and $23.9 million at December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
-2 | FHLB borrowings are collateralized by a blanket floating lien on certain real estate secured loans, mortgage finance assets and also certain pledged securities. The weighted-average interest rate for the years ended December 31, 2014, 2013 and 2012 was 0.15%, 0.14% and 0.16%, respectively. The average balance of FHLB borrowings for the years ended December 31, 2014, 2013 and 2012 was $213.4 million, $370.0 million and $1.2 billion, respectively. | ||||||||||||||||||||
-3 | Interest rate as of period end. | ||||||||||||||||||||
-4 | The weighted-average interest rate on federal funds purchased for the years ended December 31, 2014, 2013 and 2012 was 0.27%, 0.27% and 0.28%, respectively. The average balance of federal funds purchased for the years ended December 31, 2014, 2013 and 2012 was $139.3 million, $254.3 million and $350.8 million, respectively. | ||||||||||||||||||||
Summary of other borrowing capacities | The following table summarizes our other borrowing capacities in addition to balances outstanding at December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
FHLB borrowing capacity relating to loans | $ | 3,602,994 | $ | 693,302 | $ | 267,542 | |||||||||||||||
FHLB borrowing capacity relating to securities | 535 | 8,482 | 33,204 | ||||||||||||||||||
Total FHLB borrowing capacity | $ | 3,603,529 | $ | 701,784 | $ | 300,746 | |||||||||||||||
Unused Federal funds lines available from commercial banks | $ | 1,186,000 | $ | 890,000 | $ | 706,000 | |||||||||||||||
Unused Federal Reserve Borrowings capacity | $ | 2,643,000 | $ | 2,284,000 | $ | 1,940,000 | |||||||||||||||
Schedule of maturities of borrowings | The scheduled maturities of our borrowings at December 31, 2014, were as follows (in thousands): | ||||||||||||||||||||
Within One | After One | After Three | After Five | Total | |||||||||||||||||
Year | But Within | But Within | Years | ||||||||||||||||||
Three Years | Five Years | ||||||||||||||||||||
Federal funds purchased and customer repurchase agreements(1) | $ | 92,676 | $ | — | $ | — | $ | — | $ | 92,676 | |||||||||||
FHLB borrowings(1) | 1,100,005 | — | — | — | 1,100,005 | ||||||||||||||||
Subordinated notes(1) | — | — | — | 286,000 | 286,000 | ||||||||||||||||
Trust preferred subordinated debentures(1) | — | — | — | 113,406 | 113,406 | ||||||||||||||||
Total borrowings | $ | 1,192,681 | $ | — | $ | — | $ | 399,406 | $ | 1,592,087 | |||||||||||
-1 | Excludes interest. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Subordinated Borrowings [Abstract] | ||||||||||
Schedule of details of the trust preferred subordinated debentures | As of December 31, 2014, the details of the trust preferred subordinated debentures are summarized below (in thousands): | |||||||||
Texas Capital | Texas Capital | Texas Capital | Texas Capital | Texas Capital | ||||||
Bancshares | Statutory | Statutory | Statutory | Statutory Trust V | ||||||
Statutory Trust I | Trust II | Trust III | Trust IV | |||||||
Date issued | November 19, 2002 | April 10, 2003 | October 6, 2005 | April 28, 2006 | September 29, 2006 | |||||
Trust preferred securities issued | $10,310 | $10,310 | $25,774 | $25,774 | $41,238 | |||||
Floating or fixed rate securities | Floating | Floating | Floating | Floating | Floating | |||||
Interest rate on subordinated debentures | 3 month LIBOR | 3 month LIBOR | 3 month LIBOR | 3 month LIBOR | 3 month LIBOR | |||||
+ 3.35% | + 3.25% | + 1.51% | + 1.60% | + 1.71% | ||||||
Maturity date | Nov-32 | Apr-33 | Dec-35 | Jun-36 | Dec-36 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of income tax expense/(benefit) | Income tax expense/(benefit) consists of the following for the years ended (in thousands): | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 77,855 | $ | 76,478 | $ | 69,112 | ||||||
State | 2,124 | 1,878 | 1,885 | |||||||||
Total | $ | 79,979 | $ | 78,356 | $ | 70,997 | ||||||
Deferred | ||||||||||||
Federal | $ | (3,969 | ) | $ | (11,599 | ) | $ | (3,131 | ) | |||
State | — | — | — | |||||||||
Total | $ | (3,969 | ) | $ | (11,599 | ) | $ | (3,131 | ) | |||
Total expense | ||||||||||||
Federal | $ | 73,886 | $ | 64,879 | $ | 65,981 | ||||||
State | 2,124 | 1,878 | 1,885 | |||||||||
Total | $ | 76,010 | $ | 66,757 | $ | 67,866 | ||||||
Schedule of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities are as follows (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Allowance for credit losses | $ | 38,356 | $ | 32,752 | ||||||||
Loan origination fees | 13,651 | 11,580 | ||||||||||
Stock compensation | 8,263 | 10,786 | ||||||||||
Mark to market on mortgage loans | 215 | 220 | ||||||||||
Reserve for potential mortgage loan repurchases | 20 | 20 | ||||||||||
Non-accrual interest | 1,272 | 1,907 | ||||||||||
Deferred lease expense | 1,688 | 1,316 | ||||||||||
Depreciation | 691 | — | ||||||||||
OREO valuation allowance | 22 | 499 | ||||||||||
Other | 1,298 | 1,157 | ||||||||||
Total deferred tax assets | 65,476 | 60,237 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Loan origination costs | (1,488 | ) | (1,048 | ) | ||||||||
Leases | (9,466 | ) | (6,587 | ) | ||||||||
Depreciation | — | (2,224 | ) | |||||||||
Unrealized gain on securities | (694 | ) | (877 | ) | ||||||||
Other | (1,914 | ) | (1,819 | ) | ||||||||
Total deferred tax liabilities | (13,562 | ) | (12,555 | ) | ||||||||
Net deferred tax asset | $ | 51,914 | $ | 47,682 | ||||||||
Reconciliation of income attributable to continuing operations | The reconciliation of income computed at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows: | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax at U.S. statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes | 1 | % | 1 | % | 1 | % | ||||||
Non-deductible expenses | 1 | % | 1 | % | 1 | % | ||||||
Non-taxable income | (1 | )% | (1 | )% | (1 | )% | ||||||
Total | 36 | % | 36 | % | 36 | % |
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation Related Costs [Abstract] | ||||||||||||||||||||||||
Schedule of weighted-average assumptions | The fair value of the options and stock appreciation rights were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Risk-free rate | 1.46 | % | 1.17 | % | 0.76 | % | ||||||||||||||||||
Market price volatility factor | 0.402 | 0.409 | 0.404 | |||||||||||||||||||||
Weighted-average expected life of options | 5 years | 5 years | 5 years | |||||||||||||||||||||
Summary of stock option activity | A summary of our stock option activity and related information for 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | |||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||
Options outstanding at beginning of year | 54,900 | $ | 18.65 | 174,062 | $ | 13.51 | 569,410 | $ | 13.02 | |||||||||||||||
Options exercised | (28,400 | ) | 17.34 | (119,162 | ) | 11.14 | (391,348 | ) | 12.74 | |||||||||||||||
Options forfeited | (1,500 | ) | 14.91 | — | — | (4,000 | ) | 19.37 | ||||||||||||||||
Options outstanding at year-end | 25,000 | $ | 20.6 | 54,900 | $ | 18.65 | 174,062 | $ | 13.51 | |||||||||||||||
Options vested and exercisable at year-end | 25,000 | $ | 20.6 | 54,900 | $ | 18.65 | 174,062 | $ | 13.51 | |||||||||||||||
Intrinsic value of options vested and exercisable | $ | 843,190 | $ | 2,391,014 | $ | 5,450,620 | ||||||||||||||||||
Weighted average remaining contractual life of options vested and exercisable (in years) | 0.3 | 0.97 | 1.15 | |||||||||||||||||||||
Intrinsic value of options exercised | $ | 1,193,070 | $ | 4,176,787 | $ | 10,246,387 | ||||||||||||||||||
Weighted average remaining contractual life of options currently outstanding (in years) | 0.3 | 0.97 | 1.15 | |||||||||||||||||||||
Schedule of stock appreciation rights activity | These rights are time-vested and generally vest ratably over a period of five years. | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
SARs | Weighted | SARs | Weighted | SARs / | Weighted | |||||||||||||||||||
Average | Average | PSARs | Average | |||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||||
SARs outstanding at beginning of year | 537,149 | $ | 23.68 | 640,220 | $ | 20.9 | 983,700 | $ | 19.56 | |||||||||||||||
SARs granted | 8,000 | 62.02 | 53,500 | 43.73 | 36,000 | 44.94 | ||||||||||||||||||
SARs exercised | (92,640 | ) | 20.87 | (134,271 | ) | 19.21 | (345,480 | ) | 19.44 | |||||||||||||||
SARs forfeited | (7,500 | ) | 31.16 | (22,300 | ) | 18.99 | (34,000 | ) | 24.79 | |||||||||||||||
SARs outstanding at year-end | 445,009 | $ | 24.83 | 537,149 | $ | 23.68 | 640,220 | $ | 20.9 | |||||||||||||||
SARs vested and exercisable at year-end | 355,509 | $ | 21.16 | 384,974 | $ | 20.64 | 446,970 | $ | 20.41 | |||||||||||||||
Weighted average remaining contractual life of SARs vested | 2.89 | 3.46 | 4.25 | |||||||||||||||||||||
Compensation expense | $ | 530,000 | $ | 564,000 | $ | 704,000 | ||||||||||||||||||
Weighted average fair value of SARs granted | $ | 23.02 | $ | 16.26 | $ | 16.21 | ||||||||||||||||||
Fair value of shares vested during the year | $ | 580,345 | $ | 566,341 | $ | 758,543 | ||||||||||||||||||
Weighted average remaining contractual life of SARs currently outstanding (in years) | 3.85 | 4.68 | 5.19 | |||||||||||||||||||||
Summary of status and changes in nonvested restricted stock units | The following table summarizes the status of and changes in our nonvested restricted stock units: | |||||||||||||||||||||||
Non-Vested Stock Awards | ||||||||||||||||||||||||
Outstanding | ||||||||||||||||||||||||
Number | Weighted- | |||||||||||||||||||||||
of Shares | Average Grant- | |||||||||||||||||||||||
Date Fair Value | ||||||||||||||||||||||||
Balance, January 1, 2012 | 661,492 | $ | 17.44 | |||||||||||||||||||||
Granted | 105,000 | 39.89 | ||||||||||||||||||||||
Vested and issued | (311,410 | ) | 18.82 | |||||||||||||||||||||
Forfeited | (43,163 | ) | 25.25 | |||||||||||||||||||||
Balance, December 31, 2012 | 411,919 | 23.8 | ||||||||||||||||||||||
Granted | 163,500 | 45.35 | ||||||||||||||||||||||
Vested and issued | (151,480 | ) | 20.47 | |||||||||||||||||||||
Forfeited | (20,200 | ) | 24.96 | |||||||||||||||||||||
Balance, December 31, 2013 | 403,739 | 33.72 | ||||||||||||||||||||||
Granted | 64,050 | 57.84 | ||||||||||||||||||||||
Vested and issued | (161,249 | ) | 26.4 | |||||||||||||||||||||
Forfeited | (17,375 | ) | 37.4 | |||||||||||||||||||||
Balance, December 31, 2014 | 289,165 | $ | 42.93 | |||||||||||||||||||||
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Risks and Uncertainties [Abstract] | ||||||||
Schedule of financial instruments with off-balance sheet risk | At December 31, 2014 and 2013, commitments to extend credit and standby and commercial letters of credit were as follows (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Commitments to extend credit | $ | 5,324,460 | $ | 3,674,391 | ||||
Standby letters of credit | 177,808 | 145,662 | ||||||
At December 31, 2014 and 2013, we had $7.1 million and $4.7 million, respectively, in allowance allocations for these off-balance sheet commitments. |
Regulatory_Restrictions_Tables
Regulatory Restrictions (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||
Schedule of compliance with Regulatory Capital Requirements | Because our bank had less than $15.0 billion in total consolidated assets as of December 31, 2009, we are allowed to continue to classify our trust preferred securities, all of which were issued prior to May 19, 2010, as Tier 1 capital. | ||||||||||||||||||||
The table below summarizes our capital ratios: | |||||||||||||||||||||
Actual | For Capital | To Be Well Capitalized | |||||||||||||||||||
Adequacy | Under Prompt Corrective | ||||||||||||||||||||
Purposes | Action Provisions | ||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 1,967,021 | 11.83 | % | $ | 1,330,568 | 8 | % | N/A | N/A | |||||||||||
Bank | 1,757,365 | 10.57 | % | 1,330,226 | 8 | % | $ | 1,662,782 | 10 | % | |||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 1,573,007 | 9.46 | % | $ | 665,284 | 4 | % | N/A | N/A | |||||||||||
Bank | 1,424,351 | 8.57 | % | 665,113 | 4 | % | $ | 997,669 | 6 | % | |||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||
Company | $ | 1,573,007 | 10.76 | % | $ | 584,765 | 4 | % | N/A | N/A | |||||||||||
Bank | 1,424,351 | 9.75 | % | 584,597 | 4 | % | $ | 730,746 | 5 | % | |||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 1,387,312 | 10.73 | % | $ | 1,034,721 | 8 | % | N/A | N/A | |||||||||||
Bank | 1,328,227 | 10.27 | % | 1,034,406 | 8 | % | $ | 1,293,007 | 10 | % | |||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 1,184,018 | 9.15 | % | $ | 517,361 | 4 | % | N/A | N/A | |||||||||||
Bank | 975,933 | 7.55 | % | 517,203 | 4 | % | $ | 775,804 | 6 | % | |||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||
Company | $ | 1,184,018 | 10.87 | % | $ | 435,750 | 4 | % | N/A | N/A | |||||||||||
Bank | 975,933 | 8.96 | % | 435,601 | 4 | % | $ | 544,502 | 5 | % | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of computation of basic and diluted earnings per share | The following table presents the computation of basic and diluted earnings per share (in thousands except share data): | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income | $ | 136,352 | $ | 121,051 | $ | 120,672 | ||||||
Preferred stock dividends | 9,750 | 7,394 | — | |||||||||
Net income available to common stockholders | 126,602 | 113,657 | 120,672 | |||||||||
Denominator: | ||||||||||||
Denominator for basic earnings per share—weighted average shares | 43,236,344 | 40,864,225 | 39,046,340 | |||||||||
Effect of employee stock-based awards(1) | 311,423 | 402,593 | 645,771 | |||||||||
Effect of warrants to purchase common stock | 455,489 | 513,063 | 473,736 | |||||||||
Denominator for dilutive earnings per share—adjusted weighted average shares and assumed conversions | 44,003,256 | 41,779,881 | 40,165,847 | |||||||||
Basic earnings per common share | $ | 2.93 | $ | 2.78 | $ | 3.09 | ||||||
Diluted earnings per common share | $ | 2.88 | $ | 2.72 | $ | 3 | ||||||
-1 | Stock options, SARs and RSUs outstanding of 51,300, 118,500 and 79,500 in 2014, 2013 and 2012, respectively, have not been included in diluted earnings per share because to do so would have been antidilutive for the periods presented. Stock options are antidilutive when the exercise price is higher than the average market price of the Company’s common stock. |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of assets and liabilities measured at fair value | Assets and liabilities measured at fair value at December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
December 31, 2014 | Level 1 | Level 2 | Level 3 | |||||||||||||
Available for sale securities:(1) | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 31,065 | $ | — | ||||||||||
Municipals | — | 3,267 | — | |||||||||||||
Equity securities(2) | — | 7,387 | — | |||||||||||||
Loans(3)(5) | — | — | 23,536 | |||||||||||||
OREO(4)(5) | — | — | 568 | |||||||||||||
Derivative assets(6) | — | 31,176 | — | |||||||||||||
Derivative liabilities(6) | — | 31,176 | — | |||||||||||||
December 31, 2013 | ||||||||||||||||
Available for sale securities:(1) | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | 41,462 | $ | — | ||||||||||
Municipals | — | 14,505 | — | |||||||||||||
Equity securities(2) | — | 7,247 | — | |||||||||||||
Loans(3)(5) | — | — | 13,474 | |||||||||||||
OREO(4)(5) | — | — | 5,110 | |||||||||||||
Derivative assets(6) | — | 14,690 | — | |||||||||||||
Derivative liabilities(6) | — | 14,690 | — | |||||||||||||
-1 | Securities are measured at fair value on a recurring basis, generally monthly. | |||||||||||||||
-2 | Equity securities consist of Community Reinvestment Act funds. | |||||||||||||||
-3 | Includes impaired loans that have been measured for impairment at the fair value of the loan’s collateral. | |||||||||||||||
-4 | OREO is transferred from loans to OREO at fair value less selling costs. | |||||||||||||||
-5 | Fair value of loans and OREO is measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions | |||||||||||||||
-6 | Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly. | |||||||||||||||
Summary of the carrying amounts and estimated fair values of financial instruments | A summary of the carrying amounts and estimated fair values of financial instruments is as follows (in thousands): | |||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
Cash and cash equivalents | $ | 1,330,514 | $ | 1,330,514 | $ | 153,911 | $ | 153,911 | ||||||||
Securities, available-for-sale | 41,719 | 41,719 | 63,214 | 63,214 | ||||||||||||
Loans held for investment, net | 14,156,058 | 14,161,484 | 11,183,264 | 11,179,439 | ||||||||||||
Derivative assets | 31,176 | 31,176 | 14,690 | 14,690 | ||||||||||||
Deposits | 12,673,300 | 12,673,607 | 9,257,379 | 9,257,574 | ||||||||||||
Federal funds purchased | 66,971 | 66,971 | 148,650 | 148,650 | ||||||||||||
Customer repurchase agreements | 25,705 | 25,705 | 21,954 | 21,954 | ||||||||||||
Other borrowings | 1,100,005 | 1,100,005 | 855,026 | 855,026 | ||||||||||||
Subordinated notes | 286,000 | 289,947 | 111,000 | 96,647 | ||||||||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | 113,406 | 113,406 | ||||||||||||
Derivative liabilities | 31,176 | 31,176 | 14,690 | 14,690 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of minimum future lease payments under operating leases | Minimum future lease payments under operating leases are as follows (in thousands): | |||
Year ending December 31, | Minimum | |||
Payments | ||||
2015 | $ | 15,557 | ||
2016 | 15,544 | |||
2017 | 15,572 | |||
2018 | 15,534 | |||
2019 | 15,378 | |||
2020 and thereafter | 54,021 | |||
$ | 131,606 | |||
Parent_Company_Only_Tables
Parent Company Only (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||
Balance Sheet | Balance Sheet | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 176,324 | $ | 47,605 | ||||||||
Investment in subsidiaries | 1,459,092 | 1,011,823 | ||||||||||
Other assets | 82,783 | 287,734 | ||||||||||
Total assets | $ | 1,718,199 | $ | 1,347,162 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Other liabilities | $ | 1,328 | $ | 1,254 | ||||||||
Line of credit | — | 15,000 | ||||||||||
Subordinated notes | 111,000 | 111,000 | ||||||||||
Trust preferred subordinated debentures | 113,406 | 113,406 | ||||||||||
Total liabilities | 225,734 | 240,660 | ||||||||||
Preferred stock | 150,000 | 150,000 | ||||||||||
Common stock | 457 | 410 | ||||||||||
Additional paid-in capital | 719,890 | 458,360 | ||||||||||
Retained earnings | 620,837 | 496,112 | ||||||||||
Treasury stock | (8 | ) | (8 | ) | ||||||||
Accumulated other comprehensive income | 1,289 | 1,628 | ||||||||||
Total stockholders’ equity | 1,492,465 | 1,106,502 | ||||||||||
Total liabilities and stockholders’ equity | $ | 1,718,199 | $ | 1,347,162 | ||||||||
Statement of Earnings | Statement of Earnings | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Loan income | $ | 10,850 | $ | 10,382 | $ | 1,484 | ||||||
Dividend income | 5,275 | 76 | 83 | |||||||||
Other income | 28 | 72 | 38 | |||||||||
Total income | 16,153 | 10,530 | 1,605 | |||||||||
Interest expense | 10,038 | 9,863 | 4,913 | |||||||||
Salaries and employee benefits | 617 | 669 | 668 | |||||||||
Legal and professional | 2,237 | 2,605 | 2,094 | |||||||||
Other non-interest expense | 933 | 651 | 744 | |||||||||
Total expense | 13,825 | 13,788 | 8,419 | |||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiary | 2,328 | (3,258 | ) | (6,814 | ) | |||||||
Income tax expense (benefit) | 833 | (1,165 | ) | (2,435 | ) | |||||||
Income (loss) before equity in undistributed income of subsidiary | 1,495 | (2,093 | ) | (4,379 | ) | |||||||
Equity in undistributed income of subsidiary | 132,980 | 123,144 | 124,951 | |||||||||
Net income | 134,475 | 121,051 | 120,572 | |||||||||
Preferred stock dividends | 9,750 | 7,394 | — | |||||||||
Net income available to common stockholders | $ | 124,725 | $ | 113,657 | $ | 120,572 | ||||||
Statement of Cash Flows | Statements of Cash Flows | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Operating Activities | ||||||||||||
Net income | $ | 134,475 | $ | 121,051 | $ | 120,572 | ||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Equity in undistributed income of subsidiary | (132,980 | ) | (123,144 | ) | (124,951 | ) | ||||||
Increase in other assets | (2,120 | ) | (2,413 | ) | (3,793 | ) | ||||||
Excess tax benefits from stock-based compensation arrangements | (2,929 | ) | (1,200 | ) | (7,769 | ) | ||||||
Increase (decrease) in other liabilities | 74 | 37 | 83 | |||||||||
Net cash used in operating activities of continuing operations | (3,480 | ) | (5,669 | ) | (15,858 | ) | ||||||
Investing Activity | ||||||||||||
Investments in and advances to subsidiaries | (100,000 | ) | (240,000 | ) | (70,000 | ) | ||||||
Net cash used in investing activity | (100,000 | ) | (240,000 | ) | (70,000 | ) | ||||||
Financing Activities | ||||||||||||
Proceeds from sale of stock related to stock-based awards | (2,203 | ) | (2,210 | ) | 355 | |||||||
Proceeds from sale of common stock | 256,223 | — | 86,987 | |||||||||
Proceeds from issuance of preferred stock | — | 144,987 | — | |||||||||
Preferred dividends paid | (9,750 | ) | (6,960 | ) | — | |||||||
Issuance of subordinated notes | — | — | 111,000 | |||||||||
Net other borrowings | (15,000 | ) | 15,000 | — | ||||||||
Excess tax benefits from stock-based compensation arrangements | 2,929 | 1,200 | 7,769 | |||||||||
Net cash provided by financing activities | 232,199 | 152,017 | 206,111 | |||||||||
Net increase (decrease) in cash and cash equivalents | 128,719 | (93,652 | ) | 120,253 | ||||||||
Cash and cash equivalents at beginning of year | 47,605 | 141,257 | 21,004 | |||||||||
Cash and cash equivalents at end of year | $ | 176,324 | $ | 47,605 | $ | 141,257 | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Derivative Instruments | The notional amounts and estimated fair values of interest rate derivative positions outstanding at December 31, 2014 and 2013 presented in the following table (in thousands): | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||
Notional | Asset Derivative | Liability Derivative | Notional | Asset Derivative | Liability Derivative | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Non-hedging interest rate derivatives: | ||||||||||||||||||||||
Financial institution counterparties: | ||||||||||||||||||||||
Commercial loan/lease interest rate swaps | $ | 866,432 | $ | 361 | $ | 30,162 | $ | 764,939 | $ | 5,374 | $ | 14,026 | ||||||||||
Commercial loan/lease interest rate caps | 63,414 | $ | 1,014 | — | 58,706 | 664 | $ | — | ||||||||||||||
Customer counterparties: | ||||||||||||||||||||||
Commercial loan/lease interest rate swaps | 866,432 | 30,162 | 361 | 764,939 | 14,026 | 5,374 | ||||||||||||||||
Commercial loan/lease interest rate caps | 63,414 | — | 1,014 | 58,706 | — | 664 | ||||||||||||||||
Gross derivatives | 31,537 | 31,537 | 20,064 | 20,064 | ||||||||||||||||||
Offsetting derivative assets/liabilities | (361 | ) | (361 | ) | (5,374 | ) | (5,374 | ) | ||||||||||||||
Net derivatives included in the consolidated balance sheets | $ | 31,176 | $ | 31,176 | $ | 14,690 | $ | 14,690 | ||||||||||||||
Schedule Of Weighted Average Interest Rate Received And Paid | The weighted-average receive and pay interest rates for interest rate swaps outstanding at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||
Weighted-Average Interest Rate | Weighted-Average Interest Rate | |||||||||||||||||||||
Received | Paid | Received | Paid | |||||||||||||||||||
Non-hedging interest rate swaps | 2.79 | % | 4.82 | % | 2.99 | % | 4.89 | % |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | ||||||||||||||||
2014 Selected Quarterly Financial Data | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Interest income | $ | 137,833 | $ | 135,290 | $ | 124,813 | $ | 116,611 | ||||||||
Interest expense | 10,251 | 9,629 | 9,406 | 8,296 | ||||||||||||
Net interest income | 127,582 | 125,661 | 115,407 | 108,315 | ||||||||||||
Provision for credit losses | 6,500 | 6,500 | 4,000 | 5,000 | ||||||||||||
Net interest income after provision for credit losses | 121,082 | 119,161 | 111,407 | 103,315 | ||||||||||||
Non-interest income | 11,226 | 10,396 | 10,533 | 10,356 | ||||||||||||
Non-interest expense | 74,117 | 71,915 | 69,765 | 69,317 | ||||||||||||
Income before income taxes | 58,191 | 57,642 | 52,175 | 44,354 | ||||||||||||
Income tax expense | 20,357 | 20,810 | 18,754 | 16,089 | ||||||||||||
Net income | 37,834 | 36,832 | 33,421 | 28,265 | ||||||||||||
Preferred stock dividends | 2,437 | 2,438 | 2,437 | 2,438 | ||||||||||||
Net income available to common stockholders | $ | 35,397 | $ | 34,394 | $ | 30,984 | $ | 25,827 | ||||||||
Basic earnings per share: | $ | 0.8 | $ | 0.8 | $ | 0.72 | $ | 0.61 | ||||||||
Diluted earnings per share: | $ | 0.78 | $ | 0.78 | $ | 0.71 | $ | 0.6 | ||||||||
Average shares | ||||||||||||||||
Basic | 44,406,000 | 43,144,000 | 43,075,000 | 42,298,000 | ||||||||||||
Diluted | 45,093,000 | 43,850,000 | 43,845,000 | 43,220,000 | ||||||||||||
2013 Selected Quarterly Financial Data | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Interest income | $ | 117,965 | $ | 115,217 | $ | 107,264 | $ | 104,179 | ||||||||
Interest expense | 6,490 | 6,441 | 6,044 | 6,137 | ||||||||||||
Net interest income | 111,475 | 108,776 | 101,220 | 98,042 | ||||||||||||
Provision for credit losses | 5,000 | 5,000 | 7,000 | 2,000 | ||||||||||||
Net interest income after provision for credit losses | 106,475 | 103,776 | 94,220 | 96,042 | ||||||||||||
Non-interest income | 11,184 | 10,431 | 11,128 | 11,281 | ||||||||||||
Non-interest expense | 70,288 | 62,007 | 68,733 | 55,701 | ||||||||||||
Income before income taxes | 47,371 | 52,200 | 36,615 | 51,622 | ||||||||||||
Income tax expense | 17,012 | 18,724 | 12,542 | 18,479 | ||||||||||||
Net income | 30,359 | 33,476 | 24,073 | 33,143 | ||||||||||||
Preferred stock dividends | $ | 2,438 | $ | 2,437 | $ | 2,438 | $ | 81 | ||||||||
Net income available to common stockholders | $ | 27,921 | $ | 31,039 | $ | 21,635 | $ | 33,062 | ||||||||
Basic earnings per share: | $ | 0.68 | $ | 0.76 | $ | 0.53 | $ | 0.82 | ||||||||
Diluted earnings per share: | $ | 0.67 | $ | 0.74 | $ | 0.52 | $ | 0.8 | ||||||||
Average shares | ||||||||||||||||
Basic | 40,983,000 | 40,902,000 | 40,814,000 | 40,474,000 | ||||||||||||
Diluted | 41,889,000 | 41,792,000 | 41,724,000 | 41,429,000 | ||||||||||||
Securities_Details
Securities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities: | ||
Amortized Cost | $39,736 | $60,709 |
Gross Unrealized Gains | 2,134 | 2,780 |
Gross Unrealized Losses | -151 | -275 |
Estimated Fair Value | 41,719 | 63,214 |
Residential mortgage-backed securities | ||
Available-for-sale securities: | ||
Amortized Cost | 28,957 | 38,786 |
Gross Unrealized Gains | 2,108 | 2,676 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 31,065 | 41,462 |
Municipals | ||
Available-for-sale securities: | ||
Amortized Cost | 3,257 | 14,401 |
Gross Unrealized Gains | 10 | 104 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 3,267 | 14,505 |
Equity securities | ||
Available-for-sale securities: | ||
Amortized Cost | 7,522 | 7,522 |
Gross Unrealized Gains | 16 | 0 |
Gross Unrealized Losses | -151 | -275 |
Estimated Fair Value | $7,387 | $7,247 |
Securities_Details_1
Securities (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amortized cost | |||
Amortized Cost | $39,736 | $60,709 | |
Estimated fair value | |||
Total | 41,719 | 63,214 | |
Available-for-sale Securities, Other Disclosure Items | |||
Federal tax rate | 35.00% | 35.00% | 35.00% |
Securities pledged as collateral | 32,718 | 45,993 | |
Residential mortgage-backed securities | |||
Amortized cost | |||
Less Than One Year | 1 | 238 | |
After One Through Five Years | 9,151 | 14,720 | |
After Five Through Ten Years | 5,661 | 7,718 | |
After Ten Years | 14,144 | 16,110 | |
Amortized Cost | 28,957 | 38,786 | |
Estimated fair value | |||
Less Than One Year | 1 | 252 | |
After One Through Five Years | 9,662 | 15,641 | |
After Five Through Ten Years | 6,333 | 8,456 | |
After Ten Years | 15,069 | 17,113 | |
Total | 31,065 | 41,462 | |
Weighted average yield | |||
Less Than One Year | 6.50% | 4.32% | |
After One Through Five Years | 4.79% | 4.78% | |
After Five Through Ten Years | 5.54% | 5.56% | |
After Ten Years | 2.36% | 2.40% | |
Total | 3.75% | 3.94% | |
Available-for-sale Securities, Other Disclosure Items | |||
Average expected life of mortgage-backed securities | 1 year 2 months | 1 year 5 months | |
Municipals | |||
Amortized cost | |||
Less Than One Year | 1,669 | 7,749 | |
After One Through Five Years | 1,588 | 6,652 | |
After Five Through Ten Years | 0 | 0 | |
After Ten Years | 0 | 0 | |
Amortized Cost | 3,257 | 14,401 | |
Estimated fair value | |||
Less Than One Year | 1,674 | 7,818 | |
After One Through Five Years | 1,593 | 6,687 | |
After Five Through Ten Years | 0 | 0 | |
After Ten Years | 0 | 0 | |
Total | 3,267 | 14,505 | |
Weighted average yield | |||
Less Than One Year | 5.78% | 5.76% | |
After One Through Five Years | 5.79% | 5.71% | |
After Five Through Ten Years | 0.00% | 0.00% | |
After Ten Years | 0.00% | 0.00% | |
Total | 5.79% | 5.73% | |
Equity securities | |||
Amortized cost | |||
Less Than One Year | 7,522 | 7,522 | |
After One Through Five Years | 0 | 0 | |
After Five Through Ten Years | 0 | 0 | |
After Ten Years | 0 | 0 | |
Amortized Cost | 7,522 | 7,522 | |
Estimated fair value | |||
Less Than One Year | 7,387 | 7,247 | |
After One Through Five Years | 0 | 0 | |
After Five Through Ten Years | 0 | 0 | |
After Ten Years | 0 | 0 | |
Total | 7,387 | 7,247 | |
Deposits | |||
Available-for-sale Securities, Other Disclosure Items | |||
Securities pledged as collateral | $10,891 | $8,273 |
Securities_Details_2
Securities (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value | |||
Less Than 12 Months | $0 | $7,247 | |
12 Months or Longer | 6,349 | 0 | |
Total | 6,349 | 7,247 | |
Unrealized Loss | |||
Less Than 12 Months | 0 | -275 | |
12 Months or Longer | -151 | 0 | |
Total | -151 | -275 | |
Comprehensive income | 136,013 | 119,407 | 119,222 |
Net after-tax loss | $339 | $1,644 | $1,450 |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Loans and Leases Receivable, Net Reported Amount | |||
Commercial | $5,869,219 | $5,020,565 | |
Mortgage finance | 4,102,125 | 2,784,265 | |
Construction | 1,416,405 | 1,262,905 | |
Real estate | 2,807,127 | 2,146,522 | |
Consumer | 19,699 | 15,350 | |
Equipment leases | 99,495 | 93,160 | |
Gross loans held for investment | 14,314,070 | 11,322,767 | |
Deferred income (net of direct origination costs) | -57,058 | -51,899 | |
Allowance for loan losses | -100,954 | -87,604 | -74,337 |
Loans held for investment, net | $14,156,058 | $11,183,264 |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Participating mortgage finance loans | $358,300,000 | $33,100,000 | |
Loan commitments rated substandard or worse that are reviewed for loss potential | 500,000 | ||
Interest income recognized on non-accrual loans | 1,700,000 | 2,400,000 | 2,600,000 |
Interest lost on non-accrual loans | 2,100,000 | 2,500,000 | 2,400,000 |
Non-accrual loans earning on cash basis | 310,000 | 0 | |
Average impaired loans outstanding | 46,443,000 | 50,794,000 | 66,400,000 |
Premium finance loans past due and still accruing | 3,700,000 | ||
Loans considered restructured that are not already on nonaccrual | 1,800,000 | 1,900,000 | |
Nonaccrual loans that met the criteria for restructured | 12,100,000 | 17,800,000 | |
Decrease in post-restructuring recorded investment | 15,000 | ||
Loans restructured on non-accrual | $1,500,000 |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | $5,869,219 | $5,020,565 |
Mortgage finance | 4,102,125 | 2,784,265 |
Construction | 1,416,405 | 1,262,905 |
Real estate | 2,807,127 | 2,146,522 |
Consumer | 19,699 | 15,350 |
Equipment leases | 99,495 | 93,160 |
Total | 14,314,070 | 11,322,767 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 5,738,474 | 4,908,944 |
Mortgage finance | 4,102,125 | 2,784,265 |
Construction | 1,414,671 | 1,261,995 |
Real estate | 2,785,804 | 2,099,744 |
Consumer | 19,579 | 15,251 |
Equipment leases | 91,044 | 89,317 |
Total | 14,151,697 | 11,159,516 |
Special mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 53,839 | 24,132 |
Mortgage finance | 0 | 0 |
Construction | 1,734 | 102 |
Real estate | 8,723 | 6,338 |
Consumer | 11 | 0 |
Equipment leases | 4,363 | 51 |
Total | 68,670 | 30,623 |
Substandard- accruing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 43,784 | 74,593 |
Mortgage finance | 0 | 0 |
Construction | 0 | 103 |
Real estate | 2,653 | 21,770 |
Consumer | 47 | 45 |
Equipment leases | 3,915 | 3,742 |
Total | 50,399 | 100,253 |
Non-accrual | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 33,122 | 12,896 |
Mortgage finance | 0 | 0 |
Construction | 0 | 705 |
Real estate | 9,947 | 18,670 |
Consumer | 62 | 54 |
Equipment leases | 173 | 50 |
Total | $43,304 | $32,375 |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $87,604 | $74,337 |
Provision for loan losses | 19,630 | 18,165 |
Charge-offs | 10,365 | 6,766 |
Recoveries | 4,085 | 1,868 |
Net charge-offs (recoveries) | 6,280 | 4,898 |
Ending balance | 100,954 | 87,604 |
Period end amount allocated to: | ||
Loans individually evaluated for impairment | 8,376 | 3,174 |
Loans collectively evaluated for impairment | 92,578 | 84,430 |
Commercial | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 39,868 | 21,547 |
Provision for loan losses | 37,827 | 23,693 |
Charge-offs | 9,803 | 6,575 |
Recoveries | 2,762 | 1,203 |
Net charge-offs (recoveries) | 7,041 | 5,372 |
Ending balance | 70,654 | 39,868 |
Period end amount allocated to: | ||
Loans individually evaluated for impairment | 7,705 | 2,015 |
Loans collectively evaluated for impairment | 62,949 | 37,853 |
Mortgage Finance | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 0 | 0 |
Provision for loan losses | 0 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs (recoveries) | 0 | 0 |
Ending balance | 0 | 0 |
Period end amount allocated to: | ||
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 0 | 0 |
Construction | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 14,553 | 12,097 |
Provision for loan losses | -6,618 | 2,456 |
Charge-offs | 0 | |
Recoveries | 0 | |
Net charge-offs (recoveries) | 0 | 0 |
Ending balance | 7,935 | 14,553 |
Period end amount allocated to: | ||
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 7,935 | 14,553 |
Real Estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 24,210 | 30,893 |
Provision for loan losses | -8,411 | -6,809 |
Charge-offs | 296 | 144 |
Recoveries | 79 | 270 |
Net charge-offs (recoveries) | 217 | -126 |
Ending balance | 15,582 | 24,210 |
Period end amount allocated to: | ||
Loans individually evaluated for impairment | 636 | 1,143 |
Loans collectively evaluated for impairment | 14,946 | 23,067 |
Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 149 | 226 |
Provision for loan losses | 195 | -105 |
Charge-offs | 266 | 45 |
Recoveries | 162 | 73 |
Net charge-offs (recoveries) | 104 | -28 |
Ending balance | 240 | 149 |
Period end amount allocated to: | ||
Loans individually evaluated for impairment | 9 | 8 |
Loans collectively evaluated for impairment | 231 | 141 |
Equipment Leases | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 3,105 | 2,460 |
Provision for loan losses | -3,046 | 325 |
Charge-offs | 0 | 2 |
Recoveries | 1,082 | 322 |
Net charge-offs (recoveries) | -1,082 | -320 |
Ending balance | 1,141 | 3,105 |
Period end amount allocated to: | ||
Loans individually evaluated for impairment | 26 | 8 |
Loans collectively evaluated for impairment | 1,115 | 3,097 |
Unallocated | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 5,719 | 7,114 |
Provision for loan losses | -317 | -1,395 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs (recoveries) | 0 | 0 |
Ending balance | 5,402 | 5,719 |
Period end amount allocated to: | ||
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | $5,402 | $5,719 |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans individually evaluated for impairment | $49,280 | $39,976 |
Loans collectively evaluated for impairment | 14,264,790 | 11,282,791 |
Gross loans held for investment | 14,314,070 | 11,322,767 |
Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans individually evaluated for impairment | 35,165 | 15,139 |
Loans collectively evaluated for impairment | 5,834,054 | 5,005,426 |
Gross loans held for investment | 5,869,219 | 5,020,565 |
Mortgage Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans individually evaluated for impairment | 0 | 0 |
Loans collectively evaluated for impairment | 4,102,125 | 2,784,265 |
Gross loans held for investment | 4,102,125 | 2,784,265 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans individually evaluated for impairment | 0 | 705 |
Loans collectively evaluated for impairment | 1,416,405 | 1,262,200 |
Gross loans held for investment | 1,416,405 | 1,262,905 |
Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans individually evaluated for impairment | 13,880 | 24,028 |
Loans collectively evaluated for impairment | 2,793,247 | 2,122,494 |
Gross loans held for investment | 2,807,127 | 2,146,522 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans individually evaluated for impairment | 62 | 54 |
Loans collectively evaluated for impairment | 19,637 | 15,296 |
Gross loans held for investment | 19,699 | 15,350 |
Equipment Leases | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans individually evaluated for impairment | 173 | 50 |
Loans collectively evaluated for impairment | 99,322 | 93,110 |
Gross loans held for investment | $99,495 | $93,160 |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Recorded Investment | |||
With No Related Allowanced Recorded, Recorded Investment | $16,864 | $19,676 | |
With An Allowanced Recorded, Recorded Investment | 32,416 | 20,300 | |
Combined, Recorded Investment | 49,280 | 39,976 | |
Unpaid Principal Balance | |||
With No Related Allowanced Recorded, Unpaid Principal Balance | 19,113 | 21,505 | |
With An Allowanced Recorded, Unpaid Principal Balance | 33,416 | 21,665 | |
Combined, Unpaid Principal Balance | 52,529 | 43,170 | |
Related Allowance | 8,376 | 3,174 | |
Average Recorded Investment | |||
With No Related Allowanced Recorded, Average Recorded Investment | 19,802 | 26,063 | |
With An Allowanced Recorded, Average Recorded Investment | 26,641 | 24,731 | |
Combined, Average Recorded Investment | 46,443 | 50,794 | 66,400 |
Interest Income Recognized | |||
With No Related Allowanced Recorded, Interest Income Recognized | 25 | 114 | |
With An Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
Combined, Interest Income Recognized | 25 | 114 | |
Commercial | Business loans | |||
Recorded Investment | |||
With No Related Allowanced Recorded, Recorded Investment | 9,608 | 2,005 | |
With An Allowanced Recorded, Recorded Investment | 24,553 | 11,060 | |
Combined, Recorded Investment | 34,161 | 13,065 | |
Unpaid Principal Balance | |||
With No Related Allowanced Recorded, Unpaid Principal Balance | 11,857 | 2,005 | |
With An Allowanced Recorded, Unpaid Principal Balance | 25,553 | 12,425 | |
Combined, Unpaid Principal Balance | 37,410 | 14,430 | |
Related Allowance | 7,433 | 1,946 | |
Average Recorded Investment | |||
With No Related Allowanced Recorded, Average Recorded Investment | 7,334 | 4,265 | |
With An Allowanced Recorded, Average Recorded Investment | 17,705 | 14,240 | |
Combined, Average Recorded Investment | 25,039 | 18,505 | |
Interest Income Recognized | |||
With No Related Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
With An Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
Combined, Interest Income Recognized | 0 | 0 | |
Commercial | Energy loans | |||
Recorded Investment | |||
With No Related Allowanced Recorded, Recorded Investment | 0 | 1,614 | |
With An Allowanced Recorded, Recorded Investment | 1,004 | 460 | |
Combined, Recorded Investment | 1,004 | 2,074 | |
Unpaid Principal Balance | |||
With No Related Allowanced Recorded, Unpaid Principal Balance | 0 | 3,443 | |
With An Allowanced Recorded, Unpaid Principal Balance | 1,004 | 460 | |
Combined, Unpaid Principal Balance | 1,004 | 3,903 | |
Related Allowance | 272 | 69 | |
Average Recorded Investment | |||
With No Related Allowanced Recorded, Average Recorded Investment | 375 | 969 | |
With An Allowanced Recorded, Average Recorded Investment | 991 | 913 | |
Combined, Average Recorded Investment | 1,366 | 1,882 | |
Interest Income Recognized | |||
With No Related Allowanced Recorded, Interest Income Recognized | 25 | 0 | |
With An Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
Combined, Interest Income Recognized | 25 | 0 | |
Construction | Market risk | |||
Recorded Investment | |||
With No Related Allowanced Recorded, Recorded Investment | 0 | 705 | |
With An Allowanced Recorded, Recorded Investment | 0 | 0 | |
Combined, Recorded Investment | 0 | 705 | |
Unpaid Principal Balance | |||
With No Related Allowanced Recorded, Unpaid Principal Balance | 0 | 705 | |
With An Allowanced Recorded, Unpaid Principal Balance | 0 | 0 | |
Combined, Unpaid Principal Balance | 0 | 705 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | |||
With No Related Allowanced Recorded, Average Recorded Investment | 118 | 3,111 | |
With An Allowanced Recorded, Average Recorded Investment | 0 | 160 | |
Combined, Average Recorded Investment | 118 | 3,271 | |
Interest Income Recognized | |||
With No Related Allowanced Recorded, Interest Income Recognized | 0 | 114 | |
With An Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
Combined, Interest Income Recognized | 0 | 114 | |
Real estate | Market risk | |||
Recorded Investment | |||
With No Related Allowanced Recorded, Recorded Investment | 3,735 | 13,524 | |
With An Allowanced Recorded, Recorded Investment | 4,203 | 6,289 | |
Combined, Recorded Investment | 7,938 | 19,813 | |
Unpaid Principal Balance | |||
With No Related Allowanced Recorded, Unpaid Principal Balance | 3,735 | 13,524 | |
With An Allowanced Recorded, Unpaid Principal Balance | 4,203 | 6,289 | |
Combined, Unpaid Principal Balance | 7,938 | 19,813 | |
Related Allowance | 317 | 822 | |
Average Recorded Investment | |||
With No Related Allowanced Recorded, Average Recorded Investment | 7,970 | 9,796 | |
With An Allowanced Recorded, Average Recorded Investment | 5,064 | 7,912 | |
Combined, Average Recorded Investment | 13,034 | 17,708 | |
Interest Income Recognized | |||
With No Related Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
With An Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
Combined, Interest Income Recognized | 0 | 0 | |
Real estate | Commercial | |||
Recorded Investment | |||
With No Related Allowanced Recorded, Recorded Investment | 3,521 | 508 | |
With An Allowanced Recorded, Recorded Investment | 526 | 0 | |
Combined, Recorded Investment | 4,047 | 508 | |
Unpaid Principal Balance | |||
With No Related Allowanced Recorded, Unpaid Principal Balance | 3,521 | 508 | |
With An Allowanced Recorded, Unpaid Principal Balance | 526 | 0 | |
Combined, Unpaid Principal Balance | 4,047 | 508 | |
Related Allowance | 79 | 0 | |
Average Recorded Investment | |||
With No Related Allowanced Recorded, Average Recorded Investment | 2,795 | 5,458 | |
With An Allowanced Recorded, Average Recorded Investment | 705 | 477 | |
Combined, Average Recorded Investment | 3,500 | 5,935 | |
Interest Income Recognized | |||
With No Related Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
With An Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
Combined, Interest Income Recognized | 0 | 0 | |
Real estate | Secured by 1-4 family | |||
Recorded Investment | |||
With No Related Allowanced Recorded, Recorded Investment | 0 | 1,320 | |
With An Allowanced Recorded, Recorded Investment | 1,895 | 2,387 | |
Combined, Recorded Investment | 1,895 | 3,707 | |
Unpaid Principal Balance | |||
With No Related Allowanced Recorded, Unpaid Principal Balance | 0 | 1,320 | |
With An Allowanced Recorded, Unpaid Principal Balance | 1,895 | 2,387 | |
Combined, Unpaid Principal Balance | 1,895 | 3,707 | |
Related Allowance | 240 | 321 | |
Average Recorded Investment | |||
With No Related Allowanced Recorded, Average Recorded Investment | 1,210 | 2,464 | |
With An Allowanced Recorded, Average Recorded Investment | 2,119 | 914 | |
Combined, Average Recorded Investment | 3,329 | 3,378 | |
Interest Income Recognized | |||
With No Related Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
With An Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
Combined, Interest Income Recognized | 0 | 0 | |
Consumer | |||
Recorded Investment | |||
With No Related Allowanced Recorded, Recorded Investment | 0 | 0 | |
With An Allowanced Recorded, Recorded Investment | 62 | 54 | |
Combined, Recorded Investment | 62 | 54 | |
Unpaid Principal Balance | |||
With No Related Allowanced Recorded, Unpaid Principal Balance | 0 | 0 | |
With An Allowanced Recorded, Unpaid Principal Balance | 62 | 54 | |
Combined, Unpaid Principal Balance | 62 | 54 | |
Related Allowance | 9 | 8 | |
Average Recorded Investment | |||
With No Related Allowanced Recorded, Average Recorded Investment | 0 | 0 | |
With An Allowanced Recorded, Average Recorded Investment | 16 | 43 | |
Combined, Average Recorded Investment | 16 | 43 | |
Interest Income Recognized | |||
With No Related Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
With An Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
Combined, Interest Income Recognized | 0 | 0 | |
Equipment leases | |||
Recorded Investment | |||
With No Related Allowanced Recorded, Recorded Investment | 0 | 0 | |
With An Allowanced Recorded, Recorded Investment | 173 | 50 | |
Combined, Recorded Investment | 173 | 50 | |
Unpaid Principal Balance | |||
With No Related Allowanced Recorded, Unpaid Principal Balance | 0 | 0 | |
With An Allowanced Recorded, Unpaid Principal Balance | 173 | 50 | |
Combined, Unpaid Principal Balance | 173 | 50 | |
Related Allowance | 26 | 8 | |
Average Recorded Investment | |||
With No Related Allowanced Recorded, Average Recorded Investment | 0 | 0 | |
With An Allowanced Recorded, Average Recorded Investment | 41 | 72 | |
Combined, Average Recorded Investment | 41 | 72 | |
Interest Income Recognized | |||
With No Related Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
With An Allowanced Recorded, Interest Income Recognized | 0 | 0 | |
Combined, Interest Income Recognized | $0 | $0 |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses (Details 6) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | $56,826 |
60-89 Days Past Due | 4,363 |
Greater Than 90 Days | 5,274 |
Total Past Due | 66,463 |
Non-accrual | 43,304 |
Current | 14,204,303 |
Total | 14,314,070 |
Commercial | Business loans | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 37,459 |
60-89 Days Past Due | 4,355 |
Greater Than 90 Days | 5,274 |
Total Past Due | 47,088 |
Non-accrual | 32,118 |
Current | 4,680,114 |
Total | 4,759,320 |
Commercial | Energy loans | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 0 |
60-89 Days Past Due | 0 |
Greater Than 90 Days | 0 |
Total Past Due | 0 |
Non-accrual | 1,004 |
Current | 1,108,895 |
Total | 1,109,899 |
Mortgage Finance | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 0 |
60-89 Days Past Due | 0 |
Greater Than 90 Days | 0 |
Total Past Due | 0 |
Non-accrual | 0 |
Current | 4,102,125 |
Total | 4,102,125 |
Construction | Market risk | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 3,571 |
60-89 Days Past Due | 0 |
Greater Than 90 Days | 0 |
Total Past Due | 3,571 |
Non-accrual | 0 |
Current | 1,393,513 |
Total | 1,397,084 |
Construction | Secured by 1-4 family | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 0 |
60-89 Days Past Due | 0 |
Greater Than 90 Days | 0 |
Total Past Due | 0 |
Non-accrual | 0 |
Current | 19,321 |
Total | 19,321 |
Real estate | Market risk | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 0 |
60-89 Days Past Due | 0 |
Greater Than 90 Days | 0 |
Total Past Due | 0 |
Non-accrual | 5,134 |
Current | 2,176,939 |
Total | 2,182,073 |
Real estate | Commercial | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 5,758 |
60-89 Days Past Due | 0 |
Greater Than 90 Days | 0 |
Total Past Due | 5,758 |
Non-accrual | 4,047 |
Current | 523,855 |
Total | 533,660 |
Real estate | Secured by 1-4 family | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 599 |
60-89 Days Past Due | 0 |
Greater Than 90 Days | 0 |
Total Past Due | 599 |
Non-accrual | 766 |
Current | 90,029 |
Total | 91,394 |
Consumer | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 43 |
60-89 Days Past Due | 8 |
Greater Than 90 Days | 0 |
Total Past Due | 51 |
Non-accrual | 62 |
Current | 19,586 |
Total | 19,699 |
Equipment leases | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
30-59 Days Past Due | 9,396 |
60-89 Days Past Due | 0 |
Greater Than 90 Days | 0 |
Total Past Due | 9,396 |
Non-accrual | 173 |
Current | 89,926 |
Total | $99,495 |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses (Details 7) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
contract | contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 4 |
Pre-Restructuring Outstanding Recorded Investment | $1,536 | $11,715 |
Post-Restructuring Outstanding Recorded Investment | 1,521 | 9,795 |
Real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 1 |
Pre-Restructuring Outstanding Recorded Investment | 1,441 | 892 |
Post-Restructuring Outstanding Recorded Investment | 1,441 | 874 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 3 |
Pre-Restructuring Outstanding Recorded Investment | 95 | 10,823 |
Post-Restructuring Outstanding Recorded Investment | $80 | $8,921 |
Recovered_Sheet1
Loans and Allowance for Credit Losses (Details 8) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified as restructured loans | $1,521 | $9,795 |
Extended maturity | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified as restructured loans | 1,441 | 874 |
Adjusted payment schedule | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified as restructured loans | 0 | 0 |
Combination of maturity extension and payment schedule adjustment | ||
Financing Receivable, Modifications [Line Items] | ||
Loans modified as restructured loans | $80 | $8,921 |
OREO_and_Valuation_Allowance_f2
OREO and Valuation Allowance for Losses on OREO (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Real Estate [Roll Forward] | |||
Beginning balance | $5,110 | $15,991 | $34,077 |
Additions | 851 | 1,331 | 3,434 |
Sales | -5,393 | -11,292 | -14,637 |
Valuation allowance for OREO | 0 | 958 | -4,488 |
Direct write-downs | 0 | -1,878 | -2,395 |
Ending balance | $568 | $5,110 | $15,991 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | 31-May-13 |
Goodwill | |||
Gross | $15,370,000 | $15,370,000 | |
Accumulated Amortization | -374,000 | -374,000 | |
Net | 14,996,000 | 14,996,000 | 954,000 |
Intangible assets—customer relationships and trademarks | |||
Gross | 9,104,000 | 9,104,000 | |
Accumulated Amortization | -3,512,000 | -2,814,000 | |
Net | 5,592,000 | 6,290,000 | |
Total goodwill and intangible assets | |||
Gross | 24,474,000 | 24,474,000 | |
Accumulated Amortization | -3,886,000 | -3,188,000 | |
Net | $20,588,000 | $21,286,000 | $2,100,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $598 | |
2016 | 501 | |
2017 | 474 | |
2018 | 473 | |
2019 | 473 | |
Thereafter | 3,073 | |
Net | $5,592 | $6,290 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details 2) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Total intangible assets | $20,588,000 | $21,286,000 | $2,100,000 | |
Amortization expense related to intangible assets | 699,000 | 660,000 | 597,000 | |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | 554,000 | |||
Useful life | 14 years | |||
Developed technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | 457,000 | |||
Useful life | 7 years | |||
Trade name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $98,000 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of premises and equipment | |||
Premises and equipment, gross | $39,653 | $42,978 | |
Accumulated depreciation | -22,285 | -31,496 | |
Total premises and equipment, net | 17,368 | 11,482 | |
Depreciation, Depletion and Amortization | |||
Depreciation expense | 4,079 | 3,992 | 3,550 |
Premises | |||
Summary of premises and equipment | |||
Premises and equipment, gross | 17,235 | 14,113 | |
Furniture and equipment | |||
Summary of premises and equipment | |||
Premises and equipment, gross | $22,418 | $28,865 |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-interest bearing deposits | ||
Non-interest-bearing demand deposits | $5,011,619 | $3,347,567 |
Interest-bearing deposits | ||
Transaction | 1,292,388 | 792,186 |
Savings | 5,630,253 | 4,414,680 |
Time | 426,331 | 372,639 |
Deposits in foreign branches | 312,709 | 330,307 |
Total interest-bearing deposits | 7,661,681 | 5,909,812 |
Total deposits | $12,673,300 | $9,257,379 |
Deposits_Details_1
Deposits (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Scheduled maturities of interest bearing time deposits | |
2015 | $397,192 |
2016 | 20,514 |
2017 | 4,341 |
2018 | 233 |
2019 | 4,051 |
2020 and after | 0 |
Interest bearing time deposits, total | $426,331 |
Deposits_Details_2
Deposits (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Deposits from related parties | $30,171 | $27,139 |
Interest-bearing time deposits of $250,000 or more | $527,583 | $550,678 |
Borrowing_Arrangements_Details
Borrowing Arrangements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Borrowings | $1,592,087,000 | $1,250,036,000 | $2,171,567,000 |
Maximum outstanding at any month end | 1,592,087,000 | 1,859,036,000 | 2,432,945,000 |
Federal funds purchased | |||
Debt Instrument [Line Items] | |||
Federal funds purchased | 66,971,000 | 148,650,000 | 273,179,000 |
Interest rate | 0.30% | 0.22% | 0.26% |
Weighted-average interest rate | 0.27% | 0.27% | 0.28% |
Average balance for the year | 139,300,000 | 254,300,000 | 350,800,000 |
Customer repurchase agreements | |||
Debt Instrument [Line Items] | |||
Customer repurchase agreements | 25,705,000 | 21,954,000 | 23,936,000 |
Interest rate | 0.38% | 0.31% | 0.04% |
Customer repurchase agreements | Collaterized securities | |||
Debt Instrument [Line Items] | |||
Borrowings | 21,800,000 | 37,700,000 | 23,900,000 |
FHLB borrowings | |||
Debt Instrument [Line Items] | |||
Borrowings | 1,100,005,000 | 840,026,000 | 1,650,046,000 |
Interest rate | 0.13% | 0.12% | 0.09% |
Weighted-average interest rate | 0.15% | 0.14% | 0.16% |
Average balance for the year | 213,400,000 | 370,000,000 | 1,200,000,000 |
Line of credit | |||
Debt Instrument [Line Items] | |||
Borrowings | 0 | 15,000,000 | 0 |
Interest rate | 0.00% | 2.65% | 0.00% |
Subordinated notes | |||
Debt Instrument [Line Items] | |||
Borrowings | 286,000,000 | 111,000,000 | 111,000,000 |
Interest rate | 5.82% | 6.50% | 6.50% |
Trust preferred subordinated debentures | |||
Debt Instrument [Line Items] | |||
Borrowings | $113,406,000 | $113,406,000 | $113,406,000 |
Interest rate | 2.18% | 2.17% | 2.24% |
Borrowing_Arrangements_Details1
Borrowing Arrangements (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Summary of other borrowing capacities | |||
Total FHLB borrowing capacity | $3,603,529 | $701,784 | $300,746 |
Unused Federal funds lines available from commercial banks | 1,186,000 | 890,000 | 706,000 |
Unused Federal Reserve Borrowings capacity | 2,643,000 | 2,284,000 | 1,940,000 |
Line of credit | 15,000 | ||
FHLB borrowing capacity relating to loans | |||
Summary of other borrowing capacities | |||
Total FHLB borrowing capacity | 3,602,994 | 693,302 | 267,542 |
Unused Federal funds lines available from commercial banks | 100,000 | ||
FHLB borrowing capacity relating to securities | |||
Summary of other borrowing capacities | |||
Total FHLB borrowing capacity | $535 | $8,482 | $33,204 |
Borrowing_Arrangements_Details2
Borrowing Arrangements (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Federal funds purchased and repurchase agreements | $92,676 | $170,604 | |
Within One Year | 1,192,681 | ||
After One But Within Three Years | 0 | ||
After Three But Within Five Years | 0 | ||
After Five Years | 399,406 | ||
Total | 1,592,087 | 1,250,036 | 2,171,567 |
FHLB borrowings | |||
Debt Instrument [Line Items] | |||
Within One Year | 1,100,005 | ||
After One But Within Three Years | 0 | ||
After Three But Within Five Years | 0 | ||
After Five Years | 0 | ||
Total | 1,100,005 | ||
Subordinated notes | |||
Debt Instrument [Line Items] | |||
Within One Year | 0 | ||
After One But Within Three Years | 0 | ||
After Three But Within Five Years | 0 | ||
After Five Years | 286,000 | ||
Total | 286,000 | 111,000 | 111,000 |
Trust preferred subordinated debentures | |||
Debt Instrument [Line Items] | |||
Within One Year | 0 | ||
After One But Within Three Years | 0 | ||
After Three But Within Five Years | 0 | ||
After Five Years | 113,406 | ||
Total | $113,406 | $113,406 | $113,406 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Sep. 21, 2012 |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Total borrowings | $1,592,087 | $1,250,036 | $2,171,567 | ||
Trust preferred securities issued | 113,406 | 113,406 | 175,000 | 111,000 | |
Issuance of subordinated notes | 172,375 | 0 | 111,000 | ||
Stated interest rate | 5.25% | 6.50% | |||
Trust preferred subordinated debentures | |||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Total borrowings | $113,400 |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Sep. 21, 2012 |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Trust preferred securities issued | $113,406 | $175,000 | $113,406 | $111,000 |
Texas Capital Bancshares Statutory Trust I | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Date issued | 19-Nov-02 | |||
Trust preferred securities issued | 10,310 | |||
Floating or fixed rate securities | Floating | |||
Maturity date | 30-Nov-32 | |||
Texas Capital Bancshares Statutory Trust I | LIBOR | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Interest rate on subordinated debentures | 3 month LIBOR + 3.35% | |||
Interest rate on subordinated debentures, spread on variable rate | 3.35% | |||
Texas Capital Statutory Trust II | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Date issued | 10-Apr-03 | |||
Trust preferred securities issued | 10,310 | |||
Floating or fixed rate securities | Floating | |||
Maturity date | 30-Apr-33 | |||
Texas Capital Statutory Trust II | LIBOR | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Interest rate on subordinated debentures | 3 month LIBOR + 3.25% | |||
Interest rate on subordinated debentures, spread on variable rate | 3.25% | |||
Texas Capital Statutory Trust III | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Date issued | 6-Oct-05 | |||
Trust preferred securities issued | 25,774 | |||
Floating or fixed rate securities | Floating | |||
Maturity date | 31-Dec-35 | |||
Texas Capital Statutory Trust III | LIBOR | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Interest rate on subordinated debentures | 3 month LIBOR + 1.51% | |||
Interest rate on subordinated debentures, spread on variable rate | 1.51% | |||
Texas Capital Statutory Trust IV | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Date issued | 28-Apr-06 | |||
Trust preferred securities issued | 25,774 | |||
Floating or fixed rate securities | Floating | |||
Maturity date | 30-Jun-36 | |||
Texas Capital Statutory Trust IV | LIBOR | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Interest rate on subordinated debentures | 3 month LIBOR + 1.60% | |||
Interest rate on subordinated debentures, spread on variable rate | 1.60% | |||
Texas Capital Statutory Trust V | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Date issued | 29-Sep-06 | |||
Trust preferred securities issued | $41,238 | |||
Floating or fixed rate securities | Floating | |||
Maturity date | 31-Dec-36 | |||
Texas Capital Statutory Trust V | LIBOR | ||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||||
Interest rate on subordinated debentures | 3 month LIBOR + 1.71% | |||
Interest rate on subordinated debentures, spread on variable rate | 1.71% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||||||||||
Gross deferred tax asset | $65,500,000 | $60,200,000 | $65,500,000 | $60,200,000 | |||||||
Current: | |||||||||||
Federal | 77,855,000 | 76,478,000 | 69,112,000 | ||||||||
State | 2,124,000 | 1,878,000 | 1,885,000 | ||||||||
Total | 79,979,000 | 78,356,000 | 70,997,000 | ||||||||
Deferred | |||||||||||
Federal | -3,969,000 | -11,599,000 | -3,131,000 | ||||||||
State | 0 | 0 | 0 | ||||||||
Total | -3,969,000 | -11,599,000 | -3,131,000 | ||||||||
Total expense | |||||||||||
Federal | 73,886,000 | 64,879,000 | 65,981,000 | ||||||||
State | 2,124,000 | 1,878,000 | 1,885,000 | ||||||||
Total | $20,357,000 | $20,810,000 | $18,754,000 | $16,089,000 | $17,012,000 | $18,724,000 | $12,542,000 | $18,479,000 | $76,010,000 | $66,757,000 | $67,866,000 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | |||
Allowance for credit losses | $38,356 | $32,752 | |
Loan origination fees | 13,651 | 11,580 | |
Stock compensation | 8,263 | 10,786 | |
Mark to market on mortgage loans | 215 | 220 | |
Reserve for potential mortgage loan repurchases | 20 | 20 | |
Non-accrual interest | 1,272 | 1,907 | |
Deferred lease expense | 1,688 | 1,316 | |
Depreciation | 691 | 0 | |
OREO valuation allowance | 22 | 499 | |
Other | 1,298 | 1,157 | |
Total deferred tax assets | 65,476 | 60,237 | |
Deferred tax liabilities: | |||
Loan origination costs | -1,488 | -1,048 | |
Leases | -9,466 | -6,587 | |
Depreciation | 0 | -2,224 | |
Unrealized gain on securities | -694 | -877 | |
Other | -1,914 | -1,819 | |
Total deferred tax liabilities | -13,562 | -12,555 | |
Net deferred tax asset | $51,914 | $47,682 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Tax at U.S. statutory rate | 35.00% | 35.00% | 35.00% |
State taxes | 1.00% | 1.00% | 1.00% |
Non-deductible expenses | 1.00% | 1.00% | 1.00% |
Non-taxable income | -1.00% | -1.00% | -1.00% |
Total | 36.00% | 36.00% | 36.00% |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employer contribution | $4,500,000 | $3,700,000 | $2,700,000 |
Eligible employee contribution, minimum (in percent) | 1.00% | ||
Eligible employee contribution, maximum (in percent) | 10.00% | ||
Compensation cost for all share-based arrangements, net of taxes | 3,008,000 | 2,677,000 | 3,626,000 |
Excess tax benefits from stock-based compensation arrangements | 2,929,000 | 1,200,000 | 7,769,000 |
2006 ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized under the plan | 400,000 | ||
Number of shares purchased under the plan | 102,836 | 93,388 | 85,013 |
2005 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized under the plan | 1,500,000 | ||
Number of shares available to be issued under the plan | 44,655 | 43,495 | 26,615 |
2010 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized under the plan | 700,000 | ||
Number of shares available to be issued under the plan | 180,120 | 218,820 | 363,020 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 4,098,000 | 3,551,000 | 4,875,000 |
Weighted average remaining contractual life of SARs currently outstanding (in years) | 8 years 1 month 10 days | ||
Weighted average period over which unrecognized expense expected to be recognized (in years) | 3 years 6 months 0 days | ||
Unrecognized stock-based compensation expense | 10,600,000 | ||
SARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of vested awards | 11,800,000 | 16,000,000 | 10,900,000 |
Weighted average remaining contractual life of SARs currently outstanding (in years) | 3 years 10 months 6 days | 4 years 8 months 5 days | 5 years 2 months 9 days |
Weighted average period over which unrecognized expense expected to be recognized (in years) | 3 years 2 months 13 days | ||
Unrecognized stock-based compensation expense | 1,100,000 | ||
Cash based performance | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of cash-based performance units issued in period | 171,808 | 173,035 | 344,127 |
Number of cash-based performance units outstanding | 502,532 | ||
Cash-based compensation expense | 9,949,000 | 17,287,000 | 6,440,000 |
Cash-based compensation expense, net of taxes | $6,467,000 | $11,237,000 | $4,186,000 |
Service based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of cash-based performance units outstanding | 328,916 | ||
Vesting period (in years) | 5 years | 5 years | 5 years |
Service and performance | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average remaining contractual life of SARs currently outstanding (in years) | 8 years 1 month 0 days | ||
Number of cash-based performance units outstanding | 173,616 | ||
Minimum | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 4 years | 4 years | 4 years |
Minimum | Service and performance | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 25.00% | ||
Maximum | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | 5 years | 5 years |
Maximum | Service and performance | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 50.00% |
Employee_Benefits_Details_1
Employee Benefits (Details 1) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation Related Costs [Abstract] | |||
Risk-free rate | 1.46% | 1.17% | 0.76% |
Market price volatility factor | 40.20% | 40.90% | 40.40% |
Weighted-average expected life of options | 5 years | 5 years | 5 years |
Employee_Benefits_Details_2
Employee Benefits (Details 2) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Options | |||
Options outstanding at beginning of year | 54,900 | 174,062 | 569,410 |
Options exercised | -28,400 | -119,162 | -391,348 |
Options forfeited | -1,500 | 0 | -4,000 |
Options outstanding at year-end | 25,000 | 54,900 | 174,062 |
Weighted Average Exercise Price | |||
Options outstanding at beginning of year, weighted average exercise price | $18.65 | $13.51 | $13.02 |
Options exercised, weighted average exercise price | $17.34 | $11.14 | $12.74 |
Options forfeited, weighted average exercise price | $14.91 | $0 | $19.37 |
Options outstanding at year-end, weighted average exercise price | $20.60 | $18.65 | $13.51 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |||
Options vested and exercisable at year-end | 25,000 | 54,900 | 174,062 |
Options vested and exercisable at year-end, weighted average exercise price | $20.60 | $18.65 | $13.51 |
Intrinsic value of options vested and exercisable | $843,190 | $2,391,014 | $5,450,620 |
Weighted average remaining contractual life of options vested and exercisable (in years) | 3 months 18 days | 11 months 19 days | 1 year 1 month 24 days |
Intrinsic value of options exercised | $1,193,070 | $4,176,787 | $10,246,387 |
Weighted average remaining contractual life of options currently outstanding (in years) | 3 months 18 days | 11 months 19 days | 1 year 1 month 24 days |
Employee_Benefits_Details_3
Employee Benefits (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SARs / PSARs | |||
SARs | |||
SARs outstanding at beginning of year | 537,149 | 640,220 | 983,700 |
SARs granted | 8,000 | 53,500 | 36,000 |
SARs exercised | -92,640 | -134,271 | -345,480 |
SARs forfeited | -7,500 | -22,300 | -34,000 |
SARs outstanding at year-end | 445,009 | 537,149 | 640,220 |
Weighted Average Exercise Price | |||
SARs outstanding at beginning of year, weighted average exercise price | $23.68 | $20.90 | $19.56 |
SARs granted, weighted average exercise price | $62.02 | $43.73 | $44.94 |
SARs exercised, weighted average exercise price | $20.87 | $19.21 | $19.44 |
SARs forfeited, weighted average exercise price | $31.16 | $18.99 | $24.79 |
SARs outstanding at year end, weighted average exercise price | $24.83 | $23.68 | $20.90 |
Additional Information: | |||
SARs vested and exercisable at year-end | 355,509 | 384,974 | 446,970 |
SARs vested and exercisable at year end, weighted average exercise price | $21.16 | $20.64 | $20.41 |
Weighted average remaining contractual life of SARs vested | 2 years 10 months 21 days | 3 years 5 months 16 days | 4 years 3 months |
Compensation expense | $530,000 | $564,000 | $704,000 |
Weighted average fair value of SARs granted | $23.02 | $16.26 | $16.21 |
Fair value of shares vested during the year | $580,345 | $566,341 | $758,543 |
SARs | |||
Additional Information: | |||
Weighted average remaining contractual life of SARs currently outstanding (in years) | 3 years 10 months 6 days | 4 years 8 months 5 days | 5 years 2 months 9 days |
Employee_Benefits_Details_4
Employee Benefits (Details 4) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Service based | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | 5 years | 5 years |
RSUs | |||
Number of Shares | |||
SARs outstanding at beginning of year | 403,739 | 411,919 | 661,492 |
SARs granted | 64,050 | 163,500 | 105,000 |
Vested and issued | -161,249 | -151,480 | -311,410 |
SARs forfeited | -17,375 | -20,200 | -43,163 |
SARs outstanding at year-end | 289,165 | 403,739 | 411,919 |
Weighted- Average Grant- Date Fair Value | |||
Balance at beginning of year, weighted average grant-date fair value | 33.72 | 23.8 | 17.44 |
Granted, weighted average grant-date fair value | 57.84 | 45.35 | 39.89 |
vested and issued, weighted average grant-date fair value | 26.4 | 20.47 | 18.82 |
Forfeited, weighted average grant-date fair value | 37.4 | 24.96 | 25.25 |
Balance at year end, weighted average grant-date fair value | 42.93 | 33.72 | 23.8 |
Minimum | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 4 years | 4 years | 4 years |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Allowance allocation for off-balance sheet commitments | $7,100,000 | $4,700,000 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet liability | 5,324,460,000 | 3,674,391,000 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet liability | $177,808,000 | $145,662,000 |
Regulatory_Restrictions_Detail
Regulatory Restrictions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Regulatory Capital Requirements [Abstract] | ||
Required reserve balance at the Federal Reserve | $88,155 | $51,692 |
Total capital (to risk-weighted assets): | ||
Total capital (to risk weighted assets), actual amount | 1,967,021 | 1,387,312 |
Total capital (to risk weighted assets) for capital adequacy purposes, amount | 1,330,568 | 1,034,721 |
Tier 1 capital (to risk-weighted assets): | ||
Tier 1 capital (to risk-weighted assets), actual amount | 1,573,007 | 1,184,018 |
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, amount | 665,284 | 517,361 |
Tier 1 capital (to average assets): | ||
Tier 1 capital (to average assets), actual amount | 1,573,007 | 1,184,018 |
Tier 1 capital (to average assets) for capital adequacy purposes, amount | 584,765 | 435,750 |
Risk Based Ratios [Abstract] | ||
Total capital (to risk weighted assets), actual ratio | 11.83% | 10.73% |
Total capital (to risk weighted assets) for capital adequacy purposes, ratio | 8.00% | 8.00% |
Tier 1 capital (to risk-weighted assets), actual ratio | 9.46% | 9.15% |
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), actual ratio | 10.76% | 10.87% |
Tier 1 capital (to average assets) for capital adequacy purposes, ratio | 4.00% | 4.00% |
Bank | ||
Total capital (to risk-weighted assets): | ||
Total capital (to risk weighted assets), actual amount | 1,757,365 | 1,328,227 |
Total capital (to risk weighted assets) for capital adequacy purposes, amount | 1,330,226 | 1,034,406 |
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 1,662,782 | 1,293,007 |
Tier 1 capital (to risk-weighted assets): | ||
Tier 1 capital (to risk-weighted assets), actual amount | 1,424,351 | 975,933 |
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, amount | 665,113 | 517,203 |
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, amount | 997,669 | 775,804 |
Tier 1 capital (to average assets): | ||
Tier 1 capital (to average assets), actual amount | 1,424,351 | 975,933 |
Tier 1 capital (to average assets) for capital adequacy purposes, amount | 584,597 | 435,601 |
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action provisions, amount | $730,746 | $544,502 |
Risk Based Ratios [Abstract] | ||
Total capital (to risk weighted assets), actual ratio | 10.57% | 10.27% |
Total capital (to risk weighted assets) for capital adequacy purposes, ratio | 8.00% | 8.00% |
Total capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), actual ratio | 8.57% | 7.55% |
Tier 1 capital (to risk-weighted assets) for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 capital (to risk weighted assets) to be well capitalized under prompt corrective action provisions, ratio | 6.00% | 6.00% |
Tier 1 capital (to average assets), actual ratio | 9.75% | 8.96% |
Tier 1 capital (to average assets) for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets) to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income | $37,834 | $36,832 | $33,421 | $28,265 | $30,359 | $33,476 | $24,073 | $33,143 | $136,352 | $121,051 | $120,672 |
Preferred stock dividends | 2,437 | 2,438 | 2,437 | 2,438 | 2,438 | 2,437 | 2,438 | 81 | 9,750 | 7,394 | 0 |
Net income available to common stockholders | $35,397 | $34,394 | $30,984 | $25,827 | $27,921 | $31,039 | $21,635 | $33,062 | $126,602 | $113,657 | $120,672 |
Denominator: | |||||||||||
Denominator for basic earnings per share—weighted average shares | 44,406,000 | 43,144,000 | 43,075,000 | 42,298,000 | 40,983,000 | 40,902,000 | 40,814,000 | 40,474,000 | 43,236,344 | 40,864,225 | 39,046,340 |
Effect of employee stock-based awards | 311,423 | 402,593 | 645,771 | ||||||||
Effect of warrants to purchase common stock | 455,489 | 513,063 | 473,736 | ||||||||
Denominator for dilutive earnings per share—adjusted weighted average shares and assumed conversions | 45,093,000 | 43,850,000 | 43,845,000 | 43,220,000 | 41,889,000 | 41,792,000 | 41,724,000 | 41,429,000 | 44,003,256 | 41,779,881 | 40,165,847 |
Basic earnings per common share | $0.80 | $0.80 | $0.72 | $0.61 | $0.68 | $0.76 | $0.53 | $0.82 | $2.93 | $2.78 | $3.09 |
Diluted earnings per common share | $0.78 | $0.78 | $0.71 | $0.60 | $0.67 | $0.74 | $0.52 | $0.80 | $2.88 | $2.72 | $3 |
Stock options excluded from computation of EPS | 51,300 | 118,500 | 79,500 |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | $41,719 | $63,214 | ||
OREO | 568 | 5,110 | 15,991 | 34,077 |
Mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 31,065 | 41,462 | ||
Municipals | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 3,267 | 14,505 | ||
Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 7,387 | 7,247 | ||
Fair value measurements, recurring basis | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair value measurements, recurring basis | Level 1 | Mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 0 | 0 | ||
Fair value measurements, recurring basis | Level 1 | Municipals | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 0 | 0 | ||
Fair value measurements, recurring basis | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 0 | 0 | ||
Fair value measurements, recurring basis | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 31,176 | 14,690 | ||
Derivative liabilities | 31,176 | 14,690 | ||
Fair value measurements, recurring basis | Level 2 | Mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 31,065 | 41,462 | ||
Fair value measurements, recurring basis | Level 2 | Municipals | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 3,267 | 14,505 | ||
Fair value measurements, recurring basis | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 7,387 | 7,247 | ||
Fair value measurements, recurring basis | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Fair value measurements, recurring basis | Level 3 | Mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 0 | 0 | ||
Fair value measurements, recurring basis | Level 3 | Municipals | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 0 | 0 | ||
Fair value measurements, recurring basis | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities, available-for-sale | 0 | 0 | ||
Fair value measurements, 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 measurements, 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 measurements, nonrecurring basis | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans | 23,536 | 13,474 | ||
OREO | $568 | $5,110 |
Fair_Value_Disclosures_Details1
Fair Value Disclosures (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired loans | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Asset measured on nonrecurring basis, carrying value | $29,200,000 | $14,900,000 |
Asset measured on nonrecurring basis, specific valuation allowance | 5,700,000 | 1,400,000 |
Asset measured on nonrecurring basis, reported fair value | 23,500,000 | 13,500,000 |
OREO | ||
Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Asset measured on nonrecurring basis, carrying value | $568,000 | $5,100,000 |
Fair_Value_Disclosures_Details2
Fair Value Disclosures (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities, available-for-sale | $41,719 | $63,214 |
Subordinated notes | 286,000 | 111,000 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,330,514 | 153,911 |
Securities, available-for-sale | 41,719 | 63,214 |
Loans held for investment, net | 14,156,058 | 11,183,264 |
Derivative assets | 31,176 | 14,690 |
Deposits | 12,673,300 | 9,257,379 |
Federal funds purchased | 66,971 | 148,650 |
Customer repurchase agreements | 25,705 | 21,954 |
Other borrowings | 1,100,005 | 855,026 |
Subordinated notes | 286,000 | 111,000 |
Trust preferred subordinated debentures | 113,406 | 113,406 |
Derivative liabilities | 31,176 | 14,690 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,330,514 | 153,911 |
Securities, available-for-sale | 41,719 | 63,214 |
Loans held for investment, net | 14,161,484 | 11,179,439 |
Derivative assets | 31,176 | 14,690 |
Deposits | 12,673,607 | 9,257,574 |
Federal funds purchased | 66,971 | 148,650 |
Customer repurchase agreements | 25,705 | 21,954 |
Other borrowings | 1,100,005 | 855,026 |
Subordinated notes | 289,947 | 96,647 |
Trust preferred subordinated debentures | 113,406 | 113,406 |
Derivative liabilities | $31,176 | $14,690 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $13,639 | $10,216 | $8,993 |
Minimum future lease payments under operating leases | |||
2015 | 15,557 | ||
2016 | 15,544 | ||
2017 | 15,572 | ||
2018 | 15,534 | ||
2019 | 15,378 | ||
2020 and thereafter | 54,021 | ||
Total | $131,606 |
Parent_Company_Only_Details
Parent Company Only (Details) (USD $) | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 21, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Assets | ||||||
Cash and cash equivalents | $1,330,514 | $153,911 | $206,348 | $110,558 | ||
Other assets | 333,699 | 286,907 | ||||
Total assets | 15,899,946 | 11,720,064 | ||||
Liabilities and Stockholders’ Equity | ||||||
Line of credit | 15,000 | |||||
Subordinated notes | 286,000 | 111,000 | ||||
Trust preferred subordinated debentures | 113,406 | 175,000 | 113,406 | 111,000 | ||
Total liabilities | 14,415,756 | 10,623,714 | ||||
Preferred stock | 150,000 | 150,000 | ||||
Common stock | 457 | 410 | ||||
Additional paid-in capital | 709,738 | 448,208 | ||||
Retained earnings | 622,714 | 496,112 | ||||
Treasury stock | -8 | -8 | ||||
Accumulated other comprehensive income | 1,289 | 1,628 | ||||
Total stockholders’ equity | 1,484,190 | 1,096,350 | 836,242 | 616,331 | ||
Total liabilities and stockholders’ equity | 15,899,946 | 11,720,064 | ||||
Texas Capital Bancshares, Inc. | ||||||
Assets | ||||||
Cash and cash equivalents | 176,324 | 47,605 | 141,257 | 21,004 | ||
Investment in subsidiaries | 1,459,092 | 1,011,823 | ||||
Other assets | 82,783 | 287,734 | ||||
Total assets | 1,718,199 | 1,347,162 | ||||
Liabilities and Stockholders’ Equity | ||||||
Other liabilities | 1,328 | 1,254 | ||||
Line of credit | 0 | 15,000 | ||||
Subordinated notes | 111,000 | 111,000 | ||||
Trust preferred subordinated debentures | 113,406 | 113,406 | ||||
Total liabilities | 225,734 | 240,660 | ||||
Preferred stock | 150,000 | 150,000 | ||||
Common stock | 457 | 410 | ||||
Additional paid-in capital | 719,890 | 458,360 | ||||
Retained earnings | 620,837 | 496,112 | ||||
Treasury stock | -8 | -8 | ||||
Accumulated other comprehensive income | 1,289 | 1,628 | ||||
Total stockholders’ equity | 1,492,465 | 1,106,502 | ||||
Total liabilities and stockholders’ equity | $1,718,199 | $1,347,162 |
Parent_Company_Only_Details_1
Parent Company Only (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Earnings | |||||||||||
Loan income | $511,606 | $441,314 | $393,548 | ||||||||
Interest expense | 10,251 | 9,629 | 9,406 | 8,296 | 6,490 | 6,441 | 6,044 | 6,137 | 37,582 | 25,112 | 21,578 |
Salaries and employee benefits | 169,051 | 157,752 | 121,456 | ||||||||
Legal and professional | 21,182 | 18,104 | 17,557 | ||||||||
Other non-interest expense | 28,355 | 24,242 | 26,766 | ||||||||
Income tax expense | 20,357 | 20,810 | 18,754 | 16,089 | 17,012 | 18,724 | 12,542 | 18,479 | 76,010 | 66,757 | 67,866 |
Net income | 37,834 | 36,832 | 33,421 | 28,265 | 30,359 | 33,476 | 24,073 | 33,143 | 136,352 | 121,051 | 120,672 |
Preferred stock dividends | 2,437 | 2,438 | 2,437 | 2,438 | 2,438 | 2,437 | 2,438 | 81 | 9,750 | 7,394 | 0 |
Net income available to common stockholders | 35,397 | 34,394 | 30,984 | 25,827 | 27,921 | 31,039 | 21,635 | 33,062 | 126,602 | 113,657 | 120,672 |
Texas Capital Bancshares, Inc. | |||||||||||
Statement of Earnings | |||||||||||
Loan income | 10,850 | 10,382 | 1,484 | ||||||||
Dividend income | 5,275 | 76 | 83 | ||||||||
Other income | 28 | 72 | 38 | ||||||||
Total income | 16,153 | 10,530 | 1,605 | ||||||||
Interest expense | 10,038 | 9,863 | 4,913 | ||||||||
Salaries and employee benefits | 617 | 669 | 668 | ||||||||
Legal and professional | 2,237 | 2,605 | 2,094 | ||||||||
Other non-interest expense | 933 | 651 | 744 | ||||||||
Total expense | 13,825 | 13,788 | 8,419 | ||||||||
Income (loss) before income taxes and equity in undistributed income of subsidiary | 2,328 | -3,258 | -6,814 | ||||||||
Income tax expense | 833 | -1,165 | -2,435 | ||||||||
Income before income taxes | 1,495 | -2,093 | -4,379 | ||||||||
Equity in undistributed income of subsidiary | 132,980 | 123,144 | 124,951 | ||||||||
Net income | 134,475 | 121,051 | 120,572 | ||||||||
Preferred stock dividends | 9,750 | 7,394 | 0 | ||||||||
Net income available to common stockholders | $124,725 | $113,657 | $120,572 |
Parent_Company_Only_Details_2
Parent Company Only (Details 2) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 28, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | ||||||||||||
Net income | $37,834 | $36,832 | $33,421 | $28,265 | $30,359 | $33,476 | $24,073 | $33,143 | $136,352 | $121,051 | $120,672 | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Increase in other assets | -58,579 | 31,010 | -61,243 | |||||||||
Excess tax benefits from stock-based compensation arrangements | -2,929 | -1,200 | -7,769 | |||||||||
Increase (decrease) in other liabilities | 32,599 | 3,508 | 10,835 | |||||||||
Net cash provided by operating activities | 151,960 | 191,377 | 89,272 | |||||||||
Investing Activity | ||||||||||||
Net cash used in investing activities | -2,977,903 | -1,275,875 | -2,263,185 | |||||||||
Financing Activities | ||||||||||||
Proceeds (costs) from issuance of stock related to stock-based awards and warrants | -2,203 | -2,210 | 355 | |||||||||
Proceeds from sale of common stock | 256,223 | 0 | 86,987 | |||||||||
Proceeds from issuance of preferred stock | 145,000 | 0 | 144,987 | 0 | ||||||||
Preferred dividends paid | -9,750 | -6,960 | 0 | |||||||||
Issuance of subordinated notes | 172,375 | 0 | 111,000 | |||||||||
Net other borrowings | 244,979 | -797,002 | 318,115 | |||||||||
Excess tax benefits from stock-based compensation arrangements | 2,929 | 1,200 | 7,769 | |||||||||
Net cash provided by financing activities | 4,002,546 | 1,032,061 | 2,269,703 | |||||||||
Net increase (decrease) in cash and cash equivalents | 1,176,603 | -52,437 | 95,790 | |||||||||
Cash and cash equivalents at beginning of period | 153,911 | 206,348 | 153,911 | 206,348 | 110,558 | |||||||
Cash and cash equivalents at end of period | 1,330,514 | 153,911 | 1,330,514 | 153,911 | 206,348 | |||||||
Texas Capital Bancshares, Inc. | ||||||||||||
Operating activities | ||||||||||||
Net income | 134,475 | 121,051 | 120,572 | |||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||
Equity in undistributed income of subsidiary | -132,980 | -123,144 | -124,951 | |||||||||
Increase in other assets | -2,120 | -2,413 | -3,793 | |||||||||
Excess tax benefits from stock-based compensation arrangements | -2,929 | -1,200 | -7,769 | |||||||||
Increase (decrease) in other liabilities | 74 | 37 | 83 | |||||||||
Net cash provided by operating activities | -3,480 | -5,669 | -15,858 | |||||||||
Investing Activity | ||||||||||||
Investments in and advances to subsidiaries | -100,000 | -240,000 | -70,000 | |||||||||
Net cash used in investing activities | -100,000 | -240,000 | -70,000 | |||||||||
Financing Activities | ||||||||||||
Proceeds (costs) from issuance of stock related to stock-based awards and warrants | -2,203 | -2,210 | 355 | |||||||||
Proceeds from sale of common stock | 256,223 | 0 | 86,987 | |||||||||
Proceeds from issuance of preferred stock | 0 | 144,987 | 0 | |||||||||
Preferred dividends paid | -9,750 | -6,960 | 0 | |||||||||
Issuance of subordinated notes | 0 | 0 | 111,000 | |||||||||
Net other borrowings | -15,000 | 15,000 | 0 | |||||||||
Excess tax benefits from stock-based compensation arrangements | 2,929 | 1,200 | 7,769 | |||||||||
Net cash provided by financing activities | 232,199 | 152,017 | 206,111 | |||||||||
Net increase (decrease) in cash and cash equivalents | 128,719 | -93,652 | 120,253 | |||||||||
Cash and cash equivalents at beginning of period | 47,605 | 141,257 | 47,605 | 141,257 | 21,004 | |||||||
Cash and cash equivalents at end of period | $176,324 | $47,605 | $176,324 | $47,605 | $141,257 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details 1) (Non-hedging, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Estimated fair value, asset derivative | $31,537 | $20,064 |
Estimated fair value, liability derivative | 31,537 | 20,064 |
Offsetting derivative liabilities | -361 | -5,374 |
Offsetting derivative assets | -361 | -5,374 |
Net asset derivatives included in the consolidated balance sheets | 31,176 | 14,690 |
Net liability derivatives included in the consolidated balance sheets | 31,176 | 14,690 |
Financial institution counterparties | Commercial loan/lease | Interest rate swap | ||
Derivative [Line Items] | ||
Notional amount | 866,432 | 764,939 |
Estimated fair value, asset derivative | 361 | 5,374 |
Estimated fair value, liability derivative | 30,162 | 14,026 |
Financial institution counterparties | Commercial loan/lease | Interest rate cap | ||
Derivative [Line Items] | ||
Notional amount | 63,414 | 58,706 |
Estimated fair value, asset derivative | 1,014 | 664 |
Estimated fair value, liability derivative | 0 | 0 |
Customer counterparties | Commercial loan/lease | Interest rate swap | ||
Derivative [Line Items] | ||
Notional amount | 866,432 | 764,939 |
Estimated fair value, asset derivative | 30,162 | 14,026 |
Estimated fair value, liability derivative | 361 | 5,374 |
Customer counterparties | Commercial loan/lease | Interest rate cap | ||
Derivative [Line Items] | ||
Notional amount | 63,414 | 58,706 |
Estimated fair value, asset derivative | 0 | 0 |
Estimated fair value, liability derivative | $1,014 | $664 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Derivative Financial Instruments (Details 2) (Non-hedging, Commercial loan/lease, Interest rate swap) | Dec. 31, 2014 | Dec. 31, 2013 |
Interest rate received | ||
Derivative [Line Items] | ||
Weighted average fixed interest rate | 2.79% | 2.99% |
Interest rate paid | ||
Derivative [Line Items] | ||
Weighted average fixed interest rate | 4.82% | 4.89% |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Derivative Financial Instruments (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Cash collateral pledged for derivatives | $30.20 | $10.70 |
Non-hedging | Commercial loan/lease | ||
Derivative [Line Items] | ||
Credit risk exposure, net of collateral pledged, relating to derivatives | $31.20 | $14.70 |
Non-hedging | Interest rate cap | Commercial loan/lease | ||
Derivative [Line Items] | ||
Weighted average fixed interest rate | 1.44% | 1.87% |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||
Mar. 28, 2013 | Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 28, 2013 | Jan. 31, 2009 | Nov. 12, 2014 | |
Equity Distribution Agreement [Line Items] | ||||||||
Net proceeds from issuance of stock | $256,223,000 | $86,987,000 | ||||||
Number of warrants outstanding | 581,500 | |||||||
Warrants, price per share | $14.84 | |||||||
Dividend rate percentage of preferred stock | 6.50% | |||||||
Par value of preferred stock | $0.01 | $0.01 | $0.01 | 0.01 | ||||
Liquidation preference per share | $25 | 25 | ||||||
Payments of dividends on preferred stock | 9,750,000 | 6,960,000 | 0 | |||||
Net proceeds from issuance of preferred stock | 145,000,000 | 0 | 144,987,000 | 0 | ||||
Repayments of short-term debt | 15,000,000 | |||||||
Preferred Stock | ||||||||
Equity Distribution Agreement [Line Items] | ||||||||
Net proceeds from issuance of stock | 75,000,000 | |||||||
Issuance of stock - shares | 6,000,000 | |||||||
Common Stock | ||||||||
Equity Distribution Agreement [Line Items] | ||||||||
Net proceeds from issuance of stock | $106,500,000 | $44,000 | $23,000 | $149,600,000 | ||||
Issuance of stock - shares | 1,900,000 | 4,398,128 | 2,300,000 | 2,500,000 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Interest income | $137,833 | $135,290 | $124,813 | $116,611 | $117,965 | $115,217 | $107,264 | $104,179 | $514,547 | $444,625 | $398,457 |
Interest expense | 10,251 | 9,629 | 9,406 | 8,296 | 6,490 | 6,441 | 6,044 | 6,137 | 37,582 | 25,112 | 21,578 |
Net interest income | 127,582 | 125,661 | 115,407 | 108,315 | 111,475 | 108,776 | 101,220 | 98,042 | 476,965 | 419,513 | 376,879 |
Provision for credit losses | 6,500 | 6,500 | 4,000 | 5,000 | 5,000 | 5,000 | 7,000 | 2,000 | 22,000 | 19,000 | 11,500 |
Net interest income after provision for credit losses | 121,082 | 119,161 | 111,407 | 103,315 | 106,475 | 103,776 | 94,220 | 96,042 | 454,965 | 400,513 | 365,379 |
Non-interest income | 11,226 | 10,396 | 10,533 | 10,356 | 11,184 | 10,431 | 11,128 | 11,281 | 42,511 | 44,024 | 43,040 |
Non-interest expense | 74,117 | 71,915 | 69,765 | 69,317 | 70,288 | 62,007 | 68,733 | 55,701 | 285,114 | 256,729 | 219,881 |
Income before income taxes | 58,191 | 57,642 | 52,175 | 44,354 | 47,371 | 52,200 | 36,615 | 51,622 | 212,362 | 187,808 | 188,538 |
Income tax expense | 20,357 | 20,810 | 18,754 | 16,089 | 17,012 | 18,724 | 12,542 | 18,479 | 76,010 | 66,757 | 67,866 |
Net income | 37,834 | 36,832 | 33,421 | 28,265 | 30,359 | 33,476 | 24,073 | 33,143 | 136,352 | 121,051 | 120,672 |
Preferred stock dividends | 2,437 | 2,438 | 2,437 | 2,438 | 2,438 | 2,437 | 2,438 | 81 | 9,750 | 7,394 | 0 |
Net income available to common stockholders | $35,397 | $34,394 | $30,984 | $25,827 | $27,921 | $31,039 | $21,635 | $33,062 | $126,602 | $113,657 | $120,672 |
Basic earnings per share: | |||||||||||
Basic earnings per common share | $0.80 | $0.80 | $0.72 | $0.61 | $0.68 | $0.76 | $0.53 | $0.82 | $2.93 | $2.78 | $3.09 |
Diluted earnings per share: | |||||||||||
Diluted earnings per common share | $0.78 | $0.78 | $0.71 | $0.60 | $0.67 | $0.74 | $0.52 | $0.80 | $2.88 | $2.72 | $3 |
Average shares | |||||||||||
Basic | 44,406,000 | 43,144,000 | 43,075,000 | 42,298,000 | 40,983,000 | 40,902,000 | 40,814,000 | 40,474,000 | 43,236,344 | 40,864,225 | 39,046,340 |
Diluted | 45,093,000 | 43,850,000 | 43,845,000 | 43,220,000 | 41,889,000 | 41,792,000 | 41,724,000 | 41,429,000 | 44,003,256 | 41,779,881 | 40,165,847 |