Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-35039 | |
Entity Registrant Name | BankUnited, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0162450 | |
Entity Address, Address Line One | 14817 Oak Lane | |
Entity Address, City or Town | Miami Lakes | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33016 | |
City Area Code | 305 | |
Local Phone Number | 569-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 74,414,998 | |
Entity Central Index Key | 0001504008 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
NEW YORK STOCK EXCHANGE, INC. | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Trading Symbol | BKU | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and due from banks: | ||
Non-interest bearing | $ 18,355 | $ 16,068 |
Interest bearing | 282,814 | 556,579 |
Cash and cash equivalents | 301,169 | 572,647 |
Investment securities (including securities reported at fair value of $9,133,937 and $9,745,327) | 9,143,937 | 9,755,327 |
Non-marketable equity securities | 317,759 | 294,172 |
Loans | 24,629,990 | 24,885,988 |
Allowance for credit losses | (166,833) | (147,946) |
Loans, net | 24,463,157 | 24,738,042 |
Bank owned life insurance | 318,935 | 308,212 |
Operating lease equipment, net | 514,734 | 539,799 |
Goodwill | 77,637 | 77,637 |
Other assets | 734,151 | 740,876 |
Total assets | 35,871,479 | 37,026,712 |
Demand deposits: | ||
Non-interest bearing | 7,304,735 | 8,037,848 |
Interest bearing | 2,929,870 | 2,142,067 |
Savings and money market | 10,084,276 | 13,061,341 |
Time | 5,519,771 | 4,268,078 |
Total deposits | 25,838,652 | 27,509,334 |
Federal funds purchased | 0 | 190,000 |
FHLB advances | 5,975,000 | 5,420,000 |
Notes and other borrowings | 715,302 | 720,923 |
Other liabilities | 816,215 | 750,474 |
Total liabilities | 33,345,169 | 34,590,731 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 744 | 757 |
Paid-in capital | 274,202 | 321,729 |
Retained earnings | 2,623,926 | 2,551,400 |
Accumulated other comprehensive loss | (372,562) | (437,905) |
Total stockholders' equity | 2,526,310 | 2,435,981 |
Total liabilities and stockholders' equity | 35,871,479 | 37,026,712 |
Interest income on loans | ||
Cash and due from banks: | ||
Allowance for credit losses | $ (166,833) | $ (147,946) |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Investment securities recorded at fair value | $ 9,133,937 | $ 9,745,327 |
Stockholders' equity: | ||
Common stock, par value (in Dollars per Share) | $ 0.01 | |
Common stock, shares authorized (in Shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in Shares) | 74,429,948 | 75,674,587 |
Common stock, shares outstanding (in Shares) | 74,429,948 | 75,674,587 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income: | ||||
Loans | $ 326,153 | $ 209,223 | $ 634,948 | $ 400,785 |
Investment securities | 120,604 | 54,771 | 239,362 | 97,819 |
Other | 16,664 | 2,979 | 29,527 | 4,333 |
Total interest income | 463,421 | 266,973 | 903,837 | 502,937 |
Interest expense: | ||||
Deposits | 156,868 | 20,501 | 290,498 | 32,363 |
Borrowings | 92,675 | 21,056 | 171,587 | 36,516 |
Total interest expense | 249,543 | 41,557 | 462,085 | 68,879 |
Net interest income before provision for credit losses | 213,878 | 225,416 | 441,752 | 434,058 |
Provision for credit losses | 15,517 | 23,996 | 35,305 | 31,826 |
Net interest income after provision for credit losses | 198,361 | 201,420 | 406,447 | 402,232 |
Non-interest income: | ||||
Deposit service charges and fees | 5,349 | 5,896 | 10,894 | 11,856 |
Gain (loss) on investment securities, net | 993 | (8,392) | (11,556) | (16,260) |
Lease financing | 12,519 | 13,363 | 25,628 | 26,778 |
Other non-interest income | 6,626 | 2,583 | 17,056 | 5,377 |
Total non-interest income | 25,487 | 13,450 | 42,022 | 27,751 |
Non-interest expense: | ||||
Employee compensation and benefits | 67,414 | 62,461 | 138,465 | 129,549 |
Occupancy and equipment | 11,043 | 11,399 | 21,845 | 22,911 |
Deposit insurance expense | 7,597 | 3,993 | 15,504 | 7,396 |
Professional fees | 3,518 | 3,256 | 6,436 | 5,518 |
Technology | 20,437 | 17,898 | 42,163 | 34,902 |
Depreciation of operating lease equipment | 11,232 | 12,585 | 22,753 | 25,195 |
Other non-interest expense | 23,977 | 15,810 | 50,832 | 28,255 |
Total non-interest expense | 145,218 | 127,402 | 297,998 | 253,726 |
Income before income taxes | 78,630 | 87,468 | 150,471 | 176,257 |
Provision for income taxes | 20,634 | 21,704 | 39,593 | 43,343 |
Net income | $ 57,996 | $ 65,764 | $ 110,878 | $ 132,914 |
Earnings per common share, basic | $ 0.78 | $ 0.82 | $ 1.49 | $ 1.61 |
Earnings per common share, diluted | $ 0.78 | $ 0.82 | $ 1.48 | $ 1.60 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 57,996 | $ 65,764 | $ 110,878 | $ 132,914 |
Unrealized gains (losses) on investment securities available for sale: | ||||
Net unrealized holding gain (loss) arising during the period | 18,365 | 177,969 | (56,571) | 352,949 |
Reclassification adjustment for net securities gains realized in income | (627) | (670) | (1,183) | (2,648) |
Net change in unrealized gains (losses) on securities available for sale | (18,992) | (178,639) | 55,388 | (355,597) |
Unrealized gains (losses) on derivative instruments: | ||||
Net unrealized holding gains arising during the period | 32,353 | 12,866 | 30,188 | 44,045 |
Reclassification adjustment for net (gains) losses realized in income | (11,239) | 3,077 | (20,233) | 7,097 |
Net change in unrealized gains (losses) on derivative instruments | 21,114 | 15,943 | 9,955 | 51,142 |
Other comprehensive income (loss) | 2,122 | (162,696) | 65,343 | (304,455) |
Comprehensive income (loss) | $ 60,118 | $ (96,932) | $ 176,221 | $ (171,541) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 110,878 | $ 132,914 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization and accretion, net | (5,114) | (4,337) |
Provision for credit losses | 35,305 | 31,826 |
Loss on investment securities, net | 11,556 | 16,260 |
Equity based compensation | 10,150 | 11,862 |
Depreciation and amortization | 38,240 | 38,154 |
Deferred income taxes | 2,143 | 15,147 |
Proceeds from sale of loans held for sale, net | 196,256 | 426,174 |
Other: | ||
Increase (Decrease) in Other Operating Assets | (23,130) | 203,717 |
Increase in other liabilities | 47,290 | 183,713 |
Net cash provided by operating activities | 423,574 | 1,055,430 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Purchases of investment securities | (113,800) | (2,315,336) |
Proceeds from repayments and calls of investment securities | 551,928 | 1,054,902 |
Proceeds from sale of investment securities | 233,143 | 710,769 |
Purchases of non-marketable equity securities | (284,750) | (222,563) |
Proceeds from redemption of non-marketable equity securities | 261,163 | 145,013 |
Purchases of loans | (340,694) | (1,575,715) |
Loan originations and repayments, net | 363,132 | 786,260 |
Proceeds from sale of loans, net | 32,500 | 5,430 |
Other investing activities | (12,073) | (16,414) |
Net cash provided by (used in) investing activities | 690,549 | (1,427,654) |
Cash flows from financing activities: | ||
Net decrease in deposits | (1,670,682) | (977,203) |
Net decrease in federal funds purchased | (190,000) | (199,000) |
Additions to FHLB borrowings | 2,015,000 | 2,510,000 |
Repayments of FHLB borrowings | (1,460,000) | (410,000) |
Dividends paid | (38,983) | (40,842) |
Repurchase of common stock | (55,154) | (325,741) |
Other financing activities | 14,218 | 13,926 |
Net cash provided by (used in) financing activities | (1,385,601) | 571,140 |
Net increase (decrease) in cash and cash equivalents | (271,478) | 198,916 |
Cash and cash equivalents, beginning of period | 572,647 | 314,857 |
Cash and cash equivalents, end of period | 301,169 | 513,773 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 418,168 | 65,545 |
Income taxes paid (refunded), net | 8,827 | (122,242) |
Supplemental schedule of non-cash investing and financing activities: | ||
Transfers from loans to loans held for sale | 228,695 | 439,222 |
Dividends declared, not paid | 20,051 | 19,240 |
Obligations incurred in acquisition of affordable housing limited partnerships | $ 0 | $ 55,000 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Paid-in Capital | Paid-in Capital Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Cumulative Effect, Period of Adoption, Adjusted Balance |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 85,647,986 | |||||||||
Balance at Dec. 31, 2021 | $ 3,037,761,000 | $ 856,000 | $ 707,503,000 | $ 2,345,342,000 | $ (15,940,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | (171,541,000) | $ 0 | 0 | 132,914,000 | (304,455,000) | |||||
Stock Dividends, Shares | 0 | |||||||||
Dividends ($0.27 per common share) | $ (40,206,000) | $ 0 | 0 | (40,206,000) | 0 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.50 | |||||||||
Equity based compensation (in Shares) | 492,061 | |||||||||
Equity based compensation | $ 10,950,000 | $ 5,000 | 10,945,000 | 0 | 0 | |||||
Forfeiture of unvested shares (in Shares) | (164,340) | |||||||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (5,206,000) | $ (2,000) | (5,204,000) | 0 | 0 | |||||
Stock Repurchased During Period, Shares | (8,031,491) | |||||||||
Stock Repurchased During Period, Value | (325,741,000) | $ (80,000) | (325,661,000) | 0 | 0 | |||||
Balance (in Shares) at Jun. 30, 2022 | 77,944,216 | |||||||||
Balance at Jun. 30, 2022 | 2,506,017,000 | $ 779,000 | 387,583,000 | 2,438,050,000 | (320,395,000) | |||||
Shares, Outstanding, Beginning Balance at Mar. 31, 2022 | 84,052,021 | |||||||||
Balance at Mar. 31, 2022 | 2,861,232,000 | $ 841,000 | 626,564,000 | 2,391,526,000 | (157,699,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | (96,932,000) | $ 0 | 0 | 65,764,000 | (162,696,000) | |||||
Stock Dividends, Shares | 0 | |||||||||
Dividends ($0.27 per common share) | $ (19,240,000) | $ 0 | 0 | (19,240,000) | 0 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | |||||||||
Equity based compensation (in Shares) | 24,011 | |||||||||
Equity based compensation | $ 4,619,000 | $ 0 | 4,619,000 | 0 | 0 | |||||
Forfeiture of unvested shares (in Shares) | (32,228) | |||||||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (24,000) | $ (1,000) | (23,000) | 0 | 0 | |||||
Stock Repurchased During Period, Shares | (6,099,588) | |||||||||
Stock Repurchased During Period, Value | (243,638,000) | $ (61,000) | (243,577,000) | 0 | 0 | |||||
Balance (in Shares) at Jun. 30, 2022 | 77,944,216 | |||||||||
Balance at Jun. 30, 2022 | 2,506,017,000 | $ 779,000 | 387,583,000 | 2,438,050,000 | (320,395,000) | |||||
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 75,674,587 | |||||||||
Balance at Dec. 31, 2022 | 2,435,981,000 | $ 2,437,317,000 | $ 757,000 | $ 757,000 | 321,729,000 | $ 321,729,000 | 2,551,400,000 | $ 2,552,736,000 | (437,905,000) | $ (437,905,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | 176,221,000 | $ 0 | 0 | 110,878,000 | 65,343,000 | |||||
Stock Dividends, Shares | 0 | |||||||||
Dividends ($0.27 per common share) | $ (39,688,000) | $ 0 | 0 | (39,688,000) | 0 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.27 | |||||||||
Equity based compensation (in Shares) | 646,243 | |||||||||
Equity based compensation | $ 14,459,000 | $ 6,000 | 14,453,000 | 0 | 0 | |||||
Forfeiture of unvested shares (in Shares) | (256,637) | |||||||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (6,845,000) | $ (3,000) | (6,842,000) | 0 | 0 | |||||
Stock Repurchased During Period, Shares | (1,634,245) | |||||||||
Stock Repurchased During Period, Value | (55,154,000) | $ (16,000) | (55,138,000) | 0 | 0 | |||||
Balance (in Shares) at Jun. 30, 2023 | 74,429,948 | |||||||||
Balance at Jun. 30, 2023 | 2,526,310,000 | $ 744,000 | 274,202,000 | 2,623,926,000 | (372,562,000) | |||||
Shares, Outstanding, Beginning Balance at Mar. 31, 2023 | 74,423,365 | |||||||||
Balance at Mar. 31, 2023 | 2,481,394,000 | $ 744,000 | 269,353,000 | 2,585,981,000 | (374,684,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | 60,118,000 | $ 0 | 0 | 57,996,000 | 2,122,000 | |||||
Stock Dividends, Shares | 0 | |||||||||
Dividends ($0.27 per common share) | $ (20,051,000) | $ 0 | 0 | (20,051,000) | 0 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.27 | |||||||||
Equity based compensation (in Shares) | 49,264 | |||||||||
Equity based compensation | $ 4,870,000 | $ 1,000 | 4,869,000 | 0 | 0 | |||||
Forfeiture of unvested shares (in Shares) | (42,681) | |||||||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (21,000) | $ (1,000) | (20,000) | 0 | 0 | |||||
Balance (in Shares) at Jun. 30, 2023 | 74,429,948 | |||||||||
Balance at Jun. 30, 2023 | $ 2,526,310,000 | $ 744,000 | $ 274,202,000 | $ 2,623,926,000 | $ (372,562,000) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 1 Basis of Presentation and Summary of Significant Accounting Policies BankUnited, Inc. is a national bank holding company with one wholly-owned subsidiary, BankUnited, collectively, the Company. BankUnited, a national banking association headquartered in Miami Lakes, Florida, provides a full range of banking and related services to individual and corporate customers through banking centers in Florida, the New York metropolitan area and Dallas, Texas. The Bank also offers certain commercial lending and deposit products through national platforms and regional wholesale banking offices. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, these do not include all of the information and footnotes required for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing in BKU’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected in future periods. The Company has a single operating segment and thus a single reportable segment. While management monitors the revenue streams of its various business units, the business units serve a similar base of primarily commercial clients, providing a similar range of products and services, managed through similar processes and platforms. The Company’s chief operating decision maker makes company-wide resource allocation decisions and assessments of performance based on a collective assessment of the Company’s operations. Accounting Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates. The most significant estimate impacting the Company's consolidated financial statements is the ACL. New Accounting Pronouncements Adopted During the Six Months Ended June 30, 2023 ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326). This ASU eliminated the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors. The ASU enhanced disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty, updated certain requirements related to accounting for credit losses under ASC 326 and required disclosure of current-period gross charge-offs of financing receivables by year of origination. The Company adopted this ASU in the first quarter of 2023, prospectively, except with respect to the recognition and measurement of TDRs, for which the modified retrospective transition method was applied. The Company recorded a reduction to the ACL of $1.8 million and a cumulative-effect adjustment, net of tax, to retained earnings of $1.3 million on January 1, 2023. Accounting Pronouncements Not Yet Adopted ASU No. 2023-02— Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method (A Consensus of the Emerging Issues Task Force). |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 2 Earnings Per Common Share The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, c 2023 2022 2023 2022 Basic earnings per common share: Numerator: Net income $ 57,996 $ 65,764 $ 110,878 $ 132,914 Distributed and undistributed earnings allocated to participating securities (881) (999) (1,679) (1,927) Income allocated to common stockholders for basic earnings per common share $ 57,115 $ 64,765 $ 109,199 $ 130,987 Denominator: Weighted average common shares outstanding 74,424,631 80,300,069 74,588,904 82,629,098 Less average unvested stock awards (1,183,039) (1,257,258) (1,188,430) (1,234,678) Weighted average shares for basic earnings per common share 73,241,592 79,042,811 73,400,474 81,394,420 Basic earnings per common share $ 0.78 $ 0.82 $ 1.49 $ 1.61 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 57,115 $ 64,765 $ 109,199 $ 130,987 Adjustment for earnings reallocated from participating securities 1 3 5 4 Income used in calculating diluted earnings per common share $ 57,116 $ 64,768 $ 109,204 $ 130,991 Denominator: Weighted average shares for basic earnings per common share 73,241,592 79,042,811 73,400,474 81,394,420 Dilutive effect of certain share-based awards 179,318 350,734 312,708 244,808 Weighted average shares for diluted earnings per common share 73,420,910 79,393,545 73,713,182 81,639,228 Diluted earnings per common share $ 0.78 $ 0.82 $ 1.48 $ 1.60 Potentially dilutive unvested shares totaling 1,179,216 and 1,245,299 were outstanding at June 30, 2023 and 2022, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 Investment Securities Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands): June 30, 2023 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 119,454 $ — $ (12,004) $ 107,450 U.S. Government agency and sponsored enterprise residential MBS 2,000,621 1,220 (48,385) 1,953,456 U.S. Government agency and sponsored enterprise commercial MBS 577,961 152 (69,832) 508,281 Private label residential MBS and CMOs 2,702,029 161 (318,209) 2,383,981 Private label commercial MBS 2,380,013 364 (98,661) 2,281,716 Single family real estate-backed securities 462,100 — (23,537) 438,563 Collateralized loan obligations 1,099,890 381 (19,244) 1,081,027 Non-mortgage asset-backed securities 95,512 — (3,679) 91,833 State and municipal obligations 108,383 201 (4,971) 103,613 SBA securities 120,836 243 (3,559) 117,520 9,666,799 $ 2,722 $ (602,081) 9,067,440 Investment securities held to maturity 10,000 10,000 $ 9,676,799 9,077,440 Marketable equity securities 66,497 $ 9,143,937 December 31, 2022 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 148,956 $ 63 $ (13,178) $ 135,841 U.S. Government agency and sponsored enterprise residential MBS 2,036,693 1,334 (54,859) 1,983,168 U.S. Government agency and sponsored enterprise commercial MBS 600,517 — (75,423) 525,094 Private label residential MBS and CMOs 2,864,589 54 (333,980) 2,530,663 Private label commercial MBS 2,645,168 176 (120,990) 2,524,354 Single family real estate-backed securities 502,194 — (31,753) 470,441 Collateralized loan obligations 1,166,838 151 (30,526) 1,136,463 Non-mortgage asset-backed securities 102,194 — (6,218) 95,976 State and municipal obligations 122,181 695 (6,215) 116,661 SBA securities 139,320 381 (3,919) 135,782 10,328,650 $ 2,854 $ (677,061) 9,654,443 Investment securities held to maturity 10,000 10,000 $ 10,338,650 9,664,443 Marketable equity securities 90,884 $ 9,755,327 (1) At fair value except for securities held to maturity. Investment securities held to maturity at June 30, 2023 and December 31, 2022 consisted of one State of Israel bond maturing in 2024. Accrued interest receivable on investments totaled $35 million and $34 million at June 30, 2023 and December 31, 2022, respectively, and is included in other assets in the accompanying consolidated balance sheets. At June 30, 2023, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 1,324,481 $ 1,266,669 Due after one year through five years 5,284,285 5,070,598 Due after five years through ten years 1,753,937 1,583,726 Due after ten years 1,304,096 1,146,447 $ 9,666,799 $ 9,067,440 The carrying value of securities pledged as collateral for FHLB advances, public deposits, interest rate swaps and to secure borrowing capacity at the FRB totaled $8.2 billion and $4.1 billion at June 30, 2023 and December 31, 2022, respectively. The following table provides information about gains and losses on investment securities for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gross realized gains on investment securities AFS $ 847 $ 956 $ 1,619 $ 3,706 Gross realized losses on investment securities AFS — (51) (20) (128) Net realized gain 847 905 1,599 3,578 Net gains (losses) on marketable equity securities recognized in earnings 146 (9,297) (13,155) (19,838) Gain (loss) on investment securities, net $ 993 $ (8,392) $ (11,556) $ (16,260) The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands): June 30, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 9,846 $ (108) $ 97,604 $ (11,896) $ 107,450 $ (12,004) U.S. Government agency and sponsored enterprise residential MBS 346,927 (3,517) 1,483,255 (44,868) 1,830,182 (48,385) U.S. Government agency and sponsored enterprise commercial MBS 14,200 (814) 480,484 (69,018) 494,684 (69,832) Private label residential MBS and CMOs 72,768 (1,896) 2,297,353 (316,313) 2,370,121 (318,209) Private label commercial MBS 143,153 (2,166) 2,030,605 (96,495) 2,173,758 (98,661) Single family real estate-backed securities 37,556 (212) 401,007 (23,325) 438,563 (23,537) Collateralized loan obligations 191,253 (1,247) 838,162 (17,997) 1,029,415 (19,244) Non-mortgage asset-backed securities 7,678 (38) 84,155 (3,641) 91,833 (3,679) State and municipal obligations 39,803 (492) 27,011 (4,479) 66,814 (4,971) SBA securities 29,095 (354) 73,598 (3,205) 102,693 (3,559) $ 892,279 $ (10,844) $ 7,813,234 $ (591,237) $ 8,705,513 $ (602,081) December 31, 2022 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 29,198 $ (495) $ 86,744 $ (12,683) $ 115,942 $ (13,178) U.S. Government agency and sponsored enterprise residential MBS 1,243,286 (26,789) 672,322 (28,070) 1,915,608 (54,859) U.S. Government agency and sponsored enterprise commercial MBS 236,102 (5,736) 288,992 (69,687) 525,094 (75,423) Private label residential MBS and CMOs 1,103,578 (93,480) 1,413,642 (240,500) 2,517,220 (333,980) Private label commercial MBS 1,191,969 (39,729) 1,223,223 (81,261) 2,415,192 (120,990) Single family real estate-backed securities 391,421 (22,293) 79,020 (9,460) 470,441 (31,753) Collateralized loan obligations 596,803 (14,020) 494,945 (16,506) 1,091,748 (30,526) Non-mortgage asset-backed securities 95,976 (6,218) — — 95,976 (6,218) State and municipal obligations 67,444 (6,154) 1,114 (61) 68,558 (6,215) SBA securities 42,900 (553) 74,291 (3,366) 117,191 (3,919) $ 4,998,677 $ (215,467) $ 4,334,293 $ (461,594) $ 9,332,970 $ (677,061) The Company monitors its investment securities available for sale for credit loss impairment on an individual security basis. No securities were determined to be credit loss impaired during the three and six months ended June 30, 2023 and 2022. At June 30, 2023, the Company did not have an intent to sell securities that were in unrealized loss positions, and it was not more likely than not that the Company would be required to sell these securities before recovery of the amortized cost basis, which may be at maturity. In making this determination, the Company considered its current and projected liquidity position including its ability to pledge securities to generate liquidity, its investment policy as to permissible holdings and concentration limits, regulatory requirements and other relevant factors. While recent events impacting the banking sector have impacted the liquidity profile of many banks, including BankUnited, the substantial majority of our investment securities are pledgeable at either the FHLB or FRB. We have not sold, and do not anticipate the need to sell, securities in unrealized loss positions to generate liquidity. At June 30, 2023, 578 securities available for sale were in unrealized loss positions. The amount of impairment related to 107 of these securities was considered insignificant both individually and in the aggregate, totaling approximately $1.0 million and no further analysis with respect to these securities was considered necessary. The basis for concluding that AFS securities were not credit loss impaired and no ACL was considered necessary at June 30, 2023, is further discussed below. Unrealized losses were generally attributable to rising interest rates and widening spreads related to the Federal Reserve's quantitative tightening and benchmark interest rate increases . Continuing uncertainty with respect to the trajectory of the economy has also led to market uncertainty, producing some yield curve dislocations. The investment securities AFS portfolio was in a net unrealized loss position of $599.4 million at June 30, 2023, compared to $674.2 million at December 31, 2022, improving by $75 million during the six months ended June 30, 2023 . U.S. Government, U.S. Government Agency and Government Sponsored Enterprise Securities At June 30, 2023, six U.S. treasury, 153 U.S. Government agency and sponsored enterprise residential MBS, 26 U.S. Government agency and sponsored enterprise commercial MBS, and 18 SBA securities were in unrealized loss positions. The timely payment of principal and interest on these securities is explicitly or implicitly guaranteed by the U.S. Government. As such, there is an assumption of zero credit loss and the Company expects to recover the amortized cost basis of these securities. Private Label Securities: None of the impaired private label securities had missed principal or interest payments or had been downgraded by a NRSRO at June 30, 2023. The Company performed an analysis comparing the present value of cash flows expected to be collected to the amortized cost basis of impaired securities. This analysis was based on a scenario that we believe to be generally more conservative than our reasonable and supportable economic forecast at June 30, 2023, and incorporated assumptions about voluntary prepayment rates, collateral defaults, delinquencies, severity and other relevant factors as described further below. Our analysis also considered the structural characteristics of each security and the level of credit enhancement provided by that structure. Private label residential MBS and CMOs At June 30, 2023, 117 private label residential MBS and CMOs were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality measures such as FICO, LTV, documentation, loan type, property type, agency availability criteria and performing status. We also regularly monitor sector data including home price appreciation, forbearance, delinquency and prepay trends as well as other economic data that could be indicative of stress in the sector. Our June 30, 2023 analysis projected weighted average collateral losses for impaired securities in this category of 2% compared to weighted average credit support of 18%. As of June 30, 2023, 94% of impaired securities in this category, based on carrying value, were externally rated AAA, 4% were rated AA and 2% were rated A. Private label commercial MBS At June 30, 2023, 97 private label commercial MBS were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality and type, loan size, loan purpose and other qualitative factors. We also regularly monitor collateral watch lists, bankruptcy data, defeasance data, special servicing trends, delinquency and other economic data that could be indicative of stress in the sector. Our June 30, 2023 analysis projected weighted average collateral losses for impaired securities in this category of 7% compared to weighted average credit support of 43%. As of June 30, 2023, 84% of impaired securities in this category, based on carrying value, were externally rated AAA, 11% were rated AA and 5% were rated A. Single family real estate-backed securities At June 30, 2023, 16 single family rental real estate-backed securities were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies and recovery lag. We regularly monitor sector data including home price appreciation, forbearance, delinquency and prepay trends as well as other economic data that could be indicative of stress in the sector. Our June 30, 2023 analysis projected weighted average collateral losses for this category of 8% compared to weighted average credit support of 52%. As of June 30, 2023, 64% of impaired securities in this category, based on carrying value, were externally rated AAA, 14% were rated AA and one security was not externally rated. Collateralized loan obligations At June 30, 2023, 26 collateralized loan obligations were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, and delinquencies, calibrated to take into account idiosyncratic risks associated with the underlying collateral. In developing those assumptions, we took into account each sector’s performance pre-, during and post the 2008 financial crisis. We regularly engage with bond managers to monitor trends in underlying collateral including potential downgrades and subsequent cash flow diversions, liquidity, ratings migration, and any other relevant developments. Our June 30, 2023 analysis projected weighted average collateral losses for impaired securities in this category of 11% compared to weighted average credit support of 44%. As of June 30, 2023, 81% of the impaired securities in this category, based on carrying value, were externally rated AAA, 15% were rated AA and 4% were rated A. Non-mortgage asset-backed securities At June 30, 2023, seven non-mortgage asset-backed securities were in unrealized loss positions. These securities are backed by student loan collateral. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies, voluntary prepayment rates and recovery lag. In developing assumptions, we took into account collateral type, delineated by whether collateral consisted of loans to borrowers in school, refinancing, or a mixture. Our June 30, 2023 analysis projected weighted average collateral losses for impaired securities in this category of 4% compared to weighted average credit support of 24%. As of June 30, 2023, 46% of the impaired securities in this category, based on carrying value, were externally rated AAA, and 54% were rated AA. State and Municipal Obligations |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 4 Loans and Allowance for Credit Losses Loans consisted of the following at the dates indicated (dollars in thousands): June 30, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential: 1-4 single family residential $ 7,096,496 28.8 % $ 7,128,834 28.6 % Government insured residential 1,509,342 6.1 % 1,771,880 7.1 % 8,605,838 34.9 % 8,900,714 35.7 % Commercial: Non-owner occupied commercial real estate 5,302,523 21.5 % 5,405,597 21.7 % Construction and land 393,464 1.6 % 294,360 1.2 % Owner occupied commercial real estate 1,832,586 7.4 % 1,890,813 7.6 % Commercial and industrial 6,575,368 26.8 % 6,417,721 25.9 % Pinnacle - municipal finance 951,529 3.9 % 912,122 3.7 % Franchise finance 207,783 0.8 % 253,774 1.0 % Equipment finance 237,816 1.0 % 286,147 1.1 % Mortgage warehouse lending 523,083 2.1 % 524,740 2.1 % 16,024,152 65.1 % 15,985,274 64.3 % Total loans 24,629,990 100.0 % 24,885,988 100.0 % Allowance for credit losses (166,833) (147,946) Loans, net $ 24,463,157 $ 24,738,042 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $54 million and $61 million at June 30, 2023 and December 31, 2022, respectively. The following table presents the amortized cost basis of residential PCD loans and the related amount of non-credit discount, net of the related ACL, at the dates indicated (in thousands): June 30, 2023 December 31, 2022 UPB $ 88,950 $ 96,437 Non-credit discount (40,053) (44,354) Total amortized cost of PCD loans 48,897 52,083 ACL related to PCD loans (210) (409) PCD loans, net $ 48,687 $ 51,674 Included in loans, net are direct or sales type finance leases totaling $667 million and $634 million at June 30, 2023 and December 31, 2022, respectively. The amount of income recognized from direct or sales type finance leases for the three and six months ended June 30, 2023 and 2022 totaled $4.4 million, $8.7 million, $4.4 million and $9.0 million, respectively, and is included in interest income on loans in the consolidated statements of income. During the three and six months ended June 30, 2023 and 2022, the Company purchased residential loans totaling $154 million, $341 million, $714 million and $1.6 billion, respectively. At June 30, 2023 and December 31, 2022, the Company had pledged loans with a carrying value of approximately $18.4 billion and $12.4 billion, respectively, as security for FHLB advances and Federal Reserve discount window capacity. At June 30, 2023 and December 31, 2022, accrued interest receivable on loans totaled $128 million and $129 million, respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the three and six months ended June 30, 2023 and 2022. Allowance for credit losses The ACL was determined utilizing a 2-year reasonable and supportable forecast period. The quantitative portion of the ACL was determined using weighted third-party provided economic scenarios. Activity in the ACL is summarized below for the periods indicated (in thousands): Three Months Ended June 30, 2023 2022 Residential Commercial Total Residential Commercial Total Beginning balance $ 11,797 $ 146,995 $ 158,792 $ 8,957 $ 116,486 $ 125,443 Provision (recovery) (2,912) 17,107 14,195 448 22,759 23,207 Charge-offs — (9,136) (9,136) (412) (20,567) (20,979) Recoveries 2 2,980 2,982 17 2,551 2,568 Ending balance $ 8,887 $ 157,946 $ 166,833 $ 9,010 $ 121,229 $ 130,239 Six Months Ended June 30, 2023 2022 Residential Commercial Total Residential Commercial Total Beginning balance $ 11,741 $ 136,205 $ 147,946 $ 9,187 $ 117,270 $ 126,457 Impact of adoption of ASU 2022-02 (117) (1,677) (1,794) N/A N/A N/A Balance after adoption of ASU 2022-02 11,624 134,528 146,152 9,187 117,270 126,457 Provision (recovery) (2,742) 34,532 31,790 192 30,461 30,653 Charge-offs — (17,035) (17,035) (412) (31,238) (31,650) Recoveries 5 5,921 5,926 43 4,736 4,779 Ending balance $ 8,887 $ 157,946 $ 166,833 $ 9,010 $ 121,229 $ 130,239 The ACL increased by $18.9 million, from 0.59% to 0.68% of total loans, at June 30, 2023 compared to December 31, 2022. The more significant factors impacting the provision for credit losses for the six months ended June 30, 2023 included a deteriorating economic forecast with heavier weighting on a downside scenario and an increase in certain specific reserves. The following table presents gross charge-offs during the six months ended June 30, 2023, by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Total CRE $ — $ — $ — $ — $ — $ 813 $ — $ 813 C&I 2 64 43 9 7,161 1,098 598 8,975 Franchise finance — — — 1,013 2,409 3,825 — 7,247 $ 2 $ 64 $ 43 $ 1,022 $ 9,570 $ 5,736 $ 598 $ 17,035 The following table presents the components of the provision for credit losses for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount related to funded portion of loans $ 14,195 $ 23,207 $ 31,790 $ 30,653 Amount related to off-balance sheet credit exposures 1,322 916 3,515 1,300 Other — (127) — (127) Total provision for credit losses $ 15,517 $ 23,996 $ 35,305 $ 31,826 Credit quality information Credit quality of loans held for investment is continuously monitored by dedicated residential credit risk management and commercial portfolio management functions. The Company also has a workout and recovery department that monitors the credit quality of criticized and classified loans and an independent internal credit review function. Credit quality indicators for residential loans Management considers delinquency status to be the most meaningful indicator of the credit quality of residential loans, other than government insured residential loans. Delinquency statistics are updated at least monthly. LTV and FICO scores are also important indicators of credit quality for 1-4 single family residential loans other than government insured loans. FICO scores are generally updated semi-annually, and were most recently updated in the first quarter of 2023. LTVs are typically at origination since we do not routinely update residential appraisals. Substantially all of the government insured residential loans are government insured buyout loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment, wages and interest rates, as well as residential property values. 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status: June 30, 2023 Amortized Cost By Origination Year 2023 2022 2021 2020 2019 Prior Total Current $ 258,937 $ 1,157,345 $ 3,059,469 $ 885,915 $ 308,493 $ 1,375,576 $ 7,045,735 30 - 59 Days Past Due 1,838 6,810 15,006 2,149 107 6,094 32,004 60 - 89 Days Past Due 126 4,195 146 1,972 — 192 6,631 90 Days or More Past Due — 3,933 1,723 79 1,439 4,952 12,126 $ 260,901 $ 1,172,283 $ 3,076,344 $ 890,115 $ 310,039 $ 1,386,814 $ 7,096,496 December 31, 2022 Amortized Cost By Origination Year 2022 2021 2020 2019 2018 Prior Total Current $ 1,185,611 $ 3,149,299 $ 916,923 $ 316,023 $ 177,891 $ 1,321,011 $ 7,066,758 30 - 59 Days Past Due 12,752 16,432 3,266 2,953 1,854 5,759 43,016 60 - 89 Days Past Due 252 1,196 229 1,347 — 1,052 4,076 90 Days or More Past Due 2,589 2,158 2,173 360 3,069 4,635 14,984 $ 1,201,204 $ 3,169,085 $ 922,591 $ 320,683 $ 182,814 $ 1,332,457 $ 7,128,834 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV: June 30, 2023 Amortized Cost By Origination Year LTV 2023 2022 2021 2020 2019 Prior Total Less than 61% $ 36,059 $ 273,521 $ 1,254,104 $ 338,374 $ 74,185 $ 466,180 $ 2,442,423 61% - 70% 48,218 290,334 838,218 225,730 75,824 322,573 1,800,897 71% - 80% 176,624 606,321 949,110 325,939 154,597 557,538 2,770,129 More than 80% — 2,107 34,912 72 5,433 40,523 83,047 $ 260,901 $ 1,172,283 $ 3,076,344 $ 890,115 $ 310,039 $ 1,386,814 $ 7,096,496 December 31, 2022 Amortized Cost By Origination Year LTV 2022 2021 2020 2019 2018 Prior Total Less than 61% $ 282,940 $ 1,301,279 $ 354,720 $ 76,404 $ 42,864 $ 472,090 $ 2,530,297 61% - 70% 295,206 857,008 231,732 80,383 49,047 310,649 1,824,025 71% - 80% 620,049 975,542 336,066 158,406 86,463 510,633 2,687,159 More than 80% 3,009 35,256 73 5,490 4,440 39,085 87,353 $ 1,201,204 $ 3,169,085 $ 922,591 $ 320,683 $ 182,814 $ 1,332,457 $ 7,128,834 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score: June 30, 2023 Amortized Cost By Origination Year FICO 2023 2022 2021 2020 2019 Prior Total 760 or greater $ 184,748 $ 790,259 $ 2,446,618 $ 699,360 $ 217,240 $ 946,254 $ 5,284,479 720 - 759 61,468 239,300 419,459 121,306 51,201 226,734 1,119,468 719 or less 14,685 142,724 210,267 69,449 41,598 213,826 692,549 $ 260,901 $ 1,172,283 $ 3,076,344 $ 890,115 $ 310,039 $ 1,386,814 $ 7,096,496 December 31, 2022 Amortized Cost By Origination Year FICO 2022 2021 2020 2019 2018 Prior Total 760 or greater $ 805,125 $ 2,513,045 $ 721,982 $ 212,574 $ 97,076 $ 944,783 $ 5,294,585 720 - 759 285,507 485,528 132,928 62,301 45,857 216,047 1,228,168 719 or less 110,572 170,512 67,681 45,808 39,881 171,627 606,081 $ 1,201,204 $ 3,169,085 $ 922,591 $ 320,683 $ 182,814 $ 1,332,457 $ 7,128,834 Credit quality indicators for commercial loans Factors that impact risk inherent in commercial portfolio segments include but are not limited to levels of economic activity or potential disruptions in economic activity, health of the national, regional and to a lesser extent global economy, interest rates, industry trends, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are generally indicative of the likelihood that a borrower will default, are a key factor influencing the level and nature of ongoing monitoring of loans and may impact the estimation of the ACL. Internal risk ratings are updated on a continuous basis. Generally, relationships with balances in excess of defined thresholds, ranging from $1 million to $3 million, are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. The special mention rating is considered a transitional rating for loans exhibiting potential credit weaknesses that could result in deterioration of repayment prospects at some future date if not checked or corrected and that deserve management’s close attention. These borrowers may exhibit declining cash flows or revenues or increasing leverage. Loans with well-defined credit weaknesses that may result in a loss if the deficiencies are not corrected are assigned a risk rating of substandard. These borrowers may exhibit payment defaults, inadequate cash flows from current operations, operating losses, increasing balance sheet leverage, project cost overruns, unreasonable construction delays, exhausted interest reserves, declining collateral values, frequent overdrafts or past due real estate taxes. Loans with weaknesses so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors have not been charged off, are assigned an internal risk rating of doubtful. Commercial credit exposure based on internal risk rating: June 30, 2023 Amortized Cost By Origination Year Revolving Loans 2023 2022 2021 2020 2019 Prior Total CRE Pass $ 221,044 $ 1,297,402 $ 699,164 $ 539,829 $ 1,075,126 $ 1,305,761 $ 225,638 $ 5,363,964 Special mention — 3,854 2,134 — 17,829 186 — 24,003 Substandard — — — 19,551 117,894 170,575 — 308,020 Total CRE $ 221,044 $ 1,301,256 $ 701,298 $ 559,380 $ 1,210,849 $ 1,476,522 $ 225,638 $ 5,695,987 C&I Pass $ 690,593 $ 1,592,364 $ 722,727 $ 359,153 $ 559,536 $ 1,149,633 $ 2,880,696 $ 7,954,702 Special mention 68 49,031 73,055 15,620 736 20,203 45,734 204,447 Substandard 3,285 63,989 8,571 19,645 19,568 104,678 14,115 233,851 Doubtful — — — — 14,632 322 — 14,954 Total C&I $ 693,946 $ 1,705,384 $ 804,353 $ 394,418 $ 594,472 $ 1,274,836 $ 2,940,545 $ 8,407,954 Pinnacle - municipal finance Pass $ 119,827 $ 160,335 $ 101,545 $ 52,679 $ 60,495 $ 456,648 $ — $ 951,529 Total Pinnacle - municipal finance $ 119,827 $ 160,335 $ 101,545 $ 52,679 $ 60,495 $ 456,648 $ — $ 951,529 Franchise finance Pass $ 4,809 $ 26,282 $ 37,837 $ 32,546 $ 24,914 $ 28,533 $ — $ 154,921 Special mention — — — 2,422 137 1,995 — 4,554 Substandard — 251 1,324 925 25,260 20,548 — 48,308 Total Franchise finance $ 4,809 $ 26,533 $ 39,161 $ 35,893 $ 50,311 $ 51,076 $ — $ 207,783 Equipment Finance Pass $ 1,165 $ 25,196 $ 45,952 $ 15,404 $ 64,296 $ 69,697 $ — $ 221,710 Substandard — — 2,250 — 6,463 7,393 — 16,106 Total Equipment finance $ 1,165 $ 25,196 $ 48,202 $ 15,404 $ 70,759 $ 77,090 $ — $ 237,816 Mortgage warehouse lending Pass $ — $ — $ — $ — $ — $ — $ 523,083 $ 523,083 Total Mortgage warehouse lending $ — $ — $ — $ — $ — $ — $ 523,083 $ 523,083 December 31, 2022 Amortized Cost By Origination Year Revolving Loans 2022 2021 2020 2019 2018 Prior Total CRE Pass $ 1,256,300 $ 758,025 $ 550,133 $ 1,138,113 $ 512,125 $ 932,030 $ 196,963 $ 5,343,689 Special mention — — — 18,006 — 709 — 18,715 Substandard 12,332 1,355 20,103 98,438 56,974 148,351 — 337,553 Total CRE $ 1,268,632 $ 759,380 $ 570,236 $ 1,254,557 $ 569,099 $ 1,081,090 $ 196,963 $ 5,699,957 C&I Pass $ 1,880,853 $ 825,410 $ 445,988 $ 689,003 $ 416,287 $ 832,952 $ 2,900,336 $ 7,990,829 Special mention 63 — 208 3,880 — 20,657 310 25,118 Substandard 25,898 13,916 3,319 103,625 19,715 104,190 21,277 291,940 Doubtful — — — — 647 — — 647 Total C&I $ 1,906,814 $ 839,326 $ 449,515 $ 796,508 $ 436,649 $ 957,799 $ 2,921,923 $ 8,308,534 Pinnacle - municipal finance Pass $ 179,223 $ 110,510 $ 66,592 $ 66,514 $ 29,783 $ 459,500 $ — $ 912,122 Total Pinnacle - municipal finance $ 179,223 $ 110,510 $ 66,592 $ 66,514 $ 29,783 $ 459,500 $ — $ 912,122 Franchise finance Pass $ 81,146 $ 19,251 $ 38,293 $ 34,483 $ 8,617 $ 6,799 $ — $ 188,589 Special mention — — — 5,432 2,168 — — 7,600 Substandard — 1,617 1,295 22,058 17,148 8,124 — 50,242 Doubtful — — 1,013 2,447 3,883 — — 7,343 Total franchise finance $ 81,146 $ 20,868 $ 40,601 $ 64,420 $ 31,816 $ 14,923 $ — $ 253,774 Equipment finance Pass $ 27,386 $ 55,015 $ 16,488 $ 90,286 $ 33,264 $ 62,353 $ — $ 284,792 Substandard — — — 1,355 — — — 1,355 Equipment finance $ 27,386 $ 55,015 $ 16,488 $ 91,641 $ 33,264 $ 62,353 $ — $ 286,147 Mortgage warehouse lending Pass $ — $ — $ — $ — $ — $ — $ 524,740 $ 524,740 Total Mortgage warehouse lending $ — $ — $ — $ — $ — $ — $ 524,740 $ 524,740 At June 30, 2023 and December 31, 2022, the balance of revolving loans converted to term loans was immaterial. The following table presents criticized and classified commercial loans, in aggregate by risk rating category, at the dates indicated (in thousands): June 30, 2023 December 31, 2022 Special mention $ 233,004 $ 51,433 Substandard - accruing 525,643 605,965 Substandard - non-accruing 80,642 75,125 Doubtful 14,954 7,990 Total $ 854,243 $ 740,513 Past Due and Non-Accrual Loans: The following table presents an aging of loans at the dates indicated (in thousands): June 30, 2023 December 31, 2022 Current 30 - 59 60 - 89 90 Days or Total Current 30 - 59 60 - 89 90 Days or Total 1-4 single family residential $ 7,045,735 $ 32,004 $ 6,631 $ 12,126 $ 7,096,496 $ 7,066,758 $ 43,016 $ 4,076 $ 14,984 $ 7,128,834 Government insured residential 917,098 147,446 72,144 372,654 1,509,342 1,025,523 159,461 94,294 492,602 1,771,880 CRE 5,681,867 2,835 2,060 9,225 5,695,987 5,680,829 4,328 4,773 10,027 5,699,957 C&I 8,379,098 518 1,904 26,434 8,407,954 8,280,321 2,508 1,028 24,677 8,308,534 Pinnacle - municipal finance 951,529 — — — 951,529 912,122 — — — 912,122 Franchise finance 207,783 — — — 207,783 243,574 1,321 — 8,879 253,774 Equipment finance 237,816 — — — 237,816 286,147 — — — 286,147 Mortgage warehouse lending 523,083 — — — 523,083 524,740 — — — 524,740 $ 23,944,009 $ 182,803 $ 82,739 $ 420,439 $ 24,629,990 $ 24,020,014 $ 210,634 $ 104,171 $ 551,169 $ 24,885,988 Included in the table above is the guaranteed portion of SBA loans past due by 90 days or more totaling $32.0 million and $30.8 million at June 30, 2023 and December 31, 2022, respectively. Loans contractually delinquent by 90 days or more and still accruing totaled $374 million and $494 million at June 30, 2023 and December 31, 2022, respectively, substantially all of which were government insured residential loans. These loans are government insured pool buyout loans, which the Company buys out of GNMA securitizations upon default. The following table presents information about loans on non-accrual status at the dates indicated (in thousands): June 30, 2023 December 31, 2022 Amortized Cost Amortized Cost With No Related Allowance Amortized Cost Amortized Cost With No Related Allowance 1-4 single family residential $ 22,534 $ — $ 21,311 $ — CRE 17,433 2,321 22,352 6,911 C&I 74,209 9,803 47,473 15,642 Franchise finance 3,954 1,324 13,290 1,668 $ 118,130 $ 13,448 $ 104,426 $ 24,221 Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $35.9 million and $40.3 million at June 30, 2023 and December 31, 2022, respectively. The amount of interest income recognized on non-accrual loans was insignificant for the three and six months ended June 30, 2023 and 2022. The amount of additional interest income that would have been recognized on non-accrual loans had they performed in accordance with their contractual terms was approximately $1.7 million and $3.4 million for the three and six months ended June 30, 2023, respectively and $2.3 million and $3.5 million for three and six months ended June 30, 2022, respectively. Collateral dependent loans: The following table presents the amortized cost basis of collateral dependent loans at the dates indicated (in thousands): June 30, 2023 December 31, 2022 Amortized Cost Extent to Which Secured by Collateral Amortized Cost Extent to Which Secured by Collateral 1-4 single family residential $ — $ — $ 730 $ 730 Commercial: CRE 15,374 15,241 19,486 18,353 C&I 36,241 34,769 26,404 25,344 Franchise finance 3,549 2,405 11,445 3,729 Total commercial 55,164 52,415 57,335 47,426 $ 55,164 $ 52,415 $ 58,065 $ 48,156 Collateral for the CRE loan class generally consists of commercial real estate, or for certain construction loans, residential real estate. Collateral for C&I loans generally consists of equipment, accounts receivable, inventory and other business assets and for owner-occupied commercial real estate loans, may also include commercial real estate. Franchise finance loans may be collateralized by franchise value or by equipment. Residential loans are collateralized by residential real estate. There were no significant changes to the extent to which collateral secured collateral dependent loans during the six months ended June 30, 2023. Foreclosure of residential real estate The recorded investment in residential loans in the process of foreclosure was $349 million, of which $338 million was government insured, at June 30, 2023 and $413 million, of which $400 million was government insured, at December 31, 2022. The carrying amount of foreclosed residential real estate included in other assets in the accompanying consolidated balance sheet was insignificant at June 30, 2023 and December 31, 2022. Loan Modifications The following tables summarize loans that were modified for borrowers experiencing financial difficulty, by type of modification, during the periods indicated (dollars in thousands): Three Months Ended June 30, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total % (1) Total % (1) Total % (1) Total Government insured residential $ — — % $ 23,325 2 % $ 482 — % $ 23,807 C&I — — % 1,620 — % — — % 1,620 Franchise finance — — % 3,558 2 % — — % 3,558 $ — $ 28,503 $ 482 $ 28,985 Six Months Ended June 30, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total % (1) Total % (1) Total % (1) Total 1-4 single family residential $ 761 — % $ — — % $ — — % $ 761 Government insured residential 109 — % 47,452 3 % 2,698 — % 50,259 C&I — — % 6,298 — % — — % 6,298 Franchise finance — — % 3,558 2 % — — % 3,558 $ 870 $ 57,308 $ 2,698 $ 60,876 (1) Represents percentage of loans receivable in each category. The following tables summarize the financial effect of the modifications made to borrowers experiencing difficulty, during the periods indicated: Three Months Ended June 30, 2023 Financial Effect Term Extension: Government insured residential Added a weighted average 7.2 years to the term of the modified loans. C&I Added a weighted average 0.6 years to the term of the modified loans. Franchise finance Added a weighted average 0.3 years to the term of the modified loans. Combination - Interest Rate Reduction and Term Extension: Government insured residential Reduced weighted average contractual interest rate from 6.8% to 6.2% and added a weighted average 19.2 years to the term of the modified loans. Six Months Ended June 30, 2023 Financial Effect Interest Rate Reduction: 1-4 single family residential Reduced weighted average contractual interest rate from 3.8% to 3.1%. Government insured residential Reduced weighted average contractual interest rate from 4.8% to 3.8%. Term Extension: Government insured residential Added a weighted average 8.0 years to the term of the modified loans. C&I Added a weighted average 0.6 years to the term of the modified loans. Franchise finance Added a weighted average 0.3 years to the term of the modified loans. Combination - Interest Rate Reduction and Term Extension: Government insured residential Reduced weighted average contractual interest rate from 6.0% to 5.3% and added a weighted average 7.6 years to the term of the modified loans. The following table presents the aging at June 30, 2023, of loans that were modified since January 1, 2023, the date of adoption of ASU 2022-02 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total 1-4 single family residential $ — $ 761 $ — $ — $ 761 Government insured residential 19,996 14,058 6,374 9,831 50,259 C&I 6,298 — — — 6,298 Franchise finance 3,558 — — — 3,558 $ 29,852 $ 14,819 $ 6,374 $ 9,831 $ 60,876 The following tables summarizes loans that were modified since January 1, 2023, the date of adoption of ASU 2022-02 and subsequently defaulted, during the periods indicated (in thousands): Three Months Ended June 30, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total Government insured residential $ — $ 12,460 $ 183 $ 12,643 Six Months Ended June 30, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total Government insured residential $ 109 $ 15,782 $ 314 $ 16,205 Disclosures Prescribed by Legacy GAAP (Before Adoption of ASU 2022-02) for Prior Periods The following table summarizes loans that were modified in TDRs during the periods indicated, as well as loans modified during the twelve months preceding June 30, 2022 that experienced payment defaults during the periods indicated (dollars in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Loans Modified in TDRs TDRs Experiencing Payment Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 5 $ 3,337 — $ — 9 $ 5,314 — $ — Government insured residential 1,373 215,245 380 60,577 1,756 277,146 411 66,033 C&I 6 20,424 1 1,061 14 35,482 1 1,061 1,384 $ 239,006 381 $ 61,638 1,779 $ 317,942 412 $ 67,094 TDRs during the three and six months ended June 30, 2022 generally included interest rate reductions and extensions of maturity. Included in TDRs are residential loans to borrowers who have not reaffirmed their debt discharged in Chapter 7 bankruptcy. The total amount of such loans is not material. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 Income TaxesThe Company’s effective income tax rate was 26.2% and 26.3% for the three and six months ended June 30, 2023, respectively, and 24.8% and 24.6% for the three and six months ended June 30, 2022, respectively. The effective income tax rates differed from the statutory federal income tax rate of 21% for the three and six months ended June 30, 2023 and 2022 due primarily to the impact of state income taxes, partially offset by the benefit of income not subject to federal tax |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivative Financial Instruments Derivatives designated as hedging instruments The Company has entered into interest rate swaps, caps and collars designated as cash flow hedges with the objective of limiting the variability of interest payment cash flows. The Company has also entered into interest rate swaps designated as fair value hedges designed to hedge changes in the fair value of outstanding fixed rate instruments caused by fluctuations in the benchmark interest rate. Changes in fair value of derivative instruments designated as cash flow hedges are reported in accumulated other comprehensive income. Changes in the fair value of derivative instruments designated as fair value hedges are recognized in earnings, as is the offsetting gain or loss on the hedged item. The following table summarizes the Company's derivatives designated as hedging instruments as of the dates indicated (in thousands): June 30, 2023 December 31, 2022 Notional Amount Fair Value (1) Notional Amount Fair Value (1) Asset Liability Asset Liability Derivatives designated as cash flow hedges: Interest rate swaps $ 2,750,000 $ — $ (3,626) $ 1,970,000 $ 941 $ (1,514) Interest rate caps purchased 200,000 14,931 — 200,000 15,673 — Interest rate collar (2) 125,000 — (557) 125,000 — (203) Derivatives designated as fair value hedges: Pay-fixed interest rate swaps 100,000 — — 100,000 — — $ 3,175,000 $ 14,931 $ (4,183) $ 2,395,000 $ 16,614 $ (1,717) (1) The fair values of derivatives are included in other assets or other liabilities in the consolidated balance sheets. (2) The interest rate collar consists of a combination of zero-premium interest rate options. The Company sold a pay-variable cap with a strike price of 5.58%; sold a 0% floor; and purchased a receive-variable floor with a strike price of 1.50%. Derivatives designated as cash flow hedges The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest expense for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Location of gain (loss) reclassified from AOCI into income: Interest expense on borrowings $ 9,996 $ (3,703) $ 17,493 $ (8,413) Interest expense on deposits 5,813 (455) 10,862 (1,177) Interest income on loans (622) — (1,014) — $ 15,187 $ (4,158) $ 27,341 $ (9,590) During the three and six months ended June 30, 2023 and 2022, no derivative positions designated as cash flow hedges were discontinued and none of the gains and losses reported in AOCI were reclassified into earnings as a result of the discontinuance of cash flow hedges or because of the early extinguishment of debt. As of June 30, 2023, the amount of net gain expected to be reclassified from AOCI into earnings during the next twelve months was $56.8 million. See Note 7 to the consolidated financial statements for additional information about the reclassification adjustments from AOCI into earnings. Derivatives designated as fair value hedges The amount of gain (loss) related to derivatives designated as fair value hedges recognized in earnings was insignificant for the three and six months ended June 30, 2023 and 2022. The following table provides information about the hedged items related to derivatives designated as fair value hedges at the date indicated (in thousands): June 30, 2023 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item (1) $ 100,000 Loans Cumulative fair value hedging adjustments $ (3,348) Loans (1) This amount is included in the amortized cost basis of a closed portfolio of loans used to designate hedging relationships in a portfolio layer method hedge in which the hedged item is anticipated to be outstanding for the designated hedge period. At June 30, 2023, the amortized cost basis of the closed portfolio used in this hedging relationship was $1.0 billion. Derivatives not designated as hedging instruments The Company enters into interest rate derivative contracts with certain of its commercial borrowers to enable those borrowers to manage their exposure to interest rate fluctuations. To mitigate interest rate risk associated with these derivative contracts, the Company enters into offsetting derivative contract positions with primary dealers. These interest rate derivative contracts are not designated as hedging instruments; therefore, changes in the fair value of these derivatives are recognized immediately in earnings. For the three and six months ended June 30, 2023 and 2022, the impact on earnings related to changes in fair value of these derivatives was not material. The Company may be exposed to credit risk in the event of non-performance by the counterparties to its interest rate derivative agreements. The Company assesses the credit risk of its financial institution counterparties by monitoring publicly available credit rating and financial information. The Company manages dealer credit risk by entering into interest rate derivatives only with primary and highly rated counterparties, the use of ISDA master agreements, central clearing mechanisms and counterparty limits. The agreements contain bilateral collateral arrangements with the amount of collateral to be posted generally governed by the settlement value of outstanding swaps. The Company manages the risk of default by its commercial borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The Company does not currently anticipate any significant losses from failure of interest rate derivative counterparties to honor their obligations. The following table summarizes the Company's derivatives not designated as hedging instruments as of the dates indicated (in thousands): June 30, 2023 December 31, 2022 Notional Amount Fair Value (1) Notional Amount Fair Value (1) Asset Liability Asset Liability Derivatives not designated as hedges: Pay-fixed interest rate swaps $ 1,905,136 $ 114,095 $ (1,277) $ 1,916,719 $ 67,942 $ (2,195) Pay-variable interest rate swaps 1,905,136 935 (115,994) 1,916,719 2,195 (120,320) Interest rate caps purchased 47,790 2,597 — 42,920 1,988 — Interest rate caps sold 47,790 — (2,597) 42,920 — (1,988) $ 3,905,852 $ 117,627 $ (119,868) $ 3,919,278 $ 72,125 $ (124,503) (1) Fair values of these derivatives are included in other assets and other liabilities in the consolidation balance sheets. Some of the Company’s ISDA master agreements with financial institution counterparties contain provisions that permit either counterparty to terminate the agreements and require settlement in the event that regulatory capital ratios fall below certain designated thresholds, upon the initiation of other defined regulatory actions or upon suspension or withdrawal of the Bank’s credit rating. Currently, there are no circumstances that would trigger these provisions of the agreements. Master netting agreements The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate swaps and caps subject to these agreements is as follows at the dates indicated (in thousands): June 30, 2023 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ 131,623 $ — $ 131,623 $ (5,460) $ (125,893) $ 270 Derivative liabilities (5,460) — (5,460) 5,460 — — $ 126,163 $ — $ 126,163 $ — $ (125,893) $ 270 December 31, 2022 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ 86,544 $ — $ 86,544 $ (3,912) $ (79,447) $ 3,185 Derivative liabilities (3,912) — (3,912) 3,912 — — $ 82,632 $ — $ 82,632 $ — $ (79,447) $ 3,185 The difference between the amounts reported for interest rate swaps subject to master netting agreements and the total fair value of interest rate contract derivative financial instruments reported in the consolidated balance sheets is related to interest rate derivative contracts not subject to master netting agreements. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7 Stockholders’ Equity Accumulated Other Comprehensive Income Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands): Three Months Ended June 30, 2023 2022 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding losses arising during the period $ (24,818) $ 6,453 $ (18,365) $ (240,498) $ 62,529 $ (177,969) Amounts reclassified to gain on investment securities available for sale, net (847) 220 (627) (905) 235 (670) Net change in unrealized gains (losses) on investment securities available for sale (25,665) 6,673 (18,992) (241,403) 62,764 (178,639) Unrealized gains (losses) on derivative instruments: Net unrealized holding gains arising during the period 43,720 (11,367) 32,353 17,387 (4,521) 12,866 Amounts reclassified to interest expense on deposits (5,813) 1,511 (4,302) 455 (118) 337 Amounts reclassified to interest expense on borrowings (9,996) 2,599 (7,397) 3,703 (963) 2,740 Amounts reclassified to interest income on loans 622 (162) 460 — — — Net change in unrealized gains (losses) on derivative instruments 28,533 (7,419) 21,114 21,545 (5,602) 15,943 Other comprehensive income (loss) $ 2,868 $ (746) $ 2,122 $ (219,858) $ 57,162 $ (162,696) Six Months Ended June 30, 2023 2022 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding gains (losses) arising during the period $ 76,447 $ (19,876) $ 56,571 $ (476,932) $ 123,983 $ (352,949) Amounts reclassified to gain on investment securities available for sale, net (1,599) 416 (1,183) (3,578) 930 (2,648) Net change in unrealized gains (losses) on investment securities available for sale 74,848 (19,460) 55,388 (480,510) 124,913 (355,597) Unrealized gains (losses) on derivative instruments: Net unrealized holding gains arising during the period 40,794 (10,606) 30,188 59,350 (15,305) 44,045 Amounts reclassified to interest expense on deposits (10,862) 2,824 (8,038) 1,177 (306) 871 Amounts reclassified to interest expense on borrowings (17,493) 4,548 (12,945) 8,413 (2,187) 6,226 Amounts reclassified to interest income on loans 1,014 (264) 750 — — — Net change in unrealized gains (losses) on derivative instruments 13,453 (3,498) 9,955 68,940 (17,798) 51,142 Other comprehensive income (loss) $ 88,301 $ (22,958) $ 65,343 $ (411,570) $ 107,115 $ (304,455) The categories of AOCI and changes therein are presented below for the periods indicated (in thousands): Three Months Ended June 30, Unrealized Gain (Loss) on Unrealized Gain Total Balance at March 31, 2023 $ (424,531) $ 49,847 $ (374,684) Other comprehensive income (loss) (18,992) 21,114 2,122 Balance at June 30, 2023 $ (443,523) $ 70,961 $ (372,562) Balance at March 31, 2022 $ (174,099) $ 16,400 $ (157,699) Other comprehensive income (loss) (178,639) 15,943 (162,696) Balance at June 30, 2022 $ (352,738) $ 32,343 $ (320,395) Six Months Ended June 30, Unrealized Gain (Loss) on Unrealized Gain (Loss) Total Balance at December 31, 2022 $ (498,911) $ 61,006 $ (437,905) Other comprehensive income (loss) 55,388 9,955 65,343 Balance at June 30, 2023 $ (443,523) $ 70,961 $ (372,562) Balance at December 31, 2021 $ 2,859 $ (18,799) $ (15,940) Other comprehensive income (loss) (355,597) 51,142 (304,455) Balance at June 30, 2022 $ (352,738) $ 32,343 $ (320,395) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8 Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis The following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which those measurements are typically classified. Investment securities available for sale and marketable equity securities —Fair value measurements are based on quoted prices in active markets when available; these measurements are classified within level 1 of the fair value hierarchy. These securities typically include U.S. Treasury securities and certain preferred stocks. If quoted prices in active markets are not available, fair values are estimated using quoted prices of securities with similar characteristics, quoted prices of identical securities in less active markets, discounted cash flow techniques, or matrix pricing models. These securities are generally classified within level 2 of the fair value hierarchy and include U.S. Government agency securities, U.S. Government agency and sponsored enterprise MBS, preferred stock investments for which level 1 valuations are not available, non-mortgage asset-backed securities, single family real estate-backed securities, private label residential MBS and CMOs, private label commercial MBS, collateralized loan obligations and state and municipal obligations. Pricing of these securities is generally primarily spread driven. Observable inputs that may impact the valuation of these securities include benchmark yield curves, credit spreads, reported trades, dealer quotes, bids, issuer spreads, current rating, historical constant prepayment rates, historical voluntary prepayment rates, structural and waterfall features of individual securities, published collateral data, and for certain securities, historical constant default rates and default severities. The Company uses third-party pricing services in determining fair value measurements for investment securities. To obtain an understanding of the methodologies and assumptions used, management reviews written documentation provided by the pricing services, conducts interviews with valuation desk personnel and reviews model results and detailed assumptions used to value selected securities as considered necessary. Management has established a robust price challenge process that includes a review by the treasury front office of all prices provided on a monthly basis. Any price evidencing unexpected month over month fluctuations or deviations from expectations is challenged. If considered necessary to resolve any discrepancies, a price will be obtained from an additional independent valuation source. The Company does not typically adjust the prices provided, other than through this established challenge process. The results of price challenges are subject to review by executive management. Any price discrepancies are resolved based on careful consideration of the assumptions and inputs employed by each of the pricing sources. Derivative financial instruments —Fair values of interest rate swaps, caps and collars are determined using widely accepted discounted cash flow modeling techniques. These discounted cash flow models use projections of future cash payments and receipts that are discounted at mid-market rates. Observable inputs that may impact the valuation of these instruments include benchmark swap rates and benchmark forward yield curves. These fair value measurements are generally classified within level 2 of the fair value hierarchy. The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands): June 30, 2023 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 107,450 $ — $ 107,450 U.S. Government agency and sponsored enterprise residential MBS — 1,953,456 1,953,456 U.S. Government agency and sponsored enterprise commercial MBS — 508,281 508,281 Private label residential MBS and CMOs — 2,383,981 2,383,981 Private label commercial MBS — 2,281,716 2,281,716 Single family real estate-backed securities — 438,563 438,563 Collateralized loan obligations — 1,081,027 1,081,027 Non-mortgage asset-backed securities — 91,833 91,833 State and municipal obligations — 103,613 103,613 SBA securities — 117,520 117,520 Marketable equity securities 66,497 — 66,497 Derivative assets — 132,558 132,558 Total assets at fair value $ 173,947 $ 9,092,548 $ 9,266,495 Derivative liabilities $ — $ (124,051) $ (124,051) Total liabilities at fair value $ — $ (124,051) $ (124,051) December 31, 2022 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 135,841 $ — $ 135,841 U.S. Government agency and sponsored enterprise residential MBS — 1,983,168 1,983,168 U.S. Government agency and sponsored enterprise commercial MBS — 525,094 525,094 Private label residential MBS and CMOs — 2,530,663 2,530,663 Private label commercial MBS — 2,524,354 2,524,354 Single family real estate-backed securities — 470,441 470,441 Collateralized loan obligations — 1,136,463 1,136,463 Non-mortgage asset-backed securities — 95,976 95,976 State and municipal obligations — 116,661 116,661 SBA securities — 135,782 135,782 Marketable equity securities 90,884 — 90,884 Derivative assets — 88,739 88,739 Total assets at fair value $ 226,725 $ 9,607,341 $ 9,834,066 Derivative liabilities $ — $ (126,220) $ (126,220) Total liabilities at fair value $ — $ (126,220) $ (126,220) Assets and liabilities measured at fair value on a non-recurring basis Following is a description of the methodologies used to estimate the fair values of assets and liabilities that may be measured at fair value on a non-recurring basis, and the level within the fair value hierarchy in which those measurements are typically classified. Collateral dependent loans and OREO —The carrying amount of collateral dependent loans is typically based on the fair value of the underlying collateral, which may be real estate, enterprise value or other business assets, less estimated costs to sell when repayment is expected to come from the sale of the collateral. The carrying value of OREO is initially measured based on the fair value of the real estate acquired in foreclosure and subsequently adjusted to the lower of cost or estimated fair value, less estimated cost to sell. Fair values of real estate collateral and OREO are typically based on third-party real estate appraisals which utilize market and income approaches to valuation incorporating both observable and unobservable inputs. Fair value measurements related to collateral dependent loans and OREO are generally classified within level 3 of the fair value hierarchy. The following table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at the dates indicated, for which non-recurring changes in fair value were recorded during the period then ended (in thousands): June 30, 2023 December 31, 2022 Collateral dependent loans $ 41,454 $ 31,789 OREO — 693 $ 41,454 $ 32,482 The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands): June 30, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 301,169 $ 301,169 $ 572,647 $ 572,647 Investment securities 1/2 $ 9,143,937 $ 9,143,798 $ 9,755,327 $ 9,755,190 Non-marketable equity securities 2 $ 317,759 $ 317,759 $ 294,172 $ 294,172 Loans, net 3 $ 24,463,157 $ 23,125,370 $ 24,738,042 $ 23,342,950 Derivative assets 2 $ 132,558 $ 132,558 $ 88,739 $ 88,739 Liabilities: Demand, savings and money market deposits 2 $ 20,318,881 $ 20,318,881 $ 23,241,256 $ 23,241,256 Time deposits 2 $ 5,519,771 $ 5,464,198 $ 4,268,078 $ 4,231,167 Federal funds purchased 2 $ — $ — $ 190,000 $ 190,000 FHLB advances 2 $ 5,975,000 $ 5,963,323 $ 5,420,000 $ 5,419,588 Notes and other borrowings 2 $ 715,302 $ 619,971 $ 720,923 $ 698,359 Derivative liabilities 2 $ 124,051 $ 124,051 $ 126,220 $ 126,220 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 Commitments and Contingencies The Company issues off-balance sheet financial instruments to meet the financing needs of its customers. These financial instruments include commitments to fund loans, unfunded commitments under existing lines of credit, and commercial and standby letters of credit. These commitments expose the Company to varying degrees of credit and market risk which are essentially the same as those involved in extending loans to customers, and are subject to the same credit policies used in underwriting loans. Collateral may be obtained based on the Company’s credit evaluation of the counterparty. The Company’s maximum exposure to credit loss is represented by the contractual amount of these commitments. Commitments to fund loans These are agreements to lend funds to customers as long as there is no violation of any condition established in the contract. Commitments to fund loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of these commitments are expected to expire without being funded and, therefore, the total commitment amounts do not necessarily represent future liquidity requirements. Unfunded commitments under lines of credit Unfunded commitments under lines of credit include commercial and commercial real estate lines of credit to existing customers, for many of which additional extensions of credit are subject to borrowing base requirements. Some of these commitments may mature without being fully funded, so may not necessarily represent future liquidity requirements. Commercial and standby letters of credit Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These letters of credit are primarily issued to support trade transactions or guarantee arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Total lending related commitments outstanding at June 30, 2023 were as follows (in thousands): Commitments to fund loans $ 245,376 Unfunded commitments under lines of credit 5,559,209 Commercial and standby letters of credit 164,028 $ 5,968,613 Legal Proceedings The Company is involved in various legal actions arising in the normal course of business. In the opinion of management, based upon advice of legal counsel, the likelihood is remote that the impact of these proceedings, either individually or in the aggregate, would be material to the Company’s consolidated financial position, results of operations or cash flows. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2023 | |
Broker-Dealer [Abstract] | |
Deposits | Note 10 Deposits The following table presents average balances and weighted average rates paid on deposits for the periods indicated (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Average Average Average Average Average Average Average Average Demand deposits: Non-interest bearing $ 7,067,053 — % $ 9,419,025 — % $ 7,261,557 — % $ 9,234,469 — % Interest bearing 2,772,839 2.66 % 2,576,257 0.27 % 2,570,422 2.30 % 2,825,830 0.22 % Savings and money market 10,285,494 3.47 % 13,052,566 0.47 % 11,169,671 3.25 % 13,225,986 0.35 % Time 5,494,631 3.62 % 2,812,988 0.51 % 5,013,230 3.26 % 3,064,887 0.42 % $ 25,620,017 2.46 % $ 27,860,836 0.30 % $ 26,014,880 2.25 % $ 28,351,172 0.23 % Time deposit accounts with balances greater than $250,000 totaled $884 million and $730 million at June 30, 2023 and December 31, 2022, respectively. The following table presents maturities of time deposits as of June 30, 2023 (in thousands): Maturing in: 2023 $ 3,219,290 2024 1,841,395 2025 147,658 2026 310,181 2027 1,055 Thereafter 192 $ 5,519,771 Interest expense on deposits for the periods indicated was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest bearing demand $ 18,417 $ 1,742 $ 29,291 $ 3,111 Savings and money market 88,892 15,213 180,287 22,866 Time 49,559 3,546 80,920 6,386 $ 156,868 $ 20,501 $ 290,498 $ 32,363 During the three and six months ended June 30, 2023 and 2022, costs related to certain customer rebate and commission programs totaled $9.4 million, $17.9 million, $2.2 million and $3.8 million, respectively. These costs are included in "other non-interest expense" in the accompanying consolidated statements of income. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Estimates | Accounting Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates. |
New Accounting Pronouncements Adopted During the Nine Months Ended September 30, 2022 and Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Adopted During the Six Months Ended June 30, 2023 ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326). This ASU eliminated the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors. The ASU enhanced disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty, updated certain requirements related to accounting for credit losses under ASC 326 and required disclosure of current-period gross charge-offs of financing receivables by year of origination. The Company adopted this ASU in the first quarter of 2023, prospectively, except with respect to the recognition and measurement of TDRs, for which the modified retrospective transition method was applied. The Company recorded a reduction to the ACL of $1.8 million and a cumulative-effect adjustment, net of tax, to retained earnings of $1.3 million on January 1, 2023. Accounting Pronouncements Not Yet Adopted ASU No. 2023-02— Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method (A Consensus of the Emerging Issues Task Force). |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, c 2023 2022 2023 2022 Basic earnings per common share: Numerator: Net income $ 57,996 $ 65,764 $ 110,878 $ 132,914 Distributed and undistributed earnings allocated to participating securities (881) (999) (1,679) (1,927) Income allocated to common stockholders for basic earnings per common share $ 57,115 $ 64,765 $ 109,199 $ 130,987 Denominator: Weighted average common shares outstanding 74,424,631 80,300,069 74,588,904 82,629,098 Less average unvested stock awards (1,183,039) (1,257,258) (1,188,430) (1,234,678) Weighted average shares for basic earnings per common share 73,241,592 79,042,811 73,400,474 81,394,420 Basic earnings per common share $ 0.78 $ 0.82 $ 1.49 $ 1.61 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 57,115 $ 64,765 $ 109,199 $ 130,987 Adjustment for earnings reallocated from participating securities 1 3 5 4 Income used in calculating diluted earnings per common share $ 57,116 $ 64,768 $ 109,204 $ 130,991 Denominator: Weighted average shares for basic earnings per common share 73,241,592 79,042,811 73,400,474 81,394,420 Dilutive effect of certain share-based awards 179,318 350,734 312,708 244,808 Weighted average shares for diluted earnings per common share 73,420,910 79,393,545 73,713,182 81,639,228 Diluted earnings per common share $ 0.78 $ 0.82 $ 1.48 $ 1.60 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands): June 30, 2023 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 119,454 $ — $ (12,004) $ 107,450 U.S. Government agency and sponsored enterprise residential MBS 2,000,621 1,220 (48,385) 1,953,456 U.S. Government agency and sponsored enterprise commercial MBS 577,961 152 (69,832) 508,281 Private label residential MBS and CMOs 2,702,029 161 (318,209) 2,383,981 Private label commercial MBS 2,380,013 364 (98,661) 2,281,716 Single family real estate-backed securities 462,100 — (23,537) 438,563 Collateralized loan obligations 1,099,890 381 (19,244) 1,081,027 Non-mortgage asset-backed securities 95,512 — (3,679) 91,833 State and municipal obligations 108,383 201 (4,971) 103,613 SBA securities 120,836 243 (3,559) 117,520 9,666,799 $ 2,722 $ (602,081) 9,067,440 Investment securities held to maturity 10,000 10,000 $ 9,676,799 9,077,440 Marketable equity securities 66,497 $ 9,143,937 December 31, 2022 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 148,956 $ 63 $ (13,178) $ 135,841 U.S. Government agency and sponsored enterprise residential MBS 2,036,693 1,334 (54,859) 1,983,168 U.S. Government agency and sponsored enterprise commercial MBS 600,517 — (75,423) 525,094 Private label residential MBS and CMOs 2,864,589 54 (333,980) 2,530,663 Private label commercial MBS 2,645,168 176 (120,990) 2,524,354 Single family real estate-backed securities 502,194 — (31,753) 470,441 Collateralized loan obligations 1,166,838 151 (30,526) 1,136,463 Non-mortgage asset-backed securities 102,194 — (6,218) 95,976 State and municipal obligations 122,181 695 (6,215) 116,661 SBA securities 139,320 381 (3,919) 135,782 10,328,650 $ 2,854 $ (677,061) 9,654,443 Investment securities held to maturity 10,000 10,000 $ 10,338,650 9,664,443 Marketable equity securities 90,884 $ 9,755,327 (1) At fair value except for securities held to maturity. |
Investments Classified by Contractual Maturity Date | At June 30, 2023, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 1,324,481 $ 1,266,669 Due after one year through five years 5,284,285 5,070,598 Due after five years through ten years 1,753,937 1,583,726 Due after ten years 1,304,096 1,146,447 $ 9,666,799 $ 9,067,440 |
Gain on Investment Securities, net | The following table provides information about gains and losses on investment securities for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Gross realized gains on investment securities AFS $ 847 $ 956 $ 1,619 $ 3,706 Gross realized losses on investment securities AFS — (51) (20) (128) Net realized gain 847 905 1,599 3,578 Net gains (losses) on marketable equity securities recognized in earnings 146 (9,297) (13,155) (19,838) Gain (loss) on investment securities, net $ 993 $ (8,392) $ (11,556) $ (16,260) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands): June 30, 2023 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 9,846 $ (108) $ 97,604 $ (11,896) $ 107,450 $ (12,004) U.S. Government agency and sponsored enterprise residential MBS 346,927 (3,517) 1,483,255 (44,868) 1,830,182 (48,385) U.S. Government agency and sponsored enterprise commercial MBS 14,200 (814) 480,484 (69,018) 494,684 (69,832) Private label residential MBS and CMOs 72,768 (1,896) 2,297,353 (316,313) 2,370,121 (318,209) Private label commercial MBS 143,153 (2,166) 2,030,605 (96,495) 2,173,758 (98,661) Single family real estate-backed securities 37,556 (212) 401,007 (23,325) 438,563 (23,537) Collateralized loan obligations 191,253 (1,247) 838,162 (17,997) 1,029,415 (19,244) Non-mortgage asset-backed securities 7,678 (38) 84,155 (3,641) 91,833 (3,679) State and municipal obligations 39,803 (492) 27,011 (4,479) 66,814 (4,971) SBA securities 29,095 (354) 73,598 (3,205) 102,693 (3,559) $ 892,279 $ (10,844) $ 7,813,234 $ (591,237) $ 8,705,513 $ (602,081) December 31, 2022 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 29,198 $ (495) $ 86,744 $ (12,683) $ 115,942 $ (13,178) U.S. Government agency and sponsored enterprise residential MBS 1,243,286 (26,789) 672,322 (28,070) 1,915,608 (54,859) U.S. Government agency and sponsored enterprise commercial MBS 236,102 (5,736) 288,992 (69,687) 525,094 (75,423) Private label residential MBS and CMOs 1,103,578 (93,480) 1,413,642 (240,500) 2,517,220 (333,980) Private label commercial MBS 1,191,969 (39,729) 1,223,223 (81,261) 2,415,192 (120,990) Single family real estate-backed securities 391,421 (22,293) 79,020 (9,460) 470,441 (31,753) Collateralized loan obligations 596,803 (14,020) 494,945 (16,506) 1,091,748 (30,526) Non-mortgage asset-backed securities 95,976 (6,218) — — 95,976 (6,218) State and municipal obligations 67,444 (6,154) 1,114 (61) 68,558 (6,215) SBA securities 42,900 (553) 74,291 (3,366) 117,191 (3,919) $ 4,998,677 $ (215,467) $ 4,334,293 $ (461,594) $ 9,332,970 $ (677,061) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans consisted of the following at the dates indicated (dollars in thousands): June 30, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential: 1-4 single family residential $ 7,096,496 28.8 % $ 7,128,834 28.6 % Government insured residential 1,509,342 6.1 % 1,771,880 7.1 % 8,605,838 34.9 % 8,900,714 35.7 % Commercial: Non-owner occupied commercial real estate 5,302,523 21.5 % 5,405,597 21.7 % Construction and land 393,464 1.6 % 294,360 1.2 % Owner occupied commercial real estate 1,832,586 7.4 % 1,890,813 7.6 % Commercial and industrial 6,575,368 26.8 % 6,417,721 25.9 % Pinnacle - municipal finance 951,529 3.9 % 912,122 3.7 % Franchise finance 207,783 0.8 % 253,774 1.0 % Equipment finance 237,816 1.0 % 286,147 1.1 % Mortgage warehouse lending 523,083 2.1 % 524,740 2.1 % 16,024,152 65.1 % 15,985,274 64.3 % Total loans 24,629,990 100.0 % 24,885,988 100.0 % Allowance for credit losses (166,833) (147,946) Loans, net $ 24,463,157 $ 24,738,042 The following table presents the amortized cost basis of residential PCD loans and the related amount of non-credit discount, net of the related ACL, at the dates indicated (in thousands): June 30, 2023 December 31, 2022 UPB $ 88,950 $ 96,437 Non-credit discount (40,053) (44,354) Total amortized cost of PCD loans 48,897 52,083 ACL related to PCD loans (210) (409) PCD loans, net $ 48,687 $ 51,674 |
Accounts Receivable, Allowance for Credit Loss | The following table presents gross charge-offs during the six months ended June 30, 2023, by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Total CRE $ — $ — $ — $ — $ — $ 813 $ — $ 813 C&I 2 64 43 9 7,161 1,098 598 8,975 Franchise finance — — — 1,013 2,409 3,825 — 7,247 $ 2 $ 64 $ 43 $ 1,022 $ 9,570 $ 5,736 $ 598 $ 17,035 |
Allowance for Credit Losses on Financing Receivables | Activity in the ACL is summarized below for the periods indicated (in thousands): Three Months Ended June 30, 2023 2022 Residential Commercial Total Residential Commercial Total Beginning balance $ 11,797 $ 146,995 $ 158,792 $ 8,957 $ 116,486 $ 125,443 Provision (recovery) (2,912) 17,107 14,195 448 22,759 23,207 Charge-offs — (9,136) (9,136) (412) (20,567) (20,979) Recoveries 2 2,980 2,982 17 2,551 2,568 Ending balance $ 8,887 $ 157,946 $ 166,833 $ 9,010 $ 121,229 $ 130,239 Six Months Ended June 30, 2023 2022 Residential Commercial Total Residential Commercial Total Beginning balance $ 11,741 $ 136,205 $ 147,946 $ 9,187 $ 117,270 $ 126,457 Impact of adoption of ASU 2022-02 (117) (1,677) (1,794) N/A N/A N/A Balance after adoption of ASU 2022-02 11,624 134,528 146,152 9,187 117,270 126,457 Provision (recovery) (2,742) 34,532 31,790 192 30,461 30,653 Charge-offs — (17,035) (17,035) (412) (31,238) (31,650) Recoveries 5 5,921 5,926 43 4,736 4,779 Ending balance $ 8,887 $ 157,946 $ 166,833 $ 9,010 $ 121,229 $ 130,239 The following table presents the components of the provision for credit losses for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount related to funded portion of loans $ 14,195 $ 23,207 $ 31,790 $ 30,653 Amount related to off-balance sheet credit exposures 1,322 916 3,515 1,300 Other — (127) — (127) Total provision for credit losses $ 15,517 $ 23,996 $ 35,305 $ 31,826 |
Financing Receivable Credit Quality Indicators | Credit quality information Credit quality of loans held for investment is continuously monitored by dedicated residential credit risk management and commercial portfolio management functions. The Company also has a workout and recovery department that monitors the credit quality of criticized and classified loans and an independent internal credit review function. Credit quality indicators for residential loans Management considers delinquency status to be the most meaningful indicator of the credit quality of residential loans, other than government insured residential loans. Delinquency statistics are updated at least monthly. LTV and FICO scores are also important indicators of credit quality for 1-4 single family residential loans other than government insured loans. FICO scores are generally updated semi-annually, and were most recently updated in the first quarter of 2023. LTVs are typically at origination since we do not routinely update residential appraisals. Substantially all of the government insured residential loans are government insured buyout loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment, wages and interest rates, as well as residential property values. 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status: June 30, 2023 Amortized Cost By Origination Year 2023 2022 2021 2020 2019 Prior Total Current $ 258,937 $ 1,157,345 $ 3,059,469 $ 885,915 $ 308,493 $ 1,375,576 $ 7,045,735 30 - 59 Days Past Due 1,838 6,810 15,006 2,149 107 6,094 32,004 60 - 89 Days Past Due 126 4,195 146 1,972 — 192 6,631 90 Days or More Past Due — 3,933 1,723 79 1,439 4,952 12,126 $ 260,901 $ 1,172,283 $ 3,076,344 $ 890,115 $ 310,039 $ 1,386,814 $ 7,096,496 December 31, 2022 Amortized Cost By Origination Year 2022 2021 2020 2019 2018 Prior Total Current $ 1,185,611 $ 3,149,299 $ 916,923 $ 316,023 $ 177,891 $ 1,321,011 $ 7,066,758 30 - 59 Days Past Due 12,752 16,432 3,266 2,953 1,854 5,759 43,016 60 - 89 Days Past Due 252 1,196 229 1,347 — 1,052 4,076 90 Days or More Past Due 2,589 2,158 2,173 360 3,069 4,635 14,984 $ 1,201,204 $ 3,169,085 $ 922,591 $ 320,683 $ 182,814 $ 1,332,457 $ 7,128,834 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV: June 30, 2023 Amortized Cost By Origination Year LTV 2023 2022 2021 2020 2019 Prior Total Less than 61% $ 36,059 $ 273,521 $ 1,254,104 $ 338,374 $ 74,185 $ 466,180 $ 2,442,423 61% - 70% 48,218 290,334 838,218 225,730 75,824 322,573 1,800,897 71% - 80% 176,624 606,321 949,110 325,939 154,597 557,538 2,770,129 More than 80% — 2,107 34,912 72 5,433 40,523 83,047 $ 260,901 $ 1,172,283 $ 3,076,344 $ 890,115 $ 310,039 $ 1,386,814 $ 7,096,496 December 31, 2022 Amortized Cost By Origination Year LTV 2022 2021 2020 2019 2018 Prior Total Less than 61% $ 282,940 $ 1,301,279 $ 354,720 $ 76,404 $ 42,864 $ 472,090 $ 2,530,297 61% - 70% 295,206 857,008 231,732 80,383 49,047 310,649 1,824,025 71% - 80% 620,049 975,542 336,066 158,406 86,463 510,633 2,687,159 More than 80% 3,009 35,256 73 5,490 4,440 39,085 87,353 $ 1,201,204 $ 3,169,085 $ 922,591 $ 320,683 $ 182,814 $ 1,332,457 $ 7,128,834 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score: June 30, 2023 Amortized Cost By Origination Year FICO 2023 2022 2021 2020 2019 Prior Total 760 or greater $ 184,748 $ 790,259 $ 2,446,618 $ 699,360 $ 217,240 $ 946,254 $ 5,284,479 720 - 759 61,468 239,300 419,459 121,306 51,201 226,734 1,119,468 719 or less 14,685 142,724 210,267 69,449 41,598 213,826 692,549 $ 260,901 $ 1,172,283 $ 3,076,344 $ 890,115 $ 310,039 $ 1,386,814 $ 7,096,496 December 31, 2022 Amortized Cost By Origination Year FICO 2022 2021 2020 2019 2018 Prior Total 760 or greater $ 805,125 $ 2,513,045 $ 721,982 $ 212,574 $ 97,076 $ 944,783 $ 5,294,585 720 - 759 285,507 485,528 132,928 62,301 45,857 216,047 1,228,168 719 or less 110,572 170,512 67,681 45,808 39,881 171,627 606,081 $ 1,201,204 $ 3,169,085 $ 922,591 $ 320,683 $ 182,814 $ 1,332,457 $ 7,128,834 Credit quality indicators for commercial loans Factors that impact risk inherent in commercial portfolio segments include but are not limited to levels of economic activity or potential disruptions in economic activity, health of the national, regional and to a lesser extent global economy, interest rates, industry trends, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are generally indicative of the likelihood that a borrower will default, are a key factor influencing the level and nature of ongoing monitoring of loans and may impact the estimation of the ACL. Internal risk ratings are updated on a continuous basis. Generally, relationships with balances in excess of defined thresholds, ranging from $1 million to $3 million, are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. The special mention rating is considered a transitional rating for loans exhibiting potential credit weaknesses that could result in deterioration of repayment prospects at some future date if not checked or corrected and that deserve management’s close attention. These borrowers may exhibit declining cash flows or revenues or increasing leverage. Loans with well-defined credit weaknesses that may result in a loss if the deficiencies are not corrected are assigned a risk rating of substandard. These borrowers may exhibit payment defaults, inadequate cash flows from current operations, operating losses, increasing balance sheet leverage, project cost overruns, unreasonable construction delays, exhausted interest reserves, declining collateral values, frequent overdrafts or past due real estate taxes. Loans with weaknesses so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors have not been charged off, are assigned an internal risk rating of doubtful. Commercial credit exposure based on internal risk rating: June 30, 2023 Amortized Cost By Origination Year Revolving Loans 2023 2022 2021 2020 2019 Prior Total CRE Pass $ 221,044 $ 1,297,402 $ 699,164 $ 539,829 $ 1,075,126 $ 1,305,761 $ 225,638 $ 5,363,964 Special mention — 3,854 2,134 — 17,829 186 — 24,003 Substandard — — — 19,551 117,894 170,575 — 308,020 Total CRE $ 221,044 $ 1,301,256 $ 701,298 $ 559,380 $ 1,210,849 $ 1,476,522 $ 225,638 $ 5,695,987 C&I Pass $ 690,593 $ 1,592,364 $ 722,727 $ 359,153 $ 559,536 $ 1,149,633 $ 2,880,696 $ 7,954,702 Special mention 68 49,031 73,055 15,620 736 20,203 45,734 204,447 Substandard 3,285 63,989 8,571 19,645 19,568 104,678 14,115 233,851 Doubtful — — — — 14,632 322 — 14,954 Total C&I $ 693,946 $ 1,705,384 $ 804,353 $ 394,418 $ 594,472 $ 1,274,836 $ 2,940,545 $ 8,407,954 Pinnacle - municipal finance Pass $ 119,827 $ 160,335 $ 101,545 $ 52,679 $ 60,495 $ 456,648 $ — $ 951,529 Total Pinnacle - municipal finance $ 119,827 $ 160,335 $ 101,545 $ 52,679 $ 60,495 $ 456,648 $ — $ 951,529 Franchise finance Pass $ 4,809 $ 26,282 $ 37,837 $ 32,546 $ 24,914 $ 28,533 $ — $ 154,921 Special mention — — — 2,422 137 1,995 — 4,554 Substandard — 251 1,324 925 25,260 20,548 — 48,308 Total Franchise finance $ 4,809 $ 26,533 $ 39,161 $ 35,893 $ 50,311 $ 51,076 $ — $ 207,783 Equipment Finance Pass $ 1,165 $ 25,196 $ 45,952 $ 15,404 $ 64,296 $ 69,697 $ — $ 221,710 Substandard — — 2,250 — 6,463 7,393 — 16,106 Total Equipment finance $ 1,165 $ 25,196 $ 48,202 $ 15,404 $ 70,759 $ 77,090 $ — $ 237,816 Mortgage warehouse lending Pass $ — $ — $ — $ — $ — $ — $ 523,083 $ 523,083 Total Mortgage warehouse lending $ — $ — $ — $ — $ — $ — $ 523,083 $ 523,083 December 31, 2022 Amortized Cost By Origination Year Revolving Loans 2022 2021 2020 2019 2018 Prior Total CRE Pass $ 1,256,300 $ 758,025 $ 550,133 $ 1,138,113 $ 512,125 $ 932,030 $ 196,963 $ 5,343,689 Special mention — — — 18,006 — 709 — 18,715 Substandard 12,332 1,355 20,103 98,438 56,974 148,351 — 337,553 Total CRE $ 1,268,632 $ 759,380 $ 570,236 $ 1,254,557 $ 569,099 $ 1,081,090 $ 196,963 $ 5,699,957 C&I Pass $ 1,880,853 $ 825,410 $ 445,988 $ 689,003 $ 416,287 $ 832,952 $ 2,900,336 $ 7,990,829 Special mention 63 — 208 3,880 — 20,657 310 25,118 Substandard 25,898 13,916 3,319 103,625 19,715 104,190 21,277 291,940 Doubtful — — — — 647 — — 647 Total C&I $ 1,906,814 $ 839,326 $ 449,515 $ 796,508 $ 436,649 $ 957,799 $ 2,921,923 $ 8,308,534 Pinnacle - municipal finance Pass $ 179,223 $ 110,510 $ 66,592 $ 66,514 $ 29,783 $ 459,500 $ — $ 912,122 Total Pinnacle - municipal finance $ 179,223 $ 110,510 $ 66,592 $ 66,514 $ 29,783 $ 459,500 $ — $ 912,122 Franchise finance Pass $ 81,146 $ 19,251 $ 38,293 $ 34,483 $ 8,617 $ 6,799 $ — $ 188,589 Special mention — — — 5,432 2,168 — — 7,600 Substandard — 1,617 1,295 22,058 17,148 8,124 — 50,242 Doubtful — — 1,013 2,447 3,883 — — 7,343 Total franchise finance $ 81,146 $ 20,868 $ 40,601 $ 64,420 $ 31,816 $ 14,923 $ — $ 253,774 Equipment finance Pass $ 27,386 $ 55,015 $ 16,488 $ 90,286 $ 33,264 $ 62,353 $ — $ 284,792 Substandard — — — 1,355 — — — 1,355 Equipment finance $ 27,386 $ 55,015 $ 16,488 $ 91,641 $ 33,264 $ 62,353 $ — $ 286,147 Mortgage warehouse lending Pass $ — $ — $ — $ — $ — $ — $ 524,740 $ 524,740 Total Mortgage warehouse lending $ — $ — $ — $ — $ — $ — $ 524,740 $ 524,740 At June 30, 2023 and December 31, 2022, the balance of revolving loans converted to term loans was immaterial. The following table presents criticized and classified commercial loans, in aggregate by risk rating category, at the dates indicated (in thousands): June 30, 2023 December 31, 2022 Special mention $ 233,004 $ 51,433 Substandard - accruing 525,643 605,965 Substandard - non-accruing 80,642 75,125 Doubtful 14,954 7,990 Total $ 854,243 $ 740,513 |
Financing Receivable, Past Due | The following table presents an aging of loans at the dates indicated (in thousands): June 30, 2023 December 31, 2022 Current 30 - 59 60 - 89 90 Days or Total Current 30 - 59 60 - 89 90 Days or Total 1-4 single family residential $ 7,045,735 $ 32,004 $ 6,631 $ 12,126 $ 7,096,496 $ 7,066,758 $ 43,016 $ 4,076 $ 14,984 $ 7,128,834 Government insured residential 917,098 147,446 72,144 372,654 1,509,342 1,025,523 159,461 94,294 492,602 1,771,880 CRE 5,681,867 2,835 2,060 9,225 5,695,987 5,680,829 4,328 4,773 10,027 5,699,957 C&I 8,379,098 518 1,904 26,434 8,407,954 8,280,321 2,508 1,028 24,677 8,308,534 Pinnacle - municipal finance 951,529 — — — 951,529 912,122 — — — 912,122 Franchise finance 207,783 — — — 207,783 243,574 1,321 — 8,879 253,774 Equipment finance 237,816 — — — 237,816 286,147 — — — 286,147 Mortgage warehouse lending 523,083 — — — 523,083 524,740 — — — 524,740 $ 23,944,009 $ 182,803 $ 82,739 $ 420,439 $ 24,629,990 $ 24,020,014 $ 210,634 $ 104,171 $ 551,169 $ 24,885,988 |
Financing Receivable, Nonaccrual | The following table presents information about loans on non-accrual status at the dates indicated (in thousands): June 30, 2023 December 31, 2022 Amortized Cost Amortized Cost With No Related Allowance Amortized Cost Amortized Cost With No Related Allowance 1-4 single family residential $ 22,534 $ — $ 21,311 $ — CRE 17,433 2,321 22,352 6,911 C&I 74,209 9,803 47,473 15,642 Franchise finance 3,954 1,324 13,290 1,668 $ 118,130 $ 13,448 $ 104,426 $ 24,221 |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans at the dates indicated (in thousands): June 30, 2023 December 31, 2022 Amortized Cost Extent to Which Secured by Collateral Amortized Cost Extent to Which Secured by Collateral 1-4 single family residential $ — $ — $ 730 $ 730 Commercial: CRE 15,374 15,241 19,486 18,353 C&I 36,241 34,769 26,404 25,344 Franchise finance 3,549 2,405 11,445 3,729 Total commercial 55,164 52,415 57,335 47,426 $ 55,164 $ 52,415 $ 58,065 $ 48,156 |
Financing Receivable, Troubled Debt Restructuring | The following tables summarize loans that were modified for borrowers experiencing financial difficulty, by type of modification, during the periods indicated (dollars in thousands): Three Months Ended June 30, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total % (1) Total % (1) Total % (1) Total Government insured residential $ — — % $ 23,325 2 % $ 482 — % $ 23,807 C&I — — % 1,620 — % — — % 1,620 Franchise finance — — % 3,558 2 % — — % 3,558 $ — $ 28,503 $ 482 $ 28,985 Six Months Ended June 30, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total % (1) Total % (1) Total % (1) Total 1-4 single family residential $ 761 — % $ — — % $ — — % $ 761 Government insured residential 109 — % 47,452 3 % 2,698 — % 50,259 C&I — — % 6,298 — % — — % 6,298 Franchise finance — — % 3,558 2 % — — % 3,558 $ 870 $ 57,308 $ 2,698 $ 60,876 (1) Represents percentage of loans receivable in each category. The following tables summarize the financial effect of the modifications made to borrowers experiencing difficulty, during the periods indicated: Three Months Ended June 30, 2023 Financial Effect Term Extension: Government insured residential Added a weighted average 7.2 years to the term of the modified loans. C&I Added a weighted average 0.6 years to the term of the modified loans. Franchise finance Added a weighted average 0.3 years to the term of the modified loans. Combination - Interest Rate Reduction and Term Extension: Government insured residential Reduced weighted average contractual interest rate from 6.8% to 6.2% and added a weighted average 19.2 years to the term of the modified loans. Six Months Ended June 30, 2023 Financial Effect Interest Rate Reduction: 1-4 single family residential Reduced weighted average contractual interest rate from 3.8% to 3.1%. Government insured residential Reduced weighted average contractual interest rate from 4.8% to 3.8%. Term Extension: Government insured residential Added a weighted average 8.0 years to the term of the modified loans. C&I Added a weighted average 0.6 years to the term of the modified loans. Franchise finance Added a weighted average 0.3 years to the term of the modified loans. Combination - Interest Rate Reduction and Term Extension: Government insured residential Reduced weighted average contractual interest rate from 6.0% to 5.3% and added a weighted average 7.6 years to the term of the modified loans. The following table presents the aging at June 30, 2023, of loans that were modified since January 1, 2023, the date of adoption of ASU 2022-02 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total 1-4 single family residential $ — $ 761 $ — $ — $ 761 Government insured residential 19,996 14,058 6,374 9,831 50,259 C&I 6,298 — — — 6,298 Franchise finance 3,558 — — — 3,558 $ 29,852 $ 14,819 $ 6,374 $ 9,831 $ 60,876 The following tables summarizes loans that were modified since January 1, 2023, the date of adoption of ASU 2022-02 and subsequently defaulted, during the periods indicated (in thousands): Three Months Ended June 30, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total Government insured residential $ — $ 12,460 $ 183 $ 12,643 Six Months Ended June 30, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total Government insured residential $ 109 $ 15,782 $ 314 $ 16,205 The following table summarizes loans that were modified in TDRs during the periods indicated, as well as loans modified during the twelve months preceding June 30, 2022 that experienced payment defaults during the periods indicated (dollars in thousands): Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Loans Modified in TDRs TDRs Experiencing Payment Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 5 $ 3,337 — $ — 9 $ 5,314 — $ — Government insured residential 1,373 215,245 380 60,577 1,756 277,146 411 66,033 C&I 6 20,424 1 1,061 14 35,482 1 1,061 1,384 $ 239,006 381 $ 61,638 1,779 $ 317,942 412 $ 67,094 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Contract Derivative Financial Instruments and Related Hedged Items | The following table summarizes the Company's derivatives designated as hedging instruments as of the dates indicated (in thousands): June 30, 2023 December 31, 2022 Notional Amount Fair Value (1) Notional Amount Fair Value (1) Asset Liability Asset Liability Derivatives designated as cash flow hedges: Interest rate swaps $ 2,750,000 $ — $ (3,626) $ 1,970,000 $ 941 $ (1,514) Interest rate caps purchased 200,000 14,931 — 200,000 15,673 — Interest rate collar (2) 125,000 — (557) 125,000 — (203) Derivatives designated as fair value hedges: Pay-fixed interest rate swaps 100,000 — — 100,000 — — $ 3,175,000 $ 14,931 $ (4,183) $ 2,395,000 $ 16,614 $ (1,717) (1) The fair values of derivatives are included in other assets or other liabilities in the consolidated balance sheets. (2) The interest rate collar consists of a combination of zero-premium interest rate options. The Company sold a pay-variable cap with a strike price of 5.58%; sold a 0% floor; and purchased a receive-variable floor with a strike price of 1.50%. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest expense for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Location of gain (loss) reclassified from AOCI into income: Interest expense on borrowings $ 9,996 $ (3,703) $ 17,493 $ (8,413) Interest expense on deposits 5,813 (455) 10,862 (1,177) Interest income on loans (622) — (1,014) — $ 15,187 $ (4,158) $ 27,341 $ (9,590) |
Derivative and Hedging Activities - Carrying Value of Hedged Item and Cumulative Fair Value Adjustments | The following table provides information about the hedged items related to derivatives designated as fair value hedges at the date indicated (in thousands): June 30, 2023 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item (1) $ 100,000 Loans Cumulative fair value hedging adjustments $ (3,348) Loans (1) This amount is included in the amortized cost basis of a closed portfolio of loans used to designate hedging relationships in a portfolio layer method hedge in which the hedged item is anticipated to be outstanding for the designated hedge period. At June 30, 2023, the amortized cost basis of the closed portfolio used in this hedging relationship was $1.0 billion. |
Derivatives Not Designated as Hedging Instruments | The following table summarizes the Company's derivatives not designated as hedging instruments as of the dates indicated (in thousands): June 30, 2023 December 31, 2022 Notional Amount Fair Value (1) Notional Amount Fair Value (1) Asset Liability Asset Liability Derivatives not designated as hedges: Pay-fixed interest rate swaps $ 1,905,136 $ 114,095 $ (1,277) $ 1,916,719 $ 67,942 $ (2,195) Pay-variable interest rate swaps 1,905,136 935 (115,994) 1,916,719 2,195 (120,320) Interest rate caps purchased 47,790 2,597 — 42,920 1,988 — Interest rate caps sold 47,790 — (2,597) 42,920 — (1,988) $ 3,905,852 $ 117,627 $ (119,868) $ 3,919,278 $ 72,125 $ (124,503) (1) Fair values of these derivatives are included in other assets and other liabilities in the consolidation balance sheets. |
Schedule of Interest Rate Swaps Subject to Master Netting Agreements | The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate swaps and caps subject to these agreements is as follows at the dates indicated (in thousands): June 30, 2023 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ 131,623 $ — $ 131,623 $ (5,460) $ (125,893) $ 270 Derivative liabilities (5,460) — (5,460) 5,460 — — $ 126,163 $ — $ 126,163 $ — $ (125,893) $ 270 December 31, 2022 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ 86,544 $ — $ 86,544 $ (3,912) $ (79,447) $ 3,185 Derivative liabilities (3,912) — (3,912) 3,912 — — $ 82,632 $ — $ 82,632 $ — $ (79,447) $ 3,185 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Changes in AOCI | Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands): Three Months Ended June 30, 2023 2022 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding losses arising during the period $ (24,818) $ 6,453 $ (18,365) $ (240,498) $ 62,529 $ (177,969) Amounts reclassified to gain on investment securities available for sale, net (847) 220 (627) (905) 235 (670) Net change in unrealized gains (losses) on investment securities available for sale (25,665) 6,673 (18,992) (241,403) 62,764 (178,639) Unrealized gains (losses) on derivative instruments: Net unrealized holding gains arising during the period 43,720 (11,367) 32,353 17,387 (4,521) 12,866 Amounts reclassified to interest expense on deposits (5,813) 1,511 (4,302) 455 (118) 337 Amounts reclassified to interest expense on borrowings (9,996) 2,599 (7,397) 3,703 (963) 2,740 Amounts reclassified to interest income on loans 622 (162) 460 — — — Net change in unrealized gains (losses) on derivative instruments 28,533 (7,419) 21,114 21,545 (5,602) 15,943 Other comprehensive income (loss) $ 2,868 $ (746) $ 2,122 $ (219,858) $ 57,162 $ (162,696) Six Months Ended June 30, 2023 2022 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding gains (losses) arising during the period $ 76,447 $ (19,876) $ 56,571 $ (476,932) $ 123,983 $ (352,949) Amounts reclassified to gain on investment securities available for sale, net (1,599) 416 (1,183) (3,578) 930 (2,648) Net change in unrealized gains (losses) on investment securities available for sale 74,848 (19,460) 55,388 (480,510) 124,913 (355,597) Unrealized gains (losses) on derivative instruments: Net unrealized holding gains arising during the period 40,794 (10,606) 30,188 59,350 (15,305) 44,045 Amounts reclassified to interest expense on deposits (10,862) 2,824 (8,038) 1,177 (306) 871 Amounts reclassified to interest expense on borrowings (17,493) 4,548 (12,945) 8,413 (2,187) 6,226 Amounts reclassified to interest income on loans 1,014 (264) 750 — — — Net change in unrealized gains (losses) on derivative instruments 13,453 (3,498) 9,955 68,940 (17,798) 51,142 Other comprehensive income (loss) $ 88,301 $ (22,958) $ 65,343 $ (411,570) $ 107,115 $ (304,455) |
Schedule of the Categories of AOCI and Changes Therein | The categories of AOCI and changes therein are presented below for the periods indicated (in thousands): Three Months Ended June 30, Unrealized Gain (Loss) on Unrealized Gain Total Balance at March 31, 2023 $ (424,531) $ 49,847 $ (374,684) Other comprehensive income (loss) (18,992) 21,114 2,122 Balance at June 30, 2023 $ (443,523) $ 70,961 $ (372,562) Balance at March 31, 2022 $ (174,099) $ 16,400 $ (157,699) Other comprehensive income (loss) (178,639) 15,943 (162,696) Balance at June 30, 2022 $ (352,738) $ 32,343 $ (320,395) Six Months Ended June 30, Unrealized Gain (Loss) on Unrealized Gain (Loss) Total Balance at December 31, 2022 $ (498,911) $ 61,006 $ (437,905) Other comprehensive income (loss) 55,388 9,955 65,343 Balance at June 30, 2023 $ (443,523) $ 70,961 $ (372,562) Balance at December 31, 2021 $ 2,859 $ (18,799) $ (15,940) Other comprehensive income (loss) (355,597) 51,142 (304,455) Balance at June 30, 2022 $ (352,738) $ 32,343 $ (320,395) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands): June 30, 2023 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 107,450 $ — $ 107,450 U.S. Government agency and sponsored enterprise residential MBS — 1,953,456 1,953,456 U.S. Government agency and sponsored enterprise commercial MBS — 508,281 508,281 Private label residential MBS and CMOs — 2,383,981 2,383,981 Private label commercial MBS — 2,281,716 2,281,716 Single family real estate-backed securities — 438,563 438,563 Collateralized loan obligations — 1,081,027 1,081,027 Non-mortgage asset-backed securities — 91,833 91,833 State and municipal obligations — 103,613 103,613 SBA securities — 117,520 117,520 Marketable equity securities 66,497 — 66,497 Derivative assets — 132,558 132,558 Total assets at fair value $ 173,947 $ 9,092,548 $ 9,266,495 Derivative liabilities $ — $ (124,051) $ (124,051) Total liabilities at fair value $ — $ (124,051) $ (124,051) December 31, 2022 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 135,841 $ — $ 135,841 U.S. Government agency and sponsored enterprise residential MBS — 1,983,168 1,983,168 U.S. Government agency and sponsored enterprise commercial MBS — 525,094 525,094 Private label residential MBS and CMOs — 2,530,663 2,530,663 Private label commercial MBS — 2,524,354 2,524,354 Single family real estate-backed securities — 470,441 470,441 Collateralized loan obligations — 1,136,463 1,136,463 Non-mortgage asset-backed securities — 95,976 95,976 State and municipal obligations — 116,661 116,661 SBA securities — 135,782 135,782 Marketable equity securities 90,884 — 90,884 Derivative assets — 88,739 88,739 Total assets at fair value $ 226,725 $ 9,607,341 $ 9,834,066 Derivative liabilities $ — $ (126,220) $ (126,220) Total liabilities at fair value $ — $ (126,220) $ (126,220) |
Schedule of Assets for Which Nonrecurring Changes in Fair Value have been Recorded | The following table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at the dates indicated, for which non-recurring changes in fair value were recorded during the period then ended (in thousands): June 30, 2023 December 31, 2022 Collateral dependent loans $ 41,454 $ 31,789 OREO — 693 $ 41,454 $ 32,482 |
Schedule of the Carrying Value and Fair Value of Financial Instruments | The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands): June 30, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 301,169 $ 301,169 $ 572,647 $ 572,647 Investment securities 1/2 $ 9,143,937 $ 9,143,798 $ 9,755,327 $ 9,755,190 Non-marketable equity securities 2 $ 317,759 $ 317,759 $ 294,172 $ 294,172 Loans, net 3 $ 24,463,157 $ 23,125,370 $ 24,738,042 $ 23,342,950 Derivative assets 2 $ 132,558 $ 132,558 $ 88,739 $ 88,739 Liabilities: Demand, savings and money market deposits 2 $ 20,318,881 $ 20,318,881 $ 23,241,256 $ 23,241,256 Time deposits 2 $ 5,519,771 $ 5,464,198 $ 4,268,078 $ 4,231,167 Federal funds purchased 2 $ — $ — $ 190,000 $ 190,000 FHLB advances 2 $ 5,975,000 $ 5,963,323 $ 5,420,000 $ 5,419,588 Notes and other borrowings 2 $ 715,302 $ 619,971 $ 720,923 $ 698,359 Derivative liabilities 2 $ 124,051 $ 124,051 $ 126,220 $ 126,220 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the Total Lending Related Commitments Outstanding | Total lending related commitments outstanding at June 30, 2023 were as follows (in thousands): Commitments to fund loans $ 245,376 Unfunded commitments under lines of credit 5,559,209 Commercial and standby letters of credit 164,028 $ 5,968,613 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Broker-Dealer [Abstract] | |
Summary of Average Balances and Weighted Average Rates Paid on Deposits | The following table presents average balances and weighted average rates paid on deposits for the periods indicated (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Average Average Average Average Average Average Average Average Demand deposits: Non-interest bearing $ 7,067,053 — % $ 9,419,025 — % $ 7,261,557 — % $ 9,234,469 — % Interest bearing 2,772,839 2.66 % 2,576,257 0.27 % 2,570,422 2.30 % 2,825,830 0.22 % Savings and money market 10,285,494 3.47 % 13,052,566 0.47 % 11,169,671 3.25 % 13,225,986 0.35 % Time 5,494,631 3.62 % 2,812,988 0.51 % 5,013,230 3.26 % 3,064,887 0.42 % $ 25,620,017 2.46 % $ 27,860,836 0.30 % $ 26,014,880 2.25 % $ 28,351,172 0.23 % |
Time Deposit Maturities | The following table presents maturities of time deposits as of June 30, 2023 (in thousands): Maturing in: 2023 $ 3,219,290 2024 1,841,395 2025 147,658 2026 310,181 2027 1,055 Thereafter 192 $ 5,519,771 |
schedule of interest expense on deposits | Interest expense on deposits for the periods indicated was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest bearing demand $ 18,417 $ 1,742 $ 29,291 $ 3,111 Savings and money market 88,892 15,213 180,287 22,866 Time 49,559 3,546 80,920 6,386 $ 156,868 $ 20,501 $ 290,498 $ 32,363 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | |||||||
Allowance for credit losses | $ 166,833 | $ 158,792 | $ 147,946 | $ 130,239 | $ 125,443 | $ 126,457 | |
Stockholders' equity | 2,526,310 | 2,481,394 | 2,435,981 | 2,506,017 | 2,861,232 | 3,037,761 | |
Retained Earnings | |||||||
Segment Reporting Information [Line Items] | |||||||
Stockholders' equity | $ 2,623,926 | $ 2,585,981 | $ 2,551,400 | $ 2,438,050 | $ 2,391,526 | $ 2,345,342 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Segment Reporting Information [Line Items] | |||||||
Allowance for credit losses | $ (1,794) | ||||||
Stockholders' equity | 1,336 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | |||||||
Segment Reporting Information [Line Items] | |||||||
Stockholders' equity | $ 1,336 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net income | $ 57,996 | $ 65,764 | $ 110,878 | $ 132,914 |
Distributed and undistributed earnings allocated to participating securities | (881) | (999) | (1,679) | (1,927) |
Income allocated to common stockholders for basic earnings per common share | $ 57,115 | $ 64,765 | $ 109,199 | $ 130,987 |
Denominator: | ||||
Weighted average common shares outstanding | 74,424,631 | 80,300,069 | 74,588,904 | 82,629,098 |
Less average unvested stock awards | (1,183,039) | (1,257,258) | (1,188,430) | (1,234,678) |
Weighted Average Number of Shares Outstanding, Basic, Total | 73,241,592 | 79,042,811 | 73,400,474 | 81,394,420 |
Basic earnings per common share | $ 0.78 | $ 0.82 | $ 1.49 | $ 1.61 |
Numerator: | ||||
Income allocated to common stockholders for basic earnings per common share | $ 57,115 | $ 64,765 | $ 109,199 | $ 130,987 |
Adjustment for earnings reallocated from participating securities | 1 | 3 | 5 | 4 |
Income used in calculating diluted earnings per common share | $ 57,116 | $ 64,768 | $ 109,204 | $ 130,991 |
Denominator: | ||||
Weighted Average Number of Shares Outstanding, Basic, Total | 73,241,592 | 79,042,811 | 73,400,474 | 81,394,420 |
Dilutive effect of certain share-based awards | 179,318 | 350,734 | 312,708 | 244,808 |
Weighted average shares for diluted earnings per common share | 73,420,910 | 79,393,545 | 73,713,182 | 81,639,228 |
Diluted earnings per common share | $ 0.78 | $ 0.82 | $ 1.48 | $ 1.60 |
Earnings Per Common Share Earni
Earnings Per Common Share Earnings per Common Share (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive securities outstanding (in Shares) | 1,179,216 | 1,245,299 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | $ 9,666,799 | $ 10,328,650 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,722 | 2,854 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 602,081 | 677,061 |
Debt Securities, Available-for-sale | 9,067,440 | |
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 9,676,799 | 10,338,650 |
Debt Securities, Available-for-sale and Held-to-maturity | 9,077,440 | 9,664,443 |
Investment securities (including securities reported at fair value of $9,133,937 and $9,745,327) | 9,143,937 | 9,755,327 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 119,454 | 148,956 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 63 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 12,004 | 13,178 |
Debt Securities, Available-for-sale | 107,450 | 135,841 |
U.S. Government agency and sponsored enterprise residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 2,000,621 | 2,036,693 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,220 | 1,334 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 48,385 | 54,859 |
Debt Securities, Available-for-sale | 1,953,456 | 1,983,168 |
U.S. Government agency and sponsored enterprise commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 577,961 | 600,517 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 152 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 69,832 | 75,423 |
Debt Securities, Available-for-sale | 508,281 | 525,094 |
Private label residential MBS and CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 2,702,029 | 2,864,589 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 161 | 54 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 318,209 | 333,980 |
Debt Securities, Available-for-sale | 2,383,981 | 2,530,663 |
Private label commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 2,380,013 | 2,645,168 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 364 | 176 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 98,661 | 120,990 |
Debt Securities, Available-for-sale | 2,281,716 | 2,524,354 |
Single family real estate-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 462,100 | 502,194 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 23,537 | 31,753 |
Debt Securities, Available-for-sale | 438,563 | 470,441 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 1,099,890 | 1,166,838 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 381 | 151 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 19,244 | 30,526 |
Debt Securities, Available-for-sale | 1,081,027 | 1,136,463 |
Non-mortgage asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 95,512 | 102,194 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,679 | 6,218 |
Debt Securities, Available-for-sale | 91,833 | 95,976 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 108,383 | 122,181 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 201 | 695 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4,971 | 6,215 |
Debt Securities, Available-for-sale | 103,613 | 116,661 |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 120,836 | 139,320 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 243 | 381 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,559 | 3,919 |
Debt Securities, Available-for-sale | 117,520 | 135,782 |
Investment securities held to maturity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale | 9,654,443 | |
Investment securities held to maturity | 10,000 | 10,000 |
Marketable equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI | $ 66,497 | $ 90,884 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Maturities of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 1,324,481 | |
Due after one year through five years, Amortized Cost | 5,284,285 | |
Due after five years through ten years, Amortized Cost | 1,753,937 | |
Due after ten years, Amortized Cost | 1,304,096 | |
Amortized Cost | 9,666,799 | $ 10,328,650 |
Due in one year or less, Fair Value | 1,266,669 | |
Due after one year through five years, Fair Value | 5,070,598 | |
Due after five years through ten years, Fair Value | 1,583,726 | |
Due after ten years, Fair Value | 1,146,447 | |
Fair Value | $ 9,067,440 |
Investment Securities (Schedu_3
Investment Securities (Schedule of Gains and Losses on the Sale and Exchange of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sale of investment securities | $ 233,143 | $ 710,769 | ||
Gross realized gains on investment securities AFS | $ 847 | $ 956 | 1,619 | 3,706 |
Gross realized losses on equity securities | 0 | (51) | (20) | (128) |
Net realized gain | 847 | 905 | 1,599 | 3,578 |
Net gains (losses) on marketable equity securities recognized in earnings | 146 | (9,297) | (13,155) | (19,838) |
Gain (loss) on investment securities, net | $ 993 | $ (8,392) | $ (11,556) | $ (16,260) |
Investment Securities (Schedu_4
Investment Securities (Schedule of the Aggregate Fair Value and Amount by which Amortized Cost Exceeds Fair Value for Investment Securities that are in Unrealized Loss Positions) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 892,279 | $ 4,998,677 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 10,844 | 215,467 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 7,813,234 | 4,334,293 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 591,237 | 461,594 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 8,705,513 | 9,332,970 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 602,081 | 677,061 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 9,846 | 29,198 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 108 | 495 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 97,604 | 86,744 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 11,896 | 12,683 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 107,450 | 115,942 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 12,004 | 13,178 |
U.S. Government agency and sponsored enterprise residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 346,927 | 1,243,286 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,517 | 26,789 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,483,255 | 672,322 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 44,868 | 28,070 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,830,182 | 1,915,608 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 48,385 | 54,859 |
U.S. Government agency and sponsored enterprise commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 14,200 | 236,102 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 814 | 5,736 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 480,484 | 288,992 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 69,018 | 69,687 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 494,684 | 525,094 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 69,832 | 75,423 |
Private label residential MBS and CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 72,768 | 1,103,578 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,896 | 93,480 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,297,353 | 1,413,642 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 316,313 | 240,500 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,370,121 | 2,517,220 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 318,209 | 333,980 |
Private label commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 143,153 | 1,191,969 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,166 | 39,729 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,030,605 | 1,223,223 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 96,495 | 81,261 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,173,758 | 2,415,192 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 98,661 | 120,990 |
Single family real estate-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 37,556 | 391,421 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 212 | 22,293 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 401,007 | 79,020 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 23,325 | 9,460 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 438,563 | 470,441 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 23,537 | 31,753 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 191,253 | 596,803 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,247 | 14,020 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 838,162 | 494,945 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 17,997 | 16,506 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,029,415 | 1,091,748 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 19,244 | 30,526 |
Non-mortgage asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 7,678 | 95,976 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 38 | 6,218 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 84,155 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,641 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 91,833 | 95,976 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3,679 | 6,218 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 39,803 | 67,444 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 492 | 6,154 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 27,011 | 1,114 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4,479 | 61 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 66,814 | 68,558 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4,971 | 6,215 |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 29,095 | 42,900 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 354 | 553 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 73,598 | 74,291 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,205 | 3,366 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 102,693 | 117,191 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 3,559 | $ 3,919 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) security rental bond | Dec. 31, 2022 USD ($) bond | |
Debt Securities, Available-for-sale [Line Items] | ||
Number of held-to-maturity securities | bond | 1 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 578 | |
Number of securities which impairment considered insignificant (in Securities) | security | 107 | |
Available-for-sale securities, gross unrealized loss, considered insignificant | $ | $ 1,000 | |
Interest Receivable | $ | 128,000 | $ 129,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax | $ | (599,400) | (674,200) |
Change in Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax | $ | 75,000 | |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities pledged as collateral | $ | 8,200,000 | 4,100,000 |
Interest Receivable | $ | $ 35,000 | $ 34,000 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 6 | |
U.S. Government agency and sponsored enterprise residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 153 | |
U.S. Government agency and sponsored enterprise commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 26 | |
Private label residential MBS and CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 117 | |
Percentage of weighted average collateral loss | 2% | |
Percentage of weighted average credit support | 18% | |
Percentage of securities rated AAA | 94% | |
Percentage of securities rated AA | 4% | |
Percentage of securities rated A | 2% | |
Private label commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 97 | |
Percentage of weighted average collateral loss | 7% | |
Percentage of weighted average credit support | 43% | |
Percentage of securities rated AAA | 84% | |
Percentage of securities rated AA | 11% | |
Percentage of securities rated A | 5% | |
Single family real estate-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 16 | |
Percentage of weighted average collateral loss | 8% | |
Percentage of weighted average credit support | 52% | |
Percentage of securities rated AAA | 64% | |
Percentage of securities rated AA | 14% | |
Number of Securities | 1 | |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 26 | |
Percentage of weighted average collateral loss | 11% | |
Percentage of weighted average credit support | 44% | |
Percentage of securities rated AAA | 81% | |
Percentage of securities rated AA | 15% | |
Percentage of securities rated A | 4% | |
Non-mortgage asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 7 | |
Percentage of weighted average collateral loss | 4% | |
Percentage of weighted average credit support | 24% | |
Percentage of securities rated AAA | 46% | |
Percentage of securities rated AA | 54% | |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 5 | |
Percentage of securities rated AAA | 93% | |
Percentage of securities rated AA | 7% | |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 18 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, Deferred Income | $ 54,000,000 | $ 54,000,000 | $ 61,000,000 | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | 24,629,990,000 | 24,629,990,000 | 24,885,988,000 | |||||
Allowance for credit losses | (166,833,000) | $ (130,239,000) | (166,833,000) | $ (130,239,000) | (147,946,000) | $ (158,792,000) | $ (125,443,000) | $ (126,457,000) |
Sales-type and Direct Financing Leases, Lease Receivable | 667,000,000 | 667,000,000 | 634,000,000 | |||||
Purchases of loans | 340,694,000 | 1,575,715,000 | ||||||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, For Federal Home Loan Bank Debt | 18,400,000,000 | 18,400,000,000 | 12,400,000,000 | |||||
Interest Receivable | $ 128,000,000 | 128,000,000 | $ 129,000,000 | |||||
Financing receivable, allowance for credit loss, period increase | $ 18,900,000 | |||||||
Allowance for credit losses to total loans (in percent) | 0.68% | 0.68% | 0.59% | |||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 374,000,000 | $ 374,000,000 | $ 494,000,000 | |||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 1,700,000 | 2,300,000 | 3,400,000 | 3,500,000 | ||||
Small business finance | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 32,000,000 | 32,000,000 | 30,800,000 | |||||
Financing Receivable, Nonaccrual | 35,900,000 | 35,900,000 | 40,300,000 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 48,897,000 | 48,897,000 | 52,083,000 | |||||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | 40,053,000 | 44,354,000 | ||||||
Allowance for credit losses | (210,000) | (210,000) | (409,000) | |||||
UPB, Total | 88,950,000 | 88,950,000 | 96,437,000 | |||||
Financing Receivable, after Allowance for Credit Loss | 48,687,000 | 48,687,000 | 51,674,000 | |||||
1-4 single family residential | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 7,096,496,000 | 7,096,496,000 | 7,128,834,000 | |||||
Purchases of loans | 154,000,000 | 714,000,000 | 341,000,000 | 1,600,000,000 | ||||
1-4 single family residential | Interest and Fee Income, Loans and Leases | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Purchases of loans | 4,400,000 | $ 4,400,000 | 8,700,000 | $ 9,000,000 | ||||
Residential Portfolio Segment [Member] | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Mortgage Loans in Process of Foreclosure, Amount | 349,000,000 | 349,000,000 | 413,000,000 | |||||
US Government Agency Insured Loans | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,509,342,000 | 1,509,342,000 | 1,771,880,000 | |||||
Mortgage Loans in Process of Foreclosure, Amount | 338,000,000 | 338,000,000 | $ 400,000,000 | |||||
Commercial Portfolio Segment [Member] | Minimum | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing receivable credit quality indicator, the value at which relationships are reevaluated at least annually | 1,000,000 | 1,000,000 | ||||||
Commercial Portfolio Segment [Member] | Maximum | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing receivable credit quality indicator, the value at which relationships are reevaluated at least annually | $ 3,000,000 | $ 3,000,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Schedule of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 24,629,990 | $ 24,885,988 |
Percent of total loans (in Percent) | 100% | 100% |
Loans and Leases Receivable, Allowance | $ (166,833) | $ (147,946) |
Loans and Leases Receivable, Net Amount, Total | 24,463,157 | 24,738,042 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 16,024,152 | $ 15,985,274 |
Percent of total loans (in Percent) | 65.10% | 64.30% |
1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 7,096,496 | $ 7,128,834 |
Percent of total loans (in Percent) | 28.80% | 28.60% |
Government Insured Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,509,342 | $ 1,771,880 |
Percent of total loans (in Percent) | 6.10% | 7.10% |
Commercial real estate, Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,302,523 | $ 5,405,597 |
Percent of total loans (in Percent) | 21.50% | 21.70% |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 393,464 | $ 294,360 |
Percent of total loans (in Percent) | 1.60% | 1.20% |
Commercial real estate, Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,832,586 | $ 1,890,813 |
Percent of total loans (in Percent) | 7.40% | 7.60% |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,575,368 | $ 6,417,721 |
Percent of total loans (in Percent) | 26.80% | 25.90% |
Pinnacle Public Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 951,529 | $ 912,122 |
Percent of total loans (in Percent) | 3.90% | 3.70% |
Bridge - franchise finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 207,783 | $ 253,774 |
Percent of total loans (in Percent) | 0.80% | 1% |
Bridge - equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 237,816 | $ 286,147 |
Percent of total loans (in Percent) | 1% | 1.10% |
Mortgage warehouse lending [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 523,083 | $ 524,740 |
Percent of total loans (in Percent) | 2.10% | 2.10% |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 8,605,838 | $ 8,900,714 |
Percent of total loans (in Percent) | 34.90% | 35.70% |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (ALLL Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 01, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 158,792 | $ 125,443 | $ 147,946 | $ 126,457 | |
Financing Receivable, Allowance for Credit Loss | (166,833) | (130,239) | (166,833) | (130,239) | |
Provision for credit losses | 15,517 | 23,996 | 35,305 | 31,826 | |
Charge-offs | (9,136) | (20,979) | (17,035) | (31,650) | |
Recoveries | 2,982 | 2,568 | 5,926 | 4,779 | |
Allowance for loan and lease losses, end of period | 166,833 | 130,239 | 166,833 | 130,239 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | $ 1,794 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 126,457 | ||||
Financing Receivable, Allowance for Credit Loss | (146,152) | ||||
Residential Portfolio Segment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 11,797 | 8,957 | 11,741 | 9,187 | |
Financing Receivable, Allowance for Credit Loss | (8,887) | (9,010) | (8,887) | (9,010) | |
Charge-offs | 0 | (412) | 0 | (412) | |
Recoveries | 2 | 17 | 5 | 43 | |
Allowance for loan and lease losses, end of period | 8,887 | 9,010 | 8,887 | 9,010 | |
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 117 | ||||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 9,187 | ||||
Financing Receivable, Allowance for Credit Loss | (11,624) | ||||
Commercial Portfolio Segment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 146,995 | 116,486 | 136,205 | 117,270 | |
Financing Receivable, Allowance for Credit Loss | (157,946) | (121,229) | (157,946) | (121,229) | |
Charge-offs | (9,136) | (20,567) | (17,035) | (31,238) | |
Recoveries | 2,980 | 2,551 | 5,921 | 4,736 | |
Allowance for loan and lease losses, end of period | 157,946 | 121,229 | 157,946 | 121,229 | |
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 1,677 | ||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 117,270 | ||||
Financing Receivable, Allowance for Credit Loss | $ (134,528) | ||||
Funded Loans [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Provision for credit losses | 14,195 | 23,207 | 31,790 | 30,653 | |
Funded Loans [Member] | Residential Portfolio Segment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Provision for credit losses | (2,912) | 448 | (2,742) | 192 | |
Funded Loans [Member] | Commercial Portfolio Segment [Member] | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Provision for credit losses | $ 17,107 | $ 22,759 | $ 34,532 | $ 30,461 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Gross Charge-Offs by Year of Origination) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | $ 2 | |||
2022 | 64 | |||
2021 | 43 | |||
2020 | 1,022 | |||
2019 | 9,570 | |||
Prior to 2019 | 5,736 | |||
Revolving Loans | 598 | |||
Total | $ 9,136 | $ 20,979 | 17,035 | $ 31,650 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
2019 | 0 | |||
Prior to 2019 | 813 | |||
Revolving Loans | 0 | |||
Total | 813 | |||
Commercial and industrial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 2 | |||
2022 | 64 | |||
2021 | 43 | |||
2020 | 9 | |||
2019 | 7,161 | |||
Prior to 2019 | 1,098 | |||
Revolving Loans | 598 | |||
Total | 8,975 | |||
Bridge - franchise finance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 1,013 | |||
2019 | 2,409 | |||
Prior to 2019 | 3,825 | |||
Revolving Loans | 0 | |||
Total | $ 7,247 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Balance of ALLL and Related Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | $ 15,517 | $ 23,996 | $ 35,305 | $ 31,826 |
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 1,322 | 916 | 3,515 | 1,300 |
Funded Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | 14,195 | 23,207 | 31,790 | 30,653 |
Accrued Interest Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for credit losses | $ 0 | $ 127 | $ 0 | $ 127 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Schedule of Credit Exposure for Loans Based on Original LTV and FICO Score) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 24,629,990 | $ 24,885,988 |
1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 260,901 | 1,201,204 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,172,283 | 3,169,085 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,076,344 | 922,591 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 890,115 | 320,683 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 310,039 | 182,814 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,386,814 | 1,332,457 |
Financing Receivable, before Allowance for Credit Loss and Fee | 7,096,496 | 7,128,834 |
FICO, 760 or greater | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 184,748 | 805,125 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 790,259 | 2,513,045 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,446,618 | 721,982 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 699,360 | 212,574 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 217,240 | 97,076 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 946,254 | 944,783 |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,284,479 | 5,294,585 |
FICO, 720 to 759 | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 61,468 | 285,507 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 239,300 | 485,528 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 419,459 | 132,928 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 121,306 | 62,301 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 51,201 | 45,857 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 226,734 | 216,047 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,119,468 | 1,228,168 |
FICO, 719 or less | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 14,685 | 110,572 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 142,724 | 170,512 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 210,267 | 67,681 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 69,449 | 45,808 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 41,598 | 39,881 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 213,826 | 171,627 |
Financing Receivable, before Allowance for Credit Loss and Fee | 692,549 | 606,081 |
Less than 61% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 36,059 | 282,940 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 273,521 | 1,301,279 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,254,104 | 354,720 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 338,374 | 76,404 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 74,185 | 42,864 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 466,180 | 472,090 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,442,423 | 2,530,297 |
61% - 70% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 48,218 | 295,206 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 290,334 | 857,008 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 838,218 | 231,732 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 225,730 | 80,383 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 75,824 | 49,047 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 322,573 | 310,649 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,800,897 | 1,824,025 |
71% - 80% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 176,624 | 620,049 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 606,321 | 975,542 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 949,110 | 336,066 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 325,939 | 158,406 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 154,597 | 86,463 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 557,538 | 510,633 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,770,129 | 2,687,159 |
More than 81% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 3,009 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,107 | 35,256 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 34,912 | 73 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 72 | 5,490 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,433 | 4,440 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 40,523 | 39,085 |
Financing Receivable, before Allowance for Credit Loss and Fee | 83,047 | 87,353 |
30 - 59 Days Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 182,803 | 210,634 |
30 - 59 Days Past Due | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,838 | 12,752 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6,810 | 16,432 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,006 | 3,266 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,149 | 2,953 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 107 | 1,854 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,094 | 5,759 |
Financing Receivable, before Allowance for Credit Loss and Fee | 32,004 | 43,016 |
60 - 89 Days Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 82,739 | 104,171 |
60 - 89 Days Past Due | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 126 | 252 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,195 | 1,196 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 146 | 229 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,972 | 1,347 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 192 | 1,052 |
Financing Receivable, before Allowance for Credit Loss and Fee | 6,631 | 4,076 |
90 Days or More Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 420,439 | 551,169 |
90 Days or More Past Due | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 2,589 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,933 | 2,158 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,723 | 2,173 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 79 | 360 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,439 | 3,069 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,952 | 4,635 |
Financing Receivable, before Allowance for Credit Loss and Fee | $ 12,126 | $ 14,984 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Schedule of Commercial Credit Exposure Based on Internal Risk Ratings) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 24,629,990 | $ 24,885,988 |
Pinnacle Public Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 119,827 | 179,223 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 160,335 | 110,510 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 101,545 | 66,592 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 52,679 | 66,514 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 60,495 | 29,783 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 456,648 | 459,500 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 951,529 | 912,122 |
Pinnacle Public Finance [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 119,827 | 179,223 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 160,335 | 110,510 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 101,545 | 66,592 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 52,679 | 66,514 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 60,495 | 29,783 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 456,648 | 459,500 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 951,529 | 912,122 |
Bridge - franchise finance | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 4,809 | 81,146 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,533 | 20,868 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 39,161 | 40,601 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 35,893 | 64,420 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 50,311 | 31,816 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 51,076 | 14,923 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 207,783 | 253,774 |
Bridge - franchise finance | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 4,809 | 81,146 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,282 | 19,251 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 37,837 | 38,293 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 32,546 | 34,483 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 24,914 | 8,617 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 28,533 | 6,799 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 154,921 | 188,589 |
Bridge - franchise finance | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,422 | 5,432 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 137 | 2,168 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,995 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,554 | 7,600 |
Bridge - franchise finance | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 251 | 1,617 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,324 | 1,295 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 925 | 22,058 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 25,260 | 17,148 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,548 | 8,124 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 48,308 | 50,242 |
Bridge - franchise finance | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,013 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,447 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,883 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 7,343 | |
Bridge - equipment finance | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,165 | 27,386 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,196 | 55,015 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 48,202 | 16,488 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,404 | 91,641 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 70,759 | 33,264 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 77,090 | 62,353 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 237,816 | 286,147 |
Bridge - equipment finance | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,165 | 27,386 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,196 | 55,015 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 45,952 | 16,488 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,404 | 90,286 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 64,296 | 33,264 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 69,697 | 62,353 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 221,710 | 284,792 |
Bridge - equipment finance | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,250 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 1,355 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 6,463 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,393 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 16,106 | 1,355 |
Mortgage warehouse lending [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 523,083 | 524,740 |
Financing Receivable, before Allowance for Credit Loss and Fee | 523,083 | 524,740 |
Mortgage warehouse lending [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 523,083 | 524,740 |
Financing Receivable, before Allowance for Credit Loss and Fee | 523,083 | 524,740 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 221,044 | 1,268,632 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,301,256 | 759,380 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 701,298 | 570,236 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 559,380 | 1,254,557 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,210,849 | 569,099 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,476,522 | 1,081,090 |
Financing Receivable, Revolving | 225,638 | 196,963 |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,695,987 | 5,699,957 |
Commercial Real Estate Portfolio Segment [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 221,044 | 1,256,300 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,297,402 | 758,025 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 699,164 | 550,133 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 539,829 | 1,138,113 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,075,126 | 512,125 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,305,761 | 932,030 |
Financing Receivable, Revolving | 225,638 | 196,963 |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,363,964 | 5,343,689 |
Commercial Real Estate Portfolio Segment [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,854 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,134 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 18,006 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 17,829 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 186 | 709 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 24,003 | 18,715 |
Commercial Real Estate Portfolio Segment [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 12,332 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 1,355 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 20,103 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,551 | 98,438 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 117,894 | 56,974 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 170,575 | 148,351 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 308,020 | 337,553 |
Commercial and industrial Portfolio Segment | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 693,946 | 1,906,814 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,705,384 | 839,326 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 804,353 | 449,515 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 394,418 | 796,508 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 594,472 | 436,649 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,274,836 | 957,799 |
Financing Receivable, Revolving | 2,940,545 | 2,921,923 |
Financing Receivable, before Allowance for Credit Loss and Fee | 8,407,954 | 8,308,534 |
Commercial and industrial Portfolio Segment | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 690,593 | 1,880,853 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,592,364 | 825,410 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 722,727 | 445,988 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 359,153 | 689,003 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 559,536 | 416,287 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,149,633 | 832,952 |
Financing Receivable, Revolving | 2,880,696 | 2,900,336 |
Financing Receivable, before Allowance for Credit Loss and Fee | 7,954,702 | 7,990,829 |
Commercial and industrial Portfolio Segment | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 68 | 63 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 49,031 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 73,055 | 208 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,620 | 3,880 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 736 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,203 | 20,657 |
Financing Receivable, Revolving | 45,734 | 310 |
Financing Receivable, before Allowance for Credit Loss and Fee | 204,447 | 25,118 |
Commercial and industrial Portfolio Segment | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 3,285 | 25,898 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 63,989 | 13,916 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 8,571 | 3,319 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,645 | 103,625 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 19,568 | 19,715 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 104,678 | 104,190 |
Financing Receivable, Revolving | 14,115 | 21,277 |
Financing Receivable, before Allowance for Credit Loss and Fee | 233,851 | 291,940 |
Commercial and industrial Portfolio Segment | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 14,632 | 647 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 322 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 14,954 | 647 |
Criticized Commercial Portfolio Segment | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 854,243 | 740,513 |
Criticized Commercial Portfolio Segment | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 233,004 | 51,433 |
Criticized Commercial Portfolio Segment | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 525,643 | 605,965 |
Criticized Commercial Portfolio Segment | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 80,642 | 75,125 |
Criticized Commercial Portfolio Segment | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 14,954 | $ 7,990 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Schedule of Financing Receivables Past Due) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 24,629,990 | $ 24,885,988 |
1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 7,096,496 | 7,128,834 |
Financing Receivable, Originated in Current Fiscal Year | 260,901 | 1,201,204 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,172,283 | 3,169,085 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,076,344 | 922,591 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 890,115 | 320,683 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 310,039 | 182,814 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,386,814 | 1,332,457 |
US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,509,342 | 1,771,880 |
Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 951,529 | 912,122 |
Financing Receivable, Originated in Current Fiscal Year | 119,827 | 179,223 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 160,335 | 110,510 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 101,545 | 66,592 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 52,679 | 66,514 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 60,495 | 29,783 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 456,648 | 459,500 |
Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 207,783 | 253,774 |
Financing Receivable, Originated in Current Fiscal Year | 4,809 | 81,146 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,533 | 20,868 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 39,161 | 40,601 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 35,893 | 64,420 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 50,311 | 31,816 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 51,076 | 14,923 |
Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 237,816 | 286,147 |
Financing Receivable, Originated in Current Fiscal Year | 1,165 | 27,386 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,196 | 55,015 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 48,202 | 16,488 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,404 | 91,641 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 70,759 | 33,264 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 77,090 | 62,353 |
Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 523,083 | 524,740 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Commercial and industrial Portfolio Segment | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 8,407,954 | 8,308,534 |
Financing Receivable, Originated in Current Fiscal Year | 693,946 | 1,906,814 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,705,384 | 839,326 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 804,353 | 449,515 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 394,418 | 796,508 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 594,472 | 436,649 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,274,836 | 957,799 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,695,987 | 5,699,957 |
Financing Receivable, Originated in Current Fiscal Year | 221,044 | 1,268,632 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,301,256 | 759,380 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 701,298 | 570,236 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 559,380 | 1,254,557 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,210,849 | 569,099 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,476,522 | 1,081,090 |
Current | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 23,944,009 | 24,020,014 |
Current | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 7,045,735 | 7,066,758 |
Financing Receivable, Originated in Current Fiscal Year | 258,937 | 1,185,611 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,157,345 | 3,149,299 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,059,469 | 916,923 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 885,915 | 316,023 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 308,493 | 177,891 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,375,576 | 1,321,011 |
Current | US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 917,098 | 1,025,523 |
Current | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 951,529 | 912,122 |
Current | Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 207,783 | 243,574 |
Current | Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 237,816 | 286,147 |
Current | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 523,083 | 524,740 |
Current | Commercial and industrial Portfolio Segment | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 8,379,098 | 8,280,321 |
Current | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,681,867 | 5,680,829 |
30 - 59 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 182,803 | 210,634 |
30 - 59 Days Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 32,004 | 43,016 |
Financing Receivable, Originated in Current Fiscal Year | 1,838 | 12,752 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6,810 | 16,432 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,006 | 3,266 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,149 | 2,953 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 107 | 1,854 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,094 | 5,759 |
30 - 59 Days Past Due | US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 147,446 | 159,461 |
30 - 59 Days Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
30 - 59 Days Past Due | Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 1,321 |
30 - 59 Days Past Due | Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
30 - 59 Days Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
30 - 59 Days Past Due | Commercial and industrial Portfolio Segment | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 518 | 2,508 |
30 - 59 Days Past Due | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 2,835 | 4,328 |
60 - 89 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 82,739 | 104,171 |
60 - 89 Days Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 6,631 | 4,076 |
Financing Receivable, Originated in Current Fiscal Year | 126 | 252 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,195 | 1,196 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 146 | 229 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,972 | 1,347 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 192 | 1,052 |
60 - 89 Days Past Due | US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 72,144 | 94,294 |
60 - 89 Days Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Commercial and industrial Portfolio Segment | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,904 | 1,028 |
60 - 89 Days Past Due | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 2,060 | 4,773 |
90 Days or More Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 420,439 | 551,169 |
90 Days or More Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 12,126 | 14,984 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 2,589 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,933 | 2,158 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,723 | 2,173 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 79 | 360 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,439 | 3,069 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,952 | 4,635 |
90 Days or More Past Due | US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 372,654 | 492,602 |
90 Days or More Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 8,879 |
90 Days or More Past Due | Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Commercial and industrial Portfolio Segment | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 26,434 | 24,677 |
90 Days or More Past Due | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 9,225 | $ 10,027 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Finance Receivable, Nonaccrual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable Investment Past Due [Line Items] | |||||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 118,130 | $ 118,130 | $ 104,426 | ||
Recorded Investment, With no specific allowance recorded | 13,448 | 13,448 | 24,221 | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 1,700 | $ 2,300 | 3,400 | $ 3,500 | |
Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 17,433 | 17,433 | 22,352 | ||
Recorded Investment, With no specific allowance recorded | 2,321 | 2,321 | 6,911 | ||
Residential Portfolio Segment [Member] | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 22,534 | 22,534 | 21,311 | ||
Recorded Investment, With no specific allowance recorded | 0 | 0 | 0 | ||
Bridge - franchise finance | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 3,954 | 3,954 | 13,290 | ||
Recorded Investment, With no specific allowance recorded | 1,324 | 1,324 | 1,668 | ||
Commercial and industrial Portfolio Segment | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 74,209 | 74,209 | 47,473 | ||
Recorded Investment, With no specific allowance recorded | $ 9,803 | $ 9,803 | $ 15,642 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses (Schedule of Collateral Dependent Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 55,164 | $ 58,065 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 15,374 | 19,486 |
Secured Debt | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 52,415 | 48,156 |
Commercial Real Estate | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 15,241 | 18,353 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 730 |
Residential Portfolio Segment [Member] | Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 730 |
Bridge - franchise finance | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,549 | 11,445 |
Bridge - franchise finance | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,405 | 3,729 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 55,164 | 57,335 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 52,415 | 47,426 |
Commercial and industrial Portfolio Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 36,241 | 26,404 |
Commercial and industrial Portfolio Segment | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 34,769 | $ 25,344 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 1,384 | 1,779 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 239,006 | $ 317,942 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 381 | 412 |
Financing Receivable, Troubled Debt Restructuring, Modified, Subsequent Default | $ 61,638 | $ 67,094 |
1-4 single family residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 5 | 9 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 3,337 | $ 5,314 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Modified, Subsequent Default | $ 0 | $ 0 |
US Government Agency Insured Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 1,373 | 1,756 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 215,245 | $ 277,146 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 380 | 411 |
Financing Receivable, Troubled Debt Restructuring, Modified, Subsequent Default | $ 60,577 | $ 66,033 |
Commercial and industrial Portfolio Segment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 6 | 14 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 20,424 | $ 35,482 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | 1 |
Financing Receivable, Troubled Debt Restructuring, Modified, Subsequent Default | $ 1,061 | $ 1,061 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Loan Modifications) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 | Jun. 30, 2023 USD ($) | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 28,985 | $ 60,876 | ||
Amortized cost basis | 60,876 | 60,876 | ||
Financing Receivable, Modifications, Number of Contracts | 1,384 | 1,779 | ||
Current | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 29,852 | 29,852 | ||
30 - 59 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 14,819 | 14,819 | ||
60 - 89 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 6,374 | 6,374 | ||
90 Days or More Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 9,831 | 9,831 | ||
1-4 single family residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 761 | |||
Amortized cost basis | 761 | 761 | ||
Financing Receivable, Modifications, Number of Contracts | 5 | 9 | ||
1-4 single family residential | Current | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 0 | 0 | ||
1-4 single family residential | 30 - 59 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 761 | 761 | ||
1-4 single family residential | 60 - 89 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 0 | 0 | ||
1-4 single family residential | 90 Days or More Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 0 | 0 | ||
US Government Agency Insured Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 23,807 | 50,259 | ||
Amortized cost basis | 50,259 | 50,259 | ||
Financing Receivable, Modifications, Number of Contracts | 1,373 | 1,756 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 12,643 | 16,205 | ||
US Government Agency Insured Loans | Current | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 19,996 | 19,996 | ||
US Government Agency Insured Loans | 30 - 59 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 14,058 | 14,058 | ||
US Government Agency Insured Loans | 60 - 89 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 6,374 | 6,374 | ||
US Government Agency Insured Loans | 90 Days or More Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 9,831 | 9,831 | ||
Commercial and industrial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 1,620 | 6,298 | ||
Amortized cost basis | 6,298 | 6,298 | ||
Financing Receivable, Modifications, Number of Contracts | 6 | 14 | ||
Commercial and industrial Portfolio Segment | Current | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 6,298 | 6,298 | ||
Commercial and industrial Portfolio Segment | 30 - 59 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 0 | 0 | ||
Commercial and industrial Portfolio Segment | 60 - 89 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 0 | 0 | ||
Commercial and industrial Portfolio Segment | 90 Days or More Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 0 | 0 | ||
Bridge - franchise finance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 3,558 | 3,558 | ||
Amortized cost basis | 3,558 | 3,558 | ||
Bridge - franchise finance | Current | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 3,558 | 3,558 | ||
Bridge - franchise finance | 30 - 59 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 0 | 0 | ||
Bridge - franchise finance | 60 - 89 Days Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 0 | 0 | ||
Bridge - franchise finance | 90 Days or More Past Due | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Amortized cost basis | 0 | 0 | ||
Interest Rate Reduction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 | 870 | ||
Interest Rate Reduction | 1-4 single family residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 761 | |||
Percentage to total financing receivables | 0% | |||
Interest Rate Reduction | 1-4 single family residential | Maximum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Weighted average interest rate decrease from modification | 3.80% | |||
Interest Rate Reduction | 1-4 single family residential | Minimum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Weighted average interest rate decrease from modification | 3.10% | |||
Interest Rate Reduction | US Government Agency Insured Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 109 | ||
Percentage to total financing receivables | 0% | 0% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 109 | ||
Interest Rate Reduction | Government Insured Residential | Maximum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Weighted average interest rate decrease from modification | 4.80% | |||
Interest Rate Reduction | Government Insured Residential | Minimum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Weighted average interest rate decrease from modification | 3.80% | |||
Interest Rate Reduction | Commercial and industrial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | ||
Percentage to total financing receivables | 0% | 0% | ||
Interest Rate Reduction | Bridge - franchise finance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | ||
Percentage to total financing receivables | 0% | 0% | ||
Term Extension | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 28,503 | $ 57,308 | ||
Term Extension | 1-4 single family residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |||
Percentage to total financing receivables | 0% | |||
Term Extension | US Government Agency Insured Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 23,325 | $ 47,452 | ||
Percentage to total financing receivables | 2% | 3% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 12,460 | $ 15,782 | ||
Term Extension | Government Insured Residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Weighted average term increase from modifciation | 7 years 2 months 12 days | 8 years | ||
Term Extension | Commercial and industrial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,620 | $ 6,298 | ||
Percentage to total financing receivables | 0% | 0% | ||
Weighted average term increase from modifciation | 7 months 6 days | 7 months 6 days | ||
Term Extension | Bridge - franchise finance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 3,558 | $ 3,558 | ||
Percentage to total financing receivables | 2% | 2% | ||
Weighted average term increase from modifciation | 3 months 18 days | 3 months 18 days | ||
Combination - Interest Rate Reduction and Term Extension | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 482 | $ 2,698 | ||
Combination - Interest Rate Reduction and Term Extension | 1-4 single family residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |||
Percentage to total financing receivables | 0% | |||
Combination - Interest Rate Reduction and Term Extension | US Government Agency Insured Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 482 | $ 2,698 | ||
Percentage to total financing receivables | 0% | 0% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 183 | $ 314 | ||
Combination - Interest Rate Reduction and Term Extension | Government Insured Residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Weighted average term increase from modifciation | 19 years 2 months 12 days | 7 years 7 months 6 days | ||
Combination - Interest Rate Reduction and Term Extension | Government Insured Residential | Maximum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Weighted average interest rate decrease from modification | 6.80% | 6% | ||
Combination - Interest Rate Reduction and Term Extension | Government Insured Residential | Minimum | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Weighted average interest rate decrease from modification | 6.20% | 5.30% | ||
Combination - Interest Rate Reduction and Term Extension | Commercial and industrial Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | ||
Percentage to total financing receivables | 0% | 0% | ||
Combination - Interest Rate Reduction and Term Extension | Bridge - franchise finance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | ||
Percentage to total financing receivables | 0% | 0% |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Examination [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Percent | 26.20% | 24.80% | 26.30% | 24.60% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Schedule of Derivatives Designated as Hedging Instruments) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional Amount | $ 3,175,000 | $ 2,395,000 |
Asset | 14,931 | 16,614 |
Liability | $ (4,183) | (1,717) |
Interest rate collar | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Derivative [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 1.50% | |
Cash Flow Hedging | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount | $ 2,750,000 | 1,970,000 |
Asset | 0 | 941 |
Liability | (3,626) | (1,514) |
Cash Flow Hedging | interest rate caps purchased, indexed to fed funds effective rate | ||
Derivative [Line Items] | ||
Notional Amount | 200,000 | 200,000 |
Asset | 14,931 | 15,673 |
Liability | 0 | 0 |
Cash Flow Hedging | Interest rate collar | ||
Derivative [Line Items] | ||
Notional Amount | 125,000 | 125,000 |
Asset | 0 | 0 |
Liability | $ (557) | (203) |
Cash Flow Hedging | Interest rate collar | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Derivative [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 5.58% | |
Cash Flow Hedging | Interest Rate Floor | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Derivative [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 0% | |
Fair Value Hedging | Pay-fixed interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 100,000 | 100,000 |
Asset | 0 | 0 |
Liability | $ 0 | $ 0 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities Derivative and Hedging Activities - Amount of loss reclassified from AOCI into Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 15,187 | $ (4,158) | $ 27,341 | $ (9,590) |
Interest expense on borrowings | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 9,996 | (3,703) | 17,493 | (8,413) |
Interest expense on deposits | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5,813 | (455) | 10,862 | (1,177) |
Interest income on loans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (622) | $ 0 | $ (1,014) | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities Derivative and Hedging Activities - Carrying Value of Hedged Item and Cumulative Fair Value Adjustments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedged Liability, Fair Value Hedge | $ 100,000 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | (3,348) |
Closed Portfolio and Beneficial Interest, Last-of-Layer, Amortized Cost | $ 1,000,000 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Details) - Derivatives not designated as hedges - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional Amount | $ 3,905,852 | $ 3,919,278 |
Asset | 117,627 | 72,125 |
Liability | (119,868) | (124,503) |
Pay-fixed forward-starting interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,905,136 | 1,916,719 |
Asset | 114,095 | 67,942 |
Liability | (1,277) | (2,195) |
Pay-variable interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 1,905,136 | 1,916,719 |
Asset | 935 | 2,195 |
Liability | (115,994) | (120,320) |
Interest Rate Cap | ||
Derivative [Line Items] | ||
Notional Amount | 47,790 | 42,920 |
Asset | 2,597 | 1,988 |
Liability | 0 | 0 |
Interest Rate Caps Sold | ||
Derivative [Line Items] | ||
Notional Amount | 47,790 | 42,920 |
Asset | 0 | 0 |
Liability | $ (2,597) | $ (1,988) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Interest Rate Swaps Subject to Master Netting Agreements) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative assets | $ 131,623 | $ 86,544 |
Gross Amounts Recognized, Derivative liabilities | (5,460) | (3,912) |
Gross Amounts Recognized, Derivative assets and liabilities | (126,163) | (82,632) |
Gross Amounts Offset in Balance Sheet, Derivative assets | 0 | 0 |
Gross Amounts Offset in Balance Sheet, Derivative liabilities | 0 | 0 |
Gross Amounts Offset in Balance Sheet, Derivative assets and liabilities | 0 | 0 |
Net Amounts Presented in Balance Sheet, Derivative assets | 131,623 | 86,544 |
Net Amounts Presented in Balance Sheet, Derivative liabilities | (5,460) | (3,912) |
Derivative Asset (Liability), Fair Value, Amount Not Offset Against Collateral | 126,163 | 82,632 |
Gross Amounts Not Offset in Balance Sheet | ||
Derivative Instruments, Derivative assets | (5,460) | (3,912) |
Derivative Instruments, Derivative liabilities | 5,460 | 3,912 |
Derivative Instruments, Derivative assets and liabilities | 0 | 0 |
Collateral Pledged, Derivative assets | (125,893) | (79,447) |
Collateral Pledged, Derivative liabilities | 0 | 0 |
Collateral Pledged, Derivative assets and liabilities | (125,893) | (79,447) |
Net Amount, Derivative assets | 270 | 3,185 |
Net Amount, Derivative liabilities | 0 | 0 |
Net Amount, Derivative assets and liabilities | $ 270 | $ 3,185 |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities (Narrative) (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Amount expected to be reclassified from AOCI into income | $ (56.8) |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Unrealized gains (losses) on investment securities available for sale: | ||||
Net unrealized holding gain (loss) arising during the period, Before Tax | $ 24,818 | $ 240,498 | $ (76,447) | $ 476,932 |
Amounts reclassified to gain on investment securities available for sale, net, Before Tax | 847 | 905 | 1,599 | 3,578 |
Net change in unrealized gains on securities available for sale, Before Tax | (25,665) | (241,403) | 74,848 | (480,510) |
Net unrealized holding gain (loss) arising during the period, Tax Effect | (6,453) | (62,529) | 19,876 | (123,983) |
Amounts reclassified to gain on investment securities available for sale, net, Tax Effect | 220 | 235 | 416 | 930 |
Net change in unrealized gains on securities available for sale, Tax Effect | 6,673 | 62,764 | (19,460) | 124,913 |
Net unrealized holding gain (loss) arising during the period, Net of Tax | (18,365) | (177,969) | 56,571 | (352,949) |
Amounts reclassified to gain on investment securities available for sale, net, Net of Tax | (627) | (670) | (1,183) | (2,648) |
Net change in unrealized gains (losses) on securities available for sale | (18,992) | (178,639) | 55,388 | (355,597) |
Unrealized losses on derivative instruments: | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 43,720 | 17,387 | 40,794 | 59,350 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 28,533 | 21,545 | 13,453 | 68,940 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (11,367) | (4,521) | (10,606) | (15,305) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 7,419 | 5,602 | 3,498 | 17,798 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 32,353 | 12,866 | 30,188 | 44,045 |
Reclassification adjustment for net (gains) losses realized in income | 11,239 | (3,077) | 20,233 | (7,097) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 21,114 | 15,943 | 9,955 | 51,142 |
Other comprehensive income (loss), Before Tax | 2,868 | (219,858) | 88,301 | (411,570) |
Other comprehensive income (loss), Tax Effect | (746) | 57,162 | (22,958) | 107,115 |
Other comprehensive income (loss) | 2,122 | (162,696) | 65,343 | (304,455) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net unrealized holding gain (loss) arising during the period, Before Tax | (24,818) | (240,498) | 76,447 | (476,932) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 847 | 905 | 1,599 | 3,578 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | (25,665) | (241,403) | 74,848 | (480,510) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | (6,453) | (62,529) | 19,876 | (123,983) |
Amounts reclassified to gain on investment securities available for sale, net, Tax Effect | 220 | 235 | 416 | 930 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | (6,673) | (62,764) | 19,460 | (124,913) |
Net unrealized holding gain (loss) arising during the period | (18,365) | (177,969) | 56,571 | (352,949) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 627 | 670 | 1,183 | 2,648 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | (18,992) | (178,639) | 55,388 | (355,597) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 43,720 | 17,387 | 40,794 | 59,350 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 11,367 | 4,521 | 10,606 | 15,305 |
Net unrealized holding gains arising during the period | 32,353 | 12,866 | 30,188 | 44,045 |
Reclassification adjustment for net (gains) losses realized in income | 11,239 | (3,077) | 20,233 | (7,097) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 28,533 | 21,545 | 13,453 | 68,940 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 7,419 | 5,602 | 3,498 | 17,798 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 21,114 | 15,943 | 9,955 | 51,142 |
Other Comprehensive Income (Loss), before Tax | 2,868 | (219,858) | 88,301 | (411,570) |
Other Comprehensive Income (Loss), Tax | 746 | (57,162) | 22,958 | (107,115) |
Other Comprehensive Income (Loss), Net of Tax | 2,122 | (162,696) | 65,343 | (304,455) |
Interest expense on deposits | ||||
Unrealized losses on derivative instruments: | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 5,813 | (455) | 10,862 | (1,177) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1,511 | (118) | 2,824 | (306) |
Reclassification adjustment for net (gains) losses realized in income | 4,302 | (337) | 8,038 | (871) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 5,813 | (455) | 10,862 | (1,177) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1,511 | (118) | 2,824 | (306) |
Reclassification adjustment for net (gains) losses realized in income | 4,302 | (337) | 8,038 | (871) |
Interest expense on borrowings | ||||
Unrealized losses on derivative instruments: | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 9,996 | (3,703) | 17,493 | (8,413) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 2,599 | (963) | 4,548 | (2,187) |
Reclassification adjustment for net (gains) losses realized in income | 7,397 | (2,740) | 12,945 | (6,226) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 9,996 | (3,703) | 17,493 | (8,413) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 2,599 | (963) | 4,548 | (2,187) |
Reclassification adjustment for net (gains) losses realized in income | 7,397 | (2,740) | 12,945 | (6,226) |
Interest income on loans | ||||
Unrealized losses on derivative instruments: | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (622) | 0 | (1,014) | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (162) | 0 | (264) | 0 |
Reclassification adjustment for net (gains) losses realized in income | (460) | 0 | (750) | 0 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (622) | 0 | (1,014) | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (162) | 0 | (264) | 0 |
Reclassification adjustment for net (gains) losses realized in income | (460) | 0 | (750) | 0 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Unrealized losses on derivative instruments: | ||||
Other comprehensive income (loss) | 21,114 | 15,943 | 9,955 | 51,142 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax | $ 21,114 | $ 15,943 | $ 9,955 | $ 51,142 |
Stockholders' Equity (Categorie
Stockholders' Equity (Categories of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | $ (437,905) | |||
Other comprehensive income (loss) | $ 2,122 | $ (162,696) | 65,343 | $ (304,455) |
Other comprehensive income, Ending Balance | (372,562) | (372,562) | ||
Unrealized Gains on Investment Securities Available for Sale | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | (424,531) | (174,099) | (498,911) | 2,859 |
Other comprehensive income (loss) | (18,992) | (178,639) | 55,388 | (355,597) |
Other comprehensive income, Ending Balance | (443,523) | (352,738) | (443,523) | (352,738) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | 49,847 | 16,400 | 61,006 | (18,799) |
Other comprehensive income (loss) | 21,114 | 15,943 | 9,955 | 51,142 |
Other comprehensive income, Ending Balance | 70,961 | 32,343 | 70,961 | 32,343 |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | (374,684) | (157,699) | (437,905) | (15,940) |
Other comprehensive income (loss) | 2,122 | (162,696) | 65,343 | (304,455) |
Other comprehensive income, Ending Balance | $ (372,562) | $ (320,395) | $ (372,562) | $ (320,395) |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 9,266,495 | $ 9,834,066 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (124,051) | (126,220) |
Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (124,051) | (126,220) |
U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 107,450 | 135,841 |
U.S. Government agency and sponsored enterprise residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,953,456 | 1,983,168 |
U.S. Government agency and sponsored enterprise commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 508,281 | 525,094 |
Private label residential MBS and CMOs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,383,981 | 2,530,663 |
Private label commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,281,716 | 2,524,354 |
Single family real estate-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 438,563 | 470,441 |
Collateralized loan obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,081,027 | 1,136,463 |
Non-mortgage asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 91,833 | 95,976 |
State and municipal obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 103,613 | 116,661 |
SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 117,520 | 135,782 |
Marketable equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 66,497 | 90,884 |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 132,558 | 88,739 |
Fair Value, Inputs, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 173,947 | 226,725 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 107,450 | 135,841 |
Fair Value, Inputs, Level 1 | U.S. Government agency and sponsored enterprise residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | U.S. Government agency and sponsored enterprise commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Private label residential MBS and CMOs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Private label commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Single family real estate-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Collateralized loan obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Non-mortgage asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | State and municipal obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Marketable equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 66,497 | 90,884 |
Fair Value, Inputs, Level 1 | Derivative Financial Instruments, Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 9,092,548 | 9,607,341 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (124,051) | (126,220) |
Fair Value, Inputs, Level 2 | Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (124,051) | (126,220) |
Fair Value, Inputs, Level 2 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 | U.S. Government agency and sponsored enterprise residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,953,456 | 1,983,168 |
Fair Value, Inputs, Level 2 | U.S. Government agency and sponsored enterprise commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 508,281 | 525,094 |
Fair Value, Inputs, Level 2 | Private label residential MBS and CMOs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,383,981 | 2,530,663 |
Fair Value, Inputs, Level 2 | Private label commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,281,716 | 2,524,354 |
Fair Value, Inputs, Level 2 | Single family real estate-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 438,563 | 470,441 |
Fair Value, Inputs, Level 2 | Collateralized loan obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,081,027 | 1,136,463 |
Fair Value, Inputs, Level 2 | Non-mortgage asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 91,833 | 95,976 |
Fair Value, Inputs, Level 2 | State and municipal obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 103,613 | 116,661 |
Fair Value, Inputs, Level 2 | SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 117,520 | 135,782 |
Fair Value, Inputs, Level 2 | Marketable equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 | Derivative Financial Instruments, Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 132,558 | $ 88,739 |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets for which Nonrecurring Changes in Fair Value have been Recorded) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 9,266,495 | $ 9,834,066 |
Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 41,454 | 32,482 |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 41,454 | 31,789 |
OREO and Repossessed Assets [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 0 | $ 693 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Investment securities | $ 9,143,798 | $ 9,755,190 |
Non-marketable equity securities | 317,759 | 294,172 |
Liabilities: | ||
Time deposits | 5,519,771 | 4,268,078 |
Federal funds purchased | 0 | 190,000 |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Cash and cash equivalents | 301,169 | 572,647 |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Non-marketable equity securities | 317,759 | 294,172 |
Derivative assets | 132,558 | 88,739 |
Liabilities: | ||
Demand, savings and money market deposits | 20,318,881 | 23,241,256 |
Time deposits | 5,464,198 | 4,231,167 |
Federal funds purchased | 0 | 190,000 |
FHLB advances | 5,963,323 | 5,419,588 |
Notes and other borrowings | 619,971 | 698,359 |
Derivative liabilities | 124,051 | 126,220 |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Loans, net | 23,125,370 | 23,342,950 |
Carrying Value | ||
Assets: | ||
Cash and cash equivalents | 301,169 | 572,647 |
Investment securities | 9,143,937 | 9,755,327 |
Non-marketable equity securities | 317,759 | 294,172 |
Loans, net | 24,463,157 | 24,738,042 |
Derivative assets | 132,558 | 88,739 |
Liabilities: | ||
Demand, savings and money market deposits | 20,318,881 | 23,241,256 |
Time deposits | 5,519,771 | 4,268,078 |
Federal funds purchased | 0 | 190,000 |
FHLB advances | 5,975,000 | 5,420,000 |
Notes and other borrowings | 715,302 | 720,923 |
Derivative liabilities | $ 124,051 | $ 126,220 |
Commitments and Contingencies C
Commitments and Contingencies Commitments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 5,968,613 |
Commitments to fund loans | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 245,376 |
Unfunded commitments under lines of credit | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 5,559,209 |
Commercial and standby letters of credit | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 164,028 |
Deposits (Summary of Average Ba
Deposits (Summary of Average Balances and Weighted Average Rates Paid on Deposits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Demand deposits: | ||||
Non-interest bearing, average balance | $ 7,067,053 | $ 9,419,025 | $ 7,261,557 | $ 9,234,469 |
Non-interest bearing, average rate (in Percent) | 0% | 0% | 0% | 0% |
Interest bearing, average balance | $ 2,772,839 | $ 2,576,257 | $ 2,570,422 | $ 2,825,830 |
Interest-bearing, average rate (in Percent) | 2.66% | 0.27% | 2.30% | 0.22% |
Savings and Money Market, average balance | $ 10,285,494 | $ 13,052,566 | $ 11,169,671 | $ 13,225,986 |
Weighted Average Rate Domestic Deposit Savings and Money Market | 3.47% | 0.47% | 3.25% | 0.35% |
Time, average balance | $ 5,494,631 | $ 2,812,988 | $ 5,013,230 | $ 3,064,887 |
Weighted Average Rate Domestic Deposit, Time Deposits | 3.62% | 0.51% | 3.26% | 0.42% |
Deposits, average balance | $ 25,620,017 | $ 27,860,836 | $ 26,014,880 | $ 28,351,172 |
Weighted Average Rate Domestic Deposits | 2.46% | 0.30% | 2.25% | 0.23% |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Maturities of Time Deposits [Abstract] | ||
Time Deposit Maturities, Next Twelve Months | $ 3,219,290 | |
Time Deposit Maturities, Year Two | 1,841,395 | |
Time Deposit Maturities, Year Three | 147,658 | |
Time Deposit Maturities, Year Four | 310,181 | |
Time Deposit Maturities, after Year Five | 1,055 | |
Time Deposit Maturities, after Year Five | 192 | |
Time | $ 5,519,771 | $ 4,268,078 |
Deposits (Schedule of Interest
Deposits (Schedule of Interest Expense on Deposits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Deposits [Abstract] | ||||
Interest Expense, Demand Deposit Accounts | $ 18,417 | $ 1,742 | $ 29,291 | $ 3,111 |
Interest Expense, Money Market and Savings Deposits | 88,892 | 15,213 | 180,287 | 22,866 |
Interest Expense, Time Deposits | 49,559 | 3,546 | 80,920 | 6,386 |
Interest Expense, Domestic Deposits | $ 156,868 | $ 20,501 | $ 290,498 | $ 32,363 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Deposits [Abstract] | |||||
Time deposit accounts with balances of $250,000 or more | $ 884,000 | $ 884,000 | $ 730,000 | ||
Noninterest Expense Commission Expense | $ 9,400 | $ 2,200 | $ 17,900 | $ 3,800 |