Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 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 | 74,371,130 | ||
Entity Central Index Key | 0001504008 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Annual Report | true | ||
Entity Public Float | $ 1,582,728,768 | ||
NEW YORK STOCK EXCHANGE, INC. | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 Par Value | ||
Trading Symbol | BKU | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte and Touche LLP |
Auditor Location | Miami, FL |
Auditor Firm ID | 34 |
Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Cover [Abstract] | |
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant's definitive proxy statement for the 2024 annual meeting of stockholders are incorporated by reference in this Annual Report on Form 10-K in response to Part II. Item 5 and Part III. Items 10, 11, 12, 13 and 14. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and due from banks: | ||
Non-interest bearing | $ 14,945 | $ 16,068 |
Interest bearing | 573,338 | 556,579 |
Cash and cash equivalents | 588,283 | 572,647 |
Investment securities (including securities reported at fair value of $8,867,354 and $9,745,327) | 8,877,354 | 9,755,327 |
Non-marketable equity securities | 310,084 | 294,172 |
Loans | 24,633,684 | 24,885,988 |
Allowance for credit losses | (202,689) | (147,946) |
Loans, net | 24,430,995 | 24,738,042 |
Bank owned life insurance | 318,459 | 308,212 |
Operating lease equipment, net | 371,909 | 539,799 |
Goodwill | 77,637 | 77,637 |
Other assets | 786,886 | 740,876 |
Total assets | 35,761,607 | 37,026,712 |
Demand deposits: | ||
Non-interest bearing | 6,835,236 | 8,037,848 |
Interest bearing | 3,403,539 | 2,142,067 |
Savings and money market | 11,135,708 | 13,061,341 |
Time | 5,163,995 | 4,268,078 |
Total deposits | 26,538,478 | 27,509,334 |
Federal funds purchased | 0 | 190,000 |
FHLB advances | 5,115,000 | 5,420,000 |
Notes and other borrowings | 708,973 | 720,923 |
Other liabilities | 821,235 | 750,474 |
Total liabilities | 33,183,686 | 34,590,731 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common Stock, Value, Issued | 744 | 757 |
Paid-in capital | 283,642 | 321,729 |
Retained earnings | 2,650,956 | 2,551,400 |
Accumulated other comprehensive loss | (357,421) | (437,905) |
Total stockholders' equity | 2,577,921 | 2,435,981 |
Total liabilities and stockholders' equity | 35,761,607 | 37,026,712 |
Interest income on loans | ||
Cash and due from banks: | ||
Allowance for credit losses | $ (202,689) | $ (147,946) |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Investment securities recorded at fair value | $ 8,867,354 | $ 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) | 74,372,505 | 75,674,587 |
Common stock, shares outstanding (in Shares) | 74,372,505 | 75,674,587 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Loans | $ 1,318,217 | $ 934,642 | $ 800,819 |
Investment securities | 488,212 | 280,100 | 152,619 |
Other | 51,152 | 15,709 | 6,010 |
Total interest income | 1,857,581 | 1,230,451 | 959,448 |
Interest expense: | |||
Deposits | 660,305 | 179,972 | 67,596 |
Borrowings | 323,472 | 137,519 | 96,164 |
Total interest expense | 983,777 | 317,491 | 163,760 |
Net interest income before provision for credit losses | 873,804 | 912,960 | 795,688 |
Provision for (recovery of) credit losses | 87,607 | 75,154 | (67,119) |
Net interest income after provision for credit losses | 786,197 | 837,806 | 862,807 |
Non-interest income: | |||
Deposit service charges and fees | 21,682 | 23,402 | 21,685 |
Gain (loss) on sale of loans, net | (3,711) | (2,570) | 24,394 |
Gain (loss) on investment securities, net | (10,052) | (15,805) | 6,446 |
Lease financing | 45,882 | 54,111 | 53,263 |
Other non-interest income | 33,037 | 18,498 | 28,365 |
Total non-interest income | 86,838 | 77,636 | 134,153 |
Non-interest expense: | |||
Employee compensation and benefits | 280,744 | 265,548 | 243,532 |
Occupancy and equipment | 43,345 | 45,400 | 47,944 |
Deposit insurance expense | 66,747 | 17,999 | 18,695 |
Professional fees | 14,184 | 11,730 | 14,386 |
Technology | 79,984 | 77,103 | 67,500 |
Discontinuance of cash flow hedges | 0 | 0 | 44,833 |
Depreciation and impairment of operating lease equipment | 44,446 | 50,388 | 53,764 |
Other non-interest expense | 106,501 | 72,142 | 56,921 |
Total non-interest expense | 635,951 | 540,310 | 547,575 |
Income before income taxes | 237,084 | 375,132 | 449,385 |
Provision for income taxes | 58,413 | 90,161 | 34,401 |
Net income | $ 178,671 | $ 284,971 | $ 414,984 |
Earnings per common share, basic | $ 2.39 | $ 3.55 | $ 4.52 |
Earnings per common share, diluted | $ 2.38 | $ 3.54 | $ 4.52 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 178,671 | $ 284,971 | $ 414,984 |
Unrealized gains (losses) on investment securities available for sale: | |||
Net unrealized holding gain (loss) arising during the period | (104,508) | 498,864 | 54,228 |
Reclassification adjustment for net securities gains realized in income | (1,343) | (2,906) | (6,712) |
Net change in unrealized gains (losses) on securities available for sale | 103,165 | (501,770) | (60,940) |
Unrealized gains (losses) on derivative instruments: | |||
Net unrealized holding gains arising during the period | 25,966 | 79,871 | 22,207 |
Reclassification adjustment for net (gains) losses realized in income | (48,647) | (66) | 38,545 |
Reclassification adjustment for discontinuance of cash flow hedges | 0 | 0 | 33,400 |
Net change in unrealized gains (losses) on derivative instruments | (22,681) | 79,805 | 94,152 |
Other comprehensive income (loss) | 80,484 | (421,965) | 33,212 |
Comprehensive income (loss) | $ 259,155 | $ (136,994) | $ 448,196 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 178,671 | $ 284,971 | $ 414,984 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization and accretion, net | (13,309) | (7,978) | 21,205 |
Provision for (recovery of) credit losses | 87,607 | 75,154 | (67,119) |
Gain (loss) on sale of loans, net | 3,711 | 2,570 | (24,394) |
(Gain) loss on investment securities, net | 10,052 | 15,805 | (6,446) |
Share based compensation | 19,628 | 20,940 | 15,891 |
Depreciation and amortization | 74,060 | 77,623 | 78,500 |
Deferred income taxes | (46,832) | 1,437 | (9,015) |
Proceeds from sale of loans held for sale, net | 317,663 | 423,893 | 807,097 |
Other: | |||
Increase (Decrease) in Other Operating Assets | (65,003) | 230,382 | (148,806) |
Increase in other liabilities | 91,248 | 169,024 | 180,688 |
Net cash provided by operating activities | 657,496 | 1,293,821 | 1,220,175 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Purchases of investment securities | (405,480) | (2,974,352) | (5,835,143) |
Proceeds from repayments and calls of investment securities | 1,036,517 | 1,784,484 | 2,586,385 |
Proceeds from sale of investment securities | 371,777 | 798,205 | 2,286,600 |
Purchases of non-marketable equity securities | (544,887) | (471,763) | (62,137) |
Proceeds from redemption of non-marketable equity securities | 528,975 | 313,450 | 122,143 |
Purchases of loans | (493,291) | (2,283,134) | (4,843,231) |
Loan originations and repayments, net | 377,863 | 613,767 | 3,856,932 |
Proceeds from sale of loans, net | 38,765 | 88,103 | 305,929 |
Disposition (acquisition) of operating lease equipment, net | 100,328 | 52,240 | (31,419) |
Other investing activities | (29,993) | (41,400) | (23,964) |
Net cash provided by (used in) investing activities | 980,574 | (2,120,400) | (1,637,905) |
Cash flows from financing activities: | |||
Net increase (decrease) in deposits | (970,856) | (1,928,768) | 1,942,286 |
Net increase (decrease) in federal funds purchased | (190,000) | (9,000) | 19,000 |
Additions to FHLB borrowings | 3,425,000 | 4,650,000 | 946,000 |
Repayments of FHLB borrowings | (3,730,000) | (1,135,000) | (2,162,000) |
Dividends paid | (79,091) | (79,443) | (85,790) |
Repurchase of common stock | (55,154) | (401,288) | (318,499) |
Other financing activities | (22,333) | (12,132) | (6,126) |
Net cash provided by (used in) financing activities | (1,622,434) | 1,084,369 | 334,871 |
Net increase (decrease) in cash and cash equivalents | 15,636 | 257,790 | (82,859) |
Cash and cash equivalents, beginning of period | 572,647 | 314,857 | 397,716 |
Cash and cash equivalents, end of period | 588,283 | 572,647 | 314,857 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | 950,476 | 294,144 | 169,291 |
Income taxes paid (refunded), net | 48,782 | (109,069) | 248,473 |
Supplemental schedule of non-cash investing and financing activities: | |||
Transfers from loans to loans held for sale | 361,382 | 514,565 | 1,064,090 |
Asset, Held-for-Sale, Not Part of Disposal Group, Other, Current | 20,699 | 0 | 0 |
Dividends declared, not paid | 20,706 | 19,346 | 19,876 |
Unsettled securities trades, net | 0 | 0 | 22,858 |
Obligations incurred in acquisition of affordable housing limited partnerships | $ 20,000 | $ 65,000 | $ 0 |
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, 2020 | 93,067,500 | |||||||||
Balance at Dec. 31, 2020 | $ 2,983,012,000 | $ 931,000 | $ 1,017,518,000 | $ 2,013,715,000 | $ (49,152,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Comprehensive income | 448,196,000 | $ 0 | 0 | 414,984,000 | 33,212,000 | |||||
Stock Dividends, Shares | 0 | |||||||||
Dividends, Common Stock, Cash | $ (83,357,000) | $ 0 | 0 | (83,357,000) | 0 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.92 | |||||||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture and Exercises | $ 8,409,000 | $ 4,000 | 8,405,000 | 0 | 0 | |||||
Shares Issued, Shares, Share-Based Payment Arrangement, after forfeitures and exercises | 357,410 | |||||||||
Stock Repurchased During Period, Shares | (7,776,924) | |||||||||
Stock Repurchased During Period, Value | (318,499,000) | $ (79,000) | (318,420,000) | 0 | 0 | |||||
Balance (in Shares) 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 | (136,994,000) | $ 0 | 0 | 284,971,000 | (421,965,000) | |||||
Stock Dividends, Shares | 0 | |||||||||
Dividends, Common Stock, Cash | $ (78,913,000) | $ 0 | 0 | (78,913,000) | 0 | |||||
Common Stock, Dividends, Per Share, Declared | $ 1 | |||||||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | $ 15,415,000 | $ 4,000 | 15,411,000 | 0 | 0 | |||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 281,380 | |||||||||
Stock Repurchased During Period, Shares | (10,254,779) | |||||||||
Stock Repurchased During Period, Value | (401,288,000) | $ (103,000) | (401,185,000) | 0 | 0 | |||||
Balance (in Shares) 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 | 259,155,000 | $ 0 | 0 | 178,671,000 | 80,484,000 | |||||
Stock Dividends, Shares | 0 | |||||||||
Dividends, Common Stock, Cash | $ (80,451,000) | $ 0 | 0 | (80,451,000) | 0 | |||||
Common Stock, Dividends, Per Share, Declared | $ 1.08 | |||||||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | $ 17,054,000 | $ 3,000 | 17,051,000 | 0 | 0 | |||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 332,163 | |||||||||
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 Dec. 31, 2023 | 74,372,505 | |||||||||
Balance at Dec. 31, 2023 | $ 2,577,921,000 | $ 744,000 | $ 283,642,000 | $ 2,650,956,000 | $ (357,421,000) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 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 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 commercial lending and both commercial and consumer deposit services through 53 banking centers located in 12 Florida counties, four banking centers in the New York metropolitan area, and one banking center in Dallas, Texas. The Bank offers a comprehensive suite of commercial lending and deposit products through an Atlanta office focused on the Southeast region, certain commercial lending and deposit products through national platforms and certain consumer deposit products through an online channel. The consolidated financial statements have been prepared in accordance with GAAP and prevailing practices in the banking industry. 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, 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. Principles of Consolidation The consolidated financial statements include the accounts of BankUnited, Inc. and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. VIEs are consolidated if the Company is the primary beneficiary; i.e., has (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has variable interests in affordable housing limited partnerships that are not required to be consolidated because the Company is not the primary beneficiary. Fair Value Measurements Certain of the Company's assets and liabilities are reflected in the consolidated financial statements at fair value on either a recurring or non-recurring basis. Investment securities available for sale, marketable equity securities and derivative instruments are measured at fair value on a recurring basis. Assets measured at fair value or fair value less cost to sell on a non-recurring basis may include collateral dependent loans, OREO and other repossessed assets, loans held for sale, goodwill and impaired long-lived assets. These non-recurring fair value measurements typically involve lower-of-cost-or-market accounting or the measurement of impairment of certain assets. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. GAAP establishes a hierarchy that prioritizes inputs used to determine fair value measurements into three levels based on the observability and transparency of the inputs: • Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. • Level 2 inputs are observable inputs other than level 1 inputs, including quoted prices for similar assets and liabilities, quoted prices for identical assets and liabilities in less active markets and other inputs that can be corroborated by observable market data. • Level 3 inputs are unobservable inputs supported by limited or no market activity or data and inputs requiring significant management judgment or estimation. The fair value hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs in estimating fair value. Unobservable inputs are utilized in determining fair value measurements only to the extent that observable inputs are unavailable. The need to use unobservable inputs generally results from a lack of market liquidity and diminished observability of actual trades or assumptions that would otherwise be available to value a particular asset or liability. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, both interest bearing and non-interest bearing, including amounts on deposit at the Federal Reserve Bank. Cash equivalents have original maturities of three months or less. For purposes of reporting cash flows, cash receipts and payments pertaining to FHLB advances with original maturities of three months or less are reported net. Investment Securities Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Debt securities that the Company may not have the intent to hold to maturity are classified as available-for-sale at the time of acquisition and carried at fair value with unrealized gains and losses, net of tax, excluded from earnings and reported in AOCI, a separate component of stockholders' equity. Securities classified as available-for-sale may be used as part of the Company's asset/liability management strategy and may be sold in response to liquidity needs, regulatory changes, changes in interest rates, prepayment risk or other market factors. The Company does not maintain a trading portfolio. Purchase premiums and discounts on debt securities are amortized as adjustments to yield over the expected lives of the securities, using the interest method which results in a constant effective yield. Premiums are amortized to the call date for callable securities. Realized gains and losses from sales of securities are recorded on the trade date and are determined using the specific identification method. The Company's policy on the ACL related to debt securities is discussed below in the section entitled "ACL". Marketable equity securities with readily determinable fair values are reported at fair value with unrealized gains and losses included in earnings. Non-marketable Equity Securities The Bank, as a member of the FRB system and the FHLB, is required to maintain investments in the stock of the FRB and FHLB. No market exists for this stock, and the investment can be liquidated only through redemption by the respective institutions, at the discretion of and subject to conditions imposed by those institutions. The stock has no readily determinable fair value and is carried at cost. Historically, stock redemptions have been at par value, which equals the Company's carrying value. The Company monitors its investment in FRB and FHLB stock for impairment through review of recent financial results of the FHLB, including capital adequacy and liquidity position, dividend payment history, redemption history and information from credit agencies. The Company has not identified any indicators of impairment of the FRB or FHLB stock. Loans Held for Sale Loans originated or purchased with the intent to sell are carried at the lower of cost or fair value, determined in the aggregate for buyout loans. A valuation allowance is established through a charge to earnings if the aggregate fair value of such loans is lower than their cost. Gains or losses recognized upon sale are determined on the specific identification basis. Loans not originated or otherwise acquired with the intent to sell, or loans which have been originated by the Company and subsequently held for sale, are transferred into the held for sale classification at the lower of carrying amount or fair value when they are specifically identified for sale and a formal plan exists to sell them. Loans Loans are reported at amortized cost, net of the ACL. Interest income is accrued based on the principal amount outstanding. Non-refundable loan origination fees, net of direct costs of originating or acquiring loans, as well as purchase premiums and discounts, are deferred and recognized as adjustments to yield over the contractual lives of the related loans using the interest method which results in a constant effective yield. Non-accrual loans Commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Residential loans, other than government insured residential loans, are generally placed on non-accrual status when they are 60 days past due. Additionally, certain residential loans not contractually delinquent but in forbearance may be placed on non-accrual status at management's discretion. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. Payments received on non-accrual commercial loans are applied as a reduction of principal. Interest payments are recognized as income on a cash basis on non-accrual residential loans. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential loans are generally returned to accrual status when less than 60 days past due. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current. Contractually delinquent government insured residential loans are not classified as non-accrual due to the nature of the guarantee. Contractually delinquent PCD loans are not classified as non-accrual, as long as the Company has a reasonable expectation about amounts expected to be collected. Troubled Debt Restructurings Prior to the adoption of ASU 2022-02 on January 1, 2023, in certain situations, due to economic or legal reasons related to a borrower's financial difficulties, the Company may have granted a concession to the borrower for other than an insignificant period of time that it would not otherwise have considered. At that time, the related loan was classified as a TDR. The concessions granted may have included rate reductions, principal forgiveness, payment forbearance, extensions of maturity at rates of interest below that commensurate with the risk profile of the loans, modification of payment terms and other actions intended to minimize economic loss. A TDR was generally placed on non-accrual status at the time of the modification unless the borrower was performing prior to the restructuring. Section 4013 of the CARES Act, as amended by the Consolidated Appropriations Act on December 27, 2020, effectively suspended the guidance related to TDRs codified in ASC 310-40 through January 1, 2022. Pursuant to inter-agency and authoritative guidance and consistent with the CARES Act, short-term deferrals or modifications granted during the period this guidance was effective and related to COVID-19 typically were not categorized as TDRs. PCD assets PCD assets are acquired financial assets that, as of the date of acquisition, have experienced a more than insignificant deterioration in credit quality since origination. An assessment is conducted at acquisition to determine whether acquired financial assets meet the criteria to be classified as PCD assets. That assessment may be conducted at the individual asset level, or for a group of assets acquired together that have similar risk characteristics. At acquisition, the ACL related to PCD assets, representing the estimated amount of the UPB of the assets not expected to be collected, is added to the purchase price to determine the amortized cost basis and any non-credit related discount or premium is allocated to the individual assets acquired. The non-credit related discount or premium is accreted or amortized to interest income over the life of the related assets using the level yield method, as long as there is a reasonable expectation about amounts expected to be collected. Subsequent changes in the amount of expected credit losses are recognized immediately by adjusting the ACL and reflecting the periodic changes as credit loss expense or reversal of credit loss expense. Sales-type and Direct Financing Leases Sales-type and direct financing leases are carried at the aggregate of lease payments receivable and estimated residual value of the leased property, if applicable, less unearned income. Interest income is recognized over the term of the leases to achieve a constant periodic rate of return on the outstanding investment. ACL AFS Debt Securities The Company reviews its AFS debt securities for credit loss impairment at the individual security level at least quarterly. A security is impaired if its fair value is less than its amortized cost basis. A decline in fair value below amortized cost basis represents a credit loss impairment to the extent the Company does not expect to recover the amortized cost basis of the security. Impairment related to credit losses is recorded through the ACL to the extent fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through the ACL are recorded through other comprehensive income, net of tax. In assessing whether an impairment is credit loss related, the Company compares the present value of cash flows expected to be collected to the security's amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists, and an ACL is recorded. The Company discounts expected cash flows at the effective interest rate implicit in the security at the purchase date, adjusted for expected prepayments. For floating rate securities, the Company uses the floating rate as it changes over the life of the security. In developing estimates about cash flows expected to be collected and determining whether a credit loss exists, the Company considers information about past events, current conditions and reasonable and supportable forecasts. Factors and information that the Company uses in making its assessments include, but are not necessarily limited to, the following: • The extent to which fair value is less than amortized cost; • Adverse conditions specifically related to the security, an industry or sector or geographic area; • Changes in the financial condition of the issuer or underlying loan obligors; • The payment structure and remaining payment terms of the security, including levels of subordination or over-collateralization; • Failure of the issuer to make scheduled payments; • Changes in credit ratings; • Relevant market data; • Estimated prepayments, defaults, and the value and performance of underlying collateral at the individual security level. The relative importance assigned to each of these factors varies depending on the facts and circumstances pertinent to the individual security being evaluated. Timely payment of principal and interest on securities issued by the U.S. government, U.S. government agencies and U.S. government sponsored entities is explicitly or implicitly guaranteed by the U.S. government. Therefore, the Company expects to recover the amortized cost basis of these securities. If the Company intends to sell a security in an unrealized loss position, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. AFS securities will be charged off to the extent that there is no reasonable expectation of recovery of amortized cost basis. AFS securities will be placed on non-accrual status if the Company does not reasonably expect to receive interest payments in the future and interest accrued will be reversed against interest income. Securities will be returned to accrual status only when collection of interest is reasonably assured. Loans The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The ACL is adjusted through the provision for credit losses to the amount of amortized cost basis not expected to be collected, or in the case of PCD loans, the amount of UPB not expected to be collected, at the balance sheet date. Amortized cost basis includes UPB, unamortized premiums or discounts and deferred fees and costs, net of amounts previously charged off. The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the ACL in the period in which they are deemed uncollectible, and recoveries are credited to the ACL when received. Expected recoveries on loans previously charged off and expected to be charged-off, not to exceed the aggregate of amounts previously charged-off and expected to be charged-off, are included in the ACL estimate. For loans secured by residential real estate, an assessment of collateral value is made at no later than 120 days delinquency; any outstanding loan balance in excess of fair value less cost to sell is charged off at no later than 180 days delinquency. Additionally, any outstanding balance in excess of fair value of collateral less cost to sell is charged off (i) within 60 days of receipt of notification of filing from the bankruptcy court, (ii) within 60 days of determination of loss if all borrowers are deceased or (iii) within 90 days of discovery of fraudulent activity. Other consumer loans, which are not significant in the aggregate, are typically charged off at 120 days delinquency. Commercial loans are charged off when, in management's judgment, they are considered to be uncollectible. Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, industry, geography, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments. Expected prepayments for commercial loans are generally estimated based on the Company's historical experience. For residential loans, expected prepayments are estimated using a model that incorporates industry prepayment data, calibrated to reflect the Company's experience. The contractual term excludes expected extensions, renewals, and modifications unless the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. For the substantial majority of portfolio segments and subsegments, including residential loans other than government insured loans, and most commercial and commercial real estate loans, expected losses are estimated using econometric models. The models employ a factor based methodology, leveraging data sets containing extensive historical loss and recovery information by industry, geography, product type, collateral type and obligor characteristics, to estimate PD and LGD. Measures of PD for commercial loans incorporate current conditions through market cycle or credit cycle adjustments. For residential loans, the models consider FICO, adjusted LTVs and delinquency rates. PDs and LGDs are then conditioned on the reasonable and supportable economic forecast. Projected PDs and LGDs, determined based on pool level characteristics, are applied to estimated exposure at default, considering the contractual term and payment structure of loans, adjusted for expected prepayments, to generate estimates of expected loss. For criticized or classified loans, PDs are adjusted to benchmark PDs established for each risk rating given that the most current financial information available is often not reflective of the borrowers' current financial condition. The ACL estimate incorporates a reasonable and supportable economic forecast through the use of externally developed macroeconomic scenarios applied in the models. A single economic scenario or a probability weighted blend of economic scenarios may be used. The models ingest numerous national, regional and MSA level variables and data points. Commercial Real Estate Model Variables with the most significant impact on the commercial real estate model include unemployment at both national and regional levels, the CRE property forecast by property type and sub-market, 10 year treasury yield, Baa corporate yield and real GDP growth, at the national level. Increases in unemployment and yields within the commercial real estate model result in increases in the ACL. Increases in real GDP growth and improvements in the CRE property forecasts reduce the reserve. Commercial Model Variables with the most significant impact on the commercial model include a stock market volatility index, the S&P 500 index, unemployment at both national and regional levels, and a variety of interest rates and spreads. Increases in the unemployment rate, the stock market volatility index, and the Baa corporate yield increase the reserve, while increases in real GDP growth reduce the reserve. Residential Model Variables with the most significant impact on the residential model include HPI and unemployment at regional levels, real GDP growth, and a 30 year mortgage rate. Increases in the unemployment rate and the 30-year mortgage rate increase the reserve, while increases in real GDP growth and HPI reduce the reserve. The length of the reasonable and supportable forecast period is evaluated at each reporting period and adjusted if deemed necessary. Currently, the Company uses a 2-year reasonable and supportable forecast period in estimating the ACL. After the reasonable and supportable forecast period, the models effectively revert to long-term mean losses on a straight-line basis over 12 months. For certain less material portfolios including loans and leases to state and local government entities originated by Pinnacle, small balance commercial loans and consumer loans, the WARM method is used to estimate expected credit losses. Loss rates are applied to the exposure at default, after factoring in amortization and expected prepayments. For the Pinnacle portfolio, historical loss information is based on municipal historical default and recovery data, segmented by credit rating. For small balance commercial loans, historical loss information is based on the Company's historical loss experience over a five year period. For consumer loans, historical loss information is based on peer data; this portfolio subsegment is not significant. All loss estimates are conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Expected credit losses for the funded portion of mortgage warehouse lines of credit are estimated based primarily on the Company's historical loss experience, conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Generally, given the nature of these loans, losses would be expected to manifest within a very short time period after origination. The Company expects to collect the amortized cost basis of government insured residential loans due to the nature of the government guarantee, so the ACL is zero for these loans. Qualitative factors Quantitative models have certain inherent limitations with respect to estimating expected losses. These limitations may be more prevalent in times of rapidly changing or unprecedented economic conditions and forecasts. Qualitative adjustments are made to the ACL when, based on management’s judgment, there are factors impacting expected credit losses not taken into account by the quantitative calculations. Potential qualitative adjustments are categorized as follows: • Economic factors, including material uncertainties, trends and developments that, in management's judgment, may not have been considered in the reasonable and supportable economic forecast; • Credit policy and staffing, including the nature and level of policy and procedural exceptions or changes in credit policy not reflected in quantitative results, changes in the quality of underwriting and portfolio management and staff and issues identified by credit review, internal audit or regulators that may not be reflected in quantitative results; • Concentrations, considering whether the quantitative estimate adequately accounts for concentration risk in the portfolio; • Model imprecision and model validation findings; and • Other factors not adequately considered in the quantitative estimate or other qualitative categories identified by management that may materially impact the amount of expected credit losses. Collateral dependent loans Collateral dependent loans are those for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. These loans do not typically share similar risk characteristics with other loans and expected credit losses are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. Estimates of expected credit losses for collateral dependent loans, whether or not foreclosure is probable, are based on the fair value of the collateral, adjusted for selling costs when repayment depends on sale of the collateral. Due to immateriality, expected credit losses for collateral dependent commercial relationships with committed balances less than $1.0 million may be estimated collectively. Off-balance sheet credit exposures Expected credit losses related to off-balance sheet credit exposures are estimated over the contractual period for which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Expected credit losses are estimated using essentially the same methodologies employed to estimate expected credit losses on the amortized cost basis of loans, taking into consideration the likelihood and amount of additional amounts expected to be funded over the terms of the commitments. The liability for credit losses on off-balance sheet credit exposures is presented within other liabilities on the consolidated balance sheets, distinct from the ACL. Adjustments to the liability are included in the provision for credit losses. Prior to the adoption of ASU 2022-02 on January 1, 2023 For TDRs or loans for which there was a reasonable expectation that a TDR would be executed that were not collateral dependent, the credit loss estimate was determined by comparing the net present value of expected cash flows to the amortized cost basis of the loans. Expected cash flows were discounted at the loans' original effective interest rate for fixed rate loans and at the rate as it changed over the life of the loans for variable rate loans. Accrued Interest Receivable The Company has elected to present accrued interest receivable separate from the amortized cost basis of financial assets carried at amortized cost. The Company excludes accrued interest receivable balances from tabular disclosures about financial assets carried at amortized cost. The Company generally does not estimate an ACL on accrued interest receivable balances since uncollectible accrued interest is timely written off in accordance with the Company's accounting policies for non-accrual loans. Under unusual circumstances, the Company evaluates whether its non-accrual policies continue to consistently provide for timely reversal of accrued interest receivable. If considered necessary, the Company records an allowance for uncollectible accrued interest receivable, determined using essentially the same methodologies used to estimate the ACL on the amortized cost basis of the related loans. The allowance is deducted from accrued interest receivable and presented within other assets on the consolidated balance sheets, distinct from the ACL. Changes in the ACL related to accrued interest receivable are included in the provision for credit losses. Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, ROU assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. Lease payments are discounted using the Company's FHLB borrowing rate for borrowings of a similar term unless an implicit rate is defined in the contract or is determinable, which is generally not the case. Leases are classified as financing or operating leases at commencement; generally, leases are classified as finance leases when effective control of the underlying asset is transferred. The substantial majority of leases under which the Company is lessee are classified as operating leases. For operating leases, lease cost is recognized in the consolidated statements of income on a straight line basis over the lease terms. For finance leases, interest expense on lease liabilities is recognized on the effective interest method and amortization of ROU assets is recognized on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. The Company has elected not to separate lease from non-lease components of its lease contracts. Bank Owned Life Insurance Bank owned life insurance is carried at cash surrender value. Changes in cash surrender value are recorded in non-interest income. Operating Lease Equipment Operating lease equipment is carried at cost less accumulated depreciation and is depreciated to estimated residual value using the straight-line method over the lease term. Estimated residual values are re-evaluated at least annually, based primarily on current residual value appraisals. Equipment held for sale is carried at the lower of carrying amount or estimated fair value less costs to sell and is included in other assets in the accompanying consolidated balance sheets. Rental revenue is recognized on a straight-line basis over the contractual term of the lease. A review for impairment of equipment under operating lease is performed at least annually or when events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. Impairment of assets is determined by comparing the carrying amount to future undiscounted net cash flows expected to be g |
Description of New Accounting Pronouncements Not yet Adopted | 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). This ASU was issued to expand use of the proportional amortization method of accounting to equity investments in tax credit programs beyond those in LIHTC programs. The ASU allows entities to elect the proportional amortization method, on a tax-credit-program-by-tax-credit-program basis, for all equity investments in tax credit programs meeting the eligibility criteria established. This ASU is effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2023. The Company will adopt this ASU during the first quarter of 2024 and expects no material impact on the Company's consolidated financial position, results of operations, and cash flows. Currently, all of the Company's equity investments in tax credit programs are in LIHTC programs accounted for using the proportional amortization method. ASU No. 2023-07— Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU augments reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This ASU is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. This ASU will have no impact on the Company's consolidated financial position, results of operations, and cash flows. Adoption may lead to additional and revised disclosures in the Company's financial statements starting in the quarter of adoption. ASU No. 2023-09— Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU requires entities to provide more information in the annual and interim income tax disclosures, primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for the Company for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. The impact of adoption of this ASU on the Company's consolidated financial position, results of operations, and cash flows is not expected to be material. Adoption will lead to additional and revised disclosures in the Company's financial statements starting in the quarter of adoption. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 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): Years Ended December 31, c 2023 2022 2021 Basic earnings per common share: Numerator: Net income $ 178,671 $ 284,971 $ 414,984 Distributed and undistributed earnings allocated to participating securities (3,565) (5,075) (5,991) Income allocated to common stockholders for basic earnings per common share $ 175,106 $ 279,896 $ 408,993 Denominator: Weighted average common shares outstanding 74,493,898 80,032,356 91,612,243 Less average unvested stock awards (1,168,004) (1,224,568) (1,212,055) Weighted average shares for basic earnings per common share 73,325,894 78,807,788 90,400,188 Basic earnings per common share $ 2.39 $ 3.55 $ 4.52 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 175,106 $ 279,896 $ 408,993 Adjustment for earnings reallocated from participating securities (275) (626) (585) Income used in calculating diluted earnings per common share $ 174,831 $ 279,270 $ 408,408 Denominator: Weighted average shares for basic earnings per common share 73,325,894 78,807,788 90,400,188 Dilutive effect of certain share-based awards 197,441 94 134 Weighted average shares for diluted earnings per common share 73,523,335 78,807,882 90,400,322 Diluted earnings per common share $ 2.38 $ 3.54 $ 4.52 Potentially dilutive unvested shares totaling 1,738,534, 2,034,960 and 1,804,973 were outstanding at December 31, 2023, 2022 and 2021, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 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): December 31, 2023 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 139,858 $ 532 $ (9,798) $ 130,592 U.S. Government agency and sponsored enterprise residential MBS 1,962,658 1,810 (40,261) 1,924,207 U.S. Government agency and sponsored enterprise commercial MBS 561,557 107 (63,805) 497,859 Private label residential MBS and CMOs 2,596,231 268 (300,769) 2,295,730 Private label commercial MBS 2,282,833 678 (84,768) 2,198,743 Single family real estate-backed securities 383,984 — (17,729) 366,255 Collateralized loan obligations 1,122,799 735 (10,710) 1,112,824 Non-mortgage asset-backed securities 106,095 156 (3,471) 102,780 State and municipal obligations 107,176 715 (5,273) 102,618 SBA securities 106,237 41 (3,254) 103,024 9,369,428 $ 5,042 $ (539,838) 8,834,632 Investment securities held to maturity 10,000 10,000 $ 9,379,428 8,844,632 Marketable equity securities 32,722 $ 8,877,354 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 December 31, 2023 and 2022, consisted of one State of Israel bond maturing in October 2024. Accrued interest receivable on investments totaled $37 million and $34 million at December 31, 2023 and 2022, respectively, and is included in other assets in the accompanying consolidated balance sheets. At December 31, 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 $ 1,005,364 $ 967,514 Due after one year through five years 5,121,397 4,948,460 Due after five years through ten years 1,940,887 1,765,738 Due after ten years 1,301,780 1,152,920 $ 9,369,428 $ 8,834,632 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 $7.7 billion and $4.1 billion at December 31, 2023 and 2022, respectively. The following table provides information about gains and losses on investment securities for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Gross realized gains on investment securities AFS $ 1,862 $ 4,058 $ 10,005 Gross realized losses on investment securities AFS (47) (131) (995) Net realized gain 1,815 3,927 9,010 Net losses on marketable equity securities recognized in earnings (11,867) (19,732) (2,564) Gain (loss) on investment securities, net $ (10,052) $ (15,805) $ 6,446 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): December 31, 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 $ 9,941 $ (27) $ 99,769 $ (9,771) $ 109,710 $ (9,798) U.S. Government agency and sponsored enterprise residential MBS 82,382 (430) 1,646,081 (39,831) 1,728,463 (40,261) U.S. Government agency and sponsored enterprise commercial MBS 3,332 (6) 481,651 (63,799) 484,983 (63,805) Private label residential MBS and CMOs — — 2,255,461 (300,769) 2,255,461 (300,769) Private label commercial MBS 51,434 (323) 2,054,378 (84,445) 2,105,812 (84,768) Single family real estate-backed securities — — 366,255 (17,729) 366,255 (17,729) Collateralized loan obligations 184,652 (348) 880,609 (10,362) 1,065,261 (10,710) Non-mortgage asset-backed securities — — 79,697 (3,471) 79,697 (3,471) State and municipal obligations 24,765 (1,049) 32,380 (4,224) 57,145 (5,273) SBA securities 8,194 (46) 89,763 (3,208) 97,957 (3,254) $ 364,700 $ (2,229) $ 7,986,044 $ (537,609) $ 8,350,744 $ (539,838) 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 years ended December 31, 2023, 2022 and 2021. At December 31, 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 events of early 2023 impacting the banking sector 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 December 31, 2023, 558 securities available for sale were in unrealized loss positions. The amount of impairment related to 114 of these securities was considered insignificant both individually and in the aggregate, totaling approximately $1.1 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 December 31, 2023, is further discussed below. Unrealized losses were primarily attributable to a sustained higher interest rate environment. In some cases, wider spreads compared to levels at which securities were purchased. market volatility and yield curve dislocations also contributed to unrealized losses, particularly in the CLO segment. The investment securities AFS portfolio was in a net unrealized loss position of $534.8 million at December 31, 2023, compared to $674.2 million at December 31, 2022, improving by $139.4 million during the year ended December 31, 2023. While the majority of securities in the portfolio were floating rate at December 31, 2023, fixed rate securities accounted for the majority of unrealized losses. U.S. Government, U.S. Government Agency and Government Sponsored Enterprise Securities At December 31, 2023, six U.S. treasury, 130 U.S. Government agency and sponsored enterprise residential MBS, 26 U.S. Government agency and sponsored enterprise commercial MBS, and 22 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 December 31, 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 December 31, 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 December 31, 2023, 114 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, special servicing and prepay trends as well as other economic data that could be indicative of stress in the sector. Underlying delinquencies in this sector remain low. Our December 31, 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 December 31, 2023, 95% of impaired securities in this category, based on carrying value, were externally rated AAA, 4% were rated AA and 1% were rated A. Private label commercial MBS At December 31, 2023, 95 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 concentrations, collateral watch lists, bankruptcy data, defeasance data, special servicing trends, delinquency and other economic data that could be indicative of stress in the sector. We consider collateral, deal, sector and tranche level performance as well as maturity and refinance risk. While we have observed some deterioration in collateral performance in this segment, particularly in the office, retail and hospitality sectors, the high credit quality of these securities and adequacy of subordination to cover projected collateral losses supports the conclusion that there is no credit loss impairment. Our December 31, 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 December 31, 2023, 85% of impaired securities in this category, based on carrying value, were externally rated AAA, 11% were rated AA and 4% were rated A. Single family real estate-backed securities At December 31, 2023, 13 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. We consider collateral, deal, sector and tranche level performance as well as maturity and refinance risk. Our December 31, 2023 analysis projected weighted average collateral losses for this category of 8% compared to weighted average credit support of 53%. As of December 31, 2023, 57% of impaired securities in this category, based on carrying value, were externally rated AAA, 17% were rated AA and one security was not externally rated. Collateralized loan obligations At December 31, 2023, 28 collateralized loan obligations were in unrealized loss positions. Unrealized losses totaled less than 1% of total amortized cost of this segment at December 31, 2023. 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. While we have observed some deterioration in underlying collateral performance due in large part to rising costs, the high credit quality of these securities and adequacy of subordination to cover projected collateral losses supports the conclusion that there is no credit loss impairment. Our December 31, 2023 analysis projected weighted average collateral losses for impaired securities in this category of 15% compared to weighted average credit support of 45%. As of December 31, 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 December 31, 2023, six 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 December 31, 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 December 31, 2023, 38% of the impaired securities in this category, based on carrying value, were externally rated AAA, and 62% were rated AA. State and Municipal Obligations At December 31, 2023, four state and municipal obligations were in unrealized loss positions. Our analysis of potential credit loss impairment for these securities incorporates a quantitative measure of the underlying obligor's credit worthiness provided by a third-party vendor as well as other relevant qualitative considerations. As of December 31, 2023, 98% of the impaired securities in this category, based on carrying value, were externally rated AAA and 2% were rated AA. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 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): December 31, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential: 1-4 single family residential $ 6,903,013 28.0 % $ 7,128,834 28.6 % Government insured residential 1,306,014 5.3 % 1,771,880 7.1 % 8,209,027 33.3 % 8,900,714 35.7 % Commercial: Non-owner occupied commercial real estate 5,323,241 21.6 % 5,405,597 21.7 % Construction and land 495,992 2.0 % 294,360 1.2 % Owner occupied commercial real estate 1,935,743 7.9 % 1,890,813 7.6 % Commercial and industrial 6,971,981 28.3 % 6,417,721 25.9 % Pinnacle - municipal finance 884,690 3.6 % 912,122 3.7 % Franchise finance 182,408 0.7 % 253,774 1.0 % Equipment finance 197,939 0.8 % 286,147 1.1 % Mortgage warehouse lending 432,663 1.8 % 524,740 2.1 % 16,424,657 66.7 % 15,985,274 64.3 % Total loans 24,633,684 100.0 % 24,885,988 100.0 % Allowance for credit losses (202,689) (147,946) Loans, net $ 24,430,995 $ 24,738,042 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $45 million and $61 million at December 31, 2023 and 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): December 31, 2023 December 31, 2022 UPB $ 80,123 $ 96,437 Non-credit discount (35,249) (44,354) Total amortized cost of PCD loans 44,874 52,083 ACL related to PCD loans (161) (409) PCD loans, net $ 44,713 $ 51,674 During the years ended December 31, 2023, 2022 and 2021, the Company purchased residential loans totaling $493 million, $2.3 billion and $4.8 billion, respectively. At December 31, 2023 and 2022, the Company had pledged loans with a carrying value of approximately $16.5 billion and $12.4 billion, respectively, as security for FHLB advances and Federal Reserve discount window capacity. At December 31, 2023 and 2022, accrued interest receivable on loans totaled $138 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 years ended December 31, 2023, 2022 and 2021. Allowance for credit losses The ACL was determined utilizing a 2-year reasonable and supportable forecast period. The quantitative portion of the ACL at December 31, 2023, was determined using three weighted third-party provided economic scenarios. The quantitative portion of the ACL at December 31, 2022 and 2021 was determined using a single third-party provided economic scenario. Activity in the ACL is summarized below for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Residential Commercial Total Residential Commercial Total Residential Commercial Total Beginning balance $ 11,741 $ 136,205 $ 147,946 $ 9,187 $ 117,270 $ 126,457 $ 18,719 $ 238,604 $ 257,323 Impact of adoption of ASU 2022-02 (117) (1,677) (1,794) N/A N/A N/A 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 18,719 238,604 257,323 Provision (recovery) (4,002) 82,926 78,924 2,858 70,956 73,814 (9,241) (55,215) (64,456) Charge-offs — (35,014) (35,014) (412) (61,643) (62,055) (304) (70,946) (71,250) Recoveries 9 12,618 12,627 108 9,622 9,730 13 4,827 4,840 Ending balance $ 7,631 $ 195,058 $ 202,689 $ 11,741 $ 136,205 $ 147,946 $ 9,187 $ 117,270 $ 126,457 The ACL increased by $54.7 million, from 0.59% to 0.82% of total loans, at December 31, 2023, compared to December 31, 2022. The more significant factors impacting the provision for credit losses and increase in the ACL for the year ended December 31, 2023, included changes in the economic forecast, new commercial loan production, risk rating migration and an increase in certain specific reserves. The following table presents gross charge-offs during the year ended December 31, 2023, by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Total CRE $ — $ — $ — $ — $ — $ 1,228 $ — $ 1,228 C&I 2,632 12,883 43 316 7,349 2,319 997 26,539 Franchise finance — — — 1,013 2,409 3,825 — 7,247 $ 2,632 $ 12,883 $ 43 $ 1,329 $ 9,758 $ 7,372 $ 997 $ 35,014 The following table presents the components of the provision for (recovery of) credit losses for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Amount related to funded portion of loans $ 78,924 $ 73,814 $ (64,456) Amount related to off-balance sheet credit exposures 8,683 1,467 (1,235) Other — (127) (1,428) Total provision for (recovery of) credit losses $ 87,607 $ 75,154 $ (67,119) 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 third 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 (in thousands): December 31, 2023 Amortized Cost By Origination Year 2023 2022 2021 2020 2019 Prior Total Current $ 363,123 $ 1,117,039 $ 2,965,840 $ 854,376 $ 296,146 $ 1,255,688 $ 6,852,212 30 - 59 Days Past Due 2,200 1,785 7,201 5,745 — 14,527 31,458 60 - 89 Days Past Due — 2,116 1,465 — 143 2,728 6,452 90 Days or More Past Due — 5,872 — — 1,439 5,580 12,891 $ 365,323 $ 1,126,812 $ 2,974,506 $ 860,121 $ 297,728 $ 1,278,523 $ 6,903,013 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 (in thousands): December 31, 2023 Amortized Cost By Origination Year LTV 2023 2022 2021 2020 2019 Prior Total Less than 61% $ 63,117 $ 260,403 $ 1,211,101 $ 326,771 $ 72,219 $ 428,451 $ 2,362,062 61% - 70% 67,146 280,602 813,682 221,091 71,652 293,784 1,747,957 71% - 80% 235,060 583,724 915,166 312,188 148,483 519,699 2,714,320 More than 80% — 2,083 34,557 71 5,374 36,589 78,674 $ 365,323 $ 1,126,812 $ 2,974,506 $ 860,121 $ 297,728 $ 1,278,523 $ 6,903,013 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 (in thousands): December 31, 2023 Amortized Cost By Origination Year FICO 2023 2022 2021 2020 2019 Prior Total 760 or greater $ 253,774 $ 810,150 $ 2,378,572 $ 696,363 $ 203,966 $ 893,290 $ 5,236,115 720 - 759 78,882 194,135 392,179 99,412 50,984 210,663 1,026,255 719 or less or not available 32,667 122,527 203,755 64,346 42,778 174,570 640,643 $ 365,323 $ 1,126,812 $ 2,974,506 $ 860,121 $ 297,728 $ 1,278,523 $ 6,903,013 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 or not available 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, demographic trends, inflationary trends, including particularly for commercial real estate loans the cost of insurance, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values and related market dynamics. Particularly for the office sector, the evolving impact of hybrid and remote work on vacancies and valuations is a factor. 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 (in thousands): December 31, 2023 Amortized Cost By Origination Year Revolving Loans 2023 2022 2021 2020 2019 Prior Total CRE Pass $ 668,669 $ 1,268,313 $ 662,340 $ 493,675 $ 878,048 $ 1,064,601 $ 281,584 $ 5,317,230 Special mention 19,127 13,377 — — 57,984 4,912 2,152 97,552 Substandard — 42,997 2,103 29,180 186,368 142,049 1,754 404,451 Total CRE $ 687,796 $ 1,324,687 $ 664,443 $ 522,855 $ 1,122,400 $ 1,211,562 $ 285,490 $ 5,819,233 C&I Pass $ 1,382,939 $ 1,423,581 $ 653,730 $ 337,322 $ 431,257 $ 1,040,101 $ 3,069,295 $ 8,338,225 Special mention — 85,306 1,215 13,949 49,526 22,398 47,680 220,074 Substandard 3,841 70,731 86,747 16,063 20,757 91,844 44,633 334,616 Doubtful — 10,580 — — 4,229 — — 14,809 Total C&I $ 1,386,780 $ 1,590,198 $ 741,692 $ 367,334 $ 505,769 $ 1,154,343 $ 3,161,608 $ 8,907,724 Pinnacle - municipal finance Pass $ 170,919 $ 133,988 $ 74,895 $ 31,771 $ 55,338 $ 417,779 $ — $ 884,690 Total Pinnacle - municipal finance $ 170,919 $ 133,988 $ 74,895 $ 31,771 $ 55,338 $ 417,779 $ — $ 884,690 Franchise finance Pass $ 5,488 $ 26,342 $ 33,556 $ 30,542 $ 24,953 $ 25,325 $ 201 $ 146,407 Special mention — — — 2,279 — — — 2,279 Substandard — 191 976 806 17,797 9,726 — 29,496 Doubtful — — — — 4,226 — — 4,226 Total Franchise finance $ 5,488 $ 26,533 $ 34,532 $ 33,627 $ 46,976 $ 35,051 $ 201 $ 182,408 Equipment Finance Pass $ 1,081 $ 6,314 $ 40,614 $ 14,156 $ 51,191 $ 54,977 $ — $ 168,333 Substandard — 14,768 2,043 197 5,777 6,821 — 29,606 Total Equipment finance $ 1,081 $ 21,082 $ 42,657 $ 14,353 $ 56,968 $ 61,798 $ — $ 197,939 Mortgage warehouse lending Pass $ — $ — $ — $ — $ — $ — $ 432,663 $ 432,663 Total Mortgage warehouse lending $ — $ — $ — $ — $ — $ — $ 432,663 $ 432,663 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 December 31, 2023 and 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): December 31, 2023 December 31, 2022 Special mention $ 319,905 $ 51,433 Substandard - accruing 711,266 605,965 Substandard - non-accruing 86,903 75,125 Doubtful 19,035 7,990 Total $ 1,137,109 $ 740,513 Past Due and Non-Accrual Loans: The following table presents an aging of loans at the dates indicated (in thousands): December 31, 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 $ 6,852,212 $ 31,458 $ 6,452 $ 12,891 $ 6,903,013 $ 7,066,758 $ 43,016 $ 4,076 $ 14,984 $ 7,128,834 Government insured residential 835,282 131,652 61,942 277,138 1,306,014 1,025,523 159,461 94,294 492,602 1,771,880 CRE 5,779,309 27,918 1,947 10,059 5,819,233 5,680,829 4,328 4,773 10,027 5,699,957 C&I 8,851,585 16,228 5,536 34,375 8,907,724 8,280,321 2,508 1,028 24,677 8,308,534 Pinnacle - municipal finance 884,690 — — — 884,690 912,122 — — — 912,122 Franchise finance 182,408 — — — 182,408 243,574 1,321 — 8,879 253,774 Equipment finance 197,939 — — — 197,939 286,147 — — — 286,147 Mortgage warehouse lending 432,663 — — — 432,663 524,740 — — — 524,740 $ 24,016,088 $ 207,256 $ 75,877 $ 334,463 $ 24,633,684 $ 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 $39.7 million and $30.8 million at December 31, 2023 and 2022, respectively. Loans contractually delinquent by 90 days or more and still accruing totaled $278 million and $494 million at December 31, 2023 and 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): December 31, 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 $ 20,513 $ — $ 21,311 $ — CRE 13,727 1,947 22,352 6,911 C&I 68,533 14,078 47,473 15,642 Franchise finance 16,858 976 13,290 1,668 Equipment finance 6,820 6,820 — — $ 126,451 $ 23,821 $ 104,426 $ 24,221 Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $41.8 million and $40.3 million at December 31, 2023 and 2022, respectively. The amount of interest income recognized on non-accrual loans was insignificant for the years ended December 31, 2023, 2022 and 2021. 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 $7.7 million, $5.9 million and $8.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Collateral dependent loans: The following table presents the amortized cost basis of collateral dependent loans at the dates indicated (in thousands): December 31, 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 11,574 11,574 19,486 18,353 C&I 36,401 25,821 26,404 25,344 Franchise finance 16,668 11,858 11,445 3,729 Equipment finance 6,820 6,820 — — Total commercial 71,463 56,073 57,335 47,426 $ 71,463 $ 56,073 $ 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 years ended December 31, 2023 and 2022. Foreclosure of residential real estate The recorded investment in residential loans in the process of foreclosure was $262 million, of which $250 million was government insured at December 31, 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 December 31, 2023 and 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): Year Ended December 31, 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 $ 835 — % $ — — % $ — — % $ 835 Government insured residential 105 — % 62,402 5 % 2,442 — % 64,949 C&I — — % 8,532 — % — — % 8,532 Franchise finance — — % 10,748 6 % — — % 10,748 $ 940 $ 81,682 $ 2,442 $ 85,064 (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: Year Ended December 31, 2023 Financial Effect Interest Rate Reduction: 1-4 single family residential Reduced weighted average contractual interest rate from 4.3% to 3.4%. Government insured residential Reduced weighted average contractual interest rate from 4.8% to 3.8%. Term Extension: Government insured residential Added a weighted average 9.1 years to the term of the modified loans. C&I Added a weighted average 1.4 years to the term of the modified loans. Franchise finance Added a weighted average 2.1 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 5.7% to 4.7% and added a weighted average 7.8 years to the term of the modified loans. The following table presents the aging at December 31, 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 $ 76 $ — $ — $ 759 $ 835 Government insured residential 24,091 12,335 7,677 20,846 64,949 C&I 8,532 — — — 8,532 Franchise finance 10,748 — — — 10,748 $ 43,447 $ 12,335 $ 7,677 $ 21,605 $ 85,064 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): Year Ended December 31, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total 1-4 single family residential $ 759 $ — $ — $ 759 Government insured residential 105 32,994 960 34,059 $ 864 $ 32,994 $ 960 $ 34,818 The following table presents the five states with the largest geographic concentrations of 1-4 single family residential loans, excluding government insured residential loans, at the dates indicated (dollars in thousands): December 31, 2023 December 31, 2022 Total Percent of Total Total Percent of Total California $ 2,171,802 31.5 % $ 2,274,431 31.9 % New York 1,344,205 19.5 % 1,417,707 19.9 % Florida 501,744 7.3 % 521,479 7.3 % Illinois 358,512 5.2 % 360,529 5.1 % Virginia 312,384 4.5 % 314,530 4.4 % Others 2,214,366 32.0 % 2,240,158 31.4 % $ 6,903,013 100.0 % $ 7,128,834 100.0 % The following table presents the largest geographic concentrations of commercial loans at the dates indicated. Commercial real estate loans are categorized based on the location of the underlying collateral, while all other commercial loans are generally categorized based on the location of the borrowers' businesses (dollars in thousands): December 31, 2023 December 31, 2022 Commercial Real Estate Percent of Total All Other Commercial Percent of Total Commercial Real Estate Percent of Total All Other Commercial Percent of Total Florida $ 3,381,394 58.1 % $ 3,321,102 31.3 % $ 3,432,109 60.2 % $ 3,353,314 32.6 % New York Tri-state 1,430,728 24.6 % 2,901,958 27.4 % 1,535,095 26.9 % 2,781,928 27.0 % California 891,049 8.4 % 933,334 9.1 % Other 1,007,111 17.3 % 3,491,315 32.9 % 732,753 12.9 % 3,216,741 31.3 % $ 5,819,233 100.0 % $ 10,605,424 100.0 % $ 5,699,957 100.0 % $ 10,285,317 100.0 % No state other than those detailed in the table represented more than 5% of either commercial real estate or other commercial loans at either date presented. 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 December 31, 2022 and 2021 that experienced payment defaults during the periods indicated (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 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 10 $ 5,359 — $ — — $ — — $ — Government insured residential 2,589 405,096 1,190 187,708 239 45,143 84 14,317 CRE — — — — 1 2,767 — — C&I 21 39,052 4 3,703 — — — — Franchise finance 4 6,329 4 6,329 — — — — 2,624 $ 455,836 1,198 $ 197,740 240 $ 47,910 84 $ 14,317 TDRs during the years ended December 31, 2022 and 2021 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. For the year ended December 31, 2021, certain loan modifications that otherwise may have been reported as TDRs and that were within the scope of the CARES Act and interagency regulatory guidance issued in response to the COVID-19 pandemic were not reported as TDRs. |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases [Text Block] | Leases Leases under which the Company is the lessee The Company leases branches, office space and a small amount of equipment under either operating or finance leases with remaining terms ranging from one to 12 years, some of which include extension options. The following table presents ROU assets and lease liabilities at the dates indicated (in thousands): December 31, 2023 December 31, 2022 ROU assets: Operating leases $ 64,536 $ 72,211 Finance leases 21,638 23,866 $ 86,174 $ 96,077 Lease liabilities: Operating leases $ 72,391 $ 80,909 Finance leases 26,501 28,389 $ 98,892 $ 109,298 ROU assets and lease liabilities for operating leases are included in " other assets other liabilities other assets notes and other borrowings The weighted average remaining lease term and weighted average discount rate at the dates indicated were: December 31, 2023 December 31, 2022 Weighted average remaining lease term: Operating leases 5.9 years 6.6 years Finance leases 10.0 years 11.0 years Weighted average discount rate: Operating leases 3.2 % 3.1 % Finance leases 2.9 % 2.9 % The following table presents the components of lease expense for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Operating lease cost: Fixed costs $ 16,761 $ 18,364 $ 19,646 Impairment of ROU assets 76 134 183 Total operating lease cost $ 16,837 $ 18,498 $ 19,829 Finance lease cost: Amortization of ROU assets $ 2,228 $ 2,350 $ 2,903 Interest on lease liabilities 778 823 866 Total finance lease cost $ 3,006 $ 3,173 $ 3,769 Variable lease cost $ 3,440 $ 3,589 $ 4,147 Short-term lease costs were immaterial for the years ended December 31, 2023, 2022 and 2021. The following table presents additional information related to operating and finance leases for the dates and periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 778 $ 823 $ 866 Operating cash flows from operating leases 17,680 18,473 20,056 Financing cash flows from finance leases 2,666 2,652 3,215 $ 21,124 $ 21,948 $ 24,137 Lease liabilities recognized from obtaining ROU assets: Operating leases $ 6,896 $ 9,086 $ 13,325 Future lease payment obligations under leases with terms in excess of one year and a reconciliation to lease liabilities as of December 31, 2023 were as follows (in thousands): Operating Leases Finance Leases Total Years ending December 31: 2024 $ 17,261 $ 2,701 $ 19,962 2025 14,870 2,774 17,644 2026 13,530 2,849 16,379 2027 10,809 2,926 13,735 2028 8,256 3,016 11,272 Thereafter 14,843 16,431 31,274 Total future minimum lease payments 79,569 30,697 110,266 Less: interest component (7,178) (4,196) (11,374) Lease liabilities $ 72,391 $ 26,501 $ 98,892 Leases under which the Company is the lessor Direct or Sales Type Financing Leases The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets at the dates indicated (in thousands): December 31, 2023 December 31, 2022 Total minimum lease payments to be received $ 644,614 $ 684,847 Estimated unguaranteed residual value of leased assets 3,938 4,024 Gross investment in direct or sales type financing leases 648,552 688,871 Unearned income (48,403) (57,622) Initial direct costs 1,556 2,384 $ 601,705 $ 633,633 At December 31, 2023, future minimum lease payments to be received under direct or sales type financing leases were as follows (in thousands): Years Ending December 31: 2024 $ 183,861 2025 155,587 2026 100,775 2027 47,973 2028 32,552 Thereafter 123,866 $ 644,614 Operating Lease Equipment Operating lease equipment consists primarily of railcars, non-commercial aircraft and other transportation equipment leased to commercial end users. Original lease terms generally range from three to fifteen years. Asset risk is evaluated and managed by a dedicated internal staff of seasoned equipment finance professionals with a broad depth and breadth of experience in the leasing business. The Company has partnered with an industry leading, experienced service provider who provides fleet management and servicing relating to the railcar fleet. Residual risk is managed by setting appropriate residual values at inception and systematic reviews of residual values based on independent appraisals, performed at least annually. The following table presents the components of operating lease equipment at the dates indicated (in thousands): December 31, 2023 December 31, 2022 Operating lease equipment $ 582,147 $ 772,267 Less: accumulated depreciation (210,238) (232,468) Operating lease equipment, net $ 371,909 $ 539,799 The Company did not recognize any impairment during the years ended December 31, 2023 and 2022. Impairment was recognized in the amount of $2.8 million during the year ended December 31, 2021. These impairment charges are included in "depreciation and impairment of operating lease equipment" in the accompanying consolidated statements of income. At December 31, 2023, scheduled minimum rental payments under operating leases were as follows (in thousands): Years Ending December 31: 2024 $ 31,873 2025 26,854 2026 18,764 2027 15,932 2028 13,825 Thereafter 19,896 $ 127,144 The following table summarizes income recognized for operating and direct or sales type finance leases for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Location of Lease Income on Consolidated Statements of Income Operating leases $ 47,868 $ 54,111 $ 53,263 Non-interest income from lease financing Direct or sales type finance leases 15,643 17,881 18,329 Interest income on loans $ 63,511 $ 71,992 $ 71,592 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer [Abstract] | |
Deposits | Deposits The following table presents average balances and weighted average rates paid on deposits for the periods indicated (dollars in thousands): Years Ended December 31, 2023 2022 2021 Average Average Average Average Average Average Demand deposits: Non-interest bearing $ 7,091,029 — % $ 8,861,111 — % $ 8,480,964 — % Interest bearing 2,905,968 2.99 % 2,538,906 0.55 % 3,027,649 0.28 % Savings and money market 10,704,470 3.57 % 12,874,240 1.02 % 13,339,651 0.32 % Time 5,169,458 3.70 % 3,338,671 1.06 % 3,490,082 0.46 % $ 25,870,925 2.55 % $ 27,612,928 0.65 % $ 28,338,346 0.24 % Time deposit accounts with balances greater than $250,000 totaled $941 million and $730 million at December 31, 2023 and 2022, respectively. The following table presents maturities of time deposits as of December 31, 2023 (in thousands): Maturing in: 2024 $ 4,693,323 2025 147,364 2026 322,677 2027 446 2028 185 $ 5,163,995 Included in deposits at December 31, 2023, are public funds deposits of $3.1 billion and brokered deposits of $5.3 billion. Investment securities AFS with a carrying value of $794 million and a FHLB letter of credit in the amount of $900 million, were pledged as security for public funds deposits at December 31, 2023. Interest expense on deposits for the periods indicated was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Interest bearing demand $ 86,759 $ 13,919 $ 8,550 Savings and money market 382,432 130,705 43,082 Time 191,114 35,348 15,964 $ 660,305 $ 179,972 $ 67,596 Certain of our depositors participate in various customer rebate programs. During the years ended December 31, 2023, 2022 and 2021, deposit costs related to these programs totaled $44.2 million, $15.4 million and $8.1 million, respectively. These expenses are included in "other non-interest expense" in the accompanying consolidated statements of income. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Federal Home Loan Banks [Abstract] | |
Borrowings | Note 7 Borrowings The following table presents information about outstanding FHLB advances as of December 31, 2023 (dollars in thousands): Range of Interest Rates Amount Minimum Maximum Weighted Average Rate Maturing in: 2023 - One month or less $ 4,220,000 5.44 % 5.60 % 5.47 % 2023 - Over one month 895,000 5.52 % 5.60 % 5.56 % Total contractual balance outstanding $ 5,115,000 The table above reflects contractual maturities and rates of outstanding advances and does not incorporate the impact that interest rate derivatives have on the duration or cost of borrowings. The terms of the Company's security agreement with the FHLB require a specific assignment of collateral consisting of qualifying first mortgage loans, commercial real estate loans and mortgage-backed securities with unpaid principal amounts discounted at various stipulated percentages at least equal to 100% of outstanding FHLB advances. As of December 31, 2023, the Company had pledged investment securities and real estate loans with an aggregate carrying amount of approximately $14.6 billion as collateral for advances and letters of credit from the FHLB. Notes and other borrowings consisted of the following at the dates indicated (dollars in thousands): December 31, 2023 December 31, 2022 Senior notes: Principal amount of 4.875% senior notes maturing on November 17, 2025 $ 388,479 $ 400,000 Unamortized discount and debt issuance costs (1,676) (2,586) 386,803 397,414 Subordinated notes: Principal amount of 5.125% subordinated notes maturing on June 11, 2030 300,000 300,000 Unamortized discount and debt issuance costs (4,331) (4,880) 295,669 295,120 Total notes 682,472 692,534 Finance leases 26,501 28,389 Notes and other borrowings $ 708,973 $ 720,923 The senior notes pay interest semiannually and have an effective interest rate of 5.12%, after consideration of issuance discount and costs. The notes may be redeemed by the Company, in whole or in part, at any time prior to August 17, 2025 at the greater of a) 100% of the principal balance or b) the sum of the present values of the remaining scheduled payments of principal and interest on the securities discounted to the redemption date at i) the rate on a United States Treasury security with a maturity comparable to the remaining maturity of the senior notes that would be used to price new issues of corporate debt securities with a maturity comparable to the remaining maturity of the senior notes plus ii) 40 basis points. The senior notes may be redeemed at any time after August 17, 2025 at 100% of principal plus accrued and unpaid interest. The subordinated notes pay interest semiannually and have an effective interest rate of 5.39%, after consideration of issuance discount and costs. The notes may be redeemed by the Company, in whole or in part, on or after March 11, 2030 at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest, subject to the approval of the Federal Reserve. The notes qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations. At December 31, 2023, BankUnited had available borrowing capacity at the FHLB of approximately $4.6 billion and unused borrowing capacity at the FRB of approximately $7.4 billion. |
Premises and Equipment and Leas
Premises and Equipment and Lease Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises, Equipment and Software | Note 8 Premises, Equipment and Software Premises and equipment and capitalized software costs are included in other assets in the accompanying consolidated balance sheets and are summarized as follows at the dates indicated (in thousands): December 31, 2023 December 31, 2022 Buildings and improvements $ 1,019 $ 1,019 Leasehold improvements 78,811 74,607 Furniture, fixtures and equipment 34,118 34,835 Computer equipment 16,547 19,380 Software 105,593 95,491 Aircraft and automobiles 11,663 11,645 247,751 236,977 Less: accumulated depreciation (182,934) (170,707) Premises, equipment and software, net $ 64,817 $ 66,270 Depreciation and amortization expense related to premises, equipment and software was $18.7 million, $17.5 million and $16.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 Income Taxes The components of the provision for income taxes were as follows for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ 82,789 $ 76,431 $ 61,814 State 22,456 12,293 (18,398) 105,245 88,724 43,416 Deferred: Federal (38,303) (7,191) 4,348 State (8,529) 8,628 (13,363) (46,832) 1,437 (9,015) $ 58,413 $ 90,161 $ 34,401 A reconciliation of expected income tax expense at the statutory federal income tax rate of 21% to the Company's effective income tax rate for the periods indicated follows (dollars in thousands): Years Ended December 31, 2023 2022 2021 Amount Percent Amount Percent Amount Percent Tax expense calculated at the statutory federal income tax rate $ 49,788 21.00 % $ 78,778 21.00 % $ 94,371 21.00 % Increases (decreases) resulting from: Income not subject to tax (13,404) (5.65) % (10,577) (2.82) % (13,203) (2.94) % State income taxes, net of federal tax benefit 12,162 5.13 % 17,859 4.76 % 16,425 3.66 % Uncertain tax positions - lapse of statute of limitations (2,192) (0.92) % (1,093) (0.29) % (25,633) (5.70) % Uncertain tax positions - interest 10,605 4.47 % 6,348 1.69 % 7,397 1.65 % Discrete income tax benefit — — % — — % (43,950) (9.78) % Other, net 1,454 0.61 % (1,154) (0.31) % (1,006) (0.23) % $ 58,413 24.64 % $ 90,161 24.03 % $ 34,401 7.66 % During the year ended December 31, 2021, the Bank reached a settlement with the Florida Department of Revenue related to certain tax matters for the 2009-2019 tax years and recorded a tax benefit of $43.9 million, net of federal impact. The components of deferred tax assets and liabilities were as follows at the dates indicated (in thousands): December 31, 2023 December 31, 2022 Deferred tax assets: Excess of tax basis over carrying value of loans $ 5,246 $ 6,243 Allowance for credit losses 55,188 38,211 Net unrealized loss on investment securities available for sale and cash flow hedges 125,580 153,858 Capitalized costs 10,805 18,380 Lease liability 18,592 20,655 Deferred compensation 11,431 9,873 Accrued expenses 19,301 11,464 Other 29,746 34,796 Gross deferred tax assets 275,889 293,480 Deferred tax liabilities: Lease financing, due to differences in depreciation 96,225 131,018 ROU asset 31,886 31,253 Other 5,480 7,005 Gross deferred tax liabilities 133,591 169,276 Net deferred tax asset $ 142,298 $ 124,204 Based on the evaluation of available evidence, the Company has concluded that it is more likely than not that the existing deferred tax assets will be realized. The primary factors supporting this conclusion are the Company's history of reported pre-tax income and the amount of future taxable income that will result from the scheduled reversal of existing deferred tax liabilities. At December 31, 2023, remaining net operating loss and tax credit carryforwards included Florida net operating loss carryforwards in the amount of $108.6 million. Florida net operating loss carryforwards consisted of $90.9 million expiring from 2030 through 2037 and $17.7 million that can be carried forward indefinitely. The Company has investments in affordable housing limited partnerships which generate federal Low Income Housing Tax Credits and other tax benefits. The balance of these investments, included in other assets in the accompanying consolidated balance sheet, was $111 million and $100 million at December 31, 2023 and 2022, respectively. Unfunded commitments for affordable housing investments, included in other liabilities in the accompanying consolidated balance sheet, were $77 million and $62 million at December 31, 2023 and 2022, respectively. The maximum exposure to loss as a result of the Company's involvement with these limited partnerships at December 31, 2023, was approximately $164 million. While the Company believes the likelihood of potential losses from these investments is remote, the maximum exposure was determined by assuming a scenario where the projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits and full impairment of the remaining unamortized investment. These investments did not have a material impact on income tax expense for the years ended December 31, 2023, 2022 and 2021. The Company has a liability for unrecognized tax benefits relating to uncertain federal and state tax positions in several jurisdictions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits at the dates indicated follows (in thousands): December 31, 2023 December 31, 2022 December 31, 2021 Balance, beginning of period $ 369,880 $ 347,809 $ 414,203 Additions for tax positions related to the current year 2,802 3,086 2,175 Additions for tax positions related to prior periods 708 12,433 12,887 Reductions due to settlements with taxing authorities (347) — (43,782) Reductions due to lapse of the statute of limitations (1,617) (795) (30,394) 371,426 362,533 355,089 Interest and penalties 12,469 7,347 (7,280) Balance, end of period $ 383,895 $ 369,880 $ 347,809 As of December 31, 2023, 2022 and 2021, the Company had $343.8 million, $342.6 million and $329.3 million, respectively, of unrecognized federal and state tax benefits, net of federal tax benefits, that if recognized would have impacted the effective tax rate. Unrecognized tax benefits related to federal and state income tax contingencies that may decrease during the 12 months subsequent to December 31, 2023, as a result of settlements with taxing authorities range from zero to $334.7 million. Interest and penalties related to unrecognized tax benefits are included in the provision for income taxes in the consolidated statements of income. At December 31, 2023 and 2022, accrued interest and penalties included in the consolidated balance sheets, net of federal tax benefits, were $26.4 million and $16.5 million, respectively. The total amount of interest and penalties, net of federal tax benefits, recognized through income tax expense was $10.0 million, $5.9 million and $(5.7) million during the years ended December 31, 2023, 2022 and 2021, respectively. The Company and its subsidiaries file a consolidated federal income tax return as well as combined state income tax returns where combined filings are required. The federal tax returns for years 2018 through 2022, remain subject to examination in the U.S. Federal jurisdiction. State tax returns for years 2018 through 2022, remain subject to examination by certain states. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 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): December 31, 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 $ 3,215,000 $ — $ (1,048) $ 1,970,000 $ 941 $ (1,514) Interest rate caps purchased 200,000 10,157 — 200,000 15,673 — Interest rate collar 125,000 84 — 125,000 — (203) Derivatives designated as fair value hedges: Pay-fixed interest rate swaps 100,000 — — 100,000 — — $ 3,640,000 $ 10,241 $ (1,048) $ 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. 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 income or expense for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Location of gain (loss) reclassified from AOCI into income: Interest expense on borrowings $ 44,790 $ (4,224) $ (51,739) Interest expense on deposits 23,569 4,357 — Interest income on loans (2,620) (43) — $ 65,739 $ 90 $ (51,739) During the years ended December 31, 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. During the year ended December 31, 2021, derivative positions designated as cash flow hedges with a notional amount totaling $401 million were discontinued following the Company's determination that the hedged forecasted transactions were not probable of occurring. A loss of $33.4 million, net of tax, was reclassified from AOCI into earnings as a result of the discontinuance of the cash flow hedges. As of December 31, 2023, the amount of net gain expected to be reclassified from AOCI into earnings during the next twelve months was $38.4 million, based on the forward curve. See Note 11 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 all applicable periods. The following table provides information about the hedged items related to derivatives designated as fair value hedges at the date indicated (in thousands): December 31, 2023 December 31, 2022 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item (1) $ 100,000 $ 100,000 Loans Cumulative fair value hedging adjustments $ (1,656) $ (3,923) 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. The amortized cost basis of the closed portfolio used in this hedging relationship was $992 million and $1 billion, respectively, at December 31, 2023 and 2022. 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. The impact on earnings related to changes in fair value of these derivatives was $8.7 million, $4.7 million, and $6.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. 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): December 31, 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 $ 2,166,813 $ 76,793 $ (16,702) $ 1,916,719 $ 67,942 $ (2,195) Pay-variable interest rate swaps 2,166,813 16,702 (77,257) 1,916,719 2,195 (120,320) Interest rate caps purchased 65,610 1,922 — 42,920 1,988 — Interest rate caps sold 65,610 — (1,922) 42,920 — (1,988) $ 4,464,846 $ 95,417 $ (95,881) $ 3,919,278 $ 72,125 $ (124,503) (1) Fair values of these derivatives are included in other assets and other liabilities in the consolidated 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): December 31, 2023 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ 88,956 $ — $ 88,956 $ (15,154) $ (73,730) $ 72 Derivative liabilities (17,750) — (17,750) 15,154 2,596 — $ 71,206 $ — $ 71,206 $ — $ (71,134) $ 72 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. Risk Participation Agreements The Company purchases and sells credit protection under RPAs with the objective of sharing with financial institution counterparties some of the credit exposure related to interest rate derivative contracts entered into with commercial borrowers related to participations purchased or sold. The Company will make or receive payments under these agreements if a customer defaults on an obligation to perform under certain interest rate derivative contracts. At December 31, 2023 and 2022, the notional amount of the RPAs was $363 million and $202 million, respectively. The fair value of these derivatives was not material at December 31, 2023 and 2022. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 11 Stockholders’ Equity Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income are summarized as follows for the periods indicated (in thousands): Year Ended December 31, 2023 Before Tax Tax Effect Net of Tax Change in net unrealized losses on investment securities available for sale: Net unrealized holding gain (loss) arising during the period $ 141,227 $ (36,719) $ 104,508 Amounts reclassified to gain on investment securities available for sale, net (1,815) 472 (1,343) Net change in unrealized losses on investment securities available for sale 139,412 (36,247) 103,165 Change in net unrealized gain on derivative instruments: Net unrealized holding gain (loss) arising during the period 35,089 (9,123) 25,966 Amounts reclassified to interest expense on deposits (23,569) 6,128 (17,441) Amounts reclassified to interest expense on borrowings (44,790) 11,645 (33,145) Amounts reclassified to interest income on loans 2,620 (681) 1,939 Net change in unrealized gains on derivative instruments (30,650) 7,969 (22,681) Other comprehensive income $ 108,762 $ (28,278) $ 80,484 Year Ended December 31, 2022 Before Tax Tax Effect Net of Tax Change in net unrealized losses on investment securities available for sale: Net unrealized holding loss arising during the period $ (674,115) $ 175,251 $ (498,864) Amounts reclassified to gain on investment securities available for sale, net (3,927) 1,021 (2,906) Net change in unrealized losses on investment securities available for sale (678,042) 176,272 (501,770) Change in net unrealized gains on derivative instruments: Net unrealized holding gain arising during the period 107,764 (27,893) 79,871 Amounts reclassified to interest expense on deposits (4,357) 1,133 (3,224) Amounts reclassified to interest expense on borrowings 4,224 (1,098) 3,126 Amounts reclassified to interest income on loans 43 (11) 32 Net change in unrealized gains on derivative instruments 107,674 (27,869) 79,805 Other comprehensive loss $ (570,368) $ 148,403 $ (421,965) Year Ended December 31, 2021 Before Tax Tax Effect Net of Tax Change in net unrealized gains on investment securities available for sale: Net unrealized holding loss arising during the period $ (72,789) $ 18,561 $ (54,228) Amounts reclassified to gain on investment securities available for sale, net (9,010) 2,298 (6,712) Net change in unrealized gains on investment securities available for sale (81,799) 20,859 (60,940) Change in net unrealized losses on derivative instruments: Net unrealized holding gain arising during the period 29,808 (7,601) 22,207 Amounts reclassified to interest expense on borrowings 51,739 (13,194) 38,545 Reclassification adjustment for discontinuance of cash flow hedges 44,833 (11,433) 33,400 Net change in unrealized losses on derivative instruments 126,380 (32,228) 94,152 Other comprehensive income $ 44,581 $ (11,369) $ 33,212 The categories of AOCI and changes therein are presented below for the periods indicated (in thousands): Unrealized Gain (Loss) on Unrealized Gain (Loss) Total Balance at December 31, 2020 $ 63,799 $ (112,951) $ (49,152) Other comprehensive income (60,940) 94,152 33,212 Balance at December 31, 2021 2,859 (18,799) (15,940) Other comprehensive loss (501,770) 79,805 (421,965) Balance at December 31, 2022 (498,911) 61,006 (437,905) Other comprehensive income 103,165 (22,681) 80,484 Balance at December 31, 2023 $ (395,746) $ 38,325 $ (357,421) |
Equity Based Compensation
Equity Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Shareholders' Equity and Share-based Payments | Equity Based and Other Compensation Plans Description of Equity Based Compensation Plans In 2023, the Board of Directors and the Company's stockholders approved the 2023 Plan. The number of shares initially authorized for grant under the 2023 Plan was 1,900,000 shares. Shares remaining under the 2014 Plan as of the effective date of the 2023 Plan were transferred to the 2023 Plan, and are also available for issuance under the 2023 Plan. Previously, awards were administered under the 2014 Plan or the 2010 Plan. The Plans are administered by the Board of Directors or a committee thereof and provide for the grant of non-qualified stock options, SARs, restricted shares, deferred shares, performance shares, unrestricted shares and other share-based awards to selected employees, directors or independent contractors of the Company and its affiliates. As of December 31, 2023, no further awards are available for issuance under the 2010 and 2014 plans although unvested awards issued under these Plans are still outstanding . The number of shares of common stock authorized for award under the 2023 Plan, including those transferred from the 2014 Plan, is 3,766,764, of which 2,472,999 shares remain available for issuance as of December 31, 2023. Shares of common stock delivered under the plans may consist of authorized but unissued shares or previously issued shares reacquired by the Company. Unvested awards become fully vested in the event of a change in control, subject to a double trigger, as defined. Compensation Expense Related to Equity Based Awards The following table summarizes compensation cost related to equity based awards for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Compensation cost of equity based awards: RSAs $ 16,122 $ 16,203 $ 13,334 Executive share-based awards 3,351 4,239 7,942 Non-executive RSUs 5,081 4,886 2,707 Total compensation cost of equity based awards 24,554 25,328 23,983 Related tax benefits (6,384) (6,585) (6,116) Compensation cost of equity based awards, net of tax $ 18,170 $ 18,743 $ 17,867 Non-Executive Share-Based Awards RSAs RSAs are generally valued at the closing price of the Company's common stock on the date of grant. All awards vest in equal annual installments over a period of four years from the date of grant except awards granted to the Company's Board of Directors, which vest over a period of one year. Non-executive RSUs The Company issues RSUs based on results of the Company's annual incentive compensation arrangements for certain employees other than those eligible for the executive share-based awards discussed below. These incentive compensation plans provide for a combination of cash payments and RSUs following the end of each annual performance period. The dollar value of share awards to be granted is based on the achievement of performance criteria established in the incentive arrangements. The number of shares of common stock to be awarded is variable, typically based on the closing price of the Company's stock on the date of grant; therefore, these awards are initially classified as liability instruments, with compensation cost recognized from the beginning of the performance period. Awards vest in equal installments over a period of four years from the date of grant. Non-executive RSUs may be settled in shares or cash at the Company's option. To date, all such awards have been settled in shares. The non-executive RSUs do not accumulate dividends prior to vesting. A summary of activity related to non-executive share-based awards for the periods indicated follows: RSA Non-Executive RSU Number of Share Awards Weighted Average Grant Date Fair Value Number of Share Awards Weighted Average Grant Date Fair Value Unvested share awards outstanding, December 31, 2020 1,161,835 $ 33.32 — $ — Granted 571,936 42.17 — — Vested (479,790) 34.01 — — Canceled or forfeited (74,297) 35.91 — — Unvested share awards outstanding, December 31, 2021 1,179,684 37.17 — — Granted 496,361 41.75 294,331 41.87 Vested (391,693) 36.72 — — Canceled or forfeited (90,037) 39.38 (36,355) 41.87 Unvested share awards outstanding, December 31, 2022 1,194,315 39.05 257,976 41.87 Granted 509,139 33.51 378,609 35.39 Vested (542,003) 37.81 — — Canceled or forfeited (145,051) 37.92 (23,094) 35.39 Unvested share awards outstanding, December 31, 2023 1,016,400 $ 37.10 613,491 $ 38.11 The following table summarizes the closing price of the Company's stock on the date of grant for shares granted and the aggregate grant date fair value of shares vesting for the periods indicated (in thousands, except per share data): Years Ended December 31, 2023 2022 2021 Range of the closing price on date of grant $16.94 - $35.39 $39.39 - $43.67 $42.01 - $47.52 Aggregate grant date fair value of shares vesting $ 20,757 $ 14,383 $ 16,319 The total unrecognized compensation cost of $36.2 million for all RSAs and non-executive RSUs outstanding at December 31, 2023, will be recognized over a weighted average remaining period of 2.5 years. Executive share-based awards Certain of the Company's executives are eligible to receive annual awards of RSUs and PSUs (collectively, the "share units"). Annual awards of RSUs represent a fixed number of shares and vest on December 31st in equal tranches over four years for grant periods prior to 2023, and over three years for awards issued in 2023. PSUs are initially granted based on a target value. The numb er of PSUs that ultimately vest at the end of the performance measurement period will be based on the achievement of performance criteria pre-established by the Compensation Committee of the Board of Directors. Upon vesting, the share units will be converted to common stock on a one-for-one basis, or may be settled in cash at the Company's option. The share units will accumulate dividends declared on the Company's common stock from the date of grant to be paid subsequent to vesting. As a result of the majority of previous settlements being in cash, all executive RSUs and PSUs have been determined to be liability instruments and are remeasured at fair value each reporting period until the awards are settled. The RSUs are valued based on the closing price of the Company's common stock at the reporting date. The PSUs are valued based on the closing price of the Company's common stock at the reporting date net of a discount related to any applicable market conditions, considering the probability of meeting the defined performance conditions. Compensation cost related to PSUs is recognized during the performance period based on the probable outcome of the respective performance conditions. A summary of activity related to executive share-based awards for the periods indicated follows: RSU PSU Unvested executive share-based awards outstanding, December 31, 2020 156,555 179,793 Granted 63,814 63,814 Vested (100,881) — Unvested executive share-based awards outstanding, December 31, 2021 119,488 243,607 Granted 66,990 66,990 Vested (77,648) (73,062) Unvested executive share-based awards outstanding, December 31, 2022 108,830 237,535 Granted 136,778 136,778 Vested (104,976) (106,731) Unvested executive share-based awards outstanding, December 31, 2023 140,632 267,582 The total liability for these executive share-based awards was $11.0 million at December 31, 2023. The total unrecognized compensation cost of $9.1 million for unvested executive share-based awards at December 31, 2023 will be recognized over a weighted average remaining period of 1.7 years. Option Awards The Company had no option awards outstanding at December 31, 2021 or subsequent thereto. During the year ended December 31, 2021, 1,569 option awards with a weighted average exercised price of $15.94, were exercised with immaterial intrinsic value and related tax benefits. Deferred Compensation Plan The Company has a non-qualified deferred compensation plan for a group of key management or highly compensated employees whereby a participant, upon election, may defer a portion of eligible compensation. The deferred compensation plan provides for discretionary Company contributions. Generally, the Company has elected not to make contributions. The Company credits each participant's account with income based on either an annual interest rate determined by the Company's Compensation Committee or returns of selected investment portfolios, as elected by the participant. A participant's elective deferrals and interest thereon are at all times 100% vested. Company contributions and interest thereon will become 100% vested upon the earlier of a change in control, as defined, or the participant's death, disability, attainment of normal retirement age or the completion of two years of service. Participant deferrals and any associated earnings will be paid upon separation from service or based on a specified distribution schedule, as elected by the participant. Deferred compensation expense was $2.9 million, $1.4 million and $2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Deferred compensation liabilities of $43 million and $37 million were included in other liabilities in the accompanying consolidated balance sheets at December 31, 2023 and 2022, respectively. BankUnited 401(k) Plan |
Regulatory Requirements and Res
Regulatory Requirements and Restrictions | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 13 Regulatory Requirements and Restrictions The Company and the Bank are subject to various regulatory capital requirements administered by Federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated pursuant to regulation. The capital amounts and classification also are subject to qualitative judgments by the regulators about components, risk weightings and other factors. Banking regulations identify five capital categories for insured depository institutions: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. As of December 31, 2023 and 2022, all capital ratios of the Company and the Bank exceeded the "well capitalized" levels under the regulatory framework for prompt corrective action. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total, common equity tier 1 and tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of tier 1 capital to average tangible assets (leverage ratio). The following tables provide information regarding regulatory capital for the Company at the dates indicated (dollars in thousands): December 31, 2023 Actual Required to be Required to be Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio BankUnited, Inc.: Tier 1 leverage $ 2,865,758 7.93 % N/A (1) N/A (1) $ 1,446,093 4.00 % N/A (1) N/A (1) CET1 risk-based capital $ 2,865,758 11.39 % $ 1,635,794 6.50 % $ 1,132,472 4.50 % $ 1,761,624 7.00 % Tier 1 risk-based capital $ 2,865,758 11.39 % $ 2,013,284 8.00 % $ 1,509,963 6.00 % $ 2,139,115 8.50 % Total risk-based capital $ 3,366,597 13.38 % $ 2,516,605 10.00 % $ 2,013,284 8.00 % $ 2,642,436 10.50 % BankUnited: Tier 1 leverage $ 3,287,884 9.11 % $ 1,805,277 5.00 % $ 1,444,221 4.00 % N/A N/A CET1 risk-based capital $ 3,287,884 13.09 % $ 1,632,880 6.50 % $ 1,130,456 4.50 % $ 1,758,486 7.00 % Tier 1 risk-based capital $ 3,287,884 13.09 % $ 2,009,699 8.00 % $ 1,507,274 6.00 % $ 2,135,305 8.50 % Total risk-based capital $ 3,488,723 13.89 % $ 2,512,124 10.00 % $ 2,009,699 8.00 % $ 2,637,730 10.50 % December 31, 2022 Actual Required to be Required to be Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio BankUnited, Inc.: Tier 1 leverage $ 2,806,713 7.49 % N/A (1) N/A (1) $ 1,498,309 4.00 % N/A (1) N/A (1) CET1 risk-based capital $ 2,806,713 11.00 % $ 1,658,842 6.50 % $ 1,148,429 4.50 % $ 1,786,445 7.00 % Tier 1 risk-based capital $ 2,806,713 11.00 % $ 2,041,652 8.00 % $ 1,531,239 6.00 % $ 2,169,255 8.50 % Total risk-based capital $ 3,236,797 12.68 % $ 2,552,065 10.00 % $ 2,041,652 8.00 % $ 2,679,668 10.50 % BankUnited: Tier 1 leverage $ 3,148,656 8.43 % $ 1,866,432 5.00 % $ 1,493,145 4.00 % N/A N/A CET1 risk-based capital $ 3,148,656 12.40 % $ 1,650,104 6.50 % $ 1,142,380 4.50 % $ 1,777,035 7.00 % Tier 1 risk-based capital $ 3,148,656 12.40 % $ 2,030,897 8.00 % $ 1,523,173 6.00 % $ 2,157,828 8.50 % Total risk-based capital $ 3,278,740 12.92 % $ 2,538,621 10.00 % $ 2,030,897 8.00 % $ 2,665,552 10.50 % (1) There is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company. Upon the adoption of ASU 2016-13 effective January 1, 2020, the Company elected the option to temporarily delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period. BankUnited is subject to various regulatory restrictions relating to the payment of dividends, including requirements to maintain capital at or above certain minimums, and to remain "well-capitalized" under the prompt corrective action regulations. The Company does not expect that any of these laws, regulations or policies will materially affect the ability of BankUnited to pay dividends in the foreseeable future. |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following tables provide information regarding regulatory capital for the Company at the dates indicated (dollars in thousands): December 31, 2023 Actual Required to be Required to be Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio BankUnited, Inc.: Tier 1 leverage $ 2,865,758 7.93 % N/A (1) N/A (1) $ 1,446,093 4.00 % N/A (1) N/A (1) CET1 risk-based capital $ 2,865,758 11.39 % $ 1,635,794 6.50 % $ 1,132,472 4.50 % $ 1,761,624 7.00 % Tier 1 risk-based capital $ 2,865,758 11.39 % $ 2,013,284 8.00 % $ 1,509,963 6.00 % $ 2,139,115 8.50 % Total risk-based capital $ 3,366,597 13.38 % $ 2,516,605 10.00 % $ 2,013,284 8.00 % $ 2,642,436 10.50 % BankUnited: Tier 1 leverage $ 3,287,884 9.11 % $ 1,805,277 5.00 % $ 1,444,221 4.00 % N/A N/A CET1 risk-based capital $ 3,287,884 13.09 % $ 1,632,880 6.50 % $ 1,130,456 4.50 % $ 1,758,486 7.00 % Tier 1 risk-based capital $ 3,287,884 13.09 % $ 2,009,699 8.00 % $ 1,507,274 6.00 % $ 2,135,305 8.50 % Total risk-based capital $ 3,488,723 13.89 % $ 2,512,124 10.00 % $ 2,009,699 8.00 % $ 2,637,730 10.50 % December 31, 2022 Actual Required to be Required to be Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio BankUnited, Inc.: Tier 1 leverage $ 2,806,713 7.49 % N/A (1) N/A (1) $ 1,498,309 4.00 % N/A (1) N/A (1) CET1 risk-based capital $ 2,806,713 11.00 % $ 1,658,842 6.50 % $ 1,148,429 4.50 % $ 1,786,445 7.00 % Tier 1 risk-based capital $ 2,806,713 11.00 % $ 2,041,652 8.00 % $ 1,531,239 6.00 % $ 2,169,255 8.50 % Total risk-based capital $ 3,236,797 12.68 % $ 2,552,065 10.00 % $ 2,041,652 8.00 % $ 2,679,668 10.50 % BankUnited: Tier 1 leverage $ 3,148,656 8.43 % $ 1,866,432 5.00 % $ 1,493,145 4.00 % N/A N/A CET1 risk-based capital $ 3,148,656 12.40 % $ 1,650,104 6.50 % $ 1,142,380 4.50 % $ 1,777,035 7.00 % Tier 1 risk-based capital $ 3,148,656 12.40 % $ 2,030,897 8.00 % $ 1,523,173 6.00 % $ 2,157,828 8.50 % Total risk-based capital $ 3,278,740 12.92 % $ 2,538,621 10.00 % $ 2,030,897 8.00 % $ 2,665,552 10.50 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 14 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 quarterly basis. Any price evidencing unexpected quarter over quarter 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 derivatives 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): December 31, 2023 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 130,592 $ — $ 130,592 U.S. Government agency and sponsored enterprise residential MBS — 1,924,207 1,924,207 U.S. Government agency and sponsored enterprise commercial MBS — 497,859 497,859 Private label residential MBS and CMOs — 2,295,730 2,295,730 Private label commercial MBS — 2,198,743 2,198,743 Single family real estate-backed securities — 366,255 366,255 Collateralized loan obligations — 1,112,824 1,112,824 Non-mortgage asset-backed securities — 102,780 102,780 State and municipal obligations — 102,618 102,618 SBA securities — 103,024 103,024 Marketable equity securities 32,722 — 32,722 Derivative assets — 105,658 105,658 Total assets at fair value $ 163,314 $ 8,809,698 $ 8,973,012 Derivative liabilities $ — $ (96,929) $ (96,929) Total liabilities at fair value $ — $ (96,929) $ (96,929) 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): December 31, 2023 December 31, 2022 Collateral dependent loans $ 50,885 $ 31,789 OREO 29 693 $ 50,914 $ 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): December 31, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 588,283 $ 588,283 $ 572,647 $ 572,647 Investment securities 1/2 $ 8,877,354 $ 8,877,281 $ 9,755,327 $ 9,755,190 Non-marketable equity securities 2 $ 310,084 $ 310,084 $ 294,172 $ 294,172 Loans, net 3 $ 24,430,995 $ 23,075,192 $ 24,738,042 $ 23,342,950 Derivative assets 2 $ 105,658 $ 105,658 $ 88,739 $ 88,739 Liabilities: Demand, savings and money market deposits 2 $ 21,374,483 $ 21,374,483 $ 23,241,256 $ 23,241,256 Time deposits 2 $ 5,163,995 $ 5,133,119 $ 4,268,078 $ 4,231,167 Federal funds purchased 2 $ — $ — $ 190,000 $ 190,000 FHLB advances 2 $ 5,115,000 $ 5,115,637 $ 5,420,000 $ 5,419,588 Notes and other borrowings 2 $ 708,973 $ 676,077 $ 720,923 $ 698,359 Derivative liabilities 2 $ 96,929 $ 96,929 $ 126,220 $ 126,220 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 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 December 31, 2023 were as follows (in thousands): Commitments to fund loans $ 257,398 Unfunded commitments under lines of credit 4,659,184 Commercial and standby letters of credit 172,237 $ 5,088,819 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 adverse 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. |
Condensed Financial Statements
Condensed Financial Statements of BankUnited, Inc. | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Statements [Abstract] | |
Condensed Financial Statements | Note 16 Condensed Financial Statements of BankUnited, Inc. Condensed financial statements of BankUnited, Inc. are presented below (in thousands): Condensed Balance Sheets December 31, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 262,036 $ 266,282 Marketable equity securities, at fair value 32,722 90,884 Investment in BankUnited, N.A. 2,999,190 2,777,082 Other assets 7,739 39,682 Total assets $ 3,301,687 $ 3,173,930 Liabilities and Stockholders' Equity: Notes payable $ 682,472 $ 692,534 Other liabilities 41,294 45,415 Stockholders' equity 2,577,921 2,435,981 Total liabilities and stockholders' equity $ 3,301,687 $ 3,173,930 Condensed Statements of Income Years Ended December 31, 2023 2022 2021 Income: Interest and dividends on investment securities $ 3,751 $ 5,047 $ 4,958 Service fees from subsidiary 16,749 17,185 13,014 Equity in earnings of subsidiary 225,288 338,911 455,672 Loss on investment securities (11,555) (19,732) (2,530) Gain on extinguishment of debt 904 — — Total 235,137 341,411 471,114 Expense: Interest on borrowings 36,057 36,210 36,143 Employee compensation and benefits 28,271 29,189 26,730 Other 4,995 3,857 3,744 Total 69,323 69,256 66,617 Income before income taxes 165,814 272,155 404,497 Benefit for income taxes (12,857) (12,816) (10,487) Net income $ 178,671 $ 284,971 $ 414,984 Condensed Statements of Cash Flows Years Ended December 31, 2023 2022 2021 Cash flows from operating activities: Net income $ 178,671 $ 284,971 $ 414,984 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (140,288) 266,089 (143,672) Equity based compensation 26,315 25,179 23,832 Other 8,936 1,858 8,810 Net cash provided by operating activities 73,634 578,097 303,954 Cash flows from investing activities: Purchase of marketable equity securities — — (35,000) Proceeds from repayments, sale, maturities and calls of investment securities 73,962 10,000 15,728 Other (160) — (11) Net cash provided by (used in) investing activities 73,802 10,000 (19,283) Cash flows from financing activities: Dividends paid (79,091) (79,443) (85,790) Repurchase of common stock (55,154) (401,288) (318,499) Repurchase of senior notes (10,554) — — Other (6,883) (5,296) (5,931) Net cash used in financing activities (151,682) (486,027) (410,220) Net increase (decrease) in cash and cash equivalents (4,246) 102,070 (125,549) Cash and cash equivalents, beginning of period 266,282 164,212 289,761 Cash and cash equivalents, end of period $ 262,036 $ 266,282 $ 164,212 Supplemental schedule of non-cash investing and financing activities: Dividends declared, not paid $ 20,706 $ 19,346 $ 19,876 Dividends received by BankUnited, Inc. from the Bank totaled $85 million, $605 million and $312 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) Financial information by quarter for the periods indicated follows (in thousands, except per share data): 2023 Fourth Quarter Third Quarter Second Quarter First Quarter Total Interest income $ 483,205 $ 470,539 $ 463,421 $ 440,416 $ 1,857,581 Interest expense 265,995 255,697 249,543 212,542 983,777 Net interest income before provision for credit losses 217,210 214,842 213,878 227,874 873,804 Provision for credit losses 19,253 33,049 15,517 19,788 87,607 Net interest income after provision for credit losses 197,957 181,793 198,361 208,086 786,197 Non-interest income 17,092 27,724 25,487 16,535 86,838 Non-interest expense 190,863 147,090 145,218 152,780 635,951 Income before income taxes 24,186 62,427 78,630 71,841 237,084 Provision for income taxes 3,374 15,446 20,634 18,959 58,413 Net income $ 20,812 $ 46,981 $ 57,996 $ 52,882 $ 178,671 Earnings per common share, basic $ 0.27 $ 0.63 $ 0.78 $ 0.71 $ 2.39 Earnings per common share, diluted $ 0.27 $ 0.63 $ 0.78 $ 0.70 $ 2.38 2022 Fourth Quarter Third Quarter Second Quarter First Quarter Total Interest income $ 401,490 $ 326,024 $ 266,973 $ 235,964 $ 1,230,451 Interest expense 158,424 90,188 41,557 27,322 317,491 Net interest income before provision for credit losses 243,066 235,836 225,416 208,642 912,960 Provision for credit losses 39,608 3,720 23,996 7,830 75,154 Net interest income after provision for credit losses 203,458 232,116 201,420 200,812 837,806 Non-interest income 26,813 23,072 13,450 14,301 77,636 Non-interest expense 148,479 138,105 127,402 126,324 540,310 Income before income taxes 81,792 117,083 87,468 88,789 375,132 Provision for income taxes 17,585 29,233 21,704 21,639 90,161 Net income $ 64,207 $ 87,850 $ 65,764 $ 67,150 $ 284,971 Earnings per common share, basic $ 0.83 $ 1.13 $ 0.82 $ 0.79 $ 3.55 Earnings per common share, diluted $ 0.82 $ 1.12 $ 0.82 $ 0.79 $ 3.54 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net income | $ 20,812 | $ 46,981 | $ 57,996 | $ 52,882 | $ 64,207 | $ 87,850 | $ 65,764 | $ 67,150 | $ 178,671 | $ 284,971 | $ 414,984 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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, expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates. |
Consolidation, Policy | Principles of Consolidation The consolidated financial statements include the accounts of BankUnited, Inc. and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. VIEs are consolidated if the Company is the primary beneficiary; i.e., has (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has variable interests in affordable housing limited partnerships that are not required to be consolidated because the Company is not the primary beneficiary. |
Fair Value Measurement, Policy | Fair Value Measurements Certain of the Company's assets and liabilities are reflected in the consolidated financial statements at fair value on either a recurring or non-recurring basis. Investment securities available for sale, marketable equity securities and derivative instruments are measured at fair value on a recurring basis. Assets measured at fair value or fair value less cost to sell on a non-recurring basis may include collateral dependent loans, OREO and other repossessed assets, loans held for sale, goodwill and impaired long-lived assets. These non-recurring fair value measurements typically involve lower-of-cost-or-market accounting or the measurement of impairment of certain assets. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. GAAP establishes a hierarchy that prioritizes inputs used to determine fair value measurements into three levels based on the observability and transparency of the inputs: • Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. • Level 2 inputs are observable inputs other than level 1 inputs, including quoted prices for similar assets and liabilities, quoted prices for identical assets and liabilities in less active markets and other inputs that can be corroborated by observable market data. • Level 3 inputs are unobservable inputs supported by limited or no market activity or data and inputs requiring significant management judgment or estimation. The fair value hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs in estimating fair value. Unobservable inputs are utilized in determining fair value measurements only to the extent that observable inputs are unavailable. The need to use unobservable inputs generally results from a lack of market liquidity and diminished observability of actual trades or assumptions that would otherwise be available to value a particular asset or liability. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, both interest bearing and non-interest bearing, including amounts on deposit at the Federal Reserve Bank. Cash equivalents have original maturities of three months or less. For purposes of reporting cash flows, cash receipts and payments pertaining to FHLB advances with original maturities of three months or less are reported net. |
Marketable Securities, Policy | Investment Securities Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Debt securities that the Company may not have the intent to hold to maturity are classified as available-for-sale at the time of acquisition and carried at fair value with unrealized gains and losses, net of tax, excluded from earnings and reported in AOCI, a separate component of stockholders' equity. Securities classified as available-for-sale may be used as part of the Company's asset/liability management strategy and may be sold in response to liquidity needs, regulatory changes, changes in interest rates, prepayment risk or other market factors. The Company does not maintain a trading portfolio. Purchase premiums and discounts on debt securities are amortized as adjustments to yield over the expected lives of the securities, using the interest method which results in a constant effective yield. Premiums are amortized to the call date for callable securities. Realized gains and losses from sales of securities are recorded on the trade date and are determined using the specific identification method. The Company's policy on the ACL related to debt securities is discussed below in the section entitled "ACL". |
Nonmarketable Equity Securities | Non-marketable Equity Securities The Bank, as a member of the FRB system and the FHLB, is required to maintain investments in the stock of the FRB and FHLB. No market exists for this stock, and the investment can be liquidated only through redemption by the respective institutions, at the discretion of and subject to conditions imposed by those institutions. The stock has no readily determinable fair value and is carried at cost. Historically, stock redemptions have been at par value, which equals the Company's carrying value. The Company monitors its investment in FRB and FHLB stock for impairment through review of recent financial results of the FHLB, including capital adequacy and liquidity position, dividend payment history, redemption history and information from credit agencies. The Company has not identified any indicators of impairment of the FRB or FHLB stock. |
Financing Receivable, Held-for-sale | Loans Held for Sale Loans originated or purchased with the intent to sell are carried at the lower of cost or fair value, determined in the aggregate for buyout loans. A valuation allowance is established through a charge to earnings if the aggregate fair value of such loans is lower than their cost. Gains or losses recognized upon sale are determined on the specific identification basis. Loans not originated or otherwise acquired with the intent to sell, or loans which have been originated by the Company and subsequently held for sale, are transferred into the held for sale classification at the lower of carrying amount or fair value when they are specifically identified for sale and a formal plan exists to sell them. |
Financing Receivable, Held-for-investment | Loans Loans are reported at amortized cost, net of the ACL. Interest income is accrued based on the principal amount outstanding. Non-refundable loan origination fees, net of direct costs of originating or acquiring loans, as well as purchase premiums and discounts, are deferred and recognized as adjustments to yield over the contractual lives of the related loans using the interest method which results in a constant effective yield. Sales-type and Direct Financing Leases Sales-type and direct financing leases are carried at the aggregate of lease payments receivable and estimated residual value of the leased property, if applicable, less unearned income. Interest income is recognized over the term of the leases to achieve a constant periodic rate of return on the outstanding investment. |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy [Policy Text Block] | Non-accrual loans Commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Residential loans, other than government insured residential loans, are generally placed on non-accrual status when they are 60 days past due. Additionally, certain residential loans not contractually delinquent but in forbearance may be placed on non-accrual status at management's discretion. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. Payments received on non-accrual commercial loans are applied as a reduction of principal. Interest payments are recognized as income on a cash basis on non-accrual residential loans. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential loans are generally returned to accrual status when less than 60 days past due. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current. Contractually delinquent government insured residential loans are not classified as non-accrual due to the nature of the guarantee. Contractually delinquent PCD loans are not classified as non-accrual, as long as the Company has a reasonable expectation about amounts expected to be collected. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings Prior to the adoption of ASU 2022-02 on January 1, 2023, in certain situations, due to economic or legal reasons related to a borrower's financial difficulties, the Company may have granted a concession to the borrower for other than an insignificant period of time that it would not otherwise have considered. At that time, the related loan was classified as a TDR. The concessions granted may have included rate reductions, principal forgiveness, payment forbearance, extensions of maturity at rates of interest below that commensurate with the risk profile of the loans, modification of payment terms and other actions intended to minimize economic loss. A TDR was generally placed on non-accrual status at the time of the modification unless the borrower was performing prior to the restructuring. |
Purchased Credit Deteriorated [Policy Text Block] | PCD assets PCD assets are acquired financial assets that, as of the date of acquisition, have experienced a more than insignificant deterioration in credit quality since origination. An assessment is conducted at acquisition to determine whether acquired financial assets meet the criteria to be classified as PCD assets. That assessment may be conducted at the individual asset level, or for a group of assets acquired together that have similar risk characteristics. At acquisition, the ACL related to PCD assets, representing the estimated amount of the UPB of the assets not expected to be collected, is added to the purchase price to determine the amortized cost basis and any non-credit related discount or premium is allocated to the individual assets acquired. The non-credit related discount or premium is accreted or amortized to interest income over the life of the related assets using the level yield method, as long as there is a reasonable expectation about amounts expected to be collected. Subsequent changes in the amount of expected credit losses are recognized immediately by adjusting the ACL and reflecting the periodic changes as credit loss expense or reversal of credit loss expense. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | ACL AFS Debt Securities The Company reviews its AFS debt securities for credit loss impairment at the individual security level at least quarterly. A security is impaired if its fair value is less than its amortized cost basis. A decline in fair value below amortized cost basis represents a credit loss impairment to the extent the Company does not expect to recover the amortized cost basis of the security. Impairment related to credit losses is recorded through the ACL to the extent fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through the ACL are recorded through other comprehensive income, net of tax. In assessing whether an impairment is credit loss related, the Company compares the present value of cash flows expected to be collected to the security's amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists, and an ACL is recorded. The Company discounts expected cash flows at the effective interest rate implicit in the security at the purchase date, adjusted for expected prepayments. For floating rate securities, the Company uses the floating rate as it changes over the life of the security. In developing estimates about cash flows expected to be collected and determining whether a credit loss exists, the Company considers information about past events, current conditions and reasonable and supportable forecasts. Factors and information that the Company uses in making its assessments include, but are not necessarily limited to, the following: • The extent to which fair value is less than amortized cost; • Adverse conditions specifically related to the security, an industry or sector or geographic area; • Changes in the financial condition of the issuer or underlying loan obligors; • The payment structure and remaining payment terms of the security, including levels of subordination or over-collateralization; • Failure of the issuer to make scheduled payments; • Changes in credit ratings; • Relevant market data; • Estimated prepayments, defaults, and the value and performance of underlying collateral at the individual security level. The relative importance assigned to each of these factors varies depending on the facts and circumstances pertinent to the individual security being evaluated. Timely payment of principal and interest on securities issued by the U.S. government, U.S. government agencies and U.S. government sponsored entities is explicitly or implicitly guaranteed by the U.S. government. Therefore, the Company expects to recover the amortized cost basis of these securities. If the Company intends to sell a security in an unrealized loss position, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. AFS securities will be charged off to the extent that there is no reasonable expectation of recovery of amortized cost basis. AFS securities will be placed on non-accrual status if the Company does not reasonably expect to receive interest payments in the future and interest accrued will be reversed against interest income. Securities will be returned to accrual status only when collection of interest is reasonably assured. Loans The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The ACL is adjusted through the provision for credit losses to the amount of amortized cost basis not expected to be collected, or in the case of PCD loans, the amount of UPB not expected to be collected, at the balance sheet date. Amortized cost basis includes UPB, unamortized premiums or discounts and deferred fees and costs, net of amounts previously charged off. The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the ACL in the period in which they are deemed uncollectible, and recoveries are credited to the ACL when received. Expected recoveries on loans previously charged off and expected to be charged-off, not to exceed the aggregate of amounts previously charged-off and expected to be charged-off, are included in the ACL estimate. For loans secured by residential real estate, an assessment of collateral value is made at no later than 120 days delinquency; any outstanding loan balance in excess of fair value less cost to sell is charged off at no later than 180 days delinquency. Additionally, any outstanding balance in excess of fair value of collateral less cost to sell is charged off (i) within 60 days of receipt of notification of filing from the bankruptcy court, (ii) within 60 days of determination of loss if all borrowers are deceased or (iii) within 90 days of discovery of fraudulent activity. Other consumer loans, which are not significant in the aggregate, are typically charged off at 120 days delinquency. Commercial loans are charged off when, in management's judgment, they are considered to be uncollectible. Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, industry, geography, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments. Expected prepayments for commercial loans are generally estimated based on the Company's historical experience. For residential loans, expected prepayments are estimated using a model that incorporates industry prepayment data, calibrated to reflect the Company's experience. The contractual term excludes expected extensions, renewals, and modifications unless the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. For the substantial majority of portfolio segments and subsegments, including residential loans other than government insured loans, and most commercial and commercial real estate loans, expected losses are estimated using econometric models. The models employ a factor based methodology, leveraging data sets containing extensive historical loss and recovery information by industry, geography, product type, collateral type and obligor characteristics, to estimate PD and LGD. Measures of PD for commercial loans incorporate current conditions through market cycle or credit cycle adjustments. For residential loans, the models consider FICO, adjusted LTVs and delinquency rates. PDs and LGDs are then conditioned on the reasonable and supportable economic forecast. Projected PDs and LGDs, determined based on pool level characteristics, are applied to estimated exposure at default, considering the contractual term and payment structure of loans, adjusted for expected prepayments, to generate estimates of expected loss. For criticized or classified loans, PDs are adjusted to benchmark PDs established for each risk rating given that the most current financial information available is often not reflective of the borrowers' current financial condition. The ACL estimate incorporates a reasonable and supportable economic forecast through the use of externally developed macroeconomic scenarios applied in the models. A single economic scenario or a probability weighted blend of economic scenarios may be used. The models ingest numerous national, regional and MSA level variables and data points. Commercial Real Estate Model Variables with the most significant impact on the commercial real estate model include unemployment at both national and regional levels, the CRE property forecast by property type and sub-market, 10 year treasury yield, Baa corporate yield and real GDP growth, at the national level. Increases in unemployment and yields within the commercial real estate model result in increases in the ACL. Increases in real GDP growth and improvements in the CRE property forecasts reduce the reserve. Commercial Model Variables with the most significant impact on the commercial model include a stock market volatility index, the S&P 500 index, unemployment at both national and regional levels, and a variety of interest rates and spreads. Increases in the unemployment rate, the stock market volatility index, and the Baa corporate yield increase the reserve, while increases in real GDP growth reduce the reserve. Residential Model Variables with the most significant impact on the residential model include HPI and unemployment at regional levels, real GDP growth, and a 30 year mortgage rate. Increases in the unemployment rate and the 30-year mortgage rate increase the reserve, while increases in real GDP growth and HPI reduce the reserve. The length of the reasonable and supportable forecast period is evaluated at each reporting period and adjusted if deemed necessary. Currently, the Company uses a 2-year reasonable and supportable forecast period in estimating the ACL. After the reasonable and supportable forecast period, the models effectively revert to long-term mean losses on a straight-line basis over 12 months. For certain less material portfolios including loans and leases to state and local government entities originated by Pinnacle, small balance commercial loans and consumer loans, the WARM method is used to estimate expected credit losses. Loss rates are applied to the exposure at default, after factoring in amortization and expected prepayments. For the Pinnacle portfolio, historical loss information is based on municipal historical default and recovery data, segmented by credit rating. For small balance commercial loans, historical loss information is based on the Company's historical loss experience over a five year period. For consumer loans, historical loss information is based on peer data; this portfolio subsegment is not significant. All loss estimates are conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Expected credit losses for the funded portion of mortgage warehouse lines of credit are estimated based primarily on the Company's historical loss experience, conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Generally, given the nature of these loans, losses would be expected to manifest within a very short time period after origination. The Company expects to collect the amortized cost basis of government insured residential loans due to the nature of the government guarantee, so the ACL is zero for these loans. Qualitative factors Quantitative models have certain inherent limitations with respect to estimating expected losses. These limitations may be more prevalent in times of rapidly changing or unprecedented economic conditions and forecasts. Qualitative adjustments are made to the ACL when, based on management’s judgment, there are factors impacting expected credit losses not taken into account by the quantitative calculations. Potential qualitative adjustments are categorized as follows: • Economic factors, including material uncertainties, trends and developments that, in management's judgment, may not have been considered in the reasonable and supportable economic forecast; • Credit policy and staffing, including the nature and level of policy and procedural exceptions or changes in credit policy not reflected in quantitative results, changes in the quality of underwriting and portfolio management and staff and issues identified by credit review, internal audit or regulators that may not be reflected in quantitative results; • Concentrations, considering whether the quantitative estimate adequately accounts for concentration risk in the portfolio; • Model imprecision and model validation findings; and • Other factors not adequately considered in the quantitative estimate or other qualitative categories identified by management that may materially impact the amount of expected credit losses. Collateral dependent loans Collateral dependent loans are those for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. These loans do not typically share similar risk characteristics with other loans and expected credit losses are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. Estimates of expected credit losses for collateral dependent loans, whether or not foreclosure is probable, are based on the fair value of the collateral, adjusted for selling costs when repayment depends on sale of the collateral. Due to immateriality, expected credit losses for collateral dependent commercial relationships with committed balances less than $1.0 million may be estimated collectively. Off-balance sheet credit exposures Expected credit losses related to off-balance sheet credit exposures are estimated over the contractual period for which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Expected credit losses are estimated using essentially the same methodologies employed to estimate expected credit losses on the amortized cost basis of loans, taking into consideration the likelihood and amount of additional amounts expected to be funded over the terms of the commitments. The liability for credit losses on off-balance sheet credit exposures is presented within other liabilities on the consolidated balance sheets, distinct from the ACL. Adjustments to the liability are included in the provision for credit losses. Prior to the adoption of ASU 2022-02 on January 1, 2023 For TDRs or loans for which there was a reasonable expectation that a TDR would be executed that were not collateral dependent, the credit loss estimate was determined by comparing the net present value of expected cash flows to the amortized cost basis of the loans. Expected cash flows were discounted at the loans' original effective interest rate for fixed rate loans and at the rate as it changed over the life of the loans for variable rate loans. |
Accrued Interest Receivable [Policy Text Block] | Accrued Interest Receivable The Company has elected to present accrued interest receivable separate from the amortized cost basis of financial assets carried at amortized cost. The Company excludes accrued interest receivable balances from tabular disclosures about financial assets carried at amortized cost. The Company generally does not estimate an ACL on accrued interest receivable balances since uncollectible accrued interest is timely written off in accordance with the Company's accounting policies for non-accrual loans. Under unusual circumstances, the Company evaluates whether its non-accrual policies continue to consistently provide for timely reversal of accrued interest receivable. If considered necessary, the Company records an allowance for uncollectible accrued interest receivable, determined using essentially the same methodologies used to estimate the ACL on the amortized cost basis of the related loans. The allowance is deducted from accrued interest receivable and presented within other assets on the consolidated balance sheets, distinct from the ACL. Changes in the ACL related to accrued interest receivable are included in the provision for credit losses. |
Leases, Policy | Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, ROU assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. Lease payments are discounted using the Company's FHLB borrowing rate for borrowings of a similar term unless an implicit rate is defined in the contract or is determinable, which is generally not the case. Leases are classified as financing or operating leases at commencement; generally, leases are classified as finance leases when effective control of the underlying asset is transferred. The substantial majority of leases under which the Company is lessee are classified as operating leases. For operating leases, lease cost is recognized in the consolidated statements of income on a straight line basis over the lease terms. For finance leases, interest expense on lease liabilities is recognized on the effective interest method and amortization of ROU assets is recognized on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. The Company has elected not to separate lease from non-lease components of its lease contracts. |
Bank Owned Life Insurance | Bank Owned Life Insurance Bank owned life insurance is carried at cash surrender value. Changes in cash surrender value are recorded in non-interest income. |
Lessor, Leases | Operating Lease Equipment Operating lease equipment is carried at cost less accumulated depreciation and is depreciated to estimated residual value using the straight-line method over the lease term. Estimated residual values are re-evaluated at least annually, based primarily on current residual value appraisals. Equipment held for sale is carried at the lower of carrying amount or estimated fair value less costs to sell and is included in other assets in the accompanying consolidated balance sheets. Rental revenue is recognized on a straight-line basis over the contractual term of the lease. A review for impairment of equipment under operating lease is performed at least annually or when events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. Impairment of assets is determined by comparing the carrying amount to future undiscounted net cash flows expected to be generated. If an asset is impaired, the measure of impairment is the amount by which the carrying amount exceeds the fair value of the asset. |
Goodwill and Intangible Assets, Policy | Goodwill Goodwill represents the excess of consideration transferred in business combinations over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but is tested for impairment annually or more frequently if events or circumstances indicate that impairment may have occurred. The Company typically performs its annual goodwill impairment test in the third fiscal quarter. The Company has a single reporting unit. When assessing goodwill for impairment, the Company may elect to perform a qualitative assessment to determine if a quantitative impairment test is necessary. If a qualitative assessment is not performed, or if the qualitative assessment indicates it is likely that the fair value of a reporting unit is less than its carrying amount, a quantitative test is performed. The quantitative impairment test compares the estimated fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit exceeds its carrying amount, no impairment is indicated. If the fair value of the reporting unit is less than its carrying amount, impairment of goodwill is measured as the excess of the carrying amount over fair value. |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | OREO and Repossessed Assets OREO and repossessed assets consists of real estate assets acquired through, or in lieu of, loan foreclosure and personal property acquired through repossession. Such assets are included in other assets in the accompanying consolidated balance sheets. These assets are held for sale and are initially recorded at estimated fair value less costs to sell, establishing a new cost basis. Subsequent to acquisition, periodic valuations are performed, and the assets are carried at the lower of the carrying amount at the date of acquisition or estimated fair value less cost to sell. Significant property improvements are capitalized to the extent that the resulting carrying value does not exceed fair value less cost to sell. Legal fees, maintenance, taxes, insurance and other direct costs of holding and maintaining these assets are expensed as incurred. |
Software and CCA | Software Capitalized software, stated at cost less accumulated depreciation and amortization, includes CCA and capitalizable implementation costs associated with hosting arrangements. Capitalized software is included in other assets in the accompanying consolidated balance sheets. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets, which for CCA is based on the term of the associated hosting arrangements plus any reasonably certain renewals. Direct costs associated with developing or obtaining and implementing internal use software and hosting arrangements that are service contracts incurred during the application development stage are capitalized. The estimated useful lives of software, software licensing rights and CCA implementation costs range from 3 to 5 years. |
Investments in Affordable Housing Limited Partnerships | Investments in Affordable Housing Limited Partnerships The Company has acquired investments in limited partnerships that manage or invest in qualified affordable housing projects and provide the Company with low-income housing tax credits and other tax benefits. These investments are included in other assets in the accompanying consolidated balance sheets. The Company accounts for investments in qualified affordable housing projects using the proportional amortization method if certain criteria are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the amortization is recognized in the income statement as a component of income tax expense. |
Income Tax, Policy | Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for periods in which the differences are expected to reverse. The effect of changes in tax rates on deferred tax assets and liabilities are recognized in income in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. In making such determinations, the Company considers all available positive and negative evidence that may impact the realization of deferred tax assets. These considerations include the amount of taxable income generated in statutory carryback periods, future reversals of existing taxable temporary differences, projected future taxable income and available tax planning strategies. The Company recognizes tax benefits from uncertain tax positions when it is more likely than not that the related tax positions will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the tax positions. An uncertain tax position is a position taken in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law. The Company measures tax benefits related to uncertain tax positions based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. If the initial assessment fails to result in recognition of a tax benefit, the Company subsequently recognizes a tax benefit if: (i) there are changes in tax law or case law that raise the likelihood of prevailing on the technical merits of the position to more-likely-than-not, (ii) the statute of limitations expires, or (iii) there is a completion of an examination resulting in a settlement of that tax year or position with the appropriate agency. The Company recognizes interest and penalties related to uncertain tax positions, as well as interest income or expense related to tax settlements, in the provision for income taxes. |
Share-based Payment Arrangement | Equity Based Compensation The Company periodically grants unvested or restricted shares of common stock and other share-based awards to key employees. For equity classified awards, compensation cost is measured based on the estimated fair value of the awards at the grant date and is recognized in earnings on a straight-line basis over the requisite service period for each award. Liability-classified awards are remeasured each reporting period at fair value until the award is settled, and compensation cost is recognized in earnings on a straight-line basis over the requisite service period for each award, adjusted for changes in fair value each reporting period. Compensation cost related to awards that embody performance conditions is recognized when it is probable that the performance conditions will be achieved. The number of awards expected to vest is estimated in determining the amount of compensation cost to be recognized related to share-based payment transactions. |
Derivatives, Policy | Derivative Financial Instruments and Hedging Activities Interest rate derivative contracts The Company uses interest rate derivative contracts, such as swaps, caps, floors and collars, in the normal course of business to meet the financial needs of its customers and to manage exposure to changes in interest rates. Interest rate contracts are recorded as assets or liabilities in the consolidated balance sheets at fair value. Interest rate derivatives that are used as a risk management tool to hedge the Company's exposure to changes in interest rates have been designated as cash flow or fair value hedging instruments. The gain or loss resulting from changes in the fair value of interest rate derivatives designated and qualifying as cash flow hedging instruments is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period in which the hedged transaction affects earnings. Changes in the fair value of interest rate derivatives designated as fair value hedging instruments as well as the offsetting changes in the fair value of the hedged items caused by fluctuations in the designated benchmark interest rates are recognized in earnings. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows or fair value of the hedged item, the derivative expires or is sold, terminated, or exercised, management determines that the designation of the derivative as a hedging instrument is no longer appropriate or, for a cash flow hedge, the occurrence of the forecasted transaction is no longer probable. When hedge accounting on a cash flow hedge is discontinued, any subsequent changes in fair value of the derivative are recognized in earnings. The cumulative unrealized gain or loss related to a discontinued cash flow hedge continues to be reported in AOCI and is subsequently reclassified into earnings in the same period in which the hedged transaction affects earnings, unless it is probable that the forecasted transaction will not occur by the end of the originally specified time period, in which case the cumulative unrealized gain or loss reported in AOCI is reclassified into earnings immediately. When hedge accounting on a fair value hedge is discontinued, adjustments to the carrying amount of the hedged item due to changes in fair value are also discontinued. Cash flows from derivative financial instruments that are accounted for as hedges, including daily settlements of centrally cleared derivatives with the CME, are classified as operating cash flows. Changes in the fair value of interest rate contracts not designated as, or not qualifying as, hedging instruments are recognized currently in earnings. |
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. A gain or loss is recognized in earnings upon completion of the sale based on the difference between the sales proceeds and the carrying value of the assets. Control over the transferred assets is deemed to have been surrendered when: (i) the assets have been legally isolated from the Company, (ii) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Earnings Per Share, Policy | Earnings per Common Share Basic earnings per common share is calculated by dividing income allocated to common stockholders for basic earnings per common share by the weighted average number of common shares outstanding for the period, reduced by average unvested stock awards. Unvested stock awards with non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities and are included in the computation of basic earnings per common share using the two class method whereby net income is allocated between common stock and participating securities. In periods of a net loss, no allocation is made to participating securities as they are not contractually required to fund net losses. Diluted earnings per common share is computed by dividing income allocated to common stockholders for basic earnings per common share, adjusted for earnings reallocated from participating securities, by the weighted average number of common shares outstanding for the period increased for the dilutive effect of unexercised stock options and unvested stock awards using the treasury stock method. Contingently issuable shares are included in the calculation of earnings per common share beginning on the date the contingency was resolved. |
Revenue | Revenue From Contracts with Customers Revenue from contracts with customers within the scope of Topic 606 " Revenue from Contracts with Customers ", is recognized in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services as the related performance obligations are satisfied. The majority of our revenues, including revenues from loans, leases, investment securities, derivative instruments and letters of credit and from transfers and servicing of financial assets, are excluded from the scope of Topic 606. Deposit service charges and fees is the most significant category of revenue within the scope of the standard. These service charges and fees consist primarily of monthly maintenance fees and other transaction based fees. Revenue is recognized when our performance obligations are complete, generally monthly for account maintenance fees or when a transaction, such as a wire transfer, is completed. Payment is typically received at the time the performance obligation is satisfied. The aggregate amount of revenue that is within the scope of Topic 606 from sources other than deposit service charges and fees is not material. Reclassifications Certain amounts presented for prior periods have been reclassified to conform to the current period presented. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Adopted in 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 in the form of an interest rate reduction, an other-than-insignificant payment delay, a term extension, principal forgiveness or a combination thereof. The ASU also 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. Additional and modified disclosures required by this ASU are included in the Notes to these Consolidated Financial Statements. |
Property, Plant and Equipment, Impairment | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation and amortization and are included in other assets in the accompanying consolidated balance sheets. The Company measures assets held for sale at the lower of carrying amount or estimated fair value. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The lives of improvements to existing buildings are based on the lesser of the estimated remaining lives of the buildings or the estimated useful lives of the improvements. Leasehold improvements are amortized over the shorter of the expected terms of the leases at inception, considering options to extend that are reasonably assured, or their useful lives. The estimated useful lives of premises and equipment are as follows: • buildings and improvements - 10 to 30 years; • leasehold improvements - 3 to 20 years; • aircraft and automobiles - 5 to 15 years; • furniture, fixtures and equipment - 5 to 7 years; and • computer equipment - 3 to 5 years. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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): Years Ended December 31, c 2023 2022 2021 Basic earnings per common share: Numerator: Net income $ 178,671 $ 284,971 $ 414,984 Distributed and undistributed earnings allocated to participating securities (3,565) (5,075) (5,991) Income allocated to common stockholders for basic earnings per common share $ 175,106 $ 279,896 $ 408,993 Denominator: Weighted average common shares outstanding 74,493,898 80,032,356 91,612,243 Less average unvested stock awards (1,168,004) (1,224,568) (1,212,055) Weighted average shares for basic earnings per common share 73,325,894 78,807,788 90,400,188 Basic earnings per common share $ 2.39 $ 3.55 $ 4.52 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 175,106 $ 279,896 $ 408,993 Adjustment for earnings reallocated from participating securities (275) (626) (585) Income used in calculating diluted earnings per common share $ 174,831 $ 279,270 $ 408,408 Denominator: Weighted average shares for basic earnings per common share 73,325,894 78,807,788 90,400,188 Dilutive effect of certain share-based awards 197,441 94 134 Weighted average shares for diluted earnings per common share 73,523,335 78,807,882 90,400,322 Diluted earnings per common share $ 2.38 $ 3.54 $ 4.52 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2023 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 139,858 $ 532 $ (9,798) $ 130,592 U.S. Government agency and sponsored enterprise residential MBS 1,962,658 1,810 (40,261) 1,924,207 U.S. Government agency and sponsored enterprise commercial MBS 561,557 107 (63,805) 497,859 Private label residential MBS and CMOs 2,596,231 268 (300,769) 2,295,730 Private label commercial MBS 2,282,833 678 (84,768) 2,198,743 Single family real estate-backed securities 383,984 — (17,729) 366,255 Collateralized loan obligations 1,122,799 735 (10,710) 1,112,824 Non-mortgage asset-backed securities 106,095 156 (3,471) 102,780 State and municipal obligations 107,176 715 (5,273) 102,618 SBA securities 106,237 41 (3,254) 103,024 9,369,428 $ 5,042 $ (539,838) 8,834,632 Investment securities held to maturity 10,000 10,000 $ 9,379,428 8,844,632 Marketable equity securities 32,722 $ 8,877,354 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 December 31, 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 $ 1,005,364 $ 967,514 Due after one year through five years 5,121,397 4,948,460 Due after five years through ten years 1,940,887 1,765,738 Due after ten years 1,301,780 1,152,920 $ 9,369,428 $ 8,834,632 |
Gain on Investment Securities, net | The following table provides information about gains and losses on investment securities for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Gross realized gains on investment securities AFS $ 1,862 $ 4,058 $ 10,005 Gross realized losses on investment securities AFS (47) (131) (995) Net realized gain 1,815 3,927 9,010 Net losses on marketable equity securities recognized in earnings (11,867) (19,732) (2,564) Gain (loss) on investment securities, net $ (10,052) $ (15,805) $ 6,446 |
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): December 31, 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 $ 9,941 $ (27) $ 99,769 $ (9,771) $ 109,710 $ (9,798) U.S. Government agency and sponsored enterprise residential MBS 82,382 (430) 1,646,081 (39,831) 1,728,463 (40,261) U.S. Government agency and sponsored enterprise commercial MBS 3,332 (6) 481,651 (63,799) 484,983 (63,805) Private label residential MBS and CMOs — — 2,255,461 (300,769) 2,255,461 (300,769) Private label commercial MBS 51,434 (323) 2,054,378 (84,445) 2,105,812 (84,768) Single family real estate-backed securities — — 366,255 (17,729) 366,255 (17,729) Collateralized loan obligations 184,652 (348) 880,609 (10,362) 1,065,261 (10,710) Non-mortgage asset-backed securities — — 79,697 (3,471) 79,697 (3,471) State and municipal obligations 24,765 (1,049) 32,380 (4,224) 57,145 (5,273) SBA securities 8,194 (46) 89,763 (3,208) 97,957 (3,254) $ 364,700 $ (2,229) $ 7,986,044 $ (537,609) $ 8,350,744 $ (539,838) 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) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans consisted of the following at the dates indicated (dollars in thousands): December 31, 2023 December 31, 2022 Total Percent of Total Total Percent of Total Residential: 1-4 single family residential $ 6,903,013 28.0 % $ 7,128,834 28.6 % Government insured residential 1,306,014 5.3 % 1,771,880 7.1 % 8,209,027 33.3 % 8,900,714 35.7 % Commercial: Non-owner occupied commercial real estate 5,323,241 21.6 % 5,405,597 21.7 % Construction and land 495,992 2.0 % 294,360 1.2 % Owner occupied commercial real estate 1,935,743 7.9 % 1,890,813 7.6 % Commercial and industrial 6,971,981 28.3 % 6,417,721 25.9 % Pinnacle - municipal finance 884,690 3.6 % 912,122 3.7 % Franchise finance 182,408 0.7 % 253,774 1.0 % Equipment finance 197,939 0.8 % 286,147 1.1 % Mortgage warehouse lending 432,663 1.8 % 524,740 2.1 % 16,424,657 66.7 % 15,985,274 64.3 % Total loans 24,633,684 100.0 % 24,885,988 100.0 % Allowance for credit losses (202,689) (147,946) Loans, net $ 24,430,995 $ 24,738,042 |
Allowance for Credit Losses on Financing Receivables | The ACL was determined utilizing a 2-year reasonable and supportable forecast period. The quantitative portion of the ACL at December 31, 2023, was determined using three weighted third-party provided economic scenarios. The quantitative portion of the ACL at December 31, 2022 and 2021 was determined using a single third-party provided economic scenario. Activity in the ACL is summarized below for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Residential Commercial Total Residential Commercial Total Residential Commercial Total Beginning balance $ 11,741 $ 136,205 $ 147,946 $ 9,187 $ 117,270 $ 126,457 $ 18,719 $ 238,604 $ 257,323 Impact of adoption of ASU 2022-02 (117) (1,677) (1,794) N/A N/A N/A 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 18,719 238,604 257,323 Provision (recovery) (4,002) 82,926 78,924 2,858 70,956 73,814 (9,241) (55,215) (64,456) Charge-offs — (35,014) (35,014) (412) (61,643) (62,055) (304) (70,946) (71,250) Recoveries 9 12,618 12,627 108 9,622 9,730 13 4,827 4,840 Ending balance $ 7,631 $ 195,058 $ 202,689 $ 11,741 $ 136,205 $ 147,946 $ 9,187 $ 117,270 $ 126,457 The following table presents the components of the provision for (recovery of) credit losses for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Amount related to funded portion of loans $ 78,924 $ 73,814 $ (64,456) Amount related to off-balance sheet credit exposures 8,683 1,467 (1,235) Other — (127) (1,428) Total provision for (recovery of) credit losses $ 87,607 $ 75,154 $ (67,119) |
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 third 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 (in thousands): December 31, 2023 Amortized Cost By Origination Year 2023 2022 2021 2020 2019 Prior Total Current $ 363,123 $ 1,117,039 $ 2,965,840 $ 854,376 $ 296,146 $ 1,255,688 $ 6,852,212 30 - 59 Days Past Due 2,200 1,785 7,201 5,745 — 14,527 31,458 60 - 89 Days Past Due — 2,116 1,465 — 143 2,728 6,452 90 Days or More Past Due — 5,872 — — 1,439 5,580 12,891 $ 365,323 $ 1,126,812 $ 2,974,506 $ 860,121 $ 297,728 $ 1,278,523 $ 6,903,013 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 (in thousands): December 31, 2023 Amortized Cost By Origination Year LTV 2023 2022 2021 2020 2019 Prior Total Less than 61% $ 63,117 $ 260,403 $ 1,211,101 $ 326,771 $ 72,219 $ 428,451 $ 2,362,062 61% - 70% 67,146 280,602 813,682 221,091 71,652 293,784 1,747,957 71% - 80% 235,060 583,724 915,166 312,188 148,483 519,699 2,714,320 More than 80% — 2,083 34,557 71 5,374 36,589 78,674 $ 365,323 $ 1,126,812 $ 2,974,506 $ 860,121 $ 297,728 $ 1,278,523 $ 6,903,013 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 (in thousands): December 31, 2023 Amortized Cost By Origination Year FICO 2023 2022 2021 2020 2019 Prior Total 760 or greater $ 253,774 $ 810,150 $ 2,378,572 $ 696,363 $ 203,966 $ 893,290 $ 5,236,115 720 - 759 78,882 194,135 392,179 99,412 50,984 210,663 1,026,255 719 or less or not available 32,667 122,527 203,755 64,346 42,778 174,570 640,643 $ 365,323 $ 1,126,812 $ 2,974,506 $ 860,121 $ 297,728 $ 1,278,523 $ 6,903,013 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 or not available 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, demographic trends, inflationary trends, including particularly for commercial real estate loans the cost of insurance, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values and related market dynamics. Particularly for the office sector, the evolving impact of hybrid and remote work on vacancies and valuations is a factor. 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 (in thousands): December 31, 2023 Amortized Cost By Origination Year Revolving Loans 2023 2022 2021 2020 2019 Prior Total CRE Pass $ 668,669 $ 1,268,313 $ 662,340 $ 493,675 $ 878,048 $ 1,064,601 $ 281,584 $ 5,317,230 Special mention 19,127 13,377 — — 57,984 4,912 2,152 97,552 Substandard — 42,997 2,103 29,180 186,368 142,049 1,754 404,451 Total CRE $ 687,796 $ 1,324,687 $ 664,443 $ 522,855 $ 1,122,400 $ 1,211,562 $ 285,490 $ 5,819,233 C&I Pass $ 1,382,939 $ 1,423,581 $ 653,730 $ 337,322 $ 431,257 $ 1,040,101 $ 3,069,295 $ 8,338,225 Special mention — 85,306 1,215 13,949 49,526 22,398 47,680 220,074 Substandard 3,841 70,731 86,747 16,063 20,757 91,844 44,633 334,616 Doubtful — 10,580 — — 4,229 — — 14,809 Total C&I $ 1,386,780 $ 1,590,198 $ 741,692 $ 367,334 $ 505,769 $ 1,154,343 $ 3,161,608 $ 8,907,724 Pinnacle - municipal finance Pass $ 170,919 $ 133,988 $ 74,895 $ 31,771 $ 55,338 $ 417,779 $ — $ 884,690 Total Pinnacle - municipal finance $ 170,919 $ 133,988 $ 74,895 $ 31,771 $ 55,338 $ 417,779 $ — $ 884,690 Franchise finance Pass $ 5,488 $ 26,342 $ 33,556 $ 30,542 $ 24,953 $ 25,325 $ 201 $ 146,407 Special mention — — — 2,279 — — — 2,279 Substandard — 191 976 806 17,797 9,726 — 29,496 Doubtful — — — — 4,226 — — 4,226 Total Franchise finance $ 5,488 $ 26,533 $ 34,532 $ 33,627 $ 46,976 $ 35,051 $ 201 $ 182,408 Equipment Finance Pass $ 1,081 $ 6,314 $ 40,614 $ 14,156 $ 51,191 $ 54,977 $ — $ 168,333 Substandard — 14,768 2,043 197 5,777 6,821 — 29,606 Total Equipment finance $ 1,081 $ 21,082 $ 42,657 $ 14,353 $ 56,968 $ 61,798 $ — $ 197,939 Mortgage warehouse lending Pass $ — $ — $ — $ — $ — $ — $ 432,663 $ 432,663 Total Mortgage warehouse lending $ — $ — $ — $ — $ — $ — $ 432,663 $ 432,663 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 December 31, 2023 and 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): December 31, 2023 December 31, 2022 Special mention $ 319,905 $ 51,433 Substandard - accruing 711,266 605,965 Substandard - non-accruing 86,903 75,125 Doubtful 19,035 7,990 Total $ 1,137,109 $ 740,513 |
Financing Receivable, Past Due | The following table presents an aging of loans at the dates indicated (in thousands): December 31, 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 $ 6,852,212 $ 31,458 $ 6,452 $ 12,891 $ 6,903,013 $ 7,066,758 $ 43,016 $ 4,076 $ 14,984 $ 7,128,834 Government insured residential 835,282 131,652 61,942 277,138 1,306,014 1,025,523 159,461 94,294 492,602 1,771,880 CRE 5,779,309 27,918 1,947 10,059 5,819,233 5,680,829 4,328 4,773 10,027 5,699,957 C&I 8,851,585 16,228 5,536 34,375 8,907,724 8,280,321 2,508 1,028 24,677 8,308,534 Pinnacle - municipal finance 884,690 — — — 884,690 912,122 — — — 912,122 Franchise finance 182,408 — — — 182,408 243,574 1,321 — 8,879 253,774 Equipment finance 197,939 — — — 197,939 286,147 — — — 286,147 Mortgage warehouse lending 432,663 — — — 432,663 524,740 — — — 524,740 $ 24,016,088 $ 207,256 $ 75,877 $ 334,463 $ 24,633,684 $ 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): December 31, 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 $ 20,513 $ — $ 21,311 $ — CRE 13,727 1,947 22,352 6,911 C&I 68,533 14,078 47,473 15,642 Franchise finance 16,858 976 13,290 1,668 Equipment finance 6,820 6,820 — — $ 126,451 $ 23,821 $ 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): December 31, 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 11,574 11,574 19,486 18,353 C&I 36,401 25,821 26,404 25,344 Franchise finance 16,668 11,858 11,445 3,729 Equipment finance 6,820 6,820 — — Total commercial 71,463 56,073 57,335 47,426 $ 71,463 $ 56,073 $ 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): Year Ended December 31, 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 $ 835 — % $ — — % $ — — % $ 835 Government insured residential 105 — % 62,402 5 % 2,442 — % 64,949 C&I — — % 8,532 — % — — % 8,532 Franchise finance — — % 10,748 6 % — — % 10,748 $ 940 $ 81,682 $ 2,442 $ 85,064 (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: Year Ended December 31, 2023 Financial Effect Interest Rate Reduction: 1-4 single family residential Reduced weighted average contractual interest rate from 4.3% to 3.4%. Government insured residential Reduced weighted average contractual interest rate from 4.8% to 3.8%. Term Extension: Government insured residential Added a weighted average 9.1 years to the term of the modified loans. C&I Added a weighted average 1.4 years to the term of the modified loans. Franchise finance Added a weighted average 2.1 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 5.7% to 4.7% and added a weighted average 7.8 years to the term of the modified loans. The following table presents the aging at December 31, 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 $ 76 $ — $ — $ 759 $ 835 Government insured residential 24,091 12,335 7,677 20,846 64,949 C&I 8,532 — — — 8,532 Franchise finance 10,748 — — — 10,748 $ 43,447 $ 12,335 $ 7,677 $ 21,605 $ 85,064 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): Year Ended December 31, 2023 Interest Rate Reduction Term Extension Combination - Interest Rate Reduction and Term Extension Total 1-4 single family residential $ 759 $ — $ — $ 759 Government insured residential 105 32,994 960 34,059 $ 864 $ 32,994 $ 960 $ 34,818 The following table summarizes loans that were modified in TDRs during the periods indicated, as well as loans modified during the twelve months preceding December 31, 2022 and 2021 that experienced payment defaults during the periods indicated (dollars in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 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 10 $ 5,359 — $ — — $ — — $ — Government insured residential 2,589 405,096 1,190 187,708 239 45,143 84 14,317 CRE — — — — 1 2,767 — — C&I 21 39,052 4 3,703 — — — — Franchise finance 4 6,329 4 6,329 — — — — 2,624 $ 455,836 1,198 $ 197,740 240 $ 47,910 84 $ 14,317 |
Schedules of Concentration of Risk, by Risk Factor | The following table presents the five states with the largest geographic concentrations of 1-4 single family residential loans, excluding government insured residential loans, at the dates indicated (dollars in thousands): December 31, 2023 December 31, 2022 Total Percent of Total Total Percent of Total California $ 2,171,802 31.5 % $ 2,274,431 31.9 % New York 1,344,205 19.5 % 1,417,707 19.9 % Florida 501,744 7.3 % 521,479 7.3 % Illinois 358,512 5.2 % 360,529 5.1 % Virginia 312,384 4.5 % 314,530 4.4 % Others 2,214,366 32.0 % 2,240,158 31.4 % $ 6,903,013 100.0 % $ 7,128,834 100.0 % December 31, 2023 December 31, 2022 Commercial Real Estate Percent of Total All Other Commercial Percent of Total Commercial Real Estate Percent of Total All Other Commercial Percent of Total Florida $ 3,381,394 58.1 % $ 3,321,102 31.3 % $ 3,432,109 60.2 % $ 3,353,314 32.6 % New York Tri-state 1,430,728 24.6 % 2,901,958 27.4 % 1,535,095 26.9 % 2,781,928 27.0 % California 891,049 8.4 % 933,334 9.1 % Other 1,007,111 17.3 % 3,491,315 32.9 % 732,753 12.9 % 3,216,741 31.3 % $ 5,819,233 100.0 % $ 10,605,424 100.0 % $ 5,699,957 100.0 % $ 10,285,317 100.0 % |
Accounts Receivable, Allowance for Credit Loss | The following table presents gross charge-offs during the year ended December 31, 2023, by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Total CRE $ — $ — $ — $ — $ — $ 1,228 $ — $ 1,228 C&I 2,632 12,883 43 316 7,349 2,319 997 26,539 Franchise finance — — — 1,013 2,409 3,825 — 7,247 $ 2,632 $ 12,883 $ 43 $ 1,329 $ 9,758 $ 7,372 $ 997 $ 35,014 |
Impaired Financing Receivables | 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): December 31, 2023 December 31, 2022 UPB $ 80,123 $ 96,437 Non-credit discount (35,249) (44,354) Total amortized cost of PCD loans 44,874 52,083 ACL related to PCD loans (161) (409) PCD loans, net $ 44,713 $ 51,674 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of ROU Assets and Lease Liabilities | The following table presents ROU assets and lease liabilities at the dates indicated (in thousands): December 31, 2023 December 31, 2022 ROU assets: Operating leases $ 64,536 $ 72,211 Finance leases 21,638 23,866 $ 86,174 $ 96,077 Lease liabilities: Operating leases $ 72,391 $ 80,909 Finance leases 26,501 28,389 $ 98,892 $ 109,298 |
Operating and Finance Lease Information | The weighted average remaining lease term and weighted average discount rate at the dates indicated were: December 31, 2023 December 31, 2022 Weighted average remaining lease term: Operating leases 5.9 years 6.6 years Finance leases 10.0 years 11.0 years Weighted average discount rate: Operating leases 3.2 % 3.1 % Finance leases 2.9 % 2.9 % |
Lease, Cost | The following table presents the components of lease expense for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Operating lease cost: Fixed costs $ 16,761 $ 18,364 $ 19,646 Impairment of ROU assets 76 134 183 Total operating lease cost $ 16,837 $ 18,498 $ 19,829 Finance lease cost: Amortization of ROU assets $ 2,228 $ 2,350 $ 2,903 Interest on lease liabilities 778 823 866 Total finance lease cost $ 3,006 $ 3,173 $ 3,769 Variable lease cost $ 3,440 $ 3,589 $ 4,147 |
Leases - Cash Flow Information | The following table presents additional information related to operating and finance leases for the dates and periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 778 $ 823 $ 866 Operating cash flows from operating leases 17,680 18,473 20,056 Financing cash flows from finance leases 2,666 2,652 3,215 $ 21,124 $ 21,948 $ 24,137 Lease liabilities recognized from obtaining ROU assets: Operating leases $ 6,896 $ 9,086 $ 13,325 |
Schedule of Future Minimum Lease Payments for Operating and Finance Leases | Future lease payment obligations under leases with terms in excess of one year and a reconciliation to lease liabilities as of December 31, 2023 were as follows (in thousands): Operating Leases Finance Leases Total Years ending December 31: 2024 $ 17,261 $ 2,701 $ 19,962 2025 14,870 2,774 17,644 2026 13,530 2,849 16,379 2027 10,809 2,926 13,735 2028 8,256 3,016 11,272 Thereafter 14,843 16,431 31,274 Total future minimum lease payments 79,569 30,697 110,266 Less: interest component (7,178) (4,196) (11,374) Lease liabilities $ 72,391 $ 26,501 $ 98,892 |
Schedule of Direct or Sales Type Finance Leases | The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets at the dates indicated (in thousands): December 31, 2023 December 31, 2022 Total minimum lease payments to be received $ 644,614 $ 684,847 Estimated unguaranteed residual value of leased assets 3,938 4,024 Gross investment in direct or sales type financing leases 648,552 688,871 Unearned income (48,403) (57,622) Initial direct costs 1,556 2,384 $ 601,705 $ 633,633 |
Schedule of future minimum lease payments under direct or sales type financing leases | At December 31, 2023, future minimum lease payments to be received under direct or sales type financing leases were as follows (in thousands): Years Ending December 31: 2024 $ 183,861 2025 155,587 2026 100,775 2027 47,973 2028 32,552 Thereafter 123,866 $ 644,614 |
Schedule of Property Subject to or Available for Operating Lease | The following table presents the components of operating lease equipment at the dates indicated (in thousands): December 31, 2023 December 31, 2022 Operating lease equipment $ 582,147 $ 772,267 Less: accumulated depreciation (210,238) (232,468) Operating lease equipment, net $ 371,909 $ 539,799 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | At December 31, 2023, scheduled minimum rental payments under operating leases were as follows (in thousands): Years Ending December 31: 2024 $ 31,873 2025 26,854 2026 18,764 2027 15,932 2028 13,825 Thereafter 19,896 $ 127,144 |
Operating and Direct Finance Lease Income | The following table summarizes income recognized for operating and direct or sales type finance leases for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Location of Lease Income on Consolidated Statements of Income Operating leases $ 47,868 $ 54,111 $ 53,263 Non-interest income from lease financing Direct or sales type finance leases 15,643 17,881 18,329 Interest income on loans $ 63,511 $ 71,992 $ 71,592 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 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): Years Ended December 31, 2023 2022 2021 Average Average Average Average Average Average Demand deposits: Non-interest bearing $ 7,091,029 — % $ 8,861,111 — % $ 8,480,964 — % Interest bearing 2,905,968 2.99 % 2,538,906 0.55 % 3,027,649 0.28 % Savings and money market 10,704,470 3.57 % 12,874,240 1.02 % 13,339,651 0.32 % Time 5,169,458 3.70 % 3,338,671 1.06 % 3,490,082 0.46 % $ 25,870,925 2.55 % $ 27,612,928 0.65 % $ 28,338,346 0.24 % |
Time Deposit Maturities | The following table presents maturities of time deposits as of December 31, 2023 (in thousands): Maturing in: 2024 $ 4,693,323 2025 147,364 2026 322,677 2027 446 2028 185 $ 5,163,995 |
schedule of interest expense on deposits | Interest expense on deposits for the periods indicated was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Interest bearing demand $ 86,759 $ 13,919 $ 8,550 Savings and money market 382,432 130,705 43,082 Time 191,114 35,348 15,964 $ 660,305 $ 179,972 $ 67,596 Certain of our depositors participate in various customer rebate programs. During the years ended December 31, 2023, 2022 and 2021, deposit costs related to these programs totaled $44.2 million, $15.4 million and $8.1 million, respectively. These expenses are included in "other non-interest expense" in the accompanying consolidated statements of income. |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Federal Home Loan Banks [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | The following table presents information about outstanding FHLB advances as of December 31, 2023 (dollars in thousands): Range of Interest Rates Amount Minimum Maximum Weighted Average Rate Maturing in: 2023 - One month or less $ 4,220,000 5.44 % 5.60 % 5.47 % 2023 - Over one month 895,000 5.52 % 5.60 % 5.56 % Total contractual balance outstanding $ 5,115,000 |
Schedule of Debt | Notes and other borrowings consisted of the following at the dates indicated (dollars in thousands): December 31, 2023 December 31, 2022 Senior notes: Principal amount of 4.875% senior notes maturing on November 17, 2025 $ 388,479 $ 400,000 Unamortized discount and debt issuance costs (1,676) (2,586) 386,803 397,414 Subordinated notes: Principal amount of 5.125% subordinated notes maturing on June 11, 2030 300,000 300,000 Unamortized discount and debt issuance costs (4,331) (4,880) 295,669 295,120 Total notes 682,472 692,534 Finance leases 26,501 28,389 Notes and other borrowings $ 708,973 $ 720,923 |
Premises and Equipment and Le_2
Premises and Equipment and Lease Commitments Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Premises and equipment and capitalized software costs are included in other assets in the accompanying consolidated balance sheets and are summarized as follows at the dates indicated (in thousands): December 31, 2023 December 31, 2022 Buildings and improvements $ 1,019 $ 1,019 Leasehold improvements 78,811 74,607 Furniture, fixtures and equipment 34,118 34,835 Computer equipment 16,547 19,380 Software 105,593 95,491 Aircraft and automobiles 11,663 11,645 247,751 236,977 Less: accumulated depreciation (182,934) (170,707) Premises, equipment and software, net $ 64,817 $ 66,270 Depreciation and amortization expense related to premises, equipment and software was $18.7 million, $17.5 million and $16.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Income Taxes Income Taxes Table
Income Taxes Income Taxes Table (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes Table [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes were as follows for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ 82,789 $ 76,431 $ 61,814 State 22,456 12,293 (18,398) 105,245 88,724 43,416 Deferred: Federal (38,303) (7,191) 4,348 State (8,529) 8,628 (13,363) (46,832) 1,437 (9,015) $ 58,413 $ 90,161 $ 34,401 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of expected income tax expense at the statutory federal income tax rate of 21% to the Company's effective income tax rate for the periods indicated follows (dollars in thousands): Years Ended December 31, 2023 2022 2021 Amount Percent Amount Percent Amount Percent Tax expense calculated at the statutory federal income tax rate $ 49,788 21.00 % $ 78,778 21.00 % $ 94,371 21.00 % Increases (decreases) resulting from: Income not subject to tax (13,404) (5.65) % (10,577) (2.82) % (13,203) (2.94) % State income taxes, net of federal tax benefit 12,162 5.13 % 17,859 4.76 % 16,425 3.66 % Uncertain tax positions - lapse of statute of limitations (2,192) (0.92) % (1,093) (0.29) % (25,633) (5.70) % Uncertain tax positions - interest 10,605 4.47 % 6,348 1.69 % 7,397 1.65 % Discrete income tax benefit — — % — — % (43,950) (9.78) % Other, net 1,454 0.61 % (1,154) (0.31) % (1,006) (0.23) % $ 58,413 24.64 % $ 90,161 24.03 % $ 34,401 7.66 % |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities were as follows at the dates indicated (in thousands): December 31, 2023 December 31, 2022 Deferred tax assets: Excess of tax basis over carrying value of loans $ 5,246 $ 6,243 Allowance for credit losses 55,188 38,211 Net unrealized loss on investment securities available for sale and cash flow hedges 125,580 153,858 Capitalized costs 10,805 18,380 Lease liability 18,592 20,655 Deferred compensation 11,431 9,873 Accrued expenses 19,301 11,464 Other 29,746 34,796 Gross deferred tax assets 275,889 293,480 Deferred tax liabilities: Lease financing, due to differences in depreciation 96,225 131,018 ROU asset 31,886 31,253 Other 5,480 7,005 Gross deferred tax liabilities 133,591 169,276 Net deferred tax asset $ 142,298 $ 124,204 |
Schedule of Unrecognized Tax Benefits Roll Forward | The Company has a liability for unrecognized tax benefits relating to uncertain federal and state tax positions in several jurisdictions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits at the dates indicated follows (in thousands): December 31, 2023 December 31, 2022 December 31, 2021 Balance, beginning of period $ 369,880 $ 347,809 $ 414,203 Additions for tax positions related to the current year 2,802 3,086 2,175 Additions for tax positions related to prior periods 708 12,433 12,887 Reductions due to settlements with taxing authorities (347) — (43,782) Reductions due to lapse of the statute of limitations (1,617) (795) (30,394) 371,426 362,533 355,089 Interest and penalties 12,469 7,347 (7,280) Balance, end of period $ 383,895 $ 369,880 $ 347,809 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 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 $ 3,215,000 $ — $ (1,048) $ 1,970,000 $ 941 $ (1,514) Interest rate caps purchased 200,000 10,157 — 200,000 15,673 — Interest rate collar 125,000 84 — 125,000 — (203) Derivatives designated as fair value hedges: Pay-fixed interest rate swaps 100,000 — — 100,000 — — $ 3,640,000 $ 10,241 $ (1,048) $ 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. |
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 income or expense for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Location of gain (loss) reclassified from AOCI into income: Interest expense on borrowings $ 44,790 $ (4,224) $ (51,739) Interest expense on deposits 23,569 4,357 — Interest income on loans (2,620) (43) — $ 65,739 $ 90 $ (51,739) |
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): December 31, 2023 December 31, 2022 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item (1) $ 100,000 $ 100,000 Loans Cumulative fair value hedging adjustments $ (1,656) $ (3,923) 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. The amortized cost basis of the closed portfolio used in this hedging relationship was $992 million and $1 billion, respectively, at December 31, 2023 and 2022. |
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): December 31, 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 $ 2,166,813 $ 76,793 $ (16,702) $ 1,916,719 $ 67,942 $ (2,195) Pay-variable interest rate swaps 2,166,813 16,702 (77,257) 1,916,719 2,195 (120,320) Interest rate caps purchased 65,610 1,922 — 42,920 1,988 — Interest rate caps sold 65,610 — (1,922) 42,920 — (1,988) $ 4,464,846 $ 95,417 $ (95,881) $ 3,919,278 $ 72,125 $ (124,503) (1) Fair values of these derivatives are included in other assets and other liabilities in the consolidated 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): December 31, 2023 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ 88,956 $ — $ 88,956 $ (15,154) $ (73,730) $ 72 Derivative liabilities (17,750) — (17,750) 15,154 2,596 — $ 71,206 $ — $ 71,206 $ — $ (71,134) $ 72 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) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Changes in AOCI | Changes in accumulated other comprehensive income are summarized as follows for the periods indicated (in thousands): Year Ended December 31, 2023 Before Tax Tax Effect Net of Tax Change in net unrealized losses on investment securities available for sale: Net unrealized holding gain (loss) arising during the period $ 141,227 $ (36,719) $ 104,508 Amounts reclassified to gain on investment securities available for sale, net (1,815) 472 (1,343) Net change in unrealized losses on investment securities available for sale 139,412 (36,247) 103,165 Change in net unrealized gain on derivative instruments: Net unrealized holding gain (loss) arising during the period 35,089 (9,123) 25,966 Amounts reclassified to interest expense on deposits (23,569) 6,128 (17,441) Amounts reclassified to interest expense on borrowings (44,790) 11,645 (33,145) Amounts reclassified to interest income on loans 2,620 (681) 1,939 Net change in unrealized gains on derivative instruments (30,650) 7,969 (22,681) Other comprehensive income $ 108,762 $ (28,278) $ 80,484 Year Ended December 31, 2022 Before Tax Tax Effect Net of Tax Change in net unrealized losses on investment securities available for sale: Net unrealized holding loss arising during the period $ (674,115) $ 175,251 $ (498,864) Amounts reclassified to gain on investment securities available for sale, net (3,927) 1,021 (2,906) Net change in unrealized losses on investment securities available for sale (678,042) 176,272 (501,770) Change in net unrealized gains on derivative instruments: Net unrealized holding gain arising during the period 107,764 (27,893) 79,871 Amounts reclassified to interest expense on deposits (4,357) 1,133 (3,224) Amounts reclassified to interest expense on borrowings 4,224 (1,098) 3,126 Amounts reclassified to interest income on loans 43 (11) 32 Net change in unrealized gains on derivative instruments 107,674 (27,869) 79,805 Other comprehensive loss $ (570,368) $ 148,403 $ (421,965) Year Ended December 31, 2021 Before Tax Tax Effect Net of Tax Change in net unrealized gains on investment securities available for sale: Net unrealized holding loss arising during the period $ (72,789) $ 18,561 $ (54,228) Amounts reclassified to gain on investment securities available for sale, net (9,010) 2,298 (6,712) Net change in unrealized gains on investment securities available for sale (81,799) 20,859 (60,940) Change in net unrealized losses on derivative instruments: Net unrealized holding gain arising during the period 29,808 (7,601) 22,207 Amounts reclassified to interest expense on borrowings 51,739 (13,194) 38,545 Reclassification adjustment for discontinuance of cash flow hedges 44,833 (11,433) 33,400 Net change in unrealized losses on derivative instruments 126,380 (32,228) 94,152 Other comprehensive income $ 44,581 $ (11,369) $ 33,212 |
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): Unrealized Gain (Loss) on Unrealized Gain (Loss) Total Balance at December 31, 2020 $ 63,799 $ (112,951) $ (49,152) Other comprehensive income (60,940) 94,152 33,212 Balance at December 31, 2021 2,859 (18,799) (15,940) Other comprehensive loss (501,770) 79,805 (421,965) Balance at December 31, 2022 (498,911) 61,006 (437,905) Other comprehensive income 103,165 (22,681) 80,484 Balance at December 31, 2023 $ (395,746) $ 38,325 $ (357,421) |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes compensation cost related to equity based awards for the periods indicated (in thousands): Years Ended December 31, 2023 2022 2021 Compensation cost of equity based awards: RSAs $ 16,122 $ 16,203 $ 13,334 Executive share-based awards 3,351 4,239 7,942 Non-executive RSUs 5,081 4,886 2,707 Total compensation cost of equity based awards 24,554 25,328 23,983 Related tax benefits (6,384) (6,585) (6,116) Compensation cost of equity based awards, net of tax $ 18,170 $ 18,743 $ 17,867 |
Schedule of Nonvested Share Activity | A summary of activity related to non-executive share-based awards for the periods indicated follows: RSA Non-Executive RSU Number of Share Awards Weighted Average Grant Date Fair Value Number of Share Awards Weighted Average Grant Date Fair Value Unvested share awards outstanding, December 31, 2020 1,161,835 $ 33.32 — $ — Granted 571,936 42.17 — — Vested (479,790) 34.01 — — Canceled or forfeited (74,297) 35.91 — — Unvested share awards outstanding, December 31, 2021 1,179,684 37.17 — — Granted 496,361 41.75 294,331 41.87 Vested (391,693) 36.72 — — Canceled or forfeited (90,037) 39.38 (36,355) 41.87 Unvested share awards outstanding, December 31, 2022 1,194,315 39.05 257,976 41.87 Granted 509,139 33.51 378,609 35.39 Vested (542,003) 37.81 — — Canceled or forfeited (145,051) 37.92 (23,094) 35.39 Unvested share awards outstanding, December 31, 2023 1,016,400 $ 37.10 613,491 $ 38.11 The following table summarizes the closing price of the Company's stock on the date of grant for shares granted and the aggregate grant date fair value of shares vesting for the periods indicated (in thousands, except per share data): Years Ended December 31, 2023 2022 2021 Range of the closing price on date of grant $16.94 - $35.39 $39.39 - $43.67 $42.01 - $47.52 Aggregate grant date fair value of shares vesting $ 20,757 $ 14,383 $ 16,319 |
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option | A summary of activity related to executive share-based awards for the periods indicated follows: RSU PSU Unvested executive share-based awards outstanding, December 31, 2020 156,555 179,793 Granted 63,814 63,814 Vested (100,881) — Unvested executive share-based awards outstanding, December 31, 2021 119,488 243,607 Granted 66,990 66,990 Vested (77,648) (73,062) Unvested executive share-based awards outstanding, December 31, 2022 108,830 237,535 Granted 136,778 136,778 Vested (104,976) (106,731) Unvested executive share-based awards outstanding, December 31, 2023 140,632 267,582 |
Regulatory Requirements and R_2
Regulatory Requirements and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 13 Regulatory Requirements and Restrictions The Company and the Bank are subject to various regulatory capital requirements administered by Federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated pursuant to regulation. The capital amounts and classification also are subject to qualitative judgments by the regulators about components, risk weightings and other factors. Banking regulations identify five capital categories for insured depository institutions: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. As of December 31, 2023 and 2022, all capital ratios of the Company and the Bank exceeded the "well capitalized" levels under the regulatory framework for prompt corrective action. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total, common equity tier 1 and tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of tier 1 capital to average tangible assets (leverage ratio). The following tables provide information regarding regulatory capital for the Company at the dates indicated (dollars in thousands): December 31, 2023 Actual Required to be Required to be Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio BankUnited, Inc.: Tier 1 leverage $ 2,865,758 7.93 % N/A (1) N/A (1) $ 1,446,093 4.00 % N/A (1) N/A (1) CET1 risk-based capital $ 2,865,758 11.39 % $ 1,635,794 6.50 % $ 1,132,472 4.50 % $ 1,761,624 7.00 % Tier 1 risk-based capital $ 2,865,758 11.39 % $ 2,013,284 8.00 % $ 1,509,963 6.00 % $ 2,139,115 8.50 % Total risk-based capital $ 3,366,597 13.38 % $ 2,516,605 10.00 % $ 2,013,284 8.00 % $ 2,642,436 10.50 % BankUnited: Tier 1 leverage $ 3,287,884 9.11 % $ 1,805,277 5.00 % $ 1,444,221 4.00 % N/A N/A CET1 risk-based capital $ 3,287,884 13.09 % $ 1,632,880 6.50 % $ 1,130,456 4.50 % $ 1,758,486 7.00 % Tier 1 risk-based capital $ 3,287,884 13.09 % $ 2,009,699 8.00 % $ 1,507,274 6.00 % $ 2,135,305 8.50 % Total risk-based capital $ 3,488,723 13.89 % $ 2,512,124 10.00 % $ 2,009,699 8.00 % $ 2,637,730 10.50 % December 31, 2022 Actual Required to be Required to be Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio BankUnited, Inc.: Tier 1 leverage $ 2,806,713 7.49 % N/A (1) N/A (1) $ 1,498,309 4.00 % N/A (1) N/A (1) CET1 risk-based capital $ 2,806,713 11.00 % $ 1,658,842 6.50 % $ 1,148,429 4.50 % $ 1,786,445 7.00 % Tier 1 risk-based capital $ 2,806,713 11.00 % $ 2,041,652 8.00 % $ 1,531,239 6.00 % $ 2,169,255 8.50 % Total risk-based capital $ 3,236,797 12.68 % $ 2,552,065 10.00 % $ 2,041,652 8.00 % $ 2,679,668 10.50 % BankUnited: Tier 1 leverage $ 3,148,656 8.43 % $ 1,866,432 5.00 % $ 1,493,145 4.00 % N/A N/A CET1 risk-based capital $ 3,148,656 12.40 % $ 1,650,104 6.50 % $ 1,142,380 4.50 % $ 1,777,035 7.00 % Tier 1 risk-based capital $ 3,148,656 12.40 % $ 2,030,897 8.00 % $ 1,523,173 6.00 % $ 2,157,828 8.50 % Total risk-based capital $ 3,278,740 12.92 % $ 2,538,621 10.00 % $ 2,030,897 8.00 % $ 2,665,552 10.50 % (1) There is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company. Upon the adoption of ASU 2016-13 effective January 1, 2020, the Company elected the option to temporarily delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period. BankUnited is subject to various regulatory restrictions relating to the payment of dividends, including requirements to maintain capital at or above certain minimums, and to remain "well-capitalized" under the prompt corrective action regulations. The Company does not expect that any of these laws, regulations or policies will materially affect the ability of BankUnited to pay dividends in the foreseeable future. |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The following tables provide information regarding regulatory capital for the Company at the dates indicated (dollars in thousands): December 31, 2023 Actual Required to be Required to be Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio BankUnited, Inc.: Tier 1 leverage $ 2,865,758 7.93 % N/A (1) N/A (1) $ 1,446,093 4.00 % N/A (1) N/A (1) CET1 risk-based capital $ 2,865,758 11.39 % $ 1,635,794 6.50 % $ 1,132,472 4.50 % $ 1,761,624 7.00 % Tier 1 risk-based capital $ 2,865,758 11.39 % $ 2,013,284 8.00 % $ 1,509,963 6.00 % $ 2,139,115 8.50 % Total risk-based capital $ 3,366,597 13.38 % $ 2,516,605 10.00 % $ 2,013,284 8.00 % $ 2,642,436 10.50 % BankUnited: Tier 1 leverage $ 3,287,884 9.11 % $ 1,805,277 5.00 % $ 1,444,221 4.00 % N/A N/A CET1 risk-based capital $ 3,287,884 13.09 % $ 1,632,880 6.50 % $ 1,130,456 4.50 % $ 1,758,486 7.00 % Tier 1 risk-based capital $ 3,287,884 13.09 % $ 2,009,699 8.00 % $ 1,507,274 6.00 % $ 2,135,305 8.50 % Total risk-based capital $ 3,488,723 13.89 % $ 2,512,124 10.00 % $ 2,009,699 8.00 % $ 2,637,730 10.50 % December 31, 2022 Actual Required to be Required to be Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio BankUnited, Inc.: Tier 1 leverage $ 2,806,713 7.49 % N/A (1) N/A (1) $ 1,498,309 4.00 % N/A (1) N/A (1) CET1 risk-based capital $ 2,806,713 11.00 % $ 1,658,842 6.50 % $ 1,148,429 4.50 % $ 1,786,445 7.00 % Tier 1 risk-based capital $ 2,806,713 11.00 % $ 2,041,652 8.00 % $ 1,531,239 6.00 % $ 2,169,255 8.50 % Total risk-based capital $ 3,236,797 12.68 % $ 2,552,065 10.00 % $ 2,041,652 8.00 % $ 2,679,668 10.50 % BankUnited: Tier 1 leverage $ 3,148,656 8.43 % $ 1,866,432 5.00 % $ 1,493,145 4.00 % N/A N/A CET1 risk-based capital $ 3,148,656 12.40 % $ 1,650,104 6.50 % $ 1,142,380 4.50 % $ 1,777,035 7.00 % Tier 1 risk-based capital $ 3,148,656 12.40 % $ 2,030,897 8.00 % $ 1,523,173 6.00 % $ 2,157,828 8.50 % Total risk-based capital $ 3,278,740 12.92 % $ 2,538,621 10.00 % $ 2,030,897 8.00 % $ 2,665,552 10.50 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2023 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 130,592 $ — $ 130,592 U.S. Government agency and sponsored enterprise residential MBS — 1,924,207 1,924,207 U.S. Government agency and sponsored enterprise commercial MBS — 497,859 497,859 Private label residential MBS and CMOs — 2,295,730 2,295,730 Private label commercial MBS — 2,198,743 2,198,743 Single family real estate-backed securities — 366,255 366,255 Collateralized loan obligations — 1,112,824 1,112,824 Non-mortgage asset-backed securities — 102,780 102,780 State and municipal obligations — 102,618 102,618 SBA securities — 103,024 103,024 Marketable equity securities 32,722 — 32,722 Derivative assets — 105,658 105,658 Total assets at fair value $ 163,314 $ 8,809,698 $ 8,973,012 Derivative liabilities $ — $ (96,929) $ (96,929) Total liabilities at fair value $ — $ (96,929) $ (96,929) 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): December 31, 2023 December 31, 2022 Collateral dependent loans $ 50,885 $ 31,789 OREO 29 693 $ 50,914 $ 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): December 31, 2023 December 31, 2022 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 588,283 $ 588,283 $ 572,647 $ 572,647 Investment securities 1/2 $ 8,877,354 $ 8,877,281 $ 9,755,327 $ 9,755,190 Non-marketable equity securities 2 $ 310,084 $ 310,084 $ 294,172 $ 294,172 Loans, net 3 $ 24,430,995 $ 23,075,192 $ 24,738,042 $ 23,342,950 Derivative assets 2 $ 105,658 $ 105,658 $ 88,739 $ 88,739 Liabilities: Demand, savings and money market deposits 2 $ 21,374,483 $ 21,374,483 $ 23,241,256 $ 23,241,256 Time deposits 2 $ 5,163,995 $ 5,133,119 $ 4,268,078 $ 4,231,167 Federal funds purchased 2 $ — $ — $ 190,000 $ 190,000 FHLB advances 2 $ 5,115,000 $ 5,115,637 $ 5,420,000 $ 5,419,588 Notes and other borrowings 2 $ 708,973 $ 676,077 $ 720,923 $ 698,359 Derivative liabilities 2 $ 96,929 $ 96,929 $ 126,220 $ 126,220 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the Total Lending Related Commitments Outstanding | Total lending related commitments outstanding at December 31, 2023 were as follows (in thousands): Commitments to fund loans $ 257,398 Unfunded commitments under lines of credit 4,659,184 Commercial and standby letters of credit 172,237 $ 5,088,819 |
Condensed Financial Statement_2
Condensed Financial Statements of BankUnited, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Statements [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets December 31, 2023 December 31, 2022 Assets: Cash and cash equivalents $ 262,036 $ 266,282 Marketable equity securities, at fair value 32,722 90,884 Investment in BankUnited, N.A. 2,999,190 2,777,082 Other assets 7,739 39,682 Total assets $ 3,301,687 $ 3,173,930 Liabilities and Stockholders' Equity: Notes payable $ 682,472 $ 692,534 Other liabilities 41,294 45,415 Stockholders' equity 2,577,921 2,435,981 Total liabilities and stockholders' equity $ 3,301,687 $ 3,173,930 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income Years Ended December 31, 2023 2022 2021 Income: Interest and dividends on investment securities $ 3,751 $ 5,047 $ 4,958 Service fees from subsidiary 16,749 17,185 13,014 Equity in earnings of subsidiary 225,288 338,911 455,672 Loss on investment securities (11,555) (19,732) (2,530) Gain on extinguishment of debt 904 — — Total 235,137 341,411 471,114 Expense: Interest on borrowings 36,057 36,210 36,143 Employee compensation and benefits 28,271 29,189 26,730 Other 4,995 3,857 3,744 Total 69,323 69,256 66,617 Income before income taxes 165,814 272,155 404,497 Benefit for income taxes (12,857) (12,816) (10,487) Net income $ 178,671 $ 284,971 $ 414,984 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows Years Ended December 31, 2023 2022 2021 Cash flows from operating activities: Net income $ 178,671 $ 284,971 $ 414,984 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (140,288) 266,089 (143,672) Equity based compensation 26,315 25,179 23,832 Other 8,936 1,858 8,810 Net cash provided by operating activities 73,634 578,097 303,954 Cash flows from investing activities: Purchase of marketable equity securities — — (35,000) Proceeds from repayments, sale, maturities and calls of investment securities 73,962 10,000 15,728 Other (160) — (11) Net cash provided by (used in) investing activities 73,802 10,000 (19,283) Cash flows from financing activities: Dividends paid (79,091) (79,443) (85,790) Repurchase of common stock (55,154) (401,288) (318,499) Repurchase of senior notes (10,554) — — Other (6,883) (5,296) (5,931) Net cash used in financing activities (151,682) (486,027) (410,220) Net increase (decrease) in cash and cash equivalents (4,246) 102,070 (125,549) Cash and cash equivalents, beginning of period 266,282 164,212 289,761 Cash and cash equivalents, end of period $ 262,036 $ 266,282 $ 164,212 Supplemental schedule of non-cash investing and financing activities: Dividends declared, not paid $ 20,706 $ 19,346 $ 19,876 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Financial information by quarter for the periods indicated follows (in thousands, except per share data): 2023 Fourth Quarter Third Quarter Second Quarter First Quarter Total Interest income $ 483,205 $ 470,539 $ 463,421 $ 440,416 $ 1,857,581 Interest expense 265,995 255,697 249,543 212,542 983,777 Net interest income before provision for credit losses 217,210 214,842 213,878 227,874 873,804 Provision for credit losses 19,253 33,049 15,517 19,788 87,607 Net interest income after provision for credit losses 197,957 181,793 198,361 208,086 786,197 Non-interest income 17,092 27,724 25,487 16,535 86,838 Non-interest expense 190,863 147,090 145,218 152,780 635,951 Income before income taxes 24,186 62,427 78,630 71,841 237,084 Provision for income taxes 3,374 15,446 20,634 18,959 58,413 Net income $ 20,812 $ 46,981 $ 57,996 $ 52,882 $ 178,671 Earnings per common share, basic $ 0.27 $ 0.63 $ 0.78 $ 0.71 $ 2.39 Earnings per common share, diluted $ 0.27 $ 0.63 $ 0.78 $ 0.70 $ 2.38 2022 Fourth Quarter Third Quarter Second Quarter First Quarter Total Interest income $ 401,490 $ 326,024 $ 266,973 $ 235,964 $ 1,230,451 Interest expense 158,424 90,188 41,557 27,322 317,491 Net interest income before provision for credit losses 243,066 235,836 225,416 208,642 912,960 Provision for credit losses 39,608 3,720 23,996 7,830 75,154 Net interest income after provision for credit losses 203,458 232,116 201,420 200,812 837,806 Non-interest income 26,813 23,072 13,450 14,301 77,636 Non-interest expense 148,479 138,105 127,402 126,324 540,310 Income before income taxes 81,792 117,083 87,468 88,789 375,132 Provision for income taxes 17,585 29,233 21,704 21,639 90,161 Net income $ 64,207 $ 87,850 $ 65,764 $ 67,150 $ 284,971 Earnings per common share, basic $ 0.83 $ 1.13 $ 0.82 $ 0.79 $ 3.55 Earnings per common share, diluted $ 0.82 $ 1.12 $ 0.82 $ 0.79 $ 3.54 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Dec. 31, 2023 USD ($) banking_center rental | Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Segment Reporting Information [Line Items] | |||||
Number of Operating Counties In Florida | rental | 12 | ||||
Assets | $ 35,761,607 | $ 37,026,712 | |||
Allowance for credit losses | 202,689 | 147,946 | $ 126,457 | $ 257,323 | |
Stockholders' equity | 2,577,921 | 2,435,981 | 3,037,761 | 2,983,012 | |
Retained Earnings | |||||
Segment Reporting Information [Line Items] | |||||
Stockholders' equity | $ 2,650,956 | $ 2,551,400 | $ 2,345,342 | $ 2,013,715 | |
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 | ||||
Minimum | Buildings and improvements | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Minimum | Leasehold improvements | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Minimum | Aircraft and automobiles | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Minimum | Furniture, fixtures and equipment | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Minimum | Computer equipment | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Minimum | Software | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum | Buildings and improvements | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 30 years | ||||
Maximum | Leasehold improvements | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Maximum | Aircraft and automobiles | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 15 years | ||||
Maximum | Furniture, fixtures and equipment | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 7 years | ||||
Maximum | Computer equipment | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Maximum | Software | |||||
Segment Reporting Information [Line Items] | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
FLORIDA | |||||
Segment Reporting Information [Line Items] | |||||
Number of Banking Centers | banking_center | 53 | ||||
New York | |||||
Segment Reporting Information [Line Items] | |||||
Number of Banking Centers | banking_center | 4 | ||||
TEXAS | |||||
Segment Reporting Information [Line Items] | |||||
Number of Banking Centers | banking_center | 1 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||||||||||
Net income | $ 20,812 | $ 46,981 | $ 57,996 | $ 52,882 | $ 64,207 | $ 87,850 | $ 65,764 | $ 67,150 | $ 178,671 | $ 284,971 | $ 414,984 |
Distributed and undistributed earnings allocated to participating securities | (3,565) | (5,075) | (5,991) | ||||||||
Income allocated to common stockholders for basic earnings per common share | $ 175,106 | $ 279,896 | $ 408,993 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding | 74,493,898 | 80,032,356 | 91,612,243 | ||||||||
Less average unvested stock awards | (1,168,004) | (1,224,568) | (1,212,055) | ||||||||
Weighted Average Number of Shares Outstanding, Basic, Total | 73,325,894 | 78,807,788 | 90,400,188 | ||||||||
Basic earnings per common share | $ 0.27 | $ 0.63 | $ 0.78 | $ 0.71 | $ 0.83 | $ 1.13 | $ 0.82 | $ 0.79 | $ 2.39 | $ 3.55 | $ 4.52 |
Numerator: | |||||||||||
Income allocated to common stockholders for basic earnings per common share | $ 175,106 | $ 279,896 | $ 408,993 | ||||||||
Adjustment for earnings reallocated from participating securities | (275) | (626) | (585) | ||||||||
Income used in calculating diluted earnings per common share | $ 174,831 | $ 279,270 | $ 408,408 | ||||||||
Denominator: | |||||||||||
Weighted Average Number of Shares Outstanding, Basic, Total | 73,325,894 | 78,807,788 | 90,400,188 | ||||||||
Dilutive effect of certain share-based awards | 197,441 | 94 | 134 | ||||||||
Weighted average shares for diluted earnings per common share | 73,523,335 | 78,807,882 | 90,400,322 | ||||||||
Diluted earnings per common share | $ 0.27 | $ 0.63 | $ 0.78 | $ 0.70 | $ 0.82 | $ 1.12 | $ 0.82 | $ 0.79 | $ 2.38 | $ 3.54 | $ 4.52 |
Earnings Per Common Share Earni
Earnings Per Common Share Earnings per Common Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Potentially dilutive securities outstanding (in Shares) | 1,738,534 | 2,034,960 | 1,804,973 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | $ 9,369,428 | $ 10,328,650 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5,042 | 2,854 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 539,838 | 677,061 |
Debt Securities, Available-for-sale | 8,834,632 | 9,654,443 |
Debt Securities, Available-for-Sale and Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 9,379,428 | 10,338,650 |
Debt Securities, Available-for-sale and Held-to-maturity | 8,844,632 | 9,664,443 |
Investment securities (including securities reported at fair value of $8,867,354 and $9,745,327) | 8,877,354 | 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 | 139,858 | 148,956 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 532 | 63 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 9,798 | 13,178 |
Debt Securities, Available-for-sale | 130,592 | 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 | 1,962,658 | 2,036,693 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,810 | 1,334 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 40,261 | 54,859 |
Debt Securities, Available-for-sale | 1,924,207 | 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 | 561,557 | 600,517 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 107 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 63,805 | 75,423 |
Debt Securities, Available-for-sale | 497,859 | 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 | 2,596,231 | 2,864,589 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 268 | 54 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 300,769 | 333,980 |
Debt Securities, Available-for-sale | 2,295,730 | 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 | 2,282,833 | 2,645,168 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 678 | 176 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 84,768 | 120,990 |
Debt Securities, Available-for-sale | 2,198,743 | 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 | 383,984 | 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 | 17,729 | 31,753 |
Debt Securities, Available-for-sale | 366,255 | 470,441 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 1,122,799 | 1,166,838 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 735 | 151 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 10,710 | 30,526 |
Debt Securities, Available-for-sale | 1,112,824 | 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 | 106,095 | 102,194 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 156 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,471 | 6,218 |
Debt Securities, Available-for-sale | 102,780 | 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 | 107,176 | 122,181 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 715 | 695 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 5,273 | 6,215 |
Debt Securities, Available-for-sale | 102,618 | 116,661 |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost, after Allowance for Credit Loss | 106,237 | 139,320 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 41 | 381 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,254 | 3,919 |
Debt Securities, Available-for-sale | 103,024 | 135,782 |
Investment securities held to maturity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities held to maturity | 10,000 | 10,000 |
Marketable equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI | $ 32,722 | $ 90,884 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Maturities of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 1,005,364 | |
Due after one year through five years, Amortized Cost | 5,121,397 | |
Due after five years through ten years, Amortized Cost | 1,940,887 | |
Due after ten years, Amortized Cost | 1,301,780 | |
Amortized Cost | 9,369,428 | $ 10,328,650 |
Due in one year or less, Fair Value | 967,514 | |
Due after one year through five years, Fair Value | 4,948,460 | |
Due after five years through ten years, Fair Value | 1,765,738 | |
Due after ten years, Fair Value | 1,152,920 | |
Fair Value | $ 8,834,632 | $ 9,654,443 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sale of investment securities | $ 371,777 | $ 798,205 | $ 2,286,600 |
Gross realized gains on investment securities AFS | 1,862 | 4,058 | 10,005 |
Gross realized losses on investment securities AFS | (47) | (131) | (995) |
Net realized gain | 1,815 | 3,927 | 9,010 |
Net losses on marketable equity securities recognized in earnings | (11,867) | (19,732) | (2,564) |
Gain (loss) on investment securities, net | $ (10,052) | $ (15,805) | $ 6,446 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 364,700 | $ 4,998,677 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,229 | 215,467 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 7,986,044 | 4,334,293 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 537,609 | 461,594 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 8,350,744 | 9,332,970 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 539,838 | 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 | 9,941 | 29,198 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 27 | 495 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 99,769 | 86,744 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9,771 | 12,683 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 109,710 | 115,942 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 9,798 | 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 | 82,382 | 1,243,286 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 430 | 26,789 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,646,081 | 672,322 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 39,831 | 28,070 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,728,463 | 1,915,608 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 40,261 | 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 | 3,332 | 236,102 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 6 | 5,736 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 481,651 | 288,992 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 63,799 | 69,687 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 484,983 | 525,094 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 63,805 | 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 | 0 | 1,103,578 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 93,480 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,255,461 | 1,413,642 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 300,769 | 240,500 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,255,461 | 2,517,220 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 300,769 | 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 | 51,434 | 1,191,969 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 323 | 39,729 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,054,378 | 1,223,223 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 84,445 | 81,261 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,105,812 | 2,415,192 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 84,768 | 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 | 0 | 391,421 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 22,293 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 366,255 | 79,020 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 17,729 | 9,460 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 366,255 | 470,441 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 17,729 | 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 | 184,652 | 596,803 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 348 | 14,020 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 880,609 | 494,945 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 10,362 | 16,506 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,065,261 | 1,091,748 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 10,710 | 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 | 0 | 95,976 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 6,218 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 79,697 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,471 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 79,697 | 95,976 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3,471 | 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 | 24,765 | 67,444 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,049 | 6,154 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 32,380 | 1,114 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4,224 | 61 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 57,145 | 68,558 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 5,273 | 6,215 |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 8,194 | 42,900 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 46 | 553 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 89,763 | 74,291 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,208 | 3,366 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 97,957 | 117,191 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 3,254 | $ 3,919 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) rental bond security | Dec. 31, 2022 USD ($) 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 | 558 | |
Number of securities which impairment considered insignificant (in Securities) | security | 114 | |
Available-for-sale securities, gross unrealized loss, considered insignificant | $ | $ 1,100 | |
Interest Receivable | $ | 138,000 | $ 129,000 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax | $ | (534,800) | (674,200) |
Change in Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax | $ | 139,400 | |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities pledged as collateral | $ | 7,700,000 | 4,100,000 |
Interest Receivable | $ | $ 37,000 | $ 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 | 130 | |
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 | 114 | |
Percentage of weighted average collateral loss | 2% | |
Percentage of weighted average credit support | 18% | |
Percentage of securities rated AAA | 95% | |
Percentage of securities rated AA | 4% | |
Percentage of securities rated A | 1% | |
Private label commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 95 | |
Percentage of weighted average collateral loss | 7% | |
Percentage of weighted average credit support | 43% | |
Percentage of securities rated AAA | 85% | |
Percentage of securities rated AA | 11% | |
Percentage of securities rated A | 4% | |
Single family real estate-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 13 | |
Percentage of weighted average collateral loss | 8% | |
Percentage of weighted average credit support | 53% | |
Percentage of securities rated AAA | 57% | |
Percentage of securities rated AA | 17% | |
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 | 28 | |
Percentage of weighted average collateral loss | 15% | |
Percentage of weighted average credit support | 45% | |
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 | 6 | |
Percentage of weighted average collateral loss | 4% | |
Percentage of weighted average credit support | 24% | |
Percentage of securities rated AAA | 38% | |
Percentage of securities rated AA | 62% | |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 4 | |
Percentage of securities rated AAA | 98% | |
Percentage of securities rated AA | 2% | |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 22 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Deferred Income | $ 45,000,000 | $ 61,000,000 | ||
Payments to Acquire Loans Held-for-investment | 493,291,000 | 2,283,134,000 | $ 4,843,231,000 | |
Allowance for credit losses | (202,689,000) | (147,946,000) | (126,457,000) | $ (257,323,000) |
Financing Receivable, before Allowance for Credit Loss and Fee | 24,633,684,000 | 24,885,988,000 | ||
Allowance for credit losses | 202,689,000 | 147,946,000 | 126,457,000 | $ 257,323,000 |
Financing Receivable Investment Past Due [Line Items] | ||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 278,000,000 | 494,000,000 | ||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, For Federal Home Loan Bank Debt | $ 16,500,000,000 | $ 12,400,000,000 | ||
Allowance for credit losses to total loans (in percent) | 0.82% | 0.59% | ||
Interest Receivable | $ 138,000,000 | $ 129,000,000 | ||
Financing receivable, allowance for credit loss, period increase | 54,700,000 | |||
Small business finance | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Nonaccrual | 41,800,000 | 40,300,000 | ||
Financing Receivable Investment Past Due [Line Items] | ||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 39,700,000 | 30,800,000 | ||
Financing Receivable, Nonaccrual | 41,800,000 | 40,300,000 | ||
1-4 single family residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Payments to Acquire Loans Held-for-investment | 493,000,000 | 2,300,000,000 | $ 4,800,000,000 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 6,903,013,000 | 7,128,834,000 | ||
US Government Agency Insured Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans in Process of Foreclosure, Amount | 250,000,000 | 400,000,000 | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,306,014,000 | 1,771,880,000 | ||
Residential Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loans in Process of Foreclosure, Amount | 262,000,000 | 413,000,000 | ||
Commercial Portfolio Segment [Member] | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable credit quality indicator, the value at which relationships are reevaluated at least annually | 3,000,000 | |||
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 | |||
Commercial Portfolio Segment [Member] | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable credit quality indicator, the value at which relationships are reevaluated at least annually | 1,000,000 | |||
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 | |||
Financial Asset Acquired with Credit Deterioration [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, after Allowance for Credit Loss | 44,713,000 | 51,674,000 | ||
Allowance for credit losses | (161,000) | (409,000) | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 44,874,000 | 52,083,000 | ||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | (35,249,000) | (44,354,000) | ||
Impaired Financing Receivable, Unpaid Principal Balance | 80,123,000 | 96,437,000 | ||
Allowance for credit losses | $ 161,000 | $ 409,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Schedule of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 24,633,684 | $ 24,885,988 |
Percent of total loans (in Percent) | 100% | 100% |
Loans and Leases Receivable, Allowance | $ (202,689) | $ (147,946) |
Loans and Leases Receivable, Net Amount, Total | 24,430,995 | 24,738,042 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 16,424,657 | $ 15,985,274 |
Percent of total loans (in Percent) | 66.70% | 64.30% |
1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,903,013 | $ 7,128,834 |
Percent of total loans (in Percent) | 28% | 28.60% |
Government Insured Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,306,014 | $ 1,771,880 |
Percent of total loans (in Percent) | 5.30% | 7.10% |
Commercial real estate, Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,323,241 | $ 5,405,597 |
Percent of total loans (in Percent) | 21.60% | 21.70% |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 495,992 | $ 294,360 |
Percent of total loans (in Percent) | 2% | 1.20% |
Commercial real estate, Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,935,743 | $ 1,890,813 |
Percent of total loans (in Percent) | 7.90% | 7.60% |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,971,981 | $ 6,417,721 |
Percent of total loans (in Percent) | 28.30% | 25.90% |
Pinnacle Public Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 884,690 | $ 912,122 |
Percent of total loans (in Percent) | 3.60% | 3.70% |
Bridge - franchise finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 182,408 | $ 253,774 |
Percent of total loans (in Percent) | 0.70% | 1% |
Bridge - equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 197,939 | $ 286,147 |
Percent of total loans (in Percent) | 0.80% | 1.10% |
Mortgage warehouse lending [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 432,663 | $ 524,740 |
Percent of total loans (in Percent) | 1.80% | 2.10% |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 8,209,027 | $ 8,900,714 |
Percent of total loans (in Percent) | 33.30% | 35.70% |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (ALLL Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 147,946 | $ 126,457 | $ 147,946 | $ 126,457 | $ 257,323 | |||||||
Financing Receivable, Allowance for Credit Loss | $ (202,689) | $ (147,946) | (202,689) | (147,946) | (126,457) | |||||||
Provision for (recovery of) credit losses | 19,253 | $ 33,049 | $ 15,517 | 19,788 | 39,608 | $ 3,720 | $ 23,996 | 7,830 | 87,607 | 75,154 | (67,119) | |
Charge-offs | (35,014) | (62,055) | (71,250) | |||||||||
Recoveries | 12,627 | 9,730 | 4,840 | |||||||||
Allowance for loan and lease losses, end of period | 202,689 | 147,946 | 202,689 | 147,946 | 126,457 | |||||||
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 | (146,152) | |||||||||||
Residential Portfolio Segment [Member] | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 11,741 | 9,187 | 11,741 | 9,187 | 18,719 | |||||||
Financing Receivable, Allowance for Credit Loss | (7,631) | (11,741) | (7,631) | (11,741) | (9,187) | |||||||
Charge-offs | 0 | (412) | (304) | |||||||||
Recoveries | 9 | 108 | 13 | |||||||||
Allowance for loan and lease losses, end of period | 7,631 | 11,741 | 7,631 | 11,741 | 9,187 | |||||||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 18,719 | |||||||||||
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 | (11,624) | |||||||||||
Commercial Portfolio Segment [Member] | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 136,205 | $ 117,270 | 136,205 | 117,270 | 238,604 | |||||||
Financing Receivable, Allowance for Credit Loss | (195,058) | (136,205) | (195,058) | (136,205) | (117,270) | |||||||
Charge-offs | (35,014) | (61,643) | (70,946) | |||||||||
Recoveries | 12,618 | 9,622 | 4,827 | |||||||||
Allowance for loan and lease losses, end of period | $ 195,058 | $ 136,205 | 195,058 | 136,205 | 117,270 | |||||||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 238,604 | |||||||||||
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 | $ (134,528) | |||||||||||
Funded Loans [Member] | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Provision for (recovery of) credit losses | 78,924 | 73,814 | (64,456) | |||||||||
Funded Loans [Member] | Residential Portfolio Segment [Member] | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Provision for (recovery of) credit losses | 4,002 | 2,858 | 9,241 | |||||||||
Funded Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Provision for (recovery of) credit losses | $ 82,926 | $ 70,956 | $ 55,215 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2023 | $ 2,632 | ||
2022 | 12,883 | ||
2021 | 43 | ||
2020 | 1,329 | ||
2019 | 9,758 | ||
Prior to 2019 | 7,372 | ||
Revolving Loans | 997 | ||
Total | 35,014 | $ 62,055 | $ 71,250 |
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 | 1,228 | ||
Revolving Loans | 0 | ||
Total | 1,228 | ||
Commercial and industrial Portfolio Segment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
2023 | 2,632 | ||
2022 | 12,883 | ||
2021 | 43 | ||
2020 | 316 | ||
2019 | 7,349 | ||
Prior to 2019 | 2,319 | ||
Revolving Loans | 997 | ||
Total | 26,539 | ||
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 | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||
Provision for (recovery of) credit losses | $ 19,253 | $ 33,049 | $ 15,517 | $ 19,788 | $ 39,608 | $ 3,720 | $ 23,996 | $ 7,830 | $ 87,607 | $ 75,154 | $ (67,119) |
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 8,683 | 1,467 | (1,235) | ||||||||
Provision for Other Credit Losses | 0 | 127 | 1,428 | ||||||||
Funded Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||||
Provision for (recovery of) credit losses | $ 78,924 | $ 73,814 | $ (64,456) |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 24,633,684 | $ 24,885,988 |
1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 365,323 | 1,201,204 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,126,812 | 3,169,085 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,974,506 | 922,591 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 860,121 | 320,683 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 297,728 | 182,814 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,278,523 | 1,332,457 |
Financing Receivable, before Allowance for Credit Loss and Fee | 6,903,013 | 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 | 253,774 | 805,125 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 810,150 | 2,513,045 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,378,572 | 721,982 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 696,363 | 212,574 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 203,966 | 97,076 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 893,290 | 944,783 |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,236,115 | 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 | 78,882 | 285,507 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 194,135 | 485,528 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 392,179 | 132,928 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 99,412 | 62,301 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 50,984 | 45,857 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 210,663 | 216,047 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,026,255 | 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 | 32,667 | 110,572 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 122,527 | 170,512 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 203,755 | 67,681 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 64,346 | 45,808 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 42,778 | 39,881 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 174,570 | 171,627 |
Financing Receivable, before Allowance for Credit Loss and Fee | 640,643 | 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 | 63,117 | 282,940 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 260,403 | 1,301,279 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,211,101 | 354,720 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 326,771 | 76,404 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 72,219 | 42,864 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 428,451 | 472,090 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,362,062 | 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 | 67,146 | 295,206 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 280,602 | 857,008 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 813,682 | 231,732 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 221,091 | 80,383 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 71,652 | 49,047 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 293,784 | 310,649 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,747,957 | 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 | 235,060 | 620,049 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 583,724 | 975,542 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 915,166 | 336,066 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 312,188 | 158,406 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 148,483 | 86,463 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 519,699 | 510,633 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,714,320 | 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 | 2,083 | 35,256 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 34,557 | 73 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 71 | 5,490 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,374 | 4,440 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 36,589 | 39,085 |
Financing Receivable, before Allowance for Credit Loss and Fee | 78,674 | 87,353 |
30 - 59 Days Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 207,256 | 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 | 2,200 | 12,752 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,785 | 16,432 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 7,201 | 3,266 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,745 | 2,953 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 1,854 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,527 | 5,759 |
Financing Receivable, before Allowance for Credit Loss and Fee | 31,458 | 43,016 |
60 - 89 Days Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 75,877 | 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 | 0 | 252 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,116 | 1,196 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,465 | 229 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 1,347 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 143 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,728 | 1,052 |
Financing Receivable, before Allowance for Credit Loss and Fee | 6,452 | 4,076 |
90 Days or More Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 334,463 | 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 | 5,872 | 2,158 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 2,173 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 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 | 5,580 | 4,635 |
Financing Receivable, before Allowance for Credit Loss and Fee | $ 12,891 | $ 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 24,633,684 | $ 24,885,988 |
Pinnacle Public Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 170,919 | 179,223 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 133,988 | 110,510 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 74,895 | 66,592 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31,771 | 66,514 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 55,338 | 29,783 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 417,779 | 459,500 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 884,690 | 912,122 |
Pinnacle Public Finance [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 170,919 | 179,223 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 133,988 | 110,510 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 74,895 | 66,592 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31,771 | 66,514 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 55,338 | 29,783 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 417,779 | 459,500 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 884,690 | 912,122 |
Bridge - franchise finance | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 5,488 | 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 | 34,532 | 40,601 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 33,627 | 64,420 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 46,976 | 31,816 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 35,051 | 14,923 |
Financing Receivable, Revolving | 201 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 182,408 | 253,774 |
Bridge - franchise finance | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 5,488 | 81,146 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,342 | 19,251 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 33,556 | 38,293 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 30,542 | 34,483 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 24,953 | 8,617 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 25,325 | 6,799 |
Financing Receivable, Revolving | 201 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 146,407 | 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 | 2,279 | 5,432 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 2,168 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,279 | 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 | 191 | 1,617 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 976 | 1,295 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 806 | 22,058 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 17,797 | 17,148 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9,726 | 8,124 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 29,496 | 50,242 |
Bridge - franchise finance | 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 | 1,013 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 2,447 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,226 | 3,883 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,226 | 7,343 |
Bridge - equipment finance | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,081 | 27,386 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 21,082 | 55,015 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 42,657 | 16,488 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,353 | 91,641 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 56,968 | 33,264 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 61,798 | 62,353 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 197,939 | 286,147 |
Bridge - equipment finance | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,081 | 27,386 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6,314 | 55,015 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 40,614 | 16,488 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,156 | 90,286 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 51,191 | 33,264 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 54,977 | 62,353 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 168,333 | 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 | 14,768 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,043 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 197 | 1,355 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,777 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,821 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 29,606 | 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 | 432,663 | 524,740 |
Financing Receivable, before Allowance for Credit Loss and Fee | 432,663 | 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 | 432,663 | 524,740 |
Financing Receivable, before Allowance for Credit Loss and Fee | 432,663 | 524,740 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 687,796 | 1,268,632 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,324,687 | 759,380 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 664,443 | 570,236 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 522,855 | 1,254,557 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,122,400 | 569,099 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,211,562 | 1,081,090 |
Financing Receivable, Revolving | 285,490 | 196,963 |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,819,233 | 5,699,957 |
Commercial Real Estate Portfolio Segment [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 668,669 | 1,256,300 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,268,313 | 758,025 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 662,340 | 550,133 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 493,675 | 1,138,113 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 878,048 | 512,125 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,064,601 | 932,030 |
Financing Receivable, Revolving | 281,584 | 196,963 |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,317,230 | 5,343,689 |
Commercial Real Estate Portfolio Segment [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 19,127 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,377 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 18,006 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 57,984 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,912 | 709 |
Financing Receivable, Revolving | 2,152 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 97,552 | 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 | 42,997 | 1,355 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,103 | 20,103 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 29,180 | 98,438 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 186,368 | 56,974 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 142,049 | 148,351 |
Financing Receivable, Revolving | 1,754 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 404,451 | 337,553 |
Commercial and industrial Portfolio Segment | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,386,780 | 1,906,814 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,590,198 | 839,326 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 741,692 | 449,515 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 367,334 | 796,508 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 505,769 | 436,649 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,154,343 | 957,799 |
Financing Receivable, Revolving | 3,161,608 | 2,921,923 |
Financing Receivable, before Allowance for Credit Loss and Fee | 8,907,724 | 8,308,534 |
Commercial and industrial Portfolio Segment | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,382,939 | 1,880,853 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,423,581 | 825,410 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 653,730 | 445,988 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 337,322 | 689,003 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 431,257 | 416,287 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,040,101 | 832,952 |
Financing Receivable, Revolving | 3,069,295 | 2,900,336 |
Financing Receivable, before Allowance for Credit Loss and Fee | 8,338,225 | 7,990,829 |
Commercial and industrial Portfolio Segment | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 63 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 85,306 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,215 | 208 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 13,949 | 3,880 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 49,526 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 22,398 | 20,657 |
Financing Receivable, Revolving | 47,680 | 310 |
Financing Receivable, before Allowance for Credit Loss and Fee | 220,074 | 25,118 |
Commercial and industrial Portfolio Segment | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 3,841 | 25,898 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 70,731 | 13,916 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 86,747 | 3,319 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 16,063 | 103,625 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 20,757 | 19,715 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 91,844 | 104,190 |
Financing Receivable, Revolving | 44,633 | 21,277 |
Financing Receivable, before Allowance for Credit Loss and Fee | 334,616 | 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 | 10,580 | 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 | 4,229 | 647 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 14,809 | 647 |
Criticized Commercial Portfolio Segment | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,137,109 | 740,513 |
Criticized Commercial Portfolio Segment | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 319,905 | 51,433 |
Criticized Commercial Portfolio Segment | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 711,266 | 605,965 |
Criticized Commercial Portfolio Segment | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 86,903 | 75,125 |
Criticized Commercial Portfolio Segment | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 19,035 | $ 7,990 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Schedule of Financing Receivables Past Due) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 24,633,684 | $ 24,885,988 |
1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 6,903,013 | 7,128,834 |
Financing Receivable, Originated in Current Fiscal Year | 365,323 | 1,201,204 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,126,812 | 3,169,085 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,974,506 | 922,591 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 860,121 | 320,683 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 297,728 | 182,814 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,278,523 | 1,332,457 |
US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,306,014 | 1,771,880 |
Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 884,690 | 912,122 |
Financing Receivable, Originated in Current Fiscal Year | 170,919 | 179,223 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 133,988 | 110,510 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 74,895 | 66,592 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 31,771 | 66,514 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 55,338 | 29,783 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 417,779 | 459,500 |
Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 182,408 | 253,774 |
Financing Receivable, Originated in Current Fiscal Year | 5,488 | 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 | 34,532 | 40,601 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 33,627 | 64,420 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 46,976 | 31,816 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 35,051 | 14,923 |
Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 197,939 | 286,147 |
Financing Receivable, Originated in Current Fiscal Year | 1,081 | 27,386 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 21,082 | 55,015 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 42,657 | 16,488 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,353 | 91,641 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 56,968 | 33,264 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 61,798 | 62,353 |
Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 432,663 | 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 | 8,907,724 | 8,308,534 |
Financing Receivable, Originated in Current Fiscal Year | 1,386,780 | 1,906,814 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,590,198 | 839,326 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 741,692 | 449,515 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 367,334 | 796,508 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 505,769 | 436,649 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,154,343 | 957,799 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,819,233 | 5,699,957 |
Financing Receivable, Originated in Current Fiscal Year | 687,796 | 1,268,632 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,324,687 | 759,380 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 664,443 | 570,236 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 522,855 | 1,254,557 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,122,400 | 569,099 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,211,562 | 1,081,090 |
Current | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 24,016,088 | 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 | 6,852,212 | 7,066,758 |
Financing Receivable, Originated in Current Fiscal Year | 363,123 | 1,185,611 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,117,039 | 3,149,299 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,965,840 | 916,923 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 854,376 | 316,023 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 296,146 | 177,891 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,255,688 | 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 | 835,282 | 1,025,523 |
Current | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 884,690 | 912,122 |
Current | Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 182,408 | 243,574 |
Current | Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 197,939 | 286,147 |
Current | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 432,663 | 524,740 |
Current | Commercial and industrial Portfolio Segment | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 8,851,585 | 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 | 5,779,309 | 5,680,829 |
30 - 59 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 207,256 | 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 | 31,458 | 43,016 |
Financing Receivable, Originated in Current Fiscal Year | 2,200 | 12,752 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,785 | 16,432 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 7,201 | 3,266 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,745 | 2,953 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 1,854 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,527 | 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 | 131,652 | 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 | 16,228 | 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 | 27,918 | 4,328 |
60 - 89 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 75,877 | 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 | 6,452 | 4,076 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 252 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,116 | 1,196 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,465 | 229 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 1,347 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 143 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,728 | 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 | 61,942 | 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 | 5,536 | 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 | 1,947 | 4,773 |
90 Days or More Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 334,463 | 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 | 12,891 | 14,984 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 2,589 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,872 | 2,158 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 2,173 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 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 | 5,580 | 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 | 277,138 | 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 | 34,375 | 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 | $ 10,059 | $ 10,027 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Finance Receivable, Nonaccrual) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 126,451 | $ 104,426 | |
Recorded Investment, With no specific allowance recorded | 23,821 | 24,221 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 7,700 | 5,900 | $ 8,000 |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 13,727 | 22,352 | |
Recorded Investment, With no specific allowance recorded | 1,947 | 6,911 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 20,513 | 21,311 | |
Recorded Investment, With no specific allowance recorded | 0 | 0 | |
Bridge - franchise finance | |||
Financing Receivable Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 16,858 | 13,290 | |
Recorded Investment, With no specific allowance recorded | 976 | 1,668 | |
Commercial and industrial Portfolio Segment | |||
Financing Receivable Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 68,533 | 47,473 | |
Recorded Investment, With no specific allowance recorded | 14,078 | 15,642 | |
Bridge - equipment finance | |||
Financing Receivable Investment Past Due [Line Items] | |||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 6,820 | 0 | |
Recorded Investment, With no specific allowance recorded | $ 6,820 | $ 0 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses (Schedule of Collateral Dependent Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 71,463 | $ 58,065 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 11,574 | 19,486 |
Secured Debt | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 56,073 | 48,156 |
Commercial Real Estate | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 11,574 | 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 | 16,668 | 11,445 |
Bridge - franchise finance | Bridge - franchise finance | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 11,858 | 3,729 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 71,463 | 57,335 |
Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 56,073 | 47,426 |
Commercial and industrial Portfolio Segment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 36,401 | 26,404 |
Commercial and industrial Portfolio Segment | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 25,821 | 25,344 |
Bridge - equipment finance | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,820 | 0 |
Bridge - equipment finance | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 6,820 | $ 0 |
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 | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 2,624 | 240 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 455,836 | $ 47,910 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1,198 | 84 |
Financing Receivable, Troubled Debt Restructuring, Modified, Subsequent Default | $ 197,740 | $ 14,317 |
1-4 single family residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 10 | 0 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 5,359 | $ 0 |
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 | 2,589 | 239 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 405,096 | $ 45,143 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1,190 | 84 |
Financing Receivable, Troubled Debt Restructuring, Modified, Subsequent Default | $ 187,708 | $ 14,317 |
Bridge - franchise finance | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 4 | 0 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 6,329 | $ 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 4 | 0 |
Financing Receivable, Troubled Debt Restructuring, Modified, Subsequent Default | $ 6,329 | $ 0 |
Commercial and industrial Portfolio Segment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 21 | 0 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 39,052 | $ 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 4 | 0 |
Financing Receivable, Troubled Debt Restructuring, Modified, Subsequent Default | $ 3,703 | $ 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 2,767 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Modified, Subsequent Default | $ 0 | $ 0 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Loan Concentrations by States) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 24,633,684 | $ 24,885,988 |
1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 6,903,013 | $ 7,128,834 |
Percent of loans by state | 100% | 100% |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,819,233 | $ 5,699,957 |
Percent of loans by state | 100% | 100% |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 10,605,424 | $ 10,285,317 |
Percent of loans by state | 100% | 100% |
ILLINOIS | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 358,512 | $ 360,529 |
Percent of loans by state | 5.20% | 5.10% |
California [Member] | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 2,171,802 | $ 2,274,431 |
Percent of loans by state | 31.50% | 31.90% |
California [Member] | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 891,049 | $ 933,334 |
Percent of loans by state | 8.40% | 9.10% |
Virginia [Member] | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 312,384 | $ 314,530 |
Percent of loans by state | 4.50% | 4.40% |
Others [Member] | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 2,214,366 | $ 2,240,158 |
Percent of loans by state | 32% | 31.40% |
Others [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,007,111 | $ 732,753 |
Percent of loans by state | 17.30% | 12.90% |
Others [Member] | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 3,491,315 | $ 3,216,741 |
Percent of loans by state | 32.90% | 31.30% |
New York Tri-State [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,430,728 | $ 1,535,095 |
Percent of loans by state | 24.60% | 26.90% |
New York Tri-State [Member] | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 2,901,958 | $ 2,781,928 |
Percent of loans by state | 27.40% | 27% |
New York | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,344,205 | $ 1,417,707 |
Percent of loans by state | 19.50% | 19.90% |
FLORIDA | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 501,744 | $ 521,479 |
Percent of loans by state | 7.30% | 7.30% |
FLORIDA | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 3,381,394 | $ 3,432,109 |
Percent of loans by state | 58.10% | 60.20% |
FLORIDA | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 3,321,102 | $ 3,353,314 |
Percent of loans by state | 31.30% | 32.60% |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Loan Modifications) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 85,064 | ||
Amortized cost basis | 85,064 | ||
Financing Receivable, Modifications, Number of Contracts | 2,624 | 240 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 34,818 | ||
Current | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 43,447 | ||
30 - 59 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 12,335 | ||
60 - 89 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 7,677 | ||
90 Days or More Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 21,605 | ||
1-4 single family residential | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 835 | ||
Amortized cost basis | 835 | ||
Financing Receivable, Modifications, Number of Contracts | 10 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 759 | ||
1-4 single family residential | Current | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 76 | ||
1-4 single family residential | 30 - 59 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 0 | ||
1-4 single family residential | 60 - 89 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 0 | ||
1-4 single family residential | 90 Days or More Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 759 | ||
US Government Agency Insured Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 64,949 | ||
Amortized cost basis | 64,949 | ||
Financing Receivable, Modifications, Number of Contracts | 2,589 | 239 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 34,059 | ||
US Government Agency Insured Loans | Current | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 24,091 | ||
US Government Agency Insured Loans | 30 - 59 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 12,335 | ||
US Government Agency Insured Loans | 60 - 89 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 7,677 | ||
US Government Agency Insured Loans | 90 Days or More Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 20,846 | ||
Commercial and industrial Portfolio Segment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 8,532 | ||
Amortized cost basis | 8,532 | ||
Financing Receivable, Modifications, Number of Contracts | 21 | 0 | |
Commercial and industrial Portfolio Segment | Current | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 8,532 | ||
Commercial and industrial Portfolio Segment | 30 - 59 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial and industrial Portfolio Segment | 60 - 89 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 0 | ||
Commercial and industrial Portfolio Segment | 90 Days or More Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 0 | ||
Bridge - franchise finance | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 10,748 | ||
Amortized cost basis | 10,748 | ||
Financing Receivable, Modifications, Number of Contracts | 4 | 0 | |
Bridge - franchise finance | Current | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 10,748 | ||
Bridge - franchise finance | 30 - 59 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 0 | ||
Bridge - franchise finance | 60 - 89 Days Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 0 | ||
Bridge - franchise finance | 90 Days or More Past Due | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost basis | 0 | ||
Interest Rate Reduction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 940 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 864 | ||
Interest Rate Reduction | 1-4 single family residential | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 835 | ||
Percentage to total financing receivables | 0% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 759 | ||
Interest Rate Reduction | 1-4 single family residential | Maximum | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Weighted average interest rate decrease from modification | 4.30% | ||
Interest Rate Reduction | 1-4 single family residential | Minimum | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Weighted average interest rate decrease from modification | 3.40% | ||
Interest Rate Reduction | US Government Agency Insured Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 105 | ||
Percentage to total financing receivables | 0% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 105 | ||
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 | ||
Percentage to total financing receivables | 0% | ||
Interest Rate Reduction | Bridge - franchise finance | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | ||
Percentage to total financing receivables | 0% | ||
Term Extension | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 81,682 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 32,994 | ||
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% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | ||
Term Extension | US Government Agency Insured Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 62,402 | ||
Percentage to total financing receivables | 5% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 32,994 | ||
Term Extension | Government Insured Residential | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Weighted average term increase from modifciation | 9 years 1 month 6 days | ||
Term Extension | Commercial and industrial Portfolio Segment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 8,532 | ||
Percentage to total financing receivables | 0% | ||
Weighted average term increase from modifciation | 1 year 4 months 24 days | ||
Term Extension | Bridge - franchise finance | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 10,748 | ||
Percentage to total financing receivables | 6% | ||
Weighted average term increase from modifciation | 2 years 1 month 6 days | ||
Combination - Interest Rate Reduction and Term Extension | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 2,442 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 960 | ||
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% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 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 | $ 2,442 | ||
Percentage to total financing receivables | 0% | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 960 | ||
Combination - Interest Rate Reduction and Term Extension | Government Insured Residential | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Weighted average term increase from modifciation | 7 years 9 months 18 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 | 5.70% | ||
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 | 4.70% | ||
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 | ||
Percentage to total financing receivables | 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 | ||
Percentage to total financing receivables | 0% |
Leases Schedule of ROU Assets a
Leases Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of ROU Assets and Lease Liabilities [Abstract] | ||
Operating lease equipment, net | $ 64,536 | $ 72,211 |
Finance Lease, Right-of-Use Asset | 21,638 | 23,866 |
Total Right of Use Asset | 86,174 | 96,077 |
Operating Lease, Liability | 72,391 | 80,909 |
Finance Lease, Liability | 26,501 | 28,389 |
Total Lease Liabilities | $ 98,892 | $ 109,298 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Notes and other borrowings | Notes and other borrowings |
Leases Schedule of Operating an
Leases Schedule of Operating and Finance Lease Information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Operating and Finance Lease Information [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 10 months 24 days | 6 years 7 months 6 days |
Finance Lease, Weighted Average Remaining Lease Term | 10 years | 11 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.20% | 3.10% |
Finance Lease, Weighted Average Discount Rate, Percent | 2.90% | 2.90% |
Leases Schedule of Lease Costs
Leases Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Lease Costs [Abstract] | |||
Operating Lease, Cost | $ 16,761 | $ 18,364 | $ 19,646 |
Operating Lease, Impairment Loss | 76 | 134 | 183 |
Lease, Cost | 16,837 | 18,498 | 19,829 |
Finance Lease, Right-of-Use Asset, Amortization | 2,228 | 2,350 | 2,903 |
Finance Lease, Interest Expense | 778 | 823 | 866 |
Total finance lease cost | 3,006 | 3,173 | 3,769 |
Variable Lease, Cost | $ 3,440 | $ 3,589 | $ 4,147 |
Leases Schedule of Leases - Cas
Leases Schedule of Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Interest Payment on Liability | $ 778 | $ 823 | $ 866 |
Operating Lease, Payments | 17,680 | 18,473 | 20,056 |
Finance Lease, Principal Payments | 2,666 | 2,652 | 3,215 |
Total cash paid for amounts included in the measurement of lease liabilities | 21,124 | 21,948 | 24,137 |
Operating lease liabilities recognized from obtaining ROU assets | $ 6,896 | $ 9,086 | $ 13,325 |
Leases Schedule of Future Minim
Leases Schedule of Future Minimum Lease Payments for Operating and Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Future Minimum Lease Payments for Operating and Finance Leases [Abstract] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 17,261 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 14,870 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 13,530 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 10,809 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 8,256 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 14,843 | |
Lessee, Operating Lease, Liability, Payments, Due | 79,569 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (7,178) | |
Operating Lease, Liability | 72,391 | $ 80,909 |
Finance Lease, Liability, Payments, Due Next Twelve Months | 2,701 | |
Finance Lease, Liability, Payments, Due Year Two | 2,774 | |
Finance Lease, Liability, Payments, Due Year Three | 2,849 | |
Finance Lease, Liability, Payments, Due Year Four | 2,926 | |
Finance Lease, Liability, Payments, Due Year Five | 3,016 | |
Finance Lease, Liability, Payments, Due after Year Five | 16,431 | |
Finance Lease, Liability, Payment, Due | 30,697 | |
Finance Lease, Liability, Undiscounted Excess Amount | (4,196) | |
Finance Lease, Liability | 26,501 | 28,389 |
Total Lease Liability, Payments, Due Next Twelve Months | 19,962 | |
Total Lease Liability, Payments, Due Year Two | 17,644 | |
Total Lease Liability, Payments, Due Year Three | 16,379 | |
Total Lease Liability, Payments, Due Year Four | 13,735 | |
Total Lease Liability, Payments, Due Year Five | 11,272 | |
Total Lease Liability, Payments, Due After Year Five | 31,274 | |
Total Lease Liability, Payments Due | 110,266 | |
Total Lease Liability, Undiscounted Excess Amount | (11,374) | |
Total Lease Liabilities | $ 98,892 | $ 109,298 |
Leases Schedule of Direct or Sa
Leases Schedule of Direct or Sales Type Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Direct or Sales Type Finance Leases [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | $ 644,614 | $ 684,847 |
Direct Financing Lease, Unguaranteed Residual Asset | 3,938 | 4,024 |
Sales-type or direct financing lease, gross investment | 648,552 | 688,871 |
Direct Financing Lease, Deferred Selling Profit | (48,403) | (57,622) |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | 1,556 | 2,384 |
Sales-type and Direct Financing Leases, Lease Receivable | $ 601,705 | $ 633,633 |
Leases Schedule of future min_2
Leases Schedule of future minimum lease payments under direct or sales type financing leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | $ 183,861 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 155,587 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 100,775 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 47,973 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 32,552 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 123,866 | |
Sales-type and Direct Financing Leases, Lease Receivable | $ 644,614 | $ 684,847 |
Leases Schedule of Operating Le
Leases Schedule of Operating Lease Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Operating Lease Equipment [Abstract] | |||
Property Subject to or Available for Operating Lease, Gross | $ 582,147 | $ 772,267 | |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | 210,238 | 232,468 | |
Operating lease equipment, net | $ 371,909 | $ 539,799 | |
Asset Impairment Charges | $ (2,800) |
Leases Schedule of Future Min_3
Leases Schedule of Future Minimum Rental Payment on Operating Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Schedule of Future Minimum Rental Payment on Operating Leases [Abstract] | |
Lessor, Operating Lease, Payment to be Received, Year One | $ 31,873 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 26,854 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 18,764 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 15,932 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 13,825 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 19,896 |
Operating Leases, Future Minimum Payments Receivable | $ 127,144 |
Leases Operating and Direct Fin
Leases Operating and Direct Finance Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating and Direct Finance Lease Income [Abstract] | |||
Operating Lease, Lease Income | $ 47,868 | $ 54,111 | $ 53,263 |
Direct Financing Lease, Lease Income | 15,643 | 17,881 | 18,329 |
Lease Income | $ 63,511 | $ 71,992 | $ 71,592 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Lease financing | Lease financing | Lease financing |
Direct Financing Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Loans | Loans | Loans |
Deposits (Summary of Average Ba
Deposits (Summary of Average Balances and Weighted Average Rates Paid on Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Demand deposits: | |||
Non-interest bearing, average balance | $ 7,091,029 | $ 8,861,111 | $ 8,480,964 |
Non-interest bearing, average rate (in Percent) | 0% | 0% | 0% |
Interest bearing, average balance | $ 2,905,968 | $ 2,538,906 | $ 3,027,649 |
Interest-bearing, average rate (in Percent) | 2.99% | 0.55% | 0.28% |
Savings and Money Market, average balance | $ 10,704,470 | $ 12,874,240 | $ 13,339,651 |
Time, average balance | $ 5,169,458 | $ 3,338,671 | $ 3,490,082 |
Weighted Average Rate Domestic Deposit, Time Deposits | 3.70% | 1.06% | 0.46% |
Deposits, average balance | $ 25,870,925 | $ 27,612,928 | $ 28,338,346 |
Weighted Average Rate Domestic Deposit Savings and Money Market | 3.57% | 1.02% | 0.32% |
Weighted Average Rate Domestic Deposits | 2.55% | 0.65% | 0.24% |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Maturities of Time Deposits [Abstract] | ||
Time Deposit Maturities, Next Twelve Months | $ 4,693,323 | |
Time Deposit Maturities, Year Two | 147,364 | |
Time Deposit Maturities, Year Three | 322,677 | |
Time Deposit Maturities, Year Four | 446 | |
Time Deposit Maturities, after Year Five | 185 | |
Time Deposits | $ 5,163,995 | $ 4,268,078 |
Deposits (Schedule of Interest
Deposits (Schedule of Interest Expense on Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deposits [Abstract] | |||
Interest Expense, Demand Deposit Accounts | $ 86,759 | $ 13,919 | $ 8,550 |
Interest Expense, Money Market and Savings Deposits | 382,432 | 130,705 | 43,082 |
Interest Expense, Time Deposits | 191,114 | 35,348 | 15,964 |
Interest Expense, Domestic Deposits | $ 660,305 | $ 179,972 | $ 67,596 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deposits [Abstract] | |||
Time deposit accounts with balances of $250,000 or more | $ 941,000 | $ 730,000 | |
Public funds deposits included in deposits | 3,100,000 | ||
Interest-bearing Domestic Deposit, Brokered | 5,300,000 | ||
Carrying value of investment securities available for sale pledged as security for public funds deposits | 794,000 | ||
FHLB letter of credit pledged as security for time deposits issued to public funds deposits | 900,000 | ||
Noninterest Expense Commission Expense | $ 44,200 | $ 15,400 | $ 8,100 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances and Other Borrowings (Schedule of Outstanding FHLB Advances) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Maturing in Next Twelve Months - One month or less | $ 4,220,000 | |
Maturing in Next Twelve Months - Over one month | 895,000 | |
Advances from Federal Home Loan Banks, Total | $ 5,115,000 | $ 5,420,000 |
Maturing in Next Twelve Months - One month or less, Weighted Average Rate (in Percent) | 5.47% | |
Maturing in Next Twelve Months - Over one month, Weighted Average Rate (in Percent) | 5.56% | |
Minimum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Maturing in Next Twelve Months - One month or less, range of interest rates (in Percent) | 5.44% | |
Maturing in Next Twelve Months - Over one month, range of interest rates (in Percent) | 5.52% | |
Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Maturing in Next Twelve Months - One month or less, range of interest rates (in Percent) | 5.60% | |
Maturing in Next Twelve Months - Over one month, range of interest rates (in Percent) | 5.60% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances, Notes and Other Borrowings Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt | $ 682,472 | $ 692,534 |
Finance Lease, Liability | 26,501 | 28,389 |
Long-term Debt and Lease Obligation | 708,973 | 720,923 |
Subordinated Debt | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 300,000 | 300,000 |
Debt Instrument, Unamortized Discount | (4,331) | (4,880) |
Long-term Debt | $ 295,669 | 295,120 |
Subordinated Debt | Subordinated Debt 5.125% Maturing on June 11, 2030 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |
Senior Notes | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | $ 388,479 | 400,000 |
Debt Instrument, Unamortized Discount | (1,676) | (2,586) |
Long-term Debt | $ 386,803 | $ 397,414 |
Senior Notes | Senior Notes 4.875% Maturing on November 17, 2025 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% |
Federal Home Loan Bank Advanc_5
Federal Home Loan Bank Advances and Other Borrowings (Narrative) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 4,600,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 14,600,000 |
Senior Notes | Senior Notes 4.875% Maturing on November 17, 2025 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 5.12% |
Subordinated Debt | Subordinated Debt 5.125% Maturing on June 11, 2030 | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 5.39% |
Federal Reserve Bank Advances | |
Debt Instrument [Line Items] | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 7,400,000 |
Premises and Equipment and Le_3
Premises and Equipment and Lease Commitments (Summary of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 247,751 | $ 236,977 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (182,934) | (170,707) |
Property, Plant and Equipment, Net | 64,817 | 66,270 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,019 | 1,019 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 78,811 | 74,607 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 34,118 | 34,835 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 16,547 | 19,380 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 105,593 | 95,491 |
Aircraft and automobiles | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 11,663 | $ 11,645 |
Premises and Equipment and Le_4
Premises and Equipment and Lease Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment, Type [Abstract] | |||
Depreciation, Nonproduction | $ 18.7 | $ 17.5 | $ 16.7 |
Income Taxes Schedule of Compon
Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current Federal Tax Expense (Benefit) | $ 82,789 | $ 76,431 | $ 61,814 | ||||||||
Current State and Local Tax Expense (Benefit) | 22,456 | 12,293 | (18,398) | ||||||||
Current Income Tax Expense (Benefit) | 105,245 | 88,724 | 43,416 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | (38,303) | (7,191) | 4,348 | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | (8,529) | 8,628 | (13,363) | ||||||||
Deferred income taxes | (46,832) | 1,437 | (9,015) | ||||||||
Provision for income taxes | $ 3,374 | $ 15,446 | $ 20,634 | $ 18,959 | $ 17,585 | $ 29,233 | $ 21,704 | $ 21,639 | $ 58,413 | $ 90,161 | $ 34,401 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 49,788 | $ 78,778 | $ 94,371 | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | ||||||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | $ (13,404) | $ (10,577) | $ (13,203) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | (5.65%) | (2.82%) | (2.94%) | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 12,162 | $ 17,859 | $ 16,425 | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.13% | 4.76% | 3.66% | ||||||||
Effective Income Tax Rate Reconciliation, Uncertain Tax Position, lapse of statute of limitations, Percent | 0.92% | 0.29% | 5.70% | ||||||||
Effective Income Tax Rate Reconciliation, Uncertain Tax Position, lapse of statute of limitations, Amount | $ 2,192 | $ 1,093 | $ 25,633 | ||||||||
Effective Income Tax Rate Reconciliation, Uncertain Tax Position, Interest, Percent | (4.47%) | (1.69%) | (1.65%) | ||||||||
Effective Income Tax Rate Reconciliation, Uncertain Tax Position, Interest, Amount | $ (10,605) | $ (6,348) | $ (7,397) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | $ 0 | $ 0 | $ (43,950) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent | 0% | 0% | (9.78%) | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 1,454 | $ (1,154) | $ (1,006) | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.61% | (0.31%) | (0.23%) | ||||||||
Provision for income taxes | $ 3,374 | $ 15,446 | $ 20,634 | $ 18,959 | $ 17,585 | $ 29,233 | $ 21,704 | $ 21,639 | $ 58,413 | $ 90,161 | $ 34,401 |
Effective Income Tax Rate Reconciliation, Percent | 24.64% | 24.03% | 7.66% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Excess of tax basis over carrying value of loans | $ 5,246 | $ 6,243 |
Allowance for credit losses | 55,188 | 38,211 |
Net unrealized loss on investment securities available for sale and cash flow hedges | 125,580 | 153,858 |
Capitalized costs | 10,805 | 18,380 |
Lease liability | 18,592 | 20,655 |
Deferred compensation | 11,431 | 9,873 |
Accrued expenses | 19,301 | 11,464 |
Other | 29,746 | 34,796 |
Gross deferred tax assets | 275,889 | 293,480 |
Deferred tax liabilities: | ||
Lease financing, due to differences in depreciation | 96,225 | 131,018 |
ROU asset | 31,886 | 31,253 |
Other | 5,480 | 7,005 |
Gross deferred tax liabilities | 133,591 | 169,276 |
Net deferred tax asset | $ 142,298 | $ 124,204 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits, Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 369,880 | $ 347,809 | $ 414,203 |
Additions for tax positions related to the current year | 2,802 | 3,086 | 2,175 |
Additions for tax positions related to prior periods | 708 | 12,433 | 12,887 |
Reductions due to settlements with taxing authorities | (347) | 0 | (43,782) |
Reductions due to lapse of the statute of limitations | (1,617) | (795) | (30,394) |
Unrecognized Tax Benefits, Period Increase (Decrease) | 371,426 | 362,533 | 355,089 |
Interest and penalties | 12,469 | 7,347 | 7,280 |
Ending balance | $ 383,895 | $ 369,880 | $ 347,809 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Adjustments, Settlements, and Unusual Provisions | $ 43,900,000 | ||
Tax Credit Carryforward, Amount | $ 17,700,000 | ||
Amortization Method Qualified Affordable Housing Project Investments | 111,000,000 | $ 100,000,000 | |
Qualified Affordable Housing Project Investments, Commitment | 77,000,000 | 62,000,000 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 164,000,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 343,800,000 | 342,600,000 | 329,300,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 26,400,000 | 16,500,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, net of tax | 10,000,000 | $ 5,900,000 | $ (5,700,000) |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | 108,600,000 | ||
Tax Credit Carryforward, Amount | 90,900,000 | ||
Maximum | State and Local Jurisdiction [Member] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 334,700,000 | ||
Minimum | State and Local Jurisdiction [Member] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Schedule of Derivatives Designated as Hedging Instruments) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional Amount | $ 3,640,000 | $ 2,395,000 |
Asset | 10,241 | 16,614 |
Liability | (1,048) | (1,717) |
Cash Flow Hedging | Interest Rate Swap | ||
Derivative [Line Items] | ||
Notional Amount | 3,215,000 | 1,970,000 |
Asset | 0 | 941 |
Liability | (1,048) | (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 | 10,157 | 15,673 |
Liability | 0 | 0 |
Cash Flow Hedging | Interest rate collar | ||
Derivative [Line Items] | ||
Notional Amount | 125,000 | 125,000 |
Asset | 84 | 0 |
Liability | 0 | (203) |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ 65,739 | $ 90 | $ (51,739) |
Interest expense on borrowings | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Borrowings | Borrowings | Borrowings |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 44,790 | $ (4,224) | $ (51,739) |
Interest expense on deposits | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Deposits | Deposits | Deposits |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 23,569 | $ 4,357 | $ 0 |
Interest income on loans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Loans | Loans | Loans |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (2,620) | $ (43) | $ 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) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Closed Portfolio and Beneficial Interest, Last-of-Layer, Amortized Cost | $ 992,000,000 | $ 1,000,000,000 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Loans | |
Hedged Asset, Fair Value Hedge | $ 100,000,000 | 100,000,000 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | $ (1,656,000) | $ (3,923,000) |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Notional Amount | $ 4,464,846 | $ 3,919,278 |
Asset | 95,417 | 72,125 |
Liability | (95,881) | (124,503) |
Pay-fixed forward-starting interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 2,166,813 | 1,916,719 |
Asset | 76,793 | 67,942 |
Liability | (16,702) | (2,195) |
Pay-variable interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 2,166,813 | 1,916,719 |
Asset | 16,702 | 2,195 |
Liability | (77,257) | (120,320) |
Interest Rate Cap | ||
Derivative [Line Items] | ||
Notional Amount | 65,610 | 42,920 |
Asset | 1,922 | 1,988 |
Liability | 0 | 0 |
Interest Rate Caps Sold | ||
Derivative [Line Items] | ||
Notional Amount | 65,610 | 42,920 |
Asset | 0 | 0 |
Liability | $ (1,922) | $ (1,988) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Interest Rate Swaps Subject to Master Netting Agreements) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative assets | $ 88,956 | $ 86,544 |
Gross Amounts Recognized, Derivative liabilities | (17,750) | (3,912) |
Gross Amounts Recognized, Derivative assets and liabilities | (71,206) | (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 | 88,956 | 86,544 |
Net Amounts Presented in Balance Sheet, Derivative liabilities | (17,750) | (3,912) |
Derivative Asset (Liability), Fair Value, Amount Not Offset Against Collateral | 71,206 | 82,632 |
Gross Amounts Not Offset in Balance Sheet | ||
Derivative Instruments, Derivative assets | (15,154) | (3,912) |
Derivative Instruments, Derivative liabilities | 15,154 | 3,912 |
Derivative Instruments, Derivative assets and liabilities | 0 | 0 |
Collateral Pledged, Derivative assets | (73,730) | (79,447) |
Collateral Pledged, Derivative liabilities | 2,596 | 0 |
Collateral Pledged, Derivative assets and liabilities | (71,134) | (79,447) |
Net Amount, Derivative assets | 72 | 3,185 |
Net Amount, Derivative liabilities | 0 | 0 |
Net Amount, Derivative assets and liabilities | $ 72 | $ 3,185 |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Amount expected to be reclassified from AOCI into income | $ (38,400) | ||
Risk Participation, Derivative, Notional Amount | 363,000 | $ 202,000 | |
Notional Amount of Discontinued Cash Flow Hedge | $ 401,000 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (22,681) | 79,805 | 94,152 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 8,700 | 4,700 | 6,600 |
Reclassification adjustment for net (gains) losses realized in income | $ (48,647) | $ (66) | $ 38,545 |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrealized gains (losses) on investment securities available for sale: | |||
Net unrealized holding gain (loss) arising during the period, Before Tax | $ (141,227) | $ 674,115 | $ 72,789 |
Amounts reclassified to gain on investment securities available for sale, net, Before Tax | 1,815 | 3,927 | 9,010 |
Net change in unrealized gains on securities available for sale, Before Tax | 139,412 | (678,042) | (81,799) |
Net unrealized holding gain (loss) arising during the period, Tax Effect | 36,719 | (175,251) | (18,561) |
Amounts reclassified to gain on investment securities available for sale, net, Tax Effect | 472 | 1,021 | 2,298 |
Net change in unrealized gains on securities available for sale, Tax Effect | (36,247) | 176,272 | 20,859 |
Net unrealized holding gain (loss) arising during the period, Net of Tax | 104,508 | (498,864) | (54,228) |
Amounts reclassified to gain on investment securities available for sale, net, Net of Tax | (1,343) | (2,906) | (6,712) |
Net change in unrealized gains (losses) on securities available for sale | 103,165 | (501,770) | (60,940) |
Unrealized losses on derivative instruments: | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 35,089 | 107,764 | 29,808 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (30,650) | 107,674 | 126,380 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (9,123) | (27,893) | (7,601) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | (7,969) | 27,869 | 32,228 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 25,966 | 79,871 | 22,207 |
Reclassification adjustment for net (gains) losses realized in income | 48,647 | 66 | (38,545) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (22,681) | 79,805 | 94,152 |
Other comprehensive income (loss), Before Tax | 108,762 | (570,368) | 44,581 |
Other comprehensive income (loss), Tax Effect | (28,278) | 148,403 | (11,369) |
Other comprehensive income (loss) | 80,484 | (421,965) | 33,212 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net unrealized holding gain (loss) arising during the period, Before Tax | 141,227 | (674,115) | (72,789) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 1,815 | 3,927 | 9,010 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | 139,412 | (678,042) | (81,799) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 36,719 | (175,251) | (18,561) |
Amounts reclassified to gain on investment securities available for sale, net, Tax Effect | 472 | 1,021 | 2,298 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 36,247 | (176,272) | (20,859) |
Net unrealized holding gain (loss) arising during the period | 104,508 | (498,864) | (54,228) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,343 | 2,906 | 6,712 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 103,165 | (501,770) | (60,940) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 35,089 | 107,764 | 29,808 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 9,123 | 27,893 | 7,601 |
Net unrealized holding gains arising during the period | 25,966 | 79,871 | 22,207 |
Reclassification adjustment for net (gains) losses realized in income | 48,647 | 66 | (38,545) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (30,650) | 107,674 | 126,380 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | (7,969) | 27,869 | 32,228 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (22,681) | 79,805 | 94,152 |
Other Comprehensive Income (Loss), before Tax | 108,762 | (570,368) | 44,581 |
Other Comprehensive Income (Loss), Tax | 28,278 | (148,403) | 11,369 |
Other Comprehensive Income (Loss), Net of Tax | 80,484 | (421,965) | 33,212 |
Interest expense on deposits | |||
Unrealized losses on derivative instruments: | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 23,569 | 4,357 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 6,128 | 1,133 | |
Reclassification adjustment for net (gains) losses realized in income | 17,441 | 3,224 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 23,569 | 4,357 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 6,128 | 1,133 | |
Reclassification adjustment for net (gains) losses realized in income | 17,441 | 3,224 | |
Interest expense on borrowings | |||
Unrealized losses on derivative instruments: | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 44,790 | (4,224) | (51,739) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 11,645 | (1,098) | (13,194) |
Reclassification adjustment for net (gains) losses realized in income | 33,145 | (3,126) | (38,545) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 44,790 | (4,224) | (51,739) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 11,645 | (1,098) | (13,194) |
Reclassification adjustment for net (gains) losses realized in income | 33,145 | (3,126) | (38,545) |
Interest income on loans | |||
Unrealized losses on derivative instruments: | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (2,620) | (43) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (681) | (11) | |
Reclassification adjustment for net (gains) losses realized in income | (1,939) | (32) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (2,620) | (43) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (681) | (11) | |
Reclassification adjustment for net (gains) losses realized in income | (1,939) | (32) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Unrealized losses on derivative instruments: | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (44,833) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (11,433) | ||
Reclassification adjustment for net (gains) losses realized in income | (33,400) | ||
Other comprehensive income (loss) | (22,681) | 79,805 | 94,152 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (44,833) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (11,433) | ||
Reclassification adjustment for net (gains) losses realized in income | (33,400) | ||
Other Comprehensive Income (Loss), Net of Tax | $ (22,681) | $ 79,805 | $ 94,152 |
Stockholders' Equity (Categorie
Stockholders' Equity (Categories of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income, Beginning Balance | $ (437,905) | ||
Other comprehensive income (loss) | 80,484 | $ (421,965) | $ 33,212 |
Other comprehensive income, Ending Balance | (357,421) | (437,905) | |
Unrealized Gains on Investment Securities Available for Sale | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income, Beginning Balance | (498,911) | 2,859 | 63,799 |
Other comprehensive income (loss) | 103,165 | (501,770) | (60,940) |
Other comprehensive income, Ending Balance | (395,746) | (498,911) | 2,859 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income, Beginning Balance | 61,006 | (18,799) | (112,951) |
Other comprehensive income (loss) | (22,681) | 79,805 | 94,152 |
Other comprehensive income, Ending Balance | 38,325 | 61,006 | (18,799) |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income, Beginning Balance | (437,905) | (15,940) | (49,152) |
Other comprehensive income (loss) | 80,484 | (421,965) | 33,212 |
Other comprehensive income, Ending Balance | $ (357,421) | $ (437,905) | $ (15,940) |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,766,764 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,472,999 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 1,900,000 | ||
Unvested and restricted share awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 36,200 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 6 months | ||
RSU and PSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 9,100 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 11,000 | ||
401(k) Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 6,700 | $ 6,200 | $ 6,100 |
Deferred Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 2,900 | 1,400 | $ 2,200 |
Deferred Compensation Plan | Other Liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Liability, Current and Noncurrent | $ 43,000 | $ 37,000 | |
A401k Plan First1 Of Eligible Compensation Member | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage | 100% | ||
A401k Plan2 To6 Of Eligible Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage | 70% |
Equity Based Compensation (Sche
Equity Based Compensation (Schedule of Compensation Costs Related to Equity Based Awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 24,554 | $ 25,328 | $ 23,983 |
Share-based Payment Arrangement, Expense, Tax Benefit | (6,384) | (6,585) | (6,116) |
Share-based Payment Arrangement, Expense, after Tax | 18,170 | 18,743 | 17,867 |
Unvested and restricted share awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 16,122 | 16,203 | 13,334 |
RSU and PSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 3,351 | 4,239 | 7,942 |
Incentive Compensation Arrangements [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 5,081 | $ 4,886 | $ 2,707 |
Equity Based Compensation (Sc_2
Equity Based Compensation (Schedule of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Range of the closing price on date of grant, maximum (in Dollars per Share) | $ 35.39 | $ 43.67 | $ 47.52 | |
Range of the closing price on date of grant, minimum (in Dollars per Share) | $ 16.94 | $ 39.39 | $ 42.01 | |
Aggregate grant date fair value of shares vesting | $ 20,757 | $ 14,383 | $ 16,319 | |
Unvested and restricted share awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 36,200 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,016,400 | 1,194,315 | 1,179,684 | 1,161,835 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 37.10 | $ 39.05 | $ 37.17 | $ 33.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 509,139 | 496,361 | 571,936 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 542,003 | 391,693 | 479,790 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 37.81 | $ 36.72 | $ 34.01 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (145,051) | (90,037) | (74,297) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 37.92 | $ 39.38 | $ 35.91 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 33.51 | $ 41.75 | $ 42.17 | |
Incentive Compensation Arrangements [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 613,491 | 257,976 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 38.11 | $ 41.87 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 378,609 | 294,331 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (23,094) | (36,355) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 35.39 | $ 41.87 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 35.39 | $ 41.87 | $ 0 |
Equity Based Compensation Sched
Equity Based Compensation Schedule of Other Share-Based Compensation, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate grant date fair value of shares vesting | $ 20,757 | $ 14,383 | $ 16,319 | |
Range of the closing price on date of grant, minimum (in Dollars per Share) | $ 16.94 | $ 39.39 | $ 42.01 | |
Range of the closing price on date of grant, maximum (in Dollars per Share) | $ 35.39 | $ 43.67 | $ 47.52 | |
Unvested and restricted share awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 509,139 | 496,361 | 571,936 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (542,003) | (391,693) | (479,790) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,016,400 | 1,194,315 | 1,179,684 | 1,161,835 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 37.10 | $ 39.05 | $ 37.17 | $ 33.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 33.51 | 41.75 | 42.17 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ (37.81) | $ (36.72) | $ (34.01) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (145,051) | (90,037) | (74,297) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 37.92 | $ 39.38 | $ 35.91 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 36,200 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 6 months | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 136,778 | 66,990 | 63,814 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (104,976) | (77,648) | (100,881) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 140,632 | 108,830 | 119,488 | 156,555 |
Performance share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 136,778 | 66,990 | 63,814 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (106,731) | (73,062) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 267,582 | 237,535 | 243,607 | 179,793 |
RSU and PSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 9,100 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | |||
Incentive Compensation Arrangements [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 378,609 | 294,331 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 613,491 | 257,976 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 38.11 | $ 41.87 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 35.39 | 41.87 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (23,094) | (36,355) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 35.39 | $ 41.87 | $ 0 |
Equity Based Compensation (Sc_3
Equity Based Compensation (Schedule of Stock Options Activity) (Details) | 12 Months Ended |
Dec. 31, 2021 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Exercise of stock options (in Shares) | shares | (1,569) |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares | $ 15.94 |
Equity Based Compensation (Sc_4
Equity Based Compensation (Schedule of Options Outstanding and Exercisable, Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Range of the closing price on date of grant, minimum (in Dollars per Share) | $ 16.94 | $ 39.39 | $ 42.01 |
Range of the closing price on date of grant, maximum (in Dollars per Share) | $ 35.39 | $ 43.67 | $ 47.52 |
Aggregate grant date fair value of shares vesting | $ 20,757 | $ 14,383 | $ 16,319 |
Regulatory Requirements and R_3
Regulatory Requirements and Restrictions (Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations) (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Parent Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | $ 2,865,758 | $ 2,806,713 |
Tier One Leverage Capital to Average Assets | 0.0793 | 0.0749 |
Tier One Leverage Capital Required for Capital Adequacy | $ 1,446,093 | $ 1,498,309 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Common Equity Tier One Risk Based Capital | $ 2,865,758 | $ 2,806,713 |
Common Equity Tier One Risk Based Capital to Risk Weighted Assets | 0.1139 | 0.1100 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | $ 1,635,794 | $ 1,658,842 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 1,132,472 | $ 1,148,429 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Capital conservation buffer required for Common equity tier one | $ 1,761,624 | $ 1,786,445 |
Capital conservation buffer required for Common equity tier one ratio | 7% | 7% |
Tier One Risk Based Capital | $ 2,865,758 | $ 2,806,713 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1139 | 0.1100 |
Tier One Risk Based Capital Required to be Well Capitalized | $ 2,013,284 | $ 2,041,652 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0800 | 0.0800 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | $ 1,509,963 | $ 1,531,239 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 | 0.0600 |
Capital conservation buffer required for tier one risk based | $ 2,139,115 | $ 2,169,255 |
Capital conservation buffer required for tier one risk based ratio | 8.50% | 8.50% |
Capital | $ 3,366,597 | $ 3,236,797 |
Capital to Risk Weighted Assets | 0.1338 | 0.1268 |
Capital Required to be Well Capitalized | $ 2,516,605 | $ 2,552,065 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 |
Capital Required to be Well Capitalized to Risk Weighted Assets | $ 2,013,284 | $ 2,041,652 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 | 0.0800 |
Capital required under capital conservation buffer | $ 2,642,436 | $ 2,679,668 |
Capital required under capital conservation buffer ratio | 10.50% | 10.50% |
BankUnited [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | $ 3,287,884 | $ 3,148,656 |
Tier One Leverage Capital to Average Assets | 0.0911 | 0.0843 |
Tier One Leverage Capital Required to be Well Capitalized | $ 1,805,277 | $ 1,866,432 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 | 0.0500 |
Tier One Leverage Capital Required for Capital Adequacy | $ 1,444,221 | $ 1,493,145 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Common Equity Tier One Risk Based Capital | $ 3,287,884 | $ 3,148,656 |
Common Equity Tier One Risk Based Capital to Risk Weighted Assets | 0.1309 | 0.1240 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | $ 1,632,880 | $ 1,650,104 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 1,130,456 | $ 1,142,380 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Capital conservation buffer required for Common equity tier one | $ 1,758,486 | $ 1,777,035 |
Capital conservation buffer required for Common equity tier one ratio | 7% | 7% |
Tier One Risk Based Capital | $ 3,287,884 | $ 3,148,656 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1309 | 0.1240 |
Tier One Risk Based Capital Required to be Well Capitalized | $ 2,009,699 | $ 2,030,897 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0800 | 0.0800 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | $ 1,507,274 | $ 1,523,173 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 | 0.0600 |
Capital conservation buffer required for tier one risk based | $ 2,135,305 | $ 2,157,828 |
Capital conservation buffer required for tier one risk based ratio | 8.50% | 8.50% |
Capital | $ 3,488,723 | $ 3,278,740 |
Capital to Risk Weighted Assets | 0.1389 | 0.1292 |
Capital Required to be Well Capitalized | $ 2,512,124 | $ 2,538,621 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 |
Capital Required to be Well Capitalized to Risk Weighted Assets | $ 2,009,699 | $ 2,030,897 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 | 0.0800 |
Capital required under capital conservation buffer | $ 2,637,730 | $ 2,665,552 |
Capital required under capital conservation buffer ratio | 10.50% | 10.50% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 8,973,012 | $ 9,834,066 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (96,929) | (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 | (96,929) | (126,220) |
U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 130,592 | 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 | 1,924,207 | 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 | 497,859 | 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 | 2,295,730 | 2,530,663 |
Private label commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,198,743 | 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 | 366,255 | 470,441 |
Collateralized loan obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,112,824 | 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 | 102,780 | 95,976 |
State and municipal obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 102,618 | 116,661 |
SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 103,024 | 135,782 |
Marketable equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 32,722 | 90,884 |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 105,658 | 88,739 |
Fair Value, Inputs, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 163,314 | 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 | 130,592 | 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 | 32,722 | 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 | 8,809,698 | 9,607,341 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (96,929) | (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 | (96,929) | (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 | 1,924,207 | 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 | 497,859 | 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 | 2,295,730 | 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 | 2,198,743 | 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 | 366,255 | 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 | 1,112,824 | 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 | 102,780 | 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 | 102,618 | 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 | 103,024 | 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 | $ 105,658 | $ 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 8,973,012 | $ 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 | 50,914 | 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 | 50,885 | 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 | $ 29 | $ 693 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Investment securities | $ 8,877,281 | $ 9,755,190 |
Non-marketable equity securities | 310,084 | 294,172 |
Liabilities: | ||
Time deposits | 5,163,995 | 4,268,078 |
Federal funds purchased | 0 | 190,000 |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Cash and cash equivalents | 588,283 | 572,647 |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Non-marketable equity securities | $ 310,084 | $ 294,172 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Liabilities: | ||
Demand, savings and money market deposits | $ 21,374,483 | $ 23,241,256 |
Time deposits | 5,133,119 | 4,231,167 |
Federal funds purchased | 0 | 190,000 |
FHLB advances | 5,115,637 | 5,419,588 |
Notes and other borrowings | $ 676,077 | $ 698,359 |
Derivative liabilities | Other liabilities | Other liabilities |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Loans, net | $ 23,075,192 | $ 23,342,950 |
Carrying Value | ||
Assets: | ||
Cash and cash equivalents | 588,283 | 572,647 |
Investment securities | 8,877,354 | 9,755,327 |
Non-marketable equity securities | 310,084 | 294,172 |
Loans, net | $ 24,430,995 | $ 24,738,042 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Liabilities: | ||
Demand, savings and money market deposits | $ 21,374,483 | $ 23,241,256 |
Time deposits | 5,163,995 | 4,268,078 |
Federal funds purchased | 0 | 190,000 |
FHLB advances | 5,115,000 | 5,420,000 |
Notes and other borrowings | $ 708,973 | $ 720,923 |
Derivative liabilities | Other liabilities | Other liabilities |
Commitments and Contingencies C
Commitments and Contingencies Commitments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 5,088,819 |
Commitments to fund loans | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 257,398 |
Unfunded commitments under lines of credit | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 4,659,184 |
Commercial and standby letters of credit | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 172,237 |
Condensed Financial Statement_3
Condensed Financial Statements of BankUnited, Inc. (Schedule of Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||||
Cash and cash equivalents | $ 588,283 | $ 572,647 | ||
Other assets | 786,886 | 740,876 | ||
Total assets | 35,761,607 | 37,026,712 | ||
Liabilities and Stockholders' Equity: | ||||
Other liabilities | 821,235 | 750,474 | ||
Stockholders' equity | 2,577,921 | 2,435,981 | $ 3,037,761 | $ 2,983,012 |
Total liabilities and stockholders' equity | 35,761,607 | 37,026,712 | ||
Parent Company | ||||
Assets: | ||||
Cash and cash equivalents | 262,036 | 266,282 | $ 164,212 | $ 289,761 |
Marketable Securities | 32,722 | 90,884 | ||
Investment in subsidiaries | 2,999,190 | 2,777,082 | ||
Other assets | 7,739 | 39,682 | ||
Total assets | 3,301,687 | 3,173,930 | ||
Liabilities and Stockholders' Equity: | ||||
Notes Payable | 682,472 | 692,534 | ||
Other liabilities | 41,294 | 45,415 | ||
Stockholders' equity | 2,577,921 | 2,435,981 | ||
Total liabilities and stockholders' equity | $ 3,301,687 | $ 3,173,930 |
Condensed Financial Statement_4
Condensed Financial Statements of BankUnited, Inc. (Schedule of Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Investment securities | $ 488,212 | $ 280,100 | $ 152,619 | ||||||||
Other non-interest income | 33,037 | 18,498 | 28,365 | ||||||||
Interest Expense - Borrowings | 323,472 | 137,519 | 96,164 | ||||||||
Employee compensation and benefits | 280,744 | 265,548 | 243,532 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 24,186 | $ 62,427 | $ 78,630 | $ 71,841 | $ 81,792 | $ 117,083 | $ 87,468 | $ 88,789 | 237,084 | 375,132 | 449,385 |
Provision for income taxes | 3,374 | 15,446 | 20,634 | 18,959 | 17,585 | 29,233 | 21,704 | 21,639 | 58,413 | 90,161 | 34,401 |
Net income | $ 20,812 | $ 46,981 | $ 57,996 | $ 52,882 | $ 64,207 | $ 87,850 | $ 65,764 | $ 67,150 | 178,671 | 284,971 | 414,984 |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Investment securities | 3,751 | 5,047 | 4,958 | ||||||||
Service fees from subsidiaries | 16,749 | 17,185 | 13,014 | ||||||||
Equity in earnings of subsidiaries | 225,288 | 338,911 | 455,672 | ||||||||
Other Income | (11,555) | (19,732) | (2,530) | ||||||||
Other non-interest income | 904 | 0 | 0 | ||||||||
Total Income | 235,137 | 341,411 | 471,114 | ||||||||
Interest Expense - Borrowings | 36,057 | 36,210 | 36,143 | ||||||||
Employee compensation and benefits | 28,271 | 29,189 | 26,730 | ||||||||
Other Expenses | 4,995 | 3,857 | 3,744 | ||||||||
Total expense | 69,323 | 69,256 | 66,617 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 165,814 | 272,155 | 404,497 | ||||||||
Provision for income taxes | (12,857) | (12,816) | (10,487) | ||||||||
Net income | $ 178,671 | $ 284,971 | $ 414,984 |
Condensed Financial Statement_5
Condensed Financial Statements of BankUnited, Inc. (Schedule of Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||||||||||
Net income | $ 20,812 | $ 46,981 | $ 57,996 | $ 52,882 | $ 64,207 | $ 87,850 | $ 65,764 | $ 67,150 | $ 178,671 | $ 284,971 | $ 414,984 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Share based compensation | 19,628 | 20,940 | 15,891 | ||||||||
Net cash provided by operating activities | 657,496 | 1,293,821 | 1,220,175 | ||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from repayments and calls of investment securities | 1,036,517 | 1,784,484 | 2,586,385 | ||||||||
Other | (29,993) | (41,400) | (23,964) | ||||||||
Net cash used in investing activities | 980,574 | (2,120,400) | (1,637,905) | ||||||||
Cash flows from financing activities: | |||||||||||
Dividends paid | (79,091) | (79,443) | (85,790) | ||||||||
Payments for Repurchase of Common Stock | 55,154 | 401,288 | 318,499 | ||||||||
Other | 22,333 | 12,132 | 6,126 | ||||||||
Net cash provided by financing activities | (1,622,434) | 1,084,369 | 334,871 | ||||||||
Net (decrease) increase in cash and cash equivalents | 15,636 | 257,790 | (82,859) | ||||||||
Cash and cash equivalents, beginning of period | 572,647 | 572,647 | |||||||||
Cash and cash equivalents, end of period | 588,283 | 572,647 | 588,283 | 572,647 | |||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Dividends declared, not paid | 20,706 | 19,346 | 19,876 | ||||||||
Parent Company | |||||||||||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||||||||||
Net income | 178,671 | 284,971 | 414,984 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | (140,288) | 266,089 | (143,672) | ||||||||
Share based compensation | 26,315 | 25,179 | 23,832 | ||||||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 8,936 | 1,858 | 8,810 | ||||||||
Net cash provided by operating activities | 73,634 | 578,097 | 303,954 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital contributions to subsidiary | 0 | 0 | (35,000) | ||||||||
Proceeds from repayments and calls of investment securities | 73,962 | 10,000 | 15,728 | ||||||||
Other | (160) | 0 | (11) | ||||||||
Net cash used in investing activities | 73,802 | 10,000 | (19,283) | ||||||||
Cash flows from financing activities: | |||||||||||
Dividends paid | (79,091) | (79,443) | (85,790) | ||||||||
Payments for Repurchase of Common Stock | (55,154) | (401,288) | (318,499) | ||||||||
Repayments of Senior Debt | (10,554) | 0 | 0 | ||||||||
Other | 6,883 | 5,296 | 5,931 | ||||||||
Net cash provided by financing activities | (151,682) | (486,027) | (410,220) | ||||||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (4,246) | 102,070 | (125,549) | ||||||||
Cash and cash equivalents, beginning of period | $ 266,282 | $ 164,212 | 266,282 | 164,212 | 289,761 | ||||||
Cash and cash equivalents, end of period | $ 262,036 | $ 266,282 | 262,036 | 266,282 | 164,212 | ||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Dividends declared, not paid | $ 20,706 | $ 19,346 | $ 19,876 |
Condensed Financial Statement_6
Condensed Financial Statements of BankUnited, Inc. (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | $ (85,000) | $ (605,000) | $ (312,000) |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 483,205 | $ 470,539 | $ 463,421 | $ 440,416 | $ 401,490 | $ 326,024 | $ 266,973 | $ 235,964 | $ 1,857,581 | $ 1,230,451 | $ 959,448 |
Interest expense | 265,995 | 255,697 | 249,543 | 212,542 | 158,424 | 90,188 | 41,557 | 27,322 | 983,777 | 317,491 | 163,760 |
Net interest income before provision for credit losses | 217,210 | 214,842 | 213,878 | 227,874 | 243,066 | 235,836 | 225,416 | 208,642 | 873,804 | 912,960 | 795,688 |
Provision for (recovery of) credit losses | 19,253 | 33,049 | 15,517 | 19,788 | 39,608 | 3,720 | 23,996 | 7,830 | 87,607 | 75,154 | (67,119) |
Net interest income after provision for credit losses | 197,957 | 181,793 | 198,361 | 208,086 | 203,458 | 232,116 | 201,420 | 200,812 | 786,197 | 837,806 | 862,807 |
Non-interest income | 17,092 | 27,724 | 25,487 | 16,535 | 26,813 | 23,072 | 13,450 | 14,301 | 86,838 | 77,636 | 134,153 |
Non-interest expense | 190,863 | 147,090 | 145,218 | 152,780 | 148,479 | 138,105 | 127,402 | 126,324 | 635,951 | 540,310 | 547,575 |
Income before income taxes | 24,186 | 62,427 | 78,630 | 71,841 | 81,792 | 117,083 | 87,468 | 88,789 | 237,084 | 375,132 | 449,385 |
Provision for income taxes | 3,374 | 15,446 | 20,634 | 18,959 | 17,585 | 29,233 | 21,704 | 21,639 | 58,413 | 90,161 | 34,401 |
Net income | $ 20,812 | $ 46,981 | $ 57,996 | $ 52,882 | $ 64,207 | $ 87,850 | $ 65,764 | $ 67,150 | $ 178,671 | $ 284,971 | $ 414,984 |
Earnings per common share, basic | $ 0.27 | $ 0.63 | $ 0.78 | $ 0.71 | $ 0.83 | $ 1.13 | $ 0.82 | $ 0.79 | $ 2.39 | $ 3.55 | $ 4.52 |
Earnings per common share, diluted | $ 0.27 | $ 0.63 | $ 0.78 | $ 0.70 | $ 0.82 | $ 1.12 | $ 0.82 | $ 0.79 | $ 2.38 | $ 3.54 | $ 4.52 |
Quarterly Financial Informati_4
Quarterly Financial Information (Unaudited) - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Examination [Line Items] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 43,900 | |||
Discontinuance of cash flow hedges | $ 0 | $ 0 | 44,833 | |
Deposit insurance expense | $ 35,400 | $ 66,747 | $ 17,999 | $ 18,695 |