☒ | |||||
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-0162450 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
14817 Oak Lane | Miami Lakes | FL | 33016 | ||||||||
(Address of principal executive offices) | (Zip Code) |
Class | Trading Symbol | Name of Exchange on Which Registered | ||||||||||||
Common Stock, $0.01 | BKU | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ☐ | |||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
☐ |
Page | ||||||||
ACL | Allowance for credit losses | |||||||
AFS | ||||||||
Available for sale | ||||||||
ALCO | ||||||||
AOCI | Accumulated other comprehensive income | |||||||
Annual Percentage Yield | ||||||||
ARM | Adjustable rate mortgage | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
Basel Committee | International Basel Committee on Banking Supervision | |||||||
BHC Act | Bank Holding Company Act of 1956 | |||||||
BHC | Bank | |||||||
BKU | BankUnited, Inc. | |||||||
Bank Owned Life Insurance | ||||||||
BankUnited | BankUnited, National Association | |||||||
The Bank | BankUnited, National Association | |||||||
Bridge | Bridge Funding Group, Inc. | |||||||
Buyout loans | FHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations | |||||||
CAO | Chief Accounting Officer | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CCA | Cloud Computing Arrangements | |||||||
CCAR | Comprehensive Capital Analysis and Review | |||||||
CDARS | Certificate of Deposit Account Registry Service | |||||||
CD | Certificate of Deposit | |||||||
CECL | Current expected credit losses | |||||||
CET1 | Common Equity Tier 1 capital | |||||||
Consumer Financial Protection Bureau | ||||||||
Commercial and Industrial loans, including owner-occupied commercial real estate | ||||||||
CFO | Chief Financial Officer | |||||||
CIO | Chief Information Officer | |||||||
CISO | Chief Information Security Officer | |||||||
CLO | Collateralized loan obligations | |||||||
CMBS | Commercial mortgage-backed securities | |||||||
CME | Chicago Mercantile Exchange | |||||||
CMOs | Collateralized mortgage obligations | |||||||
COVID-19 | ||||||||
Community Reinvestment Act | ||||||||
Commercial real estate loans, including non-owner occupied commercial real estate and construction and land | ||||||||
CRO | Chief Risk Officer | |||||||
CVA | Credit Valuation Adjustment | |||||||
DIF | Deposit insurance fund | |||||||
Environmental, social and governance | ||||||||
EVE | Economic value of equity | |||||||
FASB | Financial Accounting Standards Board | |||||||
The Financial Conduct Authority | ||||||||
FDIA | Federal Deposit Insurance Act | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
FHA | Federal Housing Administration | |||||||
FHFA | Federal Housing Finance Agency | |||||||
FHLB | Federal Home Loan Bank | |||||||
FICO | Fair Isaac Corporation (credit score) | |||||||
FRB | Federal Reserve Bank | |||||||
U.S. generally accepted accounting principles | ||||||||
GDP | Gross Domestic Product |
GLB Act | The Gramm-Leach-Bliley Financial Modernization Act of 1999 | |||||||
HPI | Home price indices | |||||||
HTM | Held to maturity | |||||||
ISDA | International Swaps and Derivatives Association | |||||||
LGD | Loss Given Default | |||||||
LIBOR | London InterBank Offered Rate | |||||||
LIHTC | Low Income Housing Tax Credits | |||||||
MBS | Mortgage-backed securities | |||||||
MSA | Metropolitan Statistical Area | |||||||
MWL | Mortgage | |||||||
NRSRO | ||||||||
New York | ||||||||
OCC | Office of the Comptroller of the Currency | |||||||
OFAC | U.S. Department of the Treasury's Office of Foreign Assets Control | |||||||
OREO | Other real estate owned | |||||||
PCAOB | ||||||||
PCD | Purchased credit-deteriorated | |||||||
PD | Probability of default | |||||||
Pinnacle | Pinnacle Public Finance, Inc. | |||||||
Proxy Statement | Definitive proxy statement for the Company's | |||||||
PSU | Performance Share Unit | |||||||
REIT | ||||||||
ROU Asset | ||||||||
Risk Participation Agreement | ||||||||
RSA | Restricted Share Award | |||||||
RSU | Restricted Share Unit | |||||||
Risk-weighted Assets | ||||||||
SAR | Share Appreciation Right | |||||||
SBA | U.S. Small Business Administration | |||||||
SEC | Securities and Exchange Commission | |||||||
SOFR | ||||||||
TDR | Troubled-debt restructuring | |||||||
Tri-State | New York, New Jersey and Connecticut | |||||||
UPB | Unpaid principal balance | |||||||
USDA | U.S. Department of Agriculture | |||||||
Loan guaranteed by the U.S. Department of Veterans Affairs | ||||||||
VIEs | Variable interest entities | |||||||
WARM | Weighted-average remaining maturity | |||||||
2010 Plan | 2010 Omnibus Equity Incentive Plan | |||||||
2014 Plan | 2014 Omnibus Equity Incentive Plan | |||||||
401(k) Plan | BankUnited 401(k) Plan | |||||||
Diverse Workforce |
2017 | 2016 | ||||||||||||||
High | Low | High | Low | ||||||||||||
1st Quarter | $ | 41.00 | $ | 34.35 | $ | 35.94 | $ | 29.72 | |||||||
2nd Quarter | $ | 37.80 | $ | 32.33 | $ | 36.28 | $ | 27.85 | |||||||
3rd Quarter | $ | 36.14 | $ | 30.37 | $ | 33.06 | $ | 28.64 | |||||||
4th Quarter | $ | 41.64 | $ | 32.34 | $ | 38.47 | $ | 28.13 |
Index | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | Index | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | 12/31/2023 | |||||||||||||||||||
BankUnited, Inc. | 100.00 | 137.80 | 125.32 | 158.85 | 170.46 | 188.66 | ||||||||||||||||||||||||||
S&P 500 | 100.00 | 132.39 | 150.51 | 152.59 | 170.84 | 208.14 | ||||||||||||||||||||||||||
S&P Bank | 100.00 | 135.72 | 156.78 | 158.10 | 196.54 | 240.87 | ||||||||||||||||||||||||||
S&P 500 Index | ||||||||||||||||||||||||||||||||
KBW Nasdaq Regional Banking Index | ||||||||||||||||||||||||||||||||
KBW Nasdaq Regional Banking Index | ||||||||||||||||||||||||||||||||
KBW Nasdaq Regional Banking Index |
At December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Consolidated Balance Sheet Data: | |||||||||||||||||||
Cash and cash equivalents | $ | 194,582 | $ | 448,313 | $ | 267,500 | $ | 187,517 | $ | 252,749 | |||||||||
Investment securities available for sale, at fair value | 6,680,832 | 6,073,584 | 4,859,539 | 4,585,694 | 3,637,124 | ||||||||||||||
Loans, net | 21,271,709 | 19,242,441 | 16,510,775 | 12,319,227 | 8,983,884 | ||||||||||||||
FDIC indemnification asset | 295,635 | 515,933 | 739,880 | 974,704 | 1,205,117 | ||||||||||||||
Equipment under operating lease, net | 599,502 | 539,914 | 483,518 | 314,558 | 196,483 | ||||||||||||||
Total assets | 30,346,986 | 27,880,151 | 23,883,467 | 19,210,529 | 15,046,649 | ||||||||||||||
Deposits | 21,878,479 | 19,490,890 | 16,938,501 | 13,511,755 | 10,532,428 | ||||||||||||||
Federal Home Loan Bank advances | 4,771,000 | 5,239,348 | 4,008,464 | 3,307,932 | 2,412,050 | ||||||||||||||
Notes and other borrowings | 402,830 | 402,809 | 402,545 | 10,627 | 2,263 | ||||||||||||||
Total liabilities | 27,320,924 | 25,461,722 | 21,639,569 | 17,157,995 | 13,117,951 | ||||||||||||||
Total stockholder's equity | 3,026,062 | 2,418,429 | 2,243,898 | 2,052,534 | 1,928,698 | ||||||||||||||
Covered assets | 505,722 | 616,600 | 813,525 | 1,053,317 | 1,730,182 |
Years Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||
Consolidated Income Statement Data: | |||||||||||||||||||
Interest income | $ | 1,204,461 | $ | 1,059,217 | $ | 880,816 | $ | 783,744 | $ | 738,821 | |||||||||
Interest expense | 254,189 | 188,832 | 135,164 | 106,651 | 92,611 | ||||||||||||||
Net interest income | 950,272 | 870,385 | 745,652 | 677,093 | 646,210 | ||||||||||||||
Provision for loan losses | 68,747 | 50,911 | 44,311 | 41,505 | 31,964 | ||||||||||||||
Net interest income after provision for loan losses | 881,525 | 819,474 | 701,341 | 635,588 | 614,246 | ||||||||||||||
Non-interest income | 157,904 | 106,417 | 102,224 | 84,165 | 68,049 | ||||||||||||||
Non-interest expense | 634,968 | 590,447 | 506,672 | 426,503 | 364,293 | ||||||||||||||
Income before income taxes | 404,461 | 335,444 | 296,893 | 293,250 | 318,002 | ||||||||||||||
Provision (benefit) for income taxes (1) | (209,812 | ) | 109,703 | 45,233 | 89,035 | 109,066 | |||||||||||||
Net income | $ | 614,273 | $ | 225,741 | $ | 251,660 | $ | 204,215 | $ | 208,936 | |||||||||
Share Data: | |||||||||||||||||||
Earnings per common share, basic | $ | 5.60 | $ | 2.11 | $ | 2.37 | $ | 1.95 | $ | 2.03 | |||||||||
Earnings per common share, diluted | $ | 5.58 | $ | 2.09 | $ | 2.35 | $ | 1.95 | $ | 2.01 | |||||||||
Cash dividends declared per common share | $ | 0.84 | $ | 0.84 | $ | 0.84 | $ | 0.84 | $ | 0.84 | |||||||||
Dividend payout ratio | 14.99 | % | 39.85 | % | 35.75 | % | 43.06 | % | 41.73 | % |
As of or for the Years Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||||
Other Data (unaudited): | |||||||||||||||||||
Financial ratios | |||||||||||||||||||
Return on average assets | 2.13 | % | 0.87 | % | 1.18 | % | 1.21 | % | 1.55 | % | |||||||||
Return on average common equity | 23.36 | % | 9.64 | % | 11.62 | % | 10.13 | % | 11.16 | % | |||||||||
Yield on earning assets (2) | 4.58 | % | 4.51 | % | 4.64 | % | 5.33 | % | 6.54 | % | |||||||||
Cost of interest bearing liabilities | 1.12 | % | 0.93 | % | 0.84 | % | 0.87 | % | 0.94 | % | |||||||||
Tangible common equity to total assets | 9.72 | % | 8.39 | % | 9.07 | % | 10.33 | % | 12.36 | % | |||||||||
Interest rate spread (2) | 3.46 | % | 3.58 | % | 3.80 | % | 4.46 | % | 5.60 | % | |||||||||
Net interest margin (2) | 3.65 | % | 3.73 | % | 3.94 | % | 4.61 | % | 5.73 | % | |||||||||
Loan to deposit ratio (3) | 98.04 | % | 99.72 | % | 98.50 | % | 91.89 | % | 85.96 | % | |||||||||
Tangible book value per common share | $ | 27.59 | $ | 22.47 | $ | 20.90 | $ | 19.52 | $ | 18.41 | |||||||||
Asset quality ratios | |||||||||||||||||||
Non-performing loans to total loans (3) (4) | 0.81 | % | 0.70 | % | 0.44 | % | 0.32 | % | 0.39 | % | |||||||||
Non-performing assets to total assets (5) | 0.61 | % | 0.53 | % | 0.35 | % | 0.28 | % | 0.51 | % | |||||||||
Non-performing non-covered assets to total assets (5) (6) | 0.60 | % | 0.51 | % | 0.26 | % | 0.17 | % | 0.16 | % | |||||||||
ALLL to total loans | 0.68 | % | 0.79 | % | 0.76 | % | 0.77 | % | 0.77 | % | |||||||||
ALLL to non-performing loans (4) | 83.53 | % | 112.55 | % | 172.23 | % | 239.24 | % | 195.52 | % | |||||||||
Non-covered ALLL to non-covered non-performing loans (4) | 84.03 | % | 113.68 | % | 199.82 | % | 275.47 | % | 246.73 | % | |||||||||
Net charge-offs to average loans | 0.38 | % | 0.13 | % | 0.10 | % | 0.15 | % | 0.31 | % | |||||||||
Non-covered net charge-offs to average non-covered loans | 0.38 | % | 0.13 | % | 0.09 | % | 0.08 | % | 0.34 | % |
At December 31, | ||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||
Capital ratios | ||||||||||||||
Tier 1 leverage | 9.72 | % | 8.41 | % | 9.35 | % | 10.70 | % | 12.42 | % | ||||
CET1 risk-based capital | 13.11 | % | 11.63 | % | 12.58 | % | N/A | N/A | ||||||
Tier 1 risk-based capital | 13.11 | % | 11.63 | % | 12.58 | % | 15.45 | % | 21.06 | % | ||||
Total risk-based capital | 13.78 | % | 12.45 | % | 13.36 | % | 16.27 | % | 21.93 | % | ||||
December 31, 2023 | December 31, 2022 |
December 31, 2023 | December 31, 2022 |
December 31, 2023 | December 31, 2022 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest (1) | Yield/ Rate (1) | Average Balance | Interest (1) | Yield/ Rate (1) | Average Balance | Interest (1) | Yield/ Rate (1) | |||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 24,558,430 | $ | 1,331,578 | 5.42 | % | $ | 23,937,857 | $ | 947,386 | 3.96% | $ | 23,083,973 | $ | 814,101 | 3.53 | % | ||||||||||||||||||||||||||||||||||||
Investment securities (2) | 9,228,718 | 491,851 | 5.33 | % | 10,081,701 | 283,081 | 2.81% | 9,873,178 | 155,353 | 1.57 | % | ||||||||||||||||||||||||||||||||||||||||||
Other interest earning assets | 986,186 | 51,152 | 5.19 | % | 675,068 | 15,709 | 2.33% | 1,093,869 | 6,010 | 0.55 | % | ||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 34,773,334 | 1,874,581 | 5.39 | % | 34,694,626 | 1,246,176 | 3.59% | 34,051,020 | 975,464 | 2.86 | % | ||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (171,618) | (132,033) | (197,212) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest earning assets | 1,749,981 | 1,721,570 | 1,770,685 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 36,351,697 | $ | 36,284,163 | $ | 35,624,493 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 2,905,968 | $ | 86,759 | 2.99 | % | $ | 2,538,906 | $ | 13,919 | 0.55 | % | $ | 3,027,649 | $ | 8,550 | 0.28 | % | |||||||||||||||||||||||||||||||||||
Savings and money market deposits | 10,704,470 | 382,432 | 3.57 | % | 12,874,240 | 130,705 | 1.02 | % | 13,339,651 | 43,082 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||
Time deposits | 5,169,458 | 191,114 | 3.70 | % | 3,338,671 | 35,348 | 1.06 | % | 3,490,082 | 15,964 | 0.46 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 18,779,896 | 660,305 | 3.52 | % | 18,751,817 | 179,972 | 0.96 | % | 19,857,382 | 67,596 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 35,403 | 1,611 | 4.55 | % | 157,979 | 2,723 | 1.72 | % | 33,945 | 30 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||
FHLB advances | 6,331,685 | 285,026 | 4.50 | % | 4,383,507 | 97,763 | 2.23 | % | 2,622,723 | 59,116 | 2.25 | % | |||||||||||||||||||||||||||||||||||||||||
Notes and other borrowings | 716,633 | 36,835 | 5.14 | % | 721,223 | 37,033 | 5.13 | % | 721,803 | 37,018 | 5.13 | % | |||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 25,863,617 | 983,777 | 3.80 | % | 24,014,526 | 317,491 | 1.32 | % | 23,235,853 | 163,760 | 0.70 | % | |||||||||||||||||||||||||||||||||||||||||
Non-interest bearing demand deposits | 7,091,029 | 8,861,111 | 8,480,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest bearing liabilities | 848,023 | 708,473 | 784,031 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 33,802,669 | 33,584,110 | 32,500,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 2,549,028 | 2,700,053 | 3,123,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 36,351,697 | $ | 36,284,163 | $ | 35,624,493 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 890,804 | $ | 928,685 | $ | 811,704 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread | 1.59 | % | 2.27 | % | 2.16 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 2.56 | % | 2.68 | % | 2.38 | % |
2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Average Balance | Interest (1) | Yield/ Rate (1) | Average Balance | Interest (1) | Yield/ Rate (1) | Average Balance | Interest (1) | Yield/ Rate (1) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||||||||||||
Non-covered loans | $ | 19,478,071 | $ | 730,701 | 3.75 | % | $ | 17,282,886 | $ | 617,863 | 3.58 | % | $ | 13,339,708 | $ | 478,072 | 3.58 | % | ||||||||||||||
Covered loans | 544,279 | 300,540 | 55.22 | % | 721,268 | 301,614 | 41.82 | % | 923,909 | 291,717 | 31.57 | % | ||||||||||||||||||||
Total loans | 20,022,350 | 1,031,241 | 5.15 | % | 18,004,154 | 919,477 | 5.11 | % | 14,263,617 | 769,789 | 5.40 | % | ||||||||||||||||||||
Investment securities (2) | 6,658,145 | 201,363 | 3.02 | % | 5,691,617 | 161,385 | 2.84 | % | 4,672,032 | 121,221 | 2.59 | % | ||||||||||||||||||||
Other interest earning assets | 543,338 | 14,292 | 2.63 | % | 541,816 | 12,204 | 2.25 | % | 481,716 | 10,098 | 2.10 | % | ||||||||||||||||||||
Total interest earning assets | 27,223,833 | 1,246,896 | 4.58 | % | 24,237,587 | 1,093,066 | 4.51 | % | 19,417,365 | 901,108 | 4.64 | % | ||||||||||||||||||||
Allowance for loan and lease losses | (156,471 | ) | (139,469 | ) | (108,875 | ) | ||||||||||||||||||||||||||
Non-interest earning assets | 1,758,032 | 1,923,298 | 1,985,421 | |||||||||||||||||||||||||||||
Total assets | $ | 28,825,394 | $ | 26,021,416 | $ | 21,293,911 | ||||||||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||||||||||||
Interest bearing demand deposits | $ | 1,586,390 | 12,873 | 0.81 | % | $ | 1,382,717 | 8,343 | 0.60 | % | $ | 1,169,921 | $ | 5,782 | 0.49 | % | ||||||||||||||||
Savings and money market deposits | 9,730,101 | 80,397 | 0.83 | % | 8,361,652 | 51,774 | 0.62 | % | 6,849,366 | 37,744 | 0.55 | % | ||||||||||||||||||||
Time deposits | 6,094,336 | 77,663 | 1.27 | % | 5,326,630 | 59,656 | 1.12 | % | 4,305,857 | 47,625 | 1.11 | % | ||||||||||||||||||||
Total interest bearing deposits | 17,410,827 | 170,933 | 0.98 | % | 15,070,999 | 119,773 | 0.79 | % | 12,325,144 | 91,151 | 0.74 | % | ||||||||||||||||||||
FHLB advances | 4,869,690 | 61,997 | 1.27 | % | 4,801,406 | 47,773 | 0.99 | % | 3,706,288 | 40,328 | 1.09 | % | ||||||||||||||||||||
Notes and other borrowings | 402,921 | 21,259 | 5.28 | % | 403,197 | 21,287 | 5.28 | % | 58,791 | 3,685 | 6.27 | % | ||||||||||||||||||||
Total interest bearing liabilities | 22,683,438 | 254,189 | 1.12 | % | 20,275,602 | 188,833 | 0.93 | % | 16,090,223 | 135,164 | 0.84 | % | ||||||||||||||||||||
Non-interest bearing demand deposits | 3,069,565 | 2,968,192 | 2,732,654 | |||||||||||||||||||||||||||||
Other non-interest bearing liabilities | 443,019 | 435,645 | 305,519 | |||||||||||||||||||||||||||||
Total liabilities | 26,196,022 | 23,679,439 | 19,128,396 | |||||||||||||||||||||||||||||
Stockholders' equity | 2,629,372 | 2,341,977 | 2,165,515 | |||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 28,825,394 | $ | 26,021,416 | $ | 21,293,911 | ||||||||||||||||||||||||||
Net interest income | $ | 992,707 | $ | 904,233 | $ | 765,944 | ||||||||||||||||||||||||||
Interest rate spread | 3.46 | % | 3.58 | % | 3.80 | % | ||||||||||||||||||||||||||
Net interest margin | 3.65 | % | 3.73 | % | 3.94 | % | ||||||||||||||||||||||||||
2023 Compared to 2022 | 2022 Compared to 2021 | ||||||||||||||||||||||||||||||||||
Change Due to Volume | Change Due to Rate | Increase (Decrease) | Change Due to Volume | Change Due to Rate | Increase (Decrease) | ||||||||||||||||||||||||||||||
Interest Income Attributable to: | |||||||||||||||||||||||||||||||||||
Loans | $ | 34,699 | $ | 349,493 | $ | 384,192 | $ | 34,024 | $ | 99,261 | $ | 133,285 | |||||||||||||||||||||||
Investment securities | (45,289) | 254,059 | 208,770 | 5,301 | 122,427 | 127,728 | |||||||||||||||||||||||||||||
Other interest earning assets | 16,136 | 19,307 | 35,443 | (9,772) | 19,471 | 9,699 | |||||||||||||||||||||||||||||
Total interest earning assets | 5,546 | 622,859 | 628,405 | 29,553 | 241,159 | 270,712 | |||||||||||||||||||||||||||||
Interest Expense Attributable to: | |||||||||||||||||||||||||||||||||||
Interest bearing demand deposits | 10,891 | 61,949 | 72,840 | (2,806) | 8,175 | 5,369 | |||||||||||||||||||||||||||||
Savings and money market deposits | (76,566) | 328,293 | 251,727 | (5,755) | 93,378 | 87,623 | |||||||||||||||||||||||||||||
Time deposits | 67,625 | 88,141 | 155,766 | (1,556) | 20,940 | 19,384 | |||||||||||||||||||||||||||||
Total interest bearing deposits | 1,950 | 478,383 | 480,333 | (10,117) | 122,493 | 112,376 | |||||||||||||||||||||||||||||
Federal funds purchased | (5,583) | 4,471 | (1,112) | 2,140 | 553 | 2,693 | |||||||||||||||||||||||||||||
FHLB advances | 87,757 | 99,506 | 187,263 | 39,172 | (525) | 38,647 | |||||||||||||||||||||||||||||
Notes and other borrowings | (270) | 72 | (198) | 15 | — | 15 | |||||||||||||||||||||||||||||
Total interest expense | 83,854 | 582,432 | 666,286 | 31,210 | 122,521 | 153,731 | |||||||||||||||||||||||||||||
Increase (decrease) in tax-equivalent net interest income | $ | (78,308) | $ | 40,427 | $ | (37,881) | $ | (1,657) | $ | 118,638 | $ | 116,981 |
2017 Compared to 2016 | 2016 Compared to 2015 | ||||||||||||||||||||||
Change Due to Volume | Change Due to Rate | Increase (Decrease) | Change Due to Volume | Change Due to Rate | Increase | ||||||||||||||||||
Interest Income Attributable to: | |||||||||||||||||||||||
Loans | $ | 104,562 | $ | 7,202 | $ | 111,764 | $ | 191,052 | $ | (41,364 | ) | $ | 149,688 | ||||||||||
Investment securities | 29,733 | 10,245 | 39,978 | 28,484 | 11,680 | 40,164 | |||||||||||||||||
Other interest earning assets | 29 | 2,059 | 2,088 | 1,383 | 723 | 2,106 | |||||||||||||||||
Total interest income | 134,324 | 19,506 | 153,830 | 220,919 | (28,961 | ) | 191,958 | ||||||||||||||||
Interest Expense Attributable to: | |||||||||||||||||||||||
Interest bearing demand deposits | 1,626 | 2,904 | 4,530 | 1,274 | 1,287 | 2,561 | |||||||||||||||||
Savings and money market deposits | 11,064 | 17,559 | 28,623 | 9,235 | 4,795 | 14,030 | |||||||||||||||||
Time deposits | 10,017 | 7,990 | 18,007 | 11,600 | 431 | 12,031 | |||||||||||||||||
Total interest bearing deposits | 22,707 | 28,453 | 51,160 | 22,109 | 6,513 | 28,622 | |||||||||||||||||
FHLB advances | 779 | 13,444 | 14,223 | 11,151 | (3,706 | ) | 7,445 | ||||||||||||||||
Notes and other borrowings | (28 | ) | — | (28 | ) | 18,184 | (582 | ) | 17,602 | ||||||||||||||
Total interest expense | 23,458 | 41,897 | 65,355 | 51,444 | 2,225 | 53,669 | |||||||||||||||||
Increase (decrease) in net interest income | $ | 110,866 | $ | (22,391 | ) | $ | 88,475 | $ | 169,475 | $ | (31,186 | ) | $ | 138,289 |
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) |
Years Ended December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||
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 realized gain on sale of securities AFS | 1,815 | 3,927 | 9,010 | ||||||||||||||||||||||||||
Net loss 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 | ||||||||||||||||||||||||||
Lease financing | 45,882 | 54,111 | 53,263 | ||||||||||||||||||||||||||
Other non-interest income | 33,037 | 18,498 | 28,365 | ||||||||||||||||||||||||||
$ | 86,838 | $ | 77,636 | $ | 134,153 |
2017 | 2016 | 2015 | ||||||||||
Non-interest income related to the covered assets | $ | 24,262 | $ | 5,026 | $ | 23,415 | ||||||
Service charges and fees | 20,864 | 19,463 | 17,876 | |||||||||
Gain on sale of non-covered loans | 10,183 | 10,064 | 5,704 | |||||||||
Gain on investment securities available for sale, net | 33,466 | 14,461 | 8,480 | |||||||||
Lease financing | 53,837 | 44,738 | 35,641 | |||||||||
Other non-interest income | 15,292 | 12,665 | 11,108 | |||||||||
$ | 157,904 | $ | 106,417 | $ | 102,224 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||
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 | — | — | 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 |
2017 | 2016 | 2015 | |||||||||
Employee compensation and benefits | $ | 237,824 | $ | 223,011 | $ | 210,104 | |||||
Occupancy and equipment | 75,386 | 76,003 | 76,024 | ||||||||
Amortization of FDIC indemnification asset | 176,466 | 160,091 | 109,411 | ||||||||
Deposit insurance expense | 22,011 | 17,806 | 14,257 | ||||||||
Professional fees | 23,676 | 14,249 | 14,185 | ||||||||
Telecommunications and data processing | 13,966 | 14,343 | 13,613 | ||||||||
Depreciation of equipment under operating lease | 35,015 | 31,580 | 18,369 | ||||||||
Other non-interest expense | 50,624 | 53,364 | 50,709 | ||||||||
$ | 634,968 | $ | 590,447 | $ | 506,672 |
2017 | 2016 | 2015 | ||||||||||
Interest income on covered loans | $ | 300,540 | $ | 301,614 | $ | 291,717 | ||||||
Amortization of FDIC indemnification asset | (176,466 | ) | (160,091 | ) | (109,411 | ) | ||||||
124,074 | 141,523 | 182,306 | ||||||||||
Income from resolution of covered assets, net | 27,450 | 36,155 | 50,658 | |||||||||
Gain (loss) on sale of covered loans, net | 17,406 | (14,470 | ) | 34,929 | ||||||||
Net loss on FDIC indemnification | (22,220 | ) | (17,759 | ) | (65,942 | ) | ||||||
Other, net | 1,058 | (4,215 | ) | 2,824 | ||||||||
23,694 | (289 | ) | 22,469 | |||||||||
Net impact on pre-tax earnings of transactions in the covered assets | $ | 147,768 | $ | 141,234 | $ | 204,775 | ||||||
Combined yield on covered loans and indemnification asset (1) | 12.98 | % | 10.42 | % | 10.20 | % |
2017 | 2016 | ||||||
FDIC indemnification asset | $ | 295,635 | $ | 515,933 | |||
Less expected amortization | (140,830 | ) | (245,350 | ) | |||
Amount expected to be collected from the FDIC | $ | 154,805 | $ | 270,583 |
Future estimated accretion on covered loans | $ | 444,976 | |
Future estimated amortization of the indemnification asset | (140,830 | ) | |
Net estimated cumulative impact on future pre-tax earnings | $ | 304,146 |
2017 | 2016 | 2015 | |||||||||
Net gain (loss) on sale of covered loans | $ | 17,406 | $ | (14,470 | ) | $ | 34,929 | ||||
Net gain (loss) on FDIC indemnification | (1,514 | ) | 11,615 | (28,051 | ) | ||||||
Net impact on pre-tax earnings | $ | 15,892 | $ | (2,855 | ) | $ | 6,878 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Amortized Cost | Carrying Value | Amortized Cost | Carrying Value | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 139,858 | $ | 130,592 | $ | 148,956 | $ | 135,841 | |||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | 1,962,658 | 1,924,207 | 2,036,693 | 1,983,168 | |||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 561,557 | 497,859 | 600,517 | 525,094 | |||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | 2,596,231 | 2,295,730 | 2,864,589 | 2,530,663 | |||||||||||||||||||||||||||||||
Private label commercial MBS | 2,282,833 | 2,198,743 | 2,645,168 | 2,524,354 | |||||||||||||||||||||||||||||||
Single family real estate-backed securities | 383,984 | 366,255 | 502,194 | 470,441 | |||||||||||||||||||||||||||||||
Collateralized loan obligations | 1,122,799 | 1,112,824 | 1,166,838 | 1,136,463 | |||||||||||||||||||||||||||||||
Non-mortgage asset-backed securities | 106,095 | 102,780 | 102,194 | 95,976 | |||||||||||||||||||||||||||||||
State and municipal obligations | 107,176 | 102,618 | 122,181 | 116,661 | |||||||||||||||||||||||||||||||
SBA securities | 106,237 | 103,024 | 139,320 | 135,782 | |||||||||||||||||||||||||||||||
Investment securities held to maturity | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||||||||||||||||||
$ | 9,379,428 | 8,844,632 | $ | 10,338,650 | 9,664,443 | ||||||||||||||||||||||||||||||
Marketable equity securities | 32,722 | 90,884 | |||||||||||||||||||||||||||||||||
$ | 8,877,354 | $ | 9,755,327 |
2017 | 2016 | 2015 | |||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||
U.S. Treasury securities | $ | 24,981 | $ | 24,953 | $ | 4,999 | $ | 5,005 | $ | 4,997 | $ | 4,997 | |||||||||||
U.S. Government agency and sponsored enterprise residential MBS | 2,043,373 | 2,058,027 | 1,513,028 | 1,527,242 | 1,167,197 | 1,178,318 | |||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 233,522 | 234,508 | 126,754 | 124,586 | 95,997 | 96,814 | |||||||||||||||||
Re-Remics | — | — | — | — | 88,658 | 89,691 | |||||||||||||||||
Private label residential MBS and CMOs | 613,732 | 628,247 | 334,167 | 375,098 | 502,723 | 544,612 | |||||||||||||||||
Private label commercial MBS | 1,033,022 | 1,046,415 | 1,180,386 | 1,187,624 | 1,219,355 | 1,218,740 | |||||||||||||||||
Single family rental real estate-backed securities | 559,741 | 562,706 | 858,339 | 861,251 | 646,156 | 636,705 | |||||||||||||||||
Collateralized loan obligations | 720,429 | 723,681 | 487,678 | 487,296 | 309,615 | 306,877 | |||||||||||||||||
Non-mortgage asset-backed securities | 119,939 | 121,747 | 187,660 | 186,736 | 54,981 | 56,500 | |||||||||||||||||
Preferred stocks | 59,912 | 63,543 | 76,180 | 88,203 | 75,742 | 83,209 | |||||||||||||||||
State and municipal obligations | 640,511 | 657,203 | 705,884 | 698,546 | 351,456 | 361,753 | |||||||||||||||||
SBA securities | 534,534 | 550,682 | 517,129 | 523,906 | 270,553 | 273,336 | |||||||||||||||||
Other debt securities | 4,090 | 9,120 | 3,999 | 8,091 | 3,854 | 7,987 | |||||||||||||||||
$ | 6,587,786 | $ | 6,680,832 | $ | 5,996,203 | $ | 6,073,584 | $ | 4,791,284 | $ | 4,859,539 |
Balance, beginning of period | $ | 6,073,584 | |
Purchases | 3,131,798 | ||
Repayments, maturities and calls | (1,268,588 | ) | |
Sales | (1,254,125 | ) | |
Amortization of discounts and premiums, net | (17,502 | ) | |
Change in unrealized gains | 15,665 | ||
Balance, end of period | $ | 6,680,832 |
Within One Year | After One Year Through Five Years | After Five Years Through Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||
Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 24,953 | 1.19 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 24,953 | 1.19 | % | ||||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | 334,030 | 2.87 | % | 783,512 | 2.24 | % | 775,878 | 2.09 | % | 164,607 | 2.07 | % | 2,058,027 | 2.27 | % | |||||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 11,657 | 3.22 | % | 16,812 | 3.03 | % | 94,694 | 2.42 | % | 111,345 | 2.78 | % | 234,508 | 2.67 | % | |||||||||||||||||||
Private label residential MBS and CMOs | 119,381 | 3.84 | % | 344,386 | 3.63 | % | 136,061 | 3.63 | % | 28,419 | 4.01 | % | 628,247 | 3.69 | % | |||||||||||||||||||
Private label commercial MBS | 71,241 | 3.93 | % | 748,263 | 3.63 | % | 223,486 | 3.36 | % | 3,425 | 3.48 | % | 1,046,415 | 3.59 | % | |||||||||||||||||||
Single family rental real estate-backed securities | 1,969 | 3.13 | % | 525,865 | 3.07 | % | 34,872 | 3.26 | % | — | — | % | 562,706 | 3.08 | % | |||||||||||||||||||
Collateralized loan obligations | 3,250 | 3.34 | % | 447,245 | 3.39 | % | 273,186 | 3.12 | % | — | — | % | 723,681 | 3.29 | % | |||||||||||||||||||
Non-mortgage asset-backed securities | 11,850 | 4.04 | % | 91,353 | 3.43 | % | 17,370 | 2.84 | % | 1,174 | 2.81 | % | 121,747 | 3.40 | % | |||||||||||||||||||
State and municipal obligations | — | — | % | 27,232 | 2.47 | % | 575,045 | 3.66 | % | 54,926 | 4.29 | % | 657,203 | 3.66 | % | |||||||||||||||||||
SBA securities | 95,960 | 2.51 | % | 247,489 | 2.43 | % | 131,656 | 2.38 | % | 75,577 | 2.32 | % | 550,682 | 2.42 | % | |||||||||||||||||||
Other debt securities | — | — | % | — | — | % | 1,883 | 9.25 | % | 7,237 | 9.68 | % | 9,120 | 9.56 | % | |||||||||||||||||||
$ | 674,291 | 3.07 | % | $ | 3,232,157 | 3.06 | % | $ | 2,264,131 | 2.88 | % | $ | 446,710 | 2.75 | % | 6,617,289 | 2.98 | % | ||||||||||||||||
Preferred stocks with no scheduled maturity | 63,543 | 7.55 | % | |||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 6,680,832 | 3.02 | % |
December 31, 2023 | December 31, 2022 |
Subordination | Weighted Average Stress Scenario Loss | ||||||||||||||||||||||||||||||||||
Rating | Percent of Total | Minimum | Maximum | Average | |||||||||||||||||||||||||||||||
Private label CMBS | AAA | 85.8 | % | 30.2 | 99.9 | 43.9 | 7.1 | ||||||||||||||||||||||||||||
AA | 10.6 | % | 29.5 | 74.4 | 37.0 | 7.7 | |||||||||||||||||||||||||||||
A | 3.6 | % | 25.1 | 51.5 | 37.3 | 9.1 | |||||||||||||||||||||||||||||
Weighted average | 100.0 | % | 29.9 | 95.5 | 43.0 | 7.2 | |||||||||||||||||||||||||||||
CLOs | AAA | 80.2 | % | 40.2 | 74.2 | 47.1 | 15.7 | ||||||||||||||||||||||||||||
AA | 16.2 | % | 30.8 | 47.0 | 37.3 | 13.0 | |||||||||||||||||||||||||||||
A | 3.6 | % | 31.5 | 33.2 | 32.2 | 14.4 | |||||||||||||||||||||||||||||
Weighted average | 100.0 | % | 38.4 | 68.3 | 45.0 | 15.2 | |||||||||||||||||||||||||||||
Private label residential MBS and CMOs | AAA | 94.0 | % | 3.0 | 92.0 | 17.7 | 2.2 | ||||||||||||||||||||||||||||
AA | 4.2 | % | 20.2 | 34.2 | 24.8 | 5.3 | |||||||||||||||||||||||||||||
A | 1.8 | % | 27.3 | 28.2 | 27.7 | 5.7 | |||||||||||||||||||||||||||||
Weighted average | 100.0 | % | 4.2 | 88.4 | 18.2 | 2.4 | |||||||||||||||||||||||||||||
Within One Year | After One Year Through Five Years | After Five Years Through Ten Years | After Ten Years | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 0.52 | % | 4.45 | % | 0.89 | % | — | % | 1.57 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | 5.53 | % | 5.73 | % | 5.94 | % | 5.79 | % | 5.77 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 3.64 | % | 6.03 | % | 3.38 | % | 2.59 | % | 3.87 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | 3.93 | % | 3.88 | % | 3.77 | % | 3.95 | % | 3.88 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Private label commercial MBS | 6.41 | % | 7.01 | % | 2.17 | % | 3.30 | % | 6.67 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Single family real estate-backed securities | 4.46 | % | 3.36 | % | 1.36 | % | — | % | 3.72 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 7.19 | % | 7.49 | % | 7.86 | % | — | % | 7.48 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-mortgage asset-backed securities | 3.04 | % | 6.01 | % | 4.96 | % | — | % | 5.70 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | 2.59 | % | 4.18 | % | 4.29 | % | — | % | 4.21 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
SBA securities | 6.19 | % | 6.18 | % | 6.13 | % | 5.94 | % | 6.16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
5.10 | % | 6.16 | % | 4.36 | % | 4.06 | % | 5.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | ||||||||||||||||||
Covered Loans | Percent of Total | |||||||||||||||||
Non-Covered Loans | ACI | Non-ACI | Total | |||||||||||||||
Residential and other consumer: | ||||||||||||||||||
1-4 single family residential | $ | 4,116,814 | $ | 479,068 | $ | 26,837 | $ | 4,622,719 | 21.6 | % | ||||||||
Home equity loans and lines of credit | 1,654 | — | 361 | 2,015 | — | % | ||||||||||||
Other consumer loans | 20,512 | — | — | 20,512 | 0.1 | % | ||||||||||||
4,138,980 | 479,068 | 27,198 | 4,645,246 | 21.7 | % | |||||||||||||
Commercial: | ||||||||||||||||||
Multi-family | 3,215,697 | — | — | 3,215,697 | 15.0 | % | ||||||||||||
Non-owner occupied commercial real estate | 4,485,276 | — | — | 4,485,276 | 21.0 | % | ||||||||||||
Construction and land | 310,999 | — | — | 310,999 | 1.5 | % | ||||||||||||
Owner occupied commercial real estate | 2,014,908 | — | — | 2,014,908 | 9.4 | % | ||||||||||||
Commercial and industrial | 4,145,785 | — | — | 4,145,785 | 19.4 | % | ||||||||||||
Commercial lending subsidiaries | 2,553,576 | — | — | 2,553,576 | 12.0 | % | ||||||||||||
16,726,241 | — | — | 16,726,241 | 78.3 | % | |||||||||||||
Total loans | 20,865,221 | 479,068 | 27,198 | 21,371,487 | 100.0 | % | ||||||||||||
Premiums, discounts and deferred fees and costs, net | 48,165 | — | (3,148 | ) | 45,017 | |||||||||||||
Loans including premiums, discounts and deferred fees and costs | 20,913,386 | 479,068 | 24,050 | 21,416,504 | ||||||||||||||
Allowance for loan and lease losses | (144,537 | ) | — | (258 | ) | (144,795 | ) | |||||||||||
Loans, net | $ | 20,768,849 | $ | 479,068 | $ | 23,792 | $ | 21,271,709 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Total | Percent of Total | Total | Percent of Total | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||
Total residential | 8,209,027 | 33.3 | % | 8,900,714 | 35.7 | % | |||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||
Total "Core" C&I and CRE | 14,726,957 | 59.8 | % | 14,008,491 | 56.4 | % | |||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||
Total commercial | 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 |
2016 | ||||||||||||||||||
Covered Loans | Percent of Total | |||||||||||||||||
Non-Covered Loans | ACI | Non-ACI | Total | |||||||||||||||
Residential and other consumer: | ||||||||||||||||||
1-4 single family residential | $ | 3,422,425 | $ | 532,348 | $ | 36,675 | $ | 3,991,448 | 20.6 | % | ||||||||
Home equity loans and lines of credit | 1,120 | 3,894 | 47,629 | 52,643 | 0.3 | % | ||||||||||||
Other consumer loans | 24,365 | — | — | 24,365 | 0.1 | % | ||||||||||||
3,447,910 | 536,242 | 84,304 | 4,068,456 | 21.0 | % | |||||||||||||
Commercial: | ||||||||||||||||||
Multi-family | 3,824,973 | — | — | 3,824,973 | 19.8 | % | ||||||||||||
Non-owner occupied commercial real estate | 3,739,235 | — | — | 3,739,235 | 19.3 | % | ||||||||||||
Construction and land | 311,436 | — | — | 311,436 | 1.6 | % | ||||||||||||
Owner occupied commercial real estate | 1,736,858 | — | — | 1,736,858 | 9.0 | % | ||||||||||||
Commercial and industrial | 3,391,614 | — | — | 3,391,614 | 17.5 | % | ||||||||||||
Commercial lending subsidiaries | 2,280,685 | — | — | 2,280,685 | 11.8 | % | ||||||||||||
15,284,801 | — | — | 15,284,801 | 79.0 | % | |||||||||||||
Total loans | 18,732,711 | 536,242 | 84,304 | 19,353,257 | 100.0 | % | ||||||||||||
Premiums, discounts and deferred fees and costs, net | 48,641 | — | (6,504 | ) | 42,137 | |||||||||||||
Loans including premiums, discounts and deferred fees and costs | 18,781,352 | 536,242 | 77,800 | 19,395,394 | ||||||||||||||
Allowance for loan and lease losses | (150,853 | ) | — | (2,100 | ) | (152,953 | ) | |||||||||||
Loans, net | $ | 18,630,499 | $ | 536,242 | $ | 75,700 | $ | 19,242,441 |
2015 | ||||||||||||||||||
Covered Loans | ||||||||||||||||||
Non-Covered Loans | ACI | Non-ACI | Total | Percent of Total | ||||||||||||||
Residential and other consumer: | ||||||||||||||||||
1-4 single family residential | $ | 2,883,470 | $ | 699,039 | $ | 46,110 | $ | 3,628,619 | 21.9 | % | ||||||||
Home equity loans and lines of credit | 806 | 4,831 | 67,493 | 73,130 | 0.4 | % | ||||||||||||
Other consumer loans | 35,183 | — | — | 35,183 | 0.2 | % | ||||||||||||
2,919,459 | 703,870 | 113,603 | 3,736,932 | 22.5 | % | |||||||||||||
Commercial: | ||||||||||||||||||
Multi-family | 3,472,162 | — | — | 3,472,162 | 20.9 | % | ||||||||||||
Non-owner occupied commercial real estate | 2,910,327 | — | — | 2,910,327 | 17.5 | % | ||||||||||||
Construction and land | 347,676 | — | — | 347,676 | 2.1 | % | ||||||||||||
Owner occupied commercial real estate | 1,354,751 | — | — | 1,354,751 | 8.2 | % | ||||||||||||
Commercial and industrial | 2,770,875 | — | — | 2,770,875 | 16.7 | % | ||||||||||||
Commercial lending subsidiaries | 2,003,984 | — | — | 2,003,984 | 12.1 | % | ||||||||||||
12,859,775 | — | — | 12,859,775 | 77.5 | % | |||||||||||||
Total loans | 15,779,234 | 703,870 | 113,603 | 16,596,707 | 100.0 | % | ||||||||||||
Premiums, discounts and deferred fees and costs, net | 47,829 | — | (7,933 | ) | 39,896 | |||||||||||||
Loans net of premiums, discounts and deferred fees and costs | 15,827,063 | 703,870 | 105,670 | 16,636,603 | ||||||||||||||
Allowance for loan and lease losses | (120,960 | ) | — | (4,868 | ) | (125,828 | ) | |||||||||||
Loans, net | $ | 15,706,103 | $ | 703,870 | $ | 100,802 | $ | 16,510,775 |
2014 | |||||||||||||||||
Covered Loans | |||||||||||||||||
Non-Covered Loans | ACI | Non-ACI | Total | Percent of Total | |||||||||||||
Residential and other consumer: | |||||||||||||||||
1-4 single family residential | $ | 2,486,272 | $ | 874,522 | $ | 56,138 | $ | 3,416,932 | 27.6% | ||||||||
Home equity loans and lines of credit | 1,827 | 22,657 | 101,142 | 125,626 | 1.0% | ||||||||||||
Other consumer loans | 26,307 | — | — | 26,307 | 0.2% | ||||||||||||
2,514,406 | 897,179 | 157,280 | 3,568,865 | 28.8% | |||||||||||||
Commercial: | |||||||||||||||||
Multi-family | 1,952,189 | — | — | 1,952,189 | 15.8% | ||||||||||||
Non-owner occupied commercial real estate | 1,784,079 | — | — | 1,784,079 | 14.4% | ||||||||||||
Construction and land | 169,720 | — | — | 169,720 | 1.4% | ||||||||||||
Owner occupied commercial real estate | 1,043,370 | — | — | 1,043,370 | 8.4% | ||||||||||||
Commercial and industrial | 2,403,293 | — | ��� | 2,403,293 | 19.4% | ||||||||||||
Commercial lending subsidiaries | 1,456,751 | — | — | 1,456,751 | 11.8% | ||||||||||||
8,809,402 | — | — | 8,809,402 | 71.2% | |||||||||||||
Total loans | 11,323,808 | 897,179 | 157,280 | 12,378,267 | 100.0% | ||||||||||||
Premiums, discounts and deferred fees and costs, net | 47,097 | — | (10,595 | ) | 36,502 | ||||||||||||
Loans net of premiums, discounts and deferred fees and costs | 11,370,905 | 897,179 | 146,685 | 12,414,769 | |||||||||||||
Allowance for loan and lease losses | (91,350 | ) | — | (4,192 | ) | (95,542 | ) | ||||||||||
Loans, net | $ | 11,279,555 | $ | 897,179 | $ | 142,493 | $ | 12,319,227 |
2013 | |||||||||||||||||
Covered Loans | |||||||||||||||||
Non-Covered Loans | ACI | Non-ACI | Total | Percent of Total | |||||||||||||
Residential and other consumer: | |||||||||||||||||
1-4 single family residential | $ | 1,800,332 | $ | 1,057,012 | $ | 70,378 | $ | 2,927,722 | 32.4% | ||||||||
Home equity loans and lines of credit | 1,535 | 39,602 | 127,807 | 168,944 | 1.9% | ||||||||||||
Other consumer loans | 213,107 | 1,679 | — | 214,786 | 2.4% | ||||||||||||
2,014,974 | 1,098,293 | 198,185 | 3,311,452 | 36.7% | |||||||||||||
Commercial: | |||||||||||||||||
Multi-family | 1,105,965 | 33,354 | — | 1,139,319 | 12.6% | ||||||||||||
Non-owner occupied commercial real estate | 947,992 | 93,089 | 52 | 1,041,133 | 11.5% | ||||||||||||
Construction and land | 138,091 | 10,600 | 729 | 149,420 | 1.7% | ||||||||||||
Owner occupied commercial real estate | 718,162 | 49,861 | 689 | 768,712 | 8.5% | ||||||||||||
Commercial and industrial | 1,651,739 | 6,050 | 6,234 | 1,664,023 | 18.5% | ||||||||||||
Commercial lending subsidiaries | 952,050 | — | — | 952,050 | 10.5% | ||||||||||||
5,513,999 | 192,954 | 7,704 | 5,714,657 | 63.3% | |||||||||||||
Total loans | 7,528,973 | 1,291,247 | 205,889 | 9,026,109 | 100.0% | ||||||||||||
Premiums, discounts and deferred fees and costs, net | 40,748 | — | (13,248 | ) | 27,500 | ||||||||||||
Loans net of premiums, discounts and deferred fees and costs | 7,569,721 | 1,291,247 | 192,641 | 9,053,609 | |||||||||||||
Allowance for loan and lease losses | (57,330 | ) | (2,893 | ) | (9,502 | ) | (69,725 | ) | |||||||||
Loans, net | $ | 7,512,391 | $ | 1,288,354 | $ | 183,139 | $ | 8,983,884 |
2017 | |||||||||||||||
Florida | New York | National | Total | ||||||||||||
Residential and other consumer | $ | 20,779 | $ | 1,348 | $ | 4,173,953 | $ | 4,196,080 | |||||||
Commercial: | |||||||||||||||
Multi-family | 580,599 | 2,638,354 | — | 3,218,953 | |||||||||||
Non-owner occupied commercial real estate | 2,805,820 | 1,572,884 | 96,097 | 4,474,801 | |||||||||||
Construction and land | 149,658 | 145,702 | 15,124 | 310,484 | |||||||||||
Owner occupied commercial real estate | 1,116,249 | 790,993 | 105,500 | 2,012,742 | |||||||||||
Commercial and industrial | 2,684,524 | 963,886 | 489,417 | 4,137,827 | |||||||||||
Commercial lending subsidiaries | — | — | 2,562,499 | 2,562,499 | |||||||||||
$ | 7,357,629 | $ | 6,113,167 | $ | 7,442,590 | $ | 20,913,386 | ||||||||
35.2 | % | 29.2 | % | 35.6 | % | 100.0 | % |
2016 | |||||||||||||||
Florida | New York | National | Total | ||||||||||||
Residential and other consumer: | $ | 24,022 | $ | 1,404 | $ | 3,470,349 | $ | 3,495,775 | |||||||
Commercial: | |||||||||||||||
Multi-family | 520,263 | 3,309,411 | — | 3,829,674 | |||||||||||
Non-owner occupied commercial real estate | 2,337,806 | 1,294,231 | 99,771 | 3,731,808 | |||||||||||
Construction and land | 174,494 | 125,983 | 10,436 | 310,913 | |||||||||||
Owner occupied commercial real estate | 1,042,441 | 602,155 | 91,254 | 1,735,850 | |||||||||||
Commercial and industrial | 2,234,393 | 806,660 | 346,085 | 3,387,138 | |||||||||||
Commercial lending subsidiaries | — | — | 2,290,194 | 2,290,194 | |||||||||||
$ | 6,333,419 | $ | 6,139,844 | $ | 6,308,089 | $ | 18,781,352 | ||||||||
33.7 | % | 32.7 | % | 33.6 | % | 100.0 | % |
2017 | ||||||||||||||
Non-Covered Loans | Covered Loans | Total | Percent of Total | |||||||||||
Fixed rate loans | $ | 1,302,323 | $ | 133,052 | $ | 1,435,375 | 30.7 | % | ||||||
ARM Loans | 2,871,630 | 369,705 | 3,241,335 | 69.3 | % | |||||||||
$ | 4,173,953 | $ | 502,757 | $ | 4,676,710 | 100.0 | % |
2016 | ||||||||||||||
Non-Covered Loans | Covered Loans | Total | Percent of Total | |||||||||||
Fixed rate loans | $ | 1,130,914 | $ | 191,676 | $ | 1,322,590 | 32.8 | % | ||||||
ARM Loans | 2,339,435 | 371,477 | 2,710,912 | 67.2 | % | |||||||||
$ | 3,470,349 | $ | 563,153 | $ | 4,033,502 | 100.0 | % |
December 31, 2023 | ||||||||
December 31, 2022 |
2017 | |||||||||||||||||
Percent of Total | |||||||||||||||||
Non-Covered Loans | Covered Loans | Total | Non-Covered Loans | Total Loans | |||||||||||||
California | $ | 1,094,058 | $ | 23,780 | $ | 1,117,838 | 26.2 | % | 23.9 | % | |||||||
New York | 873,360 | 16,847 | 890,207 | 20.9 | % | 19.0 | % | ||||||||||
Florida | 552,556 | 281,396 | 833,952 | 13.2 | % | 17.8 | % | ||||||||||
Virginia | 181,912 | 22,290 | 204,202 | 4.4 | % | 4.4 | % | ||||||||||
Others (1) | 1,472,067 | 158,444 | 1,630,511 | 35.3 | % | 34.9 | % | ||||||||||
$ | 4,173,953 | $ | 502,757 | $ | 4,676,710 | 100.0 | % | 100.0 | % |
2016 | |||||||||||||||||
Percent of Total | |||||||||||||||||
Non-Covered Loans | Covered Loans | Total | Non-Covered Loans | Total Loans | |||||||||||||
California | $ | 904,107 | $ | 37,330 | $ | 941,437 | 26.1 | % | 23.3 | % | |||||||
New York | 763,824 | 16,403 | 780,227 | 22.0 | % | 19.3 | % | ||||||||||
Florida | 487,294 | 300,198 | 787,492 | 14.0 | % | 19.5 | % | ||||||||||
Virginia | 152,113 | 30,818 | 182,931 | 4.4 | % | 4.5 | % | ||||||||||
Others (1) | 1,163,011 | 178,404 | 1,341,415 | 33.5 | % | 33.4 | % | ||||||||||
$ | 3,470,349 | $ | 563,153 | $ | 4,033,502 | 100.0 | % | 100.0 | % |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Percent of Total | FL | New York Tri-State | Other | Weighted Average DSCR | Weighted Average LTV | |||||||||||||||||||||||||||||||||||
Office | $ | 1,752,801 | 30 | % | 60 | % | 24 | % | 16 | % | 1.67 | 65.0 | % | ||||||||||||||||||||||||||||
Warehouse/Industrial | 1,341,229 | 24 | % | 56 | % | 8 | % | 36 | % | 2.04 | 52.0 | % | |||||||||||||||||||||||||||||
Multifamily | 838,692 | 14 | % | 50 | % | 50 | % | — | % | 1.98 | 45.5 | % | |||||||||||||||||||||||||||||
Retail | 818,409 | 14 | % | 54 | % | 29 | % | 17 | % | 1.67 | 58.8 | % | |||||||||||||||||||||||||||||
Hotel | 491,853 | 8 | % | 78 | % | 3 | % | 19 | % | 1.89 | 49.0 | % | |||||||||||||||||||||||||||||
Construction and Land | 495,992 | 9 | % | 56 | % | 42 | % | 2 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Other | 80,257 | 1 | % | 71 | % | 13 | % | 16 | % | 1.94 | 47.4 | % | |||||||||||||||||||||||||||||
$ | 5,819,233 | 100 | % | 58 | % | 25 | % | 17 | % | 1.80 | 56.0 | % |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Percent of Total | FL | New York Tri-State | Other | Weighted Average DSCR | Weighted Average LTV | |||||||||||||||||||||||||||||||||||
Office | $ | 1,874,614 | 33 | % | 59 | % | 22 | % | 19 | % | 1.75 | 64.3 | % | ||||||||||||||||||||||||||||
Warehouse/Industrial | 1,216,506 | 21 | % | 62 | % | 18 | % | 20 | % | 2.05 | 52.6 | % | |||||||||||||||||||||||||||||
Multifamily | 945,404 | 17 | % | 48 | % | 52 | % | — | % | 2.13 | 45.9 | % | |||||||||||||||||||||||||||||
Retail | 869,922 | 15 | % | 64 | % | 27 | % | 9 | % | 1.88 | 61.7 | % | |||||||||||||||||||||||||||||
Hotel | 407,462 | 7 | % | 86 | % | 6 | % | 8 | % | 2.13 | 55.1 | % | |||||||||||||||||||||||||||||
Construction and Land | 294,360 | 5 | % | 49 | % | 49 | % | 2 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Other | 91,689 | 2 | % | 75 | % | 9 | % | 16 | % | 2.45 | 47.7 | % | |||||||||||||||||||||||||||||
$ | 5,699,957 | 100 | % | 61 | % | 26 | % | 13 | % | 1.95 | 57.0 | % |
Florida | NY Tri-State | ||||||||||||||||||||||
Weighted Average DSCR | Weighted Average LTV | Weighted Average DSCR | Weighted Average LTV | ||||||||||||||||||||
Office | 1.68 | 64.5 | % | 1.62 | 62.9 | % | |||||||||||||||||
Warehouse/Industrial | 2.19 | 50.5 | % | 1.91 | 37.0 | % | |||||||||||||||||
Multifamily | 2.68 | 42.1 | % | 1.36 | 48.5 | % | |||||||||||||||||
Retail | 1.86 | 56.2 | % | 1.26 | 63.6 | % | |||||||||||||||||
Hotel | 1.95 | 46.9 | % | 1.83 | 20.2 | % | |||||||||||||||||
Other | 2.17 | 44.3 | % | 1.24 | 66.3 | % | |||||||||||||||||
1.96 | 55.0 | % | 1.46 | 54.1 | % |
Maturing in the Next 12 Months | % Maturing in the Next 12 Months | Fixed Rate or Swapped Maturing Next 12 Months | Fixed Rate to Borrower as a % of Total Portfolio | ||||||||||||||||||||||||||||||||
Office | $ | 314,485 | 18 | % | $ | 187,162 | 11 | % | |||||||||||||||||||||||||||
Warehouse/Industrial | 170,547 | 13 | % | 81,405 | 6 | % | |||||||||||||||||||||||||||||
Multifamily | 111,023 | 13 | % | 64,208 | 8 | % | |||||||||||||||||||||||||||||
Retail | 121,309 | 15 | % | 64,066 | 8 | % | |||||||||||||||||||||||||||||
Hotel | 43,209 | 9 | % | 43,209 | 9 | % | |||||||||||||||||||||||||||||
Construction and Land | 179,844 | 36 | % | 503 | — | % | |||||||||||||||||||||||||||||
Other | 12,765 | 16 | % | 12,765 | 16 | % | |||||||||||||||||||||||||||||
$ | 953,182 | 16 | % | $ | 453,318 | 8 | % |
2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Office | $ | 314,485 | $ | 400,230 | $ | 358,476 | $ | 224,122 | $ | 145,001 | $ | 310,487 | $ | 1,752,801 | |||||||||||||||||||||||||||
Warehouse/Industrial | 170,547 | 155,441 | 382,337 | 261,630 | 160,358 | 210,916 | 1,341,229 | ||||||||||||||||||||||||||||||||||
Multifamily | 111,023 | 79,492 | 165,016 | 133,925 | 128,393 | 220,843 | 838,692 | ||||||||||||||||||||||||||||||||||
Retail | 121,309 | 136,037 | 232,272 | 67,381 | 186,864 | 74,546 | 818,409 | ||||||||||||||||||||||||||||||||||
Hotel | 43,209 | 44,355 | 217,334 | 30,142 | 54,971 | 101,842 | 491,853 | ||||||||||||||||||||||||||||||||||
Construction and Land | 179,844 | 115,151 | 66,371 | 33,932 | — | 100,694 | 495,992 | ||||||||||||||||||||||||||||||||||
Other | 12,765 | 7,052 | 27,188 | 9,595 | 1,421 | 22,236 | 80,257 | ||||||||||||||||||||||||||||||||||
$ | 953,182 | $ | 937,758 | $ | 1,448,994 | $ | 760,727 | $ | 677,008 | $ | 1,041,564 | $ | 5,819,233 |
NY Tri-State by Sub-Market | Florida by Sub-Market |
Amortized Cost(1) | Percent of Total | ||||||||||||||||||||||
Finance and Insurance | $ | 1,695,374 | 19.0 | % | |||||||||||||||||||
Manufacturing | 874,583 | 9.8 | % | ||||||||||||||||||||
Educational Services | 753,427 | 8.5 | % | ||||||||||||||||||||
Wholesale Trade | 693,724 | 7.8 | % | ||||||||||||||||||||
Utilities | 653,901 | 7.3 | % | ||||||||||||||||||||
Health Care and Social Assistance | 605,445 | 6.8 | % | ||||||||||||||||||||
Information | 590,143 | 6.6 | % | ||||||||||||||||||||
Real Estate and Rental and Leasing | 538,824 | 6.0 | % | ||||||||||||||||||||
Transportation and Warehousing | 420,411 | 4.7 | % | ||||||||||||||||||||
Construction | 381,641 | 4.3 | % | ||||||||||||||||||||
Retail Trade | 319,890 | 3.6 | % | ||||||||||||||||||||
Professional, Scientific, and Technical Services | 300,201 | 3.4 | % | ||||||||||||||||||||
Public Administration | 245,441 | 2.8 | % | ||||||||||||||||||||
Other Services (except Public Administration) | 230,691 | 2.6 | % | ||||||||||||||||||||
Administrative and Support and Waste Management | 194,089 | 2.2 | % | ||||||||||||||||||||
Arts, Entertainment, and Recreation | 187,689 | 2.1 | % | ||||||||||||||||||||
Accommodation and Food Services | 155,066 | 1.7 | % | ||||||||||||||||||||
Other | 67,184 | 0.8 | % | ||||||||||||||||||||
$ | 8,907,724 | 100.0 | % |
December 31, 2023 | December 31, 2022 | ||||||||||
1-4 single family residential | $ | 6,903,013 | $ | 7,128,834 | |||||||
Government insured residential | 1,306,014 | 1,771,880 | |||||||||
$ | 8,209,027 | $ | 8,900,714 |
December 31, 2023 | December 31, 2022 |
2017 | 2016 | ||||||
Pinnacle | $ | 1,524,650 | $ | 1,317,820 | |||
Bridge - franchise finance | 434,582 | 426,661 | |||||
Bridge - transportation equipment finance | 603,267 | 545,713 | |||||
SBF | 246,750 | 225,241 | |||||
Mortgage warehouse lending | 459,388 | 322,305 | |||||
$ | 3,268,637 | $ | 2,837,740 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Total | Percent of Total | Total | Percent of Total | ||||||||||||||||||||
Fixed rate loans | $ | 3,757,442 | 54 | % | $ | 3,995,298 | 56 | % | |||||||||||||||
ARM loans | 3,145,571 | 46 | % | 3,133,536 | 44 | % | |||||||||||||||||
$ | 6,903,013 | 100 | % | $ | 7,128,834 | 100 | % |
2017 | 2016 | ||||||||||||
Florida | $ | 639,474 | 19.6 | % | $ | 552,799 | 19.5 | % | |||||
California | 486,733 | 14.9 | % | 430,898 | 15.2 | % | |||||||
Arizona | 175,704 | 5.4 | % | 142,010 | 5.0 | % | |||||||
Texas | 160,606 | 4.9 | % | 122,094 | 4.3 | % | |||||||
Iowa | 151,935 | 4.6 | % | 164,025 | 5.8 | % | |||||||
North Carolina | 147,987 | 4.5 | % | 82,547 | 2.9 | % | |||||||
Virginia | 148,884 | 4.6 | % | 138,417 | 4.9 | % | |||||||
All others (1) | 1,357,314 | 41.5 | % | 1,204,950 | 42.4 | % | |||||||
$ | 3,268,637 | 100.0 | % | $ | 2,837,740 | 100.0 | % |
One Year or Less | After One Through Five Years | After Five Years Through Fifteen Years | After Fifteen Years | Total | |||||||||||||||||||||||||
Residential | $ | 725,770 | $ | 2,639,694 | $ | 2,612,246 | $ | 925,303 | $ | 6,903,013 | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 875,526 | 3,622,376 | 818,365 | 6,974 | 5,323,241 | ||||||||||||||||||||||||
Construction and land | 179,588 | 219,476 | 94,648 | 2,280 | 495,992 | ||||||||||||||||||||||||
Owner occupied commercial real estate | 231,979 | 768,877 | 877,384 | 57,503 | 1,935,743 | ||||||||||||||||||||||||
Commercial and industrial | 1,725,045 | 4,539,480 | 703,015 | 4,441 | 6,971,981 | ||||||||||||||||||||||||
Pinnacle | 206,588 | 373,175 | 295,986 | 8,941 | 884,690 | ||||||||||||||||||||||||
Franchise finance | 60,584 | 75,644 | 46,180 | — | 182,408 | ||||||||||||||||||||||||
Equipment finance | 13,059 | 173,126 | 11,754 | — | 197,939 | ||||||||||||||||||||||||
Mortgage warehouse lending | 427,521 | 5,142 | — | — | 432,663 | ||||||||||||||||||||||||
3,719,890 | 9,777,296 | 2,847,332 | 80,139 | 16,424,657 | |||||||||||||||||||||||||
$ | 4,445,660 | $ | 12,416,990 | $ | 5,459,578 | $ | 1,005,442 | $ | 23,327,670 |
One Year or Less | After One Through Five Years | After Five Years | Total | ||||||||||||
Residential and other consumer: | |||||||||||||||
1-4 single family residential | $ | 590,108 | $ | 2,075,104 | $ | 1,451,602 | $ | 4,116,814 | |||||||
Home equity loans and lines of credit | 286 | 656 | 712 | 1,654 | |||||||||||
Other consumer loans | 6,482 | 11,621 | 2,409 | 20,512 | |||||||||||
596,876 | 2,087,381 | 1,454,723 | 4,138,980 | ||||||||||||
Commercial: | |||||||||||||||
Multi-family | 616,771 | 2,371,476 | 229,719 | 3,217,966 | |||||||||||
Non-owner occupied commercial real estate | 576,930 | 2,765,167 | 1,144,258 | 4,486,355 | |||||||||||
Construction and land | 98,846 | 90,632 | 121,521 | 310,999 | |||||||||||
Owner occupied commercial real estate | 210,738 | 877,559 | 927,875 | 2,016,172 | |||||||||||
Commercial and industrial | 1,481,279 | 2,520,004 | 144,534 | 4,145,817 | |||||||||||
Commercial lending subsidiaries | 556,634 | 1,267,586 | 729,356 | 2,553,576 | |||||||||||
3,541,198 | 9,892,424 | 3,297,263 | 16,730,885 | ||||||||||||
$ | 4,138,074 | $ | 11,979,805 | $ | 4,751,986 | $ | 20,869,865 |
Interest Rate Type | |||||||||||||||||
Fixed | Adjustable | Total | |||||||||||||||
Residential | $ | 3,603,716 | $ | 2,573,527 | $ | 6,177,243 | |||||||||||
Commercial: | |||||||||||||||||
Non-owner occupied commercial real estate | 1,802,723 | 2,644,992 | 4,447,715 | ||||||||||||||
Construction and land | 16,071 | 300,333 | 316,404 | ||||||||||||||
Owner occupied commercial real estate | 1,026,297 | 677,467 | 1,703,764 | ||||||||||||||
Commercial and industrial | 611,771 | 4,635,165 | 5,246,936 | ||||||||||||||
Pinnacle | 678,102 | — | 678,102 | ||||||||||||||
Franchise finance | 40,343 | 81,481 | 121,824 | ||||||||||||||
Equipment finance | 171,585 | 13,295 | 184,880 | ||||||||||||||
Mortgage warehouse lending | — | 5,142 | 5,142 | ||||||||||||||
4,346,892 | 8,357,875 | 12,704,767 | |||||||||||||||
$ | 7,950,608 | $ | 10,931,402 | $ | 18,882,010 |
Interest Rate Type | |||||||||||
Fixed | Adjustable | Total | |||||||||
Residential and other consumer: | |||||||||||
1-4 single family residential | $ | 1,172,876 | $ | 2,353,830 | $ | 3,526,706 | |||||
Home equity loans and lines of credit | — | 1,368 | 1,368 | ||||||||
Other consumer loans | 11,872 | 2,158 | 14,030 | ||||||||
1,184,748 | 2,357,356 | 3,542,104 | |||||||||
Commercial: | |||||||||||
Multi-family | 2,334,762 | 266,433 | 2,601,195 | ||||||||
Non-owner occupied commercial real estate | 2,384,995 | 1,524,430 | 3,909,425 | ||||||||
Construction and land | 114,810 | 97,343 | 212,153 | ||||||||
Owner occupied commercial real estate | 1,180,681 | 624,753 | 1,805,434 | ||||||||
Commercial and industrial | 614,641 | 2,049,897 | 2,664,538 | ||||||||
Commercial lending subsidiaries | 1,914,516 | 82,426 | 1,996,942 | ||||||||
8,544,405 | 4,645,282 | 13,189,687 | |||||||||
$ | 9,729,153 | $ | 7,002,638 | $ | 16,731,791 |
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 |
December 31, 2023 | December 31, 2022 |
Years Ending December 31: | |||
2018 (1) | $ | 57,148 | |
2019 | 56,574 | ||
2020 | 105,485 | ||
2021 | 71,637 | ||
2022 | 63,391 | ||
Thereafter through 2031 | 245,267 | ||
$ | 599,502 |
2017 | 2016 | |||||||||||||
Balance | Percent of Total | Balance | Percent of Total | |||||||||||
Pass | $ | 16,189,392 | 96.8 | % | $ | 14,897,121 | 97.4 | % | ||||||
Special mention | 183,234 | 1.1 | % | 72,225 | 0.5 | % | ||||||||
Substandard (1) | 338,405 | 2.0 | % | 304,713 | 2.0 | % | ||||||||
Doubtful | 6,275 | 0.1 | % | 11,518 | 0.1 | % | ||||||||
$ | 16,717,306 | 100.0 | % | $ | 15,285,577 | 100.0 | % |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Percent of Commercial Loans | Amortized Cost | Percent of Commercial Loans | ||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 15,287,548 | 93.2 | % | $ | 15,244,761 | 95.4 | % | |||||||||||||||||||||||||||||||||||||||
Special mention | 319,905 | 1.9 | % | 51,433 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
Substandard accruing | 711,266 | 4.3 | % | 605,965 | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||
Substandard non-accruing | 86,903 | 0.5 | % | 75,125 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||
Doubtful | 19,035 | 0.1 | % | 7,990 | — | % | |||||||||||||||||||||||||||||||||||||||||
$ | 16,424,657 | 100.0 | % | $ | 15,985,274 | 100.0 | % |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | % of Loan Segment | Amortized Cost | % of Loan Segment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel | $ | 15,712 | 3.2 | % | $ | 709 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | 36,000 | 4.4 | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | 45,840 | 2.6 | % | 18,006 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
97,552 | 18,715 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 22,150 | 1.1 | % | 24,101 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 197,924 | 2.8 | % | 1,017 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise finance | 2,279 | 1.2 | % | 7,600 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 319,905 | $ | 51,433 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard accruing: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel | $ | 41,805 | 8.5 | % | $ | 14,538 | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | 53,205 | 6.5 | % | 72,421 | 8.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 115,755 | 13.8 | % | 146,235 | 15.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | 100,307 | 5.7 | % | 73,042 | 3.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | 76,883 | 15.5 | % | 8,872 | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 2,769 | 3.4 | % | 93 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
390,724 | 315,201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 71,908 | 3.7 | % | 73,501 | 3.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 208,984 | 3.0 | % | 171,613 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise finance | 16,864 | 9.2 | % | 44,295 | 17.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | 22,786 | 11.5 | % | 1,355 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 711,266 | $ | 605,965 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate(1) | Commercial(1)(2) |
December 31, 2023 | December 31, 2022 |
Commercial Real Estate | Commercial(1) |
FICO Distribution | LTV Distribution | Vintage |
2017 | |||||||||||||||
FICO | |||||||||||||||
LTV | 720 or less | 721 - 740 | 741 - 760 | 761 or greater | Total | ||||||||||
60% or less | 2.2 | % | 2.8 | % | 4.5 | % | 19.5 | % | 29.0 | % | |||||
60% - 70% | 2.4 | % | 2.5 | % | 3.5 | % | 14.2 | % | 22.6 | % | |||||
70% - 80% | 3.6 | % | 4.4 | % | 7.8 | % | 27.3 | % | 43.1 | % | |||||
More than 80% | 0.8 | % | 0.8 | % | 0.7 | % | 3.0 | % | 5.3 | % | |||||
9.0 | % | 10.5 | % | 16.5 | % | 64.0 | % | 100.0 | % |
2016 | |||||||||||||||
FICO | |||||||||||||||
LTV | 720 or less | 721 - 740 | 741 - 760 | 761 or greater | Total | ||||||||||
60% or less | 2.5 | % | 3.2 | % | 4.7 | % | 21.7 | % | 32.1 | % | |||||
60% - 70% | 2.3 | % | 2.7 | % | 3.6 | % | 15.1 | % | 23.7 | % | |||||
70% - 80% | 3.2 | % | 4.3 | % | 8.0 | % | 26.1 | % | 41.6 | % | |||||
More than 80% | 0.7 | % | 0.3 | % | 0.4 | % | 1.2 | % | 2.6 | % | |||||
8.7 | % | 10.5 | % | 16.7 | % | 64.1 | % | 100.0 | % |
1-4 Single Family Residential |
Total Loan Portfolio Stress Test Results(1) |
CRE Portfolio Stress Test Results(2) |
Past due more than 30 days: | |||
Covered loans | $ | 13,523 | |
Non-covered loans | 12,814 | ||
Total | $ | 26,337 | |
On temporary payment deferrals: | |||
Covered loans | $ | 4,413 | |
Non-covered loans | 2,564 | ||
Total | $ | 6,977 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||
Non-accrual loans: | |||||||||||||||||
Residential | $ | 20,513 | $ | 21,311 | |||||||||||||
Commercial: | |||||||||||||||||
Non-owner occupied commercial real estate | 13,727 | 16,657 | |||||||||||||||
Construction and land | — | 5,695 | |||||||||||||||
Owner occupied commercial real estate | 13,626 | 17,751 | |||||||||||||||
Commercial and industrial | 54,907 | 29,722 | |||||||||||||||
Franchise finance | 16,858 | 13,290 | |||||||||||||||
Equipment finance | 6,820 | — | |||||||||||||||
Total commercial loans | 105,938 | 83,115 | |||||||||||||||
Total non-accrual loans | 126,451 | 104,426 | |||||||||||||||
Loans past due 90 days and still accruing | 593 | 593 | |||||||||||||||
Total non-performing loans | 127,044 | 105,019 | |||||||||||||||
OREO and other non-performing assets | 3,536 | 1,932 | |||||||||||||||
Total non-performing assets | $ | 130,580 | $ | 106,951 | |||||||||||||
Non-performing loans to total loans (1) | 0.52 | % | 0.42 | % | |||||||||||||
Non-performing assets to total assets (1) | 0.37 | % | 0.29 | % | |||||||||||||
ACL to total loans | 0.82 | % | 0.59 | % | |||||||||||||
ACL to non-performing loans | 159.54 | % | 140.88 | % | |||||||||||||
Net charge-offs to average loans | 0.09 | % | 0.22 | % |
2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||
Covered Assets | Non-Covered Assets | Total | Covered Assets | Non-Covered Assets | Total | Covered Assets | Non- Covered Assets | Total | |||||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||||||
Residential and other consumer: | |||||||||||||||||||||||||||||||||||
1-4 single family residential | $ | 1,010 | $ | 9,705 | $ | 10,715 | $ | 918 | $ | 566 | $ | 1,484 | $ | 594 | $ | 2,007 | $ | 2,601 | |||||||||||||||||
Home equity loans and lines of credit | 331 | — | 331 | 2,283 | — | 2,283 | 4,724 | — | 4,724 | ||||||||||||||||||||||||||
Other consumer loans | — | 821 | 821 | — | 2 | 2 | — | 7 | 7 | ||||||||||||||||||||||||||
Total residential and other consumer loans | 1,341 | 10,526 | 11,867 | 3,201 | 568 | 3,769 | 5,318 | 2,014 | 7,332 | ||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | — | 12,716 | 12,716 | — | 559 | 559 | — | — | — | ||||||||||||||||||||||||||
Construction and land | — | 1,175 | 1,175 | — | 1,238 | 1,238 | — | — | — | ||||||||||||||||||||||||||
Owner occupied commercial real estate | — | 29,020 | 29,020 | — | 19,439 | 19,439 | — | 8,274 | 8,274 | ||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Taxi medallion loans | — | 106,067 | 106,067 | — | 60,660 | 60,660 | — | 2,557 | 2,557 | ||||||||||||||||||||||||||
Other commercial and industrial | — | 7,049 | 7,049 | — | 16,036 | 16,036 | — | 35,225 | 35,225 | ||||||||||||||||||||||||||
Commercial lending subsidiaries | — | 3,512 | 3,512 | — | 32,645 | 32,645 | — | 9,920 | 9,920 | ||||||||||||||||||||||||||
Total commercial loans | — | 159,539 | 159,539 | — | 130,577 | 130,577 | — | 55,976 | 55,976 | ||||||||||||||||||||||||||
Total non-accrual loans | 1,341 | 170,065 | 171,406 | 3,201 | 131,145 | 134,346 | 5,318 | 57,990 | 63,308 | ||||||||||||||||||||||||||
Loans past due 90 days and still accruing | — | 1,948 | 1,948 | — | 1,551 | 1,551 | 156 | 1,369 | 1,525 | ||||||||||||||||||||||||||
TDRs (1) | — | — | — | — | — | — | 7,050 | 1,175 | 8,225 | ||||||||||||||||||||||||||
Total non-performing loans | 1,341 | 172,013 | 173,354 | 3,201 | 132,696 | 135,897 | 12,524 | 60,534 | 73,058 | ||||||||||||||||||||||||||
OREO | 2,862 | 7,018 | 9,880 | 4,658 | 4,882 | 9,540 | 8,853 | — | 8,853 | ||||||||||||||||||||||||||
Repossessed assets | — | 2,128 | 2,128 | — | 3,551 | 3,551 | — | 2,337 | 2,337 | ||||||||||||||||||||||||||
Total non-performing assets | 4,203 | 181,159 | 185,362 | 7,859 | 141,129 | 148,988 | 21,377 | 62,871 | 84,248 | ||||||||||||||||||||||||||
Impaired ACI loans and pools on accrual status | — | — | — | — | 1,335 | 1,335 | — | — | — | ||||||||||||||||||||||||||
Performing TDRs | |||||||||||||||||||||||||||||||||||
Taxi medallion loans | — | — | — | — | 36,848 | 36,848 | — | 633 | 633 | ||||||||||||||||||||||||||
Other | 1,264 | 24,723 | 25,987 | 11,166 | 26,282 | 37,448 | 3,988 | 4,902 | 8,890 | ||||||||||||||||||||||||||
Total impaired loans and non-performing assets | $ | 5,467 | $ | 205,882 | $ | 211,349 | $ | 19,025 | $ | 205,594 | $ | 224,619 | $ | 25,365 | $ | 68,406 | $ | 93,771 | |||||||||||||||||
Non-performing loans to total loans (2) (4) | 0.82 | % | 0.81 | % | 0.71 | % | 0.70 | % | 0.38 | % | 0.44 | % | |||||||||||||||||||||||
Non-performing assets to total assets (3) | 0.60 | % | 0.61 | % | 0.51 | % | 0.53 | % | 0.26 | % | 0.35 | % | |||||||||||||||||||||||
ALLL to total loans (2) | 0.69 | % | 0.68 | % | 0.80 | % | 0.79 | % | 0.76 | % | 0.76 | % | |||||||||||||||||||||||
ALLL to non-performing loans | 84.03 | % | 83.53 | % | 113.68 | % | 112.55 | % | 199.82 | % | 172.23 | % | |||||||||||||||||||||||
Net charge-offs to average loans(5) | 0.38 | % | 0.38 | % | 0.13 | % | 0.13 | % | 0.09 | % | 0.10 | % | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Covered Assets | Non-Covered Assets | Total | Covered Assets | Non- Covered Assets | Total | ||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||
Residential and other consumer: | |||||||||||||||||||||||
1-4 single family residential | $ | 604 | $ | 49 | $ | 653 | $ | 293 | $ | 194 | $ | 487 | |||||||||||
Home equity loans and lines of credit | 3,808 | — | 3,808 | 6,559 | — | 6,559 | |||||||||||||||||
Other consumer loans | — | 173 | 173 | — | 75 | 75 | |||||||||||||||||
Total residential and other consumer loans | 4,412 | 222 | 4,634 | 6,852 | 269 | 7,121 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Non-owner occupied commercial real estate | — | 1,326 | 1,326 | 941 | 1,443 | 2,384 | |||||||||||||||||
Construction and land | — | 209 | 209 | — | 244 | 244 | |||||||||||||||||
Owner occupied commercial real estate | — | 3,362 | 3,362 | 101 | 2,786 | 2,887 | |||||||||||||||||
Commercial and industrial | — | 13,666 | 13,666 | 2,767 | 16,612 | 19,379 | |||||||||||||||||
Commercial lending subsidiaries | — | 9,226 | 9,226 | — | 1,370 | 1,370 | |||||||||||||||||
Total commercial loans | — | 27,789 | 27,789 | 3,809 | 22,455 | 26,264 | |||||||||||||||||
Total non-accrual loans | 4,412 | 28,011 | 32,423 | 10,661 | 22,724 | 33,385 | |||||||||||||||||
Loans past due 90 days and still accruing | 174 | 715 | 889 | — | 512 | 512 | |||||||||||||||||
TDRs | 2,188 | 4,435 | 6,623 | 1,765 | — | 1,765 | |||||||||||||||||
Total non-performing loans | 6,774 | 33,161 | 39,935 | 12,426 | 23,236 | 35,662 | |||||||||||||||||
OREO | 13,645 | 135 | 13,780 | 39,672 | 898 | 40,570 | |||||||||||||||||
Total non-performing assets | 20,419 | 33,296 | 53,715 | 52,098 | 24,134 | 76,232 | |||||||||||||||||
Impaired ACI loans on accrual status(1) | — | — | — | 44,286 | — | 44,286 | |||||||||||||||||
Performing TDRs | 3,866 | 797 | 4,663 | 3,588 | 1,400 | 4,988 | |||||||||||||||||
Total impaired loans and non-performing assets | $ | 24,285 | $ | 34,093 | $ | 58,378 | $ | 99,972 | $ | 25,534 | $ | 125,506 | |||||||||||
Non-performing loans to total loans (2) | 0.29 | % | 0.32 | % | 0.31 | % | 0.39 | % | |||||||||||||||
Non-performing assets to total assets (3) | 0.17 | % | 0.28 | % | 0.16 | % | 0.51 | % | |||||||||||||||
ALLL to total loans (2) | 0.80 | % | 0.77 | % | 0.76 | % | 0.77 | % | |||||||||||||||
ALLL to non-performing loans | 275.47 | % | 239.24 | % | 246.73 | % | 195.52 | % | |||||||||||||||
Net charge-offs to average loans | 0.08 | % | 0.15 | % | 0.34 | % | 0.31 | % | |||||||||||||||
Non-Performing Loans to Total Loans | Non-Performing Assets to Total Assets |
Net Charges-Offs to Average Loans |
Number of TDRs | Recorded Investment | Related Specific Allowance | ||||||||
Residential and other consumer: | ||||||||||
Covered | 5 | $ | 2,221 | $ | 118 | |||||
Non-covered | 11 | 1,234 | 63 | |||||||
Commercial: | ||||||||||
Taxi medallion loans | 186 | 87,942 | 10,235 | |||||||
Other | 18 | 39,067 | 6,521 | |||||||
220 | $ | 130,464 | $ | 16,937 |
Covered Loans | |||||||||||||||
Non-Covered Loans | ACI Loans | Non-ACI Loans | Total | ||||||||||||
Balance at December 31, 2012 | $ | 41,228 | $ | 8,019 | $ | 9,874 | $ | 59,121 | |||||||
Provision for (recovery of) loan losses: | 33,702 | (2,891 | ) | 1,153 | 31,964 | ||||||||||
Charge-offs: | |||||||||||||||
1-4 single family residential | (10 | ) | — | (1,276 | ) | (1,286 | ) | ||||||||
Home equity loans and lines of credit | — | — | (2,858 | ) | (2,858 | ) | |||||||||
Other consumer loans | (484 | ) | — | — | (484 | ) | |||||||||
Commercial real estate | — | (1,162 | ) | — | (1,162 | ) | |||||||||
Construction and land | — | (77 | ) | — | (77 | ) | |||||||||
Commercial and industrial | (17,987 | ) | (996 | ) | (171 | ) | (19,154 | ) | |||||||
Total Charge-offs | (18,481 | ) | (2,235 | ) | (4,305 | ) | (25,021 | ) | |||||||
Recoveries: | |||||||||||||||
Home equity loans and lines of credit | — | — | 90 | 90 | |||||||||||
Other consumer loans | 123 | — | — | 123 | |||||||||||
Multi-family | — | — | 15 | 15 | |||||||||||
Commercial real estate | — | — | 191 | 191 | |||||||||||
Commercial and industrial | 743 | — | 2,484 | 3,227 | |||||||||||
Commercial lending subsidiaries | 15 | — | — | 15 | |||||||||||
Total Recoveries | 881 | — | 2,780 | 3,661 | |||||||||||
Net Charge-offs: | (17,600 | ) | (2,235 | ) | (1,525 | ) | (21,360 | ) | |||||||
Balance at December 31, 2013 | 57,330 | 2,893 | 9,502 | 69,725 | |||||||||||
Provision for (recovery of) loan losses: | 41,748 | 2,311 | (2,554 | ) | 41,505 | ||||||||||
Charge-offs: | |||||||||||||||
1-4 single family residential | — | — | (269 | ) | (269 | ) | |||||||||
Home equity loans and lines of credit | — | — | (2,737 | ) | (2,737 | ) | |||||||||
Other consumer loans | (1,083 | ) | (324 | ) | — | (1,407 | ) | ||||||||
Multi-family | — | (285 | ) | — | (285 | ) | |||||||||
Non-owner occupied commercial real estate | (52 | ) | (3,031 | ) | — | (3,083 | ) | ||||||||
Construction and land | — | (635 | ) | (13 | ) | (648 | ) | ||||||||
Owner occupied commercial real estate | — | (356 | ) | — | (356 | ) | |||||||||
Commercial and industrial | (6,033 | ) | (573 | ) | (477 | ) | (7,083 | ) | |||||||
Commercial lending subsidiaries | (1,586 | ) | — | — | (1,586 | ) | |||||||||
Total Charge-offs | (8,754 | ) | (5,204 | ) | (3,496 | ) | (17,454 | ) | |||||||
Recoveries: | |||||||||||||||
Home equity loans and lines of credit | — | — | 19 | 19 | |||||||||||
Other consumer loans | 498 | — | — | 498 | |||||||||||
Multi-family | — | — | 4 | 4 | |||||||||||
Non-owner occupied commercial real estate | — | — | 3 | 3 | |||||||||||
Commercial and industrial | 506 | — | 714 | 1,220 | |||||||||||
Commercial lending subsidiaries | 22 | — | — | 22 | |||||||||||
Total Recoveries | 1,026 | — | 740 | 1,766 | |||||||||||
Net Charge-offs: | (7,728 | ) | (5,204 | ) | (2,756 | ) | (15,688 | ) | |||||||
Balance at December 31, 2014 | $ | 91,350 | $ | — | $ | 4,192 | $ | 95,542 |
Covered Loans | |||||||||||||||
Non-Covered Loans | ACI Loans | Non-ACI Loans | Total | ||||||||||||
Balance at December 31, 2014 | $ | 91,350 | $ | — | $ | 4,192 | $ | 95,542 | |||||||
Provision for (recovery of) loan losses: | 42,060 | — | 2,251 | 44,311 | |||||||||||
Charge-offs: | |||||||||||||||
1-4 single family residential | — | — | (16 | ) | (16 | ) | |||||||||
Home equity loans and lines of credit | — | — | (1,664 | ) | (1,664 | ) | |||||||||
Owner occupied commercial real estate | (263 | ) | — | — | (263 | ) | |||||||||
Commercial and industrial | (5,731 | ) | — | — | (5,731 | ) | |||||||||
Commercial lending subsidiaries | (7,725 | ) | — | — | (7,725 | ) | |||||||||
Total Charge-offs | (13,719 | ) | — | (1,680 | ) | (15,399 | ) | ||||||||
Recoveries: | |||||||||||||||
Home equity loans and lines of credit | — | — | 39 | 39 | |||||||||||
Other consumer loans | 32 | — | — | 32 | |||||||||||
Multi-family | — | — | 4 | 4 | |||||||||||
Non-owner occupied commercial real estate | 2 | — | — | 2 | |||||||||||
Commercial and industrial | 1,082 | — | 62 | 1,144 | |||||||||||
Commercial lending subsidiaries | 153 | — | — | 153 | |||||||||||
Total Recoveries | 1,269 | — | 105 | 1,374 | |||||||||||
Net Charge-offs: | (12,450 | ) | — | (1,575 | ) | (14,025 | ) | ||||||||
Balance at December 31, 2015 | 120,960 | — | 4,868 | 125,828 | |||||||||||
Provision for (recovery of) loan losses: | 52,592 | — | (1,681 | ) | 50,911 | ||||||||||
Charge-offs: | |||||||||||||||
1-4 single family residential | — | — | (442 | ) | (442 | ) | |||||||||
Home equity loans and lines of credit | — | — | (774 | ) | (774 | ) | |||||||||
Other consumer loans | (152 | ) | — | — | (152 | ) | |||||||||
Non-owner occupied commercial real estate | (128 | ) | — | — | (128 | ) | |||||||||
Construction and land | (93 | ) | — | — | (93 | ) | |||||||||
Owner occupied commercial real estate | (2,827 | ) | — | — | (2,827 | ) | |||||||||
Commercial and industrial | |||||||||||||||
Taxi medallion loans | (11,141 | ) | — | — | (11,141 | ) | |||||||||
Other commercial and industrial | (9,121 | ) | — | — | (9,121 | ) | |||||||||
Commercial lending subsidiaries | (2,432 | ) | — | — | (2,432 | ) | |||||||||
Total Charge-offs | (25,894 | ) | — | (1,216 | ) | (27,110 | ) | ||||||||
Recoveries: | |||||||||||||||
1-4 single family residential | |||||||||||||||
Home equity loans and lines of credit | — | — | 80 | 80 | |||||||||||
Other consumer loans | 26 | — | — | 26 | |||||||||||
Construction and land | — | — | — | — | |||||||||||
Owner occupied commercial real estate | 1,193 | — | — | 1,193 | |||||||||||
Commercial and industrial | |||||||||||||||
Other commercial and industrial | 698 | — | 49 | 747 | |||||||||||
Commercial lending subsidiaries | 1,278 | — | — | 1,278 | |||||||||||
Total Recoveries | 3,195 | — | 129 | 3,324 | |||||||||||
Net Charge-offs: | (22,699 | ) | — | (1,087 | ) | (23,786 | ) | ||||||||
Balance at December 31, 2016 | $ | 150,853 | $ | — | $ | 2,100 | $ | 152,953 |
Covered Loans | |||||||||||||||
Non-Covered Loans | ACI Loans | Non-ACI Loans | Total | ||||||||||||
Balance at December 31, 2016 | $ | 150,853 | $ | — | $ | 2,100 | $ | 152,953 | |||||||
Provision for (recovery of) loan losses: | |||||||||||||||
1-4 single family residential | 862 | — | 100 | 962 | |||||||||||
Home equity loans and lines of credit | — | — | 1,318 | 1,318 | |||||||||||
Other consumer loans | 172 | — | — | 172 | |||||||||||
Multi-family | (1,015 | ) | — | — | (1,015 | ) | |||||||||
Non-owner occupied commercial real estate | 5,273 | — | — | 5,273 | |||||||||||
Construction and land | 243 | — | — | 243 | |||||||||||
Owner occupied commercial real estate | 4,797 | — | — | 4,797 | |||||||||||
Commercial and industrial | |||||||||||||||
Taxi medallion loans | 58,174 | — | — | 58,174 | |||||||||||
Other commercial and industrial | 7,262 | — | (60 | ) | 7,202 | ||||||||||
Commercial lending subsidiaries | (8,379 | ) | — | — | (8,379 | ) | |||||||||
Total Provision | 67,389 | — | 1,358 | 68,747 | |||||||||||
Charge-offs: | |||||||||||||||
1-4 single family residential | (1 | ) | — | (24 | ) | (25 | ) | ||||||||
Home equity loans and lines of credit | — | — | (3,303 | ) | (3,303 | ) | |||||||||
Non-owner occupied commercial real estate | (255 | ) | — | — | (255 | ) | |||||||||
Construction and land | (63 | ) | — | — | (63 | ) | |||||||||
Owner occupied commercial real estate | (2,612 | ) | — | — | (2,612 | ) | |||||||||
Commercial and industrial | |||||||||||||||
Taxi medallion loans | (56,615 | ) | — | — | (56,615 | ) | |||||||||
Other commercial and industrial | (18,320 | ) | — | — | (18,320 | ) | |||||||||
Commercial lending subsidiaries | — | — | — | — | |||||||||||
Total Charge-offs | (77,866 | ) | — | (3,327 | ) | (81,193 | ) | ||||||||
Recoveries: | |||||||||||||||
Home equity loans and lines of credit | — | — | 67 | 67 | |||||||||||
Other consumer loans | 26 | — | — | 26 | |||||||||||
Owner occupied commercial real estate | 2 | — | — | 2 | |||||||||||
Commercial and industrial | |||||||||||||||
Other commercial and industrial | 2,689 | — | 60 | 2,749 | |||||||||||
Commercial lending subsidiaries | 1,444 | — | — | 1,444 | |||||||||||
Total Recoveries | 4,161 | — | 127 | 4,288 | |||||||||||
Net Charge-offs: | (73,705 | ) | — | (3,200 | ) | (76,905 | ) | ||||||||
Balance at December 31, 2017 | $ | 144,537 | $ | — | $ | 258 | $ | 144,795 |
Residential | Non-Owner Occupied Commercial Real Estate | Construction and Land | Owner Occupied Commercial Real Estate | Commercial and Industrial | Pinnacle - municipal Finance | Franchise Finance | Equipment Finance | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 18,719 | $ | 101,334 | $ | 3,284 | $ | 28,797 | $ | 62,197 | $ | 304 | $ | 36,331 | $ | 6,357 | $ | 257,323 | |||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses | (9,241) | (65,543) | (2,253) | (6,844) | 31,180 | (134) | (8,857) | (2,764) | (64,456) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (304) | (9,167) | — | (471) | (50,563) | — | (10,745) | — | (71,250) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 13 | 1,156 | — | 156 | 3,498 | — | 17 | — | 4,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 9,187 | 27,780 | 1,031 | 21,638 | 46,312 | 170 | 16,746 | 3,593 | 126,457 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses | 2,858 | 635 | 1,736 | 952 | 61,337 | 3 | 7,542 | (1,249) | 73,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (412) | (9,188) | (343) | (2,870) | (36,051) | — | (13,191) | — | (62,055) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 108 | 3,100 | — | 823 | 5,049 | — | 650 | — | 9,730 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 11,741 | 22,327 | 2,424 | 20,543 | 76,647 | 173 | 11,747 | 2,344 | 147,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of adoption of ASU 2022-02 | (117) | — | — | 5 | (1,676) | — | (6) | — | (1,794) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | 11,624 | 22,327 | 2,424 | 20,548 | 74,971 | 173 | 11,741 | 2,344 | 146,152 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses | (4,002) | 11,088 | 6,104 | (5,546) | 67,816 | 70 | 2,738 | 656 | 78,924 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (1,228) | — | (447) | (26,092) | — | (7,247) | — | (35,014) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 9 | 623 | — | 3,087 | 8,285 | — | 623 | — | 12,627 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | 7,631 | $ | 32,810 | $ | 8,528 | $ | 17,642 | $ | 124,980 | $ | 243 | $ | 7,855 | $ | 3,000 | $ | 202,689 | |||||||||||||||||||||||||||||||||||||||||
Net Charge-offs to Average Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2021 | — | % | 0.13 | % | — | % | 0.02 | % | 0.82 | % | — | % | 2.34 | % | — | % | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2022 | — | % | 0.11 | % | 0.16 | % | 0.11 | % | 0.50 | % | — | % | 4.49 | % | — | % | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, 2023 | — | % | 0.01 | % | — | % | (0.14) | % | 0.25 | % | — | % | 3.48 | % | — | % | 0.09 | % |
2017 | ||||||||||||||||||
Covered Loans | ||||||||||||||||||
Non-Covered Loans | ACI Loans | Non-ACI Loans | Total | %(1) | ||||||||||||||
Residential and other consumer: | ||||||||||||||||||
1 - 4 single family residential | $ | 10,140 | $ | — | $ | 257 | $ | 10,397 | 21.6 | % | ||||||||
Home equity loans and lines of credit | 7 | — | 1 | 8 | — | % | ||||||||||||
Other consumer loans | 315 | — | — | 315 | 0.1 | % | ||||||||||||
10,462 | — | 258 | 10,720 | 21.7 | % | |||||||||||||
Commercial: | ||||||||||||||||||
Multi-family | 23,994 | — | — | 23,994 | 15.0 | % | ||||||||||||
Non-owner occupied commercial real estate | 40,622 | — | — | 40,622 | 21.0 | % | ||||||||||||
Construction and land | 3,004 | — | — | 3,004 | 1.5 | % | ||||||||||||
Owner occupied commercial real estate | 13,611 | — | — | 13,611 | 9.4 | % | ||||||||||||
Commercial and industrial | ||||||||||||||||||
Taxi medallion loans | 12,214 | — | — | 12,214 | 0.6 | % | ||||||||||||
Other commercial and industrial | 29,698 | — | — | 29,698 | 18.8 | % | ||||||||||||
Commercial lending subsidiaries | 10,932 | — | — | 10,932 | 12.0 | % | ||||||||||||
134,075 | — | — | 134,075 | 78.3 | % | |||||||||||||
$ | 144,537 | $ | — | $ | 258 | $ | 144,795 | 100.0 | % |
2016 | ||||||||||||||||||
Covered Loans | ||||||||||||||||||
Non-Covered Loans | ACI Loans | Non-ACI Loans | Total | %(1) | ||||||||||||||
Residential and other consumer: | ||||||||||||||||||
1 - 4 single family residential | $ | 9,279 | $ | — | $ | 181 | $ | 9,460 | 20.6 | % | ||||||||
Home equity loans and lines of credit | 7 | — | 1,919 | 1,926 | 0.3 | % | ||||||||||||
Other consumer loans | 117 | — | — | 117 | 0.1 | % | ||||||||||||
9,403 | — | 2,100 | 11,503 | 21.0 | % | |||||||||||||
Commercial: | ||||||||||||||||||
Multi-family | 25,009 | — | — | 25,009 | 19.8 | % | ||||||||||||
Non-owner occupied commercial real estate | 35,604 | — | — | 35,604 | 19.3 | % | ||||||||||||
Construction and land | 2,824 | — | — | 2,824 | 1.6 | % | ||||||||||||
Owner occupied commercial real estate | 11,424 | — | — | 11,424 | 9.0 | % | ||||||||||||
Commercial and industrial | ||||||||||||||||||
Taxi medallion loans | 10,655 | — | — | 10,655 | 0.9 | % | ||||||||||||
Other commercial and industrial | 38,067 | — | — | 38,067 | 16.6 | % | ||||||||||||
Commercial lending subsidiaries | 17,867 | — | — | 17,867 | 11.8 | % | ||||||||||||
141,450 | — | — | 141,450 | 79.0 | % | |||||||||||||
$ | 150,853 | $ | — | $ | 2,100 | $ | 152,953 | 100.0 | % |
2015 | ||||||||||||||||||
Covered Loans | ||||||||||||||||||
Non-Covered Loans | ACI Loans | Non-ACI Loans | Total | %(1) | ||||||||||||||
Residential and other consumer: | ||||||||||||||||||
1-4 single family residential | $ | 11,086 | $ | — | $ | 564 | $ | 11,650 | 21.9 | % | ||||||||
Home equity loans and lines of credit | 4 | — | 4,304 | 4,308 | 0.4 | % | ||||||||||||
Other consumer loans | 253 | — | — | 253 | 0.2 | % | ||||||||||||
11,343 | — | 4,868 | 16,211 | 22.5 | % | |||||||||||||
Commercial: | ||||||||||||||||||
Multi-family | 22,317 | — | — | 22,317 | 20.9 | % | ||||||||||||
Non-owner occupied commercial real estate | 26,179 | — | — | 26,179 | 17.5 | % | ||||||||||||
Construction and land | 3,587 | — | — | 3,587 | 2.1 | % | ||||||||||||
Owner occupied commercial real estate | 7,490 | — | — | 7,490 | 8.2 | % | ||||||||||||
Commercial and industrial | 33,661 | — | — | 33,661 | 16.7 | % | ||||||||||||
Commercial lending subsidiaries | 16,383 | — | — | 16,383 | 12.1 | % | ||||||||||||
109,617 | — | — | 109,617 | 77.5 | % | |||||||||||||
$ | 120,960 | $ | — | $ | 4,868 | $ | 125,828 | 100.0 | % |
2014 | ||||||||||||||||||
Covered Loans | ||||||||||||||||||
Non-Covered Loans | ACI Loans | Non-ACI Loans | Total | %(1) | ||||||||||||||
Residential and other consumer: | ||||||||||||||||||
1-4 single family residential | $ | 7,116 | $ | — | $ | 945 | $ | 8,061 | 27.6 | % | ||||||||
Home equity loans and lines of credit | 17 | — | 3,247 | 3,264 | 1.0 | % | ||||||||||||
Other consumer loans | 190 | — | — | 190 | 0.2 | % | ||||||||||||
7,323 | — | 4,192 | 11,515 | 28.8 | % | |||||||||||||
Commercial: | ||||||||||||||||||
Multi-family | 14,970 | — | — | 14,970 | 15.8 | % | ||||||||||||
Non-owner occupied commercial real estate | 17,615 | — | — | 17,615 | 14.4 | % | ||||||||||||
Construction and land | 2,725 | — | — | 2,725 | 1.4 | % | ||||||||||||
Owner occupied commercial real estate | 8,273 | — | — | 8,273 | 8.4 | % | ||||||||||||
Commercial and industrial | 25,867 | — | — | 25,867 | 19.4 | % | ||||||||||||
Commercial lending subsidiaries | 14,577 | — | — | 14,577 | 11.8 | % | ||||||||||||
84,027 | — | — | 84,027 | 71.2 | % | |||||||||||||
$ | 91,350 | $ | — | $ | 4,192 | $ | 95,542 | 100.0 | % |
2013 | ||||||||||||||||||
Covered Loans | ||||||||||||||||||
Non-Covered Loans | ACI Loans | Non-ACI Loans | Total | %(1) | ||||||||||||||
Residential and other consumer: | ||||||||||||||||||
1-4 single family residential | $ | 6,271 | $ | — | $ | 827 | $ | 7,098 | 32.4 | % | ||||||||
Home equity loans and lines of credit | 12 | — | 8,243 | 8,255 | 1.9 | % | ||||||||||||
Other consumer loans | 2,187 | — | — | 2,187 | 2.4 | % | ||||||||||||
8,470 | — | 9,070 | 17,540 | 36.7 | % | |||||||||||||
Commercial: | ||||||||||||||||||
Multi-family | 3,947 | 323 | — | 4,270 | 12.6 | % | ||||||||||||
Non-owner occupied commercial real estate | 4,401 | 1,444 | 8 | 5,853 | 11.5 | % | ||||||||||||
Construction and land | 803 | 192 | 6 | 1,001 | 1.7 | % | ||||||||||||
Owner occupied commercial real estate | 6,774 | 369 | 6 | 7,149 | 8.5 | % | ||||||||||||
Commercial and industrial | 24,148 | 565 | 412 | 25,125 | 18.5 | % | ||||||||||||
Commercial lending subsidiaries | 8,787 | — | — | 8,787 | 10.5 | % | ||||||||||||
48,860 | 2,893 | 432 | 52,185 | 63.3 | % | |||||||||||||
$ | 57,330 | $ | 2,893 | $ | 9,502 | $ | 69,725 | 100.0 | % |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | %(1) | Total | %(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 7,631 | 33.3 | % | $ | 11,741 | 35.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 32,810 | 21.6 | % | 22,327 | 21.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | 8,528 | 2.0 | % | 2,424 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | 41,338 | 24,751 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 17,642 | 7.9 | % | 20,543 | 7.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial(2) | 124,980 | 30.1 | % | 76,647 | 28.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle - municipal finance | 243 | 3.6 | % | 173 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchise finance | 7,855 | 0.7 | % | 11,747 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | 3,000 | 0.8 | % | 2,344 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
153,720 | 111,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 202,689 | 100.0 | % | $ | 147,946 | 100.0 | % |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Residential | 0.09 | % | 0.13 | % | ||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
CRE | 0.71 | % | 0.43 | % | ||||||||||||||||||||||||||||
Commercial and industrial | 1.53 | % | 1.10 | % | ||||||||||||||||||||||||||||
Pinnacle - municipal finance | 0.03 | % | 0.02 | % | ||||||||||||||||||||||||||||
Franchise finance | 4.31 | % | 4.63 | % | ||||||||||||||||||||||||||||
Equipment finance | 1.52 | % | 0.82 | % | ||||||||||||||||||||||||||||
Total commercial | 1.19 | % | 0.85 | % | ||||||||||||||||||||||||||||
0.82 | % | 0.59 | % | |||||||||||||||||||||||||||||
ACL to non-performing loans | 159.54 | % | 140.88 | % |
December 31, 2023 | December 31, 2022 |
Cost of deposits | 1.48% | 0.43% | 0.19% | 1.42% | 2.96% | ||||||||||||
Non-interest bearing as a % of total deposits | 17.6% | 25.5% | 30.5% | 29.2% | 25.8% |
Total deposits | $ | 26,538,478 | ||||||
Estimated amount of uninsured deposits | $ | 12,360,020 | ||||||
Less: collateralized deposits | (3,047,517) | |||||||
Less: affiliate deposits | (317,858) | |||||||
Adjusted uninsured deposits | $ | 8,994,645 | ||||||
Estimated insured and collateralized deposits | $ | 17,543,833 | ||||||
Insured and collateralized deposits to total deposits | 66 | % |
Three months or less | $ | 332,424 | |||
Over three through six months | 124,006 | ||||
Over six through twelve months | 383,853 | ||||
Over twelve months | 3,985 | ||||
$ | 844,268 |
Three months or less | $ | 1,077,250 | |
Over three through six months | 868,468 | ||
Over six through twelve months | 1,322,385 | ||
Over twelve months | 791,729 | ||
$ | 4,059,832 |
Amount | Weighted Average Rate | ||||||||||
Maturing in: | |||||||||||
2024 - One month or less | $ | 4,220,000 | 5.47 | % | |||||||
2024 - Over one month | 895,000 | 5.56 | % | ||||||||
Total contractual balance outstanding | $ | 5,115,000 | |||||||||
Notional Amount | Weighted Average Rate | ||||||||||
Cash flow hedges maturing in: | |||||||||||
2024 | $ | 535,000 | 2.40 | % | |||||||
2025 | 625,000 | 2.74 | % | ||||||||
2026 | 1,430,000 | 3.50 | % | ||||||||
Thereafter | 25,000 | 2.50 | % | ||||||||
$ | 2,615,000 | 3.08 | % | ||||||||
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 | ||||||||||
Same Day Available Liquidity |
December 31, 2023 | Policy Limit | ||||||||||||||||||||||
Available liquidity to uninsured/non-collateralized deposits | 152% | <100% | |||||||||||||||||||||
Wholesale funding/total assets | 31.7% | <37.5% | |||||||||||||||||||||
December 31, 2023 | Low or Moderate Risk Operating Threshold | |||||||||||||||||||||||||||||||
Available operational liquidity/volatile liabilities | 1.56x | ≥1.30x | ||||||||||||||||||||||||||||||
Liquidity stress test coverage ratio | 1.77x | ≥1.50x | ||||||||||||||||||||||||||||||
FHLB advances/total assets | 16.8% | ≤20% | ||||||||||||||||||||||||||||||
One year liquidity ratio | 1.58x | ≥1.00x | ||||||||||||||||||||||||||||||
Loan to deposit ratio | 92.1% | ≤100% | ||||||||||||||||||||||||||||||
Top 20 uninsured depositors to total deposits (excluding brokered & municipal deposits) | 14.1% | ≤15% | ||||||||||||||||||||||||||||||
Non interest-bearing demand deposits/total deposits | 25.8% | ≥20% | ||||||||||||||||||||||||||||||
Available on-balance sheet liquidity | 7.1% | ≥5% |
Term deposits(1) | $ | 4,770,722 | |||
FHLB advances(1) | 5,127,959 | ||||
Notes and other borrowings(1) | 37,741 | ||||
Operating lease obligations | 19,280 | ||||
$ | 9,955,702 |
Down 100 | Plus 100 | Plus 200 | Plus 300 | Plus 400 | ||||||||||
Policy Limits: | ||||||||||||||
In year 1 | (6.0 | )% | (6.0 | )% | (10.0 | )% | (14.0 | )% | (18.0 | )% | ||||
In year 2 | (9.0 | )% | (9.0 | )% | (13.0 | )% | (17.0 | )% | (21.0 | )% | ||||
Model Results at December 31, 2017 - increase (decrease): | ||||||||||||||
In year 1 | (0.3 | )% | (0.1 | )% | (0.5 | )% | (1.4 | )% | (2.7 | )% | ||||
In year 2 | (3.5 | )% | 1.8 | % | 3.2 | % | 4.3 | % | 4.8 | % | ||||
Model Results at December 31, 2016 - increase (decrease) (1): | ||||||||||||||
In year 1 | (2.0 | )% | 1.5 | % | 2.8 | % | 3.4 | % | ||||||
In year 2 | (3.7 | )% | 2.6 | % | 4.6 | % | 6.6 | % | ||||||
Down 200 | Down 100 | Plus 100 | Plus 200 | ||||||||||||||||||||||||||||||||||||||
Policy Limits: | |||||||||||||||||||||||||||||||||||||||||
In year 1 | (12) | % | (8) | % | (8) | % | (12) | % | |||||||||||||||||||||||||||||||||
In year 2 | (15) | % | (11) | % | (11) | % | (15) | % | |||||||||||||||||||||||||||||||||
Model Results at December 31, 2023 - increase (decrease) | |||||||||||||||||||||||||||||||||||||||||
In year 1 | (4.7) | % | (1.6) | % | 1.0 | % | 2.1 | % | |||||||||||||||||||||||||||||||||
In year 2 | (6.0) | % | (2.3) | % | 1.5 | % | 2.0 | % | |||||||||||||||||||||||||||||||||
Model Results at December 31, 2022 - increase (decrease) | |||||||||||||||||||||||||||||||||||||||||
In year 1 | (5.1) | % | (1.7) | % | 0.1 | % | (0.6) | % | |||||||||||||||||||||||||||||||||
In year 2 | (8.4) | % | (3.5) | % | 1.8 | % | 2.3 | % |
Down 200 | Down 100 | Plus 100 | Plus 200 | ||||||||||||||||||||||||||||||||||||||
Policy Limits | (20.0) | % | (10.0) | % | (10.0) | % | (20.0) | % | |||||||||||||||||||||||||||||||||
Model Results at December 31, 2023 - increase (decrease): | 15.2 | % | 9.5 | % | (8.8) | % | (17.4) | % | |||||||||||||||||||||||||||||||||
Model Results at December 31, 2022 - increase (decrease): | 4.5 | % | 3.8 | % | (5.5) | % | (11.3) | % |
Weighted Average Pay Rate / Strike Price | Weighted Average Receive Rate / Strike Price | Weighted Average Remaining Life in Years | |||||||||||||||||||||||||||
Notional Amount | |||||||||||||||||||||||||||||
Hedged Item | |||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||||
Pay-fixed interest rate swaps | Variability of interest cash flows on variable rate borrowings | $ | 2,615,000 | 3.08% | Daily SOFR | 1.9 | |||||||||||||||||||||||
Pay-fixed interest rate swaps | Variability of interest cash flows on variable rate liabilities | 400,000 | 1.22% | Fed Funds Effective Rate | 0.7 | ||||||||||||||||||||||||
Pay-variable interest rate swaps | Variability of interest cash flows on variable rate loans | 200,000 | Term SOFR | 3.72% | 2.3 | ||||||||||||||||||||||||
Interest rate caps purchased, indexed to Fed Funds effective rate | Variability of interest cash flows on variable rate liabilities | 200,000 | 0.88% | 1.5 | |||||||||||||||||||||||||
Interest rate collar, indexed to 1-month SOFR(1) | Variability of interest cash flows on variable rate loans | 125,000 | 5.58% | 1.50% | 2.7 | ||||||||||||||||||||||||
Derivatives designated as fair value hedges: | |||||||||||||||||||||||||||||
Pay-fixed interest rate swaps | Variability of fair value of fixed rate loans | 100,000 | 1.94% | Daily SOFR | 0.6 | ||||||||||||||||||||||||
$ | 3,640,000 |
Total | Less than 1 year | 1 - 3 years | 3 - 5 years | More than 5 years | |||||||||||||||
FHLB advances | $ | 4,795,108 | $ | 4,566,103 | $ | 229,005 | $ | — | $ | — | |||||||||
4.875% Senior notes due 2025 | 556,000 | 19,500 | 39,000 | 39,000 | 458,500 | ||||||||||||||
Operating lease obligations | 136,675 | 22,340 | 38,670 | 27,482 | 48,183 | ||||||||||||||
Time deposits | 6,409,089 | 5,282,298 | 995,667 | 131,034 | 90 | ||||||||||||||
Capital lease obligations | 14,607 | 1,799 | 3,813 | 4,046 | 4,949 | ||||||||||||||
$ | 11,911,479 | $ | 9,892,040 | $ | 1,306,155 | $ | 201,562 | $ | 511,722 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | $ | 2,577,921 | $ | 2,435,981 | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: goodwill and other intangible assets | 77,637 | 77,637 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Tangible stockholders’ equity | $ | 2,500,284 | $ | 2,358,344 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common shares issued and outstanding | 74,372,505 | 75,674,587 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Book value per common share | $ | 34.66 | $ | 32.19 | |||||||||||||||||||||||||||||||||||||||||||||||||
Tangible book value per common share | $ | 33.62 | $ | 31.16 | |||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Total stockholders' equity | $ | 3,026,062 | $ | 2,418,429 | $ | 2,243,898 | $ | 2,052,534 | $ | 1,928,698 | |||||||||
Less: goodwill and other intangible assets | 77,796 | 78,047 | 78,330 | 68,414 | 69,067 | ||||||||||||||
Tangible stockholders’ equity | $ | 2,948,266 | $ | 2,340,382 | $ | 2,165,568 | $ | 1,984,120 | $ | 1,859,631 | |||||||||
Common shares issued and outstanding | 106,848,185 | 104,166,945 | 103,626,255 | 101,656,702 | 101,013,014 | ||||||||||||||
Book value per common share | $ | 28.32 | $ | 23.22 | $ | 21.65 | $ | 20.19 | $ | 19.09 | |||||||||
Tangible book value per common share | $ | 27.59 | $ | 22.47 | $ | 20.90 | $ | 19.52 | $ | 18.41 | |||||||||
Total assets | $ | 30,346,986 | $ | 27,880,151 | $ | 23,883,467 | $ | 19,210,529 | $ | 15,046,649 | |||||||||
Equity to assets ratio | 9.97 | % | 8.67 | % | 9.40 | % | 10.68 | % | 12.82 | % | |||||||||
Tangible common equity to assets ratio | 9.72 | % | 8.39 | % | 9.07 | % | 10.33 | % | 12.36 | % |
Year Ended December 31, 2017 | Year Ended December 31, 2015 | |||||||
Net income excluding the impact of a discrete income tax benefit and related professional fees: | ||||||||
Net income (GAAP) | $ | 614,273 | $ | 251,660 | ||||
Less discrete income tax benefit | (327,945 | ) | (49,323 | ) | ||||
Add back related professional fees (net of tax of $1,802 and $524) | 4,995 | 801 | ||||||
Net income excluding the impact of a discrete income tax benefit and related professional fees (non-GAAP) | $ | 291,323 | $ | 203,138 | ||||
Diluted earnings per common share, excluding the impact of a discrete income tax benefit and related professional fees: | ||||||||
Diluted earnings per common share (GAAP) | $ | 5.58 | $ | 2.35 | ||||
Less impact on diluted earnings per common share of discrete income tax benefit and related professional fees, before allocation to participating securities (non-GAAP) | (3.05 | ) | (0.47 | ) | ||||
Less impact on diluted earnings per common share of discrete income tax benefit and related professional fees allocated to participating securities (non-GAAP) | 0.12 | 0.02 | ||||||
Diluted earnings per common share, excluding the impact of a discrete income tax benefit and related professional fees (non-GAAP) | $ | 2.65 | $ | 1.90 | ||||
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees, before allocation to participating securities: | ||||||||
Discrete income tax benefit and related professional fees, net of tax | $ | 322,950 | $ | 48,522 | ||||
Weighted average shares for diluted earnings per share (GAAP) | 105,857,487 | 102,972,150 | ||||||
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees, before allocation to participating securities (non-GAAP) | $ | 3.05 | $ | 0.47 | ||||
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees allocated to participating securities: | ||||||||
Discrete income tax benefit and related professional fees, net of tax, allocated to participating securities | $ | (12,424 | ) | $ | (1,881 | ) | ||
Weighted average shares for diluted earnings per share (GAAP) | 105,857,487 | 102,972,150 | ||||||
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees allocated to participating securities (non-GAAP) | $ | (0.12 | ) | $ | (0.02 | ) |
Year Ended December 31, 2017 | ||||
Return on average assets, excluding the impact of a discrete income tax benefit and related professional fees: | ||||
Return on average assets (GAAP) | 2.13 | % | ||
Less impact on return on average assets of discrete income tax benefit and related professional fees (non-GAAP) | (1.12 | )% | ||
Return on average assets, excluding the impact of a discrete income tax benefit and related professional fees (non-GAAP) | 1.01 | % | ||
Impact on return on average assets of discrete income tax benefit and related professional fees: | ||||
Discrete income tax benefit and related professional fees, net of tax | $ | 322,950 | ||
Average assets | 28,825,394 | |||
Impact on return on average assets of discrete income tax benefit and related professional fees (non-GAAP) | 1.12 | % | ||
Return on average stockholders' equity, excluding the impact of a discrete income tax benefit and related professional fees: | ||||
Return on stockholders' equity (GAAP) | 23.36 | % | ||
Less impact on return on stockholders' equity of discrete income tax benefit and related professional fees (non-GAAP) | (12.28 | )% | ||
Return on stockholders' equity, excluding the impact of a discrete income tax benefit and related professional fees (non-GAAP) | 11.08 | % | ||
Impact on return on average stockholders' equity of discrete income tax benefit and related professional fees: | ||||
Discrete income tax benefit and related professional fees, net of tax | $ | 322,950 | ||
Average stockholders' equity | 2,629,372 | |||
Impact on return on average stockholders' equity of discrete income tax benefit and related professional fees (non-GAAP) | 12.28 | % |
Year Ended December 31, 2017 | Year Ended December 31, 2015 | |||||||
Effective income tax rate, excluding the impact of a discrete income tax benefit and impact of enactment of the Tax Cuts and Jobs Act of 2017: | ||||||||
Effective income tax rate (GAAP) | (51.9 | )% | 15.2 | % | ||||
Less impact on effective income tax rate of discrete income tax benefit and enactment of the Tax Cuts and Jobs Act of 2017 (non-GAAP) | 82.0 | % | 16.6 | % | ||||
Effective income tax rate, excluding the impact of a discrete income tax benefit and enactment of the Tax Cuts and Jobs Act of 2017 (non-GAAP) | 30.1 | % | 31.8 | % | ||||
Impact on effective income tax rate of discrete income tax benefit and enactment of the Tax Cuts and Jobs Act of 2017 (non-GAAP): | ||||||||
Discrete income tax benefit | $ | (327,945 | ) | $ | (49,323 | ) | ||
Tax benefit recognized from enactment of the Tax Cuts and Jobs Act of 2017 | (3,744 | ) | — | |||||
$ | (331,689 | ) | $ | (49,323 | ) | |||
Income before income taxes (GAAP) | 404,461 | 296,893 | ||||||
Impact on effective income tax rate of discrete income tax benefit and enactment of the Tax Cuts and Jobs Act of 2017 (non-GAAP) | (82.0 | )% | (16.6 | )% |
Page | |||||
BankUnited, Inc. Consolidated Financial Statements for the Years ended December 31, | |||||
Reports of Independent Registered Public Accounting Firm (Deloitte and Touche LLP, Miami, FL. Auditor Firm ID: 34) | |||||
2022 | |||||
2021 | |||||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2021 | |||||
Consolidated Statements of Cash Flows for the years ended December 31, 2021 | |||||
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2021 | |||||
December 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Cash and due from banks: | |||||||
Non-interest bearing | $ | 35,246 | $ | 40,260 | |||
Interest bearing | 159,336 | 408,053 | |||||
Cash and cash equivalents | 194,582 | 448,313 | |||||
Investment securities available for sale, at fair value | 6,680,832 | 6,073,584 | |||||
Investment securities held to maturity | 10,000 | 10,000 | |||||
Non-marketable equity securities | 265,989 | 284,272 | |||||
Loans held for sale | 34,097 | 41,198 | |||||
Loans (including covered loans of $503,118 and $614,042) | 21,416,504 | 19,395,394 | |||||
Allowance for loan and lease losses | (144,795 | ) | (152,953 | ) | |||
Loans, net | 21,271,709 | 19,242,441 | |||||
FDIC indemnification asset | 295,635 | 515,933 | |||||
Bank owned life insurance | 252,462 | 239,736 | |||||
Equipment under operating lease, net | 599,502 | 539,914 | |||||
Goodwill and other intangible assets | 77,796 | 78,047 | |||||
Other assets | 664,382 | 406,713 | |||||
Total assets | $ | 30,346,986 | $ | 27,880,151 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Demand deposits: | |||||||
Non-interest bearing | $ | 3,162,032 | $ | 2,960,591 | |||
Interest bearing | 1,666,581 | 1,523,064 | |||||
Savings and money market | 10,715,024 | 9,251,593 | |||||
Time | 6,334,842 | 5,755,642 | |||||
Total deposits | 21,878,479 | 19,490,890 | |||||
Federal Home Loan Bank advances | 4,771,000 | 5,239,348 | |||||
Notes and other borrowings | 402,830 | 402,809 | |||||
Other liabilities | 268,615 | 328,675 | |||||
Total liabilities | 27,320,924 | 25,461,722 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 106,848,185 and 104,166,945 shares issued and outstanding | 1,068 | 1,042 | |||||
Paid-in capital | 1,498,227 | 1,426,459 | |||||
Retained earnings | 1,471,781 | 949,681 | |||||
Accumulated other comprehensive income | 54,986 | 41,247 | |||||
Total stockholders' equity | 3,026,062 | 2,418,429 | |||||
Total liabilities and stockholders' equity | $ | 30,346,986 | $ | 27,880,151 |
December 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
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 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Liabilities: | |||||||||||
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 | — | 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, par value $0.01 per share, 400,000,000 shares authorized; 74,372,505 and 75,674,587 shares issued and outstanding | 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 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | 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 | — | — | 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 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Interest income: | |||||||||||
Loans | $ | 1,001,862 | $ | 896,154 | $ | 753,901 | |||||
Investment securities | 188,307 | 150,859 | 116,817 | ||||||||
Other | 14,292 | 12,204 | 10,098 | ||||||||
Total interest income | 1,204,461 | 1,059,217 | 880,816 | ||||||||
Interest expense: | |||||||||||
Deposits | 170,933 | 119,773 | 91,151 | ||||||||
Borrowings | 83,256 | 69,059 | 44,013 | ||||||||
Total interest expense | 254,189 | 188,832 | 135,164 | ||||||||
Net interest income before provision for loan losses | 950,272 | 870,385 | 745,652 | ||||||||
Provision for (recovery of) loan losses (including $1,358, $(1,681) and $2,251 for covered loans) | 68,747 | 50,911 | 44,311 | ||||||||
Net interest income after provision for loan losses | 881,525 | 819,474 | 701,341 | ||||||||
Non-interest income: | |||||||||||
Income from resolution of covered assets, net | 27,450 | 36,155 | 50,658 | ||||||||
Net loss on FDIC indemnification | (22,220 | ) | (17,759 | ) | (65,942 | ) | |||||
Service charges and fees | 20,864 | 19,463 | 17,876 | ||||||||
Gain (loss) on sale of loans, net (including $17,406, $(14,470) and $34,929 related to covered loans) | 27,589 | (4,406 | ) | 40,633 | |||||||
Gain on investment securities available for sale, net | 33,466 | 14,461 | 8,480 | ||||||||
Lease financing | 53,837 | 44,738 | 35,641 | ||||||||
Other non-interest income | 16,918 | 13,765 | 14,878 | ||||||||
Total non-interest income | 157,904 | 106,417 | 102,224 | ||||||||
Non-interest expense: | |||||||||||
Employee compensation and benefits | 237,824 | 223,011 | 210,104 | ||||||||
Occupancy and equipment | 75,386 | 76,003 | 76,024 | ||||||||
Amortization of FDIC indemnification asset | 176,466 | 160,091 | 109,411 | ||||||||
Deposit insurance expense | 22,011 | 17,806 | 14,257 | ||||||||
Professional fees | 23,676 | 14,249 | 14,185 | ||||||||
Telecommunications and data processing | 13,966 | 14,343 | 13,613 | ||||||||
Depreciation of equipment under operating lease | 35,015 | 31,580 | 18,369 | ||||||||
Other non-interest expense | 50,624 | 53,364 | 50,709 | ||||||||
Total non-interest expense | 634,968 | 590,447 | 506,672 | ||||||||
Income before income taxes | 404,461 | 335,444 | 296,893 | ||||||||
Provision (benefit) for income taxes | (209,812 | ) | 109,703 | 45,233 | |||||||
Net income | $ | 614,273 | $ | 225,741 | $ | 251,660 | |||||
Earnings per common share, basic (see Note 2) | $ | 5.60 | $ | 2.11 | $ | 2.37 | |||||
Earnings per common share, diluted (see Note 2) | $ | 5.58 | $ | 2.09 | $ | 2.35 | |||||
Cash dividends declared per common share | $ | 0.84 | $ | 0.84 | $ | 0.84 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||
Net income | $ | 178,671 | $ | 284,971 | $ | 414,984 | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||
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 | — | — | 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 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net income | $ | 614,273 | $ | 225,741 | $ | 251,660 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Unrealized gains on investment securities available for sale: | |||||||||||
Net unrealized holding gain (loss) arising during the period | 29,724 | 14,271 | (21,657 | ) | |||||||
Reclassification adjustment for net securities gains realized in income | (20,247 | ) | (8,749 | ) | (5,130 | ) | |||||
Net change in unrealized gains on securities available for sale | 9,477 | 5,522 | (26,787 | ) | |||||||
Unrealized losses on derivative instruments: | |||||||||||
Net unrealized holding gain (loss) arising during the period | (1,559 | ) | 3,766 | (13,403 | ) | ||||||
Reclassification adjustment for net losses realized in income | 5,821 | 9,777 | 16,020 | ||||||||
Net change in unrealized losses on derivative instruments | 4,262 | 13,543 | 2,617 | ||||||||
Other comprehensive income (loss) | 13,739 | 19,065 | (24,170 | ) | |||||||
Comprehensive income | $ | 628,012 | $ | 244,806 | $ | 227,490 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 614,273 | $ | 225,741 | $ | 251,660 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization and accretion, net | (95,145 | ) | (113,979 | ) | (164,376 | ) | |||||
Provision for loan losses | 68,747 | 50,911 | 44,311 | ||||||||
Income from resolution of covered assets, net | (27,450 | ) | (36,155 | ) | (50,658 | ) | |||||
Net loss on FDIC indemnification | 22,220 | 17,759 | 65,942 | ||||||||
(Gain) loss on sale of loans, net | (27,589 | ) | 4,406 | (40,633 | ) | ||||||
Income from bank owned life insurance | (5,508 | ) | (3,469 | ) | (3,102 | ) | |||||
Gain on investment securities available for sale, net | (33,466 | ) | (14,461 | ) | (8,480 | ) | |||||
Equity based compensation | 22,692 | 18,032 | 16,027 | ||||||||
Depreciation and amortization | 61,552 | 56,444 | 43,390 | ||||||||
Deferred income taxes | 57,801 | 30,189 | 29,471 | ||||||||
Proceeds from sale of loans held for sale | 158,621 | 163,088 | 169,139 | ||||||||
Loans originated for sale, net of repayments | (142,682 | ) | (148,195 | ) | (130,819 | ) | |||||
Other: | |||||||||||
(Increase) decrease in other assets | (314,121 | ) | 24,840 | (34,315 | ) | ||||||
Increase (decrease) in other liabilities | (41,319 | ) | 33,359 | 31,922 | |||||||
Net cash provided by operating activities | 318,626 | 308,510 | 219,479 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash paid in business combination | — | — | (277,553 | ) | |||||||
Purchase of investment securities available for sale | (3,131,798 | ) | (3,058,106 | ) | (2,093,508 | ) | |||||
Proceeds from repayments and calls of investment securities available for sale | 1,260,444 | 724,666 | 537,992 | ||||||||
Proceeds from sale of investment securities available for sale | 1,287,591 | 1,127,983 | 1,114,020 | ||||||||
Purchase of non-marketable equity securities | (248,405 | ) | (255,100 | ) | (141,599 | ) | |||||
Proceeds from redemption of non-marketable equity securities | 266,688 | 190,825 | 113,276 | ||||||||
Purchases of loans | (1,300,996 | ) | (1,266,097 | ) | (787,834 | ) | |||||
Loan originations, repayments and resolutions, net | (672,338 | ) | (1,394,916 | ) | (3,128,701 | ) | |||||
Proceeds from sale of loans, net | 196,413 | 171,367 | 207,425 | ||||||||
Decrease in FDIC indemnification asset for claims filed | 21,589 | 46,083 | 59,139 | ||||||||
Acquisition of equipment under operating lease, net | (94,603 | ) | (87,976 | ) | (187,329 | ) | |||||
Other investing activities | (37,161 | ) | (24,960 | ) | (24,020 | ) | |||||
Net cash used in investing activities | (2,452,576 | ) | (3,826,231 | ) | (4,608,692 | ) | |||||
(Continued) |
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: | |||||||||||||||||
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 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 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
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) | ||||||||||||||
(Continued) | |||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2017 | 2016 | 2,015 | ||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||
Net increase in deposits | 2,387,589 | 2,552,389 | 3,426,755 | |||||||||||||||||||||||||||||||
Additions to Federal Home Loan Bank advances | 4,916,000 | 4,025,000 | 3,180,000 | |||||||||||||||||||||||||||||||
Repayments of Federal Home Loan Bank advances | (5,385,000 | ) | (2,795,000 | ) | (2,480,350 | ) | ||||||||||||||||||||||||||||
Proceeds from issuance of notes, net | — | — | 392,252 | |||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in deposits | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in deposits | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in deposits | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in federal funds purchased | ||||||||||||||||||||||||||||||||||
Additions to FHLB borrowings | ||||||||||||||||||||||||||||||||||
Repayments of FHLB borrowings | ||||||||||||||||||||||||||||||||||
Dividends paid | (91,628 | ) | (89,824 | ) | (88,981 | ) | ||||||||||||||||||||||||||||
Exercise of stock options | 62,095 | 791 | 35,647 | |||||||||||||||||||||||||||||||
Dividends paid | ||||||||||||||||||||||||||||||||||
Dividends paid | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | ||||||||||||||||||||||||||||||||||
Other financing activities | (8,837 | ) | 5,178 | 3,873 | ||||||||||||||||||||||||||||||
Net cash provided by financing activities | 1,880,219 | 3,698,534 | 4,469,196 | |||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (253,731 | ) | 180,813 | 79,983 | ||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 448,313 | 267,500 | 187,517 | |||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 194,582 | $ | 448,313 | $ | 267,500 | ||||||||||||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||||||||||
Interest paid | $ | 247,548 | $ | 186,525 | $ | 130,963 | ||||||||||||||||||||||||||||
Income taxes paid, net | $ | 69,231 | $ | 16,464 | $ | 29,346 | ||||||||||||||||||||||||||||
Interest paid | ||||||||||||||||||||||||||||||||||
Interest paid | ||||||||||||||||||||||||||||||||||
Income taxes paid (refunded), net | ||||||||||||||||||||||||||||||||||
Supplemental schedule of non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||
Transfers from loans to other real estate owned and other repossessed assets | $ | 13,313 | $ | 17,045 | $ | 17,541 | ||||||||||||||||||||||||||||
Supplemental schedule of non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||
Supplemental schedule of non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||
Transfers from loans to loans held for sale | ||||||||||||||||||||||||||||||||||
Transfers from loans to loans held for sale | ||||||||||||||||||||||||||||||||||
Transfers from loans to loans held for sale | ||||||||||||||||||||||||||||||||||
Transfers from operating lease equipment to equipment held for sale | ||||||||||||||||||||||||||||||||||
Transfers from operating lease equipment to equipment held for sale | ||||||||||||||||||||||||||||||||||
Transfers from operating lease equipment to equipment held for sale | ||||||||||||||||||||||||||||||||||
Dividends declared, not paid | $ | 23,055 | $ | 22,510 | $ | 22,380 | ||||||||||||||||||||||||||||
Unsettled securities trades, net | ||||||||||||||||||||||||||||||||||
Obligations incurred in acquisition of affordable housing limited partnerships | $ | — | $ | 12,750 | $ | 57,139 | ||||||||||||||||||||||||||||
Obligations incurred in acquisition of affordable housing limited partnerships | ||||||||||||||||||||||||||||||||||
Obligations incurred in acquisition of affordable housing limited partnerships |
Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Total Stockholders’ Equity | |||||||||||||||||
Balance at December 31, 2014 | 101,656,702 | $ | 1,017 | $ | 1,353,538 | $ | 651,627 | $ | 46,352 | $ | 2,052,534 | |||||||||||
Comprehensive income | — | — | — | 251,660 | (24,170 | ) | 227,490 | |||||||||||||||
Dividends | — | — | — | (89,393 | ) | — | (89,393 | ) | ||||||||||||||
Equity based compensation | 664,928 | 7 | 16,020 | — | — | 16,027 | ||||||||||||||||
Forfeiture of unvested shares | (59,270 | ) | (1 | ) | 1 | — | — | — | ||||||||||||||
Exercise of stock options | 1,363,895 | 13 | 35,634 | — | — | 35,647 | ||||||||||||||||
Tax benefits from dividend equivalents and equity based compensation | — | — | 1,593 | — | — | 1,593 | ||||||||||||||||
Balance at December 31, 2015 | 103,626,255 | 1,036 | 1,406,786 | 813,894 | 22,182 | 2,243,898 | ||||||||||||||||
Comprehensive income | — | — | — | 225,741 | 19,065 | 244,806 | ||||||||||||||||
Dividends | — | — | — | (89,954 | ) | — | (89,954 | ) | ||||||||||||||
Equity based compensation | 651,760 | 7 | 18,026 | — | — | 18,033 | ||||||||||||||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (159,049 | ) | (1 | ) | (484 | ) | — | — | (485 | ) | ||||||||||||
Exercise of stock options | 47,979 | — | 791 | — | — | 791 | ||||||||||||||||
Tax benefits from dividend equivalents and equity based compensation | — | — | 1,340 | — | — | 1,340 | ||||||||||||||||
Balance at December 31, 2016 | 104,166,945 | $ | 1,042 | $ | 1,426,459 | $ | 949,681 | $ | 41,247 | $ | 2,418,429 | |||||||||||
Comprehensive income | — | — | — | 614,273 | 13,739 | 628,012 | ||||||||||||||||
Dividends | — | — | — | (92,173 | ) | — | (92,173 | ) | ||||||||||||||
Equity based compensation | 621,806 | 6 | 16,990 | — | — | 16,996 | ||||||||||||||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (271,954 | ) | (3 | ) | (7,294 | ) | — | — | (7,297 | ) | ||||||||||||
Exercise of stock options | 2,331,388 | 23 | 62,072 | — | — | 62,095 | ||||||||||||||||
Balance at December 31, 2017 | 106,848,185 | $ | 1,068 | $ | 1,498,227 | $ | 1,471,781 | $ | 54,986 | $ | 3,026,062 |
Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 93,067,500 | $ | 931 | $ | 1,017,518 | $ | 2,013,715 | $ | (49,152) | $ | 2,983,012 | ||||||||||||||||||||||||
Comprehensive income | — | — | — | 414,984 | 33,212 | 448,196 | |||||||||||||||||||||||||||||
Dividends ($0.92 per common share) | — | — | — | (83,357) | — | (83,357) | |||||||||||||||||||||||||||||
Equity based compensation and exercise of stock options, net of shares forfeited and surrendered | 357,410 | 4 | 8,405 | — | — | 8,409 | |||||||||||||||||||||||||||||
Repurchase of common stock | (7,776,924) | (79) | (318,420) | — | — | (318,499) | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | 85,647,986 | 856 | 707,503 | 2,345,342 | (15,940) | 3,037,761 | |||||||||||||||||||||||||||||
Comprehensive loss | — | — | — | 284,971 | (421,965) | (136,994) | |||||||||||||||||||||||||||||
Dividends ($1.00 per common share) | — | — | — | (78,913) | — | (78,913) | |||||||||||||||||||||||||||||
Equity based compensation, net of shares forfeited and surrendered | 281,380 | 4 | 15,411 | — | — | 15,415 | |||||||||||||||||||||||||||||
Repurchase of common stock | (10,254,779) | (103) | (401,185) | — | — | (401,288) | |||||||||||||||||||||||||||||
Balance at December 31, 2022 | 75,674,587 | 757 | 321,729 | 2,551,400 | (437,905) | 2,435,981 | |||||||||||||||||||||||||||||
Impact of adoption of ASU 2022-02 | — | — | — | 1,336 | — | 1,336 | |||||||||||||||||||||||||||||
Balance at January 1, 2023 | 75,674,587 | 757 | 321,729 | 2,552,736 | (437,905) | 2,437,317 | |||||||||||||||||||||||||||||
Comprehensive income | — | — | — | 178,671 | 80,484 | 259,155 | |||||||||||||||||||||||||||||
Dividends ($1.08 per common share) | — | — | — | (80,451) | — | (80,451) | |||||||||||||||||||||||||||||
Equity based compensation, net of shares forfeited and surrendered | 332,163 | 3 | 17,051 | — | — | 17,054 | |||||||||||||||||||||||||||||
Repurchase of common stock | (1,634,245) | (16) | (55,138) | — | — | (55,154) | |||||||||||||||||||||||||||||
Balance at December 31, 2023 | 74,372,505 | $ | 744 | $ | 283,642 | $ | 2,650,956 | $ | (357,421) | $ | 2,577,921 | ||||||||||||||||||||||||
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 |
c | 2017 | 2016 | 2015 | ||||||||
Basic earnings per common share: | |||||||||||
Numerator: | |||||||||||
Net income | $ | 614,273 | $ | 225,741 | $ | 251,660 | |||||
Distributed and undistributed earnings allocated to participating securities | (23,250 | ) | (8,760 | ) | (9,742 | ) | |||||
Income allocated to common stockholders for basic earnings per common share | $ | 591,023 | $ | 216,981 | $ | 241,918 | |||||
Denominator: | |||||||||||
Weighted average common shares outstanding | 106,574,448 | 104,097,182 | 103,187,530 | ||||||||
Less average unvested stock awards | (1,104,035 | ) | (1,157,378 | ) | (1,128,416 | ) | |||||
Weighted average shares for basic earnings per common share | 105,470,413 | 102,939,804 | 102,059,114 | ||||||||
Basic earnings per common share | $ | 5.60 | $ | 2.11 | $ | 2.37 | |||||
Diluted earnings per common share: | |||||||||||
Numerator: | |||||||||||
Income allocated to common stockholders for basic earnings per common share | $ | 591,023 | $ | 216,981 | $ | 241,918 | |||||
Adjustment for earnings reallocated from participating securities | (263 | ) | 62 | 54 | |||||||
Income used in calculating diluted earnings per common share | $ | 590,760 | $ | 217,043 | $ | 241,972 | |||||
Denominator: | |||||||||||
Weighted average shares for basic earnings per common share | 105,470,413 | 102,939,804 | 102,059,114 | ||||||||
Dilutive effect of stock options | 387,074 | 716,366 | 913,036 | ||||||||
Weighted average shares for diluted earnings per common share | 105,857,487 | 103,656,170 | 102,972,150 | ||||||||
Diluted earnings per common share | $ | 5.58 | $ | 2.09 | $ | 2.35 |
2017 | 2016 | 2015 | ||||||
Unvested shares and share units | 1,431,761 | 1,303,208 | 1,040,385 | |||||
Stock options and warrants | 1,850,279 | 1,850,279 | 1,851,376 |
Assets: | |||
Loans held for investment | $ | 173,809 | |
Loans held for sale | 82,143 | ||
Servicing rights | 10,418 | ||
Other assets | 4,397 | ||
Total assets | 270,767 | ||
Total liabilities | 3,620 | ||
Estimated fair value of net assets acquired | 267,147 | ||
Consideration issued | 277,553 | ||
Excess of consideration issued over fair value of net assets acquired | $ | 10,406 |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
2017 | Amortized Cost | Gross Unrealized | Carrying Value (1) | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 24,981 | $ | — | $ | (28 | ) | $ | 24,953 | |||||||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | 2,043,373 | 16,094 | (1,440 | ) | 2,058,027 | |||||||||||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 233,522 | 1,330 | (344 | ) | 234,508 | |||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | ||||||||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | ||||||||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | 613,732 | 16,473 | (1,958 | ) | 628,247 | |||||||||||||||||||||||||||||||||||||||
Private label commercial MBS | 1,033,022 | 13,651 | (258 | ) | 1,046,415 | |||||||||||||||||||||||||||||||||||||||
Single family rental real estate-backed securities | 559,741 | 3,823 | (858 | ) | 562,706 | |||||||||||||||||||||||||||||||||||||||
Single family real estate-backed securities | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 720,429 | 3,252 | — | 723,681 | ||||||||||||||||||||||||||||||||||||||||
Non-mortgage asset-backed securities | 119,939 | 1,808 | — | 121,747 | ||||||||||||||||||||||||||||||||||||||||
Preferred stocks | 59,912 | 3,631 | — | 63,543 | ||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | 640,511 | 17,606 | (914 | ) | 657,203 | |||||||||||||||||||||||||||||||||||||||
SBA securities | 534,534 | 16,208 | (60 | ) | 550,682 | |||||||||||||||||||||||||||||||||||||||
Other debt securities | 4,090 | 5,030 | — | 9,120 | ||||||||||||||||||||||||||||||||||||||||
$ | 6,587,786 | $ | 98,906 | $ | (5,860 | ) | $ | 6,680,832 | ||||||||||||||||||||||||||||||||||||
9,369,428 | ||||||||||||||||||||||||||||||||||||||||||||
9,369,428 | ||||||||||||||||||||||||||||||||||||||||||||
9,369,428 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities held to maturity | ||||||||||||||||||||||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||||||||||||||||||||
Marketable equity securities | ||||||||||||||||||||||||||||||||||||||||||||
$ |
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 |
2016 | |||||||||||||||
Amortized Cost | Gross Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||
U.S. Treasury securities | $ | 4,999 | $ | 6 | $ | — | $ | 5,005 | |||||||
U.S. Government agency and sponsored enterprise residential MBS | 1,513,028 | 15,922 | (1,708 | ) | 1,527,242 | ||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 126,754 | 670 | (2,838 | ) | 124,586 | ||||||||||
Private label residential MBS and CMOs | 334,167 | 42,939 | (2,008 | ) | 375,098 | ||||||||||
Private label commercial MBS | 1,180,386 | 9,623 | (2,385 | ) | 1,187,624 | ||||||||||
Single family rental real estate-backed securities | 858,339 | 4,748 | (1,836 | ) | 861,251 | ||||||||||
Collateralized loan obligations | 487,678 | 868 | (1,250 | ) | 487,296 | ||||||||||
Non-mortgage asset-backed securities | 187,660 | 2,002 | (2,926 | ) | 186,736 | ||||||||||
Preferred stocks | 76,180 | 12,027 | (4 | ) | 88,203 | ||||||||||
State and municipal obligations | 705,884 | 3,711 | (11,049 | ) | 698,546 | ||||||||||
SBA securities | 517,129 | 7,198 | (421 | ) | 523,906 | ||||||||||
Other debt securities | 3,999 | 4,092 | — | 8,091 | |||||||||||
$ | 5,996,203 | $ | 103,806 | $ | (26,425 | ) | $ | 6,073,584 |
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | 663,592 | $ | 674,291 | |||
Due after one year through five years | 3,196,717 | 3,232,157 | |||||
Due after five years through ten years | 2,229,852 | 2,264,131 | |||||
Due after ten years | 437,713 | 446,710 | |||||
Preferred stocks with no stated maturity | 59,912 | 63,543 | |||||
$ | 6,587,786 | $ | 6,680,832 |
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 |
2017 | 2016 | 2015 | |||||||||
Proceeds from sale of investment securities available for sale | $ | 1,287,591 | $ | 1,127,983 | $ | 1,114,020 | |||||
Gross realized gains | $ | 37,530 | $ | 14,924 | $ | 8,955 | |||||
Gross realized losses | (4,064 | ) | — | (475 | ) | ||||||
Net realized gain | 33,466 | 14,924 | 8,480 | ||||||||
OTTI | — | (463 | ) | — | |||||||
Gain on investment securities available for sale, net | $ | 33,466 | $ | 14,461 | $ | 8,480 |
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 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 24,953 | $ | (28 | ) | $ | — | $ | — | $ | 24,953 | $ | (28 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | 471,120 | (1,141 | ) | 13,028 | (299 | ) | 484,148 | (1,440 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 26,265 | (344 | ) | — | — | 26,265 | (344 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | 330,068 | (1,858 | ) | 5,083 | (100 | ) | 335,151 | (1,958 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private label commercial MBS | 81,322 | (258 | ) | — | — | 81,322 | (258 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family rental real estate-backed securities | 94,750 | (858 | ) | — | — | 94,750 | (858 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family real estate-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-mortgage asset-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | 30,715 | (49 | ) | 60,982 | (865 | ) | 91,697 | (914 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA securities | 21,300 | (10 | ) | 15,427 | (50 | ) | 36,727 | (60 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,080,493 | $ | (4,546 | ) | $ | 94,520 | $ | (1,314 | ) | $ | 1,175,013 | $ | (5,860 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | $ | 191,463 | $ | (628 | ) | $ | 112,391 | $ | (1,080 | ) | $ | 303,854 | $ | (1,708 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 89,437 | (2,838 | ) | — | — | 89,437 | (2,838 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | 122,142 | (1,680 | ) | 8,074 | (328 | ) | 130,216 | (2,008 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private label commercial MBS | 169,535 | (2,370 | ) | 24,985 | (15 | ) | 194,520 | (2,385 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family rental real estate-backed securities | 139,867 | (842 | ) | 176,057 | (994 | ) | 315,924 | (1,836 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family real estate-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 69,598 | (402 | ) | 173,983 | (848 | ) | 243,581 | (1,250 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-mortgage asset-backed securities | 139,477 | (2,926 | ) | — | — | 139,477 | (2,926 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stocks | 10,087 | (4 | ) | — | — | 10,087 | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State and municipal obligations | 448,180 | (11,049 | ) | — | — | 448,180 | (11,049 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA securities | 4,204 | (13 | ) | 20,076 | (408 | ) | 24,280 | (421 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,383,990 | $ | (22,752 | ) | $ | 515,566 | $ | (3,673 | ) | $ | 1,899,556 | $ | (26,425 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Covered Loans | Percent of Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Covered Loans | ACI | Non-ACI | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential and other consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Percent of Total | Total | Percent of Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential: | Residential: | |||||||||||||||||||||||||||||||||||||||||||||||||||
1-4 single family residential | $ | 4,116,814 | $ | 479,068 | $ | 26,837 | $ | 4,622,719 | 21.6 | % | 1-4 single family residential | $ | 6,903,013 | 28.0 | 28.0 | % | $ | 7,128,834 | 28.6 | 28.6 | % | |||||||||||||||||||||||||||||||
Home equity loans and lines of credit | 1,654 | — | 361 | 2,015 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | 20,512 | — | — | 20,512 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Government insured residential | Government insured residential | 1,306,014 | 5.3 | % | 1,771,880 | 7.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
4,138,980 | 479,068 | 27,198 | 4,645,246 | 21.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
8,209,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
8,209,027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
8,209,027 | 33.3 | % | 8,900,714 | 35.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 3,215,697 | — | — | 3,215,697 | 15.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 4,485,276 | — | — | 4,485,276 | 21.0 | % | 5,323,241 | 21.6 | 21.6 | % | 5,405,597 | 21.7 | 21.7 | % | ||||||||||||||||||||||||||||||||||||||
Construction and land | 310,999 | — | — | 310,999 | 1.5 | % | Construction and land | 495,992 | 2.0 | 2.0 | % | 294,360 | 1.2 | 1.2 | % | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 2,014,908 | — | — | 2,014,908 | 9.4 | % | Owner occupied commercial real estate | 1,935,743 | 7.9 | 7.9 | % | 1,890,813 | 7.6 | 7.6 | % | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 4,145,785 | — | — | 4,145,785 | 19.4 | % | Commercial and industrial | 6,971,981 | 28.3 | 28.3 | % | 6,417,721 | 25.9 | 25.9 | % | |||||||||||||||||||||||||||||||||||||
Commercial lending subsidiaries | 2,553,576 | — | — | 2,553,576 | 12.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle - municipal finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle - municipal finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle - municipal finance | 884,690 | 3.6 | % | 912,122 | 3.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Franchise finance | Franchise finance | 182,408 | 0.7 | % | 253,774 | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Equipment finance | Equipment finance | 197,939 | 0.8 | % | 286,147 | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse lending | Mortgage warehouse lending | 432,663 | 1.8 | % | 524,740 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
16,726,241 | — | — | 16,726,241 | 78.3 | % | 16,424,657 | 66.7 | 66.7 | % | 15,985,274 | 64.3 | 64.3 | % | |||||||||||||||||||||||||||||||||||||||
Total loans | 20,865,221 | 479,068 | 27,198 | 21,371,487 | 100.0 | % | Total loans | 24,633,684 | 100.0 | 100.0 | % | 24,885,988 | 100.0 | 100.0 | % | |||||||||||||||||||||||||||||||||||||
Premiums, discounts and deferred fees and costs, net | 48,165 | — | (3,148 | ) | 45,017 | |||||||||||||||||||||||||||||||||||||||||||||||
Loans including premiums, discounts and deferred fees and costs | 20,913,386 | 479,068 | 24,050 | 21,416,504 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (144,537 | ) | — | (258 | ) | (144,795 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | $ | 20,768,849 | $ | 479,068 | $ | 23,792 | $ | 21,271,709 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net |
2016 | ||||||||||||||||||
Covered Loans | Percent of Total | |||||||||||||||||
Non-Covered Loans | ACI | Non-ACI | Total | |||||||||||||||
Residential and other consumer: | ||||||||||||||||||
1-4 single family residential | $ | 3,422,425 | $ | 532,348 | $ | 36,675 | $ | 3,991,448 | 20.6 | % | ||||||||
Home equity loans and lines of credit | 1,120 | 3,894 | 47,629 | 52,643 | 0.3 | % | ||||||||||||
Other consumer loans | 24,365 | — | — | 24,365 | 0.1 | % | ||||||||||||
3,447,910 | 536,242 | 84,304 | 4,068,456 | 21.0 | % | |||||||||||||
Commercial: | ||||||||||||||||||
Multi-family | 3,824,973 | — | — | 3,824,973 | 19.8 | % | ||||||||||||
Non-owner occupied commercial real estate | 3,739,235 | — | — | 3,739,235 | 19.3 | % | ||||||||||||
Construction and land | 311,436 | — | — | 311,436 | 1.6 | % | ||||||||||||
Owner occupied commercial real estate | 1,736,858 | — | — | 1,736,858 | 9.0 | % | ||||||||||||
Commercial and industrial | 3,391,614 | — | — | 3,391,614 | 17.5 | % | ||||||||||||
Commercial lending subsidiaries | 2,280,685 | — | — | 2,280,685 | 11.8 | % | ||||||||||||
15,284,801 | — | — | 15,284,801 | 79.0 | % | |||||||||||||
Total loans | 18,732,711 | 536,242 | 84,304 | 19,353,257 | 100.0 | % | ||||||||||||
Premiums, discounts and deferred fees and costs, net | 48,641 | — | (6,504 | ) | 42,137 | |||||||||||||
Loans including premiums, discounts and deferred fees and costs | 18,781,352 | 536,242 | 77,800 | 19,395,394 | ||||||||||||||
Allowance for loan and lease losses | (150,853 | ) | — | (2,100 | ) | (152,953 | ) | |||||||||||
Loans, net | $ | 18,630,499 | $ | 536,242 | $ | 75,700 | $ | 19,242,441 |
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 |
2017 | 2016 | ||||||
Total minimum lease payments to be received | $ | 792,064 | $ | 689,631 | |||
Estimated unguaranteed residual value of leased assets | 17,872 | 3,704 | |||||
Gross investment in direct financing leases | 809,936 | 693,335 | |||||
Unearned income | (76,900 | ) | (55,891 | ) | |||
Initial direct costs | 5,184 | 5,287 | |||||
$ | 738,220 | $ | 642,731 |
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 |
Years Ending December 31: | |||
2018 | $ | 189,017 | |
2019 | 158,846 | ||
2020 | 121,930 | ||
2021 | 74,536 | ||
2022 | 49,781 | ||
Thereafter | 197,954 | ||
$ | 792,064 |
Balance at December 31, 2014 | $ | 1,005,312 | |
Reclassifications from non-accretable difference | 192,291 | ||
Accretion | (295,038 | ) | |
Balance at December 31, 2015 | 902,565 | ||
Reclassifications from non-accretable difference | 76,751 | ||
Accretion | (303,931 | ) | |
Balance at December 31, 2016 | 675,385 | ||
Reclassifications from non-accretable difference | 81,501 | ||
Accretion | (301,827 | ) | |
Balance at December 31, 2017 | $ | 455,059 |
2017 | 2016 | 2015 | |||||||||
UPB of loans sold | $ | 203,970 | $ | 241,348 | $ | 249,038 | |||||
Cash proceeds, net of transaction costs | $ | 169,828 | $ | 171,367 | $ | 207,425 | |||||
Recorded investment in loans sold | 152,422 | 185,837 | 172,496 | ||||||||
Gain (loss) on sale of covered loans, net | $ | 17,406 | $ | (14,470 | ) | $ | 34,929 | ||||
Gain (loss) on FDIC indemnification, net | $ | (1,523 | ) | $ | 11,615 | $ | (28,051 | ) |
2017 | |||||||||||
Residential and Other Consumer | Commercial | Total | |||||||||
Beginning balance | $ | 11,503 | $ | 141,450 | $ | 152,953 | |||||
Provision for (recovery of) loan losses: | |||||||||||
Covered loans | 1,418 | (60 | ) | 1,358 | |||||||
Non-covered loans | 1,034 | 66,355 | 67,389 | ||||||||
Total provision | 2,452 | 66,295 | 68,747 | ||||||||
Charge-offs: | |||||||||||
Covered loans | (3,327 | ) | — | (3,327 | ) | ||||||
Non-covered loans | (1 | ) | (77,865 | ) | (77,866 | ) | |||||
Total charge-offs | (3,328 | ) | (77,865 | ) | (81,193 | ) | |||||
Recoveries: | |||||||||||
Covered loans | 67 | 60 | 127 | ||||||||
Non-covered loans | 26 | 4,135 | 4,161 | ||||||||
Total recoveries | 93 | 4,195 | 4,288 | ||||||||
Ending balance | $ | 10,720 | $ | 134,075 | $ | 144,795 |
2016 | |||||||||||
Residential and Other Consumer | Commercial | Total | |||||||||
Beginning balance | $ | 16,211 | $ | 109,617 | $ | 125,828 | |||||
Provision for (recovery of) loan losses: | |||||||||||
Covered loans | (1,632 | ) | (49 | ) | (1,681 | ) | |||||
Non-covered loans | (1,814 | ) | 54,406 | 52,592 | |||||||
Total provision | (3,446 | ) | 54,357 | 50,911 | |||||||
Charge-offs: | |||||||||||
Covered loans | (1,216 | ) | — | (1,216 | ) | ||||||
Non-covered loans | (152 | ) | (25,742 | ) | (25,894 | ) | |||||
Total charge-offs | (1,368 | ) | (25,742 | ) | (27,110 | ) | |||||
Recoveries: | |||||||||||
Covered loans | 80 | 49 | 129 | ||||||||
Non-covered loans | 26 | 3,169 | 3,195 | ||||||||
Total recoveries | 106 | 3,218 | 3,324 | ||||||||
Ending balance | $ | 11,503 | $ | 141,450 | $ | 152,953 |
2015 | |||||||||||
Residential and Other Consumer | Commercial | Total | |||||||||
Beginning balance | $ | 11,515 | $ | 84,027 | $ | 95,542 | |||||
Provision for (recovery of) loan losses: | |||||||||||
Covered loans | 2,317 | (66 | ) | 2,251 | |||||||
Non-covered loans | 3,988 | 38,072 | 42,060 | ||||||||
Total provision | 6,305 | 38,006 | 44,311 | ||||||||
Charge-offs: | |||||||||||
Covered loans | (1,680 | ) | — | (1,680 | ) | ||||||
Non-covered loans | — | (13,719 | ) | (13,719 | ) | ||||||
Total charge-offs | (1,680 | ) | (13,719 | ) | (15,399 | ) | |||||
Recoveries: | |||||||||||
Covered loans | 39 | 66 | 105 | ||||||||
Non-covered loans | 32 | 1,237 | 1,269 | ||||||||
Total recoveries | 71 | 1,303 | 1,374 | ||||||||
Ending balance | $ | 16,211 | $ | 109,617 | $ | 125,828 |
2017 | 2016 | ||||||||||||||||||||||
Residential and Other Consumer | Commercial | Total | Residential and Other Consumer | Commercial | Total | ||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||
Ending balance | $ | 10,720 | $ | 134,075 | $ | 144,795 | $ | 11,503 | $ | 141,450 | $ | 152,953 | |||||||||||
Covered loans: | |||||||||||||||||||||||
Ending balance | $ | 258 | $ | — | $ | 258 | $ | 2,100 | $ | — | $ | 2,100 | |||||||||||
Ending balance: non-ACI loans individually evaluated for impairment | $ | 118 | $ | — | $ | 118 | $ | 529 | $ | — | $ | 529 | |||||||||||
Ending balance: non-ACI loans collectively evaluated for impairment | $ | 140 | $ | — | $ | 140 | $ | 1,571 | $ | — | $ | 1,571 | |||||||||||
Ending balance: ACI loans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Non-covered loans: | |||||||||||||||||||||||
Ending balance | $ | 10,462 | $ | 134,075 | $ | 144,537 | $ | 9,403 | $ | 141,450 | $ | 150,853 | |||||||||||
Ending balance: loans individually evaluated for impairment | $ | 63 | $ | 18,776 | $ | 18,839 | $ | 12 | $ | 19,229 | $ | 19,241 | |||||||||||
Ending balance: loans collectively evaluated for impairment | $ | 10,399 | $ | 115,299 | $ | 125,698 | $ | 9,391 | $ | 122,221 | $ | 131,612 | |||||||||||
Ending balance: ACI loans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Loans: | 0 | ||||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||
Ending balance | $ | 503,118 | $ | — | $ | 503,118 | $ | 614,042 | $ | — | $ | 614,042 | |||||||||||
Ending balance: non-ACI loans individually evaluated for impairment | $ | 2,221 | $ | — | $ | 2,221 | $ | 12,396 | $ | — | $ | 12,396 | |||||||||||
Ending balance: non-ACI loans collectively evaluated for impairment | $ | 21,829 | $ | — | $ | 21,829 | $ | 65,404 | $ | — | $ | 65,404 | |||||||||||
Ending balance: ACI loans | $ | 479,068 | $ | — | $ | 479,068 | $ | 536,242 | $ | — | $ | 536,242 | |||||||||||
Non-covered loans: | |||||||||||||||||||||||
Ending balance | $ | 4,196,080 | $ | 16,717,306 | $ | 20,913,386 | $ | 3,495,775 | $ | 15,285,577 | $ | 18,781,352 | |||||||||||
Ending balance: loans, other than ACI loans, individually evaluated for impairment | $ | 1,234 | $ | 173,706 | $ | 174,940 | $ | 561 | $ | 176,932 | $ | 177,493 | |||||||||||
Ending balance: loans, other than ACI loans, collectively evaluated for impairment | $ | 4,194,846 | $ | 16,509,824 | $ | 20,704,670 | $ | 3,495,207 | $ | 15,061,707 | $ | 18,556,914 | |||||||||||
Ending balance: ACI loans | $ | — | $ | 33,776 | $ | 33,776 | $ | 7 | $ | 46,938 | $ | 46,945 |
2017 | 2016 | ||||||||||||||||||||||
Recorded Investment | UPB | Related Specific Allowance | Recorded Investment | UPB | Related Specific Allowance | ||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||
1-4 single family residential | $ | 120 | $ | 122 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Non-owner occupied commercial real estate | 10,922 | 10,838 | — | 510 | 512 | — | |||||||||||||||||
Construction and land | 1,175 | 1,175 | — | 1,238 | 1,238 | — | |||||||||||||||||
Owner occupied commercial real estate | 22,002 | 22,025 | — | 16,834 | 16,894 | — | |||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Taxi medallion loans | 13,560 | 13,559 | — | 18,107 | 18,107 | — | |||||||||||||||||
Other commercial and industrial | 345 | 374 | — | 6,172 | 6,172 | — | |||||||||||||||||
Commercial lending subsidiaries | — | — | — | 10,620 | 10,510 | — | |||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||
1-4 single family residential | 1,114 | 1,090 | 63 | 561 | 546 | 12 | |||||||||||||||||
Multi-family | 23,173 | 23,175 | 1,732 | — | — | — | |||||||||||||||||
Owner occupied commercial real estate | 3,075 | 3,079 | 2,960 | 491 | 513 | 263 | |||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Taxi medallion loans | 92,507 | 92,508 | 12,214 | 73,131 | 73,147 | 5,948 | |||||||||||||||||
Other commercial and industrial | 3,626 | 3,624 | 1,540 | 29,452 | 29,463 | 9,168 | |||||||||||||||||
Commercial lending subsidiaries | 3,321 | 3,296 | 330 | 21,712 | 21,605 | 3,850 | |||||||||||||||||
Total: | |||||||||||||||||||||||
Residential and other consumer | $ | 1,234 | $ | 1,212 | $ | 63 | $ | 561 | $ | 546 | $ | 12 | |||||||||||
Commercial | 173,706 | 173,653 | 18,776 | 178,267 | 178,161 | 19,229 | |||||||||||||||||
$ | 174,940 | $ | 174,865 | $ | 18,839 | $ | 178,828 | $ | 178,707 | $ | 19,241 | ||||||||||||
Covered loans: | |||||||||||||||||||||||
Non-ACI loans: | |||||||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||
1-4 single family residential | $ | 1,061 | $ | 1,203 | $ | — | $ | 1,169 | $ | 1,391 | $ | — | |||||||||||
Home equity loans and lines of credit | — | — | — | 2,255 | 2,286 | — | |||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||
1-4 single family residential | 1,160 | 1,314 | 118 | 1,272 | 1,514 | 181 | |||||||||||||||||
Home equity loans and lines of credit | — | — | — | 7,700 | 7,804 | 348 | |||||||||||||||||
$ | 2,221 | $ | 2,517 | $ | 118 | $ | 12,396 | $ | 12,995 | $ | 529 |
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 |
2017 | 2016 | 2015 | |||||||||||||||||||||
Non-Covered Loans | Covered Non-ACI Loans | Non-Covered Loans | Covered Non-ACI Loans | Non-Covered Loans | Covered Non-ACI Loans | ||||||||||||||||||
Residential and other consumer: | |||||||||||||||||||||||
1-4 single family residential | $ | 868 | $ | 2,345 | $ | 301 | $ | 3,067 | $ | 82 | $ | 3,655 | |||||||||||
Home equity loans and lines of credit | — | 8,403 | — | 9,225 | 4,830 | ||||||||||||||||||
868 | $ | 10,748 | 301 | $ | 12,292 | 82 | $ | 8,485 | |||||||||||||||
Commercial: | |||||||||||||||||||||||
Multi-family | 4,259 | — | 291 | ||||||||||||||||||||
Non-owner occupied commercial real estate | 5,537 | 710 | 1,001 | ||||||||||||||||||||
Construction and land | 2,789 | 797 | — | ||||||||||||||||||||
Owner occupied commercial real estate | 19,882 | 14,645 | 5,117 | ||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Taxi medallion loans | 108,977 | 45,012 | — | ||||||||||||||||||||
Other commercial and industrial | 38,275 | 40,443 | 35,976 | ||||||||||||||||||||
Commercial lending subsidiaries | 22,865 | 15,052 | 14,835 | ||||||||||||||||||||
202,584 | 116,659 | 57,220 | |||||||||||||||||||||
$ | 203,452 | $ | 116,960 | $ | 57,302 |
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) |
2017 | 2016 | ||||||||||||||
Non-Covered Loans | Covered Non-ACI Loans | Non-Covered Loans | Covered Non-ACI Loans | ||||||||||||
Residential and other consumer: | |||||||||||||||
1-4 single family residential | $ | 9,705 | $ | 1,010 | $ | 566 | $ | 918 | |||||||
Home equity loans and lines of credit | — | 331 | — | 2,283 | |||||||||||
Other consumer loans | 821 | — | 2 | — | |||||||||||
10,526 | $ | 1,341 | 568 | $ | 3,201 | ||||||||||
Commercial: | |||||||||||||||
Non-owner occupied commercial real estate | 12,716 | 559 | |||||||||||||
Construction and land | 1,175 | 1,238 | |||||||||||||
Owner occupied commercial real estate | 29,020 | 19,439 | |||||||||||||
Commercial and industrial | |||||||||||||||
Taxi medallion loans | 106,067 | 60,660 | |||||||||||||
Other commercial and industrial | 7,049 | 16,036 | |||||||||||||
Commercial lending subsidiaries | 3,512 | 32,645 | |||||||||||||
159,539 | 130,577 | ||||||||||||||
$ | 170,065 | $ | 131,145 |
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 |
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 |
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 |
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 |
2017 | ||||||||||||||||||||
FICO | ||||||||||||||||||||
LTV | 720 or less | 721 - 740 | 741 - 760 | 761 or greater | Total | |||||||||||||||
60% or less | $ | 92,316 | $ | 117,319 | $ | 185,193 | $ | 815,828 | $ | 1,210,656 | ||||||||||
60% - 70% | 101,158 | 103,506 | 147,592 | 590,693 | 942,949 | |||||||||||||||
70% - 80% | 149,958 | 183,376 | 324,887 | 1,139,969 | 1,798,190 | |||||||||||||||
More than 80% | 33,776 | 32,563 | 30,404 | 125,415 | 222,158 | |||||||||||||||
$ | 377,208 | $ | 436,764 | $ | 688,076 | $ | 2,671,905 | $ | 4,173,953 |
2016 | ||||||||||||||||||||
FICO | ||||||||||||||||||||
LTV | 720 or less | 721 - 740 | 741 - 760 | 761 or greater | Total | |||||||||||||||
60% or less | $ | 87,035 | $ | 113,401 | $ | 163,668 | $ | 751,291 | $ | 1,115,395 | ||||||||||
60% - 70% | 80,694 | 94,592 | 124,180 | 523,970 | 823,436 | |||||||||||||||
70% - 80% | 110,509 | 148,211 | 276,425 | 907,450 | 1,442,595 | |||||||||||||||
More than 80% | 22,115 | 9,058 | 15,470 | 42,280 | 88,923 | |||||||||||||||
$ | 300,353 | $ | 365,262 | $ | 579,743 | $ | 2,224,991 | $ | 3,470,349 |
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 |
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 |
2017 | |||||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||||
Multi-Family | Non-Owner Occupied Commercial Real Estate | Construction and Land | Owner Occupied Commercial Real Estate | Taxi Medallion Loans | Other Commercial and Industrial | Commercial Lending Subsidiaries | Total | ||||||||||||||||||||||||
Pass | $ | 3,124,819 | $ | 4,360,827 | $ | 305,043 | $ | 1,954,464 | $ | — | $ | 3,965,241 | $ | 2,478,998 | $ | 16,189,392 | |||||||||||||||
Special mention | 34,837 | 33,094 | — | 22,161 | — | 37,591 | 55,551 | 183,234 | |||||||||||||||||||||||
Substandard | 59,297 | 80,880 | 5,441 | 33,145 | 104,682 | 27,010 | 27,950 | 338,405 | |||||||||||||||||||||||
Doubtful | — | — | — | 2,972 | 1,385 | 1,918 | — | 6,275 | |||||||||||||||||||||||
$ | 3,218,953 | $ | 4,474,801 | $ | 310,484 | $ | 2,012,742 | $ | 106,067 | $ | 4,031,760 | $ | 2,562,499 | $ | 16,717,306 |
2016 | |||||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||||
Multi-Family | Non-Owner Occupied Commercial Real Estate | Construction and Land | Owner Occupied Commercial Real Estate | Taxi Medallion Loans | Other Commercial and Industrial | Commercial Lending Subsidiaries | Total | ||||||||||||||||||||||||
Pass | $ | 3,811,822 | $ | 3,694,931 | $ | 309,675 | $ | 1,672,199 | $ | 40,460 | $ | 3,112,590 | $ | 2,255,444 | $ | 14,897,121 | |||||||||||||||
Special mention | 12,000 | 7,942 | — | 33,274 | — | 19,009 | — | 72,225 | |||||||||||||||||||||||
Substandard | 5,852 | 28,935 | 1,238 | 30,377 | 138,035 | 68,704 | 31,572 | 304,713 | |||||||||||||||||||||||
Doubtful | — | — | — | — | 178 | 8,162 | 3,178 | 11,518 | |||||||||||||||||||||||
$ | 3,829,674 | $ | 3,731,808 | $ | 310,913 | $ | 1,735,850 | $ | 178,673 | $ | 3,208,465 | $ | 2,290,194 | $ | 15,285,577 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | 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 |
2017 | 2016 | ||||||||||||||||||||||||||||||||||||||
Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||||||||||||||||||||||
Non-covered loans: | |||||||||||||||||||||||||||||||||||||||
1-4 single family residential | $ | 4,145,079 | $ | 17,224 | $ | 6,094 | $ | 5,556 | $ | 4,173,953 | $ | 3,457,606 | $ | 10,355 | $ | 325 | $ | 2,063 | $ | 3,470,349 | |||||||||||||||||||
Home equity loans and lines of credit | 1,633 | 21 | — | — | 1,654 | 1,120 | — | — | — | 1,120 | |||||||||||||||||||||||||||||
Other consumer loans | 19,958 | 15 | — | 500 | 20,473 | 24,306 | — | — | — | 24,306 | |||||||||||||||||||||||||||||
Multi-family | 3,218,953 | — | — | — | 3,218,953 | 3,829,674 | — | — | — | 3,829,674 | |||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | 4,464,967 | 7,549 | — | 2,285 | 4,474,801 | 3,730,470 | 754 | — | 584 | 3,731,808 | |||||||||||||||||||||||||||||
Construction and land | 309,309 | — | — | 1,175 | 310,484 | 309,675 | — | — | 1,238 | 310,913 | |||||||||||||||||||||||||||||
Owner occupied commercial real estate | 2,004,397 | 1,292 | 499 | 6,554 | 2,012,742 | 1,726,826 | 1,557 | 797 | 6,670 | 1,735,850 | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||
Taxi medallion loans | 88,394 | 6,048 | 3,333 | 8,292 | 106,067 | 137,856 | 7,037 | 4,563 | 29,217 | 178,673 | |||||||||||||||||||||||||||||
Other commercial and industrial | 4,025,784 | 4,291 | 291 | 1,394 | 4,031,760 | 3,198,008 | 2,515 | 954 | 6,988 | 3,208,465 | |||||||||||||||||||||||||||||
Commercial lending subsidiaries | 2,561,647 | 852 | — | — | 2,562,499 | 2,284,435 | 12 | 3,247 | 2,500 | 2,290,194 | |||||||||||||||||||||||||||||
$ | 20,840,121 | $ | 37,292 | $ | 10,217 | $ | 25,756 | $ | 20,913,386 | $ | 18,699,976 | $ | 22,230 | $ | 9,886 | $ | 49,260 | $ | 18,781,352 | ||||||||||||||||||||
Covered loans: | |||||||||||||||||||||||||||||||||||||||
Non-ACI loans: | |||||||||||||||||||||||||||||||||||||||
1-4 single family residential | $ | 21,076 | $ | 1,603 | $ | — | $ | 1,010 | $ | 23,689 | $ | 29,406 | $ | 481 | $ | — | $ | 918 | $ | 30,805 | |||||||||||||||||||
Home equity loans and lines of credit | 30 | — | — | 331 | 361 | 43,129 | 1,255 | 534 | 2,077 | 46,995 | |||||||||||||||||||||||||||||
$ | 21,106 | $ | 1,603 | $ | — | $ | 1,341 | $ | 24,050 | $ | 72,535 | $ | 1,736 | $ | 534 | $ | 2,995 | $ | 77,800 | ||||||||||||||||||||
ACI loans: | |||||||||||||||||||||||||||||||||||||||
1-4 single family residential | $ | 448,125 | $ | 10,388 | $ | 2,719 | $ | 17,836 | $ | 479,068 | $ | 500,272 | $ | 13,524 | $ | 2,990 | $ | 15,562 | $ | 532,348 | |||||||||||||||||||
Home equity loans and lines of credit | — | — | — | — | — | 3,460 | 148 | 23 | 263 | 3,894 | |||||||||||||||||||||||||||||
$ | 448,125 | $ | 10,388 | $ | 2,719 | $ | 17,836 | $ | 479,068 | $ | 503,732 | $ | 13,672 | $ | 3,013 | $ | 15,825 | $ | 536,242 |
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 |
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 |
2017 | |||||||||||||||||
Percent of Total | |||||||||||||||||
Non-Covered Loans | Covered Loans | Total | Non-Covered Loans | Total Loans | |||||||||||||
California | $ | 1,094,058 | $ | 23,780 | $ | 1,117,838 | 26.2 | % | 23.9 | % | |||||||
New York | 873,360 | 16,847 | 890,207 | 20.9 | % | 19.0 | % | ||||||||||
Florida | 552,556 | 281,396 | 833,952 | 13.2 | % | 17.8 | % | ||||||||||
Virginia | 181,912 | 22,290 | 204,202 | 4.4 | % | 4.4 | % | ||||||||||
Others | 1,472,067 | 158,444 | 1,630,511 | 35.3 | % | 34.9 | % | ||||||||||
$ | 4,173,953 | $ | 502,757 | $ | 4,676,710 | 100.0 | % | 100.0 | % |
2016 | |||||||||||||||||
Percent of Total | |||||||||||||||||
Non-Covered Loans | Covered Loans | Total | Non-Covered Loans | Total Loans | |||||||||||||
California | $ | 904,107 | $ | 37,330 | $ | 941,437 | 26.1 | % | 23.3 | % | |||||||
Florida | 487,294 | 300,198 | 787,492 | 14.0 | % | 19.5 | % | ||||||||||
New York | 763,824 | 16,403 | 780,227 | 22.0 | % | 19.3 | % | ||||||||||
Virginia | 152,113 | 30,818 | 182,931 | 4.4 | % | 4.5 | % | ||||||||||
Others | 1,163,011 | 178,404 | 1,341,415 | 33.5 | % | 33.4 | % | ||||||||||
$ | 3,470,349 | $ | 563,153 | $ | 4,033,502 | 100.0 | % | 100.0 | % |
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 |
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. | |||||||||||||||||||||||||||||||||||||||||||
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 |
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 |
2017 | |||||||||||||
Loans Modified in TDRs During the Period | TDRs Experiencing Payment Defaults During the Period | ||||||||||||
Number of TDRs | Recorded Investment | Number of TDRs | Recorded Investment | ||||||||||
Non-covered loans: | |||||||||||||
1-4 single family residential | 7 | $ | 676 | 5 | $ | 595 | |||||||
Multi-family | 2 | 23,173 | — | — | |||||||||
Owner occupied commercial real estate | 3 | 4,685 | — | — | |||||||||
Commercial and industrial | |||||||||||||
Taxi medallion loans | 110 | 48,526 | 8 | 2,725 | |||||||||
Other commercial and industrial | 2 | 1,378 | — | — | |||||||||
124 | $ | 78,438 | 13 | $ | 3,320 |
2016 | |||||||||||||
Loans Modified in TDRs During the Period | TDRs Experiencing Payment Defaults During the Period | ||||||||||||
Number of TDRs | Recorded Investment | Number of TDRs | Recorded Investment | ||||||||||
Non-covered loans: | |||||||||||||
1-4 single family residential | 2 | $ | 326 | — | $ | — | |||||||
Owner occupied commercial real estate | 3 | 5,117 | 1 | 491 | |||||||||
Commercial and industrial | |||||||||||||
Taxi medallion loans | 74 | 64,854 | 15 | 8,657 | |||||||||
Other commercial and industrial | 8 | 23,247 | 2 | 1,482 | |||||||||
Commercial lending subsidiaries | 6 | 6,735 | 1 | 2,500 | |||||||||
93 | $ | 100,279 | 19 | $ | 13,130 | ||||||||
Covered loans: | |||||||||||||
Non-ACI loans: | |||||||||||||
Home equity loans and lines of credit | 17 | $ | 2,016 | 1 | $ | 370 | |||||||
ACI loans: | |||||||||||||
Owner occupied commercial real estate | 1 | $ | 825 | — | $ | — |
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 | % |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans Modified in TDRs During the Period | TDRs Experiencing Payment Defaults During the Period | Loans Modified in TDRs During the Period | TDRs Experiencing Payment Defaults During the Period | ||||||||||||||||||||||||||||||||||||||||||||
Number of TDRs | Amortized Cost | Number of TDRs | Amortized Cost | Number of TDRs | Amortized Cost | Number of TDRs | 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 |
2015 | |||||||||||||
Loans Modified in TDRs During the Period | TDRs Experiencing Payment Defaults During the Period | ||||||||||||
Number of TDRs | Recorded Investment | Number of TDRs | Recorded Investment | ||||||||||
Non-covered loans: | |||||||||||||
Non-owner occupied commercial real estate | 1 | $ | 548 | — | $ | — | |||||||
Commercial and industrial | |||||||||||||
Taxi medallion loans | 2 | 1,260 | 1 | 627 | |||||||||
3 | $ | 1,808 | 1 | $ | 627 | ||||||||
Covered loans: | |||||||||||||
Non-ACI loans: | |||||||||||||
1-4 single family residential | 2 | $ | 239 | — | $ | — | |||||||
Home equity loans and lines of credit | 28 | 6,208 | 7 | 1,231 | |||||||||
30 | $ | 6,447 | 7 | $ | 1,231 | ||||||||
ACI loans: | |||||||||||||
Owner occupied commercial real estate | 1 | $ | 500 | — | $ | — |
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 |
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 | % |
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 |
2017 | |||||||||||
Transaction Income (Loss) | Net Loss on FDIC Indemnification | Net Impact on Pre-tax Earnings | |||||||||
Provision for losses on covered loans | $ | (1,358 | ) | $ | 1,039 | $ | (319 | ) | |||
Income from resolution of covered assets, net | 27,450 | (21,912 | ) | 5,538 | |||||||
Gain on sale of covered loans | 17,406 | (1,514 | ) | 15,892 | |||||||
Loss on covered OREO | (203 | ) | 167 | (36 | ) | ||||||
$ | 43,295 | $ | (22,220 | ) | $ | 21,075 |
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 | |||||||||||||||||
2016 | |||||||||||
Transaction Income (Loss) | Net Loss on FDIC Indemnification | Net Impact on Pre-tax Earnings | |||||||||
Recovery of losses on covered loans | $ | 1,681 | $ | (1,472 | ) | $ | 209 | ||||
Income from resolution of covered assets, net | 36,155 | (28,946 | ) | 7,209 | |||||||
Loss on sale of covered loans | (14,470 | ) | 11,615 | (2,855 | ) | ||||||
Loss on covered OREO | (1,301 | ) | 1,044 | (257 | ) | ||||||
$ | 22,065 | $ | (17,759 | ) | $ | 4,306 |
2015 | |||||||||||
Transaction Income (Loss) | Net Loss on FDIC Indemnification | Net Impact on Pre-tax Earnings | |||||||||
Provision for losses on covered loans | $ | (2,251 | ) | $ | 1,826 | $ | (425 | ) | |||
Income from resolution of covered assets, net | 50,658 | (40,395 | ) | 10,263 | |||||||
Gain on sale of covered loans | 34,929 | (28,051 | ) | 6,878 | |||||||
Loss on covered OREO | (1,014 | ) | 678 | (336 | ) | ||||||
$ | 82,322 | $ | (65,942 | ) | $ | 16,380 |
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 |
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 |
Years Ending December 31: | |||||
2024 | $ | 183,861 | |||
2025 | 155,587 | ||||
2026 | 100,775 | ||||
2027 | 47,973 | ||||
2028 | 32,552 | ||||
Thereafter | 123,866 | ||||
$ | 644,614 |
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 |
Balance at December 31, 2014 | $ | 974,335 | |
Amortization | (109,411 | ) | |
Reduction for claims filed | (59,139 | ) | |
Net loss on FDIC indemnification | (65,942 | ) | |
Balance at December 31, 2015 | 739,843 | ||
Amortization | (160,091 | ) | |
Reduction for claims filed | (46,083 | ) | |
Net loss on FDIC indemnification | (17,759 | ) | |
Balance at December 31, 2016 | 515,910 | ||
Amortization | (176,466 | ) | |
Reduction for claims filed | (21,589 | ) | |
Net loss on FDIC indemnification | (22,220 | ) | |
Balance at December 31, 2017 | $ | 295,635 |
2017 | 2016 | ||||||
FDIC indemnification asset | $ | 295,635 | $ | 515,933 | |||
Other liabilities | — | (23 | ) | ||||
$ | 295,635 | $ | 515,910 |
2017 | 2016 | ||||||
Equipment under operating lease | $ | 674,434 | $ | 589,716 | |||
Less: accumulated depreciation | (74,932 | ) | (49,802 | ) | |||
Equipment under operating lease, net | $ | 599,502 | $ | 539,914 |
Years Ending December 31: | |||
2018 | $ | 50,173 | |
2019 | 46,547 | ||
2020 | 40,956 | ||
2021 | 31,425 | ||
2022 | 25,185 | ||
Thereafter through 2032 | 58,304 | ||
$ | 252,590 |
2017 | 2016 | ||||||
Buildings and improvements | $ | 18,793 | $ | 22,470 | |||
Leasehold improvements | 70,298 | 68,403 | |||||
Furniture, fixtures and equipment | 35,675 | 36,094 | |||||
Computer equipment | 21,078 | 18,559 | |||||
Software and software licensing rights | 42,908 | 38,002 | |||||
Aircraft and automobiles | 11,744 | 11,857 | |||||
200,496 | 195,385 | ||||||
Less: accumulated depreciation | (121,477 | ) | (104,268 | ) | |||
Premises and equipment, net | $ | 79,019 | $ | 91,117 |
Years Ending December 31: | |||||
2024 | $ | 31,873 | |||
2025 | 26,854 | ||||
2026 | 18,764 | ||||
2027 | 15,932 | ||||
2028 | 13,825 | ||||
Thereafter | 19,896 | ||||
$ | 127,144 |
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 |
Years ending December 31: | |||
2018 | $ | 22,340 | |
2019 | 21,129 | ||
2020 | 17,541 | ||
2021 | 15,770 | ||
2022 | 11,712 | ||
Thereafter through 2034 | 48,183 | ||
$ | 136,675 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits: | Demand deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing | $ | 3,069,565 | — | % | $ | 2,968,192 | — | % | $ | 2,732,654 | — | % | Non-interest bearing | $ | 7,091,029 | — | — | % | $ | 8,861,111 | — | — | % | $ | 8,480,964 | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing | 1,586,390 | 0.81 | % | 1,382,717 | 0.60 | % | 1,169,921 | 0.49 | % | Interest bearing | 2,905,968 | 2.99 | 2.99 | % | 2,538,906 | 0.55 | 0.55 | % | 3,027,649 | 0.28 | 0.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | 9,364,498 | 0.85 | % | 7,946,447 | 0.64 | % | 6,313,340 | 0.57 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | 365,603 | 0.21 | % | 415,205 | 0.23 | % | 536,026 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings and money market | Savings and money market | 10,704,470 | 3.57 | % | 12,874,240 | 1.02 | % | 13,339,651 | 0.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time | 6,094,336 | 1.27 | % | 5,326,630 | 1.12 | % | 4,305,857 | 1.11 | % | Time | 5,169,458 | 3.70 | 3.70 | % | 3,338,671 | 1.06 | 1.06 | % | 3,490,082 | 0.46 | 0.46 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 20,480,392 | 0.83 | % | $ | 18,039,191 | 0.66 | % | $ | 15,057,798 | 0.61 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | 25,870,925 | 2.55 | % | $ | 27,612,928 | 0.65 | % | $ | 28,338,346 | 0.24 | % |
Maturing in: | |||
2018 | $ | 5,228,690 | |
2019 | 630,719 | ||
2020 | 345,861 | ||
2021 | 101,715 | ||
2022 | 27,809 | ||
Thereafter | 48 | ||
$ | 6,334,842 |
Maturing in: | |||||
2024 | $ | 4,693,323 | |||
2025 | 147,364 | ||||
2026 | 322,677 | ||||
2027 | 446 | ||||
2028 | 185 | ||||
$ | 5,163,995 |
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 |
2017 | 2016 | 2015 | |||||||||
Interest bearing demand | $ | 12,873 | $ | 8,343 | $ | 5,782 | |||||
Money market | 79,645 | 50,802 | 36,005 | ||||||||
Savings | 752 | 972 | 1,739 | ||||||||
Time | 77,663 | 59,656 | 47,625 | ||||||||
$ | 170,933 | $ | 119,773 | $ | 91,151 |
Range of Interest Rates | ||||||||||||
Amount | Minimum | Maximum | Weighted Average Rate | |||||||||
Maturing in: | ||||||||||||
2018—One month or less | $ | 2,425,000 | 1.20 | % | 1.42 | % | 1.35 | % | ||||
2018—Over one month | 2,121,000 | 1.25 | % | 1.69 | % | 1.43 | % | |||||
2019 | 100,000 | 1.46 | % | 1.57 | % | 1.52 | % | |||||
2020 | 125,000 | 1.67 | % | 1.78 | % | 1.73 | % | |||||
Carrying value | $ | 4,771,000 |
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 | |||||||||||||||||||||
2017 | 2016 | ||||||
Principal amount of 4.875% senior notes | $ | 400,000 | $ | 400,000 | |||
Unamortized discount and debt issuance costs | (6,275 | ) | (6,908 | ) | |||
393,725 | 393,092 | ||||||
Capital lease obligations | 9,105 | 9,717 | |||||
$ | 402,830 | $ | 402,809 |
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 | ||||||||||
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 | |||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||||||||||||||||||
Federal | $ | (251,880 | ) | $ | 51,806 | $ | 18,230 | ||||||||||||||||||||||||||||||||||||||
Federal | |||||||||||||||||||||||||||||||||||||||||||||
Federal | |||||||||||||||||||||||||||||||||||||||||||||
State | (15,733 | ) | 27,708 | (2,468 | ) | ||||||||||||||||||||||||||||||||||||||||
(267,613 | ) | 79,514 | 15,762 | ||||||||||||||||||||||||||||||||||||||||||
105,245 | |||||||||||||||||||||||||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||||||||||||||||||||||
Federal | 46,377 | 35,045 | 20,509 | ||||||||||||||||||||||||||||||||||||||||||
Federal | |||||||||||||||||||||||||||||||||||||||||||||
Federal | |||||||||||||||||||||||||||||||||||||||||||||
State | 11,424 | (4,856 | ) | 8,962 | |||||||||||||||||||||||||||||||||||||||||
57,801 | 30,189 | 29,471 | |||||||||||||||||||||||||||||||||||||||||||
$ | (209,812 | ) | $ | 109,703 | $ | 45,233 | |||||||||||||||||||||||||||||||||||||||
(46,832) | |||||||||||||||||||||||||||||||||||||||||||||
$ |
2017 | 2016 | 2015 | ||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||
Tax expense calculated at the statutory federal income tax rate | $ | 141,561 | 35.00 | % | $ | 117,405 | 35.00 | % | $ | 103,912 | 35.00 | % | ||||||||
Increases (decreases) resulting from: | ||||||||||||||||||||
Income not subject to tax | (29,511 | ) | (7.30 | )% | (23,215 | ) | (6.92 | )% | (14,279 | ) | (4.81 | )% | ||||||||
State income taxes, net of federal tax benefit | 19,332 | 4.78 | % | 15,894 | 4.74 | % | 12,889 | 4.34 | % | |||||||||||
Uncertain tax positions - lapse of statute of limitations | (2,696 | ) | (0.66 | )% | — | — | % | (6,166 | ) | (2.08 | )% | |||||||||
Discrete income tax benefit | (327,945 | ) | (81.08 | )% | — | — | % | (49,323 | ) | (16.61 | )% | |||||||||
Other, net | (10,553 | ) | (2.61 | )% | (381 | ) | (0.12 | )% | (1,800 | ) | (0.60 | )% | ||||||||
$ | (209,812 | ) | (51.87 | )% | $ | 109,703 | 32.70 | % | $ | 45,233 | 15.24 | % |
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 | % |
December 31, 2023 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||||
Excess of tax basis over carrying value of loans | ||||||||||||||||||||||||||
Excess of tax basis over carrying value of loans | ||||||||||||||||||||||||||
Excess of tax basis over carrying value of loans | ||||||||||||||||||||||||||
Allowance for credit losses | ||||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||||
Deferred tax assets: | ||||||||||||||||||||||||||
Excess of tax basis over carrying value of acquired loans | $ | 66,395 | $ | 130,004 | ||||||||||||||||||||||
Allowance for loan and lease losses | 33,309 | 52,670 | ||||||||||||||||||||||||
Net operating loss and tax credit carryforwards | 15,892 | 11,641 | ||||||||||||||||||||||||
Net unrealized loss on investment securities available for sale and cash flow hedges | ||||||||||||||||||||||||||
Net unrealized loss on investment securities available for sale and cash flow hedges | ||||||||||||||||||||||||||
Net unrealized loss on investment securities available for sale and cash flow hedges | ||||||||||||||||||||||||||
Capitalized costs | ||||||||||||||||||||||||||
Lease liability | ||||||||||||||||||||||||||
Deferred compensation | ||||||||||||||||||||||||||
Accrued expenses | ||||||||||||||||||||||||||
Other | 31,859 | 51,911 | ||||||||||||||||||||||||
Gross deferred tax assets | 147,455 | 246,226 | ||||||||||||||||||||||||
Deferred tax liabilities: | ||||||||||||||||||||||||||
Net unrealized gains on investment securities available for sale | 24,657 | 30,566 | ||||||||||||||||||||||||
Lease financing, due to differences in depreciation | 113,161 | 145,700 | ||||||||||||||||||||||||
Lease financing, due to differences in depreciation | ||||||||||||||||||||||||||
Lease financing, due to differences in depreciation | ||||||||||||||||||||||||||
ROU asset | ||||||||||||||||||||||||||
Other | 13,468 | 7,020 | ||||||||||||||||||||||||
Gross deferred tax liabilities | 151,286 | 183,286 | ||||||||||||||||||||||||
Net deferred tax asset (liability) | $ | (3,831 | ) | $ | 62,940 | |||||||||||||||||||||
Net deferred tax asset |
2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2023 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 72,736 | $ | 43,412 | $ | 36,622 | |||||||||||||||||||||||||||||||||
Additions for tax positions related to the current year | 1,882 | 2,713 | 2,909 | ||||||||||||||||||||||||||||||||||||
Additions for tax positions related to prior periods | 1,661 | 25,168 | 11,618 | ||||||||||||||||||||||||||||||||||||
Reductions due to changes in tax positions taken | (15,316 | ) | — | — | |||||||||||||||||||||||||||||||||||
Reductions due to settlements with taxing authorities | |||||||||||||||||||||||||||||||||||||||
Reductions due to settlements with taxing authorities | |||||||||||||||||||||||||||||||||||||||
Reductions due to settlements with taxing authorities | — | (200 | ) | (246 | ) | ||||||||||||||||||||||||||||||||||
Reductions due to lapse of the statute of limitations | (2,229 | ) | — | (5,438 | ) | ||||||||||||||||||||||||||||||||||
58,734 | 71,093 | 45,465 | |||||||||||||||||||||||||||||||||||||
371,426 | |||||||||||||||||||||||||||||||||||||||
Interest and penalties | 486 | 1,643 | (2,053 | ) | |||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 59,220 | $ | 72,736 | $ | 43,412 |
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) |
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) |
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 |
2017 | |||||||||||||||||||||
Weighted Average Pay Rate | Weighted Average Receive Rate | Weighted Average Remaining Life in Years | |||||||||||||||||||
Notional Amount | Balance Sheet Location | Fair Value | |||||||||||||||||||
Hedged Item | Asset | Liability | |||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||
Pay-fixed interest rate swaps | Variability of interest cash flows on variable rate borrowings | 1.77% | 3-Month Libor | 4.3 | $ | 2,046,000 | Other assets / Other liabilities | $ | 2,350 | $ | — | ||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||
Pay-fixed interest rate swaps | 3.87% | Indexed to 1-month Libor | 6.4 | 1,028,041 | Other assets / Other liabilities | 10,856 | (13,173 | ) | |||||||||||||
Pay-variable interest rate swaps | Indexed to 1-month Libor | 3.87% | 6.4 | 1,028,041 | Other assets / Other liabilities | 14,410 | (12,189 | ) | |||||||||||||
Interest rate caps purchased, indexed to 1-month Libor | 2.81% | 1.3 | 145,354 | Other assets | 11 | — | |||||||||||||||
Interest rate caps sold, indexed to 1-month Libor | 2.81% | 1.3 | 145,354 | Other liabilities | — | (11 | ) | ||||||||||||||
$ | 4,392,790 | $ | 27,627 | $ | (25,373 | ) |
2016 | |||||||||||||||||||||
Weighted Average Pay Rate | Weighted Average Receive Rate | Weighted Average Remaining Life in Years | |||||||||||||||||||
Notional Amount | Balance Sheet Location | Fair Value | |||||||||||||||||||
Hedged Item | Asset | Liability | |||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||
Pay-fixed interest rate swaps | Variability of interest cash flows on variable rate borrowings | 1.58% | 3-Month Libor | 3.3 | $ | 1,715,000 | Other assets / Other liabilities | $ | 19,648 | $ | (3,112 | ) | |||||||||
Pay-fixed forward-starting interest rate swaps | Variability of interest cash flows on variable rate borrowings | 3.43% | 3-Month Libor | 10.5 | 300,000 | Other liabilities | — | (27,866 | ) | ||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||
Pay-fixed interest rate swaps | 3.77% | Indexed to 1-month Libor | 6.8 | 912,000 | Other assets / Other liabilities | 9,949 | (20,383 | ) | |||||||||||||
Pay-variable interest rate swaps | Indexed to 1-month Libor | 3.77% | 6.8 | 912,000 | Other assets / Other liabilities | 20,383 | (9,949 | ) | |||||||||||||
Interest rate caps purchased, indexed to 1-month Libor | 2.96% | 2.3 | 189,057 | Other assets | 252 | — | |||||||||||||||
Interest rate caps sold, indexed to 1-month Libor | 2.96% | 2.3 | 189,057 | Other liabilities | — | (252 | ) | ||||||||||||||
$ | 4,217,114 | $ | 50,232 | $ | (61,562 | ) |
Amount of Loss Reclassified from AOCI on Derivatives | Location of Loss Reclassified from AOCI into Income | ||||||||||||
2017 | 2016 | 2015 | |||||||||||
Interest rate contracts | $ | (9,621 | ) | $ | (16,161 | ) | $ | (21,610 | ) | Interest expense on borrowings | |||
Interest rate contracts | — | — | (4,869 | ) | Interest expense on deposits | ||||||||
$ | (9,621 | ) | $ | (16,161 | ) | $ | (26,479 | ) |
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) |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Gross Amounts Not Offset in Balance Sheet | |||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Derivative Instruments | Collateral Pledged | 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 |
2017 | |||||||||||||||||||||||
Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Gross Amounts Not Offset in Balance Sheet | |||||||||||||||||||||
Gross Amounts Recognized | Derivative Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||
Derivative assets | $ | 13,217 | $ | — | $ | 13,217 | $ | (7,996 | ) | $ | (5,221 | ) | $ | — | |||||||||
Derivative liabilities | (13,173 | ) | — | (13,173 | ) | 7,996 | 4,962 | (215 | ) | ||||||||||||||
$ | 44 | $ | — | $ | 44 | $ | — | $ | (259 | ) | $ | (215 | ) |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Gross Amounts Not Offset in Balance Sheet | Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Gross Amounts Not Offset in Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Derivative Instruments | Collateral Pledged | Net Amount | Gross Amounts Recognized | Derivative Instruments | Collateral Pledged | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | $ | 29,849 | $ | — | $ | 29,849 | $ | (27,485 | ) | $ | — | $ | 2,364 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | (51,362 | ) | — | (51,362 | ) | 27,485 | 23,796 | (81 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | (21,513 | ) | $ | — | $ | (21,513 | ) | $ | — | $ | 23,796 | $ | 2,283 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ |
2017 | |||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||
Unrealized gains on investment securities available for sale: | |||||||||||
Net unrealized holding gain arising during the period | $ | 49,131 | $ | (19,407 | ) | $ | 29,724 | ||||
Amounts reclassified to gain on investment securities available for sale, net | (33,466 | ) | 13,219 | (20,247 | ) | ||||||
Net change in unrealized gains on investment securities available for sale | 15,665 | (6,188 | ) | 9,477 | |||||||
Unrealized losses on derivative instruments: | |||||||||||
Net unrealized holding loss arising during the period | (2,577 | ) | 1,018 | (1,559 | ) | ||||||
Amounts reclassified to interest expense on borrowings | 9,621 | (3,800 | ) | 5,821 | |||||||
Net change in unrealized losses on derivative instruments | 7,044 | (2,782 | ) | 4,262 | |||||||
Other comprehensive income | $ | 22,709 | $ | (8,970 | ) | $ | 13,739 |
2016 | |||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||
Unrealized gains on investment securities available for sale: | |||||||||||
Net unrealized holding gain arising during the period | $ | 23,588 | $ | (9,317 | ) | $ | 14,271 | ||||
Amounts reclassified to gain on investment securities available for sale, net | (14,461 | ) | 5,712 | (8,749 | ) | ||||||
Net change in unrealized gains on investment securities available for sale | 9,127 | (3,605 | ) | 5,522 | |||||||
Unrealized losses on derivative instruments: | |||||||||||
Net unrealized holding gain arising during the period | 6,225 | (2,459 | ) | 3,766 | |||||||
Amounts reclassified to interest expense on borrowings | 16,161 | (6,384 | ) | 9,777 | |||||||
Net change in unrealized losses on derivative instruments | 22,386 | (8,843 | ) | 13,543 | |||||||
Other comprehensive income | $ | 31,513 | $ | (12,448 | ) | $ | 19,065 |
2015 | |||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||
Unrealized gains on investment securities available for sale: | |||||||||||
Net unrealized holding loss arising during the period | $ | (34,470 | ) | $ | 12,813 | $ | (21,657 | ) | |||
Amounts reclassified to gain on investment securities available for sale, net | (8,480 | ) | 3,350 | (5,130 | ) | ||||||
Net change in unrealized gains on investment securities available for sale | (42,950 | ) | 16,163 | (26,787 | ) | ||||||
Unrealized losses on derivative instruments: | |||||||||||
Net unrealized holding loss arising during the period | (22,635 | ) | 9,232 | (13,403 | ) | ||||||
Amounts reclassified to interest expense on deposits | 4,869 | (1,923 | ) | 2,946 | |||||||
Amounts reclassified to interest expense on borrowings | 21,610 | (8,536 | ) | 13,074 | |||||||
Net change in unrealized losses on derivative instruments | 3,844 | (1,227 | ) | 2,617 | |||||||
Other comprehensive loss | $ | (39,106 | ) | $ | 14,936 | $ | (24,170 | ) |
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 |
Unrealized Gains on Investment Securities Available for Sale | Unrealized Losses on Derivative Instruments | Total | |||||||||
Balance at December 31, 2014 | $ | 68,322 | $ | (21,970 | ) | $ | 46,352 | ||||
Other comprehensive loss | (26,787 | ) | 2,617 | (24,170 | ) | ||||||
Balance at December 31, 2015 | $ | 41,535 | $ | (19,353 | ) | $ | 22,182 | ||||
Other comprehensive income | 5,522 | 13,543 | 19,065 | ||||||||
Balance at December 31, 2016 | $ | 47,057 | $ | (5,810 | ) | $ | 41,247 | ||||
Other comprehensive income | 9,477 | 4,262 | 13,739 | ||||||||
Balance at December 31, 2017 | $ | 56,534 | $ | (1,548 | ) | $ | 54,986 |
Unrealized Gain (Loss) on Investment Securities Available for Sale | Unrealized Gain (Loss) on Derivative Instruments | 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) | |||||||||||
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 |
2017 | 2016 | 2015 | |||||||||
Compensation cost of equity based awards: | |||||||||||
Unvested and restricted share awards | $ | 18,087 | $ | 16,885 | $ | 15,573 | |||||
Executive share-based awards | 3,416 | 1,482 | 294 | ||||||||
Incentive awards | 1,289 | — | — | ||||||||
Total compensation cost of equity based awards | 22,792 | 18,367 | 15,867 | ||||||||
Related tax benefits | (8,576 | ) | (6,899 | ) | (5,965 | ) | |||||
Compensation cost of equity based awards, net of tax | $ | 14,216 | $ | 11,468 | $ | 9,902 |
Number of Share Awards | Weighted Average Grant Date Fair Value | |||||
Unvested share awards outstanding, December 31, 2014 | 829,225 | $ | 30.06 | |||
Granted | 664,928 | 32.06 | ||||
Vested | (394,498 | ) | 28.72 | |||
Canceled or forfeited | (59,270 | ) | 29.82 | |||
Unvested share awards outstanding, December 31, 2015 | 1,040,385 | 31.86 | ||||
Granted | 651,760 | 31.00 | ||||
Vested | (428,167 | ) | 31.79 | |||
Canceled or forfeited | (143,278 | ) | 31.31 | |||
Unvested share awards outstanding, December 31, 2016 | 1,120,700 | 31.46 | ||||
Granted | 621,806 | 40.24 | ||||
Vested | (553,007 | ) | 31.67 | |||
Canceled or forfeited | (81,022 | ) | 34.51 | |||
Unvested share awards outstanding, December 31, 2017 | 1,108,477 | $ | 36.06 |
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 |
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 |
2017 | 2016 | 2015 | |||||||||
Range of the closing price on date of grant | $33.21 - $40.84 | $29.78 - $33.76 | $31.35 - $38.63 | ||||||||
Aggregate grant date fair value of shares vesting | $ | 17,514 | $ | 13,613 | $ | 11,330 |
RSU | PSU | ||||
Unvested executive share-based awards outstanding, December 31, 2015 | — | — | |||
Granted | 97,852 | 57,873 | |||
Vested | (19,291 | ) | — | ||
Unvested executive share-based awards outstanding, December 31, 2016 | 78,561 | 57,873 | |||
Granted | 47,848 | 47,848 | |||
Vested | (35,241 | ) | — | ||
Unvested executive share-based awards outstanding, December 31, 2017 | 91,168 | 105,721 |
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 |
Number of Option Awards | Weighted Average Exercise Price | |||||
Option awards outstanding, December 31, 2014 | 5,015,047 | $ | 26.49 | |||
Exercised | (1,363,895 | ) | 26.14 | |||
Option awards outstanding, December 31, 2015 | 3,651,152 | 26.62 | ||||
Exercised | (47,979 | ) | 16.50 | |||
Canceled or forfeited | (1,097 | ) | 63.74 | |||
Option awards outstanding, December 31, 2016 | 3,602,076 | 26.74 | ||||
Exercised | (2,331,388 | ) | 26.63 | |||
Option awards outstanding and exercisable, December 31, 2017 | 1,270,688 | $ | 26.93 |
Outstanding and Exercisable Options | ||||||||
Range of Exercise Prices | Number of Options | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||
$11.14 | 13,160 | 1.73 | $ | 389 | ||||
$15.94 - $19.97 | 29,145 | 2.59 | 672 | |||||
$22.18 - $22.31 | 41,417 | 3.47 | 764 | |||||
$27 | 1,170,847 | 3.08 | 16,064 | |||||
$63.74 | 16,119 | 0.93 | — | |||||
1,270,688 | 3.04 | $ | 17,889 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Required to be Considered Well Capitalized | Required to be Considered Adequately Capitalized | Required to be Considered Adequately Capitalized Including Capital Conservation Buffer | ||||||||||||||||||||||||||||||||||||||||||||
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 | % |
2017 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | Required to be Considered Well Capitalized | Required to be Considered Adequately Capitalized | Actual | Required to be Considered Well Capitalized | Required to be Considered Adequately Capitalized | Required to be Considered Adequately Capitalized Including Capital Conservation Buffer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BankUnited, Inc.: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 2,892,069 | 9.72 | % | N/A (1) | N/A (1) | $ | 1,189,944 | 4.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 risk-based capital | $ | 2,892,069 | 13.11 | % | $ | 1,434,193 | 6.50 | % | $ | 992,903 | 4.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital | $ | 2,892,069 | 13.11 | % | $ | 1,765,161 | 8.00 | % | $ | 1,323,871 | 6.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk based capital | $ | 3,041,004 | 13.78 | % | $ | 2,206,451 | 10.00 | % | $ | 1,765,161 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BankUnited: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 3,107,920 | 10.47 | % | $ | 1,483,796 | 5.00 | % | $ | 1,187,037 | 4.00 | % | $ | 2,806,713 | 7.49 | 7.49 | % | N/A (1) | N/A (1) | $ | 1,498,309 | 4.00 | 4.00 | % | N/A (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 risk-based capital | $ | 3,107,920 | 14.13 | % | $ | 1,429,999 | 6.50 | % | $ | 989,999 | 4.50 | % | CET1 risk-based capital | $ | 2,806,713 | 11.00 | 11.00 | % | $ | 1,658,842 | 6.50 | 6.50 | % | $ | 1,148,429 | 4.50 | 4.50 | % | $ | 1,786,445 | 7.00 | 7.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 risk-based capital | $ | 3,107,920 | 14.13 | % | $ | 1,759,999 | 8.00 | % | $ | 1,319,999 | 6.00 | % | Tier 1 risk-based capital | $ | 2,806,713 | 11.00 | 11.00 | % | $ | 2,041,652 | 8.00 | 8.00 | % | $ | 1,531,239 | 6.00 | 6.00 | % | $ | 2,169,255 | 8.50 | 8.50 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk based capital | $ | 3,255,221 | 14.80 | % | $ | 2,199,999 | 10.00 | % | $ | 1,759,999 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total risk-based capital | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 leverage | $ | 3,148,656 | 8.43 | % | $ | 1,866,432 | 5.00 | % | $ | 1,493,145 | 4.00 | % | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 risk-based capital | 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 | 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 | Total risk-based capital | $ | 3,278,740 | 12.92 | % | $ | 2,538,621 | 10.00 | % | $ | 2,030,897 | 8.00 | % | $ | 2,665,552 | 10.50 | % |
2016 | ||||||||||||||||||||
Actual | Required to be Considered Well Capitalized | Required to be Considered Adequately Capitalized | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
BankUnited, Inc.: | ||||||||||||||||||||
Tier 1 leverage | $ | 2,298,450 | 8.41 | % | N/A (1) | N/A (1) | $ | 1,092,921 | 4.00 | % | ||||||||||
CET1 risk-based capital | $ | 2,298,450 | 11.63 | % | $ | 1,284,498 | 6.50 | % | $ | 889,268 | 4.50 | % | ||||||||
Tier 1 risk-based capital | $ | 2,298,450 | 11.63 | % | $ | 1,580,921 | 8.00 | % | $ | 1,185,691 | 6.00 | % | ||||||||
Total risk based capital | $ | 2,459,470 | 12.45 | % | $ | 1,976,151 | 10.00 | % | $ | 1,580,921 | 8.00 | % | ||||||||
BankUnited: | ||||||||||||||||||||
Tier 1 leverage | $ | 2,534,402 | 9.30 | % | $ | 1,361,959 | 5.00 | % | $ | 1,089,567 | 4.00 | % | ||||||||
CET1 risk-based capital | $ | 2,534,402 | 12.89 | % | $ | 1,278,277 | 6.50 | % | $ | 884,961 | 4.50 | % | ||||||||
Tier 1 risk-based capital | $ | 2,534,402 | 12.89 | % | $ | 1,573,265 | 8.00 | % | $ | 1,179,948 | 6.00 | % | ||||||||
Total risk based capital | $ | 2,694,048 | 13.70 | % | $ | 1,966,581 | 10.00 | % | $ | 1,573,265 | 8.00 | % | ||||||||
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 | ||||||||||||||||||||||||||||||||||||
2017 | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||
Investment securities available for sale: | Investment securities available for sale: | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 24,953 | $ | — | $ | — | $ | 24,953 | ||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | — | 2,058,027 | — | 2,058,027 | ||||||||||||||||||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | — | 234,508 | — | 234,508 | ||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | ||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | ||||||||||||||||||||||||||||||||||||
Private label residential MBS and CMOs | — | 576,033 | 52,214 | 628,247 | ||||||||||||||||||||||||||||||||
Private label commercial MBS | — | 1,046,415 | — | 1,046,415 | ||||||||||||||||||||||||||||||||
Single family rental real estate-backed securities | — | 562,706 | — | 562,706 | ||||||||||||||||||||||||||||||||
Single family real estate-backed securities | ||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | — | 723,681 | — | 723,681 | ||||||||||||||||||||||||||||||||
Non-mortgage asset-backed securities | — | 121,747 | — | 121,747 | ||||||||||||||||||||||||||||||||
Preferred stocks | 63,543 | — | — | 63,543 | ||||||||||||||||||||||||||||||||
State and municipal obligations | — | 657,203 | — | 657,203 | ||||||||||||||||||||||||||||||||
SBA securities | — | 550,682 | — | 550,682 | ||||||||||||||||||||||||||||||||
Other debt securities | — | 3,791 | 5,329 | 9,120 | ||||||||||||||||||||||||||||||||
Servicing rights | — | — | 30,737 | 30,737 | ||||||||||||||||||||||||||||||||
Marketable equity securities | ||||||||||||||||||||||||||||||||||||
Marketable equity securities | ||||||||||||||||||||||||||||||||||||
Marketable equity securities | ||||||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||||||
Derivative assets | — | 27,627 | — | 27,627 | ||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 88,496 | $ | 6,562,420 | $ | 88,280 | $ | 6,739,196 | ||||||||||||||||||||||||||||
Derivative liabilities | $ | — | $ | 25,373 | $ | — | $ | 25,373 | ||||||||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 25,373 | $ | — | $ | 25,373 |
2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investment securities available for sale: | |||||||||||||||
U.S. Treasury securities | $ | 5,005 | $ | — | $ | — | $ | 5,005 | |||||||
U.S. Government agency and sponsored enterprise residential MBS | — | 1,527,242 | — | 1,527,242 | |||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | — | 124,586 | — | 124,586 | |||||||||||
Private label residential MBS and CMOs | — | 254,488 | 120,610 | 375,098 | |||||||||||
Private label commercial MBS | — | 1,187,624 | — | 1,187,624 | |||||||||||
Single family rental real estate-backed securities | — | 861,251 | — | 861,251 | |||||||||||
Collateralized loan obligations | — | 487,296 | — | 487,296 | |||||||||||
Non-mortgage asset-backed securities | — | 186,736 | — | 186,736 | |||||||||||
Preferred stocks | 86,890 | 1,313 | — | 88,203 | |||||||||||
State and municipal obligations | — | 698,546 | — | 698,546 | |||||||||||
SBA securities | — | 523,906 | — | 523,906 | |||||||||||
Other debt securities | — | 3,519 | 4,572 | 8,091 | |||||||||||
Servicing rights | — | — | 27,159 | 27,159 | |||||||||||
Derivative assets | — | 50,232 | — | 50,232 | |||||||||||
Total assets at fair value | $ | 91,895 | $ | 5,906,739 | $ | 152,341 | $ | 6,150,975 | |||||||
Derivative liabilities | $ | — | $ | 61,562 | $ | — | $ | 61,562 | |||||||
Total liabilities at fair value | $ | — | $ | 61,562 | $ | — | $ | 61,562 |
2017 | |||||||||||
Private Label Residential MBS | Other Debt Securities | Servicing Rights | |||||||||
Balance at beginning of period | $ | 120,610 | $ | 4,572 | $ | 27,159 | |||||
Gains (losses) for the period included in: | |||||||||||
Net income | 25,547 | — | (5,821 | ) | |||||||
Other comprehensive income | (27,569 | ) | 766 | — | |||||||
Discount accretion | 6,181 | 280 | — | ||||||||
Purchases or additions | — | — | 9,399 | ||||||||
Sales | (45,524 | ) | — | — | |||||||
Settlements | (27,031 | ) | (289 | ) | — | ||||||
Transfers into level 3 | — | — | — | ||||||||
Transfers out of level 3 | — | — | — | ||||||||
Balance at end of period | $ | 52,214 | $ | 5,329 | $ | 30,737 |
2016 | |||||||||||
Private Label Residential MBS | Other Debt Securities | Servicing Rights | |||||||||
Balance at beginning of period | $ | 140,883 | $ | 4,532 | $ | 20,017 | |||||
Gains (losses) for the period included in: | |||||||||||
Net income | — | — | (6,023 | ) | |||||||
Other comprehensive income | (2,229 | ) | (9 | ) | — | ||||||
Discount accretion | 5,947 | 116 | — | ||||||||
Purchases or additions | — | — | 13,165 | ||||||||
Settlements | (23,991 | ) | (67 | ) | — | ||||||
Transfers into level 3 | — | — | — | ||||||||
Transfers out of level 3 | — | — | — | ||||||||
Balance at end of period | $ | 120,610 | $ | 4,572 | $ | 27,159 |
2015 | |||||||||||
Private Label Residential MBS | Other Debt Securities | Servicing Rights | |||||||||
Balance at beginning of period | $ | 168,077 | $ | 4,918 | $ | — | |||||
Gains (losses) for the period included in: | |||||||||||
Net income | — | — | (2,062 | ) | |||||||
Other comprehensive income | (7,469 | ) | (434 | ) | — | ||||||
Discount accretion | 6,524 | 148 | — | ||||||||
Purchases or additions | — | — | 13,610 | ||||||||
Settlements | (26,249 | ) | (100 | ) | — | ||||||
Transfers into level 3 | — | — | — | ||||||||
Transfers out of level 3 | — | — | — | ||||||||
Balance at end of period | $ | 140,883 | $ | 4,532 | $ | 11,548 |
Fair Value at | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||
December 31, 2017 | ||||||||||
Investment grade | $ | 32,997 | Discounted cash flow | Voluntary prepayment rate | 9.00% - 27.80% (16.94%) | |||||
Probability of default | 0.00% - 4.10% (1.18%) | |||||||||
Loss severity | 15.00% - 86.00% (30.56%) | |||||||||
Discount rate | 1.68% - 8.11% (3.64%) | |||||||||
Non-investment grade | $ | 19,217 | Discounted cash flow | Voluntary prepayment rate | 0.70% - 27.80% (15.37%) | |||||
Probability of default | 0.00% - 7.00% (2.00%) | |||||||||
Loss severity | 15.00% - 83.00% (31.04%) | |||||||||
Discount rate | 2.31% - 9.13% (6.03%) |
Fair Value at | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||
December 31, 2017 | ||||||||||
Residential MSRs | $ | 19,622 | Discounted cash flow | Prepayment rate | 7.31% - 26.98% (12.12%) | |||||
Discount rate | 9.50% - 9.58% (9.51%) | |||||||||
Commercial servicing rights | $ | 11,115 | Discounted cash flow | Prepayment rate | 0.66% - 10.99% (8.79%) | |||||
Discount rate | 8.41% - 15.26% (12.69%) |
December 31, 2023 | December 31, 2022 | ||||||||||
Collateral dependent loans | $ | 50,885 | $ | 31,789 | |||||||
OREO | 29 | 693 | |||||||||
$ | 50,914 | $ | 32,482 |
2017 | |||||||||||||||||||
Losses from Fair Value Changes | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Years Ended December 31, 2017 | |||||||||||||||
OREO and repossessed assets | $ | — | $ | — | $ | 5,790 | $ | 5,790 | $ | (2,078 | ) | ||||||||
Impaired loans | $ | — | $ | — | $ | 93,051 | $ | 93,051 | $ | (65,716 | ) |
2016 | ||||||||||||||||||||
Losses from Fair Value Changes | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Years Ended December 31, 2016 | ||||||||||||||||
OREO and repossessed assets | $ | — | $ | — | $ | 12,466 | $ | 12,466 | $ | (1,156 | ) | |||||||||
Impaired loans | $ | — | $ | — | $ | 78,121 | $ | 78,121 | $ | (25,573 | ) | |||||||||
Equipment under operating lease | $ | — | — | $ | — | $ | 8,173 | $ | 8,173 | $ | (4,100 | ) |
2015 | |||||||||||||||||||
Losses from Fair Value Changes | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Years Ended December 31, 2016 | |||||||||||||||
OREO and repossessed assets | $ | — | $ | — | $ | 7,389 | $ | 7,389 | $ | (1,206 | ) | ||||||||
Impaired loans | $ | — | $ | — | $ | 30,812 | $ | 30,812 | $ | (9,865 | ) | ||||||||
Residential MSRs | $ | — | $ | — | $ | 8,469 | $ | 8,469 | $ | (15 | ) |
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 |
2017 | 2016 | ||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | 1 | $ | 194,582 | $ | 194,582 | $ | 448,313 | $ | 448,313 | ||||||||
Investment securities available for sale | 1/2/3 | 6,680,832 | 6,680,832 | 6,073,584 | 6,073,584 | ||||||||||||
Investment securities held to maturity | 3 | 10,000 | 10,000 | 10,000 | 10,000 | ||||||||||||
Non-marketable equity securities | 2 | 265,989 | 265,989 | 284,272 | 284,272 | ||||||||||||
Loans held for sale | 2 | 34,097 | 37,847 | 41,198 | 45,833 | ||||||||||||
Loans: | |||||||||||||||||
Covered | 3 | 502,860 | 922,888 | 611,942 | 1,200,291 | ||||||||||||
Non-covered | 3 | 20,768,849 | 20,759,567 | 18,630,499 | 18,713,495 | ||||||||||||
FDIC Indemnification asset | 3 | 295,635 | 148,356 | 515,933 | 256,691 | ||||||||||||
Derivative assets | 2 | 27,627 | 27,627 | 50,232 | 50,232 | ||||||||||||
Liabilities: | |||||||||||||||||
Demand, savings and money market deposits | 2 | $ | 15,543,637 | $ | 15,543,637 | $ | 13,735,248 | $ | 13,735,248 | ||||||||
Time deposits | 2 | 6,334,842 | 6,324,010 | 5,755,642 | 5,759,787 | ||||||||||||
FHLB advances | 2 | 4,771,000 | 4,774,160 | 5,239,348 | 5,244,188 | ||||||||||||
Notes and other borrowings | 2 | 402,830 | 435,361 | 402,809 | 403,733 | ||||||||||||
Derivative liabilities | 2 | 25,373 | 25,373 | 61,562 | 61,562 |
Commitments to fund loans | $ | 376,525 | |
Commitments to purchase loans | 401,270 | ||
Unfunded commitments under lines of credit | 2,278,201 | ||
Commercial and standby letters of credit | 82,854 | ||
$ | 3,138,850 |
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 |
December 31, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 131,696 | $ | 87,718 | |||
Investment securities available for sale, at fair value | 63,543 | 78,293 | |||||
Investment in BankUnited, N.A. | 3,239,717 | 2,652,535 | |||||
Deferred tax asset, net | 9,456 | 16,738 | |||||
Other assets | 8,462 | 5,345 | |||||
Total assets | $ | 3,452,874 | $ | 2,840,629 | |||
Liabilities and Stockholders' Equity: | |||||||
Notes payable | $ | 393,725 | $ | 393,092 | |||
Other liabilities | 33,087 | 29,108 | |||||
Stockholders' equity | 3,026,062 | 2,418,429 | |||||
Total liabilities and stockholders' equity | $ | 3,452,874 | $ | 2,840,629 |
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 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Income: | |||||||||||
Interest and dividends on investment securities available for sale | $ | 3,580 | $ | 4,280 | $ | 4,866 | |||||
Service fees from subsidiary | 18,787 | 21,957 | 17,404 | ||||||||
Equity in earnings of subsidiary | 639,250 | 242,874 | 256,456 | ||||||||
Other | — | — | 235 | ||||||||
Total | 661,617 | 269,111 | 278,961 | ||||||||
Expense: | |||||||||||
Interest on borrowings | 20,132 | 20,100 | 2,457 | ||||||||
Employee compensation and benefits | 27,032 | 27,143 | 22,099 | ||||||||
Other | 5,047 | 4,466 | 4,356 | ||||||||
Total | 52,211 | 51,709 | 28,912 | ||||||||
Income before income taxes | 609,406 | 217,402 | 250,049 | ||||||||
Benefit for income taxes | (4,867 | ) | (8,339 | ) | (1,611 | ) | |||||
Net income | $ | 614,273 | $ | 225,741 | $ | 251,660 |
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 |
Years Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 614,273 | $ | 225,741 | $ | 251,660 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | (519,250 | ) | (157,374 | ) | (176,456 | ) | |||||
Equity based compensation | 22,692 | 18,032 | 16,027 | ||||||||
Other | 3,343 | 7,438 | 1,878 | ||||||||
Net cash provided by operating activities | 121,058 | 93,837 | 93,109 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital contributions to subsidiary | (55,000 | ) | — | (575,000 | ) | ||||||
Purchase of investment securities available for sale | — | (20,150 | ) | — | |||||||
Proceeds from repayments, sale, maturities and calls of investment securities available for sale | 15,000 | 19,401 | 46,031 | ||||||||
Other | (250 | ) | (3 | ) | (285 | ) | |||||
Net cash used in investing activities | (40,250 | ) | (752 | ) | (529,254 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of notes payable | — | — | 392,252 | ||||||||
Dividends paid | (91,628 | ) | (89,824 | ) | (88,981 | ) | |||||
Proceeds from exercise of stock options | 62,095 | 791 | 35,647 | ||||||||
Other | (7,297 | ) | 856 | 1,593 | |||||||
Net cash provided by (used in) financing activities | (36,830 | ) | (88,177 | ) | 340,511 | ||||||
Net increase (decrease) in cash and cash equivalents | 43,978 | 4,908 | (95,634 | ) | |||||||
Cash and cash equivalents, beginning of period | 87,718 | 82,810 | 178,444 | ||||||||
Cash and cash equivalents, end of period | $ | 131,696 | $ | 87,718 | $ | 82,810 | |||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Dividends declared, not paid | $ | 23,055 | $ | 22,510 | $ | 22,380 |
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 |
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 |
2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 312,645 | $ | 309,443 | $ | 298,835 | $ | 283,538 | $ | 1,204,461 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 73,819 | 68,179 | 59,246 | 52,945 | 254,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income before provision for loan losses | 238,826 | 241,264 | 239,589 | 230,593 | 950,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 5,174 | 37,854 | 13,619 | 12,100 | 68,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 233,652 | 203,410 | 225,970 | 218,493 | 881,525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income before provision for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | 46,541 | 53,326 | 29,893 | 28,144 | 157,904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | 161,271 | 156,705 | 160,435 | 156,557 | 634,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 118,922 | 100,031 | 95,428 | 90,080 | 404,461 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | (298,872 | ) | 32,252 | 29,021 | 27,787 | (209,812 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 417,794 | $ | 67,779 | $ | 66,407 | $ | 62,293 | $ | 614,273 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share, basic | $ | 3.80 | $ | 0.62 | $ | 0.60 | $ | 0.57 | $ | 5.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per common share, diluted | $ | 3.79 | $ | 0.62 | $ | 0.60 | $ | 0.57 | $ | 5.58 |
2016 | |||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Total | |||||||||||||||
Interest income | $ | 277,965 | $ | 269,981 | $ | 260,464 | $ | 250,807 | $ | 1,059,217 | |||||||||
Interest expense | 50,466 | 48,246 | 46,154 | 43,966 | 188,832 | ||||||||||||||
Net interest income before provision for loan losses | 227,499 | 221,735 | 214,310 | 206,841 | 870,385 | ||||||||||||||
Provision for loan losses | 8,462 | 24,408 | 14,333 | 3,708 | 50,911 | ||||||||||||||
Net interest income after provision for loan losses | 219,037 | 197,327 | 199,977 | 203,133 | 819,474 | ||||||||||||||
Non-interest income | 29,287 | 25,075 | 28,857 | 23,198 | 106,417 | ||||||||||||||
Non-interest expense | 156,223 | 148,004 | 144,112 | 142,108 | 590,447 | ||||||||||||||
Income before income taxes | 92,101 | 74,398 | 84,722 | 84,223 | 335,444 | ||||||||||||||
Provision (benefit) for income taxes | 28,807 | 23,550 | 27,997 | 29,349 | 109,703 | ||||||||||||||
Net income | $ | 63,294 | $ | 50,848 | $ | 56,725 | $ | 54,874 | $ | 225,741 | |||||||||
Earnings per common share, basic | $ | 0.59 | $ | 0.47 | $ | 0.53 | $ | 0.51 | $ | 2.11 | |||||||||
Earnings per common share, diluted | $ | 0.59 | $ | 0.47 | $ | 0.52 | $ | 0.51 | $ | 2.09 |
Exhibit Number | Description | Location | ||||||||||||
Exhibit Number | Description | Location | ||||||||||||
Exhibit Number | Description | Location | ||||||||||||
101.INS | XBRL Instance Document | Filed herewith | ||||||||||||
101.SCH | XBRL Taxonomy Extension Schema | Filed herewith | ||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | Filed herewith | ||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | Filed herewith | ||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | Filed herewith | ||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed herewith | ||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) | Filed herewith |
BANKUNITED, INC. | ||||||||||||||||||||||||||
Date: | February 20, 2024 | By: | ||||||||||||||||||||||||
/s/ RAJINDER P. SINGH | ||||||||||||||||||||||||||
Name: | Rajinder P. Singh | |||||||||||||||||||||||||
Title: | Chairman, President and Chief Executive Officer |
Signature | Title | Date | |||||||||||||
/s/ RAJINDER P. SINGH | Chairman, President and Chief Executive Officer (Principal Executive Officer) | February | |||||||||||||
Rajinder P. Singh | |||||||||||||||
/s/ LESLIE N. LUNAK | Chief Financial Officer (Principal Financial and Accounting Officer) | February | |||||||||||||
Leslie N. Lunak | |||||||||||||||
/s/ TERE BLANCA | Director | February | |||||||||||||
Tere Blanca | |||||||||||||||
/s/ JOHN N. DIGIACOMO | Director | February 20, 2024 | |||||||||||||
/s/ MICHAEL J. DOWLING | Director | February | |||||||||||||
Michael J. Dowling | |||||||||||||||
/s/ DOUGLAS J. PAULS | Director | February | |||||||||||||
Douglas J. Pauls | |||||||||||||||
/s/ A. GAIL PRUDENTI | Director | February | |||||||||||||
A. Gail Prudenti | |||||||||||||||
/s/ WILLIAM S. RUBENSTEIN | Director | February | |||||||||||||
William S. Rubenstein | |||||||||||||||
/s/ SANJIV SOBTI | Director | February 20, 2024 | |||||||||||||
Sanjiv Sobti | |||||||||||||||
/s/ | Director | February | |||||||||||||
/s/ LYNNE WINES | Director | February | |||||||||||||
Lynne Wines |