☒ | Quarterly 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 | 75-2679109 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
2000 McKinney Avenue | ||||||||||||||||||||
Suite 700 | ||||||||||||||||||||
Dallas | TX | USA | 75201 | |||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | TCBI | Nasdaq Stock Market | ||||||||||||
5.75% Non-Cumulative Perpetual Preferred Stock Series B, par value $0.01 per share | TCBIO | Nasdaq Stock Market |
Large Accelerated Filer | x | Accelerated Filer | ☐ | ||||||||||||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | ||||||||||||||||||||
Emerging Growth Company | ☐ |
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 6. | |||||||||||
(in thousands except share data) | (in thousands except share data) | June 30, 2022 | December 31, 2021 | (in thousands except share data) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 242,425 | $ | 180,663 | Cash and due from banks | $ | 240,609 | $ | 180,663 | ||||||||||||
Interest-bearing cash and cash equivalents | 4,032,931 | 7,765,996 | ||||||||||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | 3,399,638 | 7,765,996 | |||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | 2,535,646 | 3,538,201 | Available-for-sale debt securities | 2,380,774 | 3,538,201 | ||||||||||||||||
Held-to-maturity debt securities | Held-to-maturity debt securities | 980,935 | — | Held-to-maturity debt securities | 955,875 | — | ||||||||||||||||
Equity securities | Equity securities | 36,118 | 45,607 | Equity securities | 32,973 | 45,607 | ||||||||||||||||
Investment securities | Investment securities | 3,552,699 | 3,583,808 | Investment securities | 3,369,622 | 3,583,808 | ||||||||||||||||
Loans held for sale | Loans held for sale | 4,266 | 8,123 | Loans held for sale | 3,142,178 | 8,123 | ||||||||||||||||
Loans held for investment, mortgage finance | Loans held for investment, mortgage finance | 6,549,507 | 7,475,497 | Loans held for investment, mortgage finance | 4,908,822 | 7,475,497 | ||||||||||||||||
Loans held for investment | Loans held for investment | 17,517,866 | 15,331,457 | Loans held for investment | 14,878,959 | 15,331,457 | ||||||||||||||||
Less: Allowance for credit losses on loans | Less: Allowance for credit losses on loans | 229,013 | 211,866 | Less: Allowance for credit losses on loans | 234,613 | 211,866 | ||||||||||||||||
Loans held for investment, net | Loans held for investment, net | 23,838,360 | 22,595,088 | Loans held for investment, net | 19,553,168 | 22,595,088 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 28,722 | 20,901 | Premises and equipment, net | 27,180 | 20,901 | ||||||||||||||||
Accrued interest receivable and other assets | Accrued interest receivable and other assets | 622,501 | 559,897 | Accrued interest receivable and other assets | 648,172 | 559,897 | ||||||||||||||||
Other assets held for sale | Other assets held for sale | 26,450 | — | |||||||||||||||||||
Goodwill and intangible assets, net | Goodwill and intangible assets, net | 17,059 | 17,262 | Goodwill and intangible assets, net | 1,496 | 17,262 | ||||||||||||||||
Total assets | Total assets | $ | 32,338,963 | $ | 34,731,738 | Total assets | $ | 30,408,513 | $ | 34,731,738 | ||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | $ | 12,555,367 | $ | 13,390,370 | Non-interest bearing deposits | $ | 11,494,685 | $ | 13,390,370 | ||||||||||||
Interest bearing deposits | Interest bearing deposits | 12,884,654 | 14,718,995 | Interest bearing deposits | 13,003,878 | 14,718,995 | ||||||||||||||||
Total deposits | Total deposits | 25,440,021 | 28,109,365 | Total deposits | 24,498,563 | 28,109,365 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 8,928 | 7,699 | Accrued interest payable | 18,465 | 7,699 | ||||||||||||||||
Other liabilities | Other liabilities | 314,548 | 273,488 | Other liabilities | 297,900 | 273,488 | ||||||||||||||||
Other liabilities held for sale | Other liabilities held for sale | 75,564 | — | |||||||||||||||||||
Short-term borrowings | Short-term borrowings | 2,651,536 | 2,202,832 | Short-term borrowings | 1,701,480 | 2,202,832 | ||||||||||||||||
Long-term debt | Long-term debt | 917,098 | 928,738 | Long-term debt | 930,766 | 928,738 | ||||||||||||||||
Total liabilities | Total liabilities | 29,332,131 | 31,522,122 | Total liabilities | 27,522,738 | 31,522,122 | ||||||||||||||||
Stockholders’ equity: | Stockholders’ equity: | Stockholders’ equity: | ||||||||||||||||||||
Preferred stock, $0.01 par value, $1,000 liquidation value: | Preferred stock, $0.01 par value, $1,000 liquidation value: | Preferred stock, $0.01 par value, $1,000 liquidation value: | ||||||||||||||||||||
Authorized shares - 10,000,000 | Authorized shares - 10,000,000 | Authorized shares - 10,000,000 | ||||||||||||||||||||
Issued shares - 300,000 shares issued at June 30, 2022 and December 31, 2021 | 300,000 | 300,000 | ||||||||||||||||||||
Issued shares - 300,000 shares issued at September 30, 2022 and December 31, 2021 | Issued shares - 300,000 shares issued at September 30, 2022 and December 31, 2021 | 300,000 | 300,000 | |||||||||||||||||||
Common stock, $0.01 par value: | Common stock, $0.01 par value: | Common stock, $0.01 par value: | ||||||||||||||||||||
Authorized shares - 100,000,000 | Authorized shares - 100,000,000 | Authorized shares - 100,000,000 | ||||||||||||||||||||
Issued shares - 50,820,337 and 50,618,911 at June 30, 2022 and December 31, 2021, respectively | 508 | 506 | ||||||||||||||||||||
Issued shares - 50,840,022 and 50,618,911 at September 30, 2022 and December 31, 2021, respectively | Issued shares - 50,840,022 and 50,618,911 at September 30, 2022 and December 31, 2021, respectively | 509 | 506 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 1,015,105 | 1,008,559 | Additional paid-in capital | 1,020,153 | 1,008,559 | ||||||||||||||||
Retained earnings | Retained earnings | 2,013,458 | 1,948,274 | Retained earnings | 2,050,563 | 1,948,274 | ||||||||||||||||
Treasury stock - 942,296 and 417 shares at cost at June 30, 2022 and December 31, 2021, respectively | (50,031) | (8) | ||||||||||||||||||||
Treasury stock - 942,296 and 417 shares at cost at September 30, 2022 and December 31, 2021, respectively | Treasury stock - 942,296 and 417 shares at cost at September 30, 2022 and December 31, 2021, respectively | (50,031) | (8) | |||||||||||||||||||
Accumulated other comprehensive loss, net of taxes | Accumulated other comprehensive loss, net of taxes | (272,208) | (47,715) | Accumulated other comprehensive loss, net of taxes | (435,419) | (47,715) | ||||||||||||||||
Total stockholders’ equity | Total stockholders’ equity | 3,006,832 | 3,209,616 | Total stockholders’ equity | 2,885,775 | 3,209,616 | ||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 32,338,963 | $ | 34,731,738 | Total liabilities and stockholders’ equity | $ | 30,408,513 | $ | 34,731,738 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands except per share data) | (in thousands except per share data) | 2022 | 2021 | 2022 | 2021 | (in thousands except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Interest income | Interest income | Interest income | ||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 218,290 | $ | 203,074 | $ | 405,947 | $ | 413,405 | Interest and fees on loans | $ | 282,473 | $ | 202,748 | $ | 688,420 | $ | 616,153 | ||||||||||||||||||||||||||||
Investment securities | Investment securities | 14,665 | 10,918 | 31,967 | 20,805 | Investment securities | 15,002 | 10,235 | 46,969 | 31,040 | ||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | 9,394 | 2,961 | 12,965 | 5,894 | ||||||||||||||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | 24,596 | 3,606 | 37,561 | 9,500 | |||||||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 242,349 | 216,953 | 450,879 | 440,104 | Total interest income | 322,071 | 216,589 | 772,950 | 656,693 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 20,566 | 16,271 | 34,196 | 36,275 | Deposits | 60,317 | 14,719 | 94,513 | 50,994 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 4,859 | 502 | 5,617 | 3,094 | Short-term borrowings | 10,011 | 748 | 15,628 | 3,842 | ||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 11,393 | 10,723 | 21,988 | 16,466 | Long-term debt | 12,663 | 10,586 | 34,651 | 27,052 | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 36,818 | 27,496 | 61,801 | 55,835 | Total interest expense | 82,991 | 26,053 | 144,792 | 81,888 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 205,531 | 189,457 | 389,078 | 384,269 | Net interest income | 239,080 | 190,536 | 628,158 | 574,805 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 22,000 | (19,000) | 20,000 | (25,000) | Provision for credit losses | 12,000 | 5,000 | 32,000 | (20,000) | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 183,531 | 208,457 | 369,078 | 409,269 | Net interest income after provision for credit losses | 227,080 | 185,536 | 596,158 | 594,805 | ||||||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | Non-interest income | ||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 6,003 | 4,634 | 12,025 | 9,350 | Service charges on deposit accounts | 5,701 | 4,622 | 17,726 | 13,972 | ||||||||||||||||||||||||||||||||||||
Wealth management and trust fee income | Wealth management and trust fee income | 4,051 | 3,143 | 7,963 | 5,998 | Wealth management and trust fee income | 3,631 | 3,382 | 11,594 | 9,380 | ||||||||||||||||||||||||||||||||||||
Brokered loan fees | Brokered loan fees | 4,133 | 6,933 | 8,103 | 16,244 | Brokered loan fees | 3,401 | 6,032 | 11,504 | 22,276 | ||||||||||||||||||||||||||||||||||||
Servicing income | Servicing income | 228 | 5,935 | 465 | 14,944 | Servicing income | 212 | 292 | 677 | 15,236 | ||||||||||||||||||||||||||||||||||||
Investment banking and trading income | Investment banking and trading income | 11,126 | 8,071 | 15,305 | 13,858 | Investment banking and trading income | 7,812 | 4,127 | 23,117 | 17,985 | ||||||||||||||||||||||||||||||||||||
Net gain/(loss) on sale of loans held for sale | Net gain/(loss) on sale of loans held for sale | — | (3,070) | — | 2,502 | Net gain/(loss) on sale of loans held for sale | — | (1,185) | — | 1,317 | ||||||||||||||||||||||||||||||||||||
Other | Other | 701 | 11,993 | 2,663 | 19,096 | Other | 4,576 | 7,509 | 7,239 | 26,605 | ||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | 26,242 | 37,639 | 46,524 | 81,992 | Total non-interest income | 25,333 | 24,779 | 71,857 | 106,771 | ||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | Non-interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Salaries and benefits | Salaries and benefits | 103,885 | 86,830 | 203,983 | 174,352 | Salaries and benefits | 129,336 | 87,503 | 333,319 | 261,855 | ||||||||||||||||||||||||||||||||||||
Occupancy expense | Occupancy expense | 8,874 | 7,865 | 17,759 | 16,139 | Occupancy expense | 9,433 | 8,324 | 27,192 | 24,463 | ||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 8,506 | 1,900 | 13,483 | 3,597 | Marketing | 8,282 | 2,123 | 21,765 | 5,720 | ||||||||||||||||||||||||||||||||||||
Legal and professional | Legal and professional | 11,288 | 9,147 | 21,590 | 17,424 | Legal and professional | 16,775 | 11,055 | 38,365 | 28,479 | ||||||||||||||||||||||||||||||||||||
Communications and technology | Communications and technology | 15,649 | 14,352 | 30,349 | 30,321 | Communications and technology | 18,470 | 28,374 | 48,819 | 58,695 | ||||||||||||||||||||||||||||||||||||
Federal Deposit Insurance Corporation (“FDIC”) insurance assessment | Federal Deposit Insurance Corporation (“FDIC”) insurance assessment | 3,318 | 5,226 | 7,299 | 11,839 | Federal Deposit Insurance Corporation (“FDIC”) insurance assessment | 3,953 | 4,500 | 11,252 | 16,339 | ||||||||||||||||||||||||||||||||||||
Servicing-related expenses | Servicing-related expenses | — | 12,355 | — | 25,344 | Servicing-related expenses | — | 2,396 | — | 27,740 | ||||||||||||||||||||||||||||||||||||
Other | Other | 12,783 | 11,385 | 22,932 | 20,360 | Other | 10,798 | 8,712 | 33,730 | 29,072 | ||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | 164,303 | 149,060 | 317,395 | 299,376 | Total non-interest expense | 197,047 | 152,987 | 514,442 | 452,363 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 45,470 | 97,036 | 98,207 | 191,885 | Income before income taxes | 55,366 | 57,328 | 153,573 | 249,213 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 11,311 | 23,555 | 24,398 | 46,466 | Income tax expense | 13,948 | 13,938 | 38,346 | 60,404 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | 34,159 | 73,481 | 73,809 | 145,419 | Net income | 41,418 | 43,390 | 115,227 | 188,809 | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 4,312 | 6,317 | 8,625 | 10,096 | Preferred stock dividends | 4,313 | 4,312 | 12,938 | 14,408 | ||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 29,847 | $ | 67,164 | $ | 65,184 | $ | 135,323 | Net income available to common stockholders | $ | 37,105 | $ | 39,078 | $ | 102,289 | $ | 174,401 | ||||||||||||||||||||||||||||
Other comprehensive income/(loss): | Other comprehensive income/(loss): | Other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | $ | (86,438) | $ | 38,037 | $ | (287,057) | $ | (53,370) | Change in unrealized gain/(loss) | $ | (207,204) | $ | (18,131) | $ | (494,261) | $ | (71,501) | ||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | 1,903 | — | 2,889 | — | Amounts reclassified into net income | 609 | — | 3,498 | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | Other comprehensive income/(loss) | (84,535) | 38,037 | (284,168) | (53,370) | Other comprehensive income/(loss) | (206,595) | (18,131) | (490,763) | (71,501) | ||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | (17,752) | 7,989 | (59,675) | (11,207) | Income tax expense/(benefit) | (43,384) | (3,808) | (103,059) | (15,015) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | Other comprehensive income/(loss), net of tax | (66,783) | 30,048 | (224,493) | (42,163) | Other comprehensive income/(loss), net of tax | (163,211) | (14,323) | (387,704) | (56,486) | ||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss) | Comprehensive income/(loss) | $ | (32,624) | $ | 103,529 | $ | (150,684) | $ | 103,256 | Comprehensive income/(loss) | $ | (121,793) | $ | 29,067 | $ | (272,477) | $ | 132,323 | ||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.59 | $ | 1.33 | $ | 1.29 | $ | 2.68 | Basic earnings per common share | $ | 0.74 | $ | 0.77 | $ | 2.03 | $ | 3.45 | ||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.59 | $ | 1.31 | $ | 1.28 | $ | 2.65 | Diluted earnings per common share | $ | 0.74 | $ | 0.76 | $ | 2.00 | $ | 3.41 |
Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in | Retained | Comprehensive | Paid-in | Retained | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share data) | (in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income/(Loss) | Total | (in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income/(Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 6,300,000 | $ | 450,000 | 50,558,184 | $ | 505 | $ | 984,207 | $ | 1,781,215 | (417) | $ | (8) | $ | (56,437) | $ | 3,159,482 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | 300,000 | $ | 300,000 | 50,592,618 | $ | 506 | $ | 992,469 | $ | 1,848,379 | (417) | $ | (8) | $ | (26,389) | $ | 3,114,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 73,481 | — | — | — | 73,481 | Net income | — | — | — | — | — | 43,390 | — | — | — | 43,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | 30,048 | 30,048 | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (14,323) | (14,323) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 103,529 | Total comprehensive income | 29,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | Stock-based compensation expense recognized in earnings | — | — | — | — | 8,315 | — | — | — | — | 8,315 | Stock-based compensation expense recognized in earnings | — | — | — | — | 8,324 | — | — | — | — | 8,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | — | — | — | — | — | (6,317) | — | — | — | (6,317) | Preferred stock dividend | — | — | — | — | — | (4,312) | — | — | — | (4,312) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | Issuance of stock related to stock-based awards | — | — | 34,434 | 1 | (53) | — | — | — | — | (52) | Issuance of stock related to stock-based awards | — | — | 13,425 | — | (284) | — | — | — | — | (284) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | (6,000,000) | (150,000) | — | — | — | — | — | — | — | (150,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 300,000 | $ | 300,000 | 50,592,618 | $ | 506 | $ | 992,469 | $ | 1,848,379 | (417) | $ | (8) | $ | (26,389) | $ | 3,114,957 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 300,000 | $ | 300,000 | 50,710,858 | $ | 507 | $ | 1,011,353 | $ | 1,983,611 | (417) | $ | (8) | $ | (205,425) | $ | 3,090,038 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 300,000 | $ | 300,000 | 50,606,043 | $ | 506 | $ | 1,000,509 | $ | 1,887,457 | (417) | $ | (8) | $ | (40,712) | $ | 3,147,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | 300,000 | $ | 300,000 | 50,820,337 | $ | 508 | $ | 1,015,105 | $ | 2,013,458 | (942,296) | $ | (50,031) | $ | (272,208) | $ | 3,006,832 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 34,159 | — | — | — | 34,159 | Net income | — | — | — | — | — | 41,418 | — | — | — | 41,418 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (66,783) | (66,783) | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (163,211) | (163,211) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | Total comprehensive loss | (32,624) | Total comprehensive loss | (121,793) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | Stock-based compensation expense recognized in earnings | — | — | — | — | 5,022 | — | — | — | — | 5,022 | Stock-based compensation expense recognized in earnings | — | — | — | — | 5,376 | — | — | — | — | 5,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | — | — | — | — | — | (4,312) | — | — | — | (4,312) | Preferred stock dividend | — | — | — | — | — | (4,313) | — | — | — | (4,313) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | Issuance of stock related to stock-based awards | — | — | 109,479 | 1 | (1,270) | — | — | — | — | (1,269) | Issuance of stock related to stock-based awards | — | — | 19,685 | 1 | (328) | — | — | — | — | (327) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | (941,879) | (50,023) | — | (50,023) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 300,000 | $ | 300,000 | 50,820,337 | $ | 508 | $ | 1,015,105 | $ | 2,013,458 | (942,296) | $ | (50,031) | $ | (272,208) | $ | 3,006,832 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 300,000 | $ | 300,000 | 50,840,022 | $ | 509 | $ | 1,020,153 | $ | 2,050,563 | (942,296) | $ | (50,031) | $ | (435,419) | $ | 2,885,775 |
Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in | Retained | Comprehensive | Paid-in | Retained | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share data) | (in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income/(Loss) | Total | (in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income/(Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 (audited) | Balance at December 31, 2020 (audited) | 6,000,000 | $ | 150,000 | 50,470,867 | $ | 504 | $ | 991,898 | $ | 1,713,056 | (417) | $ | (8) | $ | 15,774 | $ | 2,871,224 | Balance at December 31, 2020 (audited) | 6,000,000 | $ | 150,000 | 50,470,867 | $ | 504 | $ | 991,898 | $ | 1,713,056 | (417) | $ | (8) | $ | 15,774 | $ | 2,871,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 145,419 | — | — | — | 145,419 | Net income | — | — | — | — | — | 188,809 | — | — | — | 188,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (42,163) | (42,163) | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (56,486) | (56,486) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 103,256 | Total comprehensive income | 132,323 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | Stock-based compensation expense recognized in earnings | — | — | — | — | 13,776 | — | — | — | — | 13,776 | Stock-based compensation expense recognized in earnings | — | — | — | — | 22,100 | — | — | — | — | 22,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | Issuance of preferred stock | 300,000 | 300,000 | — | — | (10,277) | — | — | — | — | 289,723 | Issuance of preferred stock | 300,000 | 300,000 | — | — | (10,277) | — | — | — | — | 289,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | — | — | — | — | — | (10,096) | — | — | — | (10,096) | Preferred stock dividend | — | — | — | — | — | (14,408) | — | — | — | (14,408) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | Issuance of stock related to stock-based awards | — | — | 121,751 | 2 | (2,928) | — | — | — | — | (2,926) | Issuance of stock related to stock-based awards | — | — | 135,176 | 2 | (3,212) | — | — | — | — | (3,210) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | Redemption of preferred stock | (6,000,000) | (150,000) | — | — | — | — | — | — | — | (150,000) | Redemption of preferred stock | (6,000,000) | (150,000) | — | — | — | — | — | — | — | (150,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 300,000 | $ | 300,000 | 50,592,618 | $ | 506 | $ | 992,469 | $ | 1,848,379 | (417) | $ | (8) | $ | (26,389) | $ | 3,114,957 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | 300,000 | $ | 300,000 | 50,606,043 | $ | 506 | $ | 1,000,509 | $ | 1,887,457 | (417) | $ | (8) | $ | (40,712) | $ | 3,147,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 (audited) | Balance at December 31, 2021 (audited) | 300,000 | $ | 300,000 | 50,618,911 | $ | 506 | $ | 1,008,559 | $ | 1,948,274 | (417) | $ | (8) | $ | (47,715) | $ | 3,209,616 | Balance at December 31, 2021 (audited) | 300,000 | $ | 300,000 | 50,618,911 | $ | 506 | $ | 1,008,559 | $ | 1,948,274 | (417) | $ | (8) | $ | (47,715) | $ | 3,209,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | — | 73,809 | — | — | — | 73,809 | Net income | — | — | — | — | — | 115,227 | — | — | — | 115,227 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (224,493) | (224,493) | Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (387,704) | (387,704) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | Total comprehensive loss | (150,684) | Total comprehensive loss | (272,477) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | Stock-based compensation expense recognized in earnings | — | — | — | — | 10,429 | — | — | — | — | 10,429 | Stock-based compensation expense recognized in earnings | — | — | — | — | 15,805 | — | — | — | — | 15,805 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | Preferred stock dividend | — | — | — | — | — | (8,625) | — | — | — | (8,625) | Preferred stock dividend | — | — | — | — | — | (12,938) | — | — | — | (12,938) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | Issuance of stock related to stock-based awards | — | — | 201,426 | 2 | (3,883) | — | — | — | — | (3,881) | Issuance of stock related to stock-based awards | — | — | 221,111 | 3 | (4,211) | — | — | — | — | (4,208) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | — | — | — | — | — | — | (941,879) | (50,023) | — | (50,023) | Repurchase of common stock | — | — | — | — | — | — | (941,879) | (50,023) | — | (50,023) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 300,000 | $ | 300,000 | 50,820,337 | $ | 508 | $ | 1,015,105 | $ | 2,013,458 | (942,296) | $ | (50,031) | $ | (272,208) | $ | 3,006,832 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | 300,000 | $ | 300,000 | 50,840,022 | $ | 509 | $ | 1,020,153 | $ | 2,050,563 | (942,296) | $ | (50,031) | $ | (435,419) | $ | 2,885,775 |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||||||||
(in thousands) | (in thousands) | 2022 | 2021 | (in thousands) | 2022 | 2021 | ||||||||||||||||
Operating activities | Operating activities | Operating activities | ||||||||||||||||||||
Net income | Net income | $ | 73,809 | $ | 145,419 | Net income | $ | 115,227 | $ | 188,809 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision/(benefit) for credit losses | Provision/(benefit) for credit losses | 20,000 | (25,000) | Provision/(benefit) for credit losses | 32,000 | (20,000) | ||||||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 24,081 | 47,531 | Depreciation and amortization expense | 35,360 | 65,943 | ||||||||||||||||
Net (gain)/loss on sale of loans held for sale | Net (gain)/loss on sale of loans held for sale | — | (2,502) | Net (gain)/loss on sale of loans held for sale | — | (1,317) | ||||||||||||||||
Decrease in valuation allowance on mortgage servicing rights | Decrease in valuation allowance on mortgage servicing rights | — | (16,448) | Decrease in valuation allowance on mortgage servicing rights | — | (16,448) | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 10,612 | 14,804 | Stock-based compensation expense | 15,991 | 23,192 | ||||||||||||||||
Purchases and originations of loans held for sale | Purchases and originations of loans held for sale | (1,072) | (1,409,716) | Purchases and originations of loans held for sale | (1,642) | (1,413,899) | ||||||||||||||||
Proceeds from sales and repayments of loans held for sale | Proceeds from sales and repayments of loans held for sale | 4,600 | 1,618,331 | Proceeds from sales and repayments of loans held for sale | 5,050 | 1,675,246 | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Accrued interest receivable and other assets | Accrued interest receivable and other assets | (10,753) | 85,388 | Accrued interest receivable and other assets | (2,152) | 86,707 | ||||||||||||||||
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | 25,259 | (19,164) | Accrued interest payable and other liabilities | 14,266 | (41,920) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 146,536 | 438,643 | Net cash provided by operating activities | 214,100 | 546,313 | ||||||||||||||||
Investing activities | Investing activities | Investing activities | ||||||||||||||||||||
Purchases of available-for-sale debt securities | Purchases of available-for-sale debt securities | (637,803) | (903,395) | Purchases of available-for-sale debt securities | (665,388) | (952,982) | ||||||||||||||||
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | 333,811 | 240,891 | Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | 388,223 | 400,429 | ||||||||||||||||
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | 40,224 | — | Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | 66,500 | — | ||||||||||||||||
Sales/(purchases) of equity securities, net | Sales/(purchases) of equity securities, net | 855 | — | Sales/(purchases) of equity securities, net | 3,421 | — | ||||||||||||||||
Originations of loans held for investment, mortgage finance | Originations of loans held for investment, mortgage finance | (54,492,183) | (88,516,423) | Originations of loans held for investment, mortgage finance | (77,518,608) | (128,503,055) | ||||||||||||||||
Proceeds from pay-offs of loans held for investment, mortgage finance | Proceeds from pay-offs of loans held for investment, mortgage finance | 55,418,173 | 88,823,033 | Proceeds from pay-offs of loans held for investment, mortgage finance | 80,085,283 | 129,054,151 | ||||||||||||||||
Proceeds from sale of mortgage servicing rights | Proceeds from sale of mortgage servicing rights | — | 108,646 | Proceeds from sale of mortgage servicing rights | — | 108,925 | ||||||||||||||||
Net (increase)/decrease in loans held for investment, excluding mortgage finance | Net (increase)/decrease in loans held for investment, excluding mortgage finance | (2,188,546) | 174,095 | Net (increase)/decrease in loans held for investment, excluding mortgage finance | (2,690,164) | 118,166 | ||||||||||||||||
Purchases of premises and equipment, net | Purchases of premises and equipment, net | (9,201) | (1,516) | Purchases of premises and equipment, net | (10,456) | (2,619) | ||||||||||||||||
Net cash used in investing activities | (1,534,670) | (74,669) | ||||||||||||||||||||
Net cash provided by/(used in) investing activities | Net cash provided by/(used in) investing activities | (341,189) | 223,015 | |||||||||||||||||||
Financing activities | Financing activities | Financing activities | ||||||||||||||||||||
Net decrease in deposits | Net decrease in deposits | (2,669,344) | (2,157,026) | Net decrease in deposits | (3,610,802) | (1,182,921) | ||||||||||||||||
Issuance of stock related to stock-based awards | Issuance of stock related to stock-based awards | (3,881) | (2,926) | Issuance of stock related to stock-based awards | (4,208) | (3,210) | ||||||||||||||||
Net proceeds from issuance of preferred stock | Net proceeds from issuance of preferred stock | — | 289,723 | Net proceeds from issuance of preferred stock | — | 289,723 | ||||||||||||||||
Redemption of preferred stock | Redemption of preferred stock | — | (150,000) | Redemption of preferred stock | — | (150,000) | ||||||||||||||||
Preferred stock dividends paid | Preferred stock dividends paid | (8,625) | (10,096) | Preferred stock dividends paid | (12,938) | (14,408) | ||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (50,023) | — | Repurchase of common stock | (50,023) | — | ||||||||||||||||
Net increase/(decrease) in short-term borrowings | 448,704 | (1,097,270) | ||||||||||||||||||||
Net decrease in short-term borrowings | Net decrease in short-term borrowings | (501,352) | (908,281) | |||||||||||||||||||
Net proceeds from issuance of long-term debt | Net proceeds from issuance of long-term debt | — | 639,440 | Net proceeds from issuance of long-term debt | — | 639,440 | ||||||||||||||||
Redemption of long-term debt | Redemption of long-term debt | — | (111,000) | Redemption of long-term debt | — | (111,000) | ||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (2,283,169) | (2,599,155) | Net cash used in financing activities | (4,179,323) | (1,440,657) | ||||||||||||||||
Net decrease in cash and cash equivalents | Net decrease in cash and cash equivalents | (3,671,303) | (2,235,181) | Net decrease in cash and cash equivalents | (4,306,412) | (671,329) | ||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 7,946,659 | 9,206,380 | Cash and cash equivalents at beginning of period | 7,946,659 | 9,206,380 | ||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 4,275,356 | $ | 6,971,199 | Cash and cash equivalents at end of period | $ | 3,640,247 | $ | 8,535,051 | ||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | ||||||||||||||||||||
Cash paid during the period for interest | Cash paid during the period for interest | $ | 60,572 | $ | 58,869 | Cash paid during the period for interest | $ | 134,026 | $ | 84,118 | ||||||||||||
Cash paid during the period for income taxes | Cash paid during the period for income taxes | 29,350 | 36,701 | Cash paid during the period for income taxes | 48,569 | 99,915 | ||||||||||||||||
Transfers of loans from held for investment to held for sale | Transfers of loans from held for investment to held for sale | 3,137,792 | — | |||||||||||||||||||
Transfers of debt securities from available-for-sale to held-to-maturity | Transfers of debt securities from available-for-sale to held-to-maturity | 1,019,365 | — | Transfers of debt securities from available-for-sale to held-to-maturity | 1,019,365 | — |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands except share and per share data) | (in thousands except share and per share data) | 2022 | 2021 | 2022 | 2021 | (in thousands except share and per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 34,159 | $ | 73,481 | $ | 73,809 | $ | 145,419 | Net income | $ | 41,418 | $ | 43,390 | $ | 115,227 | $ | 188,809 | ||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 4,312 | 6,317 | 8,625 | 10,096 | Preferred stock dividends | 4,313 | 4,312 | 12,938 | 14,408 | ||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 29,847 | $ | 67,164 | $ | 65,184 | $ | 135,323 | Net income available to common stockholders | $ | 37,105 | $ | 39,078 | $ | 102,289 | $ | 174,401 | ||||||||||||||||||||||||||||
Denominator: | Denominator: | Denominator: | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic earnings per common share—weighted average common shares | Denominator for basic earnings per common share—weighted average common shares | 50,258,681 | 50,580,184 | 50,462,735 | 50,549,236 | Denominator for basic earnings per common share—weighted average common shares | 49,891,727 | 50,600,732 | 50,506,364 | 50,568,439 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive outstanding stock-settled awards | Effect of dilutive outstanding stock-settled awards | 542,947 | 513,476 | 607,034 | 553,851 | Effect of dilutive outstanding stock-settled awards | 526,157 | 538,823 | 584,151 | 555,836 | ||||||||||||||||||||||||||||||||||||
Denominator for dilutive earnings per common share—weighted average diluted common shares | Denominator for dilutive earnings per common share—weighted average diluted common shares | 50,801,628 | 51,093,660 | 51,069,769 | 51,103,087 | Denominator for dilutive earnings per common share—weighted average diluted common shares | 50,417,884 | 51,139,555 | 51,090,515 | 51,124,275 | ||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.59 | $ | 1.33 | $ | 1.29 | $ | 2.68 | Basic earnings per common share | $ | 0.74 | $ | 0.77 | $ | 2.03 | $ | 3.45 | ||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.59 | $ | 1.31 | $ | 1.28 | $ | 2.65 | Diluted earnings per common share | $ | 0.74 | $ | 0.76 | $ | 2.00 | $ | 3.41 | ||||||||||||||||||||||||||||
Anti-dilutive outstanding stock-settled awards | Anti-dilutive outstanding stock-settled awards | 430,224 | 153,232 | 301,842 | 98,079 | Anti-dilutive outstanding stock-settled awards | 174,706 | 208,813 | 315,499 | 104,174 |
(in thousands) | (in thousands) | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | (in thousands) | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 638,427 | $ | 974 | $ | (13,598) | $ | 625,803 | U.S. Treasury securities | $ | 668,093 | $ | — | $ | (30,812) | $ | 637,281 | ||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | 125,000 | — | (16,382) | 108,618 | U.S. government agency securities | 125,000 | — | (23,310) | 101,690 | ||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 2,036,101 | 21 | (246,567) | 1,789,555 | Residential mortgage-backed securities | 1,980,590 | 7 | (350,496) | 1,630,101 | ||||||||||||||||||||||||||||||||||||
Credit risk transfer (“CRT”) securities | Credit risk transfer (“CRT”) securities | 14,713 | — | (3,043) | 11,670 | Credit risk transfer (“CRT”) securities | 14,713 | — | (3,011) | 11,702 | ||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | Total available-for-sale debt securities | 2,814,241 | 995 | (279,590) | 2,535,646 | Total available-for-sale debt securities | 2,788,396 | 7 | (407,629) | 2,380,774 | ||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities: | Held-to-maturity debt securities: | Held-to-maturity debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 980,935 | — | (81,688) | 899,247 | Residential mortgage-backed securities | 955,875 | — | (136,174) | 819,701 | ||||||||||||||||||||||||||||||||||||
Total held-to-maturity debt securities | Total held-to-maturity debt securities | 980,935 | — | (81,688) | 899,247 | Total held-to-maturity debt securities | 955,875 | — | (136,174) | 819,701 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 36,118 | Equity securities | 32,973 | ||||||||||||||||||||||||||||||||||||||||||
Total investment securities(2) | Total investment securities(2) | $ | 3,552,699 | Total investment securities(2) | $ | 3,369,622 | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities: | Available-for-sale debt securities: | Available-for-sale debt securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | $ | 125,000 | $ | — | $ | (4,056) | $ | 120,944 | U.S. government agency securities | $ | 125,000 | $ | — | $ | (4,056) | $ | 120,944 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 3,288,261 | 156 | (63,039) | 3,225,378 | Residential mortgage-backed securities | 3,288,261 | 156 | (63,039) | 3,225,378 | ||||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | Tax-exempt asset-backed securities | 170,626 | 9,407 | — | 180,033 | Tax-exempt asset-backed securities | 170,626 | 9,407 | — | 180,033 | ||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | 14,713 | — | (2,867) | 11,846 | CRT securities | 14,713 | — | (2,867) | 11,846 | ||||||||||||||||||||||||||||||||||||
Total available-for-sale debt securities | Total available-for-sale debt securities | 3,598,600 | 9,563 | (69,962) | 3,538,201 | Total available-for-sale debt securities | 3,598,600 | 9,563 | (69,962) | 3,538,201 | ||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 45,607 | Equity securities | 45,607 | ||||||||||||||||||||||||||||||||||||||||||
Total investment securities(2) | Total investment securities(2) | $ | 3,583,808 | Total investment securities(2) | $ | 3,583,808 |
Available-for-sale | Held-to-maturity | |||||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due within one year | $ | 83 | $ | 86 | $ | — | $ | — | ||||||||||||||||||
Due after one year through five years | 638,427 | 625,803 | — | — | ||||||||||||||||||||||
Due after five years through ten years | 156,370 | 134,783 | — | — | ||||||||||||||||||||||
Due after ten years | 2,019,361 | 1,774,974 | 980,935 | 899,247 | ||||||||||||||||||||||
Total | $ | 2,814,241 | $ | 2,535,646 | $ | 980,935 | $ | 899,247 |
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due within one year | $ | 41 | $ | 41 | $ | — | $ | — | ||||||||||||||||||
Due after one year through five years | 668,093 | 637,281 | — | — | ||||||||||||||||||||||
Due after five years through ten years | 156,587 | 127,368 | — | — | ||||||||||||||||||||||
Due after ten years | 1,963,675 | 1,616,084 | 955,875 | 819,701 | ||||||||||||||||||||||
Total | $ | 2,788,396 | $ | 2,380,774 | $ | 955,875 | $ | 819,701 |
Less Than 12 Months | 12 Months or Longer | Total | Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | (in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | U.S. treasury securities | $ | 429,037 | $ | (13,598) | $ | — | $ | — | $ | 429,037 | $ | (13,598) | U.S. treasury securities | $ | 637,281 | $ | (30,812) | $ | — | $ | — | $ | 637,281 | $ | (30,812) | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | — | — | 108,618 | (16,382) | 108,618 | (16,382) | U.S. government agency securities | — | — | 101,690 | (23,310) | 101,690 | (23,310) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 893,351 | (117,057) | 895,346 | (129,510) | 1,788,697 | (246,567) | Residential mortgage-backed securities | 310,838 | (67,167) | 1,318,654 | (283,329) | 1,629,492 | (350,496) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | — | — | 11,670 | (3,043) | 11,670 | (3,043) | CRT securities | — | — | 11,702 | (3,011) | 11,702 | (3,011) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,322,388 | $ | (130,655) | $ | 1,015,634 | $ | (148,935) | $ | 2,338,022 | $ | (279,590) | Total | $ | 948,119 | $ | (97,979) | $ | 1,432,046 | $ | (309,650) | $ | 2,380,165 | $ | (407,629) | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | $ | 24,085 | $ | (915) | $ | 96,859 | $ | (3,141) | $ | 120,944 | $ | (4,056) | U.S. government agency securities | $ | 24,085 | $ | (915) | $ | 96,859 | $ | (3,141) | $ | 120,944 | $ | (4,056) | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | 2,871,052 | (50,721) | 303,491 | (12,318) | 3,174,543 | (63,039) | Residential mortgage-backed securities | 2,871,052 | (50,721) | 303,491 | (12,318) | 3,174,543 | (63,039) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | — | — | 11,846 | (2,867) | 11,846 | (2,867) | CRT securities | — | — | 11,846 | (2,867) | 11,846 | (2,867) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,895,137 | $ | (51,636) | $ | 412,196 | $ | (18,326) | $ | 3,307,333 | $ | (69,962) | Total | $ | 2,895,137 | $ | (51,636) | $ | 412,196 | $ | (18,326) | $ | 3,307,333 | $ | (69,962) |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2022 | 2021 | 2022 | 2021 | (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Net gains/(losses) recognized during the period | Net gains/(losses) recognized during the period | $ | (4,996) | $ | 3,268 | $ | (8,636) | $ | 3,646 | Net gains/(losses) recognized during the period | $ | (1,165) | $ | 850 | $ | (9,801) | $ | 4,496 | ||||||||||||||||||||||||||||
Less: Realized net gains/(losses) recognized on securities sold | Less: Realized net gains/(losses) recognized on securities sold | (204) | 351 | (2) | 749 | Less: Realized net gains/(losses) recognized on securities sold | (587) | 347 | (589) | 1,096 | ||||||||||||||||||||||||||||||||||||
Unrealized net gains/(losses) recognized on securities held | Unrealized net gains/(losses) recognized on securities held | $ | (4,792) | $ | 2,917 | $ | (8,634) | $ | 2,897 | Unrealized net gains/(losses) recognized on securities held | $ | (578) | $ | 503 | $ | (9,212) | $ | 3,400 |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Loans held for investment(1): | Loans held for investment(1): | Loans held for investment(1): | ||||||||||||||||||||
Commercial | Commercial | $ | 11,511,532 | $ | 9,897,561 | Commercial | $ | 8,813,614 | $ | 9,897,561 | ||||||||||||
Energy | Energy | 962,239 | 721,373 | Energy | 1,106,097 | 721,373 | ||||||||||||||||
Mortgage finance | Mortgage finance | 6,549,507 | 7,475,497 | Mortgage finance | 4,908,822 | 7,475,497 | ||||||||||||||||
Real estate | Real estate | 5,118,849 | 4,777,530 | Real estate | 5,015,704 | 4,777,530 | ||||||||||||||||
Gross loans held for investment | Gross loans held for investment | 24,142,127 | 22,871,961 | Gross loans held for investment | 19,844,237 | 22,871,961 | ||||||||||||||||
Unearned income (net of direct origination costs) | Unearned income (net of direct origination costs) | (74,754) | (65,007) | Unearned income (net of direct origination costs) | (56,456) | (65,007) | ||||||||||||||||
Total loans held for investment | Total loans held for investment | 24,067,373 | 22,806,954 | Total loans held for investment | 19,787,781 | 22,806,954 | ||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (229,013) | (211,866) | Allowance for credit losses on loans | (234,613) | (211,866) | ||||||||||||||||
Total loans held for investment, net | Total loans held for investment, net | $ | 23,838,360 | $ | 22,595,088 | Total loans held for investment, net | $ | 19,553,168 | $ | 22,595,088 | ||||||||||||
Loans held for sale: | Loans held for sale: | Loans held for sale: | ||||||||||||||||||||
Insurance premium finance loans, at lower of cost or fair value(2) | Insurance premium finance loans, at lower of cost or fair value(2) | $ | 3,137,791 | $ | — | |||||||||||||||||
Mortgage loans, at fair value | Mortgage loans, at fair value | $ | 4,266 | $ | 8,123 | Mortgage loans, at fair value | 4,387 | 8,123 | ||||||||||||||
Total loans held for sale | Total loans held for sale | $ | 4,266 | $ | 8,123 | Total loans held for sale | $ | 3,142,178 | $ | 8,123 |
(in thousands) | (in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | (in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | $ | 853,390 | $ | 4,017,274 | $ | 293,544 | $ | 434,095 | $ | 295,347 | $ | 379,247 | $ | 4,971,573 | $ | 35,847 | $ | 11,280,317 | (1-7) Pass | $ | 1,530,588 | $ | 776,714 | $ | 252,321 | $ | 366,245 | $ | 225,307 | $ | 316,001 | $ | 5,004,072 | $ | 27,344 | $ | 8,498,592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | 9,384 | 3,360 | 7,696 | 843 | — | 7,344 | 39,201 | 3,150 | 70,978 | (8) Special mention | 28,302 | 38,477 | 6,398 | 37,809 | 7,526 | 5,769 | 35,967 | 3,820 | 164,068 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | 7,860 | 4,539 | 503 | 69,257 | 23,026 | 6,837 | 23,445 | 4,397 | 139,864 | (9) Substandard - accruing | — | 42,148 | 315 | 30,647 | 15,133 | 6,365 | 28,378 | — | 122,986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | 1,718 | — | 40 | 10,111 | 5,420 | 1,961 | 1,123 | 20,373 | (9+) Non-accrual | 7,622 | 602 | — | 36 | 9,947 | 6,875 | 2,886 | — | 27,968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | Total commercial | $ | 870,634 | $ | 4,026,891 | $ | 301,743 | $ | 504,235 | $ | 328,484 | $ | 398,848 | $ | 5,036,180 | $ | 44,517 | $ | 11,511,532 | Total commercial | $ | 1,566,512 | $ | 857,941 | $ | 259,034 | $ | 434,737 | $ | 257,913 | $ | 335,010 | $ | 5,071,303 | $ | 31,164 | $ | 8,813,614 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | $ | 89,871 | $ | 18,750 | $ | — | $ | — | $ | — | $ | 1,298 | $ | 827,944 | $ | — | $ | 937,863 | (1-7) Pass | $ | 129,764 | $ | 23,517 | $ | — | $ | — | $ | 20,000 | $ | 5,743 | $ | 912,936 | $ | — | $ | 1,091,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | — | — | — | — | — | 6,804 | — | — | 6,804 | (8) Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | — | — | — | — | — | — | — | — | (9) Substandard - accruing | — | — | — | — | — | — | 7,637 | — | 7,637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | 8,029 | — | — | — | — | 9,543 | — | 17,572 | (9+) Non-accrual | — | — | — | — | — | — | 6,500 | — | 6,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total energy | Total energy | $ | 89,871 | $ | 26,779 | $ | — | $ | — | $ | — | $ | 8,102 | $ | 837,487 | $ | — | $ | 962,239 | Total energy | $ | 129,764 | $ | 23,517 | $ | — | $ | — | $ | 20,000 | $ | 5,743 | $ | 927,073 | $ | — | $ | 1,106,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage finance | Mortgage finance | Mortgage finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | $ | 44,918 | $ | 584,253 | $ | 291,404 | $ | 650,170 | $ | 972,308 | $ | 3,861,831 | $ | — | $ | — | $ | 6,404,884 | (1-7) Pass | $ | 7,913 | $ | 457,792 | $ | 196,598 | $ | 393,675 | $ | 555,480 | $ | 3,292,412 | $ | — | $ | — | $ | 4,903,870 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | — | — | — | — | — | — | — | — | — | (8) Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | — | — | — | — | 144,623 | — | — | 144,623 | (9) Substandard - accruing | — | — | — | — | 1,464 | 3,488 | — | — | 4,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | — | — | — | — | — | — | — | — | (9+) Non-accrual | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage finance | Total mortgage finance | $ | 44,918 | $ | 584,253 | $ | 291,404 | $ | 650,170 | $ | 972,308 | $ | 4,006,454 | $ | — | $ | — | $ | 6,549,507 | Total mortgage finance | $ | 7,913 | $ | 457,792 | $ | 196,598 | $ | 393,675 | $ | 556,944 | $ | 3,295,900 | $ | — | $ | — | $ | 4,908,822 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | Real estate | Real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | CRE | CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | $ | 621,736 | $ | 572,504 | $ | 656,808 | $ | 511,457 | $ | 245,343 | $ | 463,050 | $ | 73,715 | $ | 23,102 | $ | 3,167,715 | (1-7) Pass | $ | 800,519 | $ | 611,459 | $ | 657,829 | $ | 487,368 | $ | 183,225 | $ | 366,644 | $ | 60,672 | $ | 15,969 | $ | 3,183,685 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | 2,218 | 10,905 | 46 | 4,800 | 14,072 | 9,494 | — | 446 | 41,981 | (8) Special mention | 2,396 | 7,249 | 7,940 | 5,297 | 33,454 | 22,063 | — | — | 78,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | 17,850 | — | — | 26,317 | 68,767 | — | — | 112,934 | (9) Substandard - accruing | — | 17,850 | — | — | 11,522 | 18,629 | — | — | 48,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | — | — | — | — | 190 | — | — | 190 | (9+) Non-accrual | — | — | — | — | — | 187 | — | — | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RBF | RBF | RBF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | 47,888 | 117,866 | 23,022 | 13,735 | 7,648 | 2,471 | 394,540 | — | 607,170 | (1-7) Pass | 82,515 | 85,477 | 19,560 | 13,915 | 7,462 | 1,162 | 390,476 | — | 600,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | — | 623 | — | — | — | — | 2,300 | — | 2,923 | (8) Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | — | — | — | — | — | — | — | — | (9) Substandard - accruing | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | — | — | — | — | — | — | — | — | (9+) Non-accrual | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | 134,821 | 162,251 | 127,499 | 77,889 | 83,726 | 179,466 | 38,245 | 27,185 | 831,082 | (1-7) Pass | 129,406 | 137,275 | 103,917 | 79,637 | 79,984 | 170,709 | 39,074 | 27,316 | 767,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | — | — | 12,972 | — | — | 17,534 | — | — | 30,506 | (8) Special mention | — | — | 10,711 | — | — | 10,099 | — | — | 20,810 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | — | — | — | — | 1,080 | — | — | 1,080 | (9) Substandard - accruing | — | — | — | — | — | 1,058 | — | — | 1,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | — | — | — | — | — | — | 12,210 | 12,210 | (9+) Non-accrual | — | — | 1,081 | — | — | — | — | — | 1,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | Secured by 1-4 family | Secured by 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | (1-7) Pass | 31,759 | 93,841 | 56,568 | 27,956 | 19,911 | 75,462 | 4,057 | — | 309,554 | (1-7) Pass | 45,887 | 90,434 | 55,261 | 26,854 | 19,439 | 72,329 | 4,056 | — | 314,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | (8) Special mention | — | — | — | — | — | 1,156 | — | — | 1,156 | (8) Special mention | — | — | — | — | — | 44 | — | — | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | (9) Substandard - accruing | — | — | — | — | — | 167 | — | — | 167 | (9) Substandard - accruing | — | — | — | — | — | 166 | — | — | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | (9+) Non-accrual | — | — | — | — | — | 181 | — | — | 181 | (9+) Non-accrual | — | — | — | — | — | 128 | — | — | 128 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | Total real estate | $ | 838,422 | $ | 975,840 | $ | 876,915 | $ | 635,837 | $ | 397,017 | $ | 819,018 | $ | 512,857 | $ | 62,943 | $ | 5,118,849 | Total real estate | $ | 1,060,723 | $ | 949,744 | $ | 856,299 | $ | 613,071 | $ | 335,086 | $ | 663,218 | $ | 494,278 | $ | 43,285 | $ | 5,015,704 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,843,845 | $ | 5,613,763 | $ | 1,470,062 | $ | 1,790,242 | $ | 1,697,809 | $ | 5,232,422 | $ | 6,386,524 | $ | 107,460 | $ | 24,142,127 | Total | $ | 2,764,912 | $ | 2,288,994 | $ | 1,311,931 | $ | 1,441,483 | $ | 1,169,943 | $ | 4,299,871 | $ | 6,492,654 | $ | 74,449 | $ | 19,844,237 |
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 1,133,013 | $ | 3,157,150 | $ | 546,520 | $ | 319,246 | $ | 200,478 | $ | 289,795 | $ | 3,960,706 | $ | 41,377 | $ | 9,648,285 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 2,650 | 5,277 | 23,129 | 8,697 | 39 | 5,322 | 5,120 | 7,883 | 58,117 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | 7,705 | 102,619 | 25,010 | 6,202 | 6,962 | 14,742 | 2,007 | 165,247 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | 736 | 1,191 | 49 | 12,955 | 1,166 | 6,196 | 3,619 | — | 25,912 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 1,136,399 | $ | 3,171,323 | $ | 672,317 | $ | 365,908 | $ | 207,885 | $ | 308,275 | $ | 3,984,187 | $ | 51,267 | $ | 9,897,561 | ||||||||||||||||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 71,750 | $ | — | $ | — | $ | 3 | $ | — | $ | 7,188 | $ | 577,988 | $ | — | $ | 656,929 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | 27,421 | — | 27,421 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | 8,643 | — | — | 8,643 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | 28,380 | — | 28,380 | |||||||||||||||||||||||||||||||||||||||||||||||
Total energy | $ | 71,750 | $ | — | $ | — | $ | 3 | $ | — | $ | 15,831 | $ | 633,789 | $ | — | $ | 721,373 | ||||||||||||||||||||||||||||||||||||||
Mortgage finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 289,042 | $ | 590,616 | $ | 656,445 | $ | 754,507 | $ | 332,001 | $ | 4,852,886 | $ | — | $ | — | $ | 7,475,497 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage finance | $ | 289,042 | $ | 590,616 | $ | 656,445 | $ | 754,507 | $ | 332,001 | $ | 4,852,886 | $ | — | $ | — | $ | 7,475,497 | ||||||||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 497,462 | $ | 576,344 | $ | 600,005 | $ | 294,005 | $ | 155,252 | $ | 451,042 | $ | 73,988 | $ | 25,970 | $ | 2,674,068 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | 291 | 8,827 | 20,089 | 26,344 | — | — | 55,551 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | 17,850 | — | — | 40,900 | 37,393 | 38,188 | — | 2,308 | 136,639 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | 198 | — | — | 198 | |||||||||||||||||||||||||||||||||||||||||||||||
RBF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 155,595 | 44,362 | 9,693 | 8,565 | — | 12,732 | 460,888 | — | 691,835 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 166,202 | 148,811 | 119,017 | 106,343 | 61,723 | 139,723 | 47,653 | 29,595 | 819,067 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | 7,365 | — | — | 845 | 4,982 | — | — | 13,192 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | 6,424 | — | — | 16,922 | 20,184 | — | — | 43,530 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | 2,641 | 1,450 | — | 13,741 | 17,832 | |||||||||||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 96,899 | 60,659 | 40,586 | 22,976 | 31,826 | 65,910 | 4,535 | — | 323,391 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | 553 | — | — | — | 291 | — | — | 844 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | 1,203 | — | — | 1,203 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | 180 | — | — | 180 | |||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | $ | 934,008 | $ | 844,518 | $ | 769,592 | $ | 481,616 | $ | 326,691 | $ | 762,427 | $ | 587,064 | $ | 71,614 | $ | 4,777,530 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 2,431,199 | $ | 4,606,457 | $ | 2,098,354 | $ | 1,602,034 | $ | 866,577 | $ | 5,939,419 | $ | 5,205,040 | $ | 122,881 | $ | 22,871,961 |
(in thousands) | (in thousands) | Commercial | Energy | Mortgage Finance | Real Estate | Total | (in thousands) | Commercial | Energy | Mortgage Finance | Real Estate | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 102,202 | $ | 52,568 | $ | 6,083 | $ | 51,013 | $ | 211,866 | Beginning balance | $ | 102,202 | $ | 52,568 | $ | 6,083 | $ | 51,013 | $ | 211,866 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 16,343 | (26,500) | 12,975 | 16,466 | 19,284 | Provision for credit losses on loans | 31,257 | (18,636) | 4,073 | 10,923 | 27,617 | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | 2,978 | — | — | 350 | 3,328 | Charge-offs | 3,210 | 2,903 | — | 350 | 6,463 | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 436 | 755 | — | — | 1,191 | Recoveries | 549 | 1,044 | — | — | 1,593 | ||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | 2,542 | (755) | — | 350 | 2,137 | Net charge-offs (recoveries) | 2,661 | 1,859 | — | 350 | 4,870 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 116,003 | $ | 26,823 | $ | 19,058 | $ | 67,129 | $ | 229,013 | Ending balance | $ | 130,798 | $ | 32,073 | $ | 10,156 | $ | 61,586 | $ | 234,613 | ||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 73,061 | $ | 84,064 | $ | 4,699 | $ | 92,791 | $ | 254,615 | Beginning balance | $ | 73,061 | $ | 84,064 | $ | 4,699 | $ | 92,791 | $ | 254,615 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 12,035 | (23,768) | 352 | (12,932) | (24,313) | Provision for credit losses on loans | 26,549 | (24,730) | 1,729 | (24,325) | (20,777) | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | 3,863 | 6,418 | — | 1,192 | 11,473 | Charge-offs | 8,211 | 6,418 | — | 1,192 | 15,821 | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 1,358 | 1,324 | — | — | 2,682 | Recoveries | 2,462 | 1,366 | — | 112 | 3,940 | ||||||||||||||||||||||||||||||||||||||||||||||
Net charge-offs (recoveries) | Net charge-offs (recoveries) | 2,505 | 5,094 | — | 1,192 | 8,791 | Net charge-offs (recoveries) | 5,749 | 5,052 | — | 1,080 | 11,881 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | 82,591 | $ | 55,202 | $ | 5,051 | $ | 78,667 | $ | 221,511 | Ending balance | $ | 93,861 | $ | 54,282 | $ | 6,428 | $ | 67,386 | $ | 221,957 |
(in thousands) | (in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due(1) | Total Past Due | Non-Accrual Loans(2) | Current | Total | Non-Accrual With No Allowance | (in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Non-Accrual Loans(1) | Current | Total | Non-Accrual With No Allowance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 13,625 | $ | 6,395 | $ | 3,144 | $ | 23,164 | $ | 20,373 | $ | 11,467,995 | $ | 11,511,532 | $ | 12,675 | Commercial | $ | 10,405 | $ | 151 | $ | 30,602 | $ | 41,158 | $ | 27,968 | $ | 8,744,488 | $ | 8,813,614 | $ | 3,637 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | — | — | — | — | 17,572 | 944,667 | 962,239 | 8,029 | Energy | — | — | — | — | 6,500 | 1,099,597 | 1,106,097 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage finance | Mortgage finance | — | — | — | — | — | 6,549,507 | 6,549,507 | — | Mortgage finance | — | — | — | — | — | 4,908,822 | 4,908,822 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | CRE | 29,852 | 4,139 | — | 33,991 | 190 | 3,288,639 | 3,322,820 | — | CRE | 52 | — | — | 52 | 187 | 3,310,033 | 3,310,272 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RBF | RBF | — | 3,000 | — | 3,000 | — | 607,093 | 610,093 | — | RBF | — | — | — | — | — | 600,567 | 600,567 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | 12,210 | 862,668 | 874,878 | 12,210 | Other | 700 | 2,453 | — | 3,153 | 1,081 | 786,033 | 790,267 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | Secured by 1-4 family | — | — | 62 | 62 | 181 | 310,815 | 311,058 | — | Secured by 1-4 family | — | — | 62 | 62 | 128 | 314,408 | 314,598 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 43,477 | $ | 13,534 | $ | 3,206 | $ | 60,217 | $ | 50,526 | $ | 24,031,384 | $ | 24,142,127 | $ | 32,914 | Total | $ | 11,157 | $ | 2,604 | $ | 30,664 | $ | 44,425 | $ | 35,864 | $ | 19,763,948 | $ | 19,844,237 | $ | 3,637 |
Extended Maturity | Adjusted Payment Schedule | Total | |||||||||||||||||||||||||||
(in thousands, except number of contracts) | Number of Contracts | Balance at Period End | Number of Contracts | Balance at Period End | Number of Contracts | Balance at Period End | |||||||||||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||
Commercial loans | — | $ | — | 1 | $ | 604 | 1 | $ | 604 | ||||||||||||||||||||
Total | — | $ | — | 1 | $ | 604 | 1 | $ | 604 | ||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Customer repurchase agreements | Customer repurchase agreements | $ | 1,536 | $ | 2,832 | Customer repurchase agreements | $ | 1,480 | $ | 2,832 | ||||||||||||||||||
Federal Home Loan Bank borrowings | Federal Home Loan Bank borrowings | 2,650,000 | 2,200,000 | Federal Home Loan Bank borrowings | 1,700,000 | 2,200,000 | ||||||||||||||||||||||
Total short-term borrowings | Total short-term borrowings | $ | 2,651,536 | $ | 2,202,832 | Total short-term borrowings | $ | 1,701,480 | $ | 2,202,832 |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Bank-issued floating rate senior unsecured credit-linked notes due 2024 | Bank-issued floating rate senior unsecured credit-linked notes due 2024 | $ | 258,497 | $ | 270,487 | Bank-issued floating rate senior unsecured credit-linked notes due 2024 | $ | 271,991 | $ | 270,487 | ||||||||||||||||||
Bank-issued 5.75% fixed rate subordinated notes due 2026 | 174,066 | 173,935 | ||||||||||||||||||||||||||
Bank-issued 5.25% fixed rate subordinated notes due 2026 | Bank-issued 5.25% fixed rate subordinated notes due 2026 | 174,131 | 173,935 | |||||||||||||||||||||||||
Company-issued 4.00% fixed rate subordinated notes due 2031 | Company-issued 4.00% fixed rate subordinated notes due 2031 | 371,129 | 370,910 | Company-issued 4.00% fixed rate subordinated notes due 2031 | 371,238 | 370,910 | ||||||||||||||||||||||
Trust preferred floating rate subordinated debentures due 2032 to 2036 | Trust preferred floating rate subordinated debentures due 2032 to 2036 | 113,406 | 113,406 | Trust preferred floating rate subordinated debentures due 2032 to 2036 | 113,406 | 113,406 | ||||||||||||||||||||||
Total long-term debt | Total long-term debt | $ | 917,098 | $ | 928,738 | Total long-term debt | $ | 930,766 | $ | 928,738 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2022 | 2021 | 2022 | 2021 | (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Beginning balance of allowance for off-balance sheet credit losses | Beginning balance of allowance for off-balance sheet credit losses | $ | 16,492 | $ | 17,147 | $ | 17,265 | $ | 17,434 | Beginning balance of allowance for off-balance sheet credit losses | $ | 17,981 | $ | 16,747 | $ | 17,265 | $ | 17,434 | ||||||||||||||||||||||||||||
Provision for off-balance sheet credit losses | Provision for off-balance sheet credit losses | 1,489 | (400) | 716 | (687) | Provision for off-balance sheet credit losses | 3,667 | 1,464 | 4,383 | 777 | ||||||||||||||||||||||||||||||||||||
Ending balance of allowance for off-balance sheet credit losses | Ending balance of allowance for off-balance sheet credit losses | $ | 17,981 | $ | 16,747 | $ | 17,981 | $ | 16,747 | Ending balance of allowance for off-balance sheet credit losses | $ | 21,648 | $ | 18,211 | $ | 21,648 | $ | 18,211 | ||||||||||||||||||||||||||||
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Commitments to extend credit - period end balance | Commitments to extend credit - period end balance | $ | 10,194,949 | $ | 9,445,763 | Commitments to extend credit - period end balance | $ | 9,182,739 | $ | 9,445,763 | ||||||||||||||||||||||||||||||||||||
Standby letters of credit - period end balance | Standby letters of credit - period end balance | 378,217 | 357,672 | Standby letters of credit - period end balance | 419,828 | 357,672 |
Actual | Minimum Capital Required(2) | Capital Required to be Well Capitalized | Actual | Minimum Capital Required(2) | Capital Required to be Well Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | (dollars in thousands) | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 | CET1 | CET1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | $ | 2,969,107 | 10.46 | % | $ | 1,986,272 | 7.00 | % | N/A | Company | $ | 3,011,505 | 11.08 | % | $ | 1,902,047 | 7.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,139,566 | 11.07 | % | 1,985,129 | 7.00 | % | 1,843,334 | 6.50 | % | Bank | 3,175,750 | 11.70 | % | 1,899,579 | 7.00 | % | 1,763,895 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 4,091,380 | 14.42 | % | 2,979,408 | 10.50 | % | 2,837,531 | 10.00 | % | Company | 4,143,219 | 15.25 | % | 2,853,071 | 10.50 | % | 2,717,210 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,690,710 | 13.01 | % | 2,977,694 | 10.50 | % | 2,835,899 | 10.00 | % | Bank | 3,736,226 | 13.77 | % | 2,849,369 | 10.50 | % | 2,713,685 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 3,379,107 | 11.91 | % | 2,411,901 | 8.50 | % | 1,702,519 | 6.00 | % | Company | 3,421,505 | 12.59 | % | 2,309,629 | 8.50 | % | 1,630,326 | 6.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,299,566 | 11.63 | % | 2,410,514 | 8.50 | % | 2,268,719 | 8.00 | % | Bank | 3,335,750 | 12.29 | % | 2,306,632 | 8.50 | % | 2,170,948 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets)(1) | Tier 1 capital (to average assets)(1) | Tier 1 capital (to average assets)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 3,379,107 | 10.67 | % | 1,266,734 | 4.00 | % | N/A | Company | 3,421,505 | 10.67 | % | 1,282,691 | 4.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,299,566 | 10.42 | % | 1,266,412 | 4.00 | % | 1,583,014 | 5.00 | % | Bank | 3,335,750 | 10.41 | % | 1,281,909 | 4.00 | % | 1,602,386 | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CET1 | CET1 | CET1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | $ | 2,949,785 | 11.06 | % | $ | 1,866,444 | 7.00 | % | N/A | Company | $ | 2,949,785 | 11.06 | % | $ | 1,866,444 | 7.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,013,170 | 11.30 | % | 1,866,303 | 7.00 | % | 1,732,996 | 6.50 | % | Bank | 3,013,170 | 11.30 | % | 1,866,303 | 7.00 | % | 1,732,996 | 6.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | Total capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 4,085,540 | 15.32 | % | 2,799,666 | 10.50 | % | 2,666,348 | 10.00 | % | Company | 4,085,540 | 15.32 | % | 2,799,666 | 10.50 | % | 2,666,348 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,578,014 | 13.42 | % | 2,799,455 | 10.50 | % | 2,666,148 | 10.00 | % | Bank | 3,578,014 | 13.42 | % | 2,799,455 | 10.50 | % | 2,666,148 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | Tier 1 capital (to risk-weighted assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 3,359,785 | 12.60 | % | 2,266,396 | 8.50 | % | 1,599,809 | 6.00 | % | Company | 3,359,785 | 12.60 | % | 2,266,396 | 8.50 | % | 1,599,809 | 6.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,173,170 | 11.90 | % | 2,266,225 | 8.50 | % | 2,132,918 | 8.00 | % | Bank | 3,173,170 | 11.90 | % | 2,266,225 | 8.50 | % | 2,132,918 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets)(1) | Tier 1 capital (to average assets)(1) | Tier 1 capital (to average assets)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Company | 3,359,785 | 9.01 | % | 1,490,902 | 4.00 | % | N/A | Company | 3,359,785 | 9.01 | % | 1,490,902 | 4.00 | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank | Bank | 3,173,170 | 8.51 | % | 1,490,677 | 4.00 | % | 1,863,346 | 5.00 | % | Bank | 3,173,170 | 8.51 | % | 1,490,677 | 4.00 | % | 1,863,346 | 5.00 | % |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2022 | 2021 | 2022 | 2021 | (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Stock-settled awards: | Stock-settled awards: | Stock-settled awards: | ||||||||||||||||||||||||||||||||||||||||||||
RSUs | RSUs | $ | 5,022 | $ | 8,315 | $ | 10,429 | $ | 13,775 | RSUs | $ | 5,376 | $ | 8,324 | $ | 15,805 | $ | 22,099 | ||||||||||||||||||||||||||||
Restricted stock | Restricted stock | — | — | — | 1 | Restricted stock | — | — | — | 1 | ||||||||||||||||||||||||||||||||||||
Cash-settled units | Cash-settled units | 2 | 121 | 183 | 1,028 | Cash-settled units | 3 | 64 | 186 | 1,092 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 5,024 | $ | 8,436 | $ | 10,612 | $ | 14,804 | Total | $ | 5,379 | $ | 8,388 | $ | 15,991 | $ | 23,192 |
(in thousands except period data) | |||||
Unrecognized compensation expense related to unvested stock-settled awards | $ | ||||
Weighted average period over which expense is expected to be recognized, in years |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Level 1 | Level 2 | Level 3 | (in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | $ | 625,803 | $ | — | $ | — | U.S. Treasury securities | $ | 637,281 | $ | — | $ | — | ||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | — | 108,618 | — | U.S. government agency securities | — | 101,690 | — | ||||||||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | — | 1,789,555 | — | Residential mortgage-backed securities | — | 1,630,101 | — | ||||||||||||||||||||||||||
CRT securities | CRT securities | — | — | 11,670 | CRT securities | — | — | 11,702 | ||||||||||||||||||||||||||
Equity securities(1)(2) | Equity securities(1)(2) | 24,724 | 11,394 | — | Equity securities(1)(2) | 21,932 | 11,041 | — | ||||||||||||||||||||||||||
Loans held for sale(3) | — | — | 4,266 | |||||||||||||||||||||||||||||||
Mortgage loans held for sale(3) | Mortgage loans held for sale(3) | — | — | 4,387 | ||||||||||||||||||||||||||||||
Derivative assets(4) | Derivative assets(4) | — | 11,049 | — | Derivative assets(4) | — | 24,093 | — | ||||||||||||||||||||||||||
Derivative liabilities(4) | Derivative liabilities(4) | — | 46,215 | — | Derivative liabilities(4) | — | 108,608 | — | ||||||||||||||||||||||||||
Non-qualified deferred compensation plan liabilities(5) | Non-qualified deferred compensation plan liabilities(5) | 22,938 | — | — | Non-qualified deferred compensation plan liabilities(5) | 20,028 | — | — | ||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||
U.S. government agency securities | U.S. government agency securities | $ | — | $ | 120,944 | $ | — | U.S. government agency securities | $ | — | $ | 120,944 | $ | — | ||||||||||||||||||||
Residential mortgage-backed securities | Residential mortgage-backed securities | — | 3,225,378 | — | Residential mortgage-backed securities | — | 3,225,378 | — | ||||||||||||||||||||||||||
Tax-exempt asset-backed securities | Tax-exempt asset-backed securities | — | — | 180,033 | Tax-exempt asset-backed securities | — | — | 180,033 | ||||||||||||||||||||||||||
CRT securities | CRT securities | — | — | 11,846 | CRT securities | — | — | 11,846 | ||||||||||||||||||||||||||
Equity securities(1)(2) | Equity securities(1)(2) | 33,589 | 12,018 | — | Equity securities(1)(2) | 33,589 | 12,018 | — | ||||||||||||||||||||||||||
Loans held for sale(3) | — | 465 | 7,658 | |||||||||||||||||||||||||||||||
Mortgage loans held for sale(3) | Mortgage loans held for sale(3) | — | 465 | 7,658 | ||||||||||||||||||||||||||||||
Derivative assets(4) | Derivative assets(4) | — | 37,788 | — | Derivative assets(4) | — | 37,788 | — | ||||||||||||||||||||||||||
Derivative liabilities(4) | Derivative liabilities(4) | — | 37,788 | — | Derivative liabilities(4) | — | 37,788 | — | ||||||||||||||||||||||||||
Non-qualified deferred compensation plan liabilities(5) | Non-qualified deferred compensation plan liabilities(5) | 29,695 | — | — | Non-qualified deferred compensation plan liabilities(5) | 29,695 | — | — |
Net Gains (Losses) | Net Gains (Losses) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Balance at Beginning of Period | Purchases / Additions | Sales / Reductions | Realized | Unrealized | Balance at End of Period | (in thousands) | Balance at Beginning of Period | Purchases / Additions | Sales / Reductions | Realized | Unrealized | Balance at End of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 165,845 | $ | — | $ | (166,890) | $ | — | $ | 1,045 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | 11,901 | — | — | — | (231) | 11,670 | CRT securities | $ | 11,670 | $ | — | $ | — | $ | — | $ | 32 | $ | 11,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale(2) | Loans held for sale(2) | 8,085 | — | (4,029) | — | 210 | 4,266 | Loans held for sale(2) | 4,266 | 571 | (450) | — | — | 4,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | Tax-exempt asset-backed securities | $ | 181,566 | $ | — | $ | (142) | $ | — | $ | 4,530 | $ | 185,954 | Tax-exempt asset-backed securities | $ | 185,954 | $ | — | $ | (2,270) | $ | — | $ | 1,136 | $ | 184,820 | ||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | 11,465 | — | — | — | 248 | 11,713 | CRT securities | 11,713 | — | — | — | 91 | 11,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale(2) | Loans held for sale(2) | 7,275 | 1,148 | (246) | — | 50 | 8,227 | Loans held for sale(2) | 8,227 | 440 | (870) | — | (96) | 7,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | Tax-exempt asset-backed securities | $ | 180,033 | $ | — | $ | (170,626) | $ | — | $ | (9,407) | $ | — | Tax-exempt asset-backed securities | $ | 180,033 | $ | — | $ | (170,626) | $ | — | $ | (9,407) | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | 11,846 | — | — | — | (176) | 11,670 | CRT securities | 11,846 | — | — | — | (144) | 11,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale(2) | Loans held for sale(2) | 7,658 | 1,327 | (4,600) | — | (119) | 4,266 | Loans held for sale(2) | 7,658 | 1,898 | (5,050) | — | (119) | 4,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | Available-for-sale debt securities:(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | Tax-exempt asset-backed securities | $ | 199,176 | $ | — | $ | (11,513) | $ | — | $ | (1,709) | $ | 185,954 | Tax-exempt asset-backed securities | $ | 199,176 | $ | — | $ | (13,783) | $ | — | $ | (573) | $ | 184,820 | ||||||||||||||||||||||||||||||||||||||||||||
CRT securities | CRT securities | 11,417 | — | — | — | 296 | 11,713 | CRT securities | 11,417 | — | — | — | 387 | 11,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale(2) | Loans held for sale(2) | 6,933 | 1,685 | (525) | 5 | 129 | 8,227 | Loans held for sale(2) | 6,933 | 2,125 | (1,395) | 5 | 33 | 7,701 |
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Carrying Amount | Total | Level 1 | Level 2 | Level 3 | (in thousands) | Carrying Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 4,275,356 | $ | 4,275,356 | $ | 4,275,356 | $ | — | $ | — | Cash and cash equivalents | $ | 3,640,247 | $ | 3,640,247 | $ | 3,640,247 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | 2,535,646 | 2,535,646 | 625,803 | 1,898,173 | 11,670 | Available-for-sale debt securities | 2,380,774 | 2,380,774 | 637,281 | 1,731,791 | 11,702 | ||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity debt securities | Held-to-maturity debt securities | 980,935 | 899,247 | — | 899,247 | — | Held-to-maturity debt securities | 955,875 | 819,701 | — | 819,701 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 36,118 | 36,118 | 24,724 | 11,394 | — | Equity securities | 32,973 | 32,973 | 21,932 | 11,041 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 4,266 | 4,266 | — | — | 4,266 | Loans held for sale | 3,142,178 | 3,113,806 | — | — | 3,113,806 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, net | Loans held for investment, net | 23,838,360 | 23,741,360 | — | — | 23,741,360 | Loans held for investment, net | 19,553,168 | 19,472,586 | — | — | 19,472,586 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 11,049 | 11,049 | — | 11,049 | — | Derivative assets | 24,093 | 24,093 | — | 24,093 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 25,440,021 | 25,439,069 | — | — | 25,439,069 | Total deposits | 24,498,563 | 24,502,640 | — | — | 24,502,640 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 2,651,536 | 2,651,536 | — | 2,651,536 | — | Short-term borrowings | 1,701,480 | 1,701,480 | — | 1,701,480 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 917,098 | 882,258 | — | 882,258 | — | Long-term debt | 930,766 | 873,342 | — | 873,342 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 46,215 | 46,215 | — | 46,215 | — | Derivative liabilities | 108,608 | 108,608 | — | 108,608 | — | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets: | Financial assets: | Financial assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 7,946,659 | $ | 7,946,659 | $ | 7,946,659 | $ | — | $ | — | Cash and cash equivalents | $ | 7,946,659 | $ | 7,946,659 | $ | 7,946,659 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Available-for-sale debt securities | Available-for-sale debt securities | 3,538,201 | 3,538,201 | — | 3,346,322 | 191,879 | Available-for-sale debt securities | 3,538,201 | 3,538,201 | — | 3,346,322 | 191,879 | ||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 45,607 | 45,607 | 33,589 | 12,018 | — | Equity securities | 45,607 | 45,607 | 33,589 | 12,018 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 8,123 | 8,123 | — | 465 | 7,658 | Loans held for sale | 8,123 | 8,123 | — | 465 | 7,658 | ||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, net | Loans held for investment, net | 22,595,088 | 22,631,252 | — | — | 22,631,252 | Loans held for investment, net | 22,595,088 | 22,631,252 | — | — | 22,631,252 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | Derivative assets | 37,788 | 37,788 | — | 37,788 | — | Derivative assets | 37,788 | 37,788 | — | 37,788 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities: | Financial liabilities: | Financial liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 28,109,365 | 28,109,762 | — | — | 28,109,762 | Total deposits | 28,109,365 | 28,109,762 | — | — | 28,109,762 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 2,202,832 | 2,202,832 | — | 2,202,832 | — | Short-term borrowings | 2,202,832 | 2,202,832 | — | 2,202,832 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 928,738 | 952,404 | — | 952,404 | — | Long-term debt | 928,738 | 952,404 | — | 952,404 | — | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | 37,788 | 37,788 | — | 37,788 | — | Derivative liabilities | 37,788 | 37,788 | — | 37,788 | — |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Notional Amount | Asset Derivative | Liability Derivative | Notional Amount | Asset Derivative | Liability Derivative | (in thousands) | Notional Amount | Asset Derivative | Liability Derivative | Notional Amount | Asset Derivative | Liability Derivative | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedges | Derivatives designated as hedges | Derivatives designated as hedges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | Interest rate contracts: | Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swaps hedging loans | Swaps hedging loans | $ | 750,000 | $ | 1,103 | $ | 1,180 | $ | — | $ | — | $ | — | Swaps hedging loans | $ | 3,000,000 | $ | 357 | $ | 80,135 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Non-hedging derivatives | Non-hedging derivatives | Non-hedging derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer-initiated and other derivatives: | Customer-initiated and other derivatives: | Customer-initiated and other derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | Interest rate contracts: | Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swaps | Swaps | 3,563,862 | 48,096 | 48,096 | 3,536,090 | 40,922 | 40,922 | Swaps | 3,989,586 | 86,138 | 86,138 | 3,536,090 | 40,922 | 40,922 | ||||||||||||||||||||||||||||||||||||||||||||
Caps and floors written | Caps and floors written | 122,810 | — | 1,197 | 191,291 | 94 | — | Caps and floors written | 130,415 | — | 1,489 | 191,291 | 94 | — | ||||||||||||||||||||||||||||||||||||||||||||
Caps and floors purchased | Caps and floors purchased | 122,810 | 1,197 | — | 191,291 | — | 94 | Caps and floors purchased | 130,415 | 1,489 | — | 191,291 | — | 94 | ||||||||||||||||||||||||||||||||||||||||||||
Forward contracts | Forward contracts | 395,239 | 1,227 | 1,147 | — | — | — | Forward contracts | 1,025,581 | 12,536 | 12,429 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Gross derivatives | Gross derivatives | 51,623 | 51,620 | 41,016 | 41,016 | Gross derivatives | 100,520 | 180,191 | 41,016 | 41,016 | ||||||||||||||||||||||||||||||||||||||||||||||||
Netting adjustment - offsetting derivative assets/liabilities | Netting adjustment - offsetting derivative assets/liabilities | (4,980) | (4,980) | (3,228) | (3,228) | Netting adjustment - offsetting derivative assets/liabilities | (2,476) | (2,476) | (3,228) | (3,228) | ||||||||||||||||||||||||||||||||||||||||||||||||
Netting adjustment - cash collateral received/posted | Netting adjustment - cash collateral received/posted | (35,594) | (425) | — | — | Netting adjustment - cash collateral received/posted | (73,951) | (69,107) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net derivatives included on the consolidated balance sheets | Net derivatives included on the consolidated balance sheets | $ | 11,049 | $ | 46,215 | $ | 37,788 | $ | 37,788 | Net derivatives included on the consolidated balance sheets | $ | 24,093 | $ | 108,608 | $ | 37,788 | $ | 37,788 |
(in thousands) | (in thousands) | Cash Flow Hedges | AFS Securities | HTM Securities | Total | (in thousands) | Cash Flow Hedges | Available-for-Sale Securities | Held-to-Maturity Securities | Total | ||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2022 | Three months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | — | $ | (151,564) | $ | (53,861) | $ | (205,425) | Beginning balance | $ | (316) | $ | (220,090) | $ | (51,802) | $ | (272,208) | ||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | 304 | (86,742) | — | (86,438) | Change in unrealized gain/(loss) | (78,177) | (129,027) | — | (207,204) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | (704) | — | 2,607 | 1,903 | Amounts reclassified into net income | (1,760) | — | 2,369 | 609 | ||||||||||||||||||||||||||||||||||||
Total OCI | (400) | (86,742) | 2,607 | (84,535) | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | (79,937) | (129,027) | 2,369 | (206,595) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | (84) | (18,216) | 548 | (17,752) | Income tax expense/(benefit) | (16,786) | (27,095) | 497 | (43,384) | ||||||||||||||||||||||||||||||||||||
Total OCI, net of tax | (316) | (68,526) | 2,059 | (66,783) | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | Total other comprehensive income/(loss), net of tax | (63,151) | (101,932) | 1,872 | (163,211) | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (316) | $ | (220,090) | $ | (51,802) | $ | (272,208) | Ending balance | $ | (63,467) | $ | (322,022) | $ | (49,930) | $ | (435,419) | ||||||||||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | — | $ | (56,437) | $ | — | $ | (56,437) | Beginning balance | $ | — | $ | (26,389) | $ | — | $ | (26,389) | ||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | — | 38,037 | — | 38,037 | Change in unrealized gain/(loss) | — | (18,131) | — | (18,131) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | — | — | — | — | Amounts reclassified into net income | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total OCI | — | 38,037 | — | 38,037 | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | — | (18,131) | — | (18,131) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | — | 7,989 | — | 7,989 | Income tax expense/(benefit) | — | (3,808) | — | (3,808) | ||||||||||||||||||||||||||||||||||||
Total OCI, net of tax | — | 30,048 | — | 30,048 | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | Total other comprehensive income/(loss), net of tax | — | (14,323) | — | (14,323) | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | — | $ | (26,389) | $ | — | $ | (26,389) | Ending balance | $ | — | $ | (40,712) | $ | — | $ | (40,712) | ||||||||||||||||||||||||||||
Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | — | $ | (47,715) | $ | — | $ | (47,715) | Beginning balance | $ | — | $ | (47,715) | $ | — | $ | (47,715) | ||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | 304 | (218,196) | (69,165) | (287,057) | Change in unrealized gain/(loss) | (77,873) | (347,223) | (69,165) | (494,261) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | (704) | — | 3,593 | 2,889 | Amounts reclassified into net income | (2,464) | — | 5,962 | 3,498 | ||||||||||||||||||||||||||||||||||||
Total OCI | (400) | (218,196) | (65,572) | (284,168) | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | (80,337) | (347,223) | (63,203) | (490,763) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | (84) | (45,821) | (13,770) | (59,675) | Income tax expense/(benefit) | (16,870) | (72,916) | (13,273) | (103,059) | ||||||||||||||||||||||||||||||||||||
Total OCI, net of tax | (316) | (172,375) | (51,802) | (224,493) | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | Total other comprehensive income/(loss), net of tax | (63,467) | (274,307) | (49,930) | (387,704) | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (316) | $ | (220,090) | $ | (51,802) | $ | (272,208) | Ending balance | $ | (63,467) | $ | (322,022) | $ | (49,930) | $ | (435,419) | ||||||||||||||||||||||||||||
Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | — | $ | 15,774 | $ | — | $ | 15,774 | Beginning balance | $ | — | $ | 15,774 | $ | — | $ | 15,774 | ||||||||||||||||||||||||||||
Change in unrealized gain/(loss) | Change in unrealized gain/(loss) | — | (53,370) | — | (53,370) | Change in unrealized gain/(loss) | — | (71,501) | — | (71,501) | ||||||||||||||||||||||||||||||||||||
Amounts reclassified into net income | Amounts reclassified into net income | — | — | — | — | Amounts reclassified into net income | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total OCI | — | (53,370) | — | (53,370) | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | Total other comprehensive income/(loss) | — | (71,501) | — | (71,501) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | Income tax expense/(benefit) | — | (11,207) | — | (11,207) | Income tax expense/(benefit) | — | (15,015) | — | (15,015) | ||||||||||||||||||||||||||||||||||||
Total OCI, net of tax | — | (42,163) | — | (42,163) | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | Total other comprehensive income/(loss), net of tax | — | (56,486) | — | (56,486) | |||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | — | $ | (26,389) | $ | — | $ | (26,389) | Ending balance | $ | — | $ | (40,712) | $ | — | $ | (40,712) |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | (dollars in thousands except per share data) | 2022 | 2021 | 2022 | 2021 | (dollars in thousands except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 205,531 | $ | 189,457 | $ | 389,078 | $ | 384,269 | Net interest income | $ | 239,080 | $ | 190,536 | $ | 628,158 | $ | 574,805 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 22,000 | (19,000) | 20,000 | (25,000) | Provision for credit losses | 12,000 | 5,000 | 32,000 | (20,000) | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | 26,242 | 37,639 | 46,524 | 81,992 | Non-interest income | 25,333 | 24,779 | 71,857 | 106,771 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | 164,303 | 149,060 | 317,395 | 299,376 | Non-interest expense | 197,047 | 152,987 | 514,442 | 452,363 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 45,470 | 97,036 | 98,207 | 191,885 | Income before income taxes | 55,366 | 57,328 | 153,573 | 249,213 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 11,311 | 23,555 | 24,398 | 46,466 | Income tax expense | 13,948 | 13,938 | 38,346 | 60,404 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 34,159 | 73,481 | 73,809 | 145,419 | Net income | 41,418 | 43,390 | 115,227 | 188,809 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | 4,312 | 6,317 | 8,625 | 10,096 | Preferred stock dividends | 4,313 | 4,312 | 12,938 | 14,408 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 29,847 | $ | 67,164 | $ | 65,184 | $ | 135,323 | Net income available to common stockholders | $ | 37,105 | $ | 39,078 | $ | 102,289 | $ | 174,401 | ||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.59 | $ | 1.33 | $ | 1.29 | $ | 2.68 | Basic earnings per common share | $ | 0.74 | $ | 0.77 | $ | 2.03 | $ | 3.45 | ||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.59 | $ | 1.31 | $ | 1.28 | $ | 2.65 | Diluted earnings per common share | $ | 0.74 | $ | 0.76 | $ | 2.00 | $ | 3.41 | ||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 2.68 | % | 2.02 | % | 2.45 | % | 2.03 | % | Net interest margin | 3.05 | % | 2.11 | % | 2.64 | % | 2.06 | % | ||||||||||||||||||||||||||||||||||||||||
Return on average assets | 0.44 | % | 0.76 | % | 0.45 | % | 0.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity | 4.35 | % | 9.74 | % | 4.67 | % | 9.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Return on average assets (“ROA”) | Return on average assets (“ROA”) | 0.52 | % | 0.47 | % | 0.47 | % | 0.66 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Return on average common equity (“ROE”) | Return on average common equity (“ROE”) | 5.36 | % | 5.41 | % | 4.90 | % | 8.35 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income to average earning assets | Non-interest income to average earning assets | 0.34 | % | 0.40 | % | 0.29 | % | 0.43 | % | Non-interest income to average earning assets | 0.33 | % | 0.27 | % | 0.30 | % | 0.38 | % | ||||||||||||||||||||||||||||||||||||||||
Efficiency ratio(1) | Efficiency ratio(1) | 70.9 | % | 65.6 | % | 72.9 | % | 64.2 | % | Efficiency ratio(1) | 74.5 | % | 71.1 | % | 73.5 | % | 66.4 | % | ||||||||||||||||||||||||||||||||||||||||
Non-interest expense to average earning assets | Non-interest expense to average earning assets | 2.16 | % | 1.59 | % | 2.00 | % | 1.58 | % | Non-interest expense to average earning assets | 2.53 | % | 1.69 | % | 2.18 | % | 1.61 | % |
Three months ended June 30, 2022 | Three months ended June 30, 2021 | Three months ended September 30, 2022 | Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except percentages) | (in thousands except percentages) | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | (in thousands except percentages) | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities(2) | Investment securities(2) | $ | 3,543,576 | $ | 15,065 | 1.60 | % | $ | 3,543,270 | $ | 11,369 | 1.29 | % | Investment securities(2) | $ | 3,509,044 | $ | 15,002 | 1.58 | % | $ | 3,775,812 | $ | 10,684 | 1.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | Interest-bearing cash and cash equivalents | 4,747,377 | 9,394 | 0.79 | % | 11,583,759 | 2,961 | 0.10 | % | Interest-bearing cash and cash equivalents | 4,453,806 | 24,596 | 2.19 | % | 9,046,095 | 3,606 | 0.16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 8,123 | 62 | 3.07 | % | 93,164 | 781 | 3.36 | % | Loans held for sale | 1,029,983 | 11,316 | 4.36 | % | 18,791 | 54 | 1.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, mortgage finance | Loans held for investment, mortgage finance | 5,858,599 | 49,914 | 3.42 | % | 7,462,223 | 57,401 | 3.09 | % | Loans held for investment, mortgage finance | 5,287,531 | 52,756 | 3.96 | % | 7,987,521 | 58,913 | 2.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment(3) | Loans held for investment(3) | 16,616,234 | 168,407 | 4.07 | % | 15,242,975 | 144,978 | 3.81 | % | Loans held for investment(3) | 16,843,922 | 218,512 | 5.15 | % | 15,266,167 | 143,864 | 3.74 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for credit losses on loans | Less: Allowance for credit losses on loans | 211,385 | — | — | 241,676 | — | — | Less: Allowance for credit losses on loans | 229,005 | — | — | 220,984 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, net | Loans held for investment, net | 22,263,448 | 218,321 | 3.93 | % | 22,463,522 | 202,379 | 3.61 | % | Loans held for investment, net | 21,902,448 | 271,268 | 4.91 | % | 23,032,704 | 202,777 | 3.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 30,562,524 | 242,842 | 3.16 | % | 37,683,715 | 217,490 | 2.31 | % | Total earning assets | 30,895,281 | 322,182 | 4.10 | % | 35,873,402 | 217,121 | 2.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and other assets | Cash and other assets | 870,396 | 996,946 | Cash and other assets | 918,630 | 855,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 31,432,920 | $ | 38,680,661 | Total assets | $ | 31,813,911 | $ | 36,728,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction deposits | Transaction deposits | $ | 1,671,729 | $ | 3,920 | 0.94 | % | $ | 3,795,152 | $ | 5,395 | 0.57 | % | Transaction deposits | $ | 1,444,964 | $ | 5,239 | 1.44 | % | $ | 3,012,547 | $ | 4,737 | 0.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 8,696,819 | 15,462 | 0.71 | % | 11,296,382 | 8,990 | 0.32 | % | Savings deposits | 10,249,387 | 46,555 | 1.80 | % | 10,044,995 | 8,262 | 0.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 877,399 | 1,184 | 0.54 | % | 1,755,993 | 1,886 | 0.43 | % | Time deposits | 1,701,238 | 8,523 | 1.99 | % | 1,640,562 | 1,720 | 0.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | Total interest bearing deposits | 11,245,947 | 20,566 | 0.73 | % | 16,847,527 | 16,271 | 0.39 | % | Total interest bearing deposits | 13,395,589 | 60,317 | 1.79 | % | 14,698,104 | 14,719 | 0.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 2,232,119 | 4,859 | 0.87 | % | 2,349,718 | 502 | 0.09 | % | Short-term borrowings | 1,931,537 | 10,011 | 2.06 | % | 2,299,692 | 748 | 0.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 929,616 | 11,393 | 4.92 | % | 881,309 | 10,723 | 4.88 | % | Long-term debt | 921,707 | 12,663 | 5.45 | % | 927,626 | 10,586 | 4.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | Total interest bearing liabilities | 14,407,682 | 36,818 | 1.02 | % | 20,078,554 | 27,496 | 0.55 | % | Total interest bearing liabilities | 16,248,833 | 82,991 | 2.03 | % | 17,925,422 | 26,053 | 0.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | 13,747,876 | 15,139,546 | Non-interest bearing deposits | 12,214,531 | 15,363,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 227,701 | 274,401 | Other liabilities | 305,554 | 275,317 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 3,049,661 | 3,188,160 | Stockholders’ equity | 3,044,993 | 3,164,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 31,432,920 | $ | 38,680,661 | Total liabilities and stockholders’ equity | $ | 31,813,911 | $ | 36,728,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 206,024 | $ | 189,994 | Net interest income | $ | 239,191 | $ | 191,068 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 2.68 | % | 2.02 | % | Net interest margin | 3.05 | % | 2.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | Net interest spread | 2.14 | % | 1.76 | % | Net interest spread | 2.07 | % | 1.82 | % |
Six months ended June 30, 2022 | Six months ended June 30, 2021 | Nine months ended September 30, 2022 | Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except percentages) | (in thousands except percentages) | Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | (in thousands except percentages) | Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities(2) | Investment securities(2) | $ | 3,606,069 | $ | 32,809 | 1.75 | % | $ | 3,483,254 | $ | 21,728 | 1.25 | % | Investment securities(2) | $ | 3,573,372 | $ | 47,811 | 1.69 | % | $ | 3,581,845 | $ | 32,412 | 1.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | Interest-bearing cash and cash equivalents | 6,639,327 | 12,965 | 0.39 | % | 11,713,931 | 5,894 | 0.10 | % | Interest-bearing cash and cash equivalents | 5,902,815 | 37,561 | 0.85 | % | 10,814,879 | 9,500 | 0.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 7,880 | 175 | 4.49 | % | 167,830 | 2,376 | 2.85 | % | Loans held for sale | 352,325 | 11,491 | 4.36 | % | 117,604 | 2,430 | 2.76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, mortgage finance | Loans held for investment, mortgage finance | 5,796,097 | 93,379 | 3.25 | % | 7,818,014 | 122,343 | 3.16 | % | Loans held for investment, mortgage finance | 5,624,712 | 146,135 | 3.47 | % | 7,875,138 | 181,256 | 3.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment(3) | Loans held for investment(3) | 16,153,845 | 312,542 | 3.90 | % | 15,349,838 | 288,913 | 3.80 | % | Loans held for investment(3) | 16,386,399 | 531,054 | 4.33 | % | 15,321,641 | 432,777 | 3.78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Allowance for credit losses on loans | Less: Allowance for credit losses on loans | 211,995 | — | — | 248,151 | — | — | Less: Allowance for credit losses on loans | 217,728 | — | — | 238,996 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, net | Loans held for investment, net | 21,737,947 | 405,921 | 3.77 | % | 22,919,701 | 411,256 | 3.62 | % | Loans held for investment, net | 21,793,383 | 677,189 | 4.15 | % | 22,957,783 | 614,033 | 3.58 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 31,991,223 | 451,870 | 2.83 | % | 38,284,716 | 441,254 | 2.32 | % | Total earning assets | 31,621,895 | 774,052 | 3.25 | % | 37,472,111 | 658,375 | 2.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and other assets | Cash and other assets | 845,082 | 1,030,625 | Cash and other assets | 869,867 | 971,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 32,836,305 | $ | 39,315,341 | Total assets | $ | 32,491,762 | $ | 38,443,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | Liabilities and Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction deposits | Transaction deposits | $ | 2,050,106 | $ | 7,883 | 0.78 | % | $ | 3,893,015 | $ | 11,256 | 0.58 | % | Transaction deposits | $ | 1,846,175 | $ | 13,122 | 0.95 | % | $ | 3,596,301 | $ | 15,993 | 0.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 9,553,920 | 24,044 | 0.51 | % | 12,088,776 | 19,778 | 0.33 | % | Savings deposits | 9,788,290 | 70,599 | 0.96 | % | 11,400,029 | 28,040 | 0.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 957,615 | 2,269 | 0.48 | % | 1,978,879 | 5,241 | 0.53 | % | Time deposits | 1,208,213 | 10,792 | 1.19 | % | 1,864,867 | 6,961 | 0.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | Total interest-bearing deposits | 12,561,641 | 34,196 | 0.55 | % | 17,960,670 | 36,275 | 0.41 | % | Total interest-bearing deposits | 12,842,678 | 94,513 | 0.98 | % | 16,861,197 | 50,994 | 0.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 2,002,724 | 5,617 | 0.57 | % | 2,517,128 | 3,094 | 0.25 | % | Short-term borrowings | 1,978,735 | 15,628 | 1.06 | % | 2,443,853 | 3,842 | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 929,312 | 21,988 | 4.77 | % | 674,171 | 16,466 | 4.93 | % | Long-term debt | 926,749 | 34,651 | 5.00 | % | 759,584 | 27,052 | 4.76 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 15,493,677 | 61,801 | 0.80 | % | 21,151,969 | 55,835 | 0.53 | % | Total interest-bearing liabilities | 15,748,162 | 144,792 | 1.23 | % | 20,064,634 | 81,888 | 0.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | 13,990,465 | 14,782,509 | Non-interest bearing deposits | 13,391,981 | 14,978,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 235,378 | 291,925 | Other liabilities | 259,028 | 286,328 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 3,116,785 | 3,088,938 | Stockholders’ equity | 3,092,591 | 3,114,453 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 32,836,305 | $ | 39,315,341 | Total liabilities and stockholders’ equity | $ | 32,491,762 | $ | 38,443,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 390,069 | $ | 385,419 | Net interest income | $ | 629,260 | $ | 576,487 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | Net interest margin | 2.45 | % | 2.03 | % | Net interest margin | 2.64 | % | 2.06 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | Net interest spread | 2.03 | % | 1.79 | % | Net interest spread | 2.02 | % | 1.80 | % |
Three months ended June 30, 2022/2021 | Six months ended June 30, 2022/2021 | Three months ended September 30, 2022/2021 | Nine months ended September 30, 2022/2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Change | Change due to(1) | Net Change | Change Due To(1) | Net Change | Change due to(1) | Net Change | Change Due To(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Volume | Yield/Rate(2) | Volume | Yield/Rate(2) | (in thousands) | Volume | Yield/Rate(2) | Volume | Yield/Rate(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | Interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | $ | 3,696 | $ | 1 | $ | 3,695 | $ | 11,081 | $ | 749 | $ | 10,332 | Investment securities | $ | 4,318 | $ | (753) | $ | 5,071 | $ | 15,399 | $ | (4) | $ | 15,403 | ||||||||||||||||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | 6,433 | (1,705) | 8,138 | 7,071 | (2,516) | 9,587 | Interest bearing cash and cash equivalents | 20,990 | (1,852) | 22,842 | 28,061 | (4,368) | 32,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | (719) | (712) | (7) | (2,201) | (2,258) | 57 | Loans held for sale | 11,262 | 2,906 | 8,356 | 9,061 | 648 | 8,413 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, mortgage finance loans | Loans held for investment, mortgage finance loans | (7,487) | (12,354) | 4,867 | (28,964) | (31,766) | 2,802 | Loans held for investment, mortgage finance loans | (6,157) | (19,940) | 13,783 | (35,121) | (51,706) | 16,585 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 23,429 | 13,044 | 10,385 | 23,629 | 15,173 | 8,456 | Loans held for investment | 74,648 | 14,873 | 59,775 | 98,277 | 30,046 | 68,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 25,352 | (1,726) | 27,078 | 10,616 | (20,618) | 31,234 | Total | 105,061 | (4,766) | 109,827 | 115,677 | (25,384) | 141,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction deposits | Transaction deposits | (1,475) | (3,018) | 1,543 | (3,373) | (5,325) | 1,952 | Transaction deposits | 502 | (2,450) | 2,952 | (2,871) | (7,775) | 4,904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | Savings deposits | 6,472 | (2,074) | 8,546 | 4,266 | (4,144) | 8,410 | Savings deposits | 38,293 | 170 | 38,123 | 42,559 | (3,974) | 46,533 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | (702) | (942) | 240 | (2,972) | (2,724) | (248) | Time deposits | 6,803 | 64 | 6,739 | 3,831 | (2,660) | 6,491 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 4,357 | (26) | 4,383 | 2,523 | (906) | 3,429 | Short-term borrowings | 9,263 | (121) | 9,384 | 11,786 | (1,027) | 12,813 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 670 | 588 | 82 | 5,522 | 6,323 | (801) | Long-term debt | 2,077 | (68) | 2,145 | 7,599 | 6,255 | 1,344 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 9,322 | (5,472) | 14,794 | 5,966 | (6,776) | 12,742 | Total | 56,938 | (2,405) | 59,343 | 62,904 | (9,181) | 72,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 16,030 | $ | 3,746 | $ | 12,284 | $ | 4,650 | $ | (13,842) | $ | 18,492 | Net interest income | $ | 48,123 | $ | (2,361) | $ | 50,484 | $ | 52,773 | $ | (16,203) | $ | 68,976 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2022 | 2021 | 2022 | 2021 | (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | $ | 6,003 | $ | 4,634 | $ | 12,025 | $ | 9,350 | Service charges on deposit accounts | $ | 5,701 | $ | 4,622 | $ | 17,726 | $ | 13,972 | ||||||||||||||||||||||||||||||||||||||||
Wealth management and trust fee income | Wealth management and trust fee income | 4,051 | 3,143 | 7,963 | 5,998 | Wealth management and trust fee income | 3,631 | 3,382 | 11,594 | 9,380 | ||||||||||||||||||||||||||||||||||||||||||||||||
Brokered loan fees | Brokered loan fees | 4,133 | 6,933 | 8,103 | 16,244 | Brokered loan fees | 3,401 | 6,032 | 11,504 | 22,276 | ||||||||||||||||||||||||||||||||||||||||||||||||
Servicing income | Servicing income | 228 | 5,935 | 465 | 14,944 | Servicing income | 212 | 292 | 677 | 15,236 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment banking and trading income | Investment banking and trading income | 11,126 | 8,071 | 15,305 | 13,858 | Investment banking and trading income | 7,812 | 4,127 | 23,117 | 17,985 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gain/(loss) on sale of loans held for sale | Net gain/(loss) on sale of loans held for sale | — | (3,070) | — | 2,502 | Net gain/(loss) on sale of loans held for sale | — | (1,185) | — | 1,317 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 701 | 11,993 | 2,663 | 19,096 | Other | 4,576 | 7,509 | 7,239 | 26,605 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | $ | 26,242 | $ | 37,639 | $ | 46,524 | $ | 81,992 | Total non-interest income | $ | 25,333 | $ | 24,779 | $ | 71,857 | $ | 106,771 |
Three months ended June 30, | Six months ended June 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2022 | 2021 | 2022 | 2021 | (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and benefits | Salaries and benefits | $ | 103,885 | $ | 86,830 | $ | 203,983 | $ | 174,352 | Salaries and benefits | $ | 129,336 | $ | 87,503 | $ | 333,319 | $ | 261,855 | ||||||||||||||||||||||||||||||||||||||||
Occupancy expense | Occupancy expense | 8,874 | 7,865 | 17,759 | 16,139 | Occupancy expense | 9,433 | 8,324 | 27,192 | 24,463 | ||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 8,506 | 1,900 | 13,483 | 3,597 | Marketing | 8,282 | 2,123 | 21,765 | 5,720 | ||||||||||||||||||||||||||||||||||||||||||||||||
Legal and professional | Legal and professional | 11,288 | 9,147 | 21,590 | 17,424 | Legal and professional | 16,775 | 11,055 | 38,365 | 28,479 | ||||||||||||||||||||||||||||||||||||||||||||||||
Communications and technology | Communications and technology | 15,649 | 14,352 | 30,349 | 30,321 | Communications and technology | 18,470 | 28,374 | 48,819 | 58,695 | ||||||||||||||||||||||||||||||||||||||||||||||||
FDIC insurance assessment | FDIC insurance assessment | 3,318 | 5,226 | 7,299 | 11,839 | FDIC insurance assessment | 3,953 | 4,500 | 11,252 | 16,339 | ||||||||||||||||||||||||||||||||||||||||||||||||
Servicing-related expenses | Servicing-related expenses | — | 12,355 | — | 25,344 | Servicing-related expenses | — | 2,396 | — | 27,740 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 12,783 | 11,385 | 22,932 | 20,360 | Other | 10,798 | 8,712 | 33,730 | 29,072 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | $ | 164,303 | $ | 149,060 | $ | 317,395 | $ | 299,376 | Total non-interest expense | $ | 197,047 | $ | 152,987 | $ | 514,442 | $ | 452,363 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 11,511,532 | $ | 9,897,561 | Commercial | $ | 8,813,614 | $ | 9,897,561 | ||||||||||||||||||||||||||||||||||||||||||||||||
Energy | Energy | 962,239 | 721,373 | Energy | 1,106,097 | 721,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage finance | Mortgage finance | 6,549,507 | 7,475,497 | Mortgage finance | 4,908,822 | 7,475,497 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | Real estate | 5,118,849 | 4,777,530 | Real estate | 5,015,704 | 4,777,530 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross loans held for investment | Gross loans held for investment | $ | 24,142,127 | $ | 22,871,961 | Gross loans held for investment | $ | 19,844,237 | $ | 22,871,961 | ||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income (net of direct origination costs) | Deferred income (net of direct origination costs) | (74,754) | (65,007) | Deferred income (net of direct origination costs) | (56,456) | (65,007) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans held for investment | Total loans held for investment | 24,067,373 | 22,806,954 | Total loans held for investment | 19,787,781 | 22,806,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (229,013) | (211,866) | Allowance for credit losses on loans | (234,613) | (211,866) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans held for investment, net | Total loans held for investment, net | $ | 23,838,360 | $ | 22,595,088 | Total loans held for investment, net | $ | 19,553,168 | $ | 22,595,088 |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Non-accrual loans held for investment(1): | Non-accrual loans held for investment(1): | Non-accrual loans held for investment(1): | ||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||
Assets of the borrowers | Assets of the borrowers | $ | 14,454 | $ | 18,366 | Assets of the borrowers | $ | 23,561 | $ | 18,366 | ||||||||||||||||||||||||
Accounts receivable and inventory | Accounts receivable and inventory | 4,136 | 5,501 | Accounts receivable and inventory | 3,337 | 5,501 | ||||||||||||||||||||||||||||
Other | Other | 1,783 | 2,045 | Other | 1,070 | 2,045 | ||||||||||||||||||||||||||||
Total commercial | Total commercial | 20,373 | 25,912 | Total commercial | 27,968 | 25,912 | ||||||||||||||||||||||||||||
Energy: | Energy: | Energy: | ||||||||||||||||||||||||||||||||
Oil and gas properties | Oil and gas properties | 17,572 | 28,380 | Oil and gas properties | 6,500 | 28,380 | ||||||||||||||||||||||||||||
Total energy | Total energy | 17,572 | 28,380 | Total energy | 6,500 | 28,380 | ||||||||||||||||||||||||||||
Real estate: | Real estate: | Real estate: | ||||||||||||||||||||||||||||||||
Assets of the borrowers | Assets of the borrowers | 12,210 | 13,741 | Assets of the borrowers | — | 13,741 | ||||||||||||||||||||||||||||
Commercial property | Commercial property | 190 | 2,840 | Commercial property | 1,268 | 2,840 | ||||||||||||||||||||||||||||
Single family residences | Single family residences | 181 | 1,629 | Single family residences | 128 | 1,629 | ||||||||||||||||||||||||||||
Total real estate | Total real estate | 12,581 | 18,210 | Total real estate | 1,396 | 18,210 | ||||||||||||||||||||||||||||
Total non-accrual loans held for investment | Total non-accrual loans held for investment | 50,526 | 72,502 | Total non-accrual loans held for investment | 35,864 | 72,502 | ||||||||||||||||||||||||||||
Non-accrual loans held for sale | Non-accrual loans held for sale | — | — | Non-accrual loans held for sale | 1,340 | — | ||||||||||||||||||||||||||||
Other real estate owned | Other real estate owned | — | — | Other real estate owned | — | — | ||||||||||||||||||||||||||||
Total non-performing assets | Total non-performing assets | $ | 50,526 | $ | 72,502 | Total non-performing assets | $ | 37,204 | $ | 72,502 | ||||||||||||||||||||||||
Non-accrual loans held for investment to total loans held for investment | Non-accrual loans held for investment to total loans held for investment | 0.21 | % | 0.32 | % | Non-accrual loans held for investment to total loans held for investment | 0.18 | % | 0.32 | % | ||||||||||||||||||||||||
Total non-performing assets to total assets | Total non-performing assets to total assets | 0.12 | % | 0.21 | % | |||||||||||||||||||||||||||||
Allowance for credit losses on loans to non-accrual loans held for investment | Allowance for credit losses on loans to non-accrual loans held for investment | 4.5x | 2.9x | Allowance for credit losses on loans to non-accrual loans held for investment | 6.5x | 2.9x | ||||||||||||||||||||||||||||
Loans held for investment past due 90 days and still accruing(2) | $ | 3,206 | $ | 3,467 | ||||||||||||||||||||||||||||||
Loans held for investment past due 90 days and still accruing | Loans held for investment past due 90 days and still accruing | $ | 30,664 | $ | 3,467 | |||||||||||||||||||||||||||||
Loans held for investment past due 90 days to total loans held for investment | Loans held for investment past due 90 days to total loans held for investment | 0.01 | % | 0.02 | % | Loans held for investment past due 90 days to total loans held for investment | 0.15 | % | 0.02 | % | ||||||||||||||||||||||||
Loans held for sale past due 90 days and still accruing(3) | $ | 1,602 | $ | 3,986 | ||||||||||||||||||||||||||||||
Loans held for sale past due 90 days and still accruing(2)(3) | Loans held for sale past due 90 days and still accruing(2)(3) | $ | 4,877 | $ | 3,986 |
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Allowance for credit losses on loans to total loans held for investment | Allowance for credit losses on loans to total loans held for investment | 0.95 | % | 0.93 | % | Allowance for credit losses on loans to total loans held for investment | 1.19 | % | 0.93 | % | ||||||||||||
Allowance for credit losses on loans to total average loans held for investment(1) | 1.04 | % | 0.96 | % | ||||||||||||||||||
Allowance for credit losses on loans to average total loans held for investment(1) | Allowance for credit losses on loans to average total loans held for investment(1) | 1.07 | % | 0.96 | % | |||||||||||||||||
Total provision for credit losses to average total loans held for investment(1)(2) | Total provision for credit losses to average total loans held for investment(1)(2) | 0.18 | % | (0.22) | % | Total provision for credit losses to average total loans held for investment(1)(2) | 0.19 | % | (0.12) | % | ||||||||||||
Total allowance for credit losses to total loans held for investment | Total allowance for credit losses to total loans held for investment | 1.03 | % | 1.00 | % | Total allowance for credit losses to total loans held for investment | 1.30 | % | 1.01 | % |
Six months ended June 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Charge-offs | Net Charge-offs | Net Charge-offs | Net Charge-offs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | to Average | Net | to Average | Net | to Average | Net | to Average | |||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Loans(1) | Charge-offs | Loans(1) | Charge-offs | Loans(1) | Charge-offs | Loans(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | $ | 2,542 | 0.05 | % | $ | 2,505 | 0.06 | % | Commercial | $ | 2,661 | 0.03 | % | $ | 5,749 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||
Energy | Energy | (755) | (0.05) | % | 5,094 | 1.57 | % | Energy | 1,859 | 0.28 | % | 5,052 | 1.01 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage finance | Mortgage finance | — | — | % | — | — | % | Mortgage finance | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Real estate | Real estate | 350 | 0.01 | % | 1,192 | 0.04 | % | Real estate | 350 | 0.01 | % | 1,080 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 2,137 | 0.02 | % | $ | 8,791 | 0.08 | % | Total | $ | 4,870 | 0.03 | % | $ | 11,881 | 0.07 | % |
(in thousands except percentage data) | (in thousands except percentage data) | June 30, 2022 | December 31, 2021 | June 30, 2021 | (in thousands except percentage data) | September 30, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 4,032,931 | $ | 7,765,996 | $ | 6,768,650 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents as a percent of: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | $ | 3,399,638 | $ | 7,765,996 | $ | 8,317,926 | |||||||||||||||||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents as a percent of: | Interest bearing cash and cash equivalents as a percent of: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans held for investment | Total loans held for investment | 16.8 | % | 34.1 | % | 28.3 | % | Total loans held for investment | 17.2 | % | 34.1 | % | 35.0 | % | ||||||||||||||||||||||||||||||||||||||
Total earning assets | Total earning assets | 12.8 | % | 22.9 | % | 19.7 | % | Total earning assets | 11.5 | % | 22.9 | % | 23.4 | % | ||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 15.9 | % | 27.6 | % | 23.5 | % | Total deposits | 13.9 | % | 27.6 | % | 27.9 | % |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||||||||||||||||
Deposits from core customers | Deposits from core customers | $ | 24,176,479 | $ | 25,409,180 | $ | 26,309,504 | Deposits from core customers | $ | 23,209,196 | $ | 25,409,180 | $ | 27,339,071 | ||||||||||||||||||||
Deposits from core customers as a percent of total deposits | Deposits from core customers as a percent of total deposits | 95.1 | % | 90.4 | % | 91.2 | % | Deposits from core customers as a percent of total deposits | 94.7 | % | 90.4 | % | 91.7 | % | ||||||||||||||||||||
Relationship brokered deposits | Relationship brokered deposits | $ | 113,142 | $ | 1,855,892 | $ | 1,373,763 | Relationship brokered deposits | $ | 21,799 | $ | 1,855,892 | $ | 1,488,066 | ||||||||||||||||||||
Relationship brokered deposits as a percent of average total deposits | Relationship brokered deposits as a percent of average total deposits | 0.4 | % | 6.6 | % | 4.8 | % | Relationship brokered deposits as a percent of average total deposits | 0.1 | % | 6.6 | % | 5.0 | % | ||||||||||||||||||||
Traditional brokered deposits | Traditional brokered deposits | $ | 1,150,400 | $ | 844,293 | $ | 1,156,296 | Traditional brokered deposits | $ | 1,267,568 | $ | 844,293 | $ | 986,531 | ||||||||||||||||||||
Traditional brokered deposits as a percent of total deposits | Traditional brokered deposits as a percent of total deposits | 4.5 | % | 3.0 | % | 4.0 | % | Traditional brokered deposits as a percent of total deposits | 5.2 | % | 3.0 | % | 3.3 | % | ||||||||||||||||||||
Average deposits from core customers(1) | Average deposits from core customers(1) | $ | 24,993,505 | $ | 28,734,460 | $ | 29,545,933 | Average deposits from core customers(1) | $ | 24,705,297 | $ | 28,734,460 | $ | 28,930,264 | ||||||||||||||||||||
Average deposits from core customers as a percent of average total deposits | Average deposits from core customers as a percent of average total deposits | 94.2 | % | 91.1 | % | 90.2 | % | Average deposits from core customers as a percent of average total deposits | 94.1 | % | 91.1 | % | 90.8 | % | ||||||||||||||||||||
Average relationship brokered deposits(1) | Average relationship brokered deposits(1) | $ | 909,565 | $ | 1,608,587 | $ | 1,804,015 | Average relationship brokered deposits(1) | $ | 617,273 | $ | 1,608,587 | $ | 1,516,026 | ||||||||||||||||||||
Average relationship brokered deposits as a percent of average total deposits | Average relationship brokered deposits as a percent of average total deposits | 3.4 | % | 5.1 | % | 5.5 | % | Average relationship brokered deposits as a percent of average total deposits | 2.4 | % | 5.1 | % | 4.8 | % | ||||||||||||||||||||
Average traditional brokered deposits(1) | Average traditional brokered deposits(1) | $ | 649,036 | $ | 1,188,544 | $ | 1,393,231 | Average traditional brokered deposits(1) | $ | 912,089 | $ | 1,188,544 | $ | 1,393,231 | ||||||||||||||||||||
Average traditional brokered deposits as a percent of average total deposits | Average traditional brokered deposits as a percent of average total deposits | 2.4 | % | 3.8 | % | 4.3 | % | Average traditional brokered deposits as a percent of average total deposits | 3.5 | % | 3.8 | % | 4.4 | % |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Repurchase agreements | Repurchase agreements | $ | 1,536 | 2,832 | Repurchase agreements | $ | 1,480 | 2,832 | ||||||||||||||||||||
FHLB borrowings | FHLB borrowings | 2,650,000 | 2,200,000 | FHLB borrowings | 1,700,000 | 2,200,000 | ||||||||||||||||||||||
Total short-term borrowings | Total short-term borrowings | $ | 2,651,536 | 2,202,832 | Total short-term borrowings | $ | 1,701,480 | 2,202,832 |
(in thousands) | (in thousands) | June 30, 2022 | December 31, 2021 | (in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
FHLB borrowing capacity relating to loans | FHLB borrowing capacity relating to loans | $ | 3,019,254 | $ | 5,190,703 | FHLB borrowing capacity relating to loans | $ | 3,078,457 | $ | 5,190,703 | ||||||||||||||||||
FHLB borrowing capacity relating to securities | FHLB borrowing capacity relating to securities | 3,416,759 | 3,352,111 | FHLB borrowing capacity relating to securities | 3,324,946 | 3,352,111 | ||||||||||||||||||||||
Total FHLB borrowing capacity(1) | Total FHLB borrowing capacity(1) | $ | 6,436,013 | $ | 8,542,814 | Total FHLB borrowing capacity(1) | $ | 6,403,403 | $ | 8,542,814 | ||||||||||||||||||
Unused federal funds lines available from commercial banks | Unused federal funds lines available from commercial banks | $ | 1,456,000 | $ | 892,000 | Unused federal funds lines available from commercial banks | $ | 1,456,000 | $ | 892,000 | ||||||||||||||||||
Unused Federal Reserve borrowings capacity | Unused Federal Reserve borrowings capacity | $ | 3,479,343 | $ | 2,414,702 | Unused Federal Reserve borrowings capacity | $ | 3,572,804 | $ | 2,414,702 | ||||||||||||||||||
Unused revolving line of credit(2) | Unused revolving line of credit(2) | $ | 75,000 | $ | 75,000 | Unused revolving line of credit(2) | $ | 75,000 | $ | 75,000 |
(in thousands) | (in thousands) | 0-3 month Balance | 4-12 month Balance | 1-3 year Balance | 3+ year Balance | Total Balance | (in thousands) | 0-3 month Balance | 4-12 month Balance | 1-3 year Balance | 3+ year Balance | Total Balance | ||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing cash and cash equivalents | $ | 4,032,931 | $ | — | $ | — | $ | — | $ | 4,032,931 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | Interest bearing cash and cash equivalents | $ | 3,399,638 | $ | — | $ | — | $ | — | $ | 3,399,638 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment securities(1) | Investment securities(1) | 48,182 | 1,533 | 243,532 | 3,259,452 | 3,552,699 | Investment securities(1) | 46,054 | 434 | 321,649 | 3,001,485 | 3,369,622 | ||||||||||||||||||||||||||||||||||||||||||||||
Variable loans | Variable loans | 20,857,027 | 104,330 | 47,163 | 268,883 | 21,277,403 | Variable loans | 19,513,046 | 241,729 | 58,513 | 279,547 | 20,092,835 | ||||||||||||||||||||||||||||||||||||||||||||||
Fixed loans | Fixed loans | 208,705 | 1,521,491 | 210,961 | 927,833 | 2,868,990 | Fixed loans | 190,709 | 1,602,641 | 194,994 | 905,236 | 2,893,580 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans(2) | Total loans(2) | 21,065,732 | 1,625,821 | 258,124 | 1,196,716 | 24,146,393 | Total loans(2) | 19,703,755 | 1,844,370 | 253,507 | 1,184,783 | 22,986,415 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest sensitive assets | Total interest sensitive assets | $ | 25,146,845 | $ | 1,627,354 | $ | 501,656 | $ | 4,456,168 | $ | 31,732,023 | Total interest sensitive assets | $ | 23,149,447 | $ | 1,844,804 | $ | 575,156 | $ | 4,186,268 | $ | 29,755,675 | ||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing customer deposits | Interest bearing customer deposits | $ | 11,483,607 | $ | — | $ | — | $ | — | $ | 11,483,607 | Interest bearing customer deposits | $ | 11,416,366 | $ | — | $ | — | $ | — | $ | 11,416,366 | ||||||||||||||||||||||||||||||||||||
CDs & IRAs | CDs & IRAs | 146,417 | 86,025 | 17,605 | 600 | 250,647 | CDs & IRAs | 101,728 | 181,908 | 36,129 | 179 | 319,944 | ||||||||||||||||||||||||||||||||||||||||||||||
Traditional brokered deposits | Traditional brokered deposits | 613,424 | 536,976 | — | — | 1,150,400 | Traditional brokered deposits | 169,956 | 1,097,612 | — | — | 1,267,568 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | Total interest bearing deposits | 12,243,448 | 623,001 | 17,605 | 600 | 12,884,654 | Total interest bearing deposits | 11,688,050 | 1,279,520 | 36,129 | 179 | 13,003,878 | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | 2,651,536 | — | — | — | 2,651,536 | Short-term borrowings | 1,701,480 | — | — | — | 1,701,480 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | 258,497 | — | — | 658,601 | 917,098 | Long-term debt | 385,397 | — | — | 545,369 | 930,766 | ||||||||||||||||||||||||||||||||||||||||||||||
Total interest sensitive liabilities | Total interest sensitive liabilities | $ | 15,153,481 | $ | 623,001 | $ | 17,605 | $ | 659,201 | $ | 16,453,288 | Total interest sensitive liabilities | $ | 13,774,927 | $ | 1,279,520 | $ | 36,129 | $ | 545,548 | $ | 15,636,124 | ||||||||||||||||||||||||||||||||||||
GAP | GAP | $ | 9,993,364 | $ | 1,004,353 | $ | 484,051 | $ | 3,796,967 | $ | — | GAP | $ | 9,374,520 | $ | 565,284 | $ | 539,027 | $ | 3,640,720 | $ | — | ||||||||||||||||||||||||||||||||||||
Cumulative GAP | Cumulative GAP | $ | 9,993,364 | $ | 10,997,717 | $ | 11,481,768 | $ | 15,278,735 | $ | 15,278,735 | Cumulative GAP | $ | 9,374,520 | $ | 9,939,804 | $ | 10,478,831 | $ | 14,119,551 | $ | 14,119,551 | ||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | 12,555,367 | Non-interest bearing deposits | 11,494,685 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 3,006,832 | Stockholders’ equity | 2,885,775 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 15,562,199 | Total | $ | 14,380,460 |
Anticipated Impact Over the Next Twelve Months as Compared to Most Likely Scenario | Anticipated Impact Over the Next Twelve Months as Compared to Most Likely Scenario | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 100 bps Increase | 200 bps Increase | 100 bps Decrease | 100 bps Increase | 200 bps Increase | (in thousands) | 100 bps Increase | 200 bps Increase | 100 bps Decrease | 100 bps Increase | 200 bps Increase | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net interest income | Change in net interest income | $ | 91,461 | $ | 163,136 | $ | (114,831) | $ | 24,267 | $ | 79,342 | Change in net interest income | $ | 76,688 | $ | 134,859 | $ | (103,564) | $ | 42,678 | $ | 104,513 |
Total Number of | Approximate Dollar Value | Total Number of | Approximate Dollar Value | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Purchased as Part | of Shares That May Yet | Shares Purchased as Part | of Shares That May Yet | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Number of | Average Price Paid | of Publicly Announced | Be Purchased Under the | Total Number of | Average Price Paid | of Publicly Announced | Be Purchased Under the | |||||||||||||||||||||||||||||||||||||||||||||
Shares Purchased | per Share | Plans or Programs(1) | Plans or Programs(1) | Shares Purchased | per Share | Plans or Programs(1) | Plans or Programs(1) | |||||||||||||||||||||||||||||||||||||||||||||
May 1 through May 31, 2022 | May 1 through May 31, 2022 | 902,418 | $ | 53.22 | 902,418 | $ | 101,975,648 | May 1 through May 31, 2022 | 902,418 | $ | 53.22 | 902,418 | $ | 101,975,648 | ||||||||||||||||||||||||||||||||||||||
June 1 through June 30, 2022 | June 1 through June 30, 2022 | 39,461 | $ | 50.66 | 39,461 | $ | 99,976,436 | June 1 through June 30, 2022 | 39,461 | $ | 50.66 | 39,461 | $ | 99,976,436 | ||||||||||||||||||||||||||||||||||||||
July 1 through July 31, 2022 | July 1 through July 31, 2022 | — | $ | — | — | $ | 99,976,436 | |||||||||||||||||||||||||||||||||||||||||||||
August 1 through August 31, 2022 | August 1 through August 31, 2022 | — | $ | — | — | $ | 99,976,436 | |||||||||||||||||||||||||||||||||||||||||||||
September 1 through September 30, 2022 | September 1 through September 30, 2022 | — | $ | — | — | $ | 99,976,436 | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 941,879 | $ | 53.11 | 941,879 | $ | 99,976,436 | Total | 941,879 | $ | 53.11 | 941,879 | $ | 99,976,436 |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document* | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
/s/ J. Matthew Scurlock | ||
J. Matthew Scurlock | ||
Chief Financial Officer | ||
(Duly authorized officer and principal financial officer) |