Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 05, 2020 | |
Document Information [Line Items] | ||
Entity Address, Address Line One | 14817 Oak Lane | |
Entity Address, City or Town | Miami Lakes | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33016 | |
Entity Registrant Name | BankUnited, Inc. | |
Entity Central Index Key | 0001504008 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Entity File Number | 001-35039 | |
Document Fiscal Period Focus | Q2 | |
Document Annual Report | true | |
Amendment Flag | false | |
Entity Common Stock Shares Outstanding | 92,401,950 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Shell Company | DE | |
Entity Tax Identification Number | 27-0162450 | |
City Area Code | 305 | |
Local Phone Number | 569-2000 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Trading Symbol | BKU | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and due from banks: | ||
Non-interest bearing | $ 10,599 | $ 7,704 |
Interest bearing | 391,632 | 206,969 |
Cash and cash equivalents | 402,231 | 214,673 |
Investment securities (including securities recorded at fair value of $8,683,628 and $7,759,237) | 8,693,628 | 7,769,237 |
Non-marketable equity securities | 233,051 | 253,664 |
Loans held for sale | 2,623 | 37,926 |
Loans and Leases Receivable, Net of Deferred Income | 23,834,889 | 23,154,988 |
Allowance for credit losses | (266,123) | (108,671) |
Loans, net | 23,568,766 | 23,046,317 |
Bank owned life insurance | 292,012 | 282,151 |
Operating lease equipment, net | 689,965 | 698,153 |
Goodwill and other intangible assets | 77,652 | 77,674 |
Other assets | 785,971 | 491,498 |
Total assets | 34,745,899 | 32,871,293 |
Demand deposits: | ||
Non-interest bearing | 5,883,362 | 4,294,824 |
Interest bearing | 2,865,944 | 2,130,976 |
Savings and money market | 10,590,315 | 10,621,544 |
Time | 6,730,803 | 7,347,247 |
Total deposits | 26,070,424 | 24,394,591 |
Federal funds purchased | 100,000 | 100,000 |
FHLB and PPPLF borrowings | 4,650,599 | 4,480,501 |
Notes and other borrowings | 722,332 | 429,338 |
Other liabilities | 447,491 | 486,084 |
Total liabilities | 31,990,846 | 29,890,514 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 92,420,278 and 95,128,231 shares issued and outstanding | 924 | 951 |
Paid-in capital | 991,509 | 1,083,920 |
Retained earnings | 1,905,639 | 1,927,735 |
Accumulated other comprehensive loss | (143,019) | (31,827) |
Total stockholders' equity | 2,755,053 | 2,980,779 |
Total liabilities and stockholders' equity | $ 34,745,899 | $ 32,871,293 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Investment securities recorded at fair value | $ 7,864,601 | $ 7,759,237 |
Stockholders' equity: | ||
Common stock, par value (in Dollars per Share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in Shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in Shares) | 92,420,278 | 95,128,231 |
Common stock, shares outstanding (in Shares) | 92,420,278 | 95,128,231 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income: | ||||
Loans | $ 213,938 | $ 249,364 | $ 448,297 | $ 489,996 |
Investment securities | 50,932 | 72,796 | 106,992 | 149,141 |
Other | 2,908 | 5,069 | 6,628 | 9,921 |
Total interest income | 267,778 | 327,229 | 561,917 | 649,058 |
Interest expense: | ||||
Deposits | 50,187 | 99,987 | 133,009 | 197,408 |
Borrowings | 27,254 | 36,359 | 57,995 | 69,866 |
Total interest expense | 77,441 | 136,346 | 191,004 | 267,274 |
Net interest income before provision for credit losses | 190,337 | 190,883 | 370,913 | 381,784 |
Provision for credit losses | 25,414 | (2,747) | 150,842 | 7,534 |
Net interest income after provision for credit losses | 164,923 | 193,630 | 220,071 | 374,250 |
Non-interest income: | ||||
Deposit service charges and fees | 3,701 | 4,290 | 7,887 | 8,120 |
Gain on sale of loans, net | 4,326 | 2,121 | 7,792 | 5,057 |
Gain on investment securities, net | 6,836 | 4,116 | 3,383 | 9,901 |
Lease financing | 16,150 | 17,005 | 31,631 | 34,191 |
Other non-interest income | 7,338 | 7,805 | 10,956 | 14,323 |
Total non-interest income | 38,351 | 35,337 | 61,649 | 71,592 |
Non-interest expense: | ||||
Employee compensation and benefits | 48,877 | 57,251 | 107,764 | 122,484 |
Occupancy and equipment | 11,901 | 13,991 | 24,270 | 27,157 |
Deposit insurance expense | 4,806 | 5,027 | 9,209 | 9,068 |
Professional fees | 3,131 | 6,937 | 6,335 | 14,808 |
Technology and telecommunications | 14,025 | 12,013 | 26,621 | 23,181 |
Depreciation of operating lease equipment | 12,219 | 11,489 | 24,822 | 23,301 |
Other non-interest expense | 11,411 | 13,377 | 26,217 | 26,776 |
Total non-interest expense | 106,370 | 120,085 | 225,238 | 246,775 |
Income before income taxes | 96,904 | 108,882 | 56,482 | 199,067 |
Provision for income taxes | 20,396 | 27,431 | 10,925 | 51,644 |
Net income | $ 76,508 | $ 81,451 | $ 45,557 | $ 147,423 |
Earnings per common share, basic | $ 0.80 | $ 0.81 | $ 0.47 | $ 1.46 |
Earnings per common share, diluted | $ 0.80 | $ 0.81 | $ 0.47 | $ 1.45 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 76,508 | $ 81,451 | $ 45,557 | $ 147,423 |
Unrealized gains on investment securities available for sale: | ||||
Net unrealized holding gain (loss) arising during the period | 188,405 | 23,326 | (24,755) | 44,943 |
Reclassification adjustment for net securities gains realized in income | (4,264) | (2,877) | (5,404) | (6,050) |
Net change in unrealized gain (loss) on securities available for sale | 184,141 | 20,449 | (30,159) | 38,893 |
Unrealized losses on derivative instruments: | ||||
Net unrealized holding loss arising during the period | (11,070) | (37,218) | (91,884) | (57,893) |
Reclassification adjustment for net (gains) losses realized in income | 7,502 | (1,241) | 10,851 | (3,242) |
Net change in unrealized losses on derivative instruments | (3,568) | (38,459) | (81,033) | (61,135) |
Other comprehensive income (loss) | 180,573 | (18,010) | (111,192) | (22,242) |
Comprehensive income (loss) | $ 257,081 | $ 63,441 | $ (65,635) | $ 125,181 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 45,557 | $ 147,423 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization and accretion, net | (11,590) | (22,452) |
Provision for credit losses | 150,842 | 7,534 |
Gain on sale of loans, net | (7,792) | (5,057) |
Gain on investment securities, net | (3,383) | (9,901) |
Equity based compensation | 7,351 | 11,251 |
Depreciation and amortization | 35,691 | 35,555 |
Deferred income taxes | (769) | 10,813 |
Proceeds from sale of loans held for sale | 369,807 | 209,854 |
Loans originated for sale, net of repayments | (17,681) | (51,024) |
Other: | ||
(Increase) decrease in other assets | (23,101) | 31,897 |
Decrease in other liabilities | (224,093) | (128,097) |
Net cash provided by operating activities | 320,839 | 237,796 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Purchase of investment securities | (2,263,847) | (2,160,715) |
Proceeds from repayments and calls of investment securities | 587,139 | 647,214 |
Proceeds from sale of investment securities | 547,337 | 1,626,250 |
Purchase of non-marketable equity securities | (128,562) | (196,137) |
Proceeds from redemption of non-marketable equity securities | 149,175 | 173,400 |
Purchases of loans | (1,085,437) | (894,235) |
Loan originations, repayments and resolutions, net | 68,012 | (51,014) |
Proceeds from sale of loans, net | 11,604 | 9,560 |
Acquisition of operating lease equipment | (19,118) | (37,122) |
Other investing activities | (10,663) | (24,950) |
Net cash used in investing activities | (2,144,360) | (898,763) |
Cash flows from financing activities: | ||
Net increase in deposits | 1,675,833 | 448,177 |
Net increase in federal funds purchased | 0 | (76,000) |
Additions to Federal Home Loan Bank advances | 3,762,336 | 2,456,000 |
Repayments of Federal Home Loan Bank advances | (3,596,310) | (1,921,000) |
Proceeds from Issuance of Subordinated Long-term Debt | 293,858 | 0 |
Dividends paid | (42,702) | (42,937) |
Repurchase of common stock | (100,972) | (142,065) |
Proceeds from Sale of Machinery and Equipment | 0 | 8,986 |
Other financing activities | 19,036 | (448) |
Net cash provided by financing activities | 2,011,079 | 721,727 |
Net (decrease) increase in cash and cash equivalents | 187,558 | 60,760 |
Cash and cash equivalents, beginning of period | 214,673 | 382,073 |
Cash and cash equivalents, end of period | 402,231 | 442,833 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 209,233 | 258,561 |
Income taxes (refunded) paid, net | 4,883 | (4,350) |
Unsettled Sale of Loans | 11,058 | |
Supplemental schedule of non-cash investing and financing activities: | ||
Transfers from loans to other real estate owned and other repossessed assets | 4,161 | 2,817 |
Transfers from loans to loans held for sale | 329,308 | 342,310 |
Transfer of Loans Held-for-sale to Portfolio Loans | 9,055 | 0 |
Dividends declared, not paid | 21,909 | 20,621 |
Unsettled sales of investment securities | 177,546 | |
Noncash or Part Noncash Acquisition, Investments Acquired | $ 2,758 | $ 21,396 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance (in Shares) at Dec. 31, 2018 | 99,141,374 | ||||
Balance at Dec. 31, 2018 | $ 2,923,833 | $ 991 | $ 1,220,147 | $ 1,697,822 | $ 4,873 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Comprehensive income | 125,181 | 147,423 | (22,242) | ||
Dividends ($0.46 per common share) | (41,885) | (41,885) | |||
Equity based compensation (in Shares) | 582,353 | ||||
Equity based compensation | 9,056 | $ 6 | 9,050 | ||
Forfeiture of unvested shares (in Shares) | (286,927) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | $ (6,254) | $ (3) | (6,251) | ||
Exercise of stock options (in Shares) | 3,910 | 3,910 | |||
Exercise of stock options | $ 44 | $ 0 | 44 | ||
Stock Repurchased During Period, Shares | (4,125,077) | ||||
Stock Repurchased During Period, Value | (142,065) | $ (41) | (142,024) | ||
Balance (in Shares) at Jun. 30, 2019 | 95,315,633 | ||||
Balance at Jun. 30, 2019 | 2,867,910 | $ 953 | 1,080,966 | 1,803,360 | (17,369) |
Balance (in Shares) at Dec. 31, 2018 | 99,141,374 | ||||
Balance at Dec. 31, 2018 | $ 2,923,833 | $ 991 | 1,220,147 | 1,697,822 | 4,873 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.84 | ||||
Balance (in Shares) at Dec. 31, 2019 | 95,128,231 | ||||
Balance at Dec. 31, 2019 | $ 2,980,779 | $ 951 | 1,083,920 | 1,927,735 | (31,827) |
Balance (in Shares) at Mar. 31, 2019 | 98,404,303 | ||||
Balance at Mar. 31, 2019 | 2,923,390 | $ 984 | 1,179,235 | 1,742,530 | 641 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Comprehensive income | 63,441 | 81,451 | (18,010) | ||
Dividends ($0.46 per common share) | (20,621) | (20,621) | |||
Equity based compensation (in Shares) | 18,383 | ||||
Equity based compensation | 3,967 | $ 0 | 3,967 | ||
Forfeiture of unvested shares (in Shares) | (95,061) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (176) | $ (1) | (175) | ||
Stock Repurchased During Period, Shares | (3,011,992) | ||||
Stock Repurchased During Period, Value | (102,091) | $ (30) | (102,061) | ||
Balance (in Shares) at Jun. 30, 2019 | 95,315,633 | ||||
Balance at Jun. 30, 2019 | $ 2,867,910 | $ 953 | 1,080,966 | 1,803,360 | (17,369) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock, shares issued (in Shares) | 95,315,633 | ||||
Common stock, shares issued (in Shares) | 95,128,231 | ||||
Balance (in Shares) at Dec. 31, 2019 | 95,128,231 | ||||
Balance at Dec. 31, 2019 | $ 2,980,779 | $ 951 | 1,083,920 | 1,927,735 | (31,827) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Comprehensive income | (65,635) | 45,557 | (111,192) | ||
Dividends ($0.46 per common share) | $ (43,836) | (43,836) | |||
Common Stock, Dividends, Per Share, Declared | $ 0.84 | ||||
Equity based compensation (in Shares) | 743,696 | ||||
Equity based compensation | $ 11,436 | $ 8 | 11,428 | ||
Forfeiture of unvested shares (in Shares) | (186,072) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | $ (4,431) | $ (3) | (4,428) | ||
Exercise of stock options (in Shares) | 60,000 | 60,000 | |||
Exercise of stock options | $ 1,529 | $ 1 | 1,528 | ||
Stock Repurchased During Period, Shares | (3,325,577) | ||||
Stock Repurchased During Period, Value | (100,972) | $ (33) | (100,939) | ||
Balance at Jun. 30, 2020 | 2,755,053 | $ 924 | 991,509 | 1,905,639 | (143,019) |
Balance (in Shares) at Mar. 31, 2020 | 92,406,294 | ||||
Balance at Mar. 31, 2020 | 2,516,129 | $ 924 | 987,757 | 1,851,040 | (323,592) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Comprehensive income | 257,081 | 76,508 | 180,573 | ||
Dividends ($0.46 per common share) | (21,909) | (21,909) | |||
Equity based compensation (in Shares) | 56,688 | ||||
Equity based compensation | 3,763 | $ 1 | 3,762 | ||
Forfeiture of unvested shares (in Shares) | (42,704) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (11) | $ (1) | (10) | ||
Balance at Jun. 30, 2020 | 2,755,053 | $ 924 | $ 991,509 | 1,905,639 | $ (143,019) |
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2016-13 [Member] | $ (23,817) | $ 23,817 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common stock, shares issued (in Shares) | 92,420,278 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 Basis of Presentation and Summary of Significant Accounting Policies BankUnited, Inc. is a national bank holding company with one wholly-owned subsidiary, BankUnited, collectively, the Company. BankUnited, a national banking association headquartered in Miami Lakes, Florida, provides a full range of banking and related services to individual and corporate customers through 74 banking centers located in 14 Florida counties and 5 banking centers located in the New York metropolitan area at June 30, 2020 . The Bank also offers certain commercial lending and deposit products through national platforms. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, these do not include all of the information and footnotes required for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing in BKU’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected in future periods. Certain amounts presented for prior periods have been reclassified to conform to the current period presentation. Accounting Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates. Significant estimates include the allowance for credit losses and the fair values of investment securities and other financial instruments. New Accounting Pronouncements Adopted During the Six Months Ended June 30, 2020 ASU No. 2016-13, F inancial Instruments - Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. The ASU, along with subsequent ASUs issued to clarify certain of its provisions, introduced new guidance which made substantive changes to the accounting for credit losses. The ASU introduced the CECL model which applies to financial assets subject to credit losses and measured at amortized cost, as well as certain off-balance sheet credit exposures. This includes loans, loan commitments, standby letters of credit, net investments in leases recognized by a lessor and HTM debt securities. The CECL model requires an entity to estimate credit losses expected over the life of an exposure, considering information about historical events, current conditions and reasonable and supportable forecasts, and is generally expected to result in earlier recognition of credit losses. The ASU also modified certain provisions of the previous OTTI model for AFS debt securities. Credit losses on AFS debt securities are now limited to the difference between the security's amortized cost basis and its fair value, and should be recognized through an allowance for credit losses rather than as a direct reduction in amortized cost basis. The Company adopted this ASU in the first quarter of 2020 using the modified retrospective transition method for the CECL model and a prospective approach for the AFS debt security model. The Company recorded a cumulative-effect adjustment to retained earnings of $23.8 million , which included $4.8 million related to off -balance sheet credit exposures, on January 1, 2020. No cumulative-effect adjustment was recorded related to AFS debt securities upon adoption. The Company has elected to phase-in the initial impact of the adoption of ASC 326 for regulatory capital purposes, allowing the impact of adoption on regulatory capital to be delayed for two years, followed by a three-year transition period. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides optional relief for a limited period of time to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. Under this ASU, companies are provided with optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contract modifications and hedging relationships that currently utilize LIBOR as their benchmark rate, subject to certain criteria being met. The amendments in the ASU also apply to contemporaneous modifications of other contract terms related to the replacement of LIBOR. The amendments in the ASU are effective for all entities as of March 12, 2020 and will only be in effect through December 31, 2022. To date, the impact of adoption of this ASU on the Company's consolidated financial position, results of operations, and cash flows has not been material. Accounting Pronouncements Not Yet Adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This ASU simplifies the accounting for income taxes by removing certain exceptions stipulated in ASC 740 and making some other targeted changes to the accounting for income taxes. This ASU is effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2020. The Company has not finalized its evaluation of the impact of adoption on its consolidated financial position, results of operations, and cash flows, but the impact is not currently expected to be material. Updates to the Company's Significant Accounting Policies Loans The Company's loan portfolio contains 1-4 single family residential first mortgages, government insured residential mortgages, an insignificant amount of home equity loans and lines of credit and other consumer loans; multi-family, non-owner occupied commercial real estate, construction and land, owner-occupied commercial real estate and commercial and industrial loans, PPP loans, mortgage warehouse lines of credit and sales-type and direct financing leases. Loans are reported at amortized cost basis, net of the ACL. Interest income is accrued based on the principal amount outstanding. Non-refundable loan origination fees, net of direct costs of originating or acquiring loans, as well as purchase premiums and discounts, are deferred and recognized as adjustments to yield over the contractual lives of the related loans using the level yield method. Non-accrual loans Commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Residential and other consumer loans, other than government insured residential loans, are generally placed on non-accrual status when they are 90 days past due. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. Payments received on nonaccrual commercial loans are applied as a reduction of principal. Interest payments are recognized as income on a cash basis on nonaccrual residential loans. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential and consumer loans are generally returned to accrual status when less than 90 days past due. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current. Contractually delinquent government insured residential loans are not classified as non-accrual due to the nature of the guarantee. Contractually delinquent PCD loans are not classified as non-accrual as long as the Company has a reasonable expectation about amounts expected to be collected. Troubled Debt Restructurings In certain situations, due to economic or legal reasons related to a borrower's financial difficulties, the Company may grant a concession to the borrower for other than an insignificant period of time that it would not otherwise consider. At that time, the related loan is classified as a TDR. The concessions granted may include rate reductions, principal forgiveness, payment forbearance, extensions of maturity at rates of interest below that commensurate with the risk profile of the loans, modification of payment terms and other actions intended to minimize economic loss. A TDR is generally placed on non-accrual status at the time of the modification unless the borrower was performing prior to the restructuring. Under recently issued inter-agency and authoritative guidance and consistent with the CARES Act, short-term (generally periods of six months or less) deferrals or modifications related to COVID-19 will typically not be categorized as TDRs. Purchased Credit Deteriorated ("PCD") assets PCD assets are acquired financial assets that, as of the date of acquisition, have experienced a more than insignificant deterioration in credit quality since origination. An assessment is conducted at acquisition to determine whether acquired financial assets meet the criteria to be classified as PCD assets. That assessment may be conducted at the individual asset level, or for a group of assets acquired together that have similar risk characteristics. At acquisition, the ACL related to PCD assets, representing the estimated amount of the UPB of the assets not expected to be collected, is added to the purchase price to determine the amortized cost basis and any non-credit related discount or premium is allocated to the individual assets acquired. The non-credit related discount or premium is accreted or amortized to interest income over the life of the related assets using the level yield method, as long as there is a reasonable expectation about amounts expected to be collected. Subsequent changes in the amount of expected credit losses are recognized immediately by adjusting the ACL and reflecting the periodic changes as credit loss expense or reversal of credit loss expense. Loans previously categorized as ACI loans were categorized as PCD loans on initial adoption of ASC 326. At adoption, an ACL was recognized and a corresponding adjustment was made to the assets' amortized cost basis. Prior to the adoption of ASC 326, ACI loans were accounted for on a pool basis. These pools were not maintained on adoption. The Company did not re-assess whether modifications to individual PCD loans previously accounted for in pools were TDRs at adoption. Allowance for Credit Losses ("ACL") AFS Debt Securities The Company reviews its AFS debt securities for credit loss impairment at the individual security level on at least a quarterly basis. A security is impaired if its fair value is less than its amortized cost basis. A decline in fair value below amortized cost basis represents a credit loss impairment to the extent the Company does not expect to recover the amortized cost basis of the security. Impairment related to credit losses is recorded through the ACL to the extent fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through the ACL are recorded through other comprehensive income, net of applicable taxes. In assessing whether an impairment is credit loss related, the Company compares the present value of cash flows expected to be collected to the security's amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an ACL is recorded. The Company discounts expected cash flows at the effective interest rate implicit in the security at the purchase date, adjusted for expected prepayments. For floating rate securities, the Company uses the floating rate as it changes over the life of the security. In developing estimates about cash flows expected to be collected and determining whether a credit loss exists, the Company considers information about past events, current conditions and reasonable and supportable forecasts. Factors and information that the Company uses in making its assessments include, but are not necessarily limited to, the following: • The extent to which fair value is less than amortized cost; • Adverse conditions specifically related to the security, an industry or geographic area; • Changes in the financial condition of the issuer or underlying loan obligors; • The payment structure and remaining payment terms of the security, including levels of subordination or over-collateralization; • Failure of the issuer to make scheduled payments; • Changes in credit ratings; • Relevant market data; • Estimated prepayments, defaults, and the value and performance of underlying collateral at the individual security level. The relative importance assigned to each of these factors varies depending on the facts and circumstances pertinent to the individual security being evaluated. Timely payment of principal and interest on securities issued by the U.S. Government, U.S. government agencies and U.S. government sponsored entities is explicitly or implicitly guaranteed by the U. S. government. Therefore, the Company expects to recover the amortized cost basis of these securities. If the Company intends to sell a security in an unrealized loss position, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. Historically, the Company has not experienced credit losses related to AFS securities or uncollectible interest on its AFS securities. However, AFS securities would be charged off to the extent that there was no reasonable expectation of recovery of amortized cost basis. AFS securities would be placed on non-accrual status if the Company did not reasonably expect to receive interest payments in the future and interest accrued would be reversed against interest income. Securities would be returned to accrual status only when collection of interest was reasonably assured. Loans The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The ACL is adjusted through the provision for credit losses to the amount of amortized cost basis not expected to be collected, or in the case of PCD loans, the amount of UPB not expected to be collected, at the balance sheet date. Amortized cost basis includes UPB, unamortized premiums or discounts and deferred fees and costs, net of amounts previously charged off. The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the ACL in the period in which they are deemed uncollectible and recoveries are credited to the ACL when received. Expected recoveries on loans previously charged off, not to exceed the aggregate of amounts previously charged-off and expected to be charged-off, are included in the ACL estimate. For loans secured by residential real estate, an assessment of collateral value is made at no later than 120 days delinquency; any outstanding loan balance in excess of fair value less cost to sell is charged off at no later than 180 days delinquency. Additionally, any outstanding balance in excess of fair value of collateral less cost to sell is charged off (i) within 60 days of receipt of notification of filing from the bankruptcy court, (ii) within 60 days of determination of loss if all borrowers are deceased or (iii) within 90 days of discovery of fraudulent activity. Other consumer loans are typically charged off at 120 days delinquency. Commercial loans are charged off when, in management's judgment, they are considered to be uncollectible. Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, industry, geography, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans and TDRs, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments. Expected prepayments for commercial loans are generally estimated based on the Company's historical experience. For residential loans, expected prepayments are estimated using a model that incorporates industry prepayment data, calibrated to reflect the Company's experience. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. The length of the reasonable and supportable forecast is evaluated at each reporting period and adjusted if deemed necessary. At June 30, 2020, the Company changed from a 5-year to a 2-year reasonable and supportable forecast period in estimating the ACL. For the substantial majority of portfolio segments and subsegments, including residential loans other than government insured loans, and most commercial and commercial real estate loans, expected losses are estimated using econometric models. The models employ a factor based methodology, leveraging data sets containing extensive historical loss and recovery information by industry, geography, product type, collateral type and obligor characteristics, to estimate PD and LGD. Measures of PD for commercial loans incorporate current conditions through market cycle or credit cycle adjustments. For residential loans, the models consider FICO and adjusted LTVs. PDs and LGDs are then conditioned on the reasonable and supportable economic forecast. Projected PDs and LGDs are applied to estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. For criticized or classified loans, PDs may be adjusted to benchmark PDs appropriate to the current risk rating if the most current financial information available is deemed not to be reflective of the borrowers' current financial condition. These loan level estimates are aggregated to generate a collective estimate for groups of loans that share common risk characteristics. For certain less material portfolios including loans and leases to state and local government entities originated by Pinnacle, small balance commercial loans and consumer loans, the WARM method is used to estimate expected credit losses. For the Pinnacle portfolio, historical loss information is based on municipal historical default and recovery data, segmented by credit rating. For small balance commercial loans, historical loss information is based on the Company's historical loss experience over a five year period. For consumer loans, historical loss information is based on peer data; this portfolio subsegment is not significant. All loss estimates are conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Expected credit losses for mortgage warehouse lines of credit are estimated based primarily on the Company's historical loss experience, conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Generally, given the nature of these loans, losses would be expected to manifest within a very short time period after origination. The Company expects to collect the amortized cost basis of government insured residential loans and PPP loans due to the nature of the government guarantee, so the quantitative ACL is zero for these loans. Qualitative factors Qualitative adjustments are made to the ACL when, based on management’s judgment, there are factors impacting expected credit losses not taken into account by the quantitative calculations. Potential qualitative adjustments are categorized as follows: • Economic factors, including material trends and developments that, in management's judgment, may not have been considered in the reasonable and supportable economic forecast; • Credit policy and staffing, including the nature and level of policy and procedural exceptions or changes in credit policy not reflected in quantitative results, changes in the quality of underwriting and portfolio management and staff and issues identified by credit review, internal audit or regulators that may not be reflected in quantitative results; • Concentrations, considering whether the quantitative estimate adequately accounts for concentration risk in the portfolio; • Model imprecision and model validation findings; and • Other factors not adequately considered in the quantitative estimate or other qualitative categories identified by management that may materially impact the amount of expected credit losses. Collateral dependent loans Collateral dependent loans are those for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. These loans do not typically share similar risk characteristics with other loans and expected credit losses are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. Estimates of expected credit losses for collateral dependent loans, whether or not foreclosure is probable, are based on the fair value of the collateral adjusted for selling costs when repayment depends on sale of the collateral. Troubled debt restructurings For TDRs, or loans for which there is a reasonable expectation that a TDR will be executed, that are not collateral dependent, the credit loss estimate is determined by comparing the net present value of expected cash flows, discounted at the loan’s original effective interest rate, to the amortized cost basis of the loan. Off-balance sheet credit exposures Expected credit losses related to off-balance sheet credit exposures are estimated over the contractual period for which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Expected credit losses are estimated using essentially the same methodologies employed to estimate expected credit losses on the amortized cost basis of loans, taking into consideration the likelihood and amount of additional amounts expected to be funded over the terms of the commitments. The liability for credit losses on off-balance sheet credit exposures is presented within other liabilities on the consolidated balance sheets, distinct from the ACL. Adjustments to the liability are included in the provision for credit losses. Accrued Interest Receivable |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, c 2020 2019 2020 2019 Basic earnings per common share: Numerator: Net income $ 76,508 $ 81,451 $ 45,557 $ 147,423 Distributed and undistributed earnings allocated to participating securities (3,353 ) (3,382 ) (1,939 ) (6,074 ) Income allocated to common stockholders for basic earnings per common share $ 73,155 $ 78,069 $ 43,618 $ 141,349 Denominator: Weighted average common shares outstanding 92,409,949 97,451,019 93,177,243 98,150,014 Less average unvested stock awards (1,207,798 ) (1,174,339 ) (1,154,589 ) (1,173,137 ) Weighted average shares for basic earnings per common share 91,202,151 96,276,680 92,022,654 96,976,877 Basic earnings per common share $ 0.80 $ 0.81 $ 0.47 $ 1.46 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 73,155 $ 78,069 $ 43,618 $ 141,349 Adjustment for earnings reallocated from participating securities — 9 — 13 Income used in calculating diluted earnings per common share $ 73,155 $ 78,078 $ 43,618 $ 141,362 Denominator: Weighted average shares for basic earnings per common share 91,202,151 96,276,680 92,022,654 96,976,877 Dilutive effect of stock options and certain shared-based awards 705 345,899 126,858 312,821 Weighted average shares for diluted earnings per common share 91,202,856 96,622,579 92,149,512 97,289,698 Diluted earnings per common share $ 0.80 $ 0.81 $ 0.47 $ 1.45 Participating securities include unvested shares and 3,023,314 dividend equivalent rights that were issued in conjunction with the IPO of the Company's common stock. These dividend equivalent rights expire in 2021 and participate in dividends on a one-for-one basis. Potentially dilutive unvested shares and share units totaling 1,743,403 and 1,119,641 were outstanding at June 30, 2020 and 2019 , respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands): June 30, 2020 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 75,217 $ 1,963 $ — $ 77,180 U.S. Government agency and sponsored enterprise residential MBS 2,371,729 13,309 (5,198 ) 2,379,840 U.S. Government agency and sponsored enterprise commercial MBS 455,344 9,859 (926 ) 464,277 Private label residential MBS and CMOs 1,101,390 16,670 (1,974 ) 1,116,086 Private label commercial MBS 2,075,683 16,735 (48,798 ) 2,043,620 Single family rental real estate-backed securities 608,019 11,381 (1,193 ) 618,207 Collateralized loan obligations 1,166,929 — (38,176 ) 1,128,753 Non-mortgage asset-backed securities 255,854 6,251 (574 ) 261,531 State and municipal obligations 239,502 19,993 — 259,495 SBA securities 247,914 2,286 (4,258 ) 245,942 8,597,581 $ 98,447 $ (101,097 ) 8,594,931 Investment securities held to maturity 10,000 10,000 $ 8,607,581 8,604,931 Marketable equity securities 88,697 $ 8,693,628 December 31, 2019 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 70,243 $ 219 $ (137 ) $ 70,325 U.S. Government agency and sponsored enterprise residential MBS 2,018,853 9,835 (6,513 ) 2,022,175 U.S. Government agency and sponsored enterprise commercial MBS 366,787 4,920 (731 ) 370,976 Private label residential MBS and CMOs 1,001,337 11,851 (1,011 ) 1,012,177 Private label commercial MBS 1,719,228 6,650 (1,194 ) 1,724,684 Single family rental real estate-backed securities 467,459 4,016 (1,450 ) 470,025 Collateralized loan obligations 1,204,905 322 (7,861 ) 1,197,366 Non-mortgage asset-backed securities 194,171 1,780 (1,047 ) 194,904 State and municipal obligations 257,528 15,774 — 273,302 SBA securities 359,808 4,587 (1,664 ) 362,731 7,660,319 $ 59,954 $ (21,608 ) 7,698,665 Investment securities held to maturity 10,000 10,000 $ 7,670,319 7,708,665 Marketable equity securities 60,572 $ 7,769,237 (1) At fair value except for securities held to maturity. Investment securities held to maturity at June 30, 2020 and December 31, 2019 consisted of one State of Israel bond maturing in 2024. At June 30, 2020 and December 31, 2019 , accrued interest receivable on investments totaled $23 million and $28 million , respectively, and is included in other assets in the accompanying consolidated balance sheets. At June 30, 2020 , contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 908,180 $ 914,970 Due after one year through five years 4,875,569 4,830,499 Due after five years through ten years 2,304,114 2,332,121 Due after ten years 509,718 517,341 $ 8,597,581 $ 8,594,931 The carrying value of securities pledged as collateral for FHLB advances, public deposits, interest rate swaps and to secure borrowing capacity at the FRB totaled $4.8 billion and $2.4 billion at June 30, 2020 and December 31, 2019 , respectively. The following table provides information about gains and losses on investment securities for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Proceeds from sale of investment securities available for sale $ 240,805 $ 850,527 $ 547,337 $ 1,626,250 Gross realized gains: Investment securities available for sale $ 5,723 $ 4,631 $ 7,255 $ 8,956 Gross realized losses: Investment securities available for sale — (716 ) (2 ) (724 ) Net realized gain 5,723 3,915 7,253 8,232 Net unrealized gains (losses) on marketable equity securities recognized in earnings 1,113 201 (3,870 ) 1,669 Gain on investment securities, net $ 6,836 $ 4,116 $ 3,383 $ 9,901 The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands). No ACL was recorded for any investment securities available for sale in an unrealized loss position at June 30, 2020 . June 30, 2020 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agency and sponsored enterprise residential MBS $ 604,143 $ (895 ) $ 517,239 $ (4,303 ) $ 1,121,382 $ (5,198 ) U.S. Government agency and sponsored enterprise commercial MBS 39,892 (108 ) 73,856 (818 ) 113,748 (926 ) Private label residential MBS and CMOs 205,524 (1,974 ) — — 205,524 (1,974 ) Private label commercial MBS 1,302,037 (45,341 ) 56,875 (3,457 ) 1,358,912 (48,798 ) Single family rental real estate-backed securities 184,785 (1,193 ) — — 184,785 (1,193 ) Collateralized loan obligations 591,422 (15,873 ) 537,331 (22,303 ) 1,128,753 (38,176 ) Non-mortgage asset-backed securities 13,857 (45 ) 13,472 (529 ) 27,329 (574 ) SBA securities 35,136 (326 ) 109,837 (3,932 ) 144,973 (4,258 ) $ 2,976,796 $ (65,755 ) $ 1,308,610 $ (35,342 ) $ 4,285,406 $ (101,097 ) December 31, 2019 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 20,056 $ (137 ) $ — $ — $ 20,056 $ (137 ) U.S. Government agency and sponsored enterprise residential MBS 579,076 (3,862 ) 243,839 (2,651 ) 822,915 (6,513 ) U.S. Government agency and sponsored enterprise commercial MBS 99,610 (696 ) 6,477 (35 ) 106,087 (731 ) Private label residential MBS and CMOs 180,398 (838 ) 41,636 (173 ) 222,034 (1,011 ) Private label commercial MBS 648,761 (1,060 ) 76,302 (134 ) 725,063 (1,194 ) Single family rental real estate-backed securities 241,915 (1,445 ) 5,460 (5 ) 247,375 (1,450 ) Collateralized loan obligations 63,310 (846 ) 682,076 (7,015 ) 745,386 (7,861 ) Non-mortgage asset-backed securities 78,964 (962 ) 7,883 (85 ) 86,847 (1,047 ) SBA securities 10,236 (2 ) 142,204 (1,662 ) 152,440 (1,664 ) $ 1,922,326 $ (9,848 ) $ 1,205,877 $ (11,760 ) $ 3,128,203 $ (21,608 ) The Company monitors its investment securities available for sale for credit loss impairment on an individual security basis. No securities were determined to be credit loss impaired during the three and six months ended June 30, 2020 or other than temporarily impaired during the three and six months ended June 30, 2019 . The Company does not intend to sell securities that are in significant unrealized loss positions at June 30, 2020 and it is not more likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis, which may be at maturity. In making this determination, the Company considered its current and projected liquidity position, its investment policy as to permissible holdings and concentration limits, regulatory requirements and other relevant factors. At June 30, 2020 , 224 securities available for sale were in unrealized loss positions. The amount of impairment related to 64 of these securities was considered insignificant both individually and in the aggregate, totaling approximately $398 thousand and no further analysis with respect to these securities was considered necessary. Unrealized losses at June 30, 2020, particularly in the private label CMBS and CLO asset classes, were primarily attributable to widening spreads, resulting in large part from market response to, and dislocation in the wake of, the COVID-19 pandemic. The basis for concluding that AFS securities were not credit loss impaired and no ACL was considered necessary at June 30, 2020 is further discussed below. U.S. Government Agency and Government Sponsored Enterprise Securities At June 30, 2020 , twenty-eight U.S. Government agency and sponsored enterprise residential MBS, five U.S. Government agency and sponsored enterprise commercial MBS and eleven SBA securities were in unrealized loss positions. The timely payment of principal and interest on these securities is explicitly or implicitly guaranteed by the U.S. Government. As such, there is an assumption of zero credit loss and the Company expects to recover the entire amortized cost basis of these securities. Private Label Securities: None of the impaired securities had missed principal or interest payments or had been downgraded by a NRSRO at June 30, 2020 . The Company performed an analysis comparing the present value of cash flows expected to be collected to the amortized cost basis of impaired securities. This analysis was based on a scenario that we believe to be generally more severe than our reasonable and supportable economic forecast at June 30, 2020 , and incorporated assumptions about voluntary prepayment rates, collateral defaults, delinquencies, severity and other relevant factors as described further below. Our analysis also considered the structural characteristics of each security and the level of credit enhancement provided by that structure. Based on the results of this analysis, the Company expects to recover the entire amortized cost basis of its impaired AFS securities at June 30, 2020 . No ACL was considered necessary at June 30, 2020 . Private label residential MBS and CMOs At June 30, 2020 , seven private label residential MBS and CMOs were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality measures such as FICO, LTV, documentation, loan type, property type, agency availability criteria and performing status. We also regularly monitor sector data including home price appreciation, forbearance, delinquency and prepay trends as well as other economic data which would indicate further stress in the sector. Our June 30, 2020 analysis projected weighted average collateral losses for this category of 4% compared to weighted average credit support of 17% . As of June 30, 2020 , 88% of the impaired securities in this category, based on carrying value, were externally rated AAA, and one security representing 12% of impaired securities in this category was not externally rated; this security was internally rated investment grade. Private label commercial MBS At June 30, 2020 , seventy private label commercial MBS were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality and type, loan size, loan purpose and other qualitative factors. We also regularly monitor collateral watchlists, bankruptcy data, special servicing trends, delinquency and other economic data which would indicate further stress in the sector. Our June 30, 2020 analysis projected weighted average collateral losses for this category of 13% compared to weighted average credit support of 42% . As of June 30, 2020 , 83% of impaired securities in this category, based on carrying value were externally rated AAA, 12% were rated AA and 5% were rated A. Single family rental real estate-backed securities At June 30, 2020 , ten single family rental real estate-backed securities were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies and recovery lag. We regularly monitor sector data including home price appreciation, forbearance, delinquency and prepay trends as well as other economic data which would indicate further stress in the sector. Our June 30, 2020 analysis projected weighted average collateral losses for this category of 13% compared to weighted average credit support of 49% . As of June 30, 2020 , 87% of the impaired securities in this category, based on carrying value, were externally rated AAA and 13% were rated AA. Collateralized loan obligations At June 30, 2020 , twenty-six collateralized loan obligations were in unrealized loss positions. Leveraged loans underlying these securities have seen pricing pressure as the market looks to evaluate ability of borrowers to maintain payments. Uncertainties surrounding the broad economy and how they may translate into rating downgrades and defaults as the COVID-19 crisis plays out have negatively impacted pricing in the leveraged loan market. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, and delinquencies, calibrated to take into account idiosyncratic risks associated with the underlying collateral. In developing those assumptions, we took into account each sector’s performance pre, during and post the 2008 financial crisis. We regularly engage with bond managers to monitor trends in underlying collateral including potential downgrades and subsequent cash flow diversions, liquidity, ratings migration, and any other relevant developments. Our June 30, 2020 analysis projected weighted average collateral losses for this category of 21% compared to weighted average credit support of 41% . As of June 30, 2020 , 84% of the impaired securities in this category, based on carrying value, were externally rated AAA, 13% were rated AA and 3% were rated A. Non-mortgage asset-backed securities At June 30, 2020 , three non-mortgage asset-backed securities were in unrealized loss positions. These securities are backed by student loan collateral. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies, voluntary prepayment rates and recovery lag. In developing those assumptions, we took into account collateral type, delineated by whether collateral consisted of loans to borrowers in school, refinancing, or a mixture. Our June 30, 2020 analysis projected weighted average collateral losses for this category of 14% compared to weighted average credit support of 25% . As of June 30, 2020 , 50% of the impaired securities in this category, based on carrying value, were externally rated AAA and 50% were rated AA. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Loans and Allowance for Credit Losses Loans consisted of the following at the dates indicated (dollars in thousands): June 30, 2020 December 31, 2019 Total Percent of Total Total Percent of Total Residential and other consumer: 1-4 single family residential $ 4,743,866 19.9 % $ 4,953,936 21.4 % Government insured residential 826,238 3.5 % 698,644 3.0 % Other consumer loans 7,703 0.1 % 8,539 0.1 % 5,577,807 23.5 % 5,661,119 24.5 % Commercial: Multi-family 1,893,753 7.9 % 2,217,705 9.6 % Non-owner occupied commercial real estate 4,940,531 20.7 % 5,030,904 21.7 % Construction and land 246,609 1.0 % 243,925 1.1 % Owner occupied commercial real estate 2,041,346 8.6 % 2,062,808 8.9 % Commercial and industrial 4,691,326 19.7 % 4,655,349 20.1 % PPP 827,359 3.5 % — — % Pinnacle 1,242,506 5.1 % 1,202,430 5.2 % Bridge - franchise finance 623,139 2.6 % 627,482 2.6 % Bridge - equipment finance 589,785 2.5 % 684,794 3.0 % Mortgage warehouse lending 1,160,728 4.9 % 768,472 3.3 % 18,257,082 76.5 % 17,493,869 75.5 % Total loans 23,834,889 100.0 % 23,154,988 100.0 % Allowance for credit losses (266,123 ) (108,671 ) Loans, net $ 23,568,766 $ 23,046,317 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $25 million and $50 million at June 30, 2020 and December 31, 2019 , respectively. The amortized cost basis of residential PCD loans was $134 million and the related amount of non-credit discount was $135 million at June 30, 2020 . The ACL related to PCD residential loans was $1.1 million and $1.7 million at June 30, 2020 and January 1, 2020, the date of initial adoption of ASU 2016-13, respectively. Included in the table above are direct or sales type finance leases totaling $757 million and $733 million at June 30, 2020 and December 31, 2019 , respectively. The amount of income recognized from direct or sales type finance leases for the three and six months ended June 30, 2020 and 2019 totaled $5.3 million , $10.7 million , $5.5 million and $10.8 million , respectively and is recorded as interest income on loans in the consolidated statements of income. During the three and six months ended June 30, 2020 and 2019 , the Company purchased 1-4 single family residential loans totaling $582 million , $1.1 billion , $589 million and $894 million , respectively. Purchases for the three and six months ended June 30, 2020 and 2019 included $243 million , $529 million , $151 million and $284 million , respectively, of government insured residential loans. At June 30, 2020 and December 31, 2019 , the Company had pledged loans with a carrying value of approximately $11.0 billion and $10.2 billion , respectively, as security for FHLB advances, Federal Reserve discount window capacity and PPPLF borrowings. At June 30, 2020 and December 31, 2019 , accrued interest receivable on loans totaled $108 million and $83 million , respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the three and six months ended June 30, 2020 . Allowance for credit losses Activity in the allowance for credit losses is summarized below. The balance at December 31, 2019 and amounts presented for the three and six months ended June 30, 2019 represent the allowance for loan and leases losses, estimated using an incurred loss methodology. The ACL at June 30, 2020 and activity for the three and six months then ended were determined using the CECL methodology (in thousands): Three Months Ended June 30, 2020 2019 Residential and Other Consumer Commercial Total Residential and Other Consumer Commercial Total Beginning balance $ 12,576 $ 238,003 $ 250,579 $ 10,952 $ 103,751 $ 114,703 Provision (recovery) (1,924 ) 33,508 31,584 131 (2,878 ) (2,747 ) Charge-offs — (19,178 ) (19,178 ) — (1,711 ) (1,711 ) Recoveries 43 3,095 3,138 153 1,743 1,896 Ending balance $ 10,695 $ 255,428 $ 266,123 $ 11,236 $ 100,905 $ 112,141 Six Months Ended June 30, 2020 2019 Residential and Other Consumer Commercial Total Residential and Other Consumer Commercial Total Beginning balance $ 11,154 $ 97,517 $ 108,671 $ 10,788 $ 99,143 $ 109,931 Impact of adoption of ASU 2016-13 8,098 19,207 27,305 — — — Provision (recovery) (8,572 ) 162,021 153,449 281 7,253 7,534 Charge-offs (31 ) (26,953 ) (26,984 ) — (7,844 ) (7,844 ) Recoveries 46 3,636 3,682 167 2,353 2,520 Ending balance $ 10,695 $ 255,428 $ 266,123 $ 11,236 $ 100,905 $ 112,141 The following table presents the components of the provision for credit losses for the periods indicated (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Amount related to funded portion of loans $ 31,584 $ 153,449 Amount related to off-balance sheet credit exposures (6,170 ) (2,607 ) Provision for credit losses $ 25,414 $ 150,842 Credit quality information The increase in the ACL from January 1, 2020, the date of initial adoption of ASU 2016-13, to June 30, 2020 was reflective of the estimated impact of the emerging COVID-19 pandemic on the trajectory of the economy and on individual borrowers and portfolio sub-segments. The credit quality of the loan portfolio has been and is likely to continue to be impacted by the developing COVID-19 crisis, its impact on the economy broadly and more specifically on the Company's individual borrowers. Significant uncertainty currently exists about the extent of this impact, and the impact is likely not fully reflected in some of the credit quality indicators disclosed below as of June 30, 2020 , due to the ongoing impact of the pandemic. Credit quality of loans held for investment is continuously monitored by dedicated residential credit risk management and commercial portfolio management functions. The Company also has a workout and recovery department that monitors the credit quality of criticized and classified loans and an independent internal credit review function. Credit quality indicators for residential loans Management considers delinquency status to be the most meaningful indicator of the credit quality of residential and other consumer loans, other than government insured residential loans. Delinquency statistics are updated at least monthly. LTV and FICO scores are also important indicators of credit quality for 1-4 single family residential loans other than government insured loans. FICO scores are generally updated at least annually, and were most recently updated in the fourth quarter of 2019. LTVs are typically at origination since we do not routinely update residential appraisals. Substantially all of the government insured residential loans are government insured buyout loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment and wages, as well as residential property values. 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status: June 30, 2020 Amortized Cost By Origination Year 2020 2019 2018 2017 2016 Prior Total Current $ 249,912 $ 807,365 $ 488,280 $ 753,109 $ 776,895 $ 1,604,423 $ 4,679,984 30 - 59 Days Past Due 5,703 11,477 3,372 2,701 7,417 18,605 49,275 60 - 89 Days Past Due — 720 75 53 103 1,882 2,833 90 Days or More Past Due — 807 2,293 — 484 8,190 11,774 $ 255,615 $ 820,369 $ 494,020 $ 755,863 $ 784,899 $ 1,633,100 $ 4,743,866 December 31, 2019 Amortized Cost By Origination Year 2019 2018 2017 2016 2015 Prior Total Current $ 804,913 $ 609,814 $ 830,710 $ 783,318 $ 633,833 $ 1,225,030 $ 4,887,618 30 - 59 Days Past Due 13,915 3,003 3,751 8,419 4,308 12,238 45,634 60 - 89 Days Past Due 1,785 442 137 486 1,766 4,962 9,578 90 Days or More Past Due — 1,762 914 — 5,030 3,400 11,106 $ 820,613 $ 615,021 $ 835,512 $ 792,223 $ 644,937 $ 1,245,630 $ 4,953,936 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV: June 30, 2020 Amortized Cost By Origination Year LTV 2020 2019 2018 2017 2016 Prior Total Less than 61% $ 99,728 $ 180,025 $ 106,359 $ 202,355 $ 276,035 $ 519,410 $ 1,383,912 61% - 70% 62,031 192,880 110,546 136,212 184,600 394,279 1,080,548 71% - 80% 92,387 433,542 245,829 349,993 300,153 689,223 2,111,127 More than 80% 1,469 13,922 31,286 67,303 24,111 30,188 168,279 $ 255,615 $ 820,369 $ 494,020 $ 755,863 $ 784,899 $ 1,633,100 $ 4,743,866 December 31, 2019 Amortized Cost By Origination Year LTV 2019 2018 2017 2016 2015 Prior Total Less than 61% $ 171,069 $ 134,978 $ 183,807 $ 228,868 $ 197,039 $ 372,221 $ 1,287,982 61% - 70 % 195,572 128,766 152,502 188,856 154,307 316,031 1,136,034 71% - 80% 442,311 313,779 404,743 338,000 283,202 531,377 2,313,412 More than 80% 11,661 37,498 94,460 36,499 10,389 26,001 216,508 $ 820,613 $ 615,021 $ 835,512 $ 792,223 $ 644,937 $ 1,245,630 $ 4,953,936 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score: June 30, 2020 Amortized Cost By Origination Year FICO 2020 2019 2018 2017 2016 Prior Total 760 or greater $ 168,920 $ 482,818 $ 298,650 $ 521,199 $ 573,011 $ 1,093,732 $ 3,138,330 720 - 759 70,279 224,961 112,407 138,897 131,205 304,460 982,209 719 or less 16,416 112,590 82,963 95,767 80,683 234,908 623,327 $ 255,615 $ 820,369 $ 494,020 $ 755,863 $ 784,899 $ 1,633,100 $ 4,743,866 December 31, 2019 Amortized Cost By Origination Year FICO 2019 2018 2017 2016 2015 Prior Total 760 or greater $ 470,057 $ 340,716 $ 534,017 $ 533,804 $ 430,706 $ 763,807 $ 3,073,107 720 - 759 242,806 185,939 200,623 178,139 141,748 307,195 1,256,450 719 or less 107,750 88,366 100,872 80,280 72,483 174,628 624,379 $ 820,613 $ 615,021 $ 835,512 $ 792,223 $ 644,937 $ 1,245,630 $ 4,953,936 Credit quality indicators for commercial loans Factors that impact risk inherent in commercial portfolio segments include but are not limited to levels of economic activity, health of the national and regional economy, industry trends, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are generally indicative of the likelihood that a borrower will default, are a key factor influencing the level and nature of ongoing monitoring of loans and may impact the estimation of the ACL. Internal risk ratings are updated on a continuous basis. Generally, relationships with balances in excess of defined thresholds, ranging from $1 million to $3 million , are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. During the second quarter of 2020, risk ratings were re-evaluated for a substantial portion of the commercial portfolio, with a focus on portfolio segments we identified for enhanced monitoring and loans for which we granted temporary payment deferrals in light of the COVID-19 pandemic. Loans exhibiting potential credit weaknesses that deserve management’s close attention and that could result in deterioration of repayment prospects at some future date if not checked or corrected are categorized as special mention. Loans with well-defined credit weaknesses, including payment defaults, declining collateral values, frequent overdrafts, operating losses, increasing balance sheet leverage, inadequate cash flow, project cost overruns, unreasonable construction delays, past due real estate taxes or exhausted interest reserves, are assigned an internal risk rating of substandard. A loan with a weakness so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors has not been charged off, will be assigned an internal risk rating of doubtful. Commercial credit exposure based on internal risk rating: June 30, 2020 Amortized Cost By Origination Year Revolving Loans 2020 2019 2018 2017 2016 Prior Total Multi-Family Pass $ 42,877 $ 316,733 $ 190,227 $ 210,681 $ 347,973 $ 633,791 $ 39,607 $ 1,781,889 Special mention — 8,149 15,767 19,512 6,209 7,587 — 57,224 Substandard — — — 2,845 9,801 41,994 — 54,640 Total Multi-Family $ 42,877 $ 324,882 $ 205,994 $ 233,038 $ 363,983 $ 683,372 $ 39,607 $ 1,893,753 Non-owner occupied commercial real estate Pass $ 238,451 $ 1,202,138 $ 736,973 $ 509,446 $ 590,992 $ 814,514 $ 107,772 $ 4,200,286 Special mention — 46,971 96,563 47,930 166,139 112,887 — 470,490 Substandard 4,568 32,746 5,029 437 100,748 126,227 — 269,755 Total non-owner occupied commercial real estate $ 243,019 $ 1,281,855 $ 838,565 $ 557,813 $ 857,879 $ 1,053,628 $ 107,772 $ 4,940,531 Construction and Land Pass $ 7,208 $ 125,429 $ 13,619 $ 50,020 $ 27,336 $ 917 $ 243 $ 224,772 Special mention — 1,393 2,965 8,604 4,284 — — 17,246 Substandard — — 888 — 3,357 346 — 4,591 Total Construction and Land $ 7,208 $ 126,822 $ 17,472 $ 58,624 $ 34,977 $ 1,263 $ 243 $ 246,609 Owner occupied commercial real estate Pass $ 128,795 $ 303,522 $ 276,367 $ 267,267 $ 311,485 $ 466,194 $ 39,586 $ 1,793,216 Special mention 2,635 26,410 15,528 57,102 41,321 34,201 2,108 179,305 Substandard — 8,691 17,520 12,203 2,863 18,327 9,221 68,825 Total owner occupied commercial real estate $ 131,430 $ 338,623 $ 309,415 $ 336,572 $ 355,669 $ 518,722 $ 50,915 $ 2,041,346 Commercial and industrial Pass $ 356,049 $ 940,865 $ 344,774 $ 295,769 $ 204,049 $ 64,485 $ 1,989,034 $ 4,195,025 Special mention 611 81,305 33,987 2,252 28,507 6,818 89,918 243,398 Substandard 600 46,973 43,472 33,272 18,949 53,470 56,167 252,903 Total commercial and industrial $ 357,260 $ 1,069,143 $ 422,233 $ 331,293 $ 251,505 $ 124,773 $ 2,135,119 $ 4,691,326 PPP Pass $ 827,359 $ — $ — $ — $ — $ — $ — $ 827,359 PPP $ 827,359 $ — $ — $ — $ — $ — $ — $ 827,359 Pinnacle Pass $ 125,882 $ 134,838 $ 92,537 $ 232,269 $ 227,317 $ 429,663 $ — $ 1,242,506 Total Pinnacle $ 125,882 $ 134,838 $ 92,537 $ 232,269 $ 227,317 $ 429,663 $ — $ 1,242,506 Bridge - Franchise Finance Pass $ 42,004 $ 97,036 $ 27,760 $ 12,666 $ 14,456 $ 12,357 $ — $ 206,279 Special mention 42,611 154,808 73,602 37,731 11,255 7,368 — 327,375 Substandard 549 15,494 45,185 5,173 17,778 4,357 — 88,536 Doubtful — — — — 949 — — 949 Total Bridge - Franchise Finance $ 85,164 $ 267,338 $ 146,547 $ 55,570 $ 44,438 $ 24,082 $ — $ 623,139 Bridge - Equipment Finance Pass $ 24,349 $ 193,227 $ 103,434 $ 94,667 $ 54,544 $ 67,486 $ — $ 537,707 Special mention — 6,634 9,510 27,050 — — — 43,194 Substandard — 3,608 4,128 — 1,005 143 — 8,884 Total Bridge - Equipment Finance $ 24,349 $ 203,469 $ 117,072 $ 121,717 $ 55,549 $ 67,629 $ — $ 589,785 Mortgage Warehouse Lending Pass $ — $ — $ — $ — $ — $ — $ 1,160,728 $ 1,160,728 Total Mortgage Warehouse Lending $ — $ — $ — $ — $ — $ — $ 1,160,728 $ 1,160,728 At June 30, 2020 , the balance of revolving loans converted to term loans was immaterial. The following tables summarize the Company's commercial credit exposure based on internal risk rating, in aggregate, at the dates indicated (in thousands): June 30, 2020 Multi-Family Non-Owner Occupied Commercial Real Estate Construction Owner Occupied Commercial Real Estate Commercial and Industrial PPP Pinnacle Bridge - Franchise Finance Bridge - Equipment Finance Mortgage Warehouse Lending Total Pass $ 1,781,889 $ 4,200,286 $ 224,772 $ 1,793,216 $ 4,195,025 $ 827,359 $ 1,242,506 $ 206,279 $ 537,707 $ 1,160,728 $ 16,169,767 Special mention 57,224 470,490 17,246 179,305 243,398 — — 327,375 43,194 — 1,338,232 Substandard (1) 54,640 269,755 4,591 68,825 252,903 — — 88,536 8,884 — 748,134 Doubtful — — — — — — — 949 — — 949 $ 1,893,753 $ 4,940,531 $ 246,609 $ 2,041,346 $ 4,691,326 $ 827,359 $ 1,242,506 $ 623,139 $ 589,785 $ 1,160,728 $ 18,257,082 (1) Includes $561 million of substandard accruing loans at June 30, 2020. December 31, 2019 Multi-Family Non-Owner Occupied Commercial Real Estate Construction Owner Occupied Commercial Real Estate Commercial and Industrial Pinnacle Bridge - Franchise Finance Bridge - Equipment Finance Mortgage Warehouse Lending Total Pass $ 2,184,771 $ 4,932,279 $ 240,734 $ 1,991,556 $ 4,508,563 $ 1,202,430 $ 562,042 $ 663,855 $ 768,472 $ 17,054,702 Special mention — 5,831 — 27,870 28,498 — 10,682 — — 72,881 Substandard (1) 32,934 92,794 3,191 43,382 118,288 — 54,758 20,939 — 366,286 $ 2,217,705 $ 5,030,904 $ 243,925 $ 2,062,808 $ 4,655,349 $ 1,202,430 $ 627,482 $ 684,794 $ 768,472 $ 17,493,869 (1) Includes $180 million of substandard accruing loans at December 31, 2019. Past Due and Non-Accrual Loans: The following table presents an aging of loans at the dates indicated (in thousands): June 30, 2020 December 31, 2019 Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total 1-4 single family residential $ 4,679,984 $ 49,275 $ 2,833 $ 11,774 $ 4,743,866 $ 4,887,618 $ 45,634 $ 9,578 $ 11,106 $ 4,953,936 Government insured residential 51,276 53,017 52,620 669,325 826,238 93,560 45,347 30,426 529,311 698,644 Home equity loans and lines of credit 1,478 69 — — 1,547 1,320 — — — 1,320 Other consumer loans 6,156 — — — 6,156 7,219 — — — 7,219 Multi-family 1,858,695 29,047 6,011 — 1,893,753 2,217,705 — — — 2,217,705 Non-owner occupied commercial real estate 4,859,344 52,937 7,979 20,271 4,940,531 5,015,458 — 928 14,518 5,030,904 Construction and land 246,263 — — 346 246,609 240,647 2,396 — 882 243,925 Owner occupied commercial real estate 2,020,077 1,081 3,376 16,812 2,041,346 2,041,352 1,336 4,420 15,700 2,062,808 Commercial and industrial 4,593,422 20,855 22,601 54,448 4,691,326 4,595,847 2,313 4,301 52,888 4,655,349 PPP 827,359 — — — 827,359 — — — — — Pinnacle 1,242,506 — — — 1,242,506 1,202,430 — — — 1,202,430 Bridge - franchise finance 596,136 — 625 26,378 623,139 610,315 3,840 2,501 10,826 627,482 Bridge - equipment finance 589,785 — — — 589,785 677,089 7,705 — — 684,794 Mortgage warehouse lending 1,160,728 — — — 1,160,728 768,472 — — — 768,472 $ 22,733,209 $ 206,281 $ 96,045 $ 799,354 $ 23,834,889 $ 22,359,032 $ 108,571 $ 52,154 $ 635,231 $ 23,154,988 Included in the table above is the guaranteed portion of SBA loans past due by 90 days or more totaling $37.3 million and $36.3 million at June 30, 2020 and December 31, 2019 , respectively. Loans contractually delinquent by 90 days or more and still accruing totaled $673 million , substantially all of which were government insured residential loans at June 30, 2020 and $531 million , of which $529 million were government insured residential loans at December 31, 2019 . Substantially all of these loans are government insured pool buyout loans, which the Company buys out of GNMA securitizations upon default. The following table presents information about loans on non-accrual status at the dates indicated (in thousands): June 30, 2020 December 31, 2019 Amortized Cost Amortized Cost With No Related Allowance Amortized Cost Residential and other consumer $ 13,183 $ 2,622 $ 18,894 Commercial: Multi-family 6,011 6,011 6,138 Non-owner occupied commercial real estate 46,545 28,598 40,097 Construction and land 3,703 3,357 3,191 Owner occupied commercial real estate 30,493 8,765 27,141 Commercial and industrial 67,702 7,386 74,757 Bridge - franchise finance 32,857 1,848 13,631 Bridge - equipment finance 1,148 537 20,939 $ 201,642 $ 59,124 $ 204,788 Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $45.7 million at both June 30, 2020 and December 31, 2019 , respectively. The amount of additional interest income that would have been recognized on non-accrual loans had they performed in accordance with their contractual terms was approximately $3.0 million and $5.7 million for the three and six months ended June 30, 2020 , respectively and $2.5 million and $4.3 million for the three and six months ended June 30, 2019 , respectively. Collateral dependent loans: The following table presents the amortized cost basis of collateral dependent loans at June 30, 2020 (in thousands): Amortized Cost Extent to Which Secured by Collateral Residential and other consumer $ 3,283 $ 3,273 Commercial: Multi-family 6,011 6,011 Non-owner occupied commercial real estate 30,980 30,980 Construction and land 3,703 3,703 Owner occupied commercial real estate 21,025 21,025 Commercial and industrial 54,232 29,468 Bridge - franchise finance 24,353 21,178 Bridge - equipment finance 1,148 1,078 Total commercial 141,452 113,443 $ 144,735 $ 116,716 Collateral for the multi-family, non-owner occupied commercial real estate, and owner-occupied commercial real estate loan classes generally consists of commercial real estate. Collateral for construction and land loans is typically residential or commercial real estate. Collateral for commercial and industrial loans generally consists of equipment, accounts receivable, inventory and other business assets; owner-occupied commercial real estate loans may also be collateralized by these types of assets. Bridge franchise finance loans may be collateralized by franchise value or by equipment. Bridge equipment finance loans are secured by the financed equipment. Residential loans are collateralized by residential real estate. There have been no significant changes to the extent to which collateral secures collateral dependent loans during the six months ended June 30, 2020 . Foreclosure of residential real estate The recorded investment in residential loans in the process of foreclosure was $323 million , of which $315 million was government insured, at June 30, 2020 and $257 million , of which $248 million was government insured, at December 31, 2019 . The carrying amount of foreclosed residential real estate included in "Other assets" in the accompanying consolidated balance sheet was insignificant at June 30, 2020 and $6 million at December 31, 2019 . In response to the COVID-19 pandemic, new foreclosure actions on residential loans have been temporarily suspended. Troubled debt restructurings The following table summarizes loans that were modified in TDRs during the periods indicated, as well as loans modified during the twelve months preceding June 30, 2020 and 2019 that experienced payment defaults during the periods indicated (dollars in thousands): Three Months Ended June 30, 2020 2019 Loans Modified in TDRs TDRs Experiencing Payment Defaults During the Period Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Government insured residential 52 $ 7,291 121 $ 19,512 34 $ 5,164 31 $ 4,355 Non-owner occupied commercial real estate — — 1 4,249 1 12,085 1 2,772 Owner occupied commercial real estate — — — — — — 3 1,878 Commercial and industrial 2 1,348 — — 4 7,354 1 1,233 Bridge - franchise finance 1 919 5 18,718 1 2,073 — — 55 $ 9,558 127 $ 42,479 40 $ 26,676 36 $ 10,238 Six Months Ended June 30, 2020 2019 Loans Modified in TDRs TDRs Experiencing Payment Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 1 $ 203 — $ — 2 $ 563 — $ — Government insured residential 86 12,183 150 23,994 46 6,782 32 4,517 Non-owner occupied commercial real estate 1 4,249 1 4,249 1 12,085 1 2,772 Owner occupied commercial real estate — — — — 1 849 3 1,878 Commercial and industrial 2 1,348 3 5,448 6 17,994 1 1,233 Bridge - franchise finance 9 14,666 8 23,358 3 3,238 — — Bridge - equipment finance — — — — 1 847 — — 99 $ 32,649 162 $ 57,049 60 $ 42,358 37 $ 10,400 Modifications during the three and six months ended June 30, 2020 and 2019 included interest rate reductions, restructuring of the amount and timing of required periodic payments, extensions of maturity and covenant waivers. Included in TDRs are residential loans to borrowers who have not reaffirmed their debt discharged in Chapter 7 bankruptcy. The total amount of such loans is not material. Under recently issued inter-agency and authoritative guidance and consistent with the CARES Act, short-term (generally periods of six months or less) deferrals or modifications related to COVID-19 will typically not be categorized as TDRs. Disclosures Prescribed by Legacy GAAP (Before Adoption of ASU 2016-13) for Prior Periods The following table presents information about the balance of the ALLL and related loans as of December 31, 2019 (in thousands): Residential and Other Consumer Commercial Total Allowance for loan and lease losses: Ending balance $ 11,154 $ 97,517 $ 108,671 Ending balance: loans individually evaluated for impairment $ 9 $ 20,481 $ 20,490 Ending balance: loans collectively evaluated for impairment $ 11,145 $ 77,036 $ 88,181 Ending balance: ACI loans $ — $ — $ — Loans: Ending balance $ 5,661,119 $ 17,493,869 $ 23,154,988 Ending balance: loans individually evaluated for impairment $ 57,117 $ 187,788 $ 244,905 Ending balance: loans collectively evaluated for impairment $ 5,454,422 $ 17,288,901 $ 22,743,323 Ending balance: ACI loans $ 149,580 $ 17,180 $ 166,760 The table below presents information about loans identified as impaired as of December 31, 2019 (in thousands): Recorded Investment UPB Related Specific Allowance With no specific allowance recorded: 1-4 single family residential $ 992 $ 989 $ — Government insured residential 53,428 53,350 — Multi-family 6,138 6,169 — Non-owner occupied commercial real estate 38,345 38,450 — Construction and land 3,191 3,155 — Owner occupied commercial real estate 17,419 17,488 — Commercial and industrial 10,585 10,574 — Bridge - franchise finance 4,115 4,117 — Bridge - equipment finance 6,807 6,793 — With a specific allowance recorded: 1-4 single family residential 2,697 2,652 9 Owner occupied commercial real estate 2,522 2,509 401 Commercial and industrial 63,531 63,709 13,992 Bridge - franchise finance 21,011 21,050 2,953 Bridge - equipment finance 14,124 14,024 3,135 Total: Residential and other consumer $ 57,117 $ 56,991 $ 9 Commercial 187,788 188,038 20,481 $ 244,905 $ 245,029 $ 20,490 The following table presents the average recorded investment in impaired loans for the period indicated (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Residential and other consumer: 1-4 single family residential $ 12,732 $ 11,011 Commercial: Multi-family 25,066 25,248 Non-owner occupied commercial real estate 24,599 21,563 Construction and land 9,604 9,730 Owner occupied commercial real estate 12,741 12,124 Commercial and industrial 32,690 30,564 Commercial lending subsidiaries 18,082 19,982 122,782 119,211 $ 135,514 $ 130,222 |
Schedule of Accounts, Notes, Loans and Financing Receivable | June 30, 2020 December 31, 2019 Total Percent of Total Total Percent of Total Residential and other consumer: 1-4 single family residential $ 4,743,866 19.9 % $ 4,953,936 21.4 % Government insured residential 826,238 3.5 % 698,644 3.0 % Other consumer loans 7,703 0.1 % 8,539 0.1 % 5,577,807 23.5 % 5,661,119 24.5 % Commercial: Multi-family 1,893,753 7.9 % 2,217,705 9.6 % Non-owner occupied commercial real estate 4,940,531 20.7 % 5,030,904 21.7 % Construction and land 246,609 1.0 % 243,925 1.1 % Owner occupied commercial real estate 2,041,346 8.6 % 2,062,808 8.9 % Commercial and industrial 4,691,326 19.7 % 4,655,349 20.1 % PPP 827,359 3.5 % — — % Pinnacle 1,242,506 5.1 % 1,202,430 5.2 % Bridge - franchise finance 623,139 2.6 % 627,482 2.6 % Bridge - equipment finance 589,785 2.5 % 684,794 3.0 % Mortgage warehouse lending 1,160,728 4.9 % 768,472 3.3 % 18,257,082 76.5 % 17,493,869 75.5 % Total loans 23,834,889 100.0 % 23,154,988 100.0 % Allowance for credit losses (266,123 ) (108,671 ) Loans, net $ 23,568,766 $ 23,046,317 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $25 million and $50 million at June 30, 2020 and December 31, 2019 , respectively. The amortized cost basis of residential PCD loans was $134 million and the related amount of non-credit discount was $135 million at June 30, 2020 . The ACL related to PCD residential loans was $1.1 million and $1.7 million at June 30, 2020 and January 1, 2020, the date of initial adoption of ASU 2016-13, respectively. Included in the table above are direct or sales type finance leases totaling $757 million and $733 million at June 30, 2020 and December 31, 2019 , respectively. The amount of income recognized from direct or sales type finance leases for the three and six months ended June 30, 2020 and 2019 totaled $5.3 million , $10.7 million , $5.5 million and $10.8 million , respectively and is recorded as interest income on loans in the consolidated statements of income. During the three and six months ended June 30, 2020 and 2019 , the Company purchased 1-4 single family residential loans totaling $582 million , $1.1 billion , $589 million and $894 million , respectively. Purchases for the three and six months ended June 30, 2020 and 2019 included $243 million , $529 million , $151 million and $284 million , respectively, of government insured residential loans. At June 30, 2020 and December 31, 2019 , the Company had pledged loans with a carrying value of approximately $11.0 billion and $10.2 billion , respectively, as security for FHLB advances, Federal Reserve discount window capacity and PPPLF borrowings. At June 30, 2020 and December 31, 2019 , accrued interest receivable on loans totaled $108 million and $83 million , respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the three and six months ended June 30, 2020 . |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
FHLB Advances, Notes and Other Borrowings [Abstract] | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 5 Subordinated Notes On June 11, 2020, the Company issued $300 million of 5.125% subordinated notes. The notes mature on June 11, 2030 with interest payable semiannually. The notes have an effective interest rate of 5.39% after consideration of issuance discount and costs. The notes may be redeemed by the Company, in whole or in part, on or after March 11, 2030 at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest, subject to the approval of the Federal Reserve. The notes qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 Income Taxes The Company’s effective income tax rate was 21.0% and 19.3% for the three and six months ended June 30, 2020 , respectively, and 25.2% and 25.9% for the three and six months ended June 30, 2019 , respectively. The effective income tax rates differed from the statutory federal income tax rate of 21% for the 2019 periods due primarily to the impact of state income taxes, partially offset by the benefit of income not subject to federal tax. These factors were largely offsetting for the 2020 periods, when the effective income tax rate did not differ materially from the Federal statutory rate of 21%. During the three and six months ended June 30 2020, income not subject to tax was a larger percentage of pre-tax income. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company enters into LIBOR-based interest rate swaps that are designated as cash flow hedges with the objective of limiting the variability of interest payment cash flows resulting from changes in the benchmark interest rate LIBOR. The Company also enters into LIBOR-based interest rate swaps designated as fair value hedges designed to hedge changes in the fair value of outstanding fixed rate borrowings caused by fluctuations in the benchmark interest rate. The Company enters into interest rate derivative contracts with certain of its commercial borrowers to enable those borrowers to manage their exposure to interest rate fluctuations. To mitigate interest rate risk associated with these derivative contracts, the Company enters into offsetting derivative contract positions with primary dealers. These interest rate derivative contracts are not designated as hedging instruments; therefore, changes in the fair value of these derivatives are recognized immediately in earnings. For the three and six months ended June 30, 2020 and 2019 , the impact on earnings, included in "other non-interest income" in the accompanying consolidated statements of income, related to changes in fair value of these derivatives was not material. The Company may be exposed to credit risk in the event of non-performance by the counterparties to its interest rate derivative agreements. The Company assesses the credit risk of its financial institution counterparties by monitoring publicly available credit rating and financial information. The Company manages dealer credit risk by entering into interest rate derivatives only with primary and highly rated counterparties, the use of ISDA master agreements, central clearing mechanisms and counterparty limits. The agreements contain bilateral collateral arrangements with the amount of collateral to be posted generally governed by the settlement value of outstanding swaps. The Company manages the risk of default by its commercial borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The Company does not currently anticipate any significant losses from failure of interest rate derivative counterparties to honor their obligations. The CME legally characterizes variation margin payments for centrally cleared derivatives as settlements of the derivatives' exposures rather than collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. The Company's clearing agent for interest rate derivative contracts centrally cleared through the CME settles the variation margin daily with the CME; therefore, those interest rate derivative contracts the Company clears through the CME are reported at a fair value of approximately zero at both June 30, 2020 and December 31, 2019 . The following tables set forth certain information concerning the Company’s interest rate contract derivative financial instruments and related hedged items at the dates indicated (dollars in thousands): June 30, 2020 Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Remaining Life in Years Notional Amount Balance Sheet Location Fair Value Hedged Item Asset Liability Derivatives designated as cash flow hedges: Pay-fixed interest rate swaps Variability of interest cash flows on variable rate borrowings 2.40% 3-Month LIBOR 2.8 $ 3,021,000 Other liabilities $ — $ (7,156 ) Derivatives designated as fair value hedges: Receive-fixed interest rate swaps Variability of fair value of fixed rate borrowings 3-Month LIBOR 1.55% 1.1 250,000 Other liabilities — — Derivatives not designated as hedges: Pay-fixed interest rate swaps 3.69% Indexed to 1-month LIBOR 5.9 1,488,928 Other assets / Other liabilities — (44,857 ) Pay-variable interest rate swaps Indexed to 1-month LIBOR 3.69% 5.9 1,488,928 Other assets 145,802 — Interest rate caps purchased, indexed to 1-month LIBOR 3.71% 0.9 25,989 Other assets — — Interest rate caps sold, indexed to 1-month LIBOR 3.71% 0.9 25,989 Other liabilities — — $ 6,300,834 $ 145,802 $ (52,013 ) December 31, 2019 Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Remaining Life in Years Notional Amount Balance Sheet Location Fair Value Hedged Item Asset Liability Derivatives designated as cash flow hedges: Pay-fixed interest rate swaps Variability of interest cash flows on variable rate borrowings 2.37% 3-Month LIBOR 3.2 $ 3,131,000 Other liabilities $ — $ (1,607 ) Derivatives not designated as hedges: Receive-fixed interest rate swaps Variability of interest cash flows on fixed rate borrowings 3-Month LIBOR 1.55% 1.6 250,000 Other liabilities — — Derivatives not designated as hedges Pay-fixed interest rate swaps 3.72% Indexed to 1-month LIBOR 6.4 1,460,355 Other assets / Other liabilities 876 (15,307 ) Pay-variable interest rate swaps Indexed to 1-month LIBOR 3.72% 6.4 1,460,355 Other assets / Other liabilities 42,810 (2,115 ) Interest rate caps purchased, indexed to 1-month LIBOR 3.30% 0.6 61,004 Other assets — — Interest rate caps sold, indexed to 1-month LIBOR 3.30% 0.6 61,004 Other liabilities — — $ 6,423,718 $ 43,686 $ (19,029 ) The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest expense for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, Location of Gain (Loss) Reclassified from AOCI into Income 2020 2019 2020 2019 Interest rate contracts $ (10,009 ) $ 1,688 $ (14,565 ) $ 4,411 Interest expense on borrowings During the three and six months ended June 30, 2020 and 2019 , no derivative positions designated as cash flow hedges were discontinued and none of the gains and losses reported in AOCI were reclassified into earnings as a result of the discontinuance of cash flow hedges or because of the early extinguishment of debt. As of June 30, 2020 , the amount of net loss expected to be reclassified from AOCI into earnings during the next twelve months was $60.7 million . The following table provides information about the amount of gain (loss) related to derivatives designated as fair value hedges recognized in earnings for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, Location of Gain (Loss) in Consolidated Statements of Income 2020 2019 2020 2019 Fair value adjustment on derivatives $ 8 $ — $ 4,028 $ — Interest expense on borrowings Fair value adjustment on hedged items (164 ) — (4,072 ) — Interest expense on borrowings Gain recognized on fair value hedges (ineffective portion) $ (156 ) $ — $ (44 ) $ — The following table provides information about the hedged items related to derivatives designated as fair value hedges at the dates indicated (in thousands): June 30, 2020 December 31, 2019 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item $ 250,000 $ 250,000 FHLB and PPPLF borrowings Cumulative fair value hedging adjustments $ 3,573 $ (499 ) FHLB and PPPLF borrowings Some of the Company’s ISDA master agreements with financial institution counterparties contain provisions that permit either counterparty to terminate the agreements and require settlement in the event that regulatory capital ratios fall below certain designated thresholds, upon the initiation of other defined regulatory actions or upon suspension or withdrawal of the Bank’s credit rating. Currently, there are no circumstances that would trigger these provisions of the agreements. The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate swaps subject to these agreements is as follows at the dates indicated (dollars in thousands): June 30, 2020 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Balance Sheet Gross Amounts Recognized Derivative Instruments Collateral Pledged Net Amount Derivative assets $ — $ — $ — $ — $ — $ — Derivative liabilities (52,013 ) — (52,013 ) — 51,887 (126 ) $ (52,013 ) $ — $ (52,013 ) $ — $ 51,887 $ (126 ) December 31, 2019 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Balance Sheet Gross Amounts Recognized Derivative Instruments Collateral Pledged Net Amount Derivative assets $ 876 $ — $ 876 $ (876 ) $ — $ — Derivative liabilities (16,914 ) — (16,914 ) 876 16,038 — $ (16,038 ) $ — $ (16,038 ) $ — $ 16,038 $ — The difference between the amounts reported for interest rate swaps subject to master netting agreements and the total fair value of interest rate contract derivative financial instruments reported in the consolidated balance sheets is related to interest rate derivative contracts not subject to master netting agreements. At June 30, 2020 , the Company had pledged net financial collateral of $56.0 million as collateral for interest rate swaps in a liability position that are not centrally cleared. The amount of collateral required to be posted varies based on the settlement value of outstanding swaps and in some cases may include initial margin requirements. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 8 Stockholders’ Equity Accumulated Other Comprehensive Income Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands): Three Months Ended June 30, 2020 2019 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding gain arising during the period $ 252,893 $ (64,488 ) $ 188,405 $ 31,736 $ (8,410 ) $ 23,326 Amounts reclassified to gain on investment securities available for sale, net (5,723 ) 1,459 (4,264 ) (3,914 ) 1,037 (2,877 ) Net change in unrealized gains (losses) on investment securities available for sale 247,170 (63,029 ) 184,141 27,822 (7,373 ) 20,449 Unrealized losses on derivative instruments: Net unrealized holding loss arising during the period (12,288 ) 1,218 (11,070 ) (50,637 ) 13,419 (37,218 ) Amounts reclassified to interest expense on borrowings 10,009 (2,507 ) 7,502 (1,688 ) 447 (1,241 ) Net change in unrealized losses on derivative instruments (2,279 ) (1,289 ) (3,568 ) (52,325 ) 13,866 (38,459 ) Other comprehensive income (loss) $ 244,891 $ (64,318 ) $ 180,573 $ (24,503 ) $ 6,493 $ (18,010 ) Six Months Ended June 30, 2020 2019 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding gain (loss) arising during the period $ (33,743 ) $ 8,988 $ (24,755 ) $ 61,147 $ (16,204 ) $ 44,943 Amounts reclassified to gain on investment securities available for sale, net (7,253 ) 1,849 (5,404 ) (8,231 ) 2,181 (6,050 ) Net change in unrealized gains (losses) on investment securities available for sale (40,996 ) 10,837 (30,159 ) 52,916 (14,023 ) 38,893 Unrealized losses on derivative instruments: Net unrealized holding loss arising during the period (122,239 ) 30,355 (91,884 ) (78,766 ) 20,873 (57,893 ) Amounts reclassified to interest expense on borrowings 14,565 (3,714 ) 10,851 (4,411 ) 1,169 (3,242 ) Net change in unrealized losses on derivative instruments (107,674 ) 26,641 (81,033 ) (83,177 ) 22,042 (61,135 ) Other comprehensive loss $ (148,670 ) $ 37,478 $ (111,192 ) $ (30,261 ) $ 8,019 $ (22,242 ) The categories of AOCI and changes therein are presented below for the periods indicated (in thousands): Unrealized Gain (Loss) on Investment Securities Available for Sale Unrealized Gain (Loss) on Derivative Instruments Total Balance at December 31, 2019 $ 28,185 (60,012 ) $ (31,827 ) Other comprehensive loss (30,159 ) (81,033 ) (111,192 ) Balance at June 30, 2020 $ (1,974 ) $ (141,045 ) $ (143,019 ) Balance at December 31, 2018 $ 4,194 $ 679 $ 4,873 Other comprehensive loss 38,893 (61,135 ) (22,242 ) Balance at June 30, 2019 $ 43,087 $ (60,456 ) $ (17,369 ) |
Equity Based Compensation
Equity Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Share Awards Unvested share awards A summary of activity related to unvested share awards follows for the periods indicated: Number of Share Awards Weighted Average Grant Date Fair Value Unvested share awards outstanding, December 31, 2019 1,050,455 $ 38.24 Granted 644,300 29.73 Vested (455,260 ) 39.15 Canceled or forfeited (33,137 ) 36.21 Unvested share awards outstanding, June 30, 2020 1,206,358 $ 33.41 Unvested share awards outstanding, December 31, 2018 1,186,238 $ 38.86 Granted 582,353 36.57 Vested (533,125 ) 37.67 Canceled or forfeited (115,825 ) 39.11 Unvested share awards outstanding, June 30, 2019 1,119,641 $ 38.21 Unvested share awards are generally valued at the closing price of the Company's common stock on the date of grant. All shares granted prior to 2019 vest in equal annual installments over a period of three years from the date of grant. All shares granted in 2019 and 2020 to Company employees vest in equal annual installments over a period of four years from the date of grant. Shares granted to the Company's Board of Directors vest over a period of one year. The following table summarizes the closing price of the Company's stock on the date of grant for shares granted and the aggregate grant date fair value of shares vesting for the periods indicated (in thousands, except per share data): Six Months Ended June 30, 2020 2019 Closing price on date of grant (1) $13.99 - $30.90 $34.23 - $36.65 Aggregate grant date fair value of shares vesting $ 17,824 $ 20,083 (1) During the six months ended June 30, 2020, the Company granted 599,766 and 44,534 shares with a closing price on date of grant of $30.90 and $13.99 , respectively. The total unrecognized compensation cost of $29.5 million for all unvested share awards outstanding at June 30, 2020 will be recognized over a weighted average remaining period of 2.75 years . Executive share-based awards Certain of the Company's executives are eligible to receive annual awards of RSUs and PSUs (collectively, the "share units"). Annual awards of RSUs represent a fixed number of shares and vest on December 31st in equal tranches over three years for grants prior to 2019, and over four years for awards issued in 2019 and 2020. PSUs are initially granted based on a target value. The numb er of PSUs that ultimately vest at the end of the performance measurement period will be based on the achievement of performance criteria pre-established by the Compensation Committee of the Board of Directors. Upon vesting, the share units will be converted to common stock on a one-for-one basis, or may be settled in cash at the Company's option. The share units will accumulate dividends declared on the Company's common stock from the date of grant to be paid subsequent to vesting. As a result of the majority of previous settlements being in cash, all RSUs and PSUs have been determined to be liability instruments and are remeasured at fair value each reporting period until the awards are settled. The RSUs are valued based on the closing price of the Company's common stock at the reporting date. The PSUs are valued based on the closing price of the Company's common stock at the reporting date net of a discount related to any applicable market conditions, considering the probability of meeting the defined performance conditions. Compensation cost related to PSUs is recognized during the performance period based on the probable outcome of the respective performance conditions. A summary of activity related to executive share-based awards for the period indicated follows: RSU PSU Unvested executive share-based awards outstanding, December 31, 2019 112,116 125,088 Granted 106,731 106,731 Unvested executive share-based awards outstanding, June 30, 2020 218,847 231,819 Unvested executive share-based awards outstanding, December 31, 2018 90,612 99,874 Granted 73,062 73,062 Unvested executive share-based awards outstanding, June 30, 2019 163,674 172,936 The total liability for the share units was $2.9 million at June 30, 2020 . The total unrecognized compensation cost of $6.2 million for these share units at June 30, 2020 will be recognized over a weighted average remaining period of 2.45 years . Incentive awards The Company's annual incentive compensation arrangements for employees other than those eligible for the executive share-based awards discussed above provide for settlement through a combination of cash payments and unvested share awards following the end of the annual performance period. The dollar value of share awards to be granted is based on the achievement of performance criteria established in the incentive arrangements. The number of shares of common stock to be awarded is variable based on the closing price of the Company's stock on the date of grant; therefore, these awards are initially classified as liability instruments, with compensation cost recognized from the beginning of the performance period. Awards related to performance periods prior to 2019 vest over three years and awards related to the 2019 and 2020 performance periods vest in equal installments over a period of four years from the date of grant. These awards are included in the summary of activity related to unvested share awards above. The total liability and unrecognized compensation cost for incentive share awards for the 2020 performance period was not material. The accrued liability and unrecognized compensation cost are based on management's current estimate of the likely outcome of the performance criteria established in the incentive arrangements and may differ from actual results. T he 644,300 unvested share awards granted during the six months ended June 30, 2020 , as discussed above, included 114,936 unvested share awards granted under the Company's annual incentive compensation arrangements based on the achievement of established performance criteria for the year ended December 31, 2019. Option Awards A summary of activity related to stock option awards for the six months ended June 30, 2020 and 2019 follows: Number of Option Awards Weighted Average Exercise Price Option awards outstanding, December 31, 2019 737,753 $ 26.64 Exercised (60,000 ) 25.48 Option awards outstanding and exercisable, June 30, 2020 677,753 $ 26.74 Option awards outstanding, December 31, 2018 964,840 $ 26.53 Exercised (3,910 ) 11.14 Canceled or forfeited (1,960 ) 63.74 Option awards outstanding, June 30, 2019 958,970 $ 26.52 The intrinsic value of options exercised and related tax benefits was immaterial for the six months ended June 30, 2020 and 2019 . |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option Awards A summary of activity related to stock option awards for the six months ended June 30, 2020 and 2019 follows: Number of Option Awards Weighted Average Exercise Price Option awards outstanding, December 31, 2019 737,753 $ 26.64 Exercised (60,000 ) 25.48 Option awards outstanding and exercisable, June 30, 2020 677,753 $ 26.74 Option awards outstanding, December 31, 2018 964,840 $ 26.53 Exercised (3,910 ) 11.14 Canceled or forfeited (1,960 ) 63.74 Option awards outstanding, June 30, 2019 958,970 $ 26.52 The intrinsic value of options exercised and related tax benefits was immaterial for the six months ended June 30, 2020 and 2019 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis Following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which those measurements are typically classified. Investment securities available for sale and marketable equity securities —Fair value measurements are based on quoted prices in active markets when available; these measurements are classified within level 1 of the fair value hierarchy. These securities typically include U.S. Treasury securities and certain preferred stocks. If quoted prices in active markets are not available, fair values are estimated using quoted prices of securities with similar characteristics, quoted prices of identical securities in less active markets, discounted cash flow techniques, or matrix pricing models. These securities are generally classified within level 2 of the fair value hierarchy and include U.S. Government agency securities, U.S. Government agency and sponsored enterprise MBS, preferred stock investments for which level 1 valuations are not available, non-mortgage asset-backed securities, single family rental real estate-backed securities, certain private label residential MBS and CMOs, private label commercial MBS, collateralized loan obligations and state and municipal obligations. Pricing of these securities is generally primarily spread driven. Observable inputs that may impact the valuation of these securities include benchmark yield curves, credit spreads, reported trades, dealer quotes, bids, issuer spreads, current rating, historical constant prepayment rates, historical voluntary prepayment rates, structural and waterfall features of individual securities, published collateral data, and for certain securities, historical constant default rates and default severities. The Company uses third-party pricing services in determining fair value measurements for investment securities. To obtain an understanding of the methodologies and assumptions used, management reviews written documentation provided by the pricing services, conducts interviews with valuation desk personnel and reviews model results and detailed assumptions used to value selected securities as considered necessary. Management has established a robust price challenge process that includes a review by the treasury front office of all prices provided on a monthly basis. Any price evidencing unexpected month over month fluctuations or deviations from expectations is challenged. If considered necessary to resolve any discrepancies, a price will be obtained from an additional independent valuation source. The Company does not typically adjust the prices provided, other than through this established challenge process. The results of price challenges are subject to review by executive management. The Company has also established a quarterly process whereby prices provided by its primary pricing service for a sample of securities are validated. Any price discrepancies are resolved based on careful consideration of the assumptions and inputs employed by each of the pricing sources. Servicing rights —Commercial servicing rights are valued using a discounted cash flow methodology incorporating contractually specified servicing fees and market based assumptions about prepayments, discount rates, default rates and costs of servicing. Prepayment and default assumptions are based on historical industry data for loans with similar characteristics. Assumptions about costs of servicing are based on market convention. Discount rates are based on rates of return implied by observed trades of underlying loans in the secondary market. These instruments are classified within level 2 of the fair value hierarchy. Derivative financial instruments —Fair values of interest rate swaps are determined using widely accepted discounted cash flow modeling techniques. These discounted cash flow models use projections of future cash payments and receipts that are discounted at mid-market rates. Observable inputs that may impact the valuation of these instruments include LIBOR swap rates and LIBOR forward yield curves. These fair value measurements are generally classified within level 2 of the fair value hierarchy. The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands): June 30, 2020 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 77,180 $ — $ 77,180 U.S. Government agency and sponsored enterprise residential MBS — 2,379,840 2,379,840 U.S. Government agency and sponsored enterprise commercial MBS — 464,277 464,277 Private label residential MBS and CMOs — 1,116,086 1,116,086 Private label commercial MBS — 2,043,620 2,043,620 Single family rental real estate-backed securities — 618,207 618,207 Collateralized loan obligations — 1,128,753 1,128,753 Non-mortgage asset-backed securities — 261,531 261,531 State and municipal obligations — 259,495 259,495 SBA securities — 245,942 245,942 Marketable equity securities 88,697 — 88,697 Servicing rights — 7,291 7,291 Derivative assets — 145,802 145,802 Total assets at fair value $ 165,877 $ 8,670,844 $ 8,836,721 Derivative liabilities $ — $ (52,013 ) $ (52,013 ) Total liabilities at fair value $ — $ (52,013 ) $ (52,013 ) December 31, 2019 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 70,325 $ — $ 70,325 U.S. Government agency and sponsored enterprise residential MBS — 2,022,175 2,022,175 U.S. Government agency and sponsored enterprise commercial MBS — 370,976 370,976 Private label residential MBS and CMOs — 1,012,177 1,012,177 Private label commercial MBS — 1,724,684 1,724,684 Single family rental real estate-backed securities — 470,025 470,025 Collateralized loan obligations — 1,197,366 1,197,366 Non-mortgage asset-backed securities — 194,904 194,904 State and municipal obligations — 273,302 273,302 SBA securities — 362,731 362,731 Marketable equity securities 60,572 — 60,572 Servicing rights — 7,977 7,977 Derivative assets — 43,686 43,686 Total assets at fair value $ 130,897 $ 7,680,003 $ 7,810,900 Derivative liabilities $ — $ (19,029 ) $ (19,029 ) Total liabilities at fair value $ — $ (19,029 ) $ (19,029 ) Assets and liabilities measured at fair value on a non-recurring basis Following is a description of the methodologies used to estimate the fair values of assets and liabilities that may be measured at fair value on a non-recurring basis, and the level within the fair value hierarchy in which those measurements are typically classified. Impaired loans, OREO and other repossessed assets —The carrying amount of collateral dependent impaired loans is typically based on the fair value of the underlying collateral, which may be real estate or other business assets, less estimated costs to sell when repayment is expected to come from the sale of the collateral. The carrying value of OREO is initially measured based on the fair value of the real estate acquired in foreclosure and subsequently adjusted to the lower of cost or estimated fair value, less estimated cost to sell. Fair values of real estate collateral and OREO are typically based on third-party real estate appraisals which utilize market and income approaches to valuation incorporating both observable and unobservable inputs. When current appraisals are not available, the Company may use brokers’ price opinions, home price indices or other available information about changes in real estate market conditions to adjust the latest appraised value available. These adjustments to appraised values may be subjective and involve significant management judgment. The fair value of repossessed assets or collateral consisting of other business assets may be based on third-party appraisals or internal analyses that use market approaches to valuation incorporating a combination of observable and unobservable inputs. Fair value measurements related to collateral dependent impaired loans, OREO and other repossessed assets are generally classified within level 3 of the fair value hierarchy. Operating lease equipment —Fair values of impaired operating lease equipment are typically based upon discounted cash flow analyses, considering expected lease rates and estimated end of life residual values, typically obtained from independent appraisals. These fair value measurements are classified within level 3 of the fair value hierarchy. The following tables present the carrying value of assets for which non-recurring changes in fair value have been recorded for the periods indicated (in thousands): June 30, 2020 Losses from Fair Value Changes Level 1 Level 2 Level 3 Total Three Months Ended Six Months Ended June 30, 2020 OREO and repossessed assets $ — $ — $ 4,401 $ 4,401 $ (243 ) $ (360 ) Impaired loans $ — $ — $ 101,353 $ 101,353 $ (23,545 ) $ (42,221 ) Operating lease equipment $ — $ — $ 839 $ 839 $ — $ (691 ) June 30, 2019 Losses from Fair Value Changes Level 1 Level 2 Level 3 Total Three Months Ended Six Months Ended OREO and repossessed assets $ — $ — $ 1,557 $ 1,557 $ (203 ) $ (221 ) Impaired loans $ — $ — $ 15,385 $ 15,385 $ (529 ) $ (279 ) The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands): June 30, 2020 December 31, 2019 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 402,231 $ 402,231 $ 214,673 $ 214,673 Investment securities 1/2 $ 8,693,628 $ 8,694,622 $ 7,769,237 $ 7,769,949 Non-marketable equity securities 2 $ 233,051 $ 233,051 $ 253,664 $ 253,664 Loans held for sale 2 $ 2,623 $ 2,802 $ 37,926 $ 39,731 Loans, net 3 $ 23,568,766 $ 24,024,615 $ 23,046,317 $ 23,350,684 Derivative assets 2 $ 145,802 $ 145,802 $ 43,686 $ 43,686 Liabilities: Demand, savings and money market deposits 2 $ 19,339,621 $ 19,339,621 $ 17,047,344 $ 17,047,344 Time deposits 2 $ 6,730,803 $ 6,762,832 $ 7,347,247 $ 7,377,301 Federal funds purchased 2 $ 100,000 $ 100,000 $ 100,000 $ 100,000 FHLB and PPPLF borrowings 2 $ 4,650,599 $ 4,648,739 $ 4,480,501 $ 4,500,969 Notes and other borrowings 2 $ 722,332 $ 779,966 $ 429,338 $ 473,327 Derivative liabilities 2 $ 52,013 $ 52,013 $ 19,029 $ 19,029 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 Commitments and Contingencies The Company issues off-balance sheet financial instruments to meet the financing needs of its customers. These financial instruments include commitments to fund loans, unfunded commitments under existing lines of credit, and commercial and standby letters of credit. These commitments expose the Company to varying degrees of credit and market risk which are essentially the same as those involved in extending loans to customers, and are subject to the same credit policies used in underwriting loans. Collateral may be obtained based on the Company’s credit evaluation of the counterparty. The Company’s maximum exposure to credit loss is represented by the contractual amount of these commitments. Commitments to fund loans These are agreements to lend funds to customers as long as there is no violation of any condition established in the contract. Commitments to fund loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of these commitments are expected to expire without being funded and, therefore, the total commitment amounts do not necessarily represent future liquidity requirements. Unfunded commitments under lines of credit Unfunded commitments under lines of credit include commercial, commercial real estate, home equity and consumer lines of credit to existing customers, for many of which additional extensions of credit are subject to borrowing base requirements. Some of these commitments may mature without being fully funded. Commercial and standby letters of credit Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These letters of credit are primarily issued to support trade transactions or guarantee arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Total lending related commitments outstanding at June 30, 2020 were as follows (in thousands): Commitments to fund loans $ 770,860 Commitments to purchase loans 733,451 Unfunded commitments under lines of credit 3,145,104 Commercial and standby letters of credit 88,438 $ 4,737,853 Legal Proceedings The Company is involved as plaintiff or defendant in various legal actions arising in the normal course of business. In the opinion of management, based upon advice of legal counsel, the likelihood is remote that the impact of these proceedings, either individually or in the aggregate, would be material to the Company’s consolidated financial position, results of operations or cash flows. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates. Significant estimates include the allowance for credit losses and the fair values of investment securities and other financial instruments. |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy [Policy Text Block] | Non-accrual loans Commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Residential and other consumer loans, other than government insured residential loans, are generally placed on non-accrual status when they are 90 days past due. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. Payments received on nonaccrual commercial loans are applied as a reduction of principal. Interest payments are recognized as income on a cash basis on nonaccrual residential loans. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential and consumer loans are generally returned to accrual status when less than 90 days past due. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current. Contractually delinquent government insured residential loans are not classified as non-accrual due to the nature of the guarantee. Contractually delinquent PCD loans are not classified as non-accrual as long as the Company has a reasonable expectation about amounts expected to be collected. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings In certain situations, due to economic or legal reasons related to a borrower's financial difficulties, the Company may grant a concession to the borrower for other than an insignificant period of time that it would not otherwise consider. At that time, the related loan is classified as a TDR. The concessions granted may include rate reductions, principal forgiveness, payment forbearance, extensions of maturity at rates of interest below that commensurate with the risk profile of the loans, modification of payment terms and other actions intended to minimize economic loss. A TDR is generally placed on non-accrual status at the time of the modification unless the borrower was performing prior to the restructuring. Under recently issued inter-agency and authoritative guidance and consistent with the CARES Act, short-term (generally periods of six months or less) deferrals or modifications related to COVID-19 will typically not be categorized as TDRs. |
Purchased Credit Deteriorated [Policy Text Block] | Purchased Credit Deteriorated ("PCD") assets PCD assets are acquired financial assets that, as of the date of acquisition, have experienced a more than insignificant deterioration in credit quality since origination. An assessment is conducted at acquisition to determine whether acquired financial assets meet the criteria to be classified as PCD assets. That assessment may be conducted at the individual asset level, or for a group of assets acquired together that have similar risk characteristics. At acquisition, the ACL related to PCD assets, representing the estimated amount of the UPB of the assets not expected to be collected, is added to the purchase price to determine the amortized cost basis and any non-credit related discount or premium is allocated to the individual assets acquired. The non-credit related discount or premium is accreted or amortized to interest income over the life of the related assets using the level yield method, as long as there is a reasonable expectation about amounts expected to be collected. Subsequent changes in the amount of expected credit losses are recognized immediately by adjusting the ACL and reflecting the periodic changes as credit loss expense or reversal of credit loss expense. Loans previously categorized as ACI loans were categorized as PCD loans on initial adoption of ASC 326. At adoption, an ACL was recognized and a corresponding adjustment was made to the assets' amortized cost basis. Prior to the adoption of ASC 326, ACI loans were accounted for on a pool basis. These pools were not maintained on adoption. The Company did not re-assess whether modifications to individual PCD loans previously accounted for in pools were TDRs at adoption. |
Credit Loss, Financial Instrument [Policy Text Block] | AFS Debt Securities The Company reviews its AFS debt securities for credit loss impairment at the individual security level on at least a quarterly basis. A security is impaired if its fair value is less than its amortized cost basis. A decline in fair value below amortized cost basis represents a credit loss impairment to the extent the Company does not expect to recover the amortized cost basis of the security. Impairment related to credit losses is recorded through the ACL to the extent fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through the ACL are recorded through other comprehensive income, net of applicable taxes. In assessing whether an impairment is credit loss related, the Company compares the present value of cash flows expected to be collected to the security's amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an ACL is recorded. The Company discounts expected cash flows at the effective interest rate implicit in the security at the purchase date, adjusted for expected prepayments. For floating rate securities, the Company uses the floating rate as it changes over the life of the security. In developing estimates about cash flows expected to be collected and determining whether a credit loss exists, the Company considers information about past events, current conditions and reasonable and supportable forecasts. Factors and information that the Company uses in making its assessments include, but are not necessarily limited to, the following: • The extent to which fair value is less than amortized cost; • Adverse conditions specifically related to the security, an industry or geographic area; • Changes in the financial condition of the issuer or underlying loan obligors; • The payment structure and remaining payment terms of the security, including levels of subordination or over-collateralization; • Failure of the issuer to make scheduled payments; • Changes in credit ratings; • Relevant market data; • Estimated prepayments, defaults, and the value and performance of underlying collateral at the individual security level. The relative importance assigned to each of these factors varies depending on the facts and circumstances pertinent to the individual security being evaluated. Timely payment of principal and interest on securities issued by the U.S. Government, U.S. government agencies and U.S. government sponsored entities is explicitly or implicitly guaranteed by the U. S. government. Therefore, the Company expects to recover the amortized cost basis of these securities. If the Company intends to sell a security in an unrealized loss position, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. Historically, the Company has not experienced credit losses related to AFS securities or uncollectible interest on its AFS securities. However, AFS securities would be charged off to the extent that there was no reasonable expectation of recovery of amortized cost basis. AFS securities would be placed on non-accrual status if the Company did not reasonably expect to receive interest payments in the future and interest accrued would be reversed against interest income. Securities would be returned to accrual status only when collection of interest was reasonably assured. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Loans The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The ACL is adjusted through the provision for credit losses to the amount of amortized cost basis not expected to be collected, or in the case of PCD loans, the amount of UPB not expected to be collected, at the balance sheet date. Amortized cost basis includes UPB, unamortized premiums or discounts and deferred fees and costs, net of amounts previously charged off. The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the ACL in the period in which they are deemed uncollectible and recoveries are credited to the ACL when received. Expected recoveries on loans previously charged off, not to exceed the aggregate of amounts previously charged-off and expected to be charged-off, are included in the ACL estimate. For loans secured by residential real estate, an assessment of collateral value is made at no later than 120 days delinquency; any outstanding loan balance in excess of fair value less cost to sell is charged off at no later than 180 days delinquency. Additionally, any outstanding balance in excess of fair value of collateral less cost to sell is charged off (i) within 60 days of receipt of notification of filing from the bankruptcy court, (ii) within 60 days of determination of loss if all borrowers are deceased or (iii) within 90 days of discovery of fraudulent activity. Other consumer loans are typically charged off at 120 days delinquency. Commercial loans are charged off when, in management's judgment, they are considered to be uncollectible. Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, industry, geography, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans and TDRs, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments. Expected prepayments for commercial loans are generally estimated based on the Company's historical experience. For residential loans, expected prepayments are estimated using a model that incorporates industry prepayment data, calibrated to reflect the Company's experience. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. The length of the reasonable and supportable forecast is evaluated at each reporting period and adjusted if deemed necessary. At June 30, 2020, the Company changed from a 5-year to a 2-year reasonable and supportable forecast period in estimating the ACL. For the substantial majority of portfolio segments and subsegments, including residential loans other than government insured loans, and most commercial and commercial real estate loans, expected losses are estimated using econometric models. The models employ a factor based methodology, leveraging data sets containing extensive historical loss and recovery information by industry, geography, product type, collateral type and obligor characteristics, to estimate PD and LGD. Measures of PD for commercial loans incorporate current conditions through market cycle or credit cycle adjustments. For residential loans, the models consider FICO and adjusted LTVs. PDs and LGDs are then conditioned on the reasonable and supportable economic forecast. Projected PDs and LGDs are applied to estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. For criticized or classified loans, PDs may be adjusted to benchmark PDs appropriate to the current risk rating if the most current financial information available is deemed not to be reflective of the borrowers' current financial condition. These loan level estimates are aggregated to generate a collective estimate for groups of loans that share common risk characteristics. For certain less material portfolios including loans and leases to state and local government entities originated by Pinnacle, small balance commercial loans and consumer loans, the WARM method is used to estimate expected credit losses. For the Pinnacle portfolio, historical loss information is based on municipal historical default and recovery data, segmented by credit rating. For small balance commercial loans, historical loss information is based on the Company's historical loss experience over a five year period. For consumer loans, historical loss information is based on peer data; this portfolio subsegment is not significant. All loss estimates are conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Expected credit losses for mortgage warehouse lines of credit are estimated based primarily on the Company's historical loss experience, conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Generally, given the nature of these loans, losses would be expected to manifest within a very short time period after origination. The Company expects to collect the amortized cost basis of government insured residential loans and PPP loans due to the nature of the government guarantee, so the quantitative ACL is zero for these loans. Qualitative factors Qualitative adjustments are made to the ACL when, based on management’s judgment, there are factors impacting expected credit losses not taken into account by the quantitative calculations. Potential qualitative adjustments are categorized as follows: • Economic factors, including material trends and developments that, in management's judgment, may not have been considered in the reasonable and supportable economic forecast; • Credit policy and staffing, including the nature and level of policy and procedural exceptions or changes in credit policy not reflected in quantitative results, changes in the quality of underwriting and portfolio management and staff and issues identified by credit review, internal audit or regulators that may not be reflected in quantitative results; • Concentrations, considering whether the quantitative estimate adequately accounts for concentration risk in the portfolio; • Model imprecision and model validation findings; and • Other factors not adequately considered in the quantitative estimate or other qualitative categories identified by management that may materially impact the amount of expected credit losses. Collateral dependent loans Collateral dependent loans are those for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. These loans do not typically share similar risk characteristics with other loans and expected credit losses are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. Estimates of expected credit losses for collateral dependent loans, whether or not foreclosure is probable, are based on the fair value of the collateral adjusted for selling costs when repayment depends on sale of the collateral. Troubled debt restructurings For TDRs, or loans for which there is a reasonable expectation that a TDR will be executed, that are not collateral dependent, the credit loss estimate is determined by comparing the net present value of expected cash flows, discounted at the loan’s original effective interest rate, to the amortized cost basis of the loan. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-balance sheet credit exposures Expected credit losses related to off-balance sheet credit exposures are estimated over the contractual period for which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Expected credit losses are estimated using essentially the same methodologies employed to estimate expected credit losses on the amortized cost basis of loans, taking into consideration the likelihood and amount of additional amounts expected to be funded over the terms of the commitments. The liability for credit losses on off-balance sheet credit exposures is presented within other liabilities on the consolidated balance sheets, distinct from the ACL. Adjustments to the liability are included in the provision for credit losses. |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | Loans The Company's loan portfolio contains 1-4 single family residential first mortgages, government insured residential mortgages, an insignificant amount of home equity loans and lines of credit and other consumer loans; multi-family, non-owner occupied commercial real estate, construction and land, owner-occupied commercial real estate and commercial and industrial loans, PPP loans, mortgage warehouse lines of credit and sales-type and direct financing leases. Loans are reported at amortized cost basis, net of the ACL. Interest income is accrued based on the principal amount outstanding. Non-refundable loan origination fees, net of direct costs of originating or acquiring loans, as well as purchase premiums and discounts, are deferred and recognized as adjustments to yield over the contractual lives of the related loans using the level yield method. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Adopted During the Six Months Ended June 30, 2020 ASU No. 2016-13, F inancial Instruments - Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. The ASU, along with subsequent ASUs issued to clarify certain of its provisions, introduced new guidance which made substantive changes to the accounting for credit losses. The ASU introduced the CECL model which applies to financial assets subject to credit losses and measured at amortized cost, as well as certain off-balance sheet credit exposures. This includes loans, loan commitments, standby letters of credit, net investments in leases recognized by a lessor and HTM debt securities. The CECL model requires an entity to estimate credit losses expected over the life of an exposure, considering information about historical events, current conditions and reasonable and supportable forecasts, and is generally expected to result in earlier recognition of credit losses. The ASU also modified certain provisions of the previous OTTI model for AFS debt securities. Credit losses on AFS debt securities are now limited to the difference between the security's amortized cost basis and its fair value, and should be recognized through an allowance for credit losses rather than as a direct reduction in amortized cost basis. The Company adopted this ASU in the first quarter of 2020 using the modified retrospective transition method for the CECL model and a prospective approach for the AFS debt security model. The Company recorded a cumulative-effect adjustment to retained earnings of $23.8 million , which included $4.8 million related to off -balance sheet credit exposures, on January 1, 2020. No cumulative-effect adjustment was recorded related to AFS debt securities upon adoption. The Company has elected to phase-in the initial impact of the adoption of ASC 326 for regulatory capital purposes, allowing the impact of adoption on regulatory capital to be delayed for two years, followed by a three-year transition period. ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides optional relief for a limited period of time to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. Under this ASU, companies are provided with optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contract modifications and hedging relationships that currently utilize LIBOR as their benchmark rate, subject to certain criteria being met. The amendments in the ASU also apply to contemporaneous modifications of other contract terms related to the replacement of LIBOR. The amendments in the ASU are effective for all entities as of March 12, 2020 and will only be in effect through December 31, 2022. To date, the impact of adoption of this ASU on the Company's consolidated financial position, results of operations, and cash flows has not been material. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Accounting Pronouncements Not Yet Adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This ASU simplifies the accounting for income taxes by removing certain exceptions stipulated in ASC 740 and making some other targeted changes to the accounting for income taxes. This ASU is effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2020. The Company has not finalized its evaluation of the impact of adoption on its consolidated financial position, results of operations, and cash flows, but the impact is not currently expected to be material. |
Accrued Interest Receivable [Policy Text Block] | Accrued Interest Receivable The Company has elected to present accrued interest receivable separate from the amortized cost basis of financial assets carried at amortized cost. The Company is applying the practical expedient provided in ASC 326 to exclude accrued interest receivable balances from tabular disclosures about financial assets carried at amortized cost. The Company has elected not to estimate an ACL on accrued interest receivable balances since uncollectible accrued interest is timely written off in accordance with the Company's accounting policies for non-accrual loans. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, c 2020 2019 2020 2019 Basic earnings per common share: Numerator: Net income $ 76,508 $ 81,451 $ 45,557 $ 147,423 Distributed and undistributed earnings allocated to participating securities (3,353 ) (3,382 ) (1,939 ) (6,074 ) Income allocated to common stockholders for basic earnings per common share $ 73,155 $ 78,069 $ 43,618 $ 141,349 Denominator: Weighted average common shares outstanding 92,409,949 97,451,019 93,177,243 98,150,014 Less average unvested stock awards (1,207,798 ) (1,174,339 ) (1,154,589 ) (1,173,137 ) Weighted average shares for basic earnings per common share 91,202,151 96,276,680 92,022,654 96,976,877 Basic earnings per common share $ 0.80 $ 0.81 $ 0.47 $ 1.46 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 73,155 $ 78,069 $ 43,618 $ 141,349 Adjustment for earnings reallocated from participating securities — 9 — 13 Income used in calculating diluted earnings per common share $ 73,155 $ 78,078 $ 43,618 $ 141,362 Denominator: Weighted average shares for basic earnings per common share 91,202,151 96,276,680 92,022,654 96,976,877 Dilutive effect of stock options and certain shared-based awards 705 345,899 126,858 312,821 Weighted average shares for diluted earnings per common share 91,202,856 96,622,579 92,149,512 97,289,698 Diluted earnings per common share $ 0.80 $ 0.81 $ 0.47 $ 1.45 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands): June 30, 2020 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 75,217 $ 1,963 $ — $ 77,180 U.S. Government agency and sponsored enterprise residential MBS 2,371,729 13,309 (5,198 ) 2,379,840 U.S. Government agency and sponsored enterprise commercial MBS 455,344 9,859 (926 ) 464,277 Private label residential MBS and CMOs 1,101,390 16,670 (1,974 ) 1,116,086 Private label commercial MBS 2,075,683 16,735 (48,798 ) 2,043,620 Single family rental real estate-backed securities 608,019 11,381 (1,193 ) 618,207 Collateralized loan obligations 1,166,929 — (38,176 ) 1,128,753 Non-mortgage asset-backed securities 255,854 6,251 (574 ) 261,531 State and municipal obligations 239,502 19,993 — 259,495 SBA securities 247,914 2,286 (4,258 ) 245,942 8,597,581 $ 98,447 $ (101,097 ) 8,594,931 Investment securities held to maturity 10,000 10,000 $ 8,607,581 8,604,931 Marketable equity securities 88,697 $ 8,693,628 December 31, 2019 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 70,243 $ 219 $ (137 ) $ 70,325 U.S. Government agency and sponsored enterprise residential MBS 2,018,853 9,835 (6,513 ) 2,022,175 U.S. Government agency and sponsored enterprise commercial MBS 366,787 4,920 (731 ) 370,976 Private label residential MBS and CMOs 1,001,337 11,851 (1,011 ) 1,012,177 Private label commercial MBS 1,719,228 6,650 (1,194 ) 1,724,684 Single family rental real estate-backed securities 467,459 4,016 (1,450 ) 470,025 Collateralized loan obligations 1,204,905 322 (7,861 ) 1,197,366 Non-mortgage asset-backed securities 194,171 1,780 (1,047 ) 194,904 State and municipal obligations 257,528 15,774 — 273,302 SBA securities 359,808 4,587 (1,664 ) 362,731 7,660,319 $ 59,954 $ (21,608 ) 7,698,665 Investment securities held to maturity 10,000 10,000 $ 7,670,319 7,708,665 Marketable equity securities 60,572 $ 7,769,237 (1) At fair value except for securities held to maturity. |
Investments Classified by Contractual Maturity Date | At June 30, 2020 , contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 908,180 $ 914,970 Due after one year through five years 4,875,569 4,830,499 Due after five years through ten years 2,304,114 2,332,121 Due after ten years 509,718 517,341 $ 8,597,581 $ 8,594,931 |
Gain on Investment Securities, net | The following table provides information about gains and losses on investment securities for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Proceeds from sale of investment securities available for sale $ 240,805 $ 850,527 $ 547,337 $ 1,626,250 Gross realized gains: Investment securities available for sale $ 5,723 $ 4,631 $ 7,255 $ 8,956 Gross realized losses: Investment securities available for sale — (716 ) (2 ) (724 ) Net realized gain 5,723 3,915 7,253 8,232 Net unrealized gains (losses) on marketable equity securities recognized in earnings 1,113 201 (3,870 ) 1,669 Gain on investment securities, net $ 6,836 $ 4,116 $ 3,383 $ 9,901 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands). No ACL was recorded for any investment securities available for sale in an unrealized loss position at June 30, 2020 . June 30, 2020 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Government agency and sponsored enterprise residential MBS $ 604,143 $ (895 ) $ 517,239 $ (4,303 ) $ 1,121,382 $ (5,198 ) U.S. Government agency and sponsored enterprise commercial MBS 39,892 (108 ) 73,856 (818 ) 113,748 (926 ) Private label residential MBS and CMOs 205,524 (1,974 ) — — 205,524 (1,974 ) Private label commercial MBS 1,302,037 (45,341 ) 56,875 (3,457 ) 1,358,912 (48,798 ) Single family rental real estate-backed securities 184,785 (1,193 ) — — 184,785 (1,193 ) Collateralized loan obligations 591,422 (15,873 ) 537,331 (22,303 ) 1,128,753 (38,176 ) Non-mortgage asset-backed securities 13,857 (45 ) 13,472 (529 ) 27,329 (574 ) SBA securities 35,136 (326 ) 109,837 (3,932 ) 144,973 (4,258 ) $ 2,976,796 $ (65,755 ) $ 1,308,610 $ (35,342 ) $ 4,285,406 $ (101,097 ) December 31, 2019 Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities $ 20,056 $ (137 ) $ — $ — $ 20,056 $ (137 ) U.S. Government agency and sponsored enterprise residential MBS 579,076 (3,862 ) 243,839 (2,651 ) 822,915 (6,513 ) U.S. Government agency and sponsored enterprise commercial MBS 99,610 (696 ) 6,477 (35 ) 106,087 (731 ) Private label residential MBS and CMOs 180,398 (838 ) 41,636 (173 ) 222,034 (1,011 ) Private label commercial MBS 648,761 (1,060 ) 76,302 (134 ) 725,063 (1,194 ) Single family rental real estate-backed securities 241,915 (1,445 ) 5,460 (5 ) 247,375 (1,450 ) Collateralized loan obligations 63,310 (846 ) 682,076 (7,015 ) 745,386 (7,861 ) Non-mortgage asset-backed securities 78,964 (962 ) 7,883 (85 ) 86,847 (1,047 ) SBA securities 10,236 (2 ) 142,204 (1,662 ) 152,440 (1,664 ) $ 1,922,326 $ (9,848 ) $ 1,205,877 $ (11,760 ) $ 3,128,203 $ (21,608 ) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Collateral Dependent Loans [Table Text Block] | The following table presents the amortized cost basis of collateral dependent loans at June 30, 2020 (in thousands): Amortized Cost Extent to Which Secured by Collateral Residential and other consumer $ 3,283 $ 3,273 Commercial: Multi-family 6,011 6,011 Non-owner occupied commercial real estate 30,980 30,980 Construction and land 3,703 3,703 Owner occupied commercial real estate 21,025 21,025 Commercial and industrial 54,232 29,468 Bridge - franchise finance 24,353 21,178 Bridge - equipment finance 1,148 1,078 Total commercial 141,452 113,443 $ 144,735 $ 116,716 |
Schedule of Accounts, Notes, Loans and Financing Receivable | June 30, 2020 December 31, 2019 Total Percent of Total Total Percent of Total Residential and other consumer: 1-4 single family residential $ 4,743,866 19.9 % $ 4,953,936 21.4 % Government insured residential 826,238 3.5 % 698,644 3.0 % Other consumer loans 7,703 0.1 % 8,539 0.1 % 5,577,807 23.5 % 5,661,119 24.5 % Commercial: Multi-family 1,893,753 7.9 % 2,217,705 9.6 % Non-owner occupied commercial real estate 4,940,531 20.7 % 5,030,904 21.7 % Construction and land 246,609 1.0 % 243,925 1.1 % Owner occupied commercial real estate 2,041,346 8.6 % 2,062,808 8.9 % Commercial and industrial 4,691,326 19.7 % 4,655,349 20.1 % PPP 827,359 3.5 % — — % Pinnacle 1,242,506 5.1 % 1,202,430 5.2 % Bridge - franchise finance 623,139 2.6 % 627,482 2.6 % Bridge - equipment finance 589,785 2.5 % 684,794 3.0 % Mortgage warehouse lending 1,160,728 4.9 % 768,472 3.3 % 18,257,082 76.5 % 17,493,869 75.5 % Total loans 23,834,889 100.0 % 23,154,988 100.0 % Allowance for credit losses (266,123 ) (108,671 ) Loans, net $ 23,568,766 $ 23,046,317 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $25 million and $50 million at June 30, 2020 and December 31, 2019 , respectively. The amortized cost basis of residential PCD loans was $134 million and the related amount of non-credit discount was $135 million at June 30, 2020 . The ACL related to PCD residential loans was $1.1 million and $1.7 million at June 30, 2020 and January 1, 2020, the date of initial adoption of ASU 2016-13, respectively. Included in the table above are direct or sales type finance leases totaling $757 million and $733 million at June 30, 2020 and December 31, 2019 , respectively. The amount of income recognized from direct or sales type finance leases for the three and six months ended June 30, 2020 and 2019 totaled $5.3 million , $10.7 million , $5.5 million and $10.8 million , respectively and is recorded as interest income on loans in the consolidated statements of income. During the three and six months ended June 30, 2020 and 2019 , the Company purchased 1-4 single family residential loans totaling $582 million , $1.1 billion , $589 million and $894 million , respectively. Purchases for the three and six months ended June 30, 2020 and 2019 included $243 million , $529 million , $151 million and $284 million , respectively, of government insured residential loans. At June 30, 2020 and December 31, 2019 , the Company had pledged loans with a carrying value of approximately $11.0 billion and $10.2 billion , respectively, as security for FHLB advances, Federal Reserve discount window capacity and PPPLF borrowings. At June 30, 2020 and December 31, 2019 , accrued interest receivable on loans totaled $108 million and $83 million , respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the three and six months ended June 30, 2020 . |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for credit losses is summarized below. The balance at December 31, 2019 and amounts presented for the three and six months ended June 30, 2019 represent the allowance for loan and leases losses, estimated using an incurred loss methodology. The ACL at June 30, 2020 and activity for the three and six months then ended were determined using the CECL methodology (in thousands): Three Months Ended June 30, 2020 2019 Residential and Other Consumer Commercial Total Residential and Other Consumer Commercial Total Beginning balance $ 12,576 $ 238,003 $ 250,579 $ 10,952 $ 103,751 $ 114,703 Provision (recovery) (1,924 ) 33,508 31,584 131 (2,878 ) (2,747 ) Charge-offs — (19,178 ) (19,178 ) — (1,711 ) (1,711 ) Recoveries 43 3,095 3,138 153 1,743 1,896 Ending balance $ 10,695 $ 255,428 $ 266,123 $ 11,236 $ 100,905 $ 112,141 Six Months Ended June 30, 2020 2019 Residential and Other Consumer Commercial Total Residential and Other Consumer Commercial Total Beginning balance $ 11,154 $ 97,517 $ 108,671 $ 10,788 $ 99,143 $ 109,931 Impact of adoption of ASU 2016-13 8,098 19,207 27,305 — — — Provision (recovery) (8,572 ) 162,021 153,449 281 7,253 7,534 Charge-offs (31 ) (26,953 ) (26,984 ) — (7,844 ) (7,844 ) Recoveries 46 3,636 3,682 167 2,353 2,520 Ending balance $ 10,695 $ 255,428 $ 266,123 $ 11,236 $ 100,905 $ 112,141 The following table presents the components of the provision for credit losses for the periods indicated (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Amount related to funded portion of loans $ 31,584 $ 153,449 Amount related to off-balance sheet credit exposures (6,170 ) (2,607 ) Provision for credit losses $ 25,414 $ 150,842 |
Financing Receivable, Past Due | June 30, 2020 December 31, 2019 Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total Current 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Days or More Past Due Total 1-4 single family residential $ 4,679,984 $ 49,275 $ 2,833 $ 11,774 $ 4,743,866 $ 4,887,618 $ 45,634 $ 9,578 $ 11,106 $ 4,953,936 Government insured residential 51,276 53,017 52,620 669,325 826,238 93,560 45,347 30,426 529,311 698,644 Home equity loans and lines of credit 1,478 69 — — 1,547 1,320 — — — 1,320 Other consumer loans 6,156 — — — 6,156 7,219 — — — 7,219 Multi-family 1,858,695 29,047 6,011 — 1,893,753 2,217,705 — — — 2,217,705 Non-owner occupied commercial real estate 4,859,344 52,937 7,979 20,271 4,940,531 5,015,458 — 928 14,518 5,030,904 Construction and land 246,263 — — 346 246,609 240,647 2,396 — 882 243,925 Owner occupied commercial real estate 2,020,077 1,081 3,376 16,812 2,041,346 2,041,352 1,336 4,420 15,700 2,062,808 Commercial and industrial 4,593,422 20,855 22,601 54,448 4,691,326 4,595,847 2,313 4,301 52,888 4,655,349 PPP 827,359 — — — 827,359 — — — — — Pinnacle 1,242,506 — — — 1,242,506 1,202,430 — — — 1,202,430 Bridge - franchise finance 596,136 — 625 26,378 623,139 610,315 3,840 2,501 10,826 627,482 Bridge - equipment finance 589,785 — — — 589,785 677,089 7,705 — — 684,794 Mortgage warehouse lending 1,160,728 — — — 1,160,728 768,472 — — — 768,472 $ 22,733,209 $ 206,281 $ 96,045 $ 799,354 $ 23,834,889 $ 22,359,032 $ 108,571 $ 52,154 $ 635,231 $ 23,154,988 |
Impaired Financing Receivables | The following table presents information about loans on non-accrual status at the dates indicated (in thousands): June 30, 2020 December 31, 2019 Amortized Cost Amortized Cost With No Related Allowance Amortized Cost Residential and other consumer $ 13,183 $ 2,622 $ 18,894 Commercial: Multi-family 6,011 6,011 6,138 Non-owner occupied commercial real estate 46,545 28,598 40,097 Construction and land 3,703 3,357 3,191 Owner occupied commercial real estate 30,493 8,765 27,141 Commercial and industrial 67,702 7,386 74,757 Bridge - franchise finance 32,857 1,848 13,631 Bridge - equipment finance 1,148 537 20,939 $ 201,642 $ 59,124 $ 204,788 |
Financing Receivable Credit Quality Indicators | FICO scores are generally updated at least annually, and were most recently updated in the fourth quarter of 2019. LTVs are typically at origination since we do not routinely update residential appraisals. Substantially all of the government insured residential loans are government insured buyout loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment and wages, as well as residential property values. 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status: June 30, 2020 Amortized Cost By Origination Year 2020 2019 2018 2017 2016 Prior Total Current $ 249,912 $ 807,365 $ 488,280 $ 753,109 $ 776,895 $ 1,604,423 $ 4,679,984 30 - 59 Days Past Due 5,703 11,477 3,372 2,701 7,417 18,605 49,275 60 - 89 Days Past Due — 720 75 53 103 1,882 2,833 90 Days or More Past Due — 807 2,293 — 484 8,190 11,774 $ 255,615 $ 820,369 $ 494,020 $ 755,863 $ 784,899 $ 1,633,100 $ 4,743,866 December 31, 2019 Amortized Cost By Origination Year 2019 2018 2017 2016 2015 Prior Total Current $ 804,913 $ 609,814 $ 830,710 $ 783,318 $ 633,833 $ 1,225,030 $ 4,887,618 30 - 59 Days Past Due 13,915 3,003 3,751 8,419 4,308 12,238 45,634 60 - 89 Days Past Due 1,785 442 137 486 1,766 4,962 9,578 90 Days or More Past Due — 1,762 914 — 5,030 3,400 11,106 $ 820,613 $ 615,021 $ 835,512 $ 792,223 $ 644,937 $ 1,245,630 $ 4,953,936 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV: June 30, 2020 Amortized Cost By Origination Year LTV 2020 2019 2018 2017 2016 Prior Total Less than 61% $ 99,728 $ 180,025 $ 106,359 $ 202,355 $ 276,035 $ 519,410 $ 1,383,912 61% - 70% 62,031 192,880 110,546 136,212 184,600 394,279 1,080,548 71% - 80% 92,387 433,542 245,829 349,993 300,153 689,223 2,111,127 More than 80% 1,469 13,922 31,286 67,303 24,111 30,188 168,279 $ 255,615 $ 820,369 $ 494,020 $ 755,863 $ 784,899 $ 1,633,100 $ 4,743,866 December 31, 2019 Amortized Cost By Origination Year LTV 2019 2018 2017 2016 2015 Prior Total Less than 61% $ 171,069 $ 134,978 $ 183,807 $ 228,868 $ 197,039 $ 372,221 $ 1,287,982 61% - 70 % 195,572 128,766 152,502 188,856 154,307 316,031 1,136,034 71% - 80% 442,311 313,779 404,743 338,000 283,202 531,377 2,313,412 More than 80% 11,661 37,498 94,460 36,499 10,389 26,001 216,508 $ 820,613 $ 615,021 $ 835,512 $ 792,223 $ 644,937 $ 1,245,630 $ 4,953,936 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score: June 30, 2020 Amortized Cost By Origination Year FICO 2020 2019 2018 2017 2016 Prior Total 760 or greater $ 168,920 $ 482,818 $ 298,650 $ 521,199 $ 573,011 $ 1,093,732 $ 3,138,330 720 - 759 70,279 224,961 112,407 138,897 131,205 304,460 982,209 719 or less 16,416 112,590 82,963 95,767 80,683 234,908 623,327 $ 255,615 $ 820,369 $ 494,020 $ 755,863 $ 784,899 $ 1,633,100 $ 4,743,866 December 31, 2019 Amortized Cost By Origination Year FICO 2019 2018 2017 2016 2015 Prior Total 760 or greater $ 470,057 $ 340,716 $ 534,017 $ 533,804 $ 430,706 $ 763,807 $ 3,073,107 720 - 759 242,806 185,939 200,623 178,139 141,748 307,195 1,256,450 719 or less 107,750 88,366 100,872 80,280 72,483 174,628 624,379 $ 820,613 $ 615,021 $ 835,512 $ 792,223 $ 644,937 $ 1,245,630 $ 4,953,936 Credit quality indicators for commercial loans Factors that impact risk inherent in commercial portfolio segments include but are not limited to levels of economic activity, health of the national and regional economy, industry trends, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are generally indicative of the likelihood that a borrower will default, are a key factor influencing the level and nature of ongoing monitoring of loans and may impact the estimation of the ACL. Internal risk ratings are updated on a continuous basis. Generally, relationships with balances in excess of defined thresholds, ranging from $1 million to $3 million , are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. During the second quarter of 2020, risk ratings were re-evaluated for a substantial portion of the commercial portfolio, with a focus on portfolio segments we identified for enhanced monitoring and loans for which we granted temporary payment deferrals in light of the COVID-19 pandemic. Loans exhibiting potential credit weaknesses that deserve management’s close attention and that could result in deterioration of repayment prospects at some future date if not checked or corrected are categorized as special mention. Loans with well-defined credit weaknesses, including payment defaults, declining collateral values, frequent overdrafts, operating losses, increasing balance sheet leverage, inadequate cash flow, project cost overruns, unreasonable construction delays, past due real estate taxes or exhausted interest reserves, are assigned an internal risk rating of substandard. A loan with a weakness so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors has not been charged off, will be assigned an internal risk rating of doubtful. Commercial credit exposure based on internal risk rating: June 30, 2020 Amortized Cost By Origination Year Revolving Loans 2020 2019 2018 2017 2016 Prior Total Multi-Family Pass $ 42,877 $ 316,733 $ 190,227 $ 210,681 $ 347,973 $ 633,791 $ 39,607 $ 1,781,889 Special mention — 8,149 15,767 19,512 6,209 7,587 — 57,224 Substandard — — — 2,845 9,801 41,994 — 54,640 Total Multi-Family $ 42,877 $ 324,882 $ 205,994 $ 233,038 $ 363,983 $ 683,372 $ 39,607 $ 1,893,753 Non-owner occupied commercial real estate Pass $ 238,451 $ 1,202,138 $ 736,973 $ 509,446 $ 590,992 $ 814,514 $ 107,772 $ 4,200,286 Special mention — 46,971 96,563 47,930 166,139 112,887 — 470,490 Substandard 4,568 32,746 5,029 437 100,748 126,227 — 269,755 Total non-owner occupied commercial real estate $ 243,019 $ 1,281,855 $ 838,565 $ 557,813 $ 857,879 $ 1,053,628 $ 107,772 $ 4,940,531 Construction and Land Pass $ 7,208 $ 125,429 $ 13,619 $ 50,020 $ 27,336 $ 917 $ 243 $ 224,772 Special mention — 1,393 2,965 8,604 4,284 — — 17,246 Substandard — — 888 — 3,357 346 — 4,591 Total Construction and Land $ 7,208 $ 126,822 $ 17,472 $ 58,624 $ 34,977 $ 1,263 $ 243 $ 246,609 Owner occupied commercial real estate Pass $ 128,795 $ 303,522 $ 276,367 $ 267,267 $ 311,485 $ 466,194 $ 39,586 $ 1,793,216 Special mention 2,635 26,410 15,528 57,102 41,321 34,201 2,108 179,305 Substandard — 8,691 17,520 12,203 2,863 18,327 9,221 68,825 Total owner occupied commercial real estate $ 131,430 $ 338,623 $ 309,415 $ 336,572 $ 355,669 $ 518,722 $ 50,915 $ 2,041,346 Commercial and industrial Pass $ 356,049 $ 940,865 $ 344,774 $ 295,769 $ 204,049 $ 64,485 $ 1,989,034 $ 4,195,025 Special mention 611 81,305 33,987 2,252 28,507 6,818 89,918 243,398 Substandard 600 46,973 43,472 33,272 18,949 53,470 56,167 252,903 Total commercial and industrial $ 357,260 $ 1,069,143 $ 422,233 $ 331,293 $ 251,505 $ 124,773 $ 2,135,119 $ 4,691,326 PPP Pass $ 827,359 $ — $ — $ — $ — $ — $ — $ 827,359 PPP $ 827,359 $ — $ — $ — $ — $ — $ — $ 827,359 Pinnacle Pass $ 125,882 $ 134,838 $ 92,537 $ 232,269 $ 227,317 $ 429,663 $ — $ 1,242,506 Total Pinnacle $ 125,882 $ 134,838 $ 92,537 $ 232,269 $ 227,317 $ 429,663 $ — $ 1,242,506 Bridge - Franchise Finance Pass $ 42,004 $ 97,036 $ 27,760 $ 12,666 $ 14,456 $ 12,357 $ — $ 206,279 Special mention 42,611 154,808 73,602 37,731 11,255 7,368 — 327,375 Substandard 549 15,494 45,185 5,173 17,778 4,357 — 88,536 Doubtful — — — — 949 — — 949 Total Bridge - Franchise Finance $ 85,164 $ 267,338 $ 146,547 $ 55,570 $ 44,438 $ 24,082 $ — $ 623,139 Bridge - Equipment Finance Pass $ 24,349 $ 193,227 $ 103,434 $ 94,667 $ 54,544 $ 67,486 $ — $ 537,707 Special mention — 6,634 9,510 27,050 — — — 43,194 Substandard — 3,608 4,128 — 1,005 143 — 8,884 Total Bridge - Equipment Finance $ 24,349 $ 203,469 $ 117,072 $ 121,717 $ 55,549 $ 67,629 $ — $ 589,785 Mortgage Warehouse Lending Pass $ — $ — $ — $ — $ — $ — $ 1,160,728 $ 1,160,728 Total Mortgage Warehouse Lending $ — $ — $ — $ — $ — $ — $ 1,160,728 $ 1,160,728 At June 30, 2020 , the balance of revolving loans converted to term loans was immaterial. The following tables summarize the Company's commercial credit exposure based on internal risk rating, in aggregate, at the dates indicated (in thousands): June 30, 2020 Multi-Family Non-Owner Occupied Commercial Real Estate Construction Owner Occupied Commercial Real Estate Commercial and Industrial PPP Pinnacle Bridge - Franchise Finance Bridge - Equipment Finance Mortgage Warehouse Lending Total Pass $ 1,781,889 $ 4,200,286 $ 224,772 $ 1,793,216 $ 4,195,025 $ 827,359 $ 1,242,506 $ 206,279 $ 537,707 $ 1,160,728 $ 16,169,767 Special mention 57,224 470,490 17,246 179,305 243,398 — — 327,375 43,194 — 1,338,232 Substandard (1) 54,640 269,755 4,591 68,825 252,903 — — 88,536 8,884 — 748,134 Doubtful — — — — — — — 949 — — 949 $ 1,893,753 $ 4,940,531 $ 246,609 $ 2,041,346 $ 4,691,326 $ 827,359 $ 1,242,506 $ 623,139 $ 589,785 $ 1,160,728 $ 18,257,082 (1) Includes $561 million of substandard accruing loans at June 30, 2020. December 31, 2019 Multi-Family Non-Owner Occupied Commercial Real Estate Construction Owner Occupied Commercial Real Estate Commercial and Industrial Pinnacle Bridge - Franchise Finance Bridge - Equipment Finance Mortgage Warehouse Lending Total Pass $ 2,184,771 $ 4,932,279 $ 240,734 $ 1,991,556 $ 4,508,563 $ 1,202,430 $ 562,042 $ 663,855 $ 768,472 $ 17,054,702 Special mention — 5,831 — 27,870 28,498 — 10,682 — — 72,881 Substandard (1) 32,934 92,794 3,191 43,382 118,288 — 54,758 20,939 — 366,286 $ 2,217,705 $ 5,030,904 $ 243,925 $ 2,062,808 $ 4,655,349 $ 1,202,430 $ 627,482 $ 684,794 $ 768,472 $ 17,493,869 (1) Includes $180 million of substandard accruing loans at December 31, 2019. |
Financing Receivable, Troubled Debt Restructuring | Troubled debt restructurings The following table summarizes loans that were modified in TDRs during the periods indicated, as well as loans modified during the twelve months preceding June 30, 2020 and 2019 that experienced payment defaults during the periods indicated (dollars in thousands): Three Months Ended June 30, 2020 2019 Loans Modified in TDRs TDRs Experiencing Payment Defaults During the Period Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Government insured residential 52 $ 7,291 121 $ 19,512 34 $ 5,164 31 $ 4,355 Non-owner occupied commercial real estate — — 1 4,249 1 12,085 1 2,772 Owner occupied commercial real estate — — — — — — 3 1,878 Commercial and industrial 2 1,348 — — 4 7,354 1 1,233 Bridge - franchise finance 1 919 5 18,718 1 2,073 — — 55 $ 9,558 127 $ 42,479 40 $ 26,676 36 $ 10,238 Six Months Ended June 30, 2020 2019 Loans Modified in TDRs TDRs Experiencing Payment Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 1 $ 203 — $ — 2 $ 563 — $ — Government insured residential 86 12,183 150 23,994 46 6,782 32 4,517 Non-owner occupied commercial real estate 1 4,249 1 4,249 1 12,085 1 2,772 Owner occupied commercial real estate — — — — 1 849 3 1,878 Commercial and industrial 2 1,348 3 5,448 6 17,994 1 1,233 Bridge - franchise finance 9 14,666 8 23,358 3 3,238 — — Bridge - equipment finance — — — — 1 847 — — 99 $ 32,649 162 $ 57,049 60 $ 42,358 37 $ 10,400 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, Location of Gain (Loss) in Consolidated Statements of Income 2020 2019 2020 2019 Fair value adjustment on derivatives $ 8 $ — $ 4,028 $ — Interest expense on borrowings Fair value adjustment on hedged items (164 ) — (4,072 ) — Interest expense on borrowings Gain recognized on fair value hedges (ineffective portion) $ (156 ) $ — $ (44 ) $ — The following table provides information about the hedged items related to derivatives designated as fair value hedges at the dates indicated (in thousands): June 30, 2020 December 31, 2019 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item $ 250,000 $ 250,000 FHLB and PPPLF borrowings Cumulative fair value hedging adjustments $ 3,573 $ (499 ) FHLB and PPPLF borrowings |
Derivative and Hedging Activities - Carrying Value of Hedged Item and Cumulative Fair Value Adjustments [Table Text Block] | The following table provides information about the hedged items related to derivatives designated as fair value hedges at the dates indicated (in thousands): June 30, 2020 December 31, 2019 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item $ 250,000 $ 250,000 FHLB and PPPLF borrowings Cumulative fair value hedging adjustments $ 3,573 $ (499 ) FHLB and PPPLF borrowings |
Schedule of Interest Rate Contract Derivative Financial Instruments and Related Hedged Items | The following tables set forth certain information concerning the Company’s interest rate contract derivative financial instruments and related hedged items at the dates indicated (dollars in thousands): June 30, 2020 Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Remaining Life in Years Notional Amount Balance Sheet Location Fair Value Hedged Item Asset Liability Derivatives designated as cash flow hedges: Pay-fixed interest rate swaps Variability of interest cash flows on variable rate borrowings 2.40% 3-Month LIBOR 2.8 $ 3,021,000 Other liabilities $ — $ (7,156 ) Derivatives designated as fair value hedges: Receive-fixed interest rate swaps Variability of fair value of fixed rate borrowings 3-Month LIBOR 1.55% 1.1 250,000 Other liabilities — — Derivatives not designated as hedges: Pay-fixed interest rate swaps 3.69% Indexed to 1-month LIBOR 5.9 1,488,928 Other assets / Other liabilities — (44,857 ) Pay-variable interest rate swaps Indexed to 1-month LIBOR 3.69% 5.9 1,488,928 Other assets 145,802 — Interest rate caps purchased, indexed to 1-month LIBOR 3.71% 0.9 25,989 Other assets — — Interest rate caps sold, indexed to 1-month LIBOR 3.71% 0.9 25,989 Other liabilities — — $ 6,300,834 $ 145,802 $ (52,013 ) December 31, 2019 Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Remaining Life in Years Notional Amount Balance Sheet Location Fair Value Hedged Item Asset Liability Derivatives designated as cash flow hedges: Pay-fixed interest rate swaps Variability of interest cash flows on variable rate borrowings 2.37% 3-Month LIBOR 3.2 $ 3,131,000 Other liabilities $ — $ (1,607 ) Derivatives not designated as hedges: Receive-fixed interest rate swaps Variability of interest cash flows on fixed rate borrowings 3-Month LIBOR 1.55% 1.6 250,000 Other liabilities — — Derivatives not designated as hedges Pay-fixed interest rate swaps 3.72% Indexed to 1-month LIBOR 6.4 1,460,355 Other assets / Other liabilities 876 (15,307 ) Pay-variable interest rate swaps Indexed to 1-month LIBOR 3.72% 6.4 1,460,355 Other assets / Other liabilities 42,810 (2,115 ) Interest rate caps purchased, indexed to 1-month LIBOR 3.30% 0.6 61,004 Other assets — — Interest rate caps sold, indexed to 1-month LIBOR 3.30% 0.6 61,004 Other liabilities — — $ 6,423,718 $ 43,686 $ (19,029 ) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest expense for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, Location of Gain (Loss) Reclassified from AOCI into Income 2020 2019 2020 2019 Interest rate contracts $ (10,009 ) $ 1,688 $ (14,565 ) $ 4,411 Interest expense on borrowings |
Schedule of Interest Rate Swaps Subject to Master Netting Agreements | The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate swaps subject to these agreements is as follows at the dates indicated (dollars in thousands): June 30, 2020 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Balance Sheet Gross Amounts Recognized Derivative Instruments Collateral Pledged Net Amount Derivative assets $ — $ — $ — $ — $ — $ — Derivative liabilities (52,013 ) — (52,013 ) — 51,887 (126 ) $ (52,013 ) $ — $ (52,013 ) $ — $ 51,887 $ (126 ) December 31, 2019 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Balance Sheet Gross Amounts Recognized Derivative Instruments Collateral Pledged Net Amount Derivative assets $ 876 $ — $ 876 $ (876 ) $ — $ — Derivative liabilities (16,914 ) — (16,914 ) 876 16,038 — $ (16,038 ) $ — $ (16,038 ) $ — $ 16,038 $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Changes in AOCI | Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands): Three Months Ended June 30, 2020 2019 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding gain arising during the period $ 252,893 $ (64,488 ) $ 188,405 $ 31,736 $ (8,410 ) $ 23,326 Amounts reclassified to gain on investment securities available for sale, net (5,723 ) 1,459 (4,264 ) (3,914 ) 1,037 (2,877 ) Net change in unrealized gains (losses) on investment securities available for sale 247,170 (63,029 ) 184,141 27,822 (7,373 ) 20,449 Unrealized losses on derivative instruments: Net unrealized holding loss arising during the period (12,288 ) 1,218 (11,070 ) (50,637 ) 13,419 (37,218 ) Amounts reclassified to interest expense on borrowings 10,009 (2,507 ) 7,502 (1,688 ) 447 (1,241 ) Net change in unrealized losses on derivative instruments (2,279 ) (1,289 ) (3,568 ) (52,325 ) 13,866 (38,459 ) Other comprehensive income (loss) $ 244,891 $ (64,318 ) $ 180,573 $ (24,503 ) $ 6,493 $ (18,010 ) Six Months Ended June 30, 2020 2019 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding gain (loss) arising during the period $ (33,743 ) $ 8,988 $ (24,755 ) $ 61,147 $ (16,204 ) $ 44,943 Amounts reclassified to gain on investment securities available for sale, net (7,253 ) 1,849 (5,404 ) (8,231 ) 2,181 (6,050 ) Net change in unrealized gains (losses) on investment securities available for sale (40,996 ) 10,837 (30,159 ) 52,916 (14,023 ) 38,893 Unrealized losses on derivative instruments: Net unrealized holding loss arising during the period (122,239 ) 30,355 (91,884 ) (78,766 ) 20,873 (57,893 ) Amounts reclassified to interest expense on borrowings 14,565 (3,714 ) 10,851 (4,411 ) 1,169 (3,242 ) Net change in unrealized losses on derivative instruments (107,674 ) 26,641 (81,033 ) (83,177 ) 22,042 (61,135 ) Other comprehensive loss $ (148,670 ) $ 37,478 $ (111,192 ) $ (30,261 ) $ 8,019 $ (22,242 ) |
Schedule of the Categories of AOCI and Changes Therein | The categories of AOCI and changes therein are presented below for the periods indicated (in thousands): Unrealized Gain (Loss) on Investment Securities Available for Sale Unrealized Gain (Loss) on Derivative Instruments Total Balance at December 31, 2019 $ 28,185 (60,012 ) $ (31,827 ) Other comprehensive loss (30,159 ) (81,033 ) (111,192 ) Balance at June 30, 2020 $ (1,974 ) $ (141,045 ) $ (143,019 ) Balance at December 31, 2018 $ 4,194 $ 679 $ 4,873 Other comprehensive loss 38,893 (61,135 ) (22,242 ) Balance at June 30, 2019 $ 43,087 $ (60,456 ) $ (17,369 ) |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Share Awards Unvested share awards A summary of activity related to unvested share awards follows for the periods indicated: Number of Share Awards Weighted Average Grant Date Fair Value Unvested share awards outstanding, December 31, 2019 1,050,455 $ 38.24 Granted 644,300 29.73 Vested (455,260 ) 39.15 Canceled or forfeited (33,137 ) 36.21 Unvested share awards outstanding, June 30, 2020 1,206,358 $ 33.41 Unvested share awards outstanding, December 31, 2018 1,186,238 $ 38.86 Granted 582,353 36.57 Vested (533,125 ) 37.67 Canceled or forfeited (115,825 ) 39.11 Unvested share awards outstanding, June 30, 2019 1,119,641 $ 38.21 Unvested share awards are generally valued at the closing price of the Company's common stock on the date of grant. All shares granted prior to 2019 vest in equal annual installments over a period of three years from the date of grant. All shares granted in 2019 and 2020 to Company employees vest in equal annual installments over a period of four years from the date of grant. Shares granted to the Company's Board of Directors vest over a period of one year. The following table summarizes the closing price of the Company's stock on the date of grant for shares granted and the aggregate grant date fair value of shares vesting for the periods indicated (in thousands, except per share data): Six Months Ended June 30, 2020 2019 Closing price on date of grant (1) $13.99 - $30.90 $34.23 - $36.65 Aggregate grant date fair value of shares vesting $ 17,824 $ 20,083 (1) During the six months ended June 30, 2020, the Company granted 599,766 and 44,534 shares with a closing price on date of grant of $30.90 and $13.99 , respectively. The total unrecognized compensation cost of $29.5 million for all unvested share awards outstanding at June 30, 2020 will be recognized over a weighted average remaining period of 2.75 years . Executive share-based awards Certain of the Company's executives are eligible to receive annual awards of RSUs and PSUs (collectively, the "share units"). Annual awards of RSUs represent a fixed number of shares and vest on December 31st in equal tranches over three years for grants prior to 2019, and over four years for awards issued in 2019 and 2020. PSUs are initially granted based on a target value. The numb er of PSUs that ultimately vest at the end of the performance measurement period will be based on the achievement of performance criteria pre-established by the Compensation Committee of the Board of Directors. Upon vesting, the share units will be converted to common stock on a one-for-one basis, or may be settled in cash at the Company's option. The share units will accumulate dividends declared on the Company's common stock from the date of grant to be paid subsequent to vesting. As a result of the majority of previous settlements being in cash, all RSUs and PSUs have been determined to be liability instruments and are remeasured at fair value each reporting period until the awards are settled. The RSUs are valued based on the closing price of the Company's common stock at the reporting date. The PSUs are valued based on the closing price of the Company's common stock at the reporting date net of a discount related to any applicable market conditions, considering the probability of meeting the defined performance conditions. Compensation cost related to PSUs is recognized during the performance period based on the probable outcome of the respective performance conditions. A summary of activity related to executive share-based awards for the period indicated follows: RSU PSU Unvested executive share-based awards outstanding, December 31, 2019 112,116 125,088 Granted 106,731 106,731 Unvested executive share-based awards outstanding, June 30, 2020 218,847 231,819 Unvested executive share-based awards outstanding, December 31, 2018 90,612 99,874 Granted 73,062 73,062 Unvested executive share-based awards outstanding, June 30, 2019 163,674 172,936 The total liability for the share units was $2.9 million at June 30, 2020 . The total unrecognized compensation cost of $6.2 million for these share units at June 30, 2020 will be recognized over a weighted average remaining period of 2.45 years . Incentive awards The Company's annual incentive compensation arrangements for employees other than those eligible for the executive share-based awards discussed above provide for settlement through a combination of cash payments and unvested share awards following the end of the annual performance period. The dollar value of share awards to be granted is based on the achievement of performance criteria established in the incentive arrangements. The number of shares of common stock to be awarded is variable based on the closing price of the Company's stock on the date of grant; therefore, these awards are initially classified as liability instruments, with compensation cost recognized from the beginning of the performance period. Awards related to performance periods prior to 2019 vest over three years and awards related to the 2019 and 2020 performance periods vest in equal installments over a period of four years from the date of grant. These awards are included in the summary of activity related to unvested share awards above. The total liability and unrecognized compensation cost for incentive share awards for the 2020 performance period was not material. The accrued liability and unrecognized compensation cost are based on management's current estimate of the likely outcome of the performance criteria established in the incentive arrangements and may differ from actual results. T he 644,300 unvested share awards granted during the six months ended June 30, 2020 , as discussed above, included 114,936 unvested share awards granted under the Company's annual incentive compensation arrangements based on the achievement of established performance criteria for the year ended December 31, 2019. Option Awards A summary of activity related to stock option awards for the six months ended June 30, 2020 and 2019 follows: Number of Option Awards Weighted Average Exercise Price Option awards outstanding, December 31, 2019 737,753 $ 26.64 Exercised (60,000 ) 25.48 Option awards outstanding and exercisable, June 30, 2020 677,753 $ 26.74 Option awards outstanding, December 31, 2018 964,840 $ 26.53 Exercised (3,910 ) 11.14 Canceled or forfeited (1,960 ) 63.74 Option awards outstanding, June 30, 2019 958,970 $ 26.52 The intrinsic value of options exercised and related tax benefits was immaterial for the six months ended June 30, 2020 and 2019 . |
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | A summary of activity related to executive share-based awards for the period indicated follows: RSU PSU Unvested executive share-based awards outstanding, December 31, 2019 112,116 125,088 Granted 106,731 106,731 Unvested executive share-based awards outstanding, June 30, 2020 218,847 231,819 Unvested executive share-based awards outstanding, December 31, 2018 90,612 99,874 Granted 73,062 73,062 Unvested executive share-based awards outstanding, June 30, 2019 163,674 172,936 The total liability for the share units was $2.9 million at June 30, 2020 . The total unrecognized compensation cost of $6.2 million for these share units at June 30, 2020 will be recognized over a weighted average remaining period of 2.45 years . |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option Awards A summary of activity related to stock option awards for the six months ended June 30, 2020 and 2019 follows: Number of Option Awards Weighted Average Exercise Price Option awards outstanding, December 31, 2019 737,753 $ 26.64 Exercised (60,000 ) 25.48 Option awards outstanding and exercisable, June 30, 2020 677,753 $ 26.74 Option awards outstanding, December 31, 2018 964,840 $ 26.53 Exercised (3,910 ) 11.14 Canceled or forfeited (1,960 ) 63.74 Option awards outstanding, June 30, 2019 958,970 $ 26.52 The intrinsic value of options exercised and related tax benefits was immaterial for the six months ended June 30, 2020 and 2019 . |
Schedule of Nonvested Share Activity [Table Text Block] | Share Awards Unvested share awards A summary of activity related to unvested share awards follows for the periods indicated: Number of Share Awards Weighted Average Grant Date Fair Value Unvested share awards outstanding, December 31, 2019 1,050,455 $ 38.24 Granted 644,300 29.73 Vested (455,260 ) 39.15 Canceled or forfeited (33,137 ) 36.21 Unvested share awards outstanding, June 30, 2020 1,206,358 $ 33.41 Unvested share awards outstanding, December 31, 2018 1,186,238 $ 38.86 Granted 582,353 36.57 Vested (533,125 ) 37.67 Canceled or forfeited (115,825 ) 39.11 Unvested share awards outstanding, June 30, 2019 1,119,641 $ 38.21 Unvested share awards are generally valued at the closing price of the Company's common stock on the date of grant. All shares granted prior to 2019 vest in equal annual installments over a period of three years from the date of grant. All shares granted in 2019 and 2020 to Company employees vest in equal annual installments over a period of four years from the date of grant. Shares granted to the Company's Board of Directors vest over a period of one year. The following table summarizes the closing price of the Company's stock on the date of grant for shares granted and the aggregate grant date fair value of shares vesting for the periods indicated (in thousands, except per share data): Six Months Ended June 30, 2020 2019 Closing price on date of grant (1) $13.99 - $30.90 $34.23 - $36.65 Aggregate grant date fair value of shares vesting $ 17,824 $ 20,083 (1) During the six months ended June 30, 2020, the Company granted 599,766 and 44,534 shares with a closing price on date of grant of $30.90 and $13.99 , respectively. The total unrecognized compensation cost of $29.5 million for all unvested share awards outstanding at June 30, 2020 will be recognized over a weighted average remaining period of 2.75 years . |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands): June 30, 2020 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 77,180 $ — $ 77,180 U.S. Government agency and sponsored enterprise residential MBS — 2,379,840 2,379,840 U.S. Government agency and sponsored enterprise commercial MBS — 464,277 464,277 Private label residential MBS and CMOs — 1,116,086 1,116,086 Private label commercial MBS — 2,043,620 2,043,620 Single family rental real estate-backed securities — 618,207 618,207 Collateralized loan obligations — 1,128,753 1,128,753 Non-mortgage asset-backed securities — 261,531 261,531 State and municipal obligations — 259,495 259,495 SBA securities — 245,942 245,942 Marketable equity securities 88,697 — 88,697 Servicing rights — 7,291 7,291 Derivative assets — 145,802 145,802 Total assets at fair value $ 165,877 $ 8,670,844 $ 8,836,721 Derivative liabilities $ — $ (52,013 ) $ (52,013 ) Total liabilities at fair value $ — $ (52,013 ) $ (52,013 ) December 31, 2019 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 70,325 $ — $ 70,325 U.S. Government agency and sponsored enterprise residential MBS — 2,022,175 2,022,175 U.S. Government agency and sponsored enterprise commercial MBS — 370,976 370,976 Private label residential MBS and CMOs — 1,012,177 1,012,177 Private label commercial MBS — 1,724,684 1,724,684 Single family rental real estate-backed securities — 470,025 470,025 Collateralized loan obligations — 1,197,366 1,197,366 Non-mortgage asset-backed securities — 194,904 194,904 State and municipal obligations — 273,302 273,302 SBA securities — 362,731 362,731 Marketable equity securities 60,572 — 60,572 Servicing rights — 7,977 7,977 Derivative assets — 43,686 43,686 Total assets at fair value $ 130,897 $ 7,680,003 $ 7,810,900 Derivative liabilities $ — $ (19,029 ) $ (19,029 ) Total liabilities at fair value $ — $ (19,029 ) $ (19,029 ) |
Schedule of Assets for Which Nonrecurring Changes in Fair Value have been Recorded | sent the carrying value of assets for which non-recurring changes in fair value have been recorded for the periods indicated (in thousands): June 30, 2020 Losses from Fair Value Changes Level 1 Level 2 Level 3 Total Three Months Ended Six Months Ended June 30, 2020 OREO and repossessed assets $ — $ — $ 4,401 $ 4,401 $ (243 ) $ (360 ) Impaired loans $ — $ — $ 101,353 $ 101,353 $ (23,545 ) $ (42,221 ) Operating lease equipment $ — $ — $ 839 $ 839 $ — $ (691 ) June 30, 2019 Losses from Fair Value Changes Level 1 Level 2 Level 3 Total Three Months Ended Six Months Ended OREO and repossessed assets $ — $ — $ 1,557 $ 1,557 $ (203 ) $ (221 ) Impaired loans $ — $ — $ 15,385 $ 15,385 $ (529 ) $ (279 ) |
Schedule of the Carrying Value and Fair Value of Financial Instruments | ents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands): June 30, 2020 December 31, 2019 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 402,231 $ 402,231 $ 214,673 $ 214,673 Investment securities 1/2 $ 8,693,628 $ 8,694,622 $ 7,769,237 $ 7,769,949 Non-marketable equity securities 2 $ 233,051 $ 233,051 $ 253,664 $ 253,664 Loans held for sale 2 $ 2,623 $ 2,802 $ 37,926 $ 39,731 Loans, net 3 $ 23,568,766 $ 24,024,615 $ 23,046,317 $ 23,350,684 Derivative assets 2 $ 145,802 $ 145,802 $ 43,686 $ 43,686 Liabilities: Demand, savings and money market deposits 2 $ 19,339,621 $ 19,339,621 $ 17,047,344 $ 17,047,344 Time deposits 2 $ 6,730,803 $ 6,762,832 $ 7,347,247 $ 7,377,301 Federal funds purchased 2 $ 100,000 $ 100,000 $ 100,000 $ 100,000 FHLB and PPPLF borrowings 2 $ 4,650,599 $ 4,648,739 $ 4,480,501 $ 4,500,969 Notes and other borrowings 2 $ 722,332 $ 779,966 $ 429,338 $ 473,327 Derivative liabilities 2 $ 52,013 $ 52,013 $ 19,029 $ 19,029 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the Total Lending Related Commitments Outstanding | Total lending related commitments outstanding at June 30, 2020 were as follows (in thousands): Commitments to fund loans $ 770,860 Commitments to purchase loans 733,451 Unfunded commitments under lines of credit 3,145,104 Commercial and standby letters of credit 88,438 $ 4,737,853 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||
Net income | $ 76,508 | $ 81,451 | $ 45,557 | $ 147,423 |
Distributed and undistributed earnings allocated to participating securities | (3,353) | (3,382) | (1,939) | (6,074) |
Income allocated to common stockholders for basic earnings per common share | $ 73,155 | $ 78,069 | $ 43,618 | $ 141,349 |
Denominator: | ||||
Weighted average common shares outstanding | 92,409,949 | 97,451,019 | 93,177,243 | 98,150,014 |
Less average unvested stock awards | (1,207,798) | (1,174,339) | (1,154,589) | (1,173,137) |
Weighted average shares for basic earnings per common share | 91,202,151 | 96,276,680 | 92,022,654 | 96,976,877 |
Basic earnings per common share | $ 0.80 | $ 0.81 | $ 0.47 | $ 1.46 |
Numerator: | ||||
Income allocated to common stockholders for basic earnings per common share | $ 73,155 | $ 78,069 | $ 43,618 | $ 141,349 |
Adjustment for earnings reallocated from participating securities | 0 | 9 | 0 | 13 |
Income used in calculating diluted earnings per common share | $ 73,155 | $ 78,078 | $ 43,618 | $ 141,362 |
Denominator: | ||||
Weighted average shares for basic earnings per common share | 91,202,151 | 96,276,680 | 92,022,654 | 96,976,877 |
Dilutive effect of stock options and certain shared-based awards | 705 | 345,899 | 126,858 | 312,821 |
Weighted average shares for diluted earnings per common share | 91,202,856 | 96,622,579 | 92,149,512 | 97,289,698 |
Diluted earnings per common share | $ 0.80 | $ 0.81 | $ 0.47 | $ 1.45 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Accounting Standards Update 2016-13 [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 23,817 |
Off Balance Sheet [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | 4,800 |
Retained Earnings | Accounting Standards Update 2016-13 [Member] | |
Summary of Significant Accounting Policies [Line Items] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (23,817) |
Earnings Per Common Share (Pote
Earnings Per Common Share (Potentially Dilutive Securities Outstanding) (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | ||
Potentially dilutive securities outstanding (in Shares) | 1,743,403 | 1,119,641 |
Earnings Per Common Share Earni
Earnings Per Common Share Earnings per Common Share (Narrative) (Details) | Jun. 30, 2020shares |
Earnings Per Share [Abstract] | |
Dividend Equivalent Rights | 3,023,314 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 8,597,581 | $ 7,660,319 |
Gross Unrealized Gains | 98,447 | 59,954 |
Gross Unrealized Losses | (101,097) | (21,608) |
Investment securities available for sale, at fair value | 8,594,931 | 7,698,665 |
Debt Securities, Available-for-sale and Held-to-maturity | 8,607,581 | 7,670,319 |
Debt Securities, Held-to-maturity, Fair Value | 8,604,931 | 7,708,665 |
Investment securities (including securities recorded at fair value of $8,683,628 and $7,759,237) | 8,693,628 | 7,769,237 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 75,217 | 70,243 |
Gross Unrealized Gains | 1,963 | 219 |
Gross Unrealized Losses | 0 | (137) |
Investment securities available for sale, at fair value | 77,180 | 70,325 |
U.S. Government agency and sponsored enterprise residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,371,729 | 2,018,853 |
Gross Unrealized Gains | 13,309 | 9,835 |
Gross Unrealized Losses | (5,198) | (6,513) |
Investment securities available for sale, at fair value | 2,379,840 | 2,022,175 |
U.S. Government agency and sponsored enterprise commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 455,344 | 366,787 |
Gross Unrealized Gains | 9,859 | 4,920 |
Gross Unrealized Losses | (926) | (731) |
Investment securities available for sale, at fair value | 464,277 | 370,976 |
Private label residential mortgage-backed securities and CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,101,390 | 1,001,337 |
Gross Unrealized Gains | 16,670 | 11,851 |
Gross Unrealized Losses | (1,974) | (1,011) |
Investment securities available for sale, at fair value | 1,116,086 | 1,012,177 |
Private label commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,075,683 | 1,719,228 |
Gross Unrealized Gains | 16,735 | 6,650 |
Gross Unrealized Losses | (48,798) | (1,194) |
Investment securities available for sale, at fair value | 2,043,620 | 1,724,684 |
Single family rental real estate-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 608,019 | 467,459 |
Gross Unrealized Gains | 11,381 | 4,016 |
Gross Unrealized Losses | (1,193) | (1,450) |
Investment securities available for sale, at fair value | 618,207 | 470,025 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,166,929 | 1,204,905 |
Gross Unrealized Gains | 0 | 322 |
Gross Unrealized Losses | (38,176) | (7,861) |
Investment securities available for sale, at fair value | 1,128,753 | 1,197,366 |
Non-mortgage asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 255,854 | 194,171 |
Gross Unrealized Gains | 6,251 | 1,780 |
Gross Unrealized Losses | (574) | (1,047) |
Investment securities available for sale, at fair value | 261,531 | 194,904 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 239,502 | 257,528 |
Gross Unrealized Gains | 19,993 | 15,774 |
Gross Unrealized Losses | 0 | 0 |
Investment securities available for sale, at fair value | 259,495 | 273,302 |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 247,914 | 359,808 |
Gross Unrealized Gains | 2,286 | 4,587 |
Gross Unrealized Losses | (4,258) | (1,664) |
Investment securities available for sale, at fair value | 245,942 | 362,731 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities held to maturity | 10,000 | 10,000 |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI | $ 88,697 | $ 60,572 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($)security | Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||
Number of held-to-maturity securities | 1 | |
Debt Securities, Available-for-sale, Restricted | $ | $ 4,800,000 | $ 2,400,000 |
Number of securities in unrealized loss positions (in Securities) | 224 | |
Number of securities which impairment considered insignificant (in Securities) | 64 | |
Available-for-sale securities, gross unrealized loss, considered insignificant | $ | $ 398 | |
Interest Receivable | $ | $ 108,000 | 83,000 |
U.S. Government agency and sponsored enterprise residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss positions (in Securities) | 28 | |
U.S. Government agency and sponsored enterprise commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss positions (in Securities) | 5 | |
Private label residential mortgage-backed securities and CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss positions (in Securities) | 7 | |
Percentage of weighted average collateral loss | 4.00% | |
Percentage of weighted average credit support | 17.00% | |
Debt Instrument, Credit Rating | 88.00% | |
Percentage of securities not rated | 12.00% | |
Private label commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss positions (in Securities) | 70 | |
Percentage of weighted average collateral loss | 13.00% | |
Percentage of weighted average credit support | 42.00% | |
Debt Instrument, Credit Rating | 83.00% | |
Percentage of securities rated AA | 12.00% | |
Percentage of securities rated A | 5.00% | |
Single family rental real estate-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss positions (in Securities) | 10 | |
Percentage of weighted average collateral loss | 13.00% | |
Percentage of weighted average credit support | 49.00% | |
Debt Instrument, Credit Rating | 87.00% | |
Percentage of securities rated AA | 13.00% | |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss positions (in Securities) | 26 | |
Collateralized Debt Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Percentage of weighted average collateral loss | 21.00% | |
Percentage of weighted average credit support | 41.00% | |
Debt Instrument, Credit Rating | 84.00% | |
Percentage of securities rated AA | 13.00% | |
Percentage of securities rated A | 3.00% | |
Non-mortgage asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss positions (in Securities) | 3 | |
Percentage of weighted average collateral loss | 14.00% | |
Percentage of weighted average credit support | 25.00% | |
Debt Instrument, Credit Rating | 50.00% | |
Percentage of securities rated AA | 50.00% | |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of securities in unrealized loss positions (in Securities) | 11 | |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Interest Receivable | $ | $ 23,000 | $ 28,000 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Maturities of Investment Securities Available for Sale) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 908,180 |
Due after one year through five years, Amortized Cost | 4,875,569 |
Due after five years through ten years, Amortized Cost | 2,304,114 |
Due after ten years, Amortized Cost | 509,718 |
Amortized Cost | 8,597,581 |
Due in one year or less, Fair Value | 914,970 |
Due after one year through five years, Fair Value | 4,830,499 |
Due after five years through ten years, Fair Value | 2,332,121 |
Due after ten years, Fair Value | 517,341 |
Fair Value | $ 8,594,931 |
Investment Securities (Schedu_3
Investment Securities (Schedule of Gains and Losses on the Sale and Exchange of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sale of investment securities available for sale | $ 240,805 | $ 850,527 | $ 547,337 | $ 1,626,250 |
Gross realized gains: | 5,723 | 4,631 | 7,255 | 8,956 |
Gross realized losses: | 0 | (716) | (2) | (724) |
Net realized gain | 5,723 | 3,915 | 7,253 | 8,232 |
Unrealized Gain (Loss) on Securities | 1,113 | 201 | (3,870) | 1,669 |
Gain on investment securities, net | $ 6,836 | $ 4,116 | $ 3,383 | $ 9,901 |
Investment Securities (Schedu_4
Investment Securities (Schedule of the Aggregate Fair Value and Amount by which Amortized Cost Exceeds Fair Value for Investment Securities that are in Unrealized Loss Positions) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 2,976,796 | $ 1,922,326 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (65,755) | (9,848) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,308,610 | 1,205,877 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (35,342) | (11,760) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 4,285,406 | 3,128,203 |
Gross Unrealized Losses | (101,097) | (21,608) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 20,056 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (137) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 20,056 | |
Gross Unrealized Losses | 0 | (137) |
U.S. Government agency and sponsored enterprise residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 604,143 | 579,076 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (895) | (3,862) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 517,239 | 243,839 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,303) | (2,651) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,121,382 | 822,915 |
Gross Unrealized Losses | (5,198) | (6,513) |
U.S. Government agency and sponsored enterprise commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 39,892 | 99,610 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (108) | (696) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 73,856 | 6,477 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (818) | (35) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 113,748 | 106,087 |
Gross Unrealized Losses | (926) | (731) |
Private label residential mortgage-backed securities and CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 205,524 | 180,398 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,974) | (838) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 41,636 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (173) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 205,524 | 222,034 |
Gross Unrealized Losses | (1,974) | (1,011) |
Private label commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,302,037 | 648,761 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (45,341) | (1,060) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 56,875 | 76,302 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,457) | (134) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,358,912 | 725,063 |
Gross Unrealized Losses | (48,798) | (1,194) |
Single family rental real estate-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 184,785 | 241,915 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,193) | (1,445) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 5,460 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (5) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 184,785 | 247,375 |
Gross Unrealized Losses | (1,193) | (1,450) |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 591,422 | 63,310 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (15,873) | (846) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 537,331 | 682,076 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (22,303) | (7,015) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,128,753 | 745,386 |
Gross Unrealized Losses | (38,176) | (7,861) |
Non-mortgage asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 13,857 | 78,964 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (45) | (962) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,472 | 7,883 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (529) | (85) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 27,329 | 86,847 |
Gross Unrealized Losses | (574) | (1,047) |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | 0 | 0 |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 35,136 | 10,236 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (326) | (2) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 109,837 | 142,204 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,932) | (1,662) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 144,973 | 152,440 |
Gross Unrealized Losses | $ (4,258) | $ (1,664) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable Investment Past Due [Line Items] | |||||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 673,000 | $ 673,000 | $ 531,000 | ||||||
Direct Financing Lease, Lease Income | 5,300 | $ 5,500 | 10,700 | $ 10,800 | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | 23,834,889 | 23,834,889 | 23,154,988 | ||||||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | (135,000) | ||||||||
Purchases of loans | 1,085,437 | 894,235 | |||||||
Recorded investment of loans pledged as security for FHLB advances and Federal Reserve discount window borrowings | 11,000,000 | 11,000,000 | 10,200,000 | ||||||
Unpaid principal balance of ACI loans | 408,000 | ||||||||
Financing Receivable, Allowance for Credit Loss | (266,123) | (112,141) | (266,123) | (112,141) | $ (250,579) | (108,671) | $ (114,703) | $ (109,931) | |
Interest Receivable | 108,000 | 108,000 | 83,000 | ||||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 3,000 | 2,500 | 5,700 | 4,300 | |||||
Small business finance [Member] | |||||||||
Financing Receivable Investment Past Due [Line Items] | |||||||||
Financing Receivable, Nonaccrual | 45,700 | 45,700 | |||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 37,300 | 37,300 | 36,300 | ||||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Financing Receivable Investment Past Due [Line Items] | |||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 134,000 | 134,000 | |||||||
Financing Receivable, Allowance for Credit Loss | (1,100) | (1,100) | $ (1,700) | ||||||
1-4 single family residential | |||||||||
Financing Receivable Investment Past Due [Line Items] | |||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 4,743,866 | 4,743,866 | 4,953,936 | ||||||
Purchases of loans | 582,000 | 589,000 | 1,100,000 | 894,000 | |||||
Residential Portfolio Segment [Member] | |||||||||
Financing Receivable Investment Past Due [Line Items] | |||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,577,807 | 5,577,807 | 5,661,119 | ||||||
Mortgage Loans in Process of Foreclosure, Amount | 323,000 | 323,000 | 257,000 | ||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 0 | 0 | 6,000 | ||||||
Financing Receivable, Allowance for Credit Loss | (10,695) | (11,236) | (10,695) | (11,236) | (12,576) | (11,154) | (10,952) | (10,788) | |
US Government Agency Insured Loans [Member] | |||||||||
Financing Receivable Investment Past Due [Line Items] | |||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 826,238 | 826,238 | 698,644 | ||||||
Purchases of loans | 243,000 | 151,000 | 529,000 | 284,000 | |||||
Mortgage Loans in Process of Foreclosure, Amount | 315,000 | 315,000 | 248,000 | ||||||
Commercial Portfolio Segment [Member] | |||||||||
Financing Receivable Investment Past Due [Line Items] | |||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 18,257,082 | 18,257,082 | 17,493,869 | ||||||
Financing Receivable, Allowance for Credit Loss | (255,428) | $ (100,905) | (255,428) | $ (100,905) | $ (238,003) | $ (97,517) | $ (103,751) | $ (99,143) | |
Commercial Portfolio Segment [Member] | Minimum | |||||||||
Financing Receivable Investment Past Due [Line Items] | |||||||||
Financing receivable credit quality indicator, the value at which relationships are reevaluated at least annually | 1,000 | 1,000 | |||||||
Commercial Portfolio Segment [Member] | Maximum [Member] | |||||||||
Financing Receivable Investment Past Due [Line Items] | |||||||||
Financing receivable credit quality indicator, the value at which relationships are reevaluated at least annually | $ 3,000 | $ 3,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Schedule of Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 3,000 | $ 2,500 | $ 5,700 | $ 4,300 | ||||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Home Loan Bank Debt | 11,000,000 | 11,000,000 | $ 10,200,000 | |||||
Financing Receivable, Deferred Income | $ 25,000 | $ 25,000 | $ 50,000 | |||||
Percent of total loans (in Percent) | 100.00% | 100.00% | 100.00% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 23,834,889 | $ 23,834,889 | $ 23,154,988 | |||||
Loans and Leases Receivable, Net of Deferred Income | 23,834,889 | 23,834,889 | 23,154,988 | |||||
Financing Receivable, Allowance for Credit Loss | 266,123 | 112,141 | 266,123 | 112,141 | $ 250,579 | 108,671 | $ 114,703 | $ 109,931 |
Financing Receivable, after Allowance for Credit Loss | 23,568,766 | 23,568,766 | 23,046,317 | |||||
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs | $ 757,000 | 757,000 | $ 733,000 | |||||
Payments to Acquire Loans Held-for-investment | $ 1,085,437 | 894,235 | ||||||
1-4 single family residential | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 19.90% | 19.90% | 21.40% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 4,743,866 | $ 4,743,866 | $ 4,953,936 | |||||
Payments to Acquire Loans Held-for-investment | $ 582,000 | 589,000 | $ 1,100,000 | 894,000 | ||||
US Government Agency Insured Loans [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 3.50% | 3.50% | 3.00% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 826,238 | $ 826,238 | $ 698,644 | |||||
Payments to Acquire Loans Held-for-investment | $ 243,000 | 151,000 | $ 529,000 | 284,000 | ||||
Consumer loan and home equity line of credit [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 0.10% | 0.10% | 0.10% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 7,703 | $ 7,703 | $ 8,539 | |||||
Residential and Other Consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 23.50% | 23.50% | 24.50% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 5,577,807 | $ 5,577,807 | $ 5,661,119 | |||||
Loans and Leases Receivable, Net of Deferred Income | 5,661,119 | |||||||
Financing Receivable, Allowance for Credit Loss | $ 10,695 | 11,236 | $ 10,695 | 11,236 | 12,576 | $ 11,154 | 10,952 | 10,788 |
Multi-family | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 7.90% | 7.90% | 9.60% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,893,753 | $ 1,893,753 | $ 2,217,705 | |||||
Commercial real estate, Non-owner occupied | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 20.70% | 20.70% | 21.70% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 4,940,531 | $ 4,940,531 | $ 5,030,904 | |||||
Construction and land | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 1.00% | 1.00% | 1.10% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 246,609 | $ 246,609 | $ 243,925 | |||||
Commercial real estate, Owner occupied | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 8.60% | 8.60% | 8.90% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 2,041,346 | $ 2,041,346 | $ 2,062,808 | |||||
Commercial and industrial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 19.70% | 19.70% | 20.10% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 4,691,326 | $ 4,691,326 | $ 4,655,349 | |||||
Payment Protection Plan [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 3.50% | 3.50% | ||||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 827,359 | $ 827,359 | ||||||
Pinnacle Public Finance [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 5.10% | 5.10% | 5.20% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,242,506 | $ 1,242,506 | $ 1,202,430 | |||||
Bridge - franchise finance [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 2.60% | 2.60% | 2.60% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 623,139 | $ 623,139 | $ 627,482 | |||||
Bridge - equipment finance [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 2.50% | 2.50% | 3.00% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 589,785 | $ 589,785 | $ 684,794 | |||||
Mortgage warehouse lending [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 4.90% | 4.90% | 3.30% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,160,728 | $ 1,160,728 | $ 768,472 | |||||
Commercial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Percent of total loans (in Percent) | 76.50% | 76.50% | 75.50% | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 18,257,082 | $ 18,257,082 | $ 17,493,869 | |||||
Loans and Leases Receivable, Net of Deferred Income | 17,493,869 | |||||||
Financing Receivable, Allowance for Credit Loss | $ 255,428 | $ 100,905 | $ 255,428 | $ 100,905 | $ 238,003 | 97,517 | $ 103,751 | $ 99,143 |
Financial Asset Acquired with Credit Deterioration [Member] | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | 166,760 | |||||||
Financing Receivable, Allowance for Credit Loss | 0 | |||||||
Financial Asset Acquired with Credit Deterioration [Member] | Residential and Other Consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | 149,580 | |||||||
Financing Receivable, Allowance for Credit Loss | 0 | |||||||
Financial Asset Acquired with Credit Deterioration [Member] | Commercial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans and Leases Receivable, Net of Deferred Income | 17,180 | |||||||
Financing Receivable, Allowance for Credit Loss | $ 0 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (ALLL Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of period | $ 250,579 | $ 114,703 | $ 108,671 | $ 109,931 |
Provision for credit losses | 25,414 | (2,747) | 150,842 | 7,534 |
Charge-offs | (19,178) | (1,711) | (26,984) | (7,844) |
Recoveries | 3,138 | 1,896 | 3,682 | 2,520 |
Allowance for loan and lease losses, end of period | 266,123 | 112,141 | 266,123 | 112,141 |
Residential and Other Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of period | 12,576 | 10,952 | 11,154 | 10,788 |
Charge-offs | 0 | 0 | (31) | 0 |
Recoveries | 43 | 153 | 46 | 167 |
Allowance for loan and lease losses, end of period | 10,695 | 11,236 | 10,695 | 11,236 |
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, beginning of period | 238,003 | 103,751 | 97,517 | 99,143 |
Charge-offs | (19,178) | 1,711 | (26,953) | 7,844 |
Recoveries | 3,095 | 1,743 | 3,636 | 2,353 |
Allowance for loan and lease losses, end of period | 255,428 | 100,905 | 255,428 | 100,905 |
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, end of period | 27,305 | 27,305 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | Residential and Other Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, end of period | 8,098 | 8,098 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | Commercial Real Estate [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan and lease losses, end of period | 19,207 | 19,207 | ||
Funded Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for credit losses | 31,584 | (2,747) | 153,449 | 7,534 |
Funded Loans [Member] | Residential and Other Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for credit losses | (1,924) | 131 | (8,572) | 281 |
Funded Loans [Member] | Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for credit losses | $ 33,508 | $ (2,878) | $ 162,021 | $ 7,253 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Balance of ALLL and Related Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Provision for credit losses | $ 25,414 | $ (2,747) | $ 150,842 | $ 7,534 | ||||
Financing Receivable, Allowance for Credit Loss | 266,123 | 112,141 | 266,123 | 112,141 | $ 250,579 | $ 108,671 | $ 114,703 | $ 109,931 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 20,490 | |||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 88,181 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 244,905 | |||||||
Financing Receivable, Collectively Evaluated for Impairment | 22,743,323 | |||||||
Loans and Leases Receivable, Net of Deferred Income | 23,834,889 | 23,834,889 | 23,154,988 | |||||
Residential Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Financing Receivable, Allowance for Credit Loss | 10,695 | 11,236 | 10,695 | 11,236 | 12,576 | 11,154 | 10,952 | 10,788 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 9 | |||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,145 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 57,117 | |||||||
Financing Receivable, Collectively Evaluated for Impairment | 5,454,422 | |||||||
Loans and Leases Receivable, Net of Deferred Income | 5,661,119 | |||||||
Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Financing Receivable, Allowance for Credit Loss | 255,428 | 100,905 | 255,428 | 100,905 | $ 238,003 | 97,517 | $ 103,751 | $ 99,143 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 20,481 | |||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 77,036 | |||||||
Financing Receivable, Individually Evaluated for Impairment | 187,788 | |||||||
Financing Receivable, Collectively Evaluated for Impairment | 17,288,901 | |||||||
Loans and Leases Receivable, Net of Deferred Income | 17,493,869 | |||||||
Financial Asset Acquired with Credit Deterioration [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Financing Receivable, Allowance for Credit Loss | 0 | |||||||
Loans and Leases Receivable, Net of Deferred Income | 166,760 | |||||||
Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Financing Receivable, Allowance for Credit Loss | 0 | |||||||
Loans and Leases Receivable, Net of Deferred Income | 149,580 | |||||||
Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Financing Receivable, Allowance for Credit Loss | 0 | |||||||
Loans and Leases Receivable, Net of Deferred Income | $ 17,180 | |||||||
Funded Loans [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Provision for credit losses | 31,584 | (2,747) | 153,449 | 7,534 | ||||
Funded Loans [Member] | Residential Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Provision for credit losses | (1,924) | 131 | (8,572) | 281 | ||||
Funded Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Provision for credit losses | 33,508 | $ (2,878) | 162,021 | $ 7,253 | ||||
Off Balance Sheet [Member] | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Provision for credit losses | $ (6,170) | $ (2,607) |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Impaired Financing Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | |
Financing Receivable Impaired [Line Items] | ||||
Average recorded investment in impaired loans | $ 135,514 | $ 130,222 | ||
Financing Receivable, before Allowance for Credit Loss | $ 144,735 | |||
Recorded Investment, With no specific allowance recorded | 59,124 | |||
Recorded Investment, Total | $ 244,905 | |||
UPB, Total | 245,029 | |||
Related Specific Allowance, Impaired loans | 204,788 | 201,642 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 200 | |||
1-4 single family residential | ||||
Financing Receivable Impaired [Line Items] | ||||
Average recorded investment in impaired loans | 12,732 | 11,011 | ||
Recorded Investment, With no specific allowance recorded | 992 | |||
Recorded Investment, With a specific allowance recorded | 2,697 | |||
UPB, With no specific allowance recorded | 989 | |||
UPB, With a specific allowance recorded | 2,652 | |||
US Government Agency Insured Loans [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment, With no specific allowance recorded | 53,428 | |||
UPB, With no specific allowance recorded | 53,350 | |||
Residential and Other Consumer | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 3,283 | |||
Recorded Investment, With no specific allowance recorded | 2,622 | |||
Recorded Investment, Total | 57,117 | |||
UPB, Total | 56,991 | |||
Related Specific Allowance, Impaired loans | 18,894 | 13,183 | ||
Multi-family | ||||
Financing Receivable Impaired [Line Items] | ||||
Average recorded investment in impaired loans | 25,066 | 25,248 | ||
Financing Receivable, before Allowance for Credit Loss | 6,011 | |||
Recorded Investment, With no specific allowance recorded | 6,138 | 6,011 | ||
UPB, With no specific allowance recorded | 6,169 | |||
Related Specific Allowance, Impaired loans | 6,138 | 6,011 | ||
Commercial real estate, Non-owner occupied | ||||
Financing Receivable Impaired [Line Items] | ||||
Average recorded investment in impaired loans | 24,599 | 21,563 | ||
Financing Receivable, before Allowance for Credit Loss | 30,980 | |||
Recorded Investment, With no specific allowance recorded | 38,345 | 28,598 | ||
Recorded Investment, With a specific allowance recorded | 2,522 | |||
UPB, With no specific allowance recorded | 38,450 | |||
UPB, With a specific allowance recorded | 2,509 | |||
Related Specific Allowance, Impaired loans | 40,097 | 46,545 | ||
Construction and land | ||||
Financing Receivable Impaired [Line Items] | ||||
Average recorded investment in impaired loans | 9,604 | 9,730 | ||
Financing Receivable, before Allowance for Credit Loss | 3,703 | |||
Recorded Investment, With no specific allowance recorded | 3,191 | 3,357 | ||
UPB, With no specific allowance recorded | 3,155 | |||
Related Specific Allowance, Impaired loans | 3,191 | 3,703 | ||
Commercial real estate, Owner occupied | ||||
Financing Receivable Impaired [Line Items] | ||||
Average recorded investment in impaired loans | 12,741 | 12,124 | ||
Financing Receivable, before Allowance for Credit Loss | 21,025 | |||
Recorded Investment, With no specific allowance recorded | 17,419 | 8,765 | ||
UPB, With no specific allowance recorded | 17,488 | |||
Related Specific Allowance, Impaired loans | 27,141 | 30,493 | ||
Commercial and industrial | ||||
Financing Receivable Impaired [Line Items] | ||||
Average recorded investment in impaired loans | 32,690 | 30,564 | ||
Financing Receivable, before Allowance for Credit Loss | 54,232 | |||
Recorded Investment, With no specific allowance recorded | 10,585 | 7,386 | ||
Recorded Investment, With a specific allowance recorded | 63,531 | |||
UPB, With no specific allowance recorded | 10,574 | |||
UPB, With a specific allowance recorded | 63,709 | |||
Related Specific Allowance, Impaired loans | 74,757 | 67,702 | ||
Bridge - franchise finance [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 24,353 | |||
Recorded Investment, With no specific allowance recorded | 4,115 | 1,848 | ||
Recorded Investment, With a specific allowance recorded | 21,011 | |||
UPB, With no specific allowance recorded | 4,117 | |||
UPB, With a specific allowance recorded | 21,050 | |||
Related Specific Allowance, Impaired loans | 13,631 | 32,857 | ||
Bridge - equipment finance [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,148 | |||
Recorded Investment, With no specific allowance recorded | 6,807 | 537 | ||
Recorded Investment, With a specific allowance recorded | 14,124 | |||
UPB, With no specific allowance recorded | 6,793 | |||
UPB, With a specific allowance recorded | 14,024 | |||
Related Specific Allowance, Impaired loans | 20,939 | 1,148 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Average recorded investment in impaired loans | 122,782 | 119,211 | ||
Financing Receivable, before Allowance for Credit Loss | 141,452 | |||
Recorded Investment, Total | 187,788 | |||
UPB, Total | 188,038 | |||
Commercial Finance Subsidiaries [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Average recorded investment in impaired loans | $ 18,082 | $ 19,982 | ||
Residential Real Estate [Member] | Residential and Other Consumer | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 3,273 | |||
Commercial Real Estate [Member] | Multi-family | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 6,011 | |||
Commercial Real Estate [Member] | Commercial real estate, Non-owner occupied | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 30,980 | |||
Commercial Real Estate [Member] | Construction and land | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 3,703 | |||
Commercial Real Estate [Member] | Commercial real estate, Owner occupied | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 21,025 | |||
Commercial Real Estate [Member] | Commercial and industrial | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 29,468 | |||
Commercial Real Estate [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 113,443 | |||
Equipment [Member] | Bridge - franchise finance [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 21,178 | |||
Equipment [Member] | Bridge - equipment finance [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,078 | |||
Secured Debt [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 116,716 | |||
Specific Valuation Allowance [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Related Specific Allowance, Impaired loans | 20,490 | |||
Specific Valuation Allowance [Member] | 1-4 single family residential | ||||
Financing Receivable Impaired [Line Items] | ||||
Related Specific Allowance, Impaired loans | 9 | |||
Specific Valuation Allowance [Member] | Residential and Other Consumer | ||||
Financing Receivable Impaired [Line Items] | ||||
Related Specific Allowance, Impaired loans | 9 | |||
Specific Valuation Allowance [Member] | Commercial real estate, Owner occupied | ||||
Financing Receivable Impaired [Line Items] | ||||
Related Specific Allowance, Impaired loans | 401 | |||
Specific Valuation Allowance [Member] | Commercial and industrial | ||||
Financing Receivable Impaired [Line Items] | ||||
Related Specific Allowance, Impaired loans | 13,992 | |||
Specific Valuation Allowance [Member] | Bridge - franchise finance [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Related Specific Allowance, Impaired loans | 2,953 | |||
Specific Valuation Allowance [Member] | Bridge - equipment finance [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Related Specific Allowance, Impaired loans | 3,135 | |||
Specific Valuation Allowance [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Related Specific Allowance, Impaired loans | $ 20,481 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Average Recorded Investment in Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | $ 135,514 | $ 130,222 |
1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 12,732 | 11,011 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 25,066 | 25,248 |
Commercial real estate, Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 24,599 | 21,563 |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 9,604 | 9,730 |
Commercial real estate, Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 12,741 | 12,124 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 32,690 | 30,564 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | $ 122,782 | $ 119,211 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Schedule of Recorded Investment in Loans on Non-Accrual Status) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 3,000 | $ 2,500 | $ 5,700 | $ 4,300 |
Small business finance [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Nonaccrual | $ 45,700 | $ 45,700 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Schedule of Credit Exposure for Loans Based on Original LTV and FICO Score) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 23,834,889 | $ 23,154,988 |
Residential and Other Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,577,807 | 5,661,119 |
1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 255,615 | 820,613 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 820,369 | 615,021 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 494,020 | 835,512 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,743,866 | 4,953,936 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,633,100 | 1,245,630 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 784,899 | 644,937 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 755,863 | 792,223 |
FICO, 760 or greater | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 168,920 | 470,057 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 482,818 | 340,716 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 298,650 | 534,017 |
Financing Receivable, before Allowance for Credit Loss and Fee | 3,138,330 | 3,073,107 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,093,732 | 763,807 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 573,011 | 430,706 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 521,199 | 533,804 |
FICO, 720 to 759 | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 70,279 | 242,806 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 224,961 | 185,939 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 112,407 | 200,623 |
Financing Receivable, before Allowance for Credit Loss and Fee | 982,209 | 1,256,450 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 304,460 | 307,195 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 131,205 | 141,748 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 138,897 | 178,139 |
FICO, 719 or less | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 16,416 | 107,750 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 112,590 | 88,366 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 82,963 | 100,872 |
Financing Receivable, before Allowance for Credit Loss and Fee | 623,327 | 624,379 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 234,908 | 174,628 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 80,683 | 72,483 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 95,767 | 80,280 |
Less than 61% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 99,728 | 171,069 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 180,025 | 134,978 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 106,359 | 183,807 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,383,912 | 1,287,982 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 519,410 | 372,221 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 276,035 | 197,039 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 202,355 | 228,868 |
61% - 70% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 62,031 | 195,572 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 192,880 | 128,766 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 110,546 | 152,502 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,080,548 | 1,136,034 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 394,279 | 316,031 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 184,600 | 154,307 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 136,212 | 188,856 |
71% - 80% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 92,387 | 442,311 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 433,542 | 313,779 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 245,829 | 404,743 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,111,127 | 2,313,412 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 689,223 | 531,377 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 300,153 | 283,202 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 349,993 | 338,000 |
More than 81% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,469 | 11,661 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,922 | 37,498 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 31,286 | 94,460 |
Financing Receivable, before Allowance for Credit Loss and Fee | 168,279 | 216,508 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 30,188 | 26,001 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 24,111 | 10,389 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | $ 67,303 | $ 36,499 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Schedule of Commercial Credit Exposure Based on Internal Risk Ratings) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 23,834,889 | $ 23,154,988 |
Financing Receivable, before Allowance for Credit Loss and Fee | 23,834,889 | 23,154,988 |
Multi-family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 42,877 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 324,882 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 205,994 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 233,038 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 363,983 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 683,372 | |
Financing Receivable, Revolving | 39,607 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,893,753 | 2,217,705 |
Multi-family | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 42,877 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 316,733 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 190,227 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 210,681 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 347,973 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 633,791 | |
Financing Receivable, Revolving | 39,607 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,781,889 | 2,184,771 |
Multi-family | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 8,149 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,767 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 19,512 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 6,209 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,587 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 57,224 | 0 |
Multi-family | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,845 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 9,801 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 41,994 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 54,640 | 32,934 |
Multi-family | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 243,019 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,281,855 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 838,565 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 557,813 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 857,879 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,053,628 | |
Financing Receivable, Revolving | 107,772 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,940,531 | 5,030,904 |
Commercial real estate, Non-owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 238,451 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,202,138 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 736,973 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 509,446 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 590,992 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 814,514 | |
Financing Receivable, Revolving | 107,772 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,200,286 | 4,932,279 |
Commercial real estate, Non-owner occupied | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 46,971 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 96,563 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 47,930 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 166,139 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 112,887 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 470,490 | 5,831 |
Commercial real estate, Non-owner occupied | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 4,568 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 32,746 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,029 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 437 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 100,748 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 126,227 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 269,755 | 92,794 |
Commercial real estate, Non-owner occupied | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
Construction and land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 7,208 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 126,822 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17,472 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 58,624 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 34,977 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,263 | |
Financing Receivable, Revolving | 243 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 246,609 | 243,925 |
Construction and land | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 7,208 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 125,429 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 13,619 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 50,020 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,336 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 917 | |
Financing Receivable, Revolving | 243 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 224,772 | 240,734 |
Construction and land | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,393 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,965 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8,604 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,284 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 17,246 | 0 |
Construction and land | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 888 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,357 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 346 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,591 | 3,191 |
Construction and land | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 131,430 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 338,623 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 309,415 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 336,572 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 355,669 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 518,722 | |
Financing Receivable, Revolving | 50,915 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,041,346 | 2,062,808 |
Commercial real estate, Owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 128,795 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 303,522 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 276,367 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 267,267 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 311,485 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 466,194 | |
Financing Receivable, Revolving | 39,586 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,793,216 | 1,991,556 |
Commercial real estate, Owner occupied | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 2,635 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,410 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 15,528 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 57,102 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 41,321 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 34,201 | |
Financing Receivable, Revolving | 2,108 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 179,305 | 27,870 |
Commercial real estate, Owner occupied | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 8,691 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17,520 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,203 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,863 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18,327 | |
Financing Receivable, Revolving | 9,221 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 68,825 | 43,382 |
Commercial real estate, Owner occupied | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
Commercial and industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 357,260 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,069,143 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 422,233 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 331,293 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 251,505 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 124,773 | |
Financing Receivable, Revolving | 2,135,119 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,691,326 | 4,655,349 |
Commercial and industrial | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 356,049 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 940,865 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 344,774 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 295,769 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 204,049 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 64,485 | |
Financing Receivable, Revolving | 1,989,034 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,195,025 | 4,508,563 |
Commercial and industrial | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 611 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 81,305 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 33,987 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,252 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 28,507 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,818 | |
Financing Receivable, Revolving | 89,918 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 243,398 | 28,498 |
Commercial and industrial | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 600 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 46,973 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 43,472 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 33,272 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 18,949 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 53,470 | |
Financing Receivable, Revolving | 56,167 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 252,903 | 118,288 |
Commercial and industrial | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
Payment Protection Plan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 827,359 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 827,359 | |
Payment Protection Plan [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 827,359 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 827,359 | |
Payment Protection Plan [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
Pinnacle Public Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 125,882 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 134,838 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 92,537 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 232,269 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 227,317 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 429,663 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,242,506 | 1,202,430 |
Pinnacle Public Finance [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,202,430 | |
Pinnacle Public Finance [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 125,882 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 134,838 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 92,537 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 232,269 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 227,317 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 429,663 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,242,506 | |
Pinnacle Public Finance [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
Bridge - franchise finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 85,164 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 267,338 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 146,547 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 55,570 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 44,438 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 24,082 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 623,139 | 627,482 |
Bridge - franchise finance [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 42,004 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 97,036 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 27,760 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,666 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 14,456 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 12,357 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 206,279 | 562,042 |
Bridge - franchise finance [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 42,611 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 154,808 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 73,602 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 37,731 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11,255 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,368 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 327,375 | 10,682 |
Bridge - franchise finance [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 549 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 15,494 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 45,185 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,173 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 17,778 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,357 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 88,536 | 54,758 |
Bridge - franchise finance [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 949 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 949 | |
Bridge - equipment finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 24,349 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 203,469 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 117,072 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 121,717 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 55,549 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 67,629 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 589,785 | 684,794 |
Bridge - equipment finance [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 24,349 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 193,227 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 103,434 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 94,667 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 54,544 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 67,486 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 537,707 | 663,855 |
Bridge - equipment finance [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6,634 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,510 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 27,050 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 43,194 | 0 |
Bridge - equipment finance [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,608 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,128 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,005 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 143 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 8,884 | 20,939 |
Bridge - equipment finance [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 17,493,869 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 18,257,082 | 17,493,869 |
Commercial Portfolio Segment [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 16,169,767 | 17,054,702 |
Commercial Portfolio Segment [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,338,232 | 72,881 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 748,134 | 366,286 |
Commercial Portfolio Segment [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 561,000 | 180,000 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 949 | |
Mortgage warehouse lending [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 1,160,728 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,160,728 | 768,472 |
Mortgage warehouse lending [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, Revolving | 1,160,728 | |
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,160,728 | $ 768,472 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses (Schedule of Financing Receivables Past Due) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | $ 22,733,209 | $ 22,359,032 |
Loans and Leases Receivable, Net of Deferred Income | 23,834,889 | 23,154,988 |
Financing Receivable, before Allowance for Credit Loss and Fee | 23,834,889 | 23,154,988 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 673,000 | 531,000 |
1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 4,679,984 | 4,887,618 |
Financing Receivable, Originated in Current Fiscal Year | 255,615 | 820,613 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 820,369 | 615,021 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 494,020 | 835,512 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 755,863 | 792,223 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 784,899 | 644,937 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,633,100 | 1,245,630 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,743,866 | 4,953,936 |
US Government Agency Insured Loans [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 51,276 | 93,560 |
Financing Receivable, before Allowance for Credit Loss and Fee | 826,238 | 698,644 |
Home equity loans and lines of credit | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 1,478 | 1,320 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,547 | 1,320 |
Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 6,156 | 7,219 |
Financing Receivable, before Allowance for Credit Loss and Fee | 6,156 | 7,219 |
Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 1,858,695 | 2,217,705 |
Financing Receivable, Originated in Current Fiscal Year | 42,877 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 324,882 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 205,994 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 233,038 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 363,983 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 683,372 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,893,753 | 2,217,705 |
Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 4,859,344 | 5,015,458 |
Financing Receivable, Originated in Current Fiscal Year | 243,019 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,281,855 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 838,565 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 557,813 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 857,879 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,053,628 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,940,531 | 5,030,904 |
Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 246,263 | 240,647 |
Financing Receivable, Originated in Current Fiscal Year | 7,208 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 126,822 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17,472 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 58,624 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 34,977 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,263 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 246,609 | 243,925 |
Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 2,020,077 | 2,041,352 |
Financing Receivable, Originated in Current Fiscal Year | 131,430 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 338,623 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 309,415 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 336,572 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 355,669 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 518,722 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,041,346 | 2,062,808 |
Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 4,593,422 | 4,595,847 |
Financing Receivable, Originated in Current Fiscal Year | 357,260 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,069,143 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 422,233 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 331,293 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 251,505 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 124,773 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,691,326 | 4,655,349 |
Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 827,359 | |
Financing Receivable, Originated in Current Fiscal Year | 827,359 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 827,359 | |
Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 1,242,506 | 1,202,430 |
Financing Receivable, Originated in Current Fiscal Year | 125,882 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 134,838 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 92,537 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 232,269 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 227,317 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 429,663 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,242,506 | 1,202,430 |
Bridge - franchise finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 596,136 | 610,315 |
Financing Receivable, Originated in Current Fiscal Year | 85,164 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 267,338 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 146,547 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 55,570 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 44,438 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 24,082 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 623,139 | 627,482 |
Bridge - equipment finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 589,785 | 677,089 |
Financing Receivable, Originated in Current Fiscal Year | 24,349 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 203,469 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 117,072 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 121,717 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 55,549 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 67,629 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 589,785 | 684,794 |
Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 1,160,728 | 768,472 |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,160,728 | 768,472 |
Financial Asset, Current [Member] | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 249,912 | 804,913 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 807,365 | 609,814 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 488,280 | 830,710 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 753,109 | 783,318 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 776,895 | 633,833 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,604,423 | 1,225,030 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,679,984 | 4,887,618 |
30 - 59 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 206,281 | 108,571 |
30 - 59 Days Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 5,703 | 13,915 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 11,477 | 3,003 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,372 | 3,751 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,701 | 8,419 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,417 | 4,308 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18,605 | 12,238 |
Financing Receivable, before Allowance for Credit Loss and Fee | 49,275 | 45,634 |
30 - 59 Days Past Due | US Government Agency Insured Loans [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 53,017 | 45,347 |
30 - 59 Days Past Due | Home equity loans and lines of credit | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 69 | 0 |
30 - 59 Days Past Due | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
30 - 59 Days Past Due | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 29,047 | 0 |
30 - 59 Days Past Due | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 52,937 | 0 |
30 - 59 Days Past Due | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 2,396 |
30 - 59 Days Past Due | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,081 | 1,336 |
30 - 59 Days Past Due | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 20,855 | 2,313 |
30 - 59 Days Past Due | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
30 - 59 Days Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
30 - 59 Days Past Due | Bridge - franchise finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 3,840 |
30 - 59 Days Past Due | Bridge - equipment finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 7,705 |
30 - 59 Days Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 96,045 | 52,154 |
60 - 89 Days Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 1,785 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 720 | 442 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 75 | 137 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 53 | 486 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 103 | 1,766 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,882 | 4,962 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,833 | 9,578 |
60 - 89 Days Past Due | US Government Agency Insured Loans [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 52,620 | 30,426 |
60 - 89 Days Past Due | Home equity loans and lines of credit | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 6,011 | 0 |
60 - 89 Days Past Due | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 7,979 | 928 |
60 - 89 Days Past Due | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 3,376 | 4,420 |
60 - 89 Days Past Due | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 22,601 | 4,301 |
60 - 89 Days Past Due | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
60 - 89 Days Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Bridge - franchise finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 625 | 2,501 |
60 - 89 Days Past Due | Bridge - equipment finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 799,354 | 635,231 |
90 Days or More Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 807 | 1,762 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,293 | 914 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 484 | 5,030 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 8,190 | 3,400 |
Financing Receivable, before Allowance for Credit Loss and Fee | 11,774 | 11,106 |
90 Days or More Past Due | US Government Agency Insured Loans [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 669,325 | 529,311 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 529,000 | |
90 Days or More Past Due | Home equity loans and lines of credit | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 20,271 | 14,518 |
90 Days or More Past Due | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 346 | 882 |
90 Days or More Past Due | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 16,812 | 15,700 |
90 Days or More Past Due | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 54,448 | 52,888 |
90 Days or More Past Due | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
90 Days or More Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Bridge - franchise finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 26,378 | 10,826 |
90 Days or More Past Due | Bridge - equipment finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Small business finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 37,300 | $ 36,300 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 55,000 | 40 | 99 | 60 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 9,558 | $ 26,676 | $ 32,649 | $ 42,358 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 127 | 36 | 162 | 37 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 42,479 | $ 10,238 | $ 57,049 | $ 10,400 |
1-4 single family residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 1 | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 203 | $ 563 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | ||
US Government Agency Insured Loans [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 52,000 | 34 | 86 | 46 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 7,291 | $ 5,164 | $ 12,183 | $ 6,782 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 121 | 31 | 150 | 32 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 19,512 | $ 4,355 | $ 23,994 | $ 4,517 |
Commercial real estate, Non-owner occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 1 | 1 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 12,085 | $ 4,249 | $ 12,085 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | 1 | 1 | 1 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 4,249 | $ 2,772 | $ 4,249 | $ 2,772 |
Commercial real estate, Owner occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 849 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 3 | 0 | 3 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 1,878 | $ 0 | $ 1,878 | |
Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 2,000 | 4 | 2 | 6 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,348 | $ 7,354 | $ 1,348 | $ 17,994 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 1 | 3 | 1 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 1,233 | $ 5,448 | $ 1,233 |
Bridge - franchise finance [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 1,000 | 1 | 9 | 3 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 919 | $ 2,073 | $ 14,666 | $ 3,238 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 5 | 8 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 18,718 | $ 23,358 | ||
Bridge - equipment finance [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 847 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Borrowings (Narrative) (Details) | Jun. 30, 2020USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Gross | $ 300,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.125% |
Debt Instrument, Interest Rate, Effective Percentage | 5.39% |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances, Notes and Other Borrowings Long-Term Debt (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Long-term Debt, Gross | $ 300,000,000 | |
Long-term Debt and Lease Obligation | $ 722,332,000 | $ 429,338,000 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Percent | 21.00% | 25.20% | 19.30% | 25.90% |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) | Jun. 30, 2020USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial collateral pledged for interest rate swaps | $ 56,000,000 |
Fair value of Interest rate derivative contracts cleared through the CME | 0 |
Amount expected to be reclassified from AOCI into income | $ 60,700,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Interest Rate Contract Derivative Financial Instruments and Related Hedged Items) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Derivatives Fair Value [Line Items] | ||
Notional amount of interest rate derivatives | $ 6,300,834 | $ 6,423,718 |
Interest rate derivative assets, fair value | 145,802 | 43,686 |
Interest rate derivative liabilities, fair value | $ (52,013) | $ (19,029) |
Derivatives designated as cash flow hedges | Pay-fixed interest rate swaps | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 2.40% | 2.37% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 2 years 9 months 18 days | 3 years 2 months 12 days |
Notional amount of interest rate derivatives | $ 3,021,000 | $ 3,131,000 |
Derivatives designated as cash flow hedges | Pay-fixed interest rate swaps | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | (7,156) | (1,607) |
Derivatives designated as cash flow hedges | Pay-fixed interest rate swaps | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | $ 0 | $ 0 |
Derivatives designated as cash flow hedges | Interest Rate Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 1.55% | 1.55% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 1 year 1 month 6 days | 1 year 7 months 6 days |
Notional amount of interest rate derivatives | $ 250,000 | $ 250,000 |
Derivatives designated as cash flow hedges | Interest Rate Contract [Member] | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | 0 | 0 |
Derivatives designated as cash flow hedges | Interest Rate Contract [Member] | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | $ 0 | $ 0 |
Derivatives not designated as hedges | Pay-fixed interest rate swaps | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 3.69% | 3.72% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 5 years 10 months 24 days | 6 years 4 months 24 days |
Notional amount of interest rate derivatives | $ 1,488,928 | $ 1,460,355 |
Derivatives not designated as hedges | Pay-fixed interest rate swaps | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | (44,857) | (15,307) |
Derivatives not designated as hedges | Pay-fixed interest rate swaps | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | $ 0 | $ 876 |
Derivatives not designated as hedges | Pay-variable interest rate swaps | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 3.69% | 3.72% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 5 years 10 months 24 days | 6 years 4 months 24 days |
Notional amount of interest rate derivatives | $ 1,488,928 | $ 1,460,355 |
Derivatives not designated as hedges | Pay-variable interest rate swaps | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | 0 | (2,115) |
Derivatives not designated as hedges | Pay-variable interest rate swaps | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | $ 145,802 | $ 42,810 |
Derivatives not designated as hedges | Interest rate caps purchased, indexed to 1-month Libor [Domain] | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 3.71% | 3.30% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 10 months 24 days | 7 months 6 days |
Notional amount of interest rate derivatives | $ 25,989 | $ 61,004 |
Derivatives not designated as hedges | Interest rate caps purchased, indexed to 1-month Libor [Domain] | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | $ 0 | $ 0 |
Derivatives not designated as hedges | Interest rate caps sold, indexed to 1-month Libor [Domain] [Domain] | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 3.71% | 3.30% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 10 months 24 days | 7 months 6 days |
Notional amount of interest rate derivatives | $ 25,989 | $ 61,004 |
Derivatives not designated as hedges | Interest rate caps sold, indexed to 1-month Libor [Domain] [Domain] | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | $ 0 | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Interest Rate Swaps Subject to Master Netting Agreements) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative assets | $ 0 | $ 876 |
Gross Amounts Recognized, Derivative liabilities | (52,013) | (16,914) |
Gross Amounts Recognized, Derivative assets and liabilities | (52,013) | (16,038) |
Gross Amounts Offset in Balance Sheet, Derivative assets | 0 | 0 |
Gross Amounts Offset in Balance Sheet, Derivative liabilities | 0 | 0 |
Gross Amounts Offset in Balance Sheet, Derivative assets and liabilities | 0 | 0 |
Net Amounts Presented in Balance Sheet, Derivative assets | 0 | 876 |
Net Amounts Presented in Balance Sheet, Derivative liabilities | (52,013) | (16,914) |
Net Amounts Presented in Balance Sheet, Derivative assets and liabilities | (52,013) | (16,038) |
Gross Amounts Not Offset in Balance Sheet | ||
Derivative Instruments, Derivative assets | 0 | (876) |
Derivative Instruments, Derivative liabilities | 0 | 876 |
Derivative Instruments, Derivative assets and liabilities | 0 | 0 |
Collateral Pledged, Derivative assets | 0 | 0 |
Collateral Pledged, Derivative liabilities | (51,887) | (16,038) |
Collateral Pledged, Derivative assets and liabilities | 51,887 | 16,038 |
Net Amount, Derivative assets | 0 | 0 |
Net Amount, Derivative liabilities | (126) | 0 |
Net Amount, Derivative assets and liabilities | $ (126) | $ 0 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities Derivative and Hedging Activities - Amount of loss reclassified from AOCI into Income (Details) - Borrowings [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ (1,688) | $ (14,565) | ||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ (10,009) | $ (4,411) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities Derivative and Hedging Activities - Amount of gain (loss) recognized in earnings on Fair Value hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | |
Derivative and Hedging Activities - Amount of gain (loss) recognized in earnings on Fair Value hedges [Abstract] | |||
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | $ 8 | $ 0 | $ 4,028 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (164) | 0 | (4,072) |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ (156) | $ 0 | $ (44) |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities Derivative and Hedging Activities - Carrying Value of Hedged Item and Cumulative Fair Value Adjustments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative and Hedging Activities - Carrying Value of Hedged Item and Cumulative Fair Value Adjustments [Abstract] | ||
Hedged Liability, Fair Value Hedge | $ 250,000 | $ 250,000 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 3,573 | $ (499) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Common Stock [Member] | |||
Stock Repurchased During Period, Shares | 3,011,992 | 3,325,577 | 4,125,077 |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Unrealized gains on investment securities available for sale: | ||||
Net unrealized holding gain (loss) arising during the period, Before Tax | $ 252,893 | $ 31,736 | $ (33,743) | $ 61,147 |
Amounts reclassified to gain on investment securities available for sale, net, Before Tax | (5,723) | (3,914) | (7,253) | (8,231) |
Net change in unrealized gains on securities available for sale, Before Tax | 247,170 | 27,822 | (40,996) | 52,916 |
Net unrealized holding gain (loss) arising during the period, Tax Effect | (64,488) | (8,410) | 8,988 | (16,204) |
Amounts reclassified to gain on investment securities available for sale, net, Tax Effect | 1,459 | 1,037 | 1,849 | 2,181 |
Net change in unrealized gains on securities available for sale, Tax Effect | (63,029) | (7,373) | 10,837 | (14,023) |
Net unrealized holding gain (loss) arising during the period, Net of Tax | 188,405 | 23,326 | (24,755) | 44,943 |
Amounts reclassified to gain on investment securities available for sale, net, Net of Tax | (4,264) | (2,877) | (5,404) | (6,050) |
Net change in unrealized gain (loss) on securities available for sale | 184,141 | 20,449 | (30,159) | 38,893 |
Unrealized losses on derivative instruments: | ||||
Net unrealized holding gain (loss) arising during the period, Before Tax | (12,288) | (50,637) | (122,239) | (78,766) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 10,009 | (1,688) | 14,565 | (4,411) |
Net unrealized holding gain (loss) arising during the period, Tax Effect | 1,218 | 13,419 | 30,355 | 20,873 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (2,507) | 447 | (3,714) | 1,169 |
Net unrealized holding gain (loss) arising during the period, Net of Tax | (11,070) | (37,218) | (91,884) | (57,893) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 7,502 | (1,241) | 10,851 | (3,242) |
Net change in unrealized losses on derivative instruments | (3,568) | (38,459) | (81,033) | (61,135) |
Other comprehensive income (loss), Before Tax | 244,891 | (24,503) | (148,670) | (30,261) |
Other comprehensive income (loss), Tax Effect | (64,318) | 6,493 | 37,478 | 8,019 |
Other comprehensive income (loss) | 180,573 | (18,010) | (111,192) | (22,242) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (2,279) | (52,325) | (107,674) | (83,177) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ (1,289) | $ 13,866 | $ 26,641 | $ 22,042 |
Stockholders' Equity (Categorie
Stockholders' Equity (Categories of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | $ (31,827) | |||
Other comprehensive income (loss) | $ 180,573 | $ (18,010) | (111,192) | $ (22,242) |
Other comprehensive income, Ending Balance | (143,019) | (143,019) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | (60,012) | 679 | ||
Other comprehensive income (loss) | (81,033) | (61,135) | ||
Other comprehensive income, Ending Balance | (141,045) | (60,456) | (141,045) | (60,456) |
Unrealized Gains on Investment Securities Available for Sale | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | 28,185 | 4,194 | ||
Other comprehensive income (loss) | (30,159) | 38,893 | ||
Other comprehensive income, Ending Balance | (1,974) | 43,087 | (1,974) | 43,087 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | (31,827) | 4,873 | ||
Other comprehensive income (loss) | (111,192) | (22,242) | ||
Other comprehensive income, Ending Balance | $ (143,019) | $ (17,369) | $ (143,019) | $ (17,369) |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Unvested and restricted share awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 29.5 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 9 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period - Granted before 2019 | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 644,300 | 582,353 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 29.73 | $ 36.57 | ||
Liability based awards settled in shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 114,936 | |||
RSU and PSU Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 6.2 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 5 months 12 days | |||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 2.9 | |||
Incentive Compensation Arrangements [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period - Granted before 2019 | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Equity Based Compensation (Sche
Equity Based Compensation (Schedule of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 30.90 | $ 36.65 | ||
Range of the closing price on date of grant, minimum (in Dollars per Share) | $ 13.99 | $ 34.23 | ||
Aggregate grant date fair value of shares vesting | $ 17,824 | $ 20,083 | ||
Unvested and restricted share awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period - Granted before 2019 | 3 years | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 29,500 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 9 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,206,358 | 1,119,641 | 1,050,455 | 1,186,238 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 33.41 | $ 38.21 | $ 38.24 | $ 38.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 644,300 | 582,353 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (455,260) | (533,125) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 39.15 | $ 37.67 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (33,137) | (115,825) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 36.21 | $ 39.11 | ||
Maximum [Member] | Unvested and restricted share awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 599,766 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 30.90 | |||
Range of the closing price on date of grant, minimum (in Dollars per Share) | $ 13.99 | |||
Minimum | Unvested and restricted share awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 44,534 |
Equity Based Compensation Sched
Equity Based Compensation Schedule of Other Share-Based Compensation, Activity (Details) - $ / shares | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unvested and restricted share awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 644,300 | 582,353 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (455,260) | (533,125) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,206,358 | 1,119,641 | 1,050,455 | 1,186,238 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 33.41 | $ 38.21 | $ 38.24 | $ 38.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 29.73 | 36.57 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 39.15 | $ 37.67 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (33,137) | (115,825) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 36.21 | $ 39.11 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 106,731 | 73,062 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 218,847 | 163,674 | 112,116 | 90,612 |
Performance share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 106,731 | 73,062 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 231,819 | 172,936 | 125,088 | 99,874 |
Equity Based Compensation (Sc_2
Equity Based Compensation (Schedule of Stock Options Activity) (Details) - $ / shares | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 677,753 | 958,970 | 737,753 | 964,840 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 26.74 | $ 26.52 | $ 26.64 | $ 26.53 |
Exercise of stock options (in Shares) | (60,000) | (3,910) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 25.48 | $ 11.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (1,960) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 63.74 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 8,836,721 | $ 7,810,900 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (52,013) | (19,029) |
Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (52,013) | (19,029) |
U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 77,180 | 70,325 |
U.S. Government agency and sponsored enterprise residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,379,840 | 2,022,175 |
U.S. Government agency and sponsored enterprise commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 464,277 | 370,976 |
Private label residential mortgage-backed securities and CMOs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,116,086 | 1,012,177 |
Private label commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,043,620 | 1,724,684 |
Single family rental real estate-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 618,207 | 470,025 |
Collateralized loan obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,128,753 | 1,197,366 |
Non-mortgage asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 261,531 | 194,904 |
State and municipal obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 259,495 | 273,302 |
SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 245,942 | 362,731 |
Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 88,697 | 60,572 |
Servicing Rights [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 7,291 | 7,977 |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 145,802 | 43,686 |
Fair Value, Inputs, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 165,877 | 130,897 |
Fair Value, Inputs, Level 1 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 77,180 | 70,325 |
Fair Value, Inputs, Level 1 | Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 88,697 | 60,572 |
Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 8,670,844 | 7,680,003 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (52,013) | (19,029) |
Fair Value, Inputs, Level 2 | Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (52,013) | (19,029) |
Fair Value, Inputs, Level 2 | U.S. Government agency and sponsored enterprise residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,379,840 | 2,022,175 |
Fair Value, Inputs, Level 2 | U.S. Government agency and sponsored enterprise commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 464,277 | 370,976 |
Fair Value, Inputs, Level 2 | Private label residential mortgage-backed securities and CMOs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,116,086 | 1,012,177 |
Fair Value, Inputs, Level 2 | Private label commercial mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,043,620 | 1,724,684 |
Fair Value, Inputs, Level 2 | Single family rental real estate-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 618,207 | 470,025 |
Fair Value, Inputs, Level 2 | Collateralized loan obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,128,753 | 1,197,366 |
Fair Value, Inputs, Level 2 | Non-mortgage asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 261,531 | 194,904 |
Fair Value, Inputs, Level 2 | State and municipal obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 259,495 | 273,302 |
Fair Value, Inputs, Level 2 | SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 245,942 | 362,731 |
Fair Value, Inputs, Level 2 | Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 | Servicing Rights [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 7,291 | 7,977 |
Fair Value, Inputs, Level 2 | Derivative Financial Instruments, Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 145,802 | $ 43,686 |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets for which Nonrecurring Changes in Fair Value have been Recorded) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | $ 8,836,721 | $ 8,836,721 | $ 7,810,900 | ||
Fair Value, Inputs, Level 2 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 8,670,844 | 8,670,844 | $ 7,680,003 | ||
OREO and Repossessed Assets [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 4,401 | $ 1,557 | 4,401 | $ 1,557 | |
Losses from Nonrecurring Fair Value Changes | (243) | (203) | (360) | (221) | |
OREO and Repossessed Assets [Member] | Fair Value, Inputs, Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 4,401 | 1,557 | 4,401 | 1,557 | |
OREO and Repossessed Assets [Member] | Fair Value, Inputs, Level 2 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | 0 | |
Impaired Loans [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 101,353 | 15,385 | 101,353 | 15,385 | |
Losses from Nonrecurring Fair Value Changes | (23,545) | (529) | (42,221) | (279) | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 101,353 | 15,385 | 101,353 | 15,385 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | $ 0 | 0 | $ 0 | |
Property Subject to Operating Lease [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 839 | 839 | |||
Losses from Nonrecurring Fair Value Changes | (691) | ||||
Property Subject to Operating Lease [Member] | Fair Value, Inputs, Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | $ 839 | $ 839 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Investments, Fair Value Disclosure | $ 8,694,622 | $ 7,769,949 |
Non-marketable equity securities | 233,051 | 253,664 |
Liabilities: | ||
Time Deposits | 6,730,803 | 7,347,247 |
Federal funds purchased | 100,000 | 100,000 |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Cash and cash equivalents | 402,231 | 214,673 |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Non-marketable equity securities | 233,051 | 253,664 |
Loans held for sale | 2,802 | 39,731 |
Derivative assets | 145,802 | 43,686 |
Liabilities: | ||
Time Deposits | 6,762,832 | 7,377,301 |
Federal funds purchased | 100,000 | 100,000 |
FHLB and PPPLF borrowings | 4,648,739 | 4,500,969 |
Notes Payable, Fair Value Disclosure | 779,966 | 473,327 |
Derivative liabilities | 52,013 | 19,029 |
Demand, savings and money market deposits | 19,339,621 | 17,047,344 |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Loans Receivable, Fair Value Disclosure | 24,024,615 | 23,350,684 |
Carrying Value | ||
Assets: | ||
Cash and cash equivalents | 402,231 | 214,673 |
Investments, Fair Value Disclosure | 8,693,628 | 7,769,237 |
Non-marketable equity securities | 233,051 | 253,664 |
Loans held for sale | 2,623 | 37,926 |
Loans Receivable, Fair Value Disclosure | 23,568,766 | 23,046,317 |
Derivative assets | 145,802 | 43,686 |
Liabilities: | ||
Time Deposits | 6,730,803 | 7,347,247 |
Federal funds purchased | 100,000 | 100,000 |
FHLB and PPPLF borrowings | 4,650,599 | 4,480,501 |
Notes Payable, Fair Value Disclosure | 722,332 | 429,338 |
Derivative liabilities | 52,013 | 19,029 |
Demand, savings and money market deposits | $ 19,339,621 | $ 17,047,344 |
Commitments and Contingencies C
Commitments and Contingencies Commitments (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 4,737,853 |
Loan Origination Commitments [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 770,860 |
Loan Purchase Commitments [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 733,451 |
Unused lines of Credit [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 3,145,104 |
Standby Letters of Credit [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 88,438 |
Uncategorized Items - document-
Label | Element | Value |
Common Stock, Dividends, Per Share, Declared | us-gaap_CommonStockDividendsPerShareDeclared | $ 0.84 |