Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Transition Report | false | ||
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-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Entity File Number | 001-35039 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock Shares Outstanding | 92,862,055 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
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 | ||
Entity Public Float | $ 1,852,385,492 | ||
Document Annual Report | true | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant's definitive proxy statement for the 2021 annual meeting of stockholders are incorporated by reference in this Annual Report on Form 10-K in response to Part II. Item 5 and Part III. Items 10, 11, 12, 13 and 14. | ||
NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Document Information [Line Items] | |||
Security Exchange Name | NYSE | ||
Trading Symbol | BKU | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and due from banks: | ||
Non-interest bearing | $ 20,233 | $ 7,704 |
Interest bearing | 377,483 | 206,969 |
Cash and cash equivalents | 397,716 | 214,673 |
Investment securities (including securities recorded at fair value of $9,166,683 and $7,759,237) | 9,176,683 | 7,769,237 |
Non-marketable equity securities | 195,865 | 253,664 |
Loans held for sale | 24,676 | 37,926 |
Loans and Leases Receivable, Net of Deferred Income | 23,866,042 | 23,154,988 |
Financing Receivable, Allowance for Credit Loss | (257,323) | (108,671) |
Loans, net | 23,608,719 | 23,046,317 |
Bank owned life insurance | 294,629 | 282,151 |
Operating lease equipment, net | 663,517 | 698,153 |
Goodwill and other intangible assets | 77,637 | 77,674 |
Other assets | 571,051 | 491,498 |
Total assets | 35,010,493 | 32,871,293 |
Demand deposits: | ||
Non-interest bearing | 7,008,838 | 4,294,824 |
Interest bearing | 3,020,039 | 2,130,976 |
Savings and money market | 12,659,740 | 10,621,544 |
Time | 4,807,199 | 7,347,247 |
Total deposits | 27,495,816 | 24,394,591 |
Federal funds purchased | 180,000 | 100,000 |
FHLB advances | 3,122,999 | 4,480,501 |
Notes and other borrowings | 722,495 | 429,338 |
Other liabilities | 506,171 | 486,084 |
Total liabilities | 32,027,481 | 29,890,514 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 93,067,500 and 95,128,231 shares issued and outstanding | 931 | 951 |
Paid-in capital | 1,017,518 | 1,083,920 |
Retained earnings | 2,013,715 | 1,927,735 |
Accumulated other comprehensive loss | (49,152) | (31,827) |
Total stockholders' equity | 2,983,012 | 2,980,779 |
Total liabilities and stockholders' equity | 35,010,493 | 32,871,293 |
Financing Receivable, Allowance for Credit Loss | 257,323 | 108,671 |
Assets | 35,010,493 | 32,871,293 |
Loans [Member] | ||
Cash and due from banks: | ||
Financing Receivable, Allowance for Credit Loss | (257,323) | (108,671) |
Financing Receivable, Allowance for Credit Loss | $ 257,323 | $ 108,671 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Investment securities recorded at fair value | $ 9,166,683 | $ 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) | 95,128,231 | |
Common stock, shares outstanding (in Shares) | 95,128,231 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | |||
Loans | $ 864,175 | $ 981,408 | $ 1,198,241 |
Investment securities | 193,856 | 280,560 | 233,091 |
Other | 9,578 | 19,902 | 17,812 |
Total interest income | 1,067,609 | 1,281,870 | 1,449,144 |
Interest expense: | |||
Deposits | 199,980 | 385,180 | 284,563 |
Borrowings | 115,871 | 143,905 | 114,488 |
Total interest expense | 315,851 | 529,085 | 399,051 |
Net interest income before provision for credit losses | 751,758 | 752,785 | 1,050,093 |
Provision for credit losses | 178,431 | 8,904 | 25,925 |
Net interest income after provision for credit losses | 573,327 | 743,881 | 1,024,168 |
Non-interest income: | |||
Deposit service charges and fees | 16,496 | 16,539 | 14,412 |
Gain on sale of loans, net | 13,170 | 12,119 | 15,864 |
Gain on investment securities, net | 17,767 | 21,174 | 3,159 |
Lease financing | 59,112 | 66,631 | 61,685 |
Other non-interest income | 26,676 | 30,741 | 36,902 |
Total non-interest income | 133,221 | 147,204 | 132,022 |
Non-interest expense: | |||
Employee compensation and benefits | 217,156 | 235,330 | 254,997 |
Occupancy and equipment | 48,237 | 56,174 | 55,899 |
FDIC Indemnification Asset, Accretion of Discount | 0 | 0 | 261,763 |
Deposit insurance expense | 21,854 | 16,991 | 18,984 |
Professional fees | 11,708 | 20,352 | 16,539 |
Technology and telecommunications | 58,108 | 47,509 | 35,136 |
Depreciation of operating lease equipment | 49,407 | 48,493 | 40,025 |
Other non-interest expense | 50,719 | 62,240 | 57,197 |
Total non-interest expense | 457,189 | 487,089 | 740,540 |
Income before income taxes | 249,359 | 403,996 | 415,650 |
Provision for income taxes | 51,506 | 90,898 | 90,784 |
Net income | $ 197,853 | $ 313,098 | $ 324,866 |
Earnings per common share, basic | $ 2.06 | $ 3.14 | $ 3.01 |
Earnings per common share, diluted | $ 2.06 | $ 3.13 | $ 2.99 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Provision for credit losses | $ (1,643) | $ 29,232 | $ 25,414 | $ 125,428 | $ (469) | $ 1,839 | $ (2,747) | $ 10,281 | $ 178,431 | $ 8,904 | $ 25,925 |
Non-interest income: | |||||||||||
Gain on sale of loans, net | $ 13,170 | $ 12,119 | $ 15,864 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 85,737 | $ 66,559 | $ 76,508 | $ (30,951) | $ 89,456 | $ 76,219 | $ 81,451 | $ 65,972 | $ 197,853 | $ 313,098 | $ 324,866 |
Unrealized gains on investment securities available for sale: | |||||||||||
Net unrealized holding gain (loss) arising during the period | 46,045 | 37,616 | (57,041) | ||||||||
Reclassification adjustment for net securities gains realized in income | (10,431) | (13,625) | (4,486) | ||||||||
Net change in unrealized gain on securities available for sale | 35,614 | 23,991 | (61,527) | ||||||||
Unrealized losses on derivative instruments: | |||||||||||
Net unrealized holding gain (loss) arising during the period | (87,402) | (58,760) | 3,981 | ||||||||
Reclassification adjustment for net (gains) losses realized in income | 34,463 | (1,931) | (1,469) | ||||||||
Net change in unrealized losses on derivative instruments | (52,939) | (60,691) | 2,512 | ||||||||
Other comprehensive loss | (17,325) | (36,700) | (59,015) | ||||||||
Comprehensive income | $ 180,528 | $ 276,398 | $ 265,851 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 197,853 | $ 313,098 | $ 324,866 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization and accretion, net | (28,246) | (37,319) | (86,549) |
Provision for credit losses | 178,431 | 8,904 | 25,925 |
Gain on sale of loans, net | (13,170) | (12,119) | (15,864) |
Gain on investment securities, net | (17,767) | (21,174) | (3,159) |
Equity based compensation | 20,367 | 23,367 | 23,137 |
Depreciation and amortization | 72,508 | 72,425 | 64,268 |
Deferred income taxes | (27,586) | 24,529 | 67,778 |
Proceeds from sale of loans held for sale | 610,623 | 412,034 | 268,589 |
Loans originated for sale, net of repayments | (26,196) | (86,568) | (155,974) |
Other: | |||
(Increase) decrease in other assets | (33,383) | 17,749 | 229,109 |
Increase (decrease) in other liabilities | (69,266) | (79,220) | 82,126 |
Net cash provided by operating activities | 864,168 | 635,706 | 824,252 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Purchase of investment securities | (4,208,597) | (3,896,234) | (4,138,994) |
Proceeds from repayments and calls of investment securities | 1,352,788 | 1,370,584 | 1,533,951 |
Proceeds from sale of investment securities | 1,503,498 | 2,975,259 | 1,030,810 |
Purchase of non-marketable equity securities | (134,938) | (411,825) | (308,126) |
Proceeds from redemption of non-marketable equity securities | 192,737 | 425,213 | 307,063 |
Purchases of loans | (3,157,659) | (2,197,484) | (1,308,772) |
Loan originations, repayments and resolutions, net | 1,819,139 | 477,805 | 404,769 |
Proceeds from sale of loans, net | 48,721 | 265,582 | 544,745 |
Proceeds from Sale of Machinery and Equipment | 5,310 | 19,269 | 52,134 |
Proceeds from Sale of Mortgage Servicing Rights (MSR) | 0 | 0 | 34,573 |
Acquisition of operating lease equipment | (19,597) | (63,786) | (190,500) |
Other investing activities | (22,117) | (39,879) | (3,184) |
Net cash used in investing activities | (2,620,715) | (1,075,496) | (2,041,531) |
Cash flows from financing activities: | |||
Net increase in deposits | 3,101,225 | 920,368 | 1,595,744 |
Net increase in federal funds purchased | 80,000 | (75,000) | 175,000 |
Additions to Federal Home Loan Bank advances | 3,857,000 | 4,512,000 | 4,647,000 |
Repayments of Federal Home Loan Bank advances | (5,217,000) | (4,827,000) | (4,622,000) |
Proceeds from Issuance of Subordinated Long-term Debt | 293,858 | 0 | 0 |
Dividends paid | (86,522) | (84,083) | (91,305) |
Proceeds from Stock Options Exercised | 19,611 | 5,817 | 7,727 |
Repurchase of common stock | (100,972) | (154,030) | (299,972) |
Other financing activities | (7,610) | (25,682) | (7,424) |
Net cash provided by financing activities | 1,939,590 | 272,390 | 1,404,770 |
Net (decrease) increase in cash and cash equivalents | 183,043 | (167,400) | 187,491 |
Cash and cash equivalents, beginning of period | 214,673 | 382,073 | 194,582 |
Cash and cash equivalents, end of period | 397,716 | 214,673 | 382,073 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | 336,991 | 518,856 | 387,801 |
Income taxes (refunded) paid, net | 8,637 | 229 | (288,267) |
Supplemental schedule of non-cash investing and financing activities: | |||
Transfers from loans to other real estate owned and other repossessed assets | 4,170 | 3,211 | 9,709 |
Transfers from loans to loans held for sale | 602,198 | 536,227 | 108,503 |
Transfer of Loans Held-for-sale to Portfolio Loans | 0 | 19,716 | 0 |
Dividends declared, not paid | 22,309 | 20,775 | 21,673 |
Obligation incurred in acquisition of limited partnership | $ 0 | $ 0 | $ 4,710 |
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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares, Outstanding | 106,848,185 | ||||
Total stockholders' equity | $ 3,026,062 | $ 1,068 | $ 1,498,227 | $ 1,471,781 | $ 54,986 |
Comprehensive income | 265,851 | 324,866 | (59,015) | ||
Dividends ($0.92 per common share) | (89,923) | (89,923) | |||
Equity based compensation (in Shares) | 696,729 | ||||
Equity based compensation | 20,647 | $ 7 | 20,640 | ||
Forfeiture of unvested shares (in Shares) | (252,091) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | $ (6,559) | $ (3) | (6,556) | ||
Exercise of stock options (in Shares) | 291,689 | 291,689 | |||
Exercise of stock options | $ 7,727 | $ 3 | 7,724 | ||
Stock Repurchased During Period, Shares | (8,443,138) | ||||
Stock Repurchased During Period, Value | (299,972) | $ (84) | (299,888) | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (8,902) | 8,902 | |||
Shares, Outstanding | 99,141,374 | ||||
Total stockholders' equity | 2,923,833 | $ 991 | 1,220,147 | 1,697,822 | 4,873 |
Comprehensive income | 276,398 | 313,098 | (36,700) | ||
Dividends ($0.92 per common share) | (83,185) | (83,185) | |||
Equity based compensation (in Shares) | 591,739 | ||||
Equity based compensation | 18,460 | $ 6 | 18,454 | ||
Forfeiture of unvested shares (in Shares) | (344,766) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | $ (6,514) | $ (3) | (6,511) | ||
Exercise of stock options (in Shares) | 225,127 | 255,127 | |||
Exercise of stock options | $ 5,817 | $ 2 | 5,815 | ||
Stock Repurchased During Period, Shares | (4,485,243) | ||||
Stock Repurchased During Period, Value | (154,030) | $ (45) | (153,985) | ||
Shares, Outstanding | 95,128,231 | ||||
Total stockholders' equity | 2,980,779 | $ 951 | 1,083,920 | 1,927,735 | (31,827) |
Comprehensive income | 180,528 | 197,853 | (17,325) | ||
Dividends ($0.92 per common share) | $ (88,056) | (88,056) | |||
Common Stock, Dividends, Per Share, Declared | $ 0.92 | ||||
Equity based compensation (in Shares) | 759,983 | ||||
Equity based compensation | $ 19,558 | $ 8 | 19,550 | ||
Forfeiture of unvested shares (in Shares) | (230,537) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | $ (4,619) | $ (2) | (4,617) | ||
Exercise of stock options (in Shares) | 735,400 | 735,400 | |||
Exercise of stock options | $ 19,611 | $ 7 | 19,604 | ||
Stock Repurchased During Period, Shares | (3,325,577) | ||||
Stock Repurchased During Period, Value | (100,972) | $ (33) | (100,939) | ||
Shares, Outstanding | 93,067,500 | ||||
Total stockholders' equity | $ 2,983,012 | $ 931 | $ 1,017,518 | $ 2,013,715 | $ (49,152) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 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., with total consolidated assets of $35.0 billion at December 31, 2020, is a bank holding company with one wholly-owned subsidiary, BankUnited, collectively, the Company. BankUnited, a national banking association headquartered in Miami Lakes, Florida, provides a full range of commercial lending and both commercial and consumer deposit services through 70 banking centers located in 14 Florida counties and 4 banking centers in the New York metropolitan area. The Bank also provides certain commercial lending and deposit products through national platforms. The consolidated financial statements have been prepared in accordance with GAAP and prevailing practices in the banking industry. Accounting Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates. The most significant estimate impacting the Company's consolidated financial statements is the ACL. Principles of Consolidation The consolidated financial statements include the accounts of BankUnited, Inc. and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. VIEs are consolidated if the Company is the primary beneficiary; i.e., has (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has variable interests in affordable housing limited partnerships that are not required to be consolidated because the Company is not the primary beneficiary. Fair Value Measurements Certain of the Company's assets and liabilities are reflected in the consolidated financial statements at fair value on either a recurring or non-recurring basis. Investment securities available for sale, marketable equity securities, servicing rights and derivative instruments are measured at fair value on a recurring basis. Assets measured at fair value or fair value less cost to sell on a non-recurring basis may include collateral dependent loans, OREO and other repossessed assets, loans held for sale, goodwill and impaired long-lived assets. These non-recurring fair value measurements typically involve lower-of-cost-or-market accounting or the measurement of impairment of certain assets. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. GAAP establishes a hierarchy that prioritizes inputs used to determine fair value measurements into three levels based on the observability and transparency of the inputs: • Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. • Level 2 inputs are observable inputs other than level 1 inputs, including quoted prices for similar assets and liabilities, quoted prices for identical assets and liabilities in less active markets and other inputs that can be corroborated by observable market data. • Level 3 inputs are unobservable inputs supported by limited or no market activity or data and inputs requiring significant management judgment or estimation. The fair value hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs in estimating fair value. Unobservable inputs are utilized in determining fair value measurements only to the extent that observable inputs are unavailable. The need to use unobservable inputs generally results from a lack of market liquidity and diminished observability of actual trades or assumptions that would otherwise be available to value a particular asset or liability. Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, both interest bearing and non-interest bearing, including amounts on deposit at the Federal Reserve Bank, and federal funds sold. Cash equivalents have original maturities of three months or less. For purposes of reporting cash flows, cash receipts and payments pertaining to FHLB advances with original maturities of three months or less are reported net. Investment Securities Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Debt securities that the Company may not have the intent to hold to maturity are classified as available-for-sale at the time of acquisition and carried at fair value with unrealized gains and losses, net of tax, excluded from earnings and reported in AOCI, a separate component of stockholders' equity. Securities classified as available-for-sale may be used as part of the Company's asset/liability management strategy and may be sold in response to liquidity needs, regulatory changes, changes in interest rates, prepayment risk or other market factors. The Company does not maintain a trading portfolio. Purchase premiums and discounts on debt securities are amortized as adjustments to yield over the expected lives of the securities, using the level yield method. Premiums are amortized to the call date for callable securities. Realized gains and losses from sales of securities are recorded on the trade date and are determined using the specific identification method. The Company's policy on the ACL related to debt securities is discussed below in the section entitled "Allowance for Credit Losses". Marketable equity securities with readily determinable fair values are reported at fair value with unrealized gains and losses included in earnings. Equity securities that do not have readily determinable fair values are reported at cost and re-measured at fair value upon occurrence of an observable price change or recognition of impairment. Non-marketable Equity Securities The Bank, as a member of the FRB system and the FHLB, is required to maintain investments in the stock of the FRB and FHLB. No market exists for this stock, and the investment can be liquidated only through redemption by the respective institutions, at the discretion of and subject to conditions imposed by those institutions. The stock has no readily determinable fair value and is carried at cost. Historically, stock redemptions have been at par value, which equals the Company's carrying value. The Company monitors its investment in FHLB stock for impairment through review of recent financial results of the FHLB, including capital adequacy and liquidity position, dividend payment history, redemption history and information from credit agencies. The Company has not identified any indicators of impairment of FHLB stock. Loans Held for Sale The guaranteed portion of SBA and USDA loans originated with the intent to sell are carried at the lower of cost or fair value, determined in the aggregate. A valuation allowance is established through a charge to earnings if the aggregate fair value of such loans is lower than their cost. Gains or losses recognized upon sale are determined on the specific identification basis. Loans not originated or otherwise acquired with the intent to sell are transferred into the held for sale classification at the lower of carrying amount or fair value when they are specifically identified for sale and a formal plan exists to sell them. Loans The Company's loan portfolio contains 1-4 single family residential first mortgages, government insured residential mortgages, an insignificant amount of other consumer loans, multi-family, non-owner occupied commercial real estate, construction and land, owner-occupied commercial real estate, commercial and industrial and 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 non-accrual commercial loans are applied as a reduction of principal. Interest payments are recognized as income on a cash basis on non-accrual residential loans. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential 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. Pursuant to 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. Additionally, section 4013 of the CARES Act, as amended by the Consolidated Appropriations Act on December 27, 2020, effectively suspended the guidance related to TDRs codified in ASC 310-40 until the earlier of January 1, 2022 or sixty days after the date of the suspension of the declared state of emergency related to the COVID-19 pandemic. The Company has elected to apply the provisions of section 4013 to qualifying loan modifications, other than short-term payment deferrals of 6 months or less that are subject to the interagency guidance, that might otherwise be categorized as TDRs under ASC 310-40. 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. Sales-type and Direct Financing Leases Sales-type and direct financing leases are carried at the aggregate of lease payments receivable and estimated residual value of the leased property, if applicable, less unearned income. Interest income is recognized over the term of the leases to achieve a constant periodic rate of return on the outstanding investment. ACL AFS Debt Securities The Company reviews its AFS debt securities for credit loss impairment at the individual security level 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. AFS securities will be charged off to the extent that there is no reasonable expectation of recovery of amortized cost basis. AFS securities will be placed on non-accrual status if the Company does not reasonably expect to receive interest payments in the future and interest accrued will be reversed against interest income. Securities will be returned to accrual status only when collection of interest is reasonably assured. Loans The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The ACL is adjusted through the provision for credit losses to the amount of amortized cost basis not expected to be collected, or in the case of PCD loans, the amount of UPB not expected to be collected, at the balance sheet date. Amortized cost basis includes UPB, unamortized premiums or discounts and deferred fees and costs, net of amounts previously charged off. The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the ACL in the period in which they are deemed uncollectible and recoveries are credited to the ACL when received. Expected recoveries on loans previously charged off and expected to be charged-off, not to exceed the aggregate of amounts previously charged-off and expected to be charged-off, are included in the ACL estimate. For loans secured by residential real estate, an assessment of collateral value is made at no later than 120 days delinquency; any outstanding loan balance in excess of fair value less cost to sell is charged off at no later than 180 days delinquency. Additionally, any outstanding balance in excess of fair value of collateral less cost to sell is charged off (i) within 60 days of receipt of notification of filing from the bankruptcy court, (ii) within 60 days of determination of loss if all borrowers are deceased or (iii) within 90 days of discovery of fraudulent activity. Other consumer loans 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. 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, determined based on pool level characteristics, are applied to estimated exposure at default, considering the contractual term and payment structure of loans, adjusted for prepayments, to generate estimates of expected loss. For criticized or classified loans, PDs are adjusted to benchmark PDs established for each risk rating if the most current financial information available is deemed not to be reflective of the borrowers' current financial condition. The ACL estimate incorporates a reasonable and supportable economic forecast through the use of externally developed macroeconomic scenarios applied in the models. A single economic scenario or a probability weighted blend of economic scenarios may be used. The models ingest numerous national, regional and MSA level variables and data points. Some of the more impactful include both current and forecasted unemployment rates, HPI, CRE property forecasts, stock market and market volatility indices, real GDP growth, and a variety of interest rates and spreads. The length of the reasonable and supportable forecast period is evaluated at each reporting period and adjusted if deemed necessary. Currently, the Company uses a 2-year reasonable and supportable forecast period in estimating the ACL. After the reasonable and supportable forecast periods, the models effectively revert to long-term mean losses on a straight-line basis over 12 months. For certain less material portfolios including loans and leases to state and local government entities originated by Pinnacle, small balance commercial loans and consumer loans, the WARM method is used to estimate expected credit losses. Loss rates are applied to the exposure at default, after factoring in amortization and expected prepayments. For the Pinnacle portfolio, historical loss information is based on municipal historical default and recovery data, segmented by credit rating. For small balance commercial loans, historical loss information is based on the Company's historical loss experience over a five year period. For consumer loans, historical loss information is based on peer data; this portfolio subsegment is not significant. All loss estimates are conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Expected credit losses for the funded portion of mortgage warehouse lines of credit are estimated based primarily on the Company's historical loss experience, conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Generally, given the nature of these loans, losses would be expected to manifest within a very short time period after origination. The Company expects to collect the amortized cost basis of government insured residential loans and PPP loans due to the nature of the government guarantee, so the 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. Due to immateriality, expected credit losses for collateral dependent commercial relationships with committed balances less than $1.0 million may be estimated collectively. 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 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 generally does not estimate an ACL on accrued interest receivable balances since uncollectible accrued interest is timely written off in accordance with the Company's accounting policies for non-accrual loans. Under unusual circumstances, such as those presented by deferrals granted due to the COVID-19 pandemic, the Company evaluates whether its non-accrual policies continue to consistently provide for timely reversal of accrued interest receivable. If considered necessary, the Company records an allowance for uncollectible accrued interest receivable, determined using essentially the same methodologies used to estimate the ACL on the amortized cost basis of the related loans. The allowance is deducted from accrued interest receivable and presented within other assets on the consolidated balance sheets, distinct from the ACL. Changes in the ACL related to accrued interest receivable are included in the provision for credit losses. Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, ROU assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. Lease payments are discounted using the Company's FHLB borrowing rate for borrowings of a similar term unless an implicit rate is defined in the contract or is determinable, which is generally not the case. Leases are classified as financing or operating leases at commencement; generally, leases are classified as finance leases when effective control of the underlying asset is transferred. The substantial majority of leases under which the Company is lessee are classified as operating leases. For operating leases, lease cost is recognized in the consolidated statements of income on a straight line basis over the lease terms. For finance leases, interest expense on lease liabilities is recognized on the effective interest method and amortization of ROU assets is recognized on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. The Company has elected not to separate lease from non-lease components of its lease contracts. Bank Owned Life Insurance Bank owned life insurance is carried at cash surrender value. Changes in cash surrender value are recorded in non-interest income. Operating Lease Equipment Operating lease equipment is carried at cost less accumulated depreciation and is depreciated to estimated residual value using the straight-line method over the lease term. Estimated residual values are re-evaluated at least annually, based primarily on current residual value appraisals. Rental revenue is recognized on a straight-line basis over the contractual term of the lease. A review for impairment of equipment under operating lease is performed at least annually or when events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. Impairment of assets is determined by comparing the carrying amount to future undiscounted net cash flows expected to be generated. If an asset is impaired, the measure of impairment is the amount by which the carrying amount exceeds the fair value of the asset. Goodwill Goodwill represents the excess of consideration transferred in business combinations over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but is tested for impairment annually or more frequently if events or circumstances indicate that impairment may have occurred. The Company performs its annual goodwill impairment test in the third fiscal quarter. The Company has a single reporting unit. When assessing goodwill for impairment, the Company may elect to perform a qualitative assessment to determine if a quantitative impairment test is necessary. If a qualitative assessment is not performed, or if the qualitative assessment indicates it is likely that the fair |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 2 Earnings Per Common Share The computation of basic and diluted earnings per common share is presented below for the years ended December 31, 2020, 2019 and 2018 (in thousands, except share and per share data): c 2020 2019 2018 Basic earnings per common share: Numerator: Net income $ 197,853 $ 313,098 $ 324,866 Distributed and undistributed earnings allocated to participating securities (8,882) (13,371) (13,047) Income allocated to common stockholders for basic earnings per common share $ 188,971 $ 299,727 $ 311,819 Denominator: Weighted average common shares outstanding 92,869,736 96,581,290 104,916,865 Less average unvested stock awards (1,163,480) (1,127,275) (1,171,994) Weighted average shares for basic earnings per common share 91,706,256 95,454,015 103,744,871 Basic earnings per common share $ 2.06 $ 3.14 $ 3.01 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 188,971 $ 299,727 $ 311,819 Adjustment for earnings reallocated from participating securities (123) (175) (195) Income used in calculating diluted earnings per common share $ 188,848 $ 299,552 $ 311,624 Denominator: Weighted average shares for basic earnings per common share 91,706,256 95,454,015 103,744,871 Dilutive effect of stock options 24,608 202,890 332,505 Weighted average shares for diluted earnings per common share 91,730,864 95,656,905 104,077,376 Diluted earnings per common share $ 2.06 $ 3.13 $ 2.99 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 the first quarter of 2021 and participate in dividends on a one-for-one basis. Potentially dilutive unvested shares and share units totaling 1,638,642, 1,050,455 and 1,463,607 were outstanding at December 31, 2020, 2019 and 2018, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019 (in thousands): 2020 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 79,919 $ 1,307 $ (375) $ 80,851 U.S. Government agency and sponsored enterprise residential MBS 2,389,450 19,148 (3,028) 2,405,570 U.S. Government agency and sponsored enterprise commercial MBS 531,724 9,297 (1,667) 539,354 Private label residential MBS and CMOs 982,890 16,274 (561) 998,603 Private label commercial MBS (2) 2,514,271 24,931 (12,848) 2,526,354 Single family rental real estate-backed securities 636,069 14,877 (58) 650,888 Collateralized loan obligations 1,148,724 285 (8,735) 1,140,274 Non-mortgage asset-backed securities 246,597 6,898 (234) 253,261 State and municipal obligations 213,743 21,966 — 235,709 SBA securities 233,387 2,093 (3,935) 231,545 8,976,774 $ 117,076 $ (31,441) 9,062,409 Investment securities held to maturity 10,000 10,000 $ 8,986,774 9,072,409 Marketable equity securities 104,274 $ 9,176,683 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. (2) Amortized cost is net of ACL totaling $0.4 million at December 31, 2020. Investment securities held to maturity at December 31, 2020 and 2019 consisted of one State of Israel bond maturing in 2024. At December 31, 2020 and 2019 accrued interest receivable on investments totaled $17 million and $28 million, respectively, and is included in other assets in the accompanying consolidated balance sheets. At December 31, 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 $ 913,305 $ 922,531 Due after one year through five years 5,415,656 5,441,360 Due after five years through ten years 2,137,170 2,180,434 Due after ten years 510,643 518,084 $ 8,976,774 $ 9,062,409 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 $4.1 billion and $2.4 billion at December 31, 2020 and 2019, respectively. The following table provides information about gains and losses on investment securities for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Proceeds from sale of investment securities available for sale $ 1,503,498 $ 2,975,259 $ 1,030,810 Gross realized gains: Investment securities available for sale $ 14,441 $ 21,961 $ 8,617 Gross realized losses: Investment securities available for sale (440) (3,424) (2,514) Net realized gain 14,001 18,537 6,103 Net unrealized gains (losses) on marketable equity securities recognized in earnings 3,766 2,637 (2,944) Gain on investment securities, net $ 17,767 $ 21,174 $ 3,159 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 December 31, 2020 and 2019 (in thousands): 2020 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 $ 24,369 $ (375) $ — $ — $ 24,369 $ (375) U.S. Government agency and sponsored enterprise residential MBS 220,179 (320) 370,727 (2,708) 590,906 (3,028) U.S. Government agency and sponsored enterprise commercial MBS 152,233 (1,412) 44,255 (255) 196,488 (1,667) Private label residential MBS and CMOs 141,407 (561) — — 141,407 (561) Private label commercial MBS 1,268,381 (12,771) 37,783 (77) 1,306,164 (12,848) Single family rental real estate-backed securities 28,758 (58) — — 28,758 (58) Collateralized loan obligations 304,051 (1,171) 588,463 (7,564) 892,514 (8,735) Non-mortgage asset-backed securities — — 12,327 (234) 12,327 (234) SBA securities 26,240 (298) 104,598 (3,637) 130,838 (3,935) $ 2,165,618 $ (16,966) $ 1,158,153 $ (14,475) $ 3,323,771 $ (31,441) 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. An allowance for credit loss was recorded related to one private label commercial MBS security during the year ended December 31, 2020. See further discussion below in the section entitled "Private Label Commercial MBS". There were no securities other than temporarily impaired during the year ended December 31, 2019. At December 31, 2020 the Company did not have an intent to sell securities that were in significant unrealized loss positions and it was not more likely than not that the Company would be required to sell these securities before recovery of the amortized cost basis, which may be at maturity. In making this determination, the Company considered its current and projected liquidity position, its investment policy as to permissible holdings and concentration limits, regulatory requirements and other relevant factors. At December 31, 2020, 148 securities available for sale were in unrealized loss positions. The amount of impairment related to 24 of these securities was considered insignificant both individually and in the aggregate, totaling approximately $0.3 million and no further analysis with respect to these securities was considered necessary. The basis for conclusions regarding credit loss impairment of AFS debt securities and the need to record an ACL at December 31, 2020 is further discussed below. U.S. Government Agency and Government Sponsored Enterprise Securities At December 31, 2020, one U.S. treasury, twenty U.S. Government agency and sponsored enterprise residential MBS, seven 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 private label securities had missed principal or interest payments or had been downgraded by a NRSRO at December 31, 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 December 31, 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. Private label residential MBS and CMOs At December 31, 2020, three 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 December 31, 2020 analysis projected weighted average collateral losses for impaired securities in this category of 4% compared to weighted average credit support of 18%. As of December 31, 2020, all of the impaired securities in this category were externally rated AAA. Private label commercial MBS At December 31, 2020, fifty-nine private label commercial MBS were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality and type, loan size, loan purpose and other qualitative factors. We also regularly monitor collateral watch lists, bankruptcy data, special servicing trends, delinquency and other economic data which would indicate further stress in the sector. Unrealized losses in this sector were primarily attributable to widening spreads, resulting in large part from market response to, and dislocation in the wake of, the COVID-19 pandemic. An allowance for credit loss of $0.4 million was recorded for one security in this asset class. While this security is not projected to sustain credit losses and management does not intend to sell the security at the balance sheet date, due to negative underlying collateral performance trends, the security is being closely monitored and may not be held until full recovery of its amortized cost basis. Our December 31, 2020 analysis projected weighted average collateral losses for impaired securities in this category of 12% compared to weighted average credit support of 42%. As of December 31, 2020, 85% of impaired securities in this category, based on carrying value, were externally rated AAA, 9% were rated AA and 6% were rated A. Collateralized loan obligations At December 31, 2020, twenty-one collateralized loan obligations were in unrealized loss positions. Unrealized losses in this portfolio segment were primarily due to widening spreads, at least in part resulting from market response to uncertainty surrounding the COVID-19 pandemic and its impact on leveraged loan pricing. 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 December 31, 2020 analysis projected weighted average collateral losses for impaired securities in this category of 23% compared to weighted average credit support of 42%. As of December 31, 2020, 81% of the impaired securities in this category, based on carrying value, were externally rated AAA, 15% were rated AA and 4% were rated A. Non-mortgage asset-backed securities At December 31, 2020, two 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 |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses At December 31, 2020 and 2019, loans consisted of the following (dollars in thousands): 2020 2019 Total Percent of Total Total Percent of Total Residential and other consumer: 1-4 single family residential $ 4,922,836 20.6 % $ 4,953,936 21.4 % Government insured residential 1,419,074 5.9 % 698,644 3.0 % Other consumer loans 6,312 0.1 % 8,539 0.1 % 6,348,222 26.6 % 5,661,119 24.5 % Commercial: Multi-family 1,639,201 6.9 % 2,217,705 9.6 % Non-owner occupied commercial real estate 4,963,273 20.8 % 5,030,904 21.7 % Construction and land 293,307 1.2 % 243,925 1.1 % Owner occupied commercial real estate 2,000,770 8.4 % 2,062,808 8.9 % Commercial and industrial 4,447,383 18.6 % 4,655,349 20.1 % PPP 781,811 3.3 % — — % Pinnacle 1,107,386 4.6 % 1,202,430 5.2 % Bridge - franchise finance 549,733 2.3 % 627,482 2.6 % Bridge - equipment finance 475,548 2.0 % 684,794 3.0 % Mortgage warehouse lending 1,259,408 5.3 % 768,472 3.3 % 17,517,820 73.4 % 17,493,869 75.5 % Total loans 23,866,042 100.0 % 23,154,988 100.0 % Allowance for credit losses (257,323) (108,671) Loans, net $ 23,608,719 $ 23,046,317 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $39 million and $50 million at December 31, 2020 and 2019, respectively. The amortized cost basis of residential PCD loans was $118 million and the related amount of non-credit discount was $115 million at December 31, 2020. The ACL related to PCD residential loans was $2.8 million and $1.7 million at December 31, 2020 and January 1, 2020, the date of initial adoption of ASU 2016-13, respectively. During the years ended December 31, 2020 and 2019, the Company purchased 1-4 single family residential loans totaling $3.2 billion and $2.2 billion, respectively. Purchases for the years ended December 31, 2020 and 2019 included $1.4 billion, and $844 million, respectively, of government insured residential loans. At December 31, 2020 and 2019, the Company had pledged loans with a carrying value of approximately $9.6 billion and $10.2 billion, respectively, as security for FHLB advances and Federal Reserve discount window capacity. At December 31, 2020 and 2019, accrued interest receivable on loans, net of related ACL, totaled $99 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 totaled $3.5 million for the year ended December 31, 2020. Allowance for credit losses Activity in the allowance for credit losses is summarized below. The balances for the years ended December 31, 2019 and 2018 represent the allowance for loan and leases losses, estimated using an incurred loss methodology. The ACL at December 31, 2020 was determined using the CECL methodology, utilizing a 2-year reasonable and supportable forecast period based on a single economic scenario (in thousands): 2020 2019 2018 Residential and Other Consumer Commercial Total 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 $ 10,720 $ 134,075 $ 144,795 Impact of adoption of ASU 2016-13 8,098 19,207 27,305 — — — — — — Balance after adoption of ASU 2016-13 19,252 116,724 135,976 10,788 99,143 109,931 10,720 134,075 144,795 Provision (recovery) (556) 182,895 182,339 154 8,750 8,904 1,032 24,893 25,925 Charge-offs (1)(2) (31) (69,571) (69,602) — (17,541) (17,541) (1,465) (65,619) (67,084) Recoveries 54 8,556 8,610 212 7,165 7,377 501 5,794 6,295 Ending balance $ 18,719 $ 238,604 $ 257,323 $ 11,154 $ 97,517 $ 108,671 $ 10,788 $ 99,143 $ 109,931 (1) Includes $14.7 million of charge-offs related to $49.6 million of classified loans that were sold or transferred to held for sale during the year ended December 31, 2020. (2) Includes charge-offs of $39.7 million related to taxi medallion loans during the year ended December 31, 2018. The following table presents the components of the provision for credit losses for the year ended December 31, 2020 (in thousands): Amount related to funded portion of loans $ 182,339 Amount related to off-balance sheet credit exposures (5,572) Amount related to accrued interest receivable 1,300 Provision for credit losses - AFS debt securities 364 Total provision for credit losses $ 178,431 The increase in the ACL from January 1, 2020, the date of initial adoption of ASU 2016-13, to December 31, 2020 was reflective of the impact of the COVID-19 pandemic on current economic conditions, the economic forecast and on individual borrowers and portfolio sub-segments. The increase in charge-offs for the year ended December 31, 2020 also reflected the impact of the COVID-19 pandemic. Credit quality information The credit quality of the loan portfolio has been and is likely to continue to be impacted by the continuing COVID-19 crisis, its impact on the economy broadly and more specifically on the Company's individual borrowers. Significant uncertainty currently exists about the full extent of this impact, and the impact may not be fully reflected in some of the credit quality indicators disclosed below as of December 31, 2020, due to the still evolving trajectory of the pandemic. Delinquency statistics may not be fully reflective of the impact of the COVID-19 crisis due to deferral programs offered to affected borrowers. 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 third quarter of 2020. 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: December 31, 2020 Amortized Cost By Origination Year 2020 2019 2018 2017 2016 Prior Total Current $ 1,092,183 $ 645,993 $ 374,838 $ 611,377 $ 740,749 $ 1,392,192 $ 4,857,332 30 - 59 Days Past Due 17,826 5,741 2,564 927 2,913 18,880 48,851 60 - 89 Days Past Due 111 145 435 — 2,825 3,973 7,489 90 Days or More Past Due — 807 1,762 53 1,027 5,515 9,164 $ 1,110,120 $ 652,686 $ 379,599 $ 612,357 $ 747,514 $ 1,420,560 $ 4,922,836 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: December 31, 2020 Amortized Cost By Origination Year LTV 2020 2019 2018 2017 2016 Prior Total Less than 61% $ 395,977 $ 143,273 $ 82,199 $ 174,223 $ 286,092 $ 487,487 $ 1,569,251 61% - 70% 298,941 151,633 92,928 119,381 184,119 341,159 1,188,161 71% - 80% 413,003 344,998 181,852 271,605 258,931 565,781 2,036,170 More than 80% 2,199 12,782 22,620 47,148 18,372 26,133 129,254 $ 1,110,120 $ 652,686 $ 379,599 $ 612,357 $ 747,514 $ 1,420,560 $ 4,922,836 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: December 31, 2020 Amortized Cost By Origination Year FICO 2020 2019 2018 2017 2016 Prior Total 760 or greater $ 843,199 $ 435,582 $ 225,292 $ 451,304 $ 549,119 $ 956,254 $ 3,460,750 720 - 759 223,831 128,875 84,602 102,859 130,592 256,703 927,462 719 or less 43,090 88,229 69,705 58,194 67,803 207,603 534,624 $ 1,110,120 $ 652,686 $ 379,599 $ 612,357 $ 747,514 $ 1,420,560 $ 4,922,836 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. Since the onset of the COVID-19 pandemic, risk ratings have been re-evaluated for a substantial portion of the commercial portfolio, with a focus on portfolio segments we identified for enhanced monitoring and loans that have been modified or for which we granted temporary payment deferrals. 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 from current operations, 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: December 31, 2020 Amortized Cost By Origination Year Revolving Loans 2020 2019 2018 2017 2016 Prior Total Multi-Family Pass $ 184,287 $ 264,254 $ 149,188 $ 206,768 $ 203,481 $ 313,758 $ 38,509 $ 1,360,245 Special mention — 390 10,985 11,260 8,400 5,300 — 36,335 Substandard 8,393 25,239 9,645 15,125 43,920 140,299 — 242,621 Total Multi-Family $ 192,680 $ 289,883 $ 169,818 $ 233,153 $ 255,801 $ 459,357 $ 38,509 $ 1,639,201 Non-owner occupied commercial real estate Pass $ 532,567 $ 1,070,940 $ 706,730 $ 442,599 $ 462,201 $ 607,922 $ 99,627 $ 3,922,586 Special mention 2,687 56,533 16,271 34,283 43,699 66,370 — 219,843 Substandard 30,401 132,814 69,507 56,219 288,998 242,905 — 820,844 Total non-owner occupied commercial real estate $ 565,655 $ 1,260,287 $ 792,508 $ 533,101 $ 794,898 $ 917,197 $ 99,627 $ 4,963,273 Construction and Land Pass $ 20,860 $ 158,413 $ 9,003 $ 48,657 $ 26,845 $ 904 $ 297 $ 264,979 Special mention — — 8,010 8,604 4,284 — — 20,898 Substandard 23 1,366 1,287 — 4,408 346 — 7,430 Total Construction and Land $ 20,883 $ 159,779 $ 18,300 $ 57,261 $ 35,537 $ 1,250 $ 297 $ 293,307 Owner occupied commercial real estate Pass $ 229,670 $ 263,138 $ 251,413 $ 232,171 $ 288,403 $ 361,130 $ 17,281 $ 1,643,206 Special mention 2,593 42,485 11,789 41,799 19,839 20,347 17,985 156,837 Substandard 2,615 24,673 21,114 36,411 26,997 79,860 9,057 200,727 Total owner occupied commercial real estate $ 234,878 $ 330,296 $ 284,316 $ 310,381 $ 335,239 $ 461,337 $ 44,323 $ 2,000,770 Commercial and industrial Pass $ 574,601 $ 759,384 $ 257,451 $ 250,787 $ 165,105 $ 47,086 $ 1,882,856 $ 3,937,270 Special mention 10,387 49,471 17,096 2,451 20,838 2,977 66,385 169,605 Substandard 21,122 120,275 34,045 14,073 29,907 31,478 89,436 340,336 Doubtful $ — $ — $ — $ — $ — $ 172 $ — $ 172 Total commercial and industrial $ 606,110 $ 929,130 $ 308,592 $ 267,311 $ 215,850 $ 81,713 $ 2,038,677 $ 4,447,383 PPP Pass $ 781,811 $ — $ — $ — $ — $ — $ — $ 781,811 Total PPP $ 781,811 $ — $ — $ — $ — $ — $ — $ 781,811 Pinnacle Pass $ 165,218 $ 118,139 $ 70,498 $ 208,568 $ 203,990 $ 340,973 $ — $ 1,107,386 Total Pinnacle $ 165,218 $ 118,139 $ 70,498 $ 208,568 $ 203,990 $ 340,973 $ — $ 1,107,386 Bridge - Franchise Finance Pass $ 48,741 $ 91,509 $ 23,650 $ 8,745 $ 11,817 $ 6,416 $ — $ 190,878 Special mention 2,693 54,271 5,175 4,699 2,088 2,667 — 71,593 Substandard 36,515 101,772 84,064 33,213 16,706 3,297 — 275,567 Doubtful — — 10,771 — 924 — — 11,695 Total Bridge - Franchise Finance $ 87,949 $ 247,552 $ 123,660 $ 46,657 $ 31,535 $ 12,380 $ — $ 549,733 Bridge - Equipment Finance Pass $ 23,684 $ 137,730 $ 66,004 $ 50,000 $ 36,963 $ 49,875 $ — $ 364,256 Special mention — — 19,542 16,863 — — — 36,405 Substandard — 30,762 9,894 34,231 — — — 74,887 Total Bridge - Equipment Finance $ 23,684 $ 168,492 $ 95,440 $ 101,094 $ 36,963 $ 49,875 $ — $ 475,548 Mortgage Warehouse Lending Pass $ — $ — $ — $ — $ — $ — $ 1,259,408 $ 1,259,408 Total Mortgage Warehouse Lending $ — $ — $ — $ — $ — $ — $ 1,259,408 $ 1,259,408 At December 31, 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 December 31, 2020 and 2019 (in thousands): 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 $ 1,360,245 $ 3,922,586 $ 264,979 $ 1,643,206 $ 3,937,270 $ 781,811 $ 1,107,386 $ 190,878 $ 364,256 $ 1,259,408 $ 14,832,025 Special mention 36,335 219,843 20,898 156,837 169,605 — — 71,593 36,405 — 711,516 Substandard - accruing 218,532 756,825 2,676 177,575 285,925 — — 242,234 74,887 — 1,758,654 Substandard non-accruing 24,089 64,019 4,754 23,152 54,411 — — 33,333 — — 203,758 Doubtful — — — — 172 — — 11,695 — — 11,867 $ 1,639,201 $ 4,963,273 $ 293,307 $ 2,000,770 $ 4,447,383 $ 781,811 $ 1,107,386 $ 549,733 $ 475,548 $ 1,259,408 $ 17,517,820 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 -accruing 26,797 52,697 — 16,241 43,518 — 41,127 — — 180,380 Substandard non-accruing 6,137 40,097 3,191 27,141 74,770 — 13,631 20,939 — 185,906 $ 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 Past Due and Non-Accrual Loans: The following table presents an aging of loans at December 31, 2020 and 2019 (in thousands): 2020 2019 Current 30 - 59 60 - 89 90 Days or Total Current 30 - 59 60 - 89 90 Days or Total 1-4 single family residential $ 4,857,332 $ 48,851 $ 7,489 $ 9,164 $ 4,922,836 $ 4,887,618 $ 45,634 $ 9,578 $ 11,106 $ 4,953,936 Government insured residential 722,367 77,883 56,495 562,329 1,419,074 93,560 45,347 30,426 529,311 698,644 Other consumer loans 6,022 37 22 231 6,312 8,539 — — — 8,539 Multi-family 1,602,990 17,842 — 18,369 1,639,201 2,217,705 — — — 2,217,705 Non-owner occupied commercial real estate 4,876,823 34,117 20,291 32,042 4,963,273 5,015,458 — 928 14,518 5,030,904 Construction and land 288,032 4,530 399 346 293,307 240,647 2,396 — 882 243,925 Owner occupied commercial real estate 1,971,475 10,756 3,203 15,336 2,000,770 2,041,352 1,336 4,420 15,700 2,062,808 Commercial and industrial 4,366,009 52,117 552 28,705 4,447,383 4,595,847 2,313 4,301 52,888 4,655,349 PPP 781,811 — — — 781,811 — — — — — Pinnacle 1,107,386 — — — 1,107,386 1,202,430 — — — 1,202,430 Bridge - franchise finance 498,831 16,423 8,664 25,815 549,733 610,315 3,840 2,501 10,826 627,482 Bridge - equipment finance 475,548 — — — 475,548 677,089 7,705 — — 684,794 Mortgage warehouse lending 1,259,408 — — — 1,259,408 768,472 — — — 768,472 $ 22,814,034 $ 262,556 $ 97,115 $ 692,337 $ 23,866,042 $ 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 $40.3 million and $36.3 million at December 31, 2020 and 2019, respectively. Loans contractually delinquent by 90 days or more and still accruing totaled $562 million and $531 million at December 31, 2020 and 2019, respectively, substantially all of which were government insured residential loans. These loans are government insured pool buyout loans, which the Company buys out of GNMA securitizations upon default. The following table presents information about loans on non-accrual status at December 31, 2020 and 2019 (in thousands): 2020 2019 Amortized Cost Amortized Cost With No Related Allowance Amortized Cost Residential and other consumer $ 28,828 $ 1,755 $ 18,894 Commercial: Multi-family 24,090 24,090 6,138 Non-owner occupied commercial real estate 64,017 32,843 40,097 Construction and land 4,754 4,408 3,191 Owner occupied commercial real estate 23,152 2,110 27,141 Commercial and industrial 54,584 9,235 74,757 Bridge - franchise finance 45,028 9,754 13,631 Bridge - equipment finance — — 20,939 $ 244,453 $ 84,195 $ 204,788 Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $51.3 million and $45.7 million at December 31, 2020 and 2019, respectively. The amount of interest income recognized on non-accrual loans was immaterial for the years ended December 31, 2020 and 2019. 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 $10.9 million and $7.5 million for the years ended December 31, 2020 and 2019, respectively. Collateral dependent loans: The following table presents the amortized cost basis of collateral dependent loans at December 31, 2020 (in thousands): Amortized Cost Extent to Which Secured by Collateral Residential and other consumer $ 2,528 $ 2,513 Commercial: Multi-family 24,090 24,090 Non-owner occupied commercial real estate 52,813 52,435 Construction and land 4,754 4,754 Owner occupied commercial real estate 14,814 14,777 Commercial and industrial 28,112 18,093 Bridge - franchise finance 28,986 12,832 Total commercial 153,569 126,981 $ 156,097 $ 129,494 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 year ended December 31, 2020. Foreclosure of residential real estate The recorded investment in residential loans in the process of foreclosure was $217 million, of which $209 million was government insured, at December 31, 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 December 31, 2020 and 2019. In response to the COVID-19 pandemic, new foreclosure actions on residential loans have been temporarily suspended. Troubled debt restructurings The following tables summarize loans that were modified in TDRs during the years ended December 31, 2020, 2019 and 2018, as well as loans modified during the twelve months preceding December 31, 2020, 2019 and 2018 that experienced payment defaults during those periods (dollars in thousands): Years Ended December 31, 2020 Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 1 $ 201 — $ — Government insured residential 201 34,100 86 14,368 Non-owner occupied commercial real estate 1 4,122 1 4,122 Bridge - franchise finance 8 12,964 8 12,964 211 $ 51,387 95 $ 31,454 2019 Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 2 $ 557 — $ — Government insured residential 324 51,022 112 17,421 Non-owner occupied commercial real estate 1 11,496 — — Owner occupied commercial real estate 1 908 1 908 Commercial and industrial 7 20,239 2 8,673 Bridge - franchise finance 4 15,288 — — 339 $ 99,510 115 $ 27,002 2018 Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 10 $ 3,669 3 $ 929 Government insured residential 26 2,793 15 1,560 Non-owner occupied commercial real estate 3 5,932 1 2,949 Owner occupied commercial real estate 2 1,076 — — Commercial and industrial 6 6,646 2 217 47 $ 20,116 21 $ 5,655 TDRs during the years ended December 31, 2020, 2019 and 2018 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. The majority of loan modifications or deferrals and payment deferrals that took place after the onset of the COVID-19 pandemic have not been categorized as TDRs, in accordance with interagency and authoritative guidance and the provisions of the CARES Act. Loan Concentrations The following table presents the five states with the largest geographic concentrations of 1-4 single family residential loans, excluding government insured residential loans, at December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Total Percent of Total Total Percent of Total California $ 1,541,779 31.3 % $ 1,280,243 25.8 % New York 1,084,143 22.0 % 1,057,926 21.4 % Florida 518,877 10.5 % 597,359 12.1 % Virginia 196,641 4.0 % 189,869 3.8 % Washington DC 166,025 3.4 % 187,049 3.8 % All others 1,415,371 28.8 % 1,641,490 33.1 % $ 4,922,836 100.0 % $ 4,953,936 100.0 % The following table presents the largest geographic concentrations of commercial loans at December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Commercial Real Estate Percent of Total Commercial Percent of Total Commercial Real Estate Percent of Total Commercial Percent of Total Florida $ 3,659,310 53.1 % $ 4,044,377 38.1 % $ 3,476,657 46.4 % $ 4,051,924 40.5 % New York Tri-state 2,652,980 38.5 % 2,570,974 24.2 % 3,423,564 45.7 % 2,110,915 21.1 % California 1,003 — % 775,989 7.3 % 249 — % 719,465 7.2 % Other 582,488 8.4 % 3,230,699 30.4 % 592,064 7.9 % 3,119,031 31.2 % $ 6,895,781 100.0 % $ 10,622,039 100.0 % $ 7,492,534 100.0 % $ 10,001,335 100.0 % Disclosures Prescribed by Legacy GAAP (Before Adoption of ASU 2016-13) for Prior Periods For the years ended December 31, 2019 and prior, the Company maintained an ALLL estimated using an incurred loss methodology at an amount considered adequate by management to absorb probable incurred losses inherent in the loan portfolio at the balance sheet date. The ALLL consisted of both specific and general components and was established as losses were estimated to have occurred through a provision charged to earnings. Loans were charged off against the ALLL when management determined them to be uncollectible. For commercial loans, the ALLL was comprised of specific reserves for loans that were individually evaluated and determined to be impaired as well as general reserves for loans that were not identified as impaired. For loans not individually evaluated for impairment, the quantitative portion of the ALLL was based on the Bank's historical net charge-off rates, for those segments which had sufficient observable loss history. For the segments that had not yet exhibited an observable loss trend, the quantitative loss factors were based on peer group average annual historical charge-off rates by loan class and the Company's internal credit risk rating system. For residential loans, the quantitative portion of the ALLL was based primarily on relevant proxy historical loss rates. No quantitative ALLL was provided for government insured residential loans. The general quantitative ALLL was calculated using a four quarter loss emergence period for all loan segments, with the exception of Pinnacle, which used a twelve quarter loss emergence period. For ACI loans, an ALLL was established when periodic evaluations of expected cash flows reflected a deterioration resulting from credit related factors. Expected cash flows were estimated on a pool basis for ACI residential loans. The analysis of expected cash flows incorporated expected prepayment rate, default rate, delinquency level and loss severity given default assumptions. Qualitative adjustments were made to the ALLL when, based on management's judgment, there were internal or external factors impacting probable incurred losses not taken into account by the quantitative calculations. Potential qualitative adjustments included portfolio performance trends; changes in the nature of the portfolio and terms of the loans; portfolio growth trends; changes in lending policies and procedures; economic factors; change in the value of underlying collateral; quality of risk ratings; credit concentrations; and changes in and experience levels of credit administration staff. 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 UPB Related 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 years ended December 31, 2019 and 2018 (in thousands): 2019 2018 Residential and other consumer: 1-4 single family residential $ 4,525 $ 5,227 Government insured residential 18,574 1,426 23,099 6,653 Commercial: Multi-family 20,972 25,679 Non-owner occupied commercial real estate 25,814 14,106 Construction and land 7,621 6,551 Owner occupied commercial real estate 14,250 16,207 Commercial and industrial 36,698 97,388 Bridge - franchise finance 10,195 1,986 Bridge - equipment finance 13,981 7,771 129,531 169,688 $ 152,630 $ 176,341 |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases [Text Block] | Leases Leases under which the Company is the lessee The Company leases branches, office space and a small amount of equipment under either operating or finance leases with remaining terms ranging from one to 13 years, some of which include extension options. The following table presents ROU assets and lease liabilities as of December 31, 2020 and 2019 (in thousands): 2020 2019 ROU assets: Operating leases $ 84,874 $ 92,553 Finance leases 29,119 31,587 $ 113,993 $ 124,140 Lease liabilities: Operating leases $ 93,678 $ 102,264 Finance leases 32,563 34,248 $ 126,241 $ 136,512 ROU assets and lease liabilities for operating leases are included in "other assets" and "other liabilities", respectively, in the accompanying consolidated balance sheets. ROU assets and lease liabilities for finance leases are included in "other assets" and "notes and other borrowings", respectively. The weighted average remaining lease term and weighted average discount rate at December 31, 2020 and 2019 were: 2020 2019 Weighted average remaining lease term: Operating leases 7.2 years 7.7 years Finance leases 12.7 years 13.6 years Weighted average discount rate: Operating leases 3.1 % 3.3 % Finance leases 2.9 % 2.9 % The following table presents the components of lease expense for the years ended December 31, 2020 and 2019 (in thousands): 2020 2019 Operating lease cost: Fixed costs $ 20,112 $ 20,284 Impairment of ROU assets 108 1,278 Total operating lease cost $ 20,220 $ 21,562 Finance lease cost: Amortization of ROU assets $ 2,841 $ 1,642 Interest on lease liabilities 921 1,002 Total finance lease cost $ 3,762 $ 2,644 Variable lease cost $ 4,761 $ 3,950 Short-term lease costs and sublease income were immaterial for the years ended December 31, 2020 and 2019. Additional information related to operating and finance leases for the years ended December 31, 2020 and 2019 follows (in thousands): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 921 $ 1,002 Operating cash flows from operating leases 20,589 20,795 Financing cash flows from finance leases 2,980 2,529 $ 24,490 $ 24,326 Lease liabilities recognized from obtaining ROU assets: Operating lease liabilities recognized upon adoption of ASC 842 $ — $ 104,064 Operating leases 9,647 15,778 Finance leases 373 27,415 $ 10,020 $ 147,257 Future lease payment obligations under leases with terms in excess of one year and a reconciliation to lease liabilities as of December 31, 2020 were as follows (in thousands): Operating Leases Finance Leases Total Years ending December 31: 2021 $ 19,949 $ 3,213 $ 23,162 2022 16,879 2,650 19,529 2023 14,431 2,666 17,097 2024 12,658 2,701 15,359 2025 9,966 2,774 12,740 Thereafter 31,072 25,223 56,295 Total future minimum lease payments 104,955 39,227 144,182 Less: interest component (11,277) (6,664) (17,941) Lease liabilities $ 93,678 $ 32,563 $ 126,241 Leases under which the Company is the lessor Through its commercial lending subsidiaries, Pinnacle and Bridge, the Bank provides equipment financing using a variety of loan and lease structures. Pinnacle provides essential use equipment financing to state and local governmental entities. Bridge provides primarily transportation equipment financing. Direct or Sales Type Financing Leases The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands): 2020 2019 Total minimum lease payments to be received $ 727,401 $ 804,103 Estimated unguaranteed residual value of leased assets 5,599 8,471 Gross investment in direct or sales type financing leases 733,000 812,574 Unearned income (66,443) (84,175) Initial direct costs 3,306 4,453 $ 669,863 $ 732,852 At December 31, 2020, future minimum lease payments to be received under direct or sales type financing leases were as follows (in thousands): Years Ending December 31: 2021 $ 192,486 2022 140,263 2023 109,887 2024 66,254 2025 49,463 Thereafter 169,048 $ 727,401 Operating Lease Equipment Operating lease equipment consists primarily of railcars, non-commercial aircraft and other transportation equipment leased to commercial end users. Original lease terms generally range from three to ten years. Asset risk is evaluated and managed by a dedicated internal staff of seasoned equipment finance professionals with a broad depth and breadth of experience in the leasing business. The Company has partnered with an industry leading, experienced service provider who provides fleet management and servicing relating to the railcar fleet. Residual risk is managed by setting appropriate residual values at inception and systematic reviews of residual values based on independent appraisals, performed at least annually. The Company endeavors to lease to a stable end user base, maintain a relatively young and diversified fleet of assets and stagger lease maturities. The following table presents the components of operating lease equipment as of December 31, 2020 and 2019 (in thousands): 2020 2019 Operating lease equipment $ 844,953 $ 844,015 Less: accumulated depreciation (181,436) (145,862) Operating lease equipment, net $ 663,517 $ 698,153 The Company recognized impairment of $0.7 million, and $1.9 million during the years ended December 31, 2020 and 2019, respectively. These impairment charges are included in "depreciation of operating lease equipment" in the accompanying consolidated statements of income. No impairment was recognized during the year ended December 31, 2018. At December 31, 2020, scheduled minimum rental payments under operating leases were as follows (in thousands): Years Ending December 31: 2021 $ 49,246 2022 44,525 2023 38,263 2024 33,856 2025 27,612 Thereafter 54,845 $ 248,347 The following table summarizes lease income recognized for operating leases and direct or sales type finance leases for the years ended December 31, 2020 and 2019 (in thousands): 2020 2019 Location of Lease Income on Consolidated Statements of Income Operating leases $ 59,112 $ 66,631 Non-interest income from lease financing Direct or sales type finance leases 20,995 21,865 Interest income on loans $ 80,107 $ 88,496 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | Deposits The following table presents average balances and weighted average rates paid on deposits for the years ended December 31, 2020, 2019 and 2018 (dollars in thousands): 2020 2019 2018 Average Average Average Average Average Average Demand deposits: Non-interest bearing $ 5,760,309 — % $ 3,950,612 — % $ 3,389,191 — % Interest bearing 2,582,951 0.75 % 1,824,803 1.37 % 1,627,828 1.13 % Savings and money market 10,843,894 0.79 % 10,922,819 1.81 % 10,634,970 1.38 % Time 6,617,939 1.43 % 6,928,499 2.34 % 6,617,006 1.81 % $ 25,805,093 0.77 % $ 23,626,733 1.63 % $ 22,268,995 1.28 % Time deposit accounts with balances of $250,000 or more totaled $1.1 billion and $1.9 billion at December 31, 2020 and 2019, respectively. The following table presents maturities of time deposits as of December 31, 2020 (in thousands): Maturing in: 2021 $ 4,655,878 2022 110,183 2023 24,368 2024 1,302 2025 15,468 $ 4,807,199 Included in deposits at December 31, 2020 are public funds deposits of $2.5 billion and brokered deposits of $4.0 billion. Investment securities available for sale with a carrying value of $952 million were pledged as security for public funds deposits at December 31, 2020. Interest expense on deposits for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands): 2020 2019 2018 Interest bearing demand $ 19,445 $ 25,054 $ 18,391 Savings and money market 85,572 197,942 146,324 Time 94,963 162,184 119,848 $ 199,980 $ 385,180 $ 284,563 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Borrowings The following table presents information about outstanding FHLB advances as of December 31, 2020 (dollars in thousands): Range of Interest Rates Amount Minimum Maximum Weighted Average Rate Maturing in: 2021 - One month or less $ 795,000 0.24 % 0.25 % 0.25 % 2021 - Over one month 2,226,000 0.22 % 3.02 % 0.54 % Thereafter 100,000 0.41 % 0.41 % 0.41 % Total contractual balance outstanding 3,121,000 Cumulative fair value hedging adjustments 1,999 Carrying value $ 3,122,999 The table above reflects contractual maturities of outstanding advances and does not incorporate the impact that interest rate swaps designated as cash flow and fair value hedges have on the duration of borrowings. The terms of the Company's security agreement with the FHLB require a specific assignment of collateral consisting of qualifying first mortgage loans, commercial real estate loans, home equity lines of credit and mortgage-backed securities with unpaid principal amounts discounted at various stipulated percentages at least equal to 100% of outstanding FHLB advances. As of December 31, 2020, the Company had pledged investment securities and real estate loans with an aggregate carrying amount of approximately $10.9 billion as collateral for advances from the FHLB. At December 31, 2020 and 2019 notes and other borrowings consisted of the following (dollars in thousands): 2020 2019 Senior notes: Principal amount of 4.875% senior notes maturing on November 17, 2025 $ 400,000 $ 400,000 Unamortized discount and debt issuance costs (4,174) (4,910) 395,826 395,090 Subordinated notes: Principal amount of 5.125% subordinated notes maturing on June 11, 2030 300,000 — Unamortized discount and debt issuance costs (5,894) — 294,106 — Total notes 689,932 395,090 Finance leases 32,563 34,248 Notes and other borrowings $ 722,495 $ 429,338 The senior notes mature on November 17, 2025 with interest payable semiannually. The notes have an effective interest rate of 5.12%, after consideration of issuance discount and costs. The notes may be redeemed by the Company, in whole or in part, at any time prior to August 17, 2025 at the greater of a) 100% of the principal balance or b) the sum of the present values of the remaining scheduled payments of principal and interest on the securities discounted to the redemption date at i) the rate on a United States Treasury security with a maturity comparable to the remaining maturity of the senior notes that would be used to price new issues of corporate debt securities with a maturity comparable to the remaining maturity of the senior notes plus ii) 40 basis points. The senior notes may be redeemed at any time after August 17, 2025 at 100% of principal plus accrued and unpaid interest. 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. At December 31, 2020, BankUnited had available borrowing capacity at the FHLB of approximately $4.9 billion, unused borrowing capacity at the FRB of approximately $2.1 billion and unused Federal funds lines of credit with other financial institutions totaling $50 million. |
Premises and Equipment and Leas
Premises and Equipment and Lease Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment, Type [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Premises, Equipment and Software Premises and equipment and capitalized software costs are included in other assets in the accompanying consolidated balance sheets and are summarized as follows as of December 31, 2020 and 2019 (in thousands): 2020 2019 Buildings and improvements $ 430 $ — Leasehold improvements 69,863 72,627 Furniture, fixtures and equipment 35,903 36,492 Computer equipment 21,358 22,729 Software, software licensing rights and capitalized costs of CCA 74,087 59,568 Aircraft and automobiles 11,620 11,593 213,261 203,009 Less: accumulated depreciation (153,138) (144,905) Premises, equipment and software, net $ 60,123 $ 58,104 Buildings held for sale, net $ 1,427 $ 6,789 Depreciation and amortization expense related to premises, equipment and software was $15.7 million, $19.2 million and $17.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company measures assets held for sale at the lower of carrying amount or estimated fair value. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of the provision for income taxes for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): 2020 2019 2018 Current: Federal $ 63,083 $ 58,996 $ 2,172 State 16,009 7,373 20,834 79,092 66,369 23,006 Deferred: Federal (22,387) 8,255 51,303 State (5,199) 16,274 16,475 (27,586) 24,529 67,778 $ 51,506 $ 90,898 $ 90,784 A reconciliation of expected income tax expense at the statutory federal income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 to the Company's effective income tax rate follows (dollars in thousands): 2020 2019 2018 Amount Percent Amount Percent Amount Percent Tax expense calculated at the statutory federal income tax rate $ 52,366 21.00 % $ 84,839 21.00 % $ 87,286 21.00 % Increases (decreases) resulting from: Income not subject to tax (15,722) (6.30) % (17,950) (4.44) % (18,923) (4.55) % State income taxes, net of federal tax benefit 13,413 5.38 % 19,956 4.94 % 31,182 7.50 % Other, net 1,449 0.58 % 4,053 1.00 % (8,761) (2.11) % $ 51,506 20.66 % $ 90,898 22.50 % $ 90,784 21.84 % The components of deferred tax assets and liabilities at December 31, 2020 and 2019 were as follows (in thousands): 2020 2019 Deferred tax assets: Excess of tax basis over carrying value of acquired loans $ 33,532 $ 50,089 Allowance for credit losses 58,990 23,151 Net unrealized loss on investment securities available for sale and cash flow hedges 16,824 11,475 Other 74,228 61,152 Gross deferred tax assets 183,574 145,867 Deferred tax liabilities: Lease financing, due to differences in depreciation 169,103 176,269 Other 34,879 31,227 Gross deferred tax liabilities 203,982 207,496 Net deferred tax liability $ (20,408) $ (61,629) Based on the evaluation of available evidence, the Company has concluded that it is more likely than not that the existing deferred tax assets will be realized. The primary factor supporting this conclusion is the amount of future taxable income that will result from the scheduled reversal of existing deferred tax liabilities. At December 31, 2020, remaining net operating loss and tax credit carryforwards included federal net operating loss carryforwards in the amount of $3.0 million, expiring from 2029 through 2032, and Florida net operating loss carryforwards in the amount of $110.7 million. Florida net operating loss carryforwards consisted of $100.7 million expiring from 2030 through 2037 and $10.0 million that can be carried forward indefinitely. The Company has investments in affordable housing limited partnerships which generate federal Low Income Housing Tax Credits and other tax benefits. The balance of these investments, included in other assets in the accompanying consolidated balance sheet, was $50 million and $57 million at December 31, 2020 and 2019, respectively. Unfunded commitments for affordable housing investments, included in other liabilities in the accompanying consolidated balance sheet, were $4 million and $8 million at December 31, 2020 and 2019, respectively. The maximum exposure to loss as a result of the Company's involvement with these limited partnerships at December 31, 2020 was approximately $79 million. While the Company believes the likelihood of potential losses from these investments is remote, the maximum exposure was determined by assuming a scenario where the projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits. These investments did not have a material impact on income tax expense for the years ended December 31, 2020, 2019 and 2018. The Company has a liability for unrecognized tax benefits relating to uncertain federal and state tax positions in several jurisdictions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 follows (in thousands): 2020 2019 2018 Balance, beginning of period $ 407,126 $ 116,081 $ 59,220 Additions for tax positions related to the current year 2,117 5,352 2,399 Additions for tax positions related to prior periods 2,456 279,885 51,064 Reductions due to settlements with taxing authorities (3,080) — — Reductions due to lapse of the statute of limitations (520) (406) (675) 408,099 400,912 112,008 Interest and penalties 6,104 6,214 4,073 Balance, end of period $ 414,203 $ 407,126 $ 116,081 As of December 31, 2020, 2019 and 2018, the Company had $369.1 million, $368.9 million and $78.2 million of unrecognized federal and state tax benefits, net of federal tax benefits, that if recognized would have impacted the effective tax rate. Unrecognized tax benefits related to federal and state income tax contingencies that may decrease during the 12 months subsequent to December 31, 2020 as a result of settlements with taxing authorities range from zero to $358.7 million. Interest and penalties related to unrecognized tax benefits are included in the provision for income taxes in the consolidated statements of income. At December 31, 2020 and 2019, accrued interest and penalties included in the consolidated balance sheets, net of federal tax benefits, were $16.3 million and $11.4 million, respectively. The total amounts of interest and penalties, net of federal tax benefits, recognized through income tax expense was $4.9 million during each of the years ended December 31, 2020 and 2019, and $3.2 million during the year ended December 31, 2018. The Company and its subsidiaries file a consolidated federal income tax return as well as combined state income tax returns where combined filings are required. The federal tax returns for years 2017 through 2019 remain subject to examination in the U.S. Federal jurisdiction. State tax returns for years 2009 through 2019 remain subject to examination by certain states. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 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 and caps that are designated as cash flow hedges with the objective of limiting the variability of interest payment cash flows. 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 years ended December 31, 2020, 2019, and 2018 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 December 31, 2020 and 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): 2020 Weighted Weighted Weighted 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 2.41% 3-Month LIBOR 2.5 $ 2,771,000 Other liabilities $ — $ (5,971) Interest rate caps purchased, indexed to Fed Funds effective rate Variability of interest cash flows on variable rate borrowings —% —% 4.9 100,000 Other assets 485 — Derivatives designated as fair value hedges: Receive-fixed interest rate swaps Variability of fair value of fixed rate borrowings 3-Month LIBOR 1.55% 0.6 250,000 Other liabilities — — Derivatives not designated as hedges: Pay-fixed interest rate swaps 3.61% Indexed to 1-month LIBOR 5.3 1,626,152 Other assets / Other liabilities — (38,519) Pay-variable interest rate swaps Indexed to 1-month LIBOR 3.61% 5.3 1,626,152 Other assets 123,345 — Interest rate caps purchased, indexed to 1-month LIBOR 3.72% 0.4 25,921 Other assets — — Interest rate caps sold, indexed to 1-month LIBOR 3.72% 0.4 25,921 Other liabilities — — $ 6,425,146 $ 123,830 $ (44,490) 2019 Weighted Weighted Weighted 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 designated as fair value 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 years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Location of Gain (Loss) Reclassified from AOCI into Income Interest rate contracts $ (46,259) $ 2,627 $ 1,999 Interest expense on borrowings During the years ended December 31, 2020, 2019, 2018 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 December 31, 2020, the amount of net loss expected to be reclassified from AOCI into earnings during the next twelve months was $53.5 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 years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Location of Gain (Loss) in Consolidated Statements of Income Fair value adjustment on derivatives $ 2,485 $ (486) $ — Interest expense on borrowings Fair value adjustment on hedged items (2,498) 499 — Interest expense on borrowings Gain (loss) recognized on fair value hedges (ineffective portion) $ (13) $ 13 $ — The following table provides information about the hedged items related to derivatives designated as fair value hedges at December 31, 2020 and 2019 (in thousands): 2020 2019 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item $ 250,000 $ 250,000 FHLB advances Cumulative fair value hedging adjustments $ 1,999 $ (499) FHLB advances 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 December 31, 2020 and 2019 (dollars in thousands): 2020 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ — $ — $ — $ — $ — $ — Derivative liabilities (44,490) — (44,490) — 44,332 (158) $ (44,490) $ — $ (44,490) $ — $ 44,332 $ (158) 2019 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral 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 December 31, 2020, the Company had pledged net financial collateral of $58.9 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 | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 11 Stockholders’ Equity Accumulated Other Comprehensive Income Changes in other comprehensive income are summarized as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 Before Tax Tax Effect Net of Tax Unrealized gains on investment securities available for sale: Net unrealized holding gain arising during the period $ 61,291 $ (15,246) $ 46,045 Amounts reclassified to gain on investment securities available for sale, net (14,001) 3,570 (10,431) Net change in unrealized gains on investment securities available for sale 47,290 (11,676) 35,614 Unrealized losses on derivative instruments: Net unrealized holding loss arising during the period (116,168) 28,766 (87,402) Amounts reclassified to interest expense on borrowings 46,259 (11,796) 34,463 Net change in unrealized losses on derivative instruments (69,909) 16,970 (52,939) Other comprehensive loss $ (22,619) $ 5,294 $ (17,325) 2019 Before Tax Tax Effect Net of Tax Unrealized gains on investment securities available for sale: Net unrealized holding gain arising during the period $ 51,178 $ (13,562) $ 37,616 Amounts reclassified to gain on investment securities available for sale, net (18,537) 4,912 (13,625) Net change in unrealized gains on investment securities available for sale 32,641 (8,650) 23,991 Unrealized losses on derivative instruments: Net unrealized holding loss arising during the period (79,945) 21,185 (58,760) Amounts reclassified to interest expense on borrowings (2,627) 696 (1,931) Net change in unrealized losses on derivative instruments (82,572) 21,881 (60,691) Other comprehensive loss $ (49,931) $ 13,231 $ (36,700) 2018 Before Tax Tax Effect Net of Tax Unrealized gains on investment securities available for sale: Net unrealized holding loss arising during the period $ (77,607) $ 20,566 $ (57,041) Amounts reclassified to gain on investment securities available for sale, net (6,103) 1,617 (4,486) Net change in unrealized gains on investment securities available for sale (83,710) 22,183 (61,527) Unrealized losses on derivative instruments: Net unrealized holding gain arising during the period 5,416 (1,435) 3,981 Amounts reclassified to interest expense on borrowings (1,999) 530 (1,469) Net change in unrealized losses on derivative instruments 3,417 (905) 2,512 Other comprehensive loss $ (80,293) $ 21,278 $ (59,015) The categories of AOCI and changes therein are presented below for the years ended December 31, 2020, 2019 and 2018 (in thousands): Unrealized Gain on Unrealized Gain (Loss) Total Balance at December 31, 2017 $ 56,534 $ (1,548) $ 54,986 Cumulative effect of adoption of new accounting standards 9,187 (285) 8,902 Other comprehensive loss (61,527) 2,512 (59,015) Balance at December 31, 2018 4,194 679 4,873 Other comprehensive loss 23,991 (60,691) (36,700) Balance at December 31, 2019 $ 28,185 $ (60,012) $ (31,827) Other comprehensive loss 35,614 (52,939) (17,325) Balance at December 31, 2020 $ 63,799 $ (112,951) $ (49,152) Other In January 2021, the Company’s Board of Directors reinstated its share repurchase program, which was temporarily suspended in March 2020. Authorization to repurchase up to approximately $44.9 million in shares of its outstanding common stock remained under the share repurchase program at the date of the reinstatement. Any repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions. The program may be commenced, suspended or discontinued without prior notice. |
Equity Based Compensation
Equity Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Shareholders' Equity and Share-based Payments | Equity Based and Other Compensation Plans Description of Equity Based Compensation Plans In connection with the IPO of the Company's common stock in 2011, the Company adopted the 2010 Plan. In 2014, the Board of Directors and the Company's stockholders approved the 2014 Plan. The 2010 Plan and 2014 Plans are administered by the Board of Directors or a committee thereof and provide for the grant of non-qualified stock options, SARs, restricted shares, deferred shares, performance shares, unrestricted shares and other share-based awards to selected employees, directors or independent contractors of the Company and its affiliates. The number of shares of common stock authorized for award under the 2010 Plan is 7,500,000, of which 24,692 shares remain available for issuance as of December 31, 2020. The number of shares of common stock authorized for award under the 2014 Plan is 6,200,000, of which 2,781,048 shares remain available for issuance as of December 31, 2020. Shares of common stock delivered under the plans may consist of authorized but unissued shares or previously issued shares reacquired by the Company. The term of a share option or SAR issued under the plans may not exceed ten years from the date of grant and the exercise price may not be less than the fair market value of the Company's common stock at the date of grant. Unvested awards granted prior to 2019, become fully vested in the event of a change in control, as defined. Beginning in 2019, unvested awards granted are subject to a double trigger, as defined. Compensation Expense Related to Equity Based Awards The following table summarizes compensation cost related to equity based awards for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Compensation cost of equity based awards: Unvested and restricted share awards $ 15,236 $ 17,334 $ 19,415 Executive share-based awards 3,133 4,953 3,027 Incentive awards 2,145 1,189 798 Total compensation cost of equity based awards 20,514 23,476 23,240 Related tax benefits (4,854) (4,068) (5,783) Compensation cost of equity based awards, net of tax $ 15,660 $ 19,408 $ 17,457 Share Awards Unvested share awards A summary of activity related to unvested share awards for the years ended December 31, 2020, 2019 and 2018 follows: Number of Share Awards Weighted Average Grant Date Fair Value Unvested share awards outstanding, December 31, 2017 1,108,477 $ 36.06 Granted 683,137 40.06 Vested (532,662) 34.64 Canceled or forfeited (72,714) 38.43 Unvested share awards outstanding, December 31, 2018 1,186,238 38.86 Granted 591,739 36.49 Vested (561,769) 37.50 Canceled or forfeited (165,753) 38.95 Unvested share awards outstanding, December 31, 2019 1,050,455 38.24 Granted 660,587 29.72 Vested (479,057) 38.94 Canceled or forfeited (70,150) 34.78 Unvested share awards outstanding, December 31, 2020 1,161,835 $ 33.32 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 years ended December 31, 2020, 2019 and 2018 (in thousands, except per share data): 2020 2019 2018 Range of the closing price on date of grant (1) $13.99 - $30.90 $31.07 - $36.65 $33.44 -$42.80 Aggregate grant date fair value of shares vesting $ 18,654 $ 21,064 $ 18,451 (1) During the year ended December 31, 2020, the Company granted 599,766, 44,534, and 16,287 share awards with a closing price on date of grant of $30.90, $13.99, and $29.17, respectively. The total unrecognized compensation cost of $22.3 million for all unvested share awards outstanding at December 31, 2020 will be recognized over a weighted average remaining period of 2.6 years. E xecutive 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 years ended December 31, 2020, 2019 and 2018 follows: RSU PSU Unvested executive share-based awards outstanding, December 31, 2017 91,163 105,714 Granted 52,026 52,026 Vested (52,580) (57,873) Unvested executive share-based awards outstanding, December 31, 2018 90,609 99,867 Granted 73,062 73,062 Vested (51,555) (47,841) Unvested executive share-based awards outstanding, December 31, 2019 112,116 125,088 Granted 106,731 106,731 Vested (62,292) (52,026) Unvested executive share-based awards outstanding, December 31, 2020 156,555 179,793 The total liability for these executive share-based awards was $7.3 million at December 31, 2020. The total unrecognized compensation cost of $8.4 million for unvested executive share-based awards at December 31, 2020 will be recognized over a weighted average remaining period of 2.2 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 subsequent 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. None of these awards are expected to be granted for the 2020 performance period. T he 660,587 unvested share awards granted during the year ended December 31, 2020 , as discussed above, include d 114,936 unv ested share awards granted under the Company's annual incentive compensation arrangements based on the achievement of established performance criteria for the year ende d December 31, 2019. Option Awards A summary of activity related to stock option awards for the years ended December 31, 2020, 2019 and 2018 follows: Number of Weighted Option awards outstanding, December 31, 2017 1,270,688 $ 26.93 Exercised (291,689) 26.49 Canceled or forfeited (14,159) 63.74 Option awards outstanding, December 31, 2018 964,840 26.53 Exercised (225,127) 25.84 Canceled or forfeited (1,960) 63.74 Option awards outstanding, December 31, 2019 737,753 26.64 Exercised (735,400) 26.67 Canceled or forfeited (784) 22.18 Option awards outstanding and exercisable, December 31, 2020 1,569 $ 15.94 At December 31, 2020 the options outstanding and exercisable had a remaining contractual term of 0.3 years and an insignificant intrinsic value. The intrinsic value of options exercised was $2.3 million for each of the years ended December 31, 2020 and 2019, respectively, and $4.6 million for the year ended December 31, 2018. The related tax benefit of options exercised was $0.6 million for each of the years ended December 31, 2020 and 2019, respectively, and $1.1 million for the year ended December 31, 2018. There were no option awards granted during the years ended December 31, 2020, 2019 and 2018. Deferred Compensation Plan The Company has a non-qualified deferred compensation plan for a group of key management or highly compensated employees whereby a participant, upon election, may defer a portion of eligible compensation. The deferred compensation plan provides for discretionary Company contributions. Generally, the Company has elected not to make contributions. The Company credits each participant's account with income based on either an annual interest rate determined by the Company's Compensation Committee or returns of selected investment portfolios, as elected by the participant. A participant's elective deferrals and interest thereon are at all times 100% vested. Company contributions and interest thereon will become 100% vested upon the earlier of a change in control, as defined, or the participant's death, disability, attainment of normal retirement age or the completion of two years of service. Participant deferrals and any associated earnings will be paid upon separation from service or based on a specified distribution schedule, as elected by the participant. Deferred compensation expense was $2.0 million, $1.9 million and $1.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. Deferred compensation liabilities of $29 million and $27 million were included in other liabilities in the accompanying consolidated balance sheets at December 31, 2020 and 2019, respectively. BankUnited 401(k) Plan |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis The following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which those measurements are typically classified. Investment securities available for sale and marketable equity securities —Fair value measurements are based on quoted prices in active markets when available; these measurements are classified within level 1 of the fair value hierarchy. These securities typically include U.S. Treasury securities and certain preferred stocks. If quoted prices in active markets are not available, fair values are estimated using quoted prices of securities with similar characteristics, quoted prices of identical securities in less active markets, discounted cash flow techniques, or matrix pricing models. These securities are generally classified within level 2 of the fair value hierarchy and include U.S. Government agency securities, U.S. Government agency and sponsored enterprise MBS, preferred stock investments for which level 1 valuations are not available, non-mortgage asset-backed securities, single family 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 and caps 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 December 31, 2020 and 2019 (in thousands): 2020 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 80,851 $ — $ 80,851 U.S. Government agency and sponsored enterprise residential MBS — 2,405,570 2,405,570 U.S. Government agency and sponsored enterprise commercial MBS — 539,354 539,354 Private label residential MBS and CMOs — 998,603 998,603 Private label commercial MBS — 2,526,354 2,526,354 Single family rental real estate-backed securities — 650,888 650,888 Collateralized loan obligations — 1,140,274 1,140,274 Non-mortgage asset-backed securities — 253,261 253,261 State and municipal obligations — 235,709 235,709 SBA securities — 231,545 231,545 Marketable equity securities 104,274 — 104,274 Servicing rights — 7,073 7,073 Derivative assets — 123,830 123,830 Total assets at fair value $ 185,125 $ 9,112,461 $ 9,297,586 Derivative liabilities $ — $ (44,490) $ (44,490) Total liabilities at fair value $ — $ (44,490) $ (44,490) 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 basi s Following is a description of the methodologies used to estimate the fair values of assets and liabilities that may be measured at fair value on a non-recurring basis, and the level within the fair value hierarchy in which those measurements are typically classified. Collateral dependent loans, OREO and other repossessed assets —The carrying amount of collateral dependent 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 loans, OREO and other repossessed assets are generally classified within level 3 of the fair value hierarchy. Loans held for sale —Loans not originated or otherwise acquired with the intent to sell are transferred into the held for sale classification at the lower of carrying amount or fair value, typically determined based on the estimated selling price of the loans. These fair value measurements are typically 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 table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at December 31, 2020 and 2019, for which non-recurring changes in fair value have been recorded during the year then ended (in thousands): 2020 2019 Collateral dependent loans $ 73,803 $ 79,982 Loans held for sale 20,500 — OREO and repossessed assets 2,786 1,098 Operating lease equipment — 2,919 $ 97,089 $ 83,999 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 December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 397,716 $ 397,716 $ 214,673 $ 214,673 Investment securities 1/2 $ 9,176,683 $ 9,177,870 $ 7,769,237 $ 7,769,949 Non-marketable equity securities 2 $ 195,865 $ 195,865 $ 253,664 $ 253,664 Loans held for sale 2 $ 24,676 $ 25,057 $ 37,926 $ 39,731 Loans, net 3 $ 23,608,719 $ 24,205,016 $ 23,046,317 $ 23,350,684 Derivative assets 2 $ 123,830 $ 123,830 $ 43,686 $ 43,686 Liabilities: Demand, savings and money market deposits 2 $ 22,688,617 $ 22,688,617 $ 17,047,344 $ 17,047,344 Time deposits 2 $ 4,807,199 $ 4,814,862 $ 7,347,247 $ 7,377,301 Federal funds purchased 2 $ 180,000 $ 180,000 $ 100,000 $ 100,000 FHLB advances 2 $ 3,122,999 $ 3,127,190 $ 4,480,501 $ 4,500,969 Notes and other borrowings 2 $ 722,495 $ 849,120 $ 429,338 $ 473,327 Derivative liabilities 2 $ 44,490 $ 44,490 $ 19,029 $ 19,029 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 Commitments and Contingencies The Company issues off-balance sheet financial instruments to meet the financing needs of its customers. These financial instruments include commitments to fund loans, unfunded commitments under existing lines of credit, and commercial and standby letters of credit. These commitments expose the Company to varying degrees of credit and market risk which are essentially the same as those involved in extending loans to customers, and are subject to the same credit policies used in underwriting loans. Collateral may be obtained based on the Company’s credit evaluation of the counterparty. The Company’s maximum exposure to credit loss is represented by the contractual amount of these commitments. Commitments to fund loans These are agreements to lend funds to customers as long as there is no violation of any condition established in the contract. Commitments to fund loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of these commitments are expected to expire without being funded and, therefore, the total commitment amounts do not necessarily represent future liquidity requirements. Unfunded commitments under lines of credit Unfunded commitments under lines of credit include commercial, commercial real estate 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 December 31, 2020 were as follows (in thousands): Commitments to fund loans $ 419,526 Unfunded commitments under lines of credit 3,620,155 Commercial and standby letters of credit 93,325 $ 4,133,006 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. |
Condensed Financial Statements
Condensed Financial Statements of BankUnited, Inc. | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Statements [Abstract] | |
Condensed Financial Statements | Note 16 Condensed Financial Statements of BankUnited, Inc. Condensed financial statements of BankUnited, Inc. are presented below (in thousands): Condensed Balance Sheets December 31, 2020 December 31, 2019 Assets: Cash and cash equivalents $ 289,761 $ 204,589 Investment securities available for sale, at fair value 104,274 60,572 Investment in BankUnited, N.A. 3,288,252 3,104,660 Other assets 29,978 42,454 Total assets $ 3,712,265 $ 3,412,275 Liabilities and Stockholders' Equity: Notes payable $ 689,932 $ 395,090 Other liabilities 39,321 36,406 Stockholders' equity 2,983,012 2,980,779 Total liabilities and stockholders' equity $ 3,712,265 $ 3,412,275 Condensed Statements of Income Years Ended December 31, 2020 2019 2018 Income: Interest and dividends on investment securities available for sale $ 4,214 $ 3,595 $ 3,532 Service fees from subsidiary 15,935 18,080 21,000 Equity in earnings of subsidiary 224,734 335,723 349,937 Gain (loss) on investment securities 3,822 2,690 (2,805) Total 248,705 360,088 371,664 Expense: Interest on borrowings 29,041 20,200 20,165 Employee compensation and benefits 24,867 28,270 28,477 Other 3,711 4,396 5,617 Total 57,619 52,866 54,259 Income before income taxes 191,086 307,222 317,405 Benefit for income taxes (6,767) (5,876) (7,461) Net income $ 197,853 $ 313,098 $ 324,866 Condensed Statements of Cash Flows Years Ended December 31, 2020 2019 2018 Cash flows from operating activities: Net income $ 197,853 $ 313,098 $ 324,866 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (224,734) (30,723) 70,064 Equity based compensation 20,367 23,367 23,137 Other 10,171 (8,656) (15,654) Net cash provided by operating activities 3,657 297,086 402,413 Cash flows from investing activities: Purchase of marketable equity securities (53,266) (8,963) — Proceeds from repayments, sale, maturities and calls of investment securities 13,426 11,575 — Other — (142) (156) Net cash provided by (used in) investing activities (39,840) 2,470 (156) Cash flows from financing activities: Proceeds from issuance of notes payable 293,858 — — Dividends paid (86,522) (84,083) (91,305) Proceeds from exercise of stock options 19,611 5,817 7,727 Repurchase of common stock (100,972) (154,030) (299,972) Other (4,620) (6,514) (6,560) Net cash provided by (used in) financing activities 121,355 (238,810) (390,110) Net increase in cash and cash equivalents 85,172 60,746 12,147 Cash and cash equivalents, beginning of period 204,589 143,843 131,696 Cash and cash equivalents, end of period $ 289,761 $ 204,589 $ 143,843 Supplemental schedule of non-cash investing and financing activities: Dividends declared, not paid $ 22,309 $ 20,775 $ 21,673 Dividends received by BankUnited, Inc. from the Bank totaled $305 million and $420 million for the years ended December 31, 2019, and 2018, respectively. No dividends were received by BankUnited, Inc. from the Bank during the year ended December 31, 2020. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Financial information by quarter for the years ended December 31, 2020 and 2019 follows (in thousands, except per share data): 2020 Fourth Quarter Third Quarter Second Quarter First Quarter Total Interest income $ 251,120 $ 254,572 $ 267,778 $ 294,139 $ 1,067,609 Interest expense 57,754 67,093 77,441 113,563 315,851 Net interest income before provision for credit losses 193,366 187,479 190,337 180,576 751,758 Provision for (recovery of) credit losses (1,643) 29,232 25,414 125,428 178,431 Net interest income after provision for credit losses 195,009 158,247 164,923 55,148 573,327 Non-interest income 35,280 36,292 38,351 23,298 133,221 Non-interest expense 123,324 108,627 106,370 118,868 457,189 Income (loss) before income taxes 106,965 85,912 96,904 (40,422) 249,359 Provision (benefit) for income taxes 21,228 19,353 20,396 (9,471) 51,506 Net income (loss) $ 85,737 $ 66,559 $ 76,508 $ (30,951) $ 197,853 Earnings (loss) per common share, basic $ 0.89 $ 0.70 $ 0.80 $ (0.33) $ 2.06 Earnings (loss) per common share, diluted $ 0.89 $ 0.70 $ 0.80 $ (0.33) $ 2.06 2019 Fourth Quarter Third Quarter Second Quarter First Quarter Total Interest income $ 309,410 $ 323,402 $ 327,229 $ 321,829 $ 1,281,870 Interest expense 124,099 137,712 136,346 130,928 529,085 Net interest income before provision for credit losses 185,311 185,690 190,883 190,901 752,785 Provision for (recovery of) credit losses (469) 1,839 (2,747) 10,281 8,904 Net interest income after provision for credit losses 185,780 183,851 193,630 180,620 743,881 Non-interest income 37,756 37,856 35,337 36,255 147,204 Non-interest expense 119,008 121,306 120,085 126,690 487,089 Income before income taxes 104,528 100,401 108,882 90,185 403,996 Provision for income taxes 15,072 24,182 27,431 24,213 90,898 Net income $ 89,456 $ 76,219 $ 81,451 $ 65,972 $ 313,098 Earnings per common share, basic $ 0.91 $ 0.78 $ 0.81 $ 0.65 $ 3.14 Earnings per common share, diluted $ 0.91 $ 0.77 $ 0.81 $ 0.65 $ 3.13 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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. |
Consolidation, Policy | Principles of Consolidation The consolidated financial statements include the accounts of BankUnited, Inc. and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. VIEs are consolidated if the Company is the primary beneficiary; i.e., has (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has variable interests in affordable housing limited partnerships that are not required to be consolidated because the Company is not the primary beneficiary. |
Fair Value Measurement, Policy | Fair Value Measurements Certain of the Company's assets and liabilities are reflected in the consolidated financial statements at fair value on either a recurring or non-recurring basis. Investment securities available for sale, marketable equity securities, servicing rights and derivative instruments are measured at fair value on a recurring basis. Assets measured at fair value or fair value less cost to sell on a non-recurring basis may include collateral dependent loans, OREO and other repossessed assets, loans held for sale, goodwill and impaired long-lived assets. These non-recurring fair value measurements typically involve lower-of-cost-or-market accounting or the measurement of impairment of certain assets. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. GAAP establishes a hierarchy that prioritizes inputs used to determine fair value measurements into three levels based on the observability and transparency of the inputs: • Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. • Level 2 inputs are observable inputs other than level 1 inputs, including quoted prices for similar assets and liabilities, quoted prices for identical assets and liabilities in less active markets and other inputs that can be corroborated by observable market data. • Level 3 inputs are unobservable inputs supported by limited or no market activity or data and inputs requiring significant management judgment or estimation. The fair value hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs in estimating fair value. Unobservable inputs are utilized in determining fair value measurements only to the extent that observable inputs are unavailable. The need to use unobservable inputs generally results from a lack of market liquidity and diminished observability of actual trades or assumptions that would otherwise be available to value a particular asset or liability. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents Cash and cash equivalents include cash and due from banks, both interest bearing and non-interest bearing, including amounts on deposit at the Federal Reserve Bank, and federal funds sold. Cash equivalents have original maturities of three months or less. For purposes of reporting cash flows, cash receipts and payments pertaining to FHLB advances with original maturities of three months or less are reported net. |
Marketable Securities, Policy | Investment Securities Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Debt securities that the Company may not have the intent to hold to maturity are classified as available-for-sale at the time of acquisition and carried at fair value with unrealized gains and losses, net of tax, excluded from earnings and reported in AOCI, a separate component of stockholders' equity. Securities classified as available-for-sale may be used as part of the Company's asset/liability management strategy and may be sold in response to liquidity needs, regulatory changes, changes in interest rates, prepayment risk or other market factors. The Company does not maintain a trading portfolio. Purchase premiums and discounts on debt securities are amortized as adjustments to yield over the expected lives of the securities, using the level yield method. Premiums are amortized to the call date for callable securities. Realized gains and losses from sales of securities are recorded on the trade date and are determined using the specific identification method. The Company's policy on the ACL related to debt securities is discussed below in the section entitled "Allowance for Credit Losses". Marketable equity securities with readily determinable fair values are reported at fair value with unrealized gains and losses included in earnings. Equity securities that do not have readily determinable fair values are reported at cost and re-measured at fair value upon occurrence of an observable price change or recognition of impairment. |
Nonmarketable Equity Securities | Non-marketable Equity Securities The Bank, as a member of the FRB system and the FHLB, is required to maintain investments in the stock of the FRB and FHLB. No market exists for this stock, and the investment can be liquidated only through redemption by the respective institutions, at the discretion of and subject to conditions imposed by those institutions. The stock has no readily determinable fair value and is carried at cost. Historically, stock redemptions have been at par value, which equals the Company's carrying value. The Company monitors its investment in FHLB stock for impairment through review of recent financial results of the FHLB, including capital adequacy and liquidity position, dividend payment history, redemption history and information from credit agencies. The Company has not identified any indicators of impairment of FHLB stock. |
Financing Receivable, Held-for-sale | Loans Held for Sale The guaranteed portion of SBA and USDA loans originated with the intent to sell are carried at the lower of cost or fair value, determined in the aggregate. A valuation allowance is established through a charge to earnings if the aggregate fair value of such loans is lower than their cost. Gains or losses recognized upon sale are determined on the specific identification basis. Loans not originated or otherwise acquired with the intent to sell are transferred into the held for sale classification at the lower of carrying amount or fair value when they are specifically identified for sale and a formal plan exists to sell them. |
Financing Receivable, Held-for-investment | Loans The Company's loan portfolio contains 1-4 single family residential first mortgages, government insured residential mortgages, an insignificant amount of other consumer loans, multi-family, non-owner occupied commercial real estate, construction and land, owner-occupied commercial real estate, commercial and industrial and 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. Sales-type and Direct Financing Leases Sales-type and direct financing leases are carried at the aggregate of lease payments receivable and estimated residual value of the leased property, if applicable, less unearned income. Interest income is recognized over the term of the leases to achieve a constant periodic rate of return on the outstanding investment. |
Credit Loss, Financial Instrument [Policy Text Block] | 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. AFS securities will be charged off to the extent that there is no reasonable expectation of recovery of amortized cost basis. AFS securities will be placed on non-accrual status if the Company does not reasonably expect to receive interest payments in the future and interest accrued will be reversed against interest income. Securities will be returned to accrual status only when collection of interest is reasonably assured. Loans The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The ACL is adjusted through the provision for credit losses to the amount of amortized cost basis not expected to be collected, or in the case of PCD loans, the amount of UPB not expected to be collected, at the balance sheet date. Amortized cost basis includes UPB, unamortized premiums or discounts and deferred fees and costs, net of amounts previously charged off. The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the ACL in the period in which they are deemed uncollectible and recoveries are credited to the ACL when received. Expected recoveries on loans previously charged off and expected to be charged-off, not to exceed the aggregate of amounts previously charged-off and expected to be charged-off, are included in the ACL estimate. For loans secured by residential real estate, an assessment of collateral value is made at no later than 120 days delinquency; any outstanding loan balance in excess of fair value less cost to sell is charged off at no later than 180 days delinquency. Additionally, any outstanding balance in excess of fair value of collateral less cost to sell is charged off (i) within 60 days of receipt of notification of filing from the bankruptcy court, (ii) within 60 days of determination of loss if all borrowers are deceased or (iii) within 90 days of discovery of fraudulent activity. Other consumer loans 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. 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, determined based on pool level characteristics, are applied to estimated exposure at default, considering the contractual term and payment structure of loans, adjusted for prepayments, to generate estimates of expected loss. For criticized or classified loans, PDs are adjusted to benchmark PDs established for each risk rating if the most current financial information available is deemed not to be reflective of the borrowers' current financial condition. The ACL estimate incorporates a reasonable and supportable economic forecast through the use of externally developed macroeconomic scenarios applied in the models. A single economic scenario or a probability weighted blend of economic scenarios may be used. The models ingest numerous national, regional and MSA level variables and data points. Some of the more impactful include both current and forecasted unemployment rates, HPI, CRE property forecasts, stock market and market volatility indices, real GDP growth, and a variety of interest rates and spreads. The length of the reasonable and supportable forecast period is evaluated at each reporting period and adjusted if deemed necessary. Currently, the Company uses a 2-year reasonable and supportable forecast period in estimating the ACL. After the reasonable and supportable forecast periods, the models effectively revert to long-term mean losses on a straight-line basis over 12 months. For certain less material portfolios including loans and leases to state and local government entities originated by Pinnacle, small balance commercial loans and consumer loans, the WARM method is used to estimate expected credit losses. Loss rates are applied to the exposure at default, after factoring in amortization and expected prepayments. For the Pinnacle portfolio, historical loss information is based on municipal historical default and recovery data, segmented by credit rating. For small balance commercial loans, historical loss information is based on the Company's historical loss experience over a five year period. For consumer loans, historical loss information is based on peer data; this portfolio subsegment is not significant. All loss estimates are conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Expected credit losses for the funded portion of mortgage warehouse lines of credit are estimated based primarily on the Company's historical loss experience, conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Generally, given the nature of these loans, losses would be expected to manifest within a very short time period after origination. The Company expects to collect the amortized cost basis of government insured residential loans and PPP loans due to the nature of the government guarantee, so the 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. Due to immateriality, expected credit losses for collateral dependent commercial relationships with committed balances less than $1.0 million may be estimated collectively. 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. |
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 non-accrual commercial loans are applied as a reduction of principal. Interest payments are recognized as income on a cash basis on non-accrual residential loans. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential 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. Pursuant to 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. Additionally, section 4013 of the CARES Act, as amended by the Consolidated Appropriations Act on December 27, 2020, effectively suspended the guidance related to TDRs codified in ASC 310-40 until the earlier of January 1, 2022 or sixty days after the date of the suspension of the declared state of emergency related to the COVID-19 pandemic. The Company has elected to apply the provisions of section 4013 to qualifying loan modifications, other than short-term payment deferrals of 6 months or less that are subject to the interagency guidance, that might otherwise be categorized as TDRs under ASC 310-40. |
Purchased Credit Deteriorated [Policy Text Block] | PCD assets PCD assets are acquired financial assets that, as of the date of acquisition, have experienced a more than insignificant deterioration in credit quality since origination. An assessment is conducted at acquisition to determine whether acquired financial assets meet the criteria to be classified as PCD assets. That assessment may be conducted at the individual asset level, or for a group of assets acquired together that have similar risk characteristics. At acquisition, the ACL related to PCD assets, representing the estimated amount of the UPB of the assets not expected to be collected, is added to the purchase price to determine the amortized cost basis and any non-credit related discount or premium is allocated to the individual assets acquired. The non-credit related discount or premium is accreted or amortized to interest income over the life of the related assets using the level yield method, as long as there is a reasonable expectation about amounts expected to be collected. Subsequent changes in the amount of expected credit losses are recognized immediately by adjusting the ACL and reflecting the periodic changes as credit loss expense or reversal of credit loss expense. Loans 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. |
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 generally does not estimate an ACL on accrued interest receivable balances since uncollectible accrued interest is timely written off in accordance with the Company's accounting policies for non-accrual loans. Under unusual circumstances, such as those presented by deferrals granted due to the COVID-19 pandemic, the Company evaluates whether its non-accrual policies continue to consistently provide for timely reversal of accrued interest receivable. If considered necessary, the Company records an allowance for uncollectible accrued interest receivable, determined using essentially the same methodologies used to estimate the ACL on the amortized cost basis of the related loans. The allowance is deducted from accrued interest receivable and presented within other assets on the consolidated balance sheets, distinct from the ACL. Changes in the ACL related to accrued interest receivable are included in the provision for credit losses. |
Leases, Policy | Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, ROU assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. Lease payments are discounted using the Company's FHLB borrowing rate for borrowings of a similar term unless an implicit rate is defined in the contract or is determinable, which is generally not the case. Leases are classified as financing or operating leases at commencement; generally, leases are classified as finance leases when effective control of the underlying asset is transferred. The substantial majority of leases under which the Company is lessee are classified as operating leases. For operating leases, lease cost is recognized in the consolidated statements of income on a straight line basis over the lease terms. For finance leases, interest expense on lease liabilities is recognized on the effective interest method and amortization of ROU assets is recognized on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. The Company has elected not to separate lease from non-lease components of its lease contracts. |
Bank Owned Life Insurance | Bank Owned Life Insurance Bank owned life insurance is carried at cash surrender value. Changes in cash surrender value are recorded in non-interest income. |
Lessor, Leases | Operating Lease Equipment Operating lease equipment is carried at cost less accumulated depreciation and is depreciated to estimated residual value using the straight-line method over the lease term. Estimated residual values are re-evaluated at least annually, based primarily on current residual value appraisals. Rental revenue is recognized on a straight-line basis over the contractual term of the lease. |
Goodwill and Intangible Assets, Policy | Goodwill Goodwill represents the excess of consideration transferred in business combinations over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but is tested for impairment annually or more frequently if events or circumstances indicate that impairment may have occurred. The Company performs its annual goodwill impairment test in the third fiscal quarter. The Company has a single reporting unit. When assessing goodwill for impairment, the Company may elect to perform a qualitative assessment to determine if a quantitative impairment test is necessary. If a qualitative assessment is not performed, or if the qualitative assessment indicates |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | OREO and Repossessed Assets OREO and repossessed assets consists of real estate assets acquired through, or in lieu of, loan foreclosure and personal property acquired through repossession. Such assets are included in other assets in the accompanying consolidated balance sheets. These assets are held for sale and are initially recorded at estimated fair value less costs to sell, establishing a new cost basis. Subsequent to acquisition, periodic valuations are performed and the assets are carried at the lower of the carrying amount at the date of acquisition or estimated fair value less cost to sell. Significant property improvements are capitalized to the extent that the resulting carrying value does not exceed fair value less cost to sell. Legal fees, maintenance, taxes, insurance and other direct costs of holding and maintaining these assets are expensed as incurred. |
Property, Plant and Equipment, Policy | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation and amortization and are included in other assets in the accompanying consolidated balance sheets. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The lives of improvements to existing buildings are based on the lesser of the estimated remaining lives of the buildings or the estimated useful lives of the improvements. Leasehold improvements are amortized over the shorter of the expected terms of the leases at inception, considering options to extend that are reasonably assured, or their useful lives. The estimated useful lives of premises and equipment are as follows: • buildings and improvements - 10 to 30 years; • leasehold improvements - 5 to 20 years; • furniture, fixtures and equipment - 5 to 7 years; and • computer equipment - 3 to 5 years. |
Software and CCA | Software and CCA Software and CCA are carried at cost less accumulated depreciation and amortization and are included in other assets in the accompanying consolidated balance sheets. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets, which for CCA is based on the term of the associated hosting arrangements plus any reasonably certain renewals. Direct costs associated with developing or obtaining and implementing internal use software and hosting arrangements that are service contracts incurred during the application development stage are capitalized. The estimated useful lives of software, software licensing rights and CCA implementation costs range from 3 to 5 years. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Financings, Policy | Loan Servicing Rights Loan servicing rights relate to the portion of SBA and USDA loans sold in the secondary market and are measured at fair value, with changes in fair value subsequent to acquisition recognized in earnings. Loan servicing rights are included in other assets in the accompanying consolidated balance sheets. Servicing fee income is recorded net of changes in fair value in other non-interest income. Neither the loan servicing rights nor related income have had a material impact on the Company's financial statements to date. |
Investments in Affordable Housing Limited Partnerships | Investments in Affordable Housing Limited Partnerships The Company has acquired investments in limited partnerships that manage or invest in qualified affordable housing projects and provide the Company with low-income housing tax credits and other tax benefits. These investments are included in other assets in the accompanying consolidated balance sheets. The Company accounts for investments in qualified affordable housing projects using the proportional amortization method if certain criteria are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the amortization is recognized in the income statement as a component of income tax expense. The investments are evaluated for |
Income Tax, Policy | Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for periods in which the differences are expected to reverse. The effect of changes in tax rates on deferred tax assets and liabilities are recognized in income in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. In making such determinations, the Company considers all available positive and negative evidence that may impact the realization of deferred tax assets. These considerations include the amount of taxable income generated in statutory carryback periods, future reversals of existing taxable temporary differences, projected future taxable income and available tax planning strategies. The Company recognizes tax benefits from uncertain tax positions when it is more likely than not that the related tax positions will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the tax positions. An uncertain tax position is a position taken in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law. The Company measures tax benefits related to uncertain tax positions based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. If the initial assessment fails to result in recognition of a tax benefit, the Company subsequently recognizes a tax benefit if (i) there are changes in tax law or case law that raise the likelihood of prevailing on the technical merits of the position to more-likely-than-not, (ii) the statute of limitations expires, or (iii) there is a completion of an examination resulting in a settlement of that tax year or position with the appropriate agency. The Company recognizes interest and penalties related to uncertain tax positions, as well as interest income or expense related to tax settlements, in the provision for income taxes. |
Share-based Payment Arrangement | Equity Based Compensation The Company periodically grants unvested or restricted shares of common stock and other share-based awards to key employees. For equity classified awards, compensation cost is measured based on the estimated fair value of the awards at the grant date and is recognized in earnings on a straight-line basis over the requisite service period for each award. Liability-classified awards are remeasured each reporting period at fair value until the award is settled, and compensation cost is recognized in earnings on a straight-line basis over the requisite service period for each award, adjusted for changes in fair value each reporting period. Compensation cost related to awards that embody performance conditions is recognized when it is probable that the performance conditions will be achieved. The number of awards expected to vest is estimated in determining the amount of compensation cost to be recognized related to share-based payment transactions. |
Derivatives, Policy | Derivative Financial Instruments and Hedging Activities Interest rate derivative contracts The Company uses interest rate derivative contracts, such as swaps, caps, floors and collars, in the normal course of business to meet the financial needs of its customers and to manage exposure to changes in interest rates. Interest rate contracts are recorded as assets or liabilities in the consolidated balance sheets at fair value. Interest rate swaps that are used as a risk management tool to hedge the Company's exposure to changes in interest rates have been designated as cash flow or fair value hedging instruments. The gain or loss resulting from changes in the fair value of interest rate swaps designated and qualifying as cash flow hedging instruments is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period in which the hedged transaction affects earnings. Changes in the fair value of interest rate swaps designated as fair value hedging instruments as well as changes in the fair value of the hedged items caused by fluctuations in the designated benchmark interest rates are recognized in earnings. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows or fair value of the hedged item, the derivative expires or is sold, terminated, or exercised, management determines that the designation of the derivative as a hedging instrument is no longer appropriate or, for a cash flow hedge, the occurrence of the forecasted transaction is no longer probable. When hedge accounting on a cash flow hedge is discontinued, any subsequent changes in fair value of the derivative are recognized in earnings. The cumulative unrealized gain or loss related to a discontinued cash flow hedge continues to be reported in AOCI and is subsequently reclassified into earnings in the same period in which the hedged transaction affects earnings, unless it is probable that the forecasted transaction will not occur by the end of the originally specified time period, in which case the cumulative unrealized gain or loss reported in AOCI is reclassified into earnings immediately. When hedge accounting on a fair value hedge is discontinued, adjustments to the carrying amount of the hedged item due to changes in fair value are also discontinued. Cash flows resulting from derivative financial instruments that are accounted for as hedges are classified in the cash flow statement in the same category as the cash flows from the hedged items. Changes in the fair value of interest rate contracts not designated as, or not qualifying as, hedging instruments are recognized currently in earnings. |
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. A gain or loss is recognized in earnings upon completion of the sale based on the difference between the sales proceeds and the carrying value of the assets. Control over the transferred assets is deemed to have been surrendered when: (i) the assets have been legally isolated from the Company, (ii) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets. |
Advertising Cost | Advertising Costs Advertising costs are expensed as incurred. |
Earnings Per Share, Policy | Earnings per Common Share Basic earnings per common share is calculated by dividing income allocated to common stockholders for basic earnings per common share by the weighted average number of common shares outstanding for the period, reduced by average unvested stock awards. Unvested stock awards with non-forfeitable rights to dividends, whether paid or unpaid, and stand-alone dividend participation rights are considered participating securities and are included in the computation of basic earnings per common share using the two class method whereby net income is allocated between common stock and participating securities. In periods of a net loss, no allocation is made to participating securities as they are not contractually required to fund net losses. Diluted earnings per common share is computed by dividing income allocated to common stockholders for basic earnings per common share, adjusted for earnings reallocated from participating securities, by the weighted average number of common shares outstanding for the period increased for the dilutive effect of unexercised stock options and unvested stock awards using the treasury stock method. Contingently issuable shares are included in the calculation of earnings per common share as if the end of the respective period was the end of the contingency period. |
Revenue | Revenue From Contracts with Customers Revenue from contracts with customers within the scope of Topic 606 " Revenue from Contracts with Customers ", is recognized in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services as the related performance obligations are satisfied. The majority of our revenues, including revenues from loans, leases, investment securities, derivative instruments and letters of credit and from transfers and servicing of financial assets, are excluded from the scope of Topic 606. Deposit service charges and fees is the most significant category of revenue within the scope of the standard. These service charges and fees consist primarily of monthly maintenance fees and other transaction based fees. Revenue is recognized when our performance obligations are complete, generally monthly for account maintenance fees or when a transaction, such as a wire transfer, is completed. Payment is typically received at the time the performance obligation is satisfied. The aggregate amount of revenue that is within the scope of Topic 606 from sources other than deposit service charges and fees is not material. |
Reclassification, Policy | Reclassifications Certain amounts presented for prior periods have been reclassified to conform to the current period presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Adopted in 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 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. ASU No. 2021-01, Reference Rate Reform (Topic 848) . This ASU clarifies that certain optional expedients and exceptions provided for in ASU No. 2020-04 for applying GAAP to contract modifications and hedging relationships apply to derivatives that are affected by the discounting transition. The amendments in this ASU are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This ASU is effective immediately for all entities and it can be applied on a retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 22, 2020, or on a prospective basis beginning on January 7, 2021. The Company elected to adopt this ASU on a retrospective basis. 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. The Company adopted this ASU on January 1, 2021 with no material impact on the Company’s consolidated financial position, results of operations, and cash flows. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2020, 2019 and 2018 (in thousands, except share and per share data): c 2020 2019 2018 Basic earnings per common share: Numerator: Net income $ 197,853 $ 313,098 $ 324,866 Distributed and undistributed earnings allocated to participating securities (8,882) (13,371) (13,047) Income allocated to common stockholders for basic earnings per common share $ 188,971 $ 299,727 $ 311,819 Denominator: Weighted average common shares outstanding 92,869,736 96,581,290 104,916,865 Less average unvested stock awards (1,163,480) (1,127,275) (1,171,994) Weighted average shares for basic earnings per common share 91,706,256 95,454,015 103,744,871 Basic earnings per common share $ 2.06 $ 3.14 $ 3.01 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 188,971 $ 299,727 $ 311,819 Adjustment for earnings reallocated from participating securities (123) (175) (195) Income used in calculating diluted earnings per common share $ 188,848 $ 299,552 $ 311,624 Denominator: Weighted average shares for basic earnings per common share 91,706,256 95,454,015 103,744,871 Dilutive effect of stock options 24,608 202,890 332,505 Weighted average shares for diluted earnings per common share 91,730,864 95,656,905 104,077,376 Diluted earnings per common share $ 2.06 $ 3.13 $ 2.99 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 December 31, 2020 and 2019 (in thousands): 2020 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 79,919 $ 1,307 $ (375) $ 80,851 U.S. Government agency and sponsored enterprise residential MBS 2,389,450 19,148 (3,028) 2,405,570 U.S. Government agency and sponsored enterprise commercial MBS 531,724 9,297 (1,667) 539,354 Private label residential MBS and CMOs 982,890 16,274 (561) 998,603 Private label commercial MBS (2) 2,514,271 24,931 (12,848) 2,526,354 Single family rental real estate-backed securities 636,069 14,877 (58) 650,888 Collateralized loan obligations 1,148,724 285 (8,735) 1,140,274 Non-mortgage asset-backed securities 246,597 6,898 (234) 253,261 State and municipal obligations 213,743 21,966 — 235,709 SBA securities 233,387 2,093 (3,935) 231,545 8,976,774 $ 117,076 $ (31,441) 9,062,409 Investment securities held to maturity 10,000 10,000 $ 8,986,774 9,072,409 Marketable equity securities 104,274 $ 9,176,683 | 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. (2) Amortized cost is net of ACL totaling $0.4 million at December 31, 2020. |
Investments Classified by Contractual Maturity Date | At December 31, 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 $ 913,305 $ 922,531 Due after one year through five years 5,415,656 5,441,360 Due after five years through ten years 2,137,170 2,180,434 Due after ten years 510,643 518,084 $ 8,976,774 $ 9,062,409 | |
Gain on Investment Securities, net | The following table provides information about gains and losses on investment securities for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Proceeds from sale of investment securities available for sale $ 1,503,498 $ 2,975,259 $ 1,030,810 Gross realized gains: Investment securities available for sale $ 14,441 $ 21,961 $ 8,617 Gross realized losses: Investment securities available for sale (440) (3,424) (2,514) Net realized gain 14,001 18,537 6,103 Net unrealized gains (losses) on marketable equity securities recognized in earnings 3,766 2,637 (2,944) Gain on investment securities, net $ 17,767 $ 21,174 $ 3,159 | |
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 December 31, 2020 and 2019 (in thousands): 2020 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 $ 24,369 $ (375) $ — $ — $ 24,369 $ (375) U.S. Government agency and sponsored enterprise residential MBS 220,179 (320) 370,727 (2,708) 590,906 (3,028) U.S. Government agency and sponsored enterprise commercial MBS 152,233 (1,412) 44,255 (255) 196,488 (1,667) Private label residential MBS and CMOs 141,407 (561) — — 141,407 (561) Private label commercial MBS 1,268,381 (12,771) 37,783 (77) 1,306,164 (12,848) Single family rental real estate-backed securities 28,758 (58) — — 28,758 (58) Collateralized loan obligations 304,051 (1,171) 588,463 (7,564) 892,514 (8,735) Non-mortgage asset-backed securities — — 12,327 (234) 12,327 (234) SBA securities 26,240 (298) 104,598 (3,637) 130,838 (3,935) $ 2,165,618 $ (16,966) $ 1,158,153 $ (14,475) $ 3,323,771 $ (31,441) 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) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Schedule of Accounts, Notes, Loans and Financing Receivable | At December 31, 2020 and 2019, loans consisted of the following (dollars in thousands): 2020 2019 Total Percent of Total Total Percent of Total Residential and other consumer: 1-4 single family residential $ 4,922,836 20.6 % $ 4,953,936 21.4 % Government insured residential 1,419,074 5.9 % 698,644 3.0 % Other consumer loans 6,312 0.1 % 8,539 0.1 % 6,348,222 26.6 % 5,661,119 24.5 % Commercial: Multi-family 1,639,201 6.9 % 2,217,705 9.6 % Non-owner occupied commercial real estate 4,963,273 20.8 % 5,030,904 21.7 % Construction and land 293,307 1.2 % 243,925 1.1 % Owner occupied commercial real estate 2,000,770 8.4 % 2,062,808 8.9 % Commercial and industrial 4,447,383 18.6 % 4,655,349 20.1 % PPP 781,811 3.3 % — — % Pinnacle 1,107,386 4.6 % 1,202,430 5.2 % Bridge - franchise finance 549,733 2.3 % 627,482 2.6 % Bridge - equipment finance 475,548 2.0 % 684,794 3.0 % Mortgage warehouse lending 1,259,408 5.3 % 768,472 3.3 % 17,517,820 73.4 % 17,493,869 75.5 % Total loans 23,866,042 100.0 % 23,154,988 100.0 % Allowance for credit losses (257,323) (108,671) Loans, net $ 23,608,719 $ 23,046,317 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $39 million and $50 million at December 31, 2020 and 2019, respectively. The amortized cost basis of residential PCD loans was $118 million and the related amount of non-credit discount was $115 million at December 31, 2020. The ACL related to PCD residential loans was $2.8 million and $1.7 million at December 31, 2020 and January 1, 2020, the date of initial adoption of ASU 2016-13, respectively. During the years ended December 31, 2020 and 2019, the Company purchased 1-4 single family residential loans totaling $3.2 billion and $2.2 billion, respectively. Purchases for the years ended December 31, 2020 and 2019 included $1.4 billion, and $844 million, respectively, of government insured residential loans. At December 31, 2020 and 2019, the Company had pledged loans with a carrying value of approximately $9.6 billion and $10.2 billion, respectively, as security for FHLB advances and Federal Reserve discount window capacity. At December 31, 2020 and 2019, accrued interest receivable on loans, net of related ACL, totaled $99 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 totaled $3.5 million for the year ended December 31, 2020. | |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance for credit losses is summarized below. The balances for the years ended December 31, 2019 and 2018 represent the allowance for loan and leases losses, estimated using an incurred loss methodology. The ACL at December 31, 2020 was determined using the CECL methodology, utilizing a 2-year reasonable and supportable forecast period based on a single economic scenario (in thousands): 2020 2019 2018 Residential and Other Consumer Commercial Total 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 $ 10,720 $ 134,075 $ 144,795 Impact of adoption of ASU 2016-13 8,098 19,207 27,305 — — — — — — Balance after adoption of ASU 2016-13 19,252 116,724 135,976 10,788 99,143 109,931 10,720 134,075 144,795 Provision (recovery) (556) 182,895 182,339 154 8,750 8,904 1,032 24,893 25,925 Charge-offs (1)(2) (31) (69,571) (69,602) — (17,541) (17,541) (1,465) (65,619) (67,084) Recoveries 54 8,556 8,610 212 7,165 7,377 501 5,794 6,295 Ending balance $ 18,719 $ 238,604 $ 257,323 $ 11,154 $ 97,517 $ 108,671 $ 10,788 $ 99,143 $ 109,931 (1) Includes $14.7 million of charge-offs related to $49.6 million of classified loans that were sold or transferred to held for sale during the year ended December 31, 2020. (2) Includes charge-offs of $39.7 million related to taxi medallion loans during the year ended December 31, 2018. The following table presents the components of the provision for credit losses for the year ended December 31, 2020 (in thousands): Amount related to funded portion of loans $ 182,339 Amount related to off-balance sheet credit exposures (5,572) Amount related to accrued interest receivable 1,300 Provision for credit losses - AFS debt securities 364 Total provision for credit losses $ 178,431 | 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 |
Financing Receivable Credit Quality Indicators | FICO scores are generally updated at least annually, and were most recently updated in the third quarter of 2020. 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: December 31, 2020 Amortized Cost By Origination Year 2020 2019 2018 2017 2016 Prior Total Current $ 1,092,183 $ 645,993 $ 374,838 $ 611,377 $ 740,749 $ 1,392,192 $ 4,857,332 30 - 59 Days Past Due 17,826 5,741 2,564 927 2,913 18,880 48,851 60 - 89 Days Past Due 111 145 435 — 2,825 3,973 7,489 90 Days or More Past Due — 807 1,762 53 1,027 5,515 9,164 $ 1,110,120 $ 652,686 $ 379,599 $ 612,357 $ 747,514 $ 1,420,560 $ 4,922,836 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: December 31, 2020 Amortized Cost By Origination Year LTV 2020 2019 2018 2017 2016 Prior Total Less than 61% $ 395,977 $ 143,273 $ 82,199 $ 174,223 $ 286,092 $ 487,487 $ 1,569,251 61% - 70% 298,941 151,633 92,928 119,381 184,119 341,159 1,188,161 71% - 80% 413,003 344,998 181,852 271,605 258,931 565,781 2,036,170 More than 80% 2,199 12,782 22,620 47,148 18,372 26,133 129,254 $ 1,110,120 $ 652,686 $ 379,599 $ 612,357 $ 747,514 $ 1,420,560 $ 4,922,836 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: December 31, 2020 Amortized Cost By Origination Year FICO 2020 2019 2018 2017 2016 Prior Total 760 or greater $ 843,199 $ 435,582 $ 225,292 $ 451,304 $ 549,119 $ 956,254 $ 3,460,750 720 - 759 223,831 128,875 84,602 102,859 130,592 256,703 927,462 719 or less 43,090 88,229 69,705 58,194 67,803 207,603 534,624 $ 1,110,120 $ 652,686 $ 379,599 $ 612,357 $ 747,514 $ 1,420,560 $ 4,922,836 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. Since the onset of the COVID-19 pandemic, risk ratings have been re-evaluated for a substantial portion of the commercial portfolio, with a focus on portfolio segments we identified for enhanced monitoring and loans that have been modified or for which we granted temporary payment deferrals. 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 from current operations, 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: December 31, 2020 Amortized Cost By Origination Year Revolving Loans 2020 2019 2018 2017 2016 Prior Total Multi-Family Pass $ 184,287 $ 264,254 $ 149,188 $ 206,768 $ 203,481 $ 313,758 $ 38,509 $ 1,360,245 Special mention — 390 10,985 11,260 8,400 5,300 — 36,335 Substandard 8,393 25,239 9,645 15,125 43,920 140,299 — 242,621 Total Multi-Family $ 192,680 $ 289,883 $ 169,818 $ 233,153 $ 255,801 $ 459,357 $ 38,509 $ 1,639,201 Non-owner occupied commercial real estate Pass $ 532,567 $ 1,070,940 $ 706,730 $ 442,599 $ 462,201 $ 607,922 $ 99,627 $ 3,922,586 Special mention 2,687 56,533 16,271 34,283 43,699 66,370 — 219,843 Substandard 30,401 132,814 69,507 56,219 288,998 242,905 — 820,844 Total non-owner occupied commercial real estate $ 565,655 $ 1,260,287 $ 792,508 $ 533,101 $ 794,898 $ 917,197 $ 99,627 $ 4,963,273 Construction and Land Pass $ 20,860 $ 158,413 $ 9,003 $ 48,657 $ 26,845 $ 904 $ 297 $ 264,979 Special mention — — 8,010 8,604 4,284 — — 20,898 Substandard 23 1,366 1,287 — 4,408 346 — 7,430 Total Construction and Land $ 20,883 $ 159,779 $ 18,300 $ 57,261 $ 35,537 $ 1,250 $ 297 $ 293,307 Owner occupied commercial real estate Pass $ 229,670 $ 263,138 $ 251,413 $ 232,171 $ 288,403 $ 361,130 $ 17,281 $ 1,643,206 Special mention 2,593 42,485 11,789 41,799 19,839 20,347 17,985 156,837 Substandard 2,615 24,673 21,114 36,411 26,997 79,860 9,057 200,727 Total owner occupied commercial real estate $ 234,878 $ 330,296 $ 284,316 $ 310,381 $ 335,239 $ 461,337 $ 44,323 $ 2,000,770 Commercial and industrial Pass $ 574,601 $ 759,384 $ 257,451 $ 250,787 $ 165,105 $ 47,086 $ 1,882,856 $ 3,937,270 Special mention 10,387 49,471 17,096 2,451 20,838 2,977 66,385 169,605 Substandard 21,122 120,275 34,045 14,073 29,907 31,478 89,436 340,336 Doubtful $ — $ — $ — $ — $ — $ 172 $ — $ 172 Total commercial and industrial $ 606,110 $ 929,130 $ 308,592 $ 267,311 $ 215,850 $ 81,713 $ 2,038,677 $ 4,447,383 PPP Pass $ 781,811 $ — $ — $ — $ — $ — $ — $ 781,811 Total PPP $ 781,811 $ — $ — $ — $ — $ — $ — $ 781,811 Pinnacle Pass $ 165,218 $ 118,139 $ 70,498 $ 208,568 $ 203,990 $ 340,973 $ — $ 1,107,386 Total Pinnacle $ 165,218 $ 118,139 $ 70,498 $ 208,568 $ 203,990 $ 340,973 $ — $ 1,107,386 Bridge - Franchise Finance Pass $ 48,741 $ 91,509 $ 23,650 $ 8,745 $ 11,817 $ 6,416 $ — $ 190,878 Special mention 2,693 54,271 5,175 4,699 2,088 2,667 — 71,593 Substandard 36,515 101,772 84,064 33,213 16,706 3,297 — 275,567 Doubtful — — 10,771 — 924 — — 11,695 Total Bridge - Franchise Finance $ 87,949 $ 247,552 $ 123,660 $ 46,657 $ 31,535 $ 12,380 $ — $ 549,733 Bridge - Equipment Finance Pass $ 23,684 $ 137,730 $ 66,004 $ 50,000 $ 36,963 $ 49,875 $ — $ 364,256 Special mention — — 19,542 16,863 — — — 36,405 Substandard — 30,762 9,894 34,231 — — — 74,887 Total Bridge - Equipment Finance $ 23,684 $ 168,492 $ 95,440 $ 101,094 $ 36,963 $ 49,875 $ — $ 475,548 Mortgage Warehouse Lending Pass $ — $ — $ — $ — $ — $ — $ 1,259,408 $ 1,259,408 Total Mortgage Warehouse Lending $ — $ — $ — $ — $ — $ — $ 1,259,408 $ 1,259,408 At December 31, 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 December 31, 2020 and 2019 (in thousands): 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 $ 1,360,245 $ 3,922,586 $ 264,979 $ 1,643,206 $ 3,937,270 $ 781,811 $ 1,107,386 $ 190,878 $ 364,256 $ 1,259,408 $ 14,832,025 Special mention 36,335 219,843 20,898 156,837 169,605 — — 71,593 36,405 — 711,516 Substandard - accruing 218,532 756,825 2,676 177,575 285,925 — — 242,234 74,887 — 1,758,654 Substandard non-accruing 24,089 64,019 4,754 23,152 54,411 — — 33,333 — — 203,758 Doubtful — — — — 172 — — 11,695 — — 11,867 $ 1,639,201 $ 4,963,273 $ 293,307 $ 2,000,770 $ 4,447,383 $ 781,811 $ 1,107,386 $ 549,733 $ 475,548 $ 1,259,408 $ 17,517,820 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 -accruing 26,797 52,697 — 16,241 43,518 — 41,127 — — 180,380 Substandard non-accruing 6,137 40,097 3,191 27,141 74,770 — 13,631 20,939 — 185,906 $ 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 | |
Financing Receivable, Past Due | The following table presents an aging of loans at December 31, 2020 and 2019 (in thousands): 2020 2019 Current 30 - 59 60 - 89 90 Days or Total Current 30 - 59 60 - 89 90 Days or Total 1-4 single family residential $ 4,857,332 $ 48,851 $ 7,489 $ 9,164 $ 4,922,836 $ 4,887,618 $ 45,634 $ 9,578 $ 11,106 $ 4,953,936 Government insured residential 722,367 77,883 56,495 562,329 1,419,074 93,560 45,347 30,426 529,311 698,644 Other consumer loans 6,022 37 22 231 6,312 8,539 — — — 8,539 Multi-family 1,602,990 17,842 — 18,369 1,639,201 2,217,705 — — — 2,217,705 Non-owner occupied commercial real estate 4,876,823 34,117 20,291 32,042 4,963,273 5,015,458 — 928 14,518 5,030,904 Construction and land 288,032 4,530 399 346 293,307 240,647 2,396 — 882 243,925 Owner occupied commercial real estate 1,971,475 10,756 3,203 15,336 2,000,770 2,041,352 1,336 4,420 15,700 2,062,808 Commercial and industrial 4,366,009 52,117 552 28,705 4,447,383 4,595,847 2,313 4,301 52,888 4,655,349 PPP 781,811 — — — 781,811 — — — — — Pinnacle 1,107,386 — — — 1,107,386 1,202,430 — — — 1,202,430 Bridge - franchise finance 498,831 16,423 8,664 25,815 549,733 610,315 3,840 2,501 10,826 627,482 Bridge - equipment finance 475,548 — — — 475,548 677,089 7,705 — — 684,794 Mortgage warehouse lending 1,259,408 — — — 1,259,408 768,472 — — — 768,472 $ 22,814,034 $ 262,556 $ 97,115 $ 692,337 $ 23,866,042 $ 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 December 31, 2020 and 2019 (in thousands): 2020 2019 Amortized Cost Amortized Cost With No Related Allowance Amortized Cost Residential and other consumer $ 28,828 $ 1,755 $ 18,894 Commercial: Multi-family 24,090 24,090 6,138 Non-owner occupied commercial real estate 64,017 32,843 40,097 Construction and land 4,754 4,408 3,191 Owner occupied commercial real estate 23,152 2,110 27,141 Commercial and industrial 54,584 9,235 74,757 Bridge - franchise finance 45,028 9,754 13,631 Bridge - equipment finance — — 20,939 $ 244,453 $ 84,195 $ 204,788 | The table below presents information about loans identified as impaired as of December 31, 2019 (in thousands): Recorded UPB Related 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 years ended December 31, 2019 and 2018 (in thousands): 2019 2018 Residential and other consumer: 1-4 single family residential $ 4,525 $ 5,227 Government insured residential 18,574 1,426 23,099 6,653 Commercial: Multi-family 20,972 25,679 Non-owner occupied commercial real estate 25,814 14,106 Construction and land 7,621 6,551 Owner occupied commercial real estate 14,250 16,207 Commercial and industrial 36,698 97,388 Bridge - franchise finance 10,195 1,986 Bridge - equipment finance 13,981 7,771 129,531 169,688 $ 152,630 $ 176,341 |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans at December 31, 2020 (in thousands): Amortized Cost Extent to Which Secured by Collateral Residential and other consumer $ 2,528 $ 2,513 Commercial: Multi-family 24,090 24,090 Non-owner occupied commercial real estate 52,813 52,435 Construction and land 4,754 4,754 Owner occupied commercial real estate 14,814 14,777 Commercial and industrial 28,112 18,093 Bridge - franchise finance 28,986 12,832 Total commercial 153,569 126,981 $ 156,097 $ 129,494 | |
Financing Receivable, Troubled Debt Restructuring | Troubled debt restructurings The following tables summarize loans that were modified in TDRs during the years ended December 31, 2020, 2019 and 2018, as well as loans modified during the twelve months preceding December 31, 2020, 2019 and 2018 that experienced payment defaults during those periods (dollars in thousands): Years Ended December 31, 2020 Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 1 $ 201 — $ — Government insured residential 201 34,100 86 14,368 Non-owner occupied commercial real estate 1 4,122 1 4,122 Bridge - franchise finance 8 12,964 8 12,964 211 $ 51,387 95 $ 31,454 2019 Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 2 $ 557 — $ — Government insured residential 324 51,022 112 17,421 Non-owner occupied commercial real estate 1 11,496 — — Owner occupied commercial real estate 1 908 1 908 Commercial and industrial 7 20,239 2 8,673 Bridge - franchise finance 4 15,288 — — 339 $ 99,510 115 $ 27,002 2018 Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost 1-4 single family residential 10 $ 3,669 3 $ 929 Government insured residential 26 2,793 15 1,560 Non-owner occupied commercial real estate 3 5,932 1 2,949 Owner occupied commercial real estate 2 1,076 — — Commercial and industrial 6 6,646 2 217 47 $ 20,116 21 $ 5,655 | |
Concentration Risk Disclosure | The following table presents the five states with the largest geographic concentrations of 1-4 single family residential loans, excluding government insured residential loans, at December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Total Percent of Total Total Percent of Total California $ 1,541,779 31.3 % $ 1,280,243 25.8 % New York 1,084,143 22.0 % 1,057,926 21.4 % Florida 518,877 10.5 % 597,359 12.1 % Virginia 196,641 4.0 % 189,869 3.8 % Washington DC 166,025 3.4 % 187,049 3.8 % All others 1,415,371 28.8 % 1,641,490 33.1 % $ 4,922,836 100.0 % $ 4,953,936 100.0 % The following table presents the largest geographic concentrations of commercial loans at December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Commercial Real Estate Percent of Total Commercial Percent of Total Commercial Real Estate Percent of Total Commercial Percent of Total Florida $ 3,659,310 53.1 % $ 4,044,377 38.1 % $ 3,476,657 46.4 % $ 4,051,924 40.5 % New York Tri-state 2,652,980 38.5 % 2,570,974 24.2 % 3,423,564 45.7 % 2,110,915 21.1 % California 1,003 — % 775,989 7.3 % 249 — % 719,465 7.2 % Other 582,488 8.4 % 3,230,699 30.4 % 592,064 7.9 % 3,119,031 31.2 % $ 6,895,781 100.0 % $ 10,622,039 100.0 % $ 7,492,534 100.0 % $ 10,001,335 100.0 % |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of ROU Assets and Lease Liabilities [Table Text Block] | The following table presents ROU assets and lease liabilities as of December 31, 2020 and 2019 (in thousands): 2020 2019 ROU assets: Operating leases $ 84,874 $ 92,553 Finance leases 29,119 31,587 $ 113,993 $ 124,140 Lease liabilities: Operating leases $ 93,678 $ 102,264 Finance leases 32,563 34,248 $ 126,241 $ 136,512 |
Operating and Finance Lease Information [Table Text Block] | The weighted average remaining lease term and weighted average discount rate at December 31, 2020 and 2019 were: 2020 2019 Weighted average remaining lease term: Operating leases 7.2 years 7.7 years Finance leases 12.7 years 13.6 years Weighted average discount rate: Operating leases 3.1 % 3.3 % Finance leases 2.9 % 2.9 % |
Lease, Cost [Table Text Block] | The following table presents the components of lease expense for the years ended December 31, 2020 and 2019 (in thousands): 2020 2019 Operating lease cost: Fixed costs $ 20,112 $ 20,284 Impairment of ROU assets 108 1,278 Total operating lease cost $ 20,220 $ 21,562 Finance lease cost: Amortization of ROU assets $ 2,841 $ 1,642 Interest on lease liabilities 921 1,002 Total finance lease cost $ 3,762 $ 2,644 Variable lease cost $ 4,761 $ 3,950 Short-term lease costs and sublease income were immaterial for the years ended December 31, 2020 and 2019. |
Leases - Cash Flow Information [Table Text Block] | Additional information related to operating and finance leases for the years ended December 31, 2020 and 2019 follows (in thousands): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 921 $ 1,002 Operating cash flows from operating leases 20,589 20,795 Financing cash flows from finance leases 2,980 2,529 $ 24,490 $ 24,326 Lease liabilities recognized from obtaining ROU assets: Operating lease liabilities recognized upon adoption of ASC 842 $ — $ 104,064 Operating leases 9,647 15,778 Finance leases 373 27,415 $ 10,020 $ 147,257 |
Schedule of Future Minimum Lease Payments for Operating and Finance Leases [Table Text Block] | Future lease payment obligations under leases with terms in excess of one year and a reconciliation to lease liabilities as of December 31, 2020 were as follows (in thousands): Operating Leases Finance Leases Total Years ending December 31: 2021 $ 19,949 $ 3,213 $ 23,162 2022 16,879 2,650 19,529 2023 14,431 2,666 17,097 2024 12,658 2,701 15,359 2025 9,966 2,774 12,740 Thereafter 31,072 25,223 56,295 Total future minimum lease payments 104,955 39,227 144,182 Less: interest component (11,277) (6,664) (17,941) Lease liabilities $ 93,678 $ 32,563 $ 126,241 |
Schedule of Direct or Sales Type Finance Leases [Table Text Block] | The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands): 2020 2019 Total minimum lease payments to be received $ 727,401 $ 804,103 Estimated unguaranteed residual value of leased assets 5,599 8,471 Gross investment in direct or sales type financing leases 733,000 812,574 Unearned income (66,443) (84,175) Initial direct costs 3,306 4,453 $ 669,863 $ 732,852 |
Schedule of future minimum lease payments under direct or sales type financing leases [Table Text Block] | At December 31, 2020, future minimum lease payments to be received under direct or sales type financing leases were as follows (in thousands): Years Ending December 31: 2021 $ 192,486 2022 140,263 2023 109,887 2024 66,254 2025 49,463 Thereafter 169,048 $ 727,401 |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | The following table presents the components of operating lease equipment as of December 31, 2020 and 2019 (in thousands): 2020 2019 Operating lease equipment $ 844,953 $ 844,015 Less: accumulated depreciation (181,436) (145,862) Operating lease equipment, net $ 663,517 $ 698,153 The Company recognized impairment of $0.7 million, and $1.9 million during the years ended December 31, 2020 and 2019, respectively. These impairment charges are included in "depreciation of operating lease equipment" in the accompanying consolidated statements of income. No impairment was recognized during the year ended December 31, 2018. |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2020, scheduled minimum rental payments under operating leases were as follows (in thousands): Years Ending December 31: 2021 $ 49,246 2022 44,525 2023 38,263 2024 33,856 2025 27,612 Thereafter 54,845 $ 248,347 |
Operating and Direct Finance Lease Income | he following table summarizes lease income recognized for operating leases and direct or sales type finance leases for the years ended December 31, 2020 and 2019 (in thousands): 2020 2019 Location of Lease Income on Consolidated Statements of Income Operating leases $ 59,112 $ 66,631 Non-interest income from lease financing Direct or sales type finance leases 20,995 21,865 Interest income on loans $ 80,107 $ 88,496 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Brokers and Dealers [Abstract] | |
Summary of Average Balances and Weighted Average Rates Paid on Deposits | The following table presents average balances and weighted average rates paid on deposits for the years ended December 31, 2020, 2019 and 2018 (dollars in thousands): 2020 2019 2018 Average Average Average Average Average Average Demand deposits: Non-interest bearing $ 5,760,309 — % $ 3,950,612 — % $ 3,389,191 — % Interest bearing 2,582,951 0.75 % 1,824,803 1.37 % 1,627,828 1.13 % Savings and money market 10,843,894 0.79 % 10,922,819 1.81 % 10,634,970 1.38 % Time 6,617,939 1.43 % 6,928,499 2.34 % 6,617,006 1.81 % $ 25,805,093 0.77 % $ 23,626,733 1.63 % $ 22,268,995 1.28 % |
Time Deposit Maturities | The following table presents maturities of time deposits as of December 31, 2020 (in thousands): Maturing in: 2021 $ 4,655,878 2022 110,183 2023 24,368 2024 1,302 2025 15,468 $ 4,807,199 Included in deposits at December 31, 2020 are public funds deposits of $2.5 billion and brokered deposits of $4.0 billion. Investment securities available for sale with a carrying value of $952 million were pledged as security for public funds deposits at December 31, 2020. |
schedule of interest expense on deposits | Interest expense on deposits for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands): 2020 2019 2018 Interest bearing demand $ 19,445 $ 25,054 $ 18,391 Savings and money market 85,572 197,942 146,324 Time 94,963 162,184 119,848 $ 199,980 $ 385,180 $ 284,563 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | The following table presents information about outstanding FHLB advances as of December 31, 2020 (dollars in thousands): Range of Interest Rates Amount Minimum Maximum Weighted Average Rate Maturing in: 2021 - One month or less $ 795,000 0.24 % 0.25 % 0.25 % 2021 - Over one month 2,226,000 0.22 % 3.02 % 0.54 % Thereafter 100,000 0.41 % 0.41 % 0.41 % Total contractual balance outstanding 3,121,000 Cumulative fair value hedging adjustments 1,999 Carrying value $ 3,122,999 |
Schedule of Debt | At December 31, 2020 and 2019 notes and other borrowings consisted of the following (dollars in thousands): 2020 2019 Senior notes: Principal amount of 4.875% senior notes maturing on November 17, 2025 $ 400,000 $ 400,000 Unamortized discount and debt issuance costs (4,174) (4,910) 395,826 395,090 Subordinated notes: Principal amount of 5.125% subordinated notes maturing on June 11, 2030 300,000 — Unamortized discount and debt issuance costs (5,894) — 294,106 — Total notes 689,932 395,090 Finance leases 32,563 34,248 Notes and other borrowings $ 722,495 $ 429,338 |
Premises and Equipment and Le_2
Premises and Equipment and Lease Commitments Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment Table [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Premises and equipment and capitalized software costs are included in other assets in the accompanying consolidated balance sheets and are summarized as follows as of December 31, 2020 and 2019 (in thousands): 2020 2019 Buildings and improvements $ 430 $ — Leasehold improvements 69,863 72,627 Furniture, fixtures and equipment 35,903 36,492 Computer equipment 21,358 22,729 Software, software licensing rights and capitalized costs of CCA 74,087 59,568 Aircraft and automobiles 11,620 11,593 213,261 203,009 Less: accumulated depreciation (153,138) (144,905) Premises, equipment and software, net $ 60,123 $ 58,104 Buildings held for sale, net $ 1,427 $ 6,789 Depreciation and amortization expense related to premises, equipment and software was $15.7 million, $19.2 million and $17.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company measures assets held for sale at the lower of carrying amount or estimated fair value. |
Income Taxes Income Taxes Table
Income Taxes Income Taxes Table (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes Table [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision for income taxes for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): 2020 2019 2018 Current: Federal $ 63,083 $ 58,996 $ 2,172 State 16,009 7,373 20,834 79,092 66,369 23,006 Deferred: Federal (22,387) 8,255 51,303 State (5,199) 16,274 16,475 (27,586) 24,529 67,778 $ 51,506 $ 90,898 $ 90,784 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of expected income tax expense at the statutory federal income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 to the Company's effective income tax rate follows (dollars in thousands): 2020 2019 2018 Amount Percent Amount Percent Amount Percent Tax expense calculated at the statutory federal income tax rate $ 52,366 21.00 % $ 84,839 21.00 % $ 87,286 21.00 % Increases (decreases) resulting from: Income not subject to tax (15,722) (6.30) % (17,950) (4.44) % (18,923) (4.55) % State income taxes, net of federal tax benefit 13,413 5.38 % 19,956 4.94 % 31,182 7.50 % Other, net 1,449 0.58 % 4,053 1.00 % (8,761) (2.11) % $ 51,506 20.66 % $ 90,898 22.50 % $ 90,784 21.84 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax assets and liabilities at December 31, 2020 and 2019 were as follows (in thousands): 2020 2019 Deferred tax assets: Excess of tax basis over carrying value of acquired loans $ 33,532 $ 50,089 Allowance for credit losses 58,990 23,151 Net unrealized loss on investment securities available for sale and cash flow hedges 16,824 11,475 Other 74,228 61,152 Gross deferred tax assets 183,574 145,867 Deferred tax liabilities: Lease financing, due to differences in depreciation 169,103 176,269 Other 34,879 31,227 Gross deferred tax liabilities 203,982 207,496 Net deferred tax liability $ (20,408) $ (61,629) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The Company has a liability for unrecognized tax benefits relating to uncertain federal and state tax positions in several jurisdictions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 follows (in thousands): 2020 2019 2018 Balance, beginning of period $ 407,126 $ 116,081 $ 59,220 Additions for tax positions related to the current year 2,117 5,352 2,399 Additions for tax positions related to prior periods 2,456 279,885 51,064 Reductions due to settlements with taxing authorities (3,080) — — Reductions due to lapse of the statute of limitations (520) (406) (675) 408,099 400,912 112,008 Interest and penalties 6,104 6,214 4,073 Balance, end of period $ 414,203 $ 407,126 $ 116,081 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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] | 2020 2019 2018 Location of Gain (Loss) in Consolidated Statements of Income Fair value adjustment on derivatives $ 2,485 $ (486) $ — Interest expense on borrowings Fair value adjustment on hedged items (2,498) 499 — Interest expense on borrowings Gain (loss) recognized on fair value hedges (ineffective portion) $ (13) $ 13 $ — |
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 December 31, 2020 and 2019 (in thousands): 2020 2019 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item $ 250,000 $ 250,000 FHLB advances Cumulative fair value hedging adjustments $ 1,999 $ (499) FHLB advances |
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): 2020 Weighted Weighted Weighted 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 2.41% 3-Month LIBOR 2.5 $ 2,771,000 Other liabilities $ — $ (5,971) Interest rate caps purchased, indexed to Fed Funds effective rate Variability of interest cash flows on variable rate borrowings —% —% 4.9 100,000 Other assets 485 — Derivatives designated as fair value hedges: Receive-fixed interest rate swaps Variability of fair value of fixed rate borrowings 3-Month LIBOR 1.55% 0.6 250,000 Other liabilities — — Derivatives not designated as hedges: Pay-fixed interest rate swaps 3.61% Indexed to 1-month LIBOR 5.3 1,626,152 Other assets / Other liabilities — (38,519) Pay-variable interest rate swaps Indexed to 1-month LIBOR 3.61% 5.3 1,626,152 Other assets 123,345 — Interest rate caps purchased, indexed to 1-month LIBOR 3.72% 0.4 25,921 Other assets — — Interest rate caps sold, indexed to 1-month LIBOR 3.72% 0.4 25,921 Other liabilities — — $ 6,425,146 $ 123,830 $ (44,490) 2019 Weighted Weighted Weighted 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 designated as fair value 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 years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Location of Gain (Loss) Reclassified from AOCI into Income Interest rate contracts $ (46,259) $ 2,627 $ 1,999 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 December 31, 2020 and 2019 (dollars in thousands): 2020 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ — $ — $ — $ — $ — $ — Derivative liabilities (44,490) — (44,490) — 44,332 (158) $ (44,490) $ — $ (44,490) $ — $ 44,332 $ (158) 2019 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral 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) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in AOCI | Changes in other comprehensive income are summarized as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 Before Tax Tax Effect Net of Tax Unrealized gains on investment securities available for sale: Net unrealized holding gain arising during the period $ 61,291 $ (15,246) $ 46,045 Amounts reclassified to gain on investment securities available for sale, net (14,001) 3,570 (10,431) Net change in unrealized gains on investment securities available for sale 47,290 (11,676) 35,614 Unrealized losses on derivative instruments: Net unrealized holding loss arising during the period (116,168) 28,766 (87,402) Amounts reclassified to interest expense on borrowings 46,259 (11,796) 34,463 Net change in unrealized losses on derivative instruments (69,909) 16,970 (52,939) Other comprehensive loss $ (22,619) $ 5,294 $ (17,325) 2019 Before Tax Tax Effect Net of Tax Unrealized gains on investment securities available for sale: Net unrealized holding gain arising during the period $ 51,178 $ (13,562) $ 37,616 Amounts reclassified to gain on investment securities available for sale, net (18,537) 4,912 (13,625) Net change in unrealized gains on investment securities available for sale 32,641 (8,650) 23,991 Unrealized losses on derivative instruments: Net unrealized holding loss arising during the period (79,945) 21,185 (58,760) Amounts reclassified to interest expense on borrowings (2,627) 696 (1,931) Net change in unrealized losses on derivative instruments (82,572) 21,881 (60,691) Other comprehensive loss $ (49,931) $ 13,231 $ (36,700) 2018 Before Tax Tax Effect Net of Tax Unrealized gains on investment securities available for sale: Net unrealized holding loss arising during the period $ (77,607) $ 20,566 $ (57,041) Amounts reclassified to gain on investment securities available for sale, net (6,103) 1,617 (4,486) Net change in unrealized gains on investment securities available for sale (83,710) 22,183 (61,527) Unrealized losses on derivative instruments: Net unrealized holding gain arising during the period 5,416 (1,435) 3,981 Amounts reclassified to interest expense on borrowings (1,999) 530 (1,469) Net change in unrealized losses on derivative instruments 3,417 (905) 2,512 Other comprehensive loss $ (80,293) $ 21,278 $ (59,015) |
Schedule of the Categories of AOCI and Changes Therein | The categories of AOCI and changes therein are presented below for the years ended December 31, 2020, 2019 and 2018 (in thousands): Unrealized Gain on Unrealized Gain (Loss) Total Balance at December 31, 2017 $ 56,534 $ (1,548) $ 54,986 Cumulative effect of adoption of new accounting standards 9,187 (285) 8,902 Other comprehensive loss (61,527) 2,512 (59,015) Balance at December 31, 2018 4,194 679 4,873 Other comprehensive loss 23,991 (60,691) (36,700) Balance at December 31, 2019 $ 28,185 $ (60,012) $ (31,827) Other comprehensive loss 35,614 (52,939) (17,325) Balance at December 31, 2020 $ 63,799 $ (112,951) $ (49,152) |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Compensation Expense Related to Equity Based Awards The following table summarizes compensation cost related to equity based awards for the years ended December 31, 2020, 2019 and 2018 (in thousands): 2020 2019 2018 Compensation cost of equity based awards: Unvested and restricted share awards $ 15,236 $ 17,334 $ 19,415 Executive share-based awards 3,133 4,953 3,027 Incentive awards 2,145 1,189 798 Total compensation cost of equity based awards 20,514 23,476 23,240 Related tax benefits (4,854) (4,068) (5,783) Compensation cost of equity based awards, net of tax $ 15,660 $ 19,408 $ 17,457 |
Schedule of Nonvested Share Activity [Table Text Block] | Share Awards Unvested share awards A summary of activity related to unvested share awards for the years ended December 31, 2020, 2019 and 2018 follows: Number of Share Awards Weighted Average Grant Date Fair Value Unvested share awards outstanding, December 31, 2017 1,108,477 $ 36.06 Granted 683,137 40.06 Vested (532,662) 34.64 Canceled or forfeited (72,714) 38.43 Unvested share awards outstanding, December 31, 2018 1,186,238 38.86 Granted 591,739 36.49 Vested (561,769) 37.50 Canceled or forfeited (165,753) 38.95 Unvested share awards outstanding, December 31, 2019 1,050,455 38.24 Granted 660,587 29.72 Vested (479,057) 38.94 Canceled or forfeited (70,150) 34.78 Unvested share awards outstanding, December 31, 2020 1,161,835 $ 33.32 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 years ended December 31, 2020, 2019 and 2018 (in thousands, except per share data): 2020 2019 2018 Range of the closing price on date of grant (1) $13.99 - $30.90 $31.07 - $36.65 $33.44 -$42.80 Aggregate grant date fair value of shares vesting $ 18,654 $ 21,064 $ 18,451 (1) During the year ended December 31, 2020, the Company granted 599,766, 44,534, and 16,287 share awards with a closing price on date of grant of $30.90, $13.99, and $29.17, respectively. The total unrecognized compensation cost of $22.3 million for all unvested share awards outstanding at December 31, 2020 will be recognized over a weighted average remaining period of 2.6 years. |
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | A summary of activity related to executive share-based awards for the years ended December 31, 2020, 2019 and 2018 follows: RSU PSU Unvested executive share-based awards outstanding, December 31, 2017 91,163 105,714 Granted 52,026 52,026 Vested (52,580) (57,873) Unvested executive share-based awards outstanding, December 31, 2018 90,609 99,867 Granted 73,062 73,062 Vested (51,555) (47,841) Unvested executive share-based awards outstanding, December 31, 2019 112,116 125,088 Granted 106,731 106,731 Vested (62,292) (52,026) Unvested executive share-based awards outstanding, December 31, 2020 156,555 179,793 The total liability for these executive share-based awards was $7.3 million at December 31, 2020. The total unrecognized compensation cost of $8.4 million for unvested executive share-based awards at December 31, 2020 will be recognized over a weighted average remaining period of 2.2 years. |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option Awards A summary of activity related to stock option awards for the years ended December 31, 2020, 2019 and 2018 follows: Number of Weighted Option awards outstanding, December 31, 2017 1,270,688 $ 26.93 Exercised (291,689) 26.49 Canceled or forfeited (14,159) 63.74 Option awards outstanding, December 31, 2018 964,840 26.53 Exercised (225,127) 25.84 Canceled or forfeited (1,960) 63.74 Option awards outstanding, December 31, 2019 737,753 26.64 Exercised (735,400) 26.67 Canceled or forfeited (784) 22.18 Option awards outstanding and exercisable, December 31, 2020 1,569 $ 15.94 At December 31, 2020 the options outstanding and exercisable had a remaining contractual term of 0.3 years and an insignificant intrinsic value. The intrinsic value of options exercised was $2.3 million for each of the years ended December 31, 2020 and 2019, respectively, and $4.6 million for the year ended December 31, 2018. The related tax benefit of options exercised was $0.6 million for each of the years ended December 31, 2020 and 2019, respectively, and $1.1 million for the year ended December 31, 2018. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019 (in thousands): 2020 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 80,851 $ — $ 80,851 U.S. Government agency and sponsored enterprise residential MBS — 2,405,570 2,405,570 U.S. Government agency and sponsored enterprise commercial MBS — 539,354 539,354 Private label residential MBS and CMOs — 998,603 998,603 Private label commercial MBS — 2,526,354 2,526,354 Single family rental real estate-backed securities — 650,888 650,888 Collateralized loan obligations — 1,140,274 1,140,274 Non-mortgage asset-backed securities — 253,261 253,261 State and municipal obligations — 235,709 235,709 SBA securities — 231,545 231,545 Marketable equity securities 104,274 — 104,274 Servicing rights — 7,073 7,073 Derivative assets — 123,830 123,830 Total assets at fair value $ 185,125 $ 9,112,461 $ 9,297,586 Derivative liabilities $ — $ (44,490) $ (44,490) Total liabilities at fair value $ — $ (44,490) $ (44,490) 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 | arrying value of assets classified within level 3 of the fair value hierarchy at December 31, 2020 and 2019, for which non-recurring changes in fair value have been recorded during the year then ended (in thousands): 2020 2019 Collateral dependent loans $ 73,803 $ 79,982 Loans held for sale 20,500 — OREO and repossessed assets 2,786 1,098 Operating lease equipment — 2,919 $ 97,089 $ 83,999 |
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 December 31, 2020 and 2019 (dollars in thousands): 2020 2019 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 397,716 $ 397,716 $ 214,673 $ 214,673 Investment securities 1/2 $ 9,176,683 $ 9,177,870 $ 7,769,237 $ 7,769,949 Non-marketable equity securities 2 $ 195,865 $ 195,865 $ 253,664 $ 253,664 Loans held for sale 2 $ 24,676 $ 25,057 $ 37,926 $ 39,731 Loans, net 3 $ 23,608,719 $ 24,205,016 $ 23,046,317 $ 23,350,684 Derivative assets 2 $ 123,830 $ 123,830 $ 43,686 $ 43,686 Liabilities: Demand, savings and money market deposits 2 $ 22,688,617 $ 22,688,617 $ 17,047,344 $ 17,047,344 Time deposits 2 $ 4,807,199 $ 4,814,862 $ 7,347,247 $ 7,377,301 Federal funds purchased 2 $ 180,000 $ 180,000 $ 100,000 $ 100,000 FHLB advances 2 $ 3,122,999 $ 3,127,190 $ 4,480,501 $ 4,500,969 Notes and other borrowings 2 $ 722,495 $ 849,120 $ 429,338 $ 473,327 Derivative liabilities 2 $ 44,490 $ 44,490 $ 19,029 $ 19,029 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the Total Lending Related Commitments Outstanding | Total lending related commitments outstanding at December 31, 2020 were as follows (in thousands): Commitments to fund loans $ 419,526 Unfunded commitments under lines of credit 3,620,155 Commercial and standby letters of credit 93,325 $ 4,133,006 |
Condensed Financial Statement_2
Condensed Financial Statements of BankUnited, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Statements [Abstract] | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets December 31, 2020 December 31, 2019 Assets: Cash and cash equivalents $ 289,761 $ 204,589 Investment securities available for sale, at fair value 104,274 60,572 Investment in BankUnited, N.A. 3,288,252 3,104,660 Other assets 29,978 42,454 Total assets $ 3,712,265 $ 3,412,275 Liabilities and Stockholders' Equity: Notes payable $ 689,932 $ 395,090 Other liabilities 39,321 36,406 Stockholders' equity 2,983,012 2,980,779 Total liabilities and stockholders' equity $ 3,712,265 $ 3,412,275 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income Years Ended December 31, 2020 2019 2018 Income: Interest and dividends on investment securities available for sale $ 4,214 $ 3,595 $ 3,532 Service fees from subsidiary 15,935 18,080 21,000 Equity in earnings of subsidiary 224,734 335,723 349,937 Gain (loss) on investment securities 3,822 2,690 (2,805) Total 248,705 360,088 371,664 Expense: Interest on borrowings 29,041 20,200 20,165 Employee compensation and benefits 24,867 28,270 28,477 Other 3,711 4,396 5,617 Total 57,619 52,866 54,259 Income before income taxes 191,086 307,222 317,405 Benefit for income taxes (6,767) (5,876) (7,461) Net income $ 197,853 $ 313,098 $ 324,866 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows Years Ended December 31, 2020 2019 2018 Cash flows from operating activities: Net income $ 197,853 $ 313,098 $ 324,866 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (224,734) (30,723) 70,064 Equity based compensation 20,367 23,367 23,137 Other 10,171 (8,656) (15,654) Net cash provided by operating activities 3,657 297,086 402,413 Cash flows from investing activities: Purchase of marketable equity securities (53,266) (8,963) — Proceeds from repayments, sale, maturities and calls of investment securities 13,426 11,575 — Other — (142) (156) Net cash provided by (used in) investing activities (39,840) 2,470 (156) Cash flows from financing activities: Proceeds from issuance of notes payable 293,858 — — Dividends paid (86,522) (84,083) (91,305) Proceeds from exercise of stock options 19,611 5,817 7,727 Repurchase of common stock (100,972) (154,030) (299,972) Other (4,620) (6,514) (6,560) Net cash provided by (used in) financing activities 121,355 (238,810) (390,110) Net increase in cash and cash equivalents 85,172 60,746 12,147 Cash and cash equivalents, beginning of period 204,589 143,843 131,696 Cash and cash equivalents, end of period $ 289,761 $ 204,589 $ 143,843 Supplemental schedule of non-cash investing and financing activities: Dividends declared, not paid $ 22,309 $ 20,775 $ 21,673 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | Financial information by quarter for the years ended December 31, 2020 and 2019 follows (in thousands, except per share data): 2020 Fourth Quarter Third Quarter Second Quarter First Quarter Total Interest income $ 251,120 $ 254,572 $ 267,778 $ 294,139 $ 1,067,609 Interest expense 57,754 67,093 77,441 113,563 315,851 Net interest income before provision for credit losses 193,366 187,479 190,337 180,576 751,758 Provision for (recovery of) credit losses (1,643) 29,232 25,414 125,428 178,431 Net interest income after provision for credit losses 195,009 158,247 164,923 55,148 573,327 Non-interest income 35,280 36,292 38,351 23,298 133,221 Non-interest expense 123,324 108,627 106,370 118,868 457,189 Income (loss) before income taxes 106,965 85,912 96,904 (40,422) 249,359 Provision (benefit) for income taxes 21,228 19,353 20,396 (9,471) 51,506 Net income (loss) $ 85,737 $ 66,559 $ 76,508 $ (30,951) $ 197,853 Earnings (loss) per common share, basic $ 0.89 $ 0.70 $ 0.80 $ (0.33) $ 2.06 Earnings (loss) per common share, diluted $ 0.89 $ 0.70 $ 0.80 $ (0.33) $ 2.06 2019 Fourth Quarter Third Quarter Second Quarter First Quarter Total Interest income $ 309,410 $ 323,402 $ 327,229 $ 321,829 $ 1,281,870 Interest expense 124,099 137,712 136,346 130,928 529,085 Net interest income before provision for credit losses 185,311 185,690 190,883 190,901 752,785 Provision for (recovery of) credit losses (469) 1,839 (2,747) 10,281 8,904 Net interest income after provision for credit losses 185,780 183,851 193,630 180,620 743,881 Non-interest income 37,756 37,856 35,337 36,255 147,204 Non-interest expense 119,008 121,306 120,085 126,690 487,089 Income before income taxes 104,528 100,401 108,882 90,185 403,996 Provision for income taxes 15,072 24,182 27,431 24,213 90,898 Net income $ 89,456 $ 76,219 $ 81,451 $ 65,972 $ 313,098 Earnings per common share, basic $ 0.91 $ 0.78 $ 0.81 $ 0.65 $ 3.14 Earnings per common share, diluted $ 0.91 $ 0.77 $ 0.81 $ 0.65 $ 3.13 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Line Items] | |||
Assets | $ 35,010,493 | $ 32,871,293 | |
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment | |||
Summary of Significant Accounting Policies [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 23,817 | ||
Building and Building Improvements [Member] | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Leasehold Improvements [Member] | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Furniture, Fixtures And Equipment [Member] | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Furniture, Fixtures And Equipment [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Computer Equipment [Member] | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Computer Equipment [Member] | Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Software, software licensing rights and capitalized costs of CCA | Minimum | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Software, software licensing rights and capitalized costs of CCA | Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
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] | Restatement Adjustment | |||
Summary of Significant Accounting Policies [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (23,817) |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net income | $ 85,737 | $ 66,559 | $ 76,508 | $ (30,951) | $ 89,456 | $ 76,219 | $ 81,451 | $ 65,972 | $ 197,853 | $ 313,098 | $ 324,866 |
Distributed and undistributed earnings allocated to participating securities | (8,882) | (13,371) | (13,047) | ||||||||
Income allocated to common stockholders for basic earnings per common share | $ 188,971 | $ 299,727 | $ 311,819 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding | 92,869,736 | 96,581,290 | 104,916,865 | ||||||||
Less average unvested stock awards | (1,163,480) | (1,127,275) | (1,171,994) | ||||||||
Weighted average shares for basic earnings per common share | 91,706,256 | 95,454,015 | 103,744,871 | ||||||||
Basic earnings per common share | $ 0.89 | $ 0.70 | $ 0.80 | $ (0.33) | $ 0.91 | $ 0.78 | $ 0.81 | $ 0.65 | $ 2.06 | $ 3.14 | $ 3.01 |
Numerator: | |||||||||||
Income allocated to common stockholders for basic earnings per common share | $ 188,971 | $ 299,727 | $ 311,819 | ||||||||
Adjustment for earnings reallocated from participating securities | (123) | (175) | (195) | ||||||||
Income used in calculating diluted earnings per common share | $ 188,848 | $ 299,552 | $ 311,624 | ||||||||
Denominator: | |||||||||||
Weighted average shares for basic earnings per common share | 91,706,256 | 95,454,015 | 103,744,871 | ||||||||
Dilutive effect of stock options | 24,608 | 202,890 | 332,505 | ||||||||
Weighted average shares for diluted earnings per common share | 91,730,864 | 95,656,905 | 104,077,376 | ||||||||
Diluted earnings per common share | $ 0.89 | $ 0.70 | $ 0.80 | $ (0.33) | $ 0.91 | $ 0.77 | $ 0.81 | $ 0.65 | $ 2.06 | $ 3.13 | $ 2.99 |
Earnings Per Common Share (Pote
Earnings Per Common Share (Potentially Dilutive Securities Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Potentially dilutive securities outstanding (in Shares) | 1,638,642 | 1,050,455 | 1,463,607 |
Earnings Per Common Share Earni
Earnings Per Common Share Earnings per Common Share (Narrative) (Details) | Dec. 31, 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 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 8,976,774 | $ 7,660,319 | ||
Gross Unrealized Gains | 117,076 | 59,954 | ||
Gross Unrealized Losses | (31,441) | (21,608) | ||
Investment securities available for sale, at fair value | 9,062,409 | 7,698,665 | ||
Debt Securities, Available-for-sale and Held-to-maturity | 8,986,774 | 7,670,319 | ||
Debt Securities, Held-to-maturity, Fair Value | 9,072,409 | 7,708,665 | ||
Investment securities (including securities recorded at fair value of $9,166,683 and $7,759,237) | 9,176,683 | 7,769,237 | ||
Financing Receivable, Allowance for Credit Loss | 257,323 | 108,671 | $ 109,931 | $ 144,795 |
U.S. Treasury securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 79,919 | 70,243 | ||
Gross Unrealized Gains | 1,307 | 219 | ||
Gross Unrealized Losses | (375) | (137) | ||
Investment securities available for sale, at fair value | 80,851 | 70,325 | ||
U.S. Government agency and sponsored enterprise residential MBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 2,389,450 | 2,018,853 | ||
Gross Unrealized Gains | 19,148 | 9,835 | ||
Gross Unrealized Losses | (3,028) | (6,513) | ||
Investment securities available for sale, at fair value | 2,405,570 | 2,022,175 | ||
U.S. Government agency and sponsored enterprise commercial MBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 531,724 | 366,787 | ||
Gross Unrealized Gains | 9,297 | 4,920 | ||
Gross Unrealized Losses | (1,667) | (731) | ||
Investment securities available for sale, at fair value | 539,354 | 370,976 | ||
Private label residential mortgage-backed securities and CMOs | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 982,890 | 1,001,337 | ||
Gross Unrealized Gains | 16,274 | 11,851 | ||
Gross Unrealized Losses | (561) | (1,011) | ||
Investment securities available for sale, at fair value | 998,603 | 1,012,177 | ||
Private label commercial mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 2,514,271 | 1,719,228 | ||
Gross Unrealized Gains | 24,931 | 6,650 | ||
Gross Unrealized Losses | (12,848) | (1,194) | ||
Investment securities available for sale, at fair value | 2,526,354 | 1,724,684 | ||
Financing Receivable, Allowance for Credit Loss | 400 | |||
Single family rental real estate-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 636,069 | 467,459 | ||
Gross Unrealized Gains | 14,877 | 4,016 | ||
Gross Unrealized Losses | (58) | (1,450) | ||
Investment securities available for sale, at fair value | 650,888 | 470,025 | ||
Collateralized loan obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,148,724 | 1,204,905 | ||
Gross Unrealized Gains | 285 | 322 | ||
Gross Unrealized Losses | (8,735) | (7,861) | ||
Investment securities available for sale, at fair value | 1,140,274 | 1,197,366 | ||
Non-mortgage asset-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 246,597 | 194,171 | ||
Gross Unrealized Gains | 6,898 | 1,780 | ||
Gross Unrealized Losses | (234) | (1,047) | ||
Investment securities available for sale, at fair value | 253,261 | 194,904 | ||
State and municipal obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 213,743 | 257,528 | ||
Gross Unrealized Gains | 21,966 | 15,774 | ||
Gross Unrealized Losses | 0 | 0 | ||
Investment securities available for sale, at fair value | 235,709 | 273,302 | ||
SBA securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 233,387 | 359,808 | ||
Gross Unrealized Gains | 2,093 | 4,587 | ||
Gross Unrealized Losses | (3,935) | (1,664) | ||
Investment securities available for sale, at fair value | 231,545 | 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 | $ 104,274 | $ 60,572 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Maturities of Investment Securities Available for Sale) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 913,305 |
Due after one year through five years, Amortized Cost | 5,415,656 |
Due after five years through ten years, Amortized Cost | 2,137,170 |
Due after ten years, Amortized Cost | 510,643 |
Amortized Cost | 8,976,774 |
Due in one year or less, Fair Value | 922,531 |
Due after one year through five years, Fair Value | 5,441,360 |
Due after five years through ten years, Fair Value | 2,180,434 |
Due after ten years, Fair Value | 518,084 |
Fair Value | $ 9,062,409 |
Investment Securities (Schedu_3
Investment Securities (Schedule of Gains and Losses on the Sale and Exchange of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sale of investment securities available for sale | $ 1,503,498 | $ 2,975,259 | $ 1,030,810 |
Gross realized gains: | 14,441 | 21,961 | 8,617 |
Gross realized losses: | (440) | (3,424) | (2,514) |
Net realized gain | 14,001 | 18,537 | 6,103 |
Unrealized Gain (Loss) on Securities | 3,766 | 2,637 | (2,944) |
Gain on investment securities, net | $ 17,767 | $ 21,174 | $ 3,159 |
Investment Securities (Schedu_4
Investment Securities (Schedule of the Aggregate Fair Value and Amount by which Amortized Cost Exceeds Fair Value for Investment Securities that are in Unrealized Loss Positions) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 2,165,618 | $ 1,922,326 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (16,966) | (9,848) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,158,153 | 1,205,877 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (14,475) | (11,760) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,323,771 | 3,128,203 |
Gross Unrealized Losses | (31,441) | (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 | 24,369 | 20,056 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (375) | (137) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 24,369 | 20,056 |
Gross Unrealized Losses | (375) | (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 | 220,179 | 579,076 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (320) | (3,862) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 370,727 | 243,839 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,708) | (2,651) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 590,906 | 822,915 |
Gross Unrealized Losses | (3,028) | (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 | 152,233 | 99,610 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,412) | (696) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 44,255 | 6,477 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (255) | (35) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 196,488 | 106,087 |
Gross Unrealized Losses | (1,667) | (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 | 141,407 | 180,398 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (561) | (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 | 141,407 | 222,034 |
Gross Unrealized Losses | (561) | (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 | 1,268,381 | 648,761 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (12,771) | (1,060) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 37,783 | 76,302 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (77) | (134) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,306,164 | 725,063 |
Gross Unrealized Losses | (12,848) | (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 | 28,758 | 241,915 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (58) | (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 | 28,758 | 247,375 |
Gross Unrealized Losses | (58) | (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 | 304,051 | 63,310 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,171) | (846) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 588,463 | 682,076 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (7,564) | (7,015) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 892,514 | 745,386 |
Gross Unrealized Losses | (8,735) | (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 | 0 | 78,964 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (962) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,327 | 7,883 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (234) | (85) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,327 | 86,847 |
Gross Unrealized Losses | (234) | (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 | 26,240 | 10,236 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (298) | (2) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 104,598 | 142,204 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,637) | (1,662) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 130,838 | 152,440 |
Gross Unrealized Losses | $ (3,935) | $ (1,664) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Number of held-to-maturity securities | 1 | |||
Interest Receivable | $ | $ 99,000 | $ 83,000 | ||
Debt Securities, Available-for-sale, Restricted | $ | $ 4,100,000 | 2,400,000 | ||
Number of securities in unrealized loss positions (in Securities) | 148 | |||
Number of securities which impairment considered insignificant (in Securities) | 24 | |||
Available-for-sale securities, gross unrealized loss, considered insignificant | $ | $ 300 | |||
Financing Receivable, Allowance for Credit Loss | $ | $ 257,323 | 108,671 | $ 109,931 | $ 144,795 |
U.S. Treasury securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities in unrealized loss positions (in Securities) | 1 | |||
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) | 20 | |||
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) | 7 | |||
Private label residential mortgage-backed securities and CMOs | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities in unrealized loss positions (in Securities) | 3 | |||
Percentage of weighted average collateral loss | 4.00% | |||
Percentage of weighted average credit support | 18.00% | |||
Private label commercial mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities in unrealized loss positions (in Securities) | 59 | |||
Percentage of weighted average collateral loss | 12.00% | |||
Percentage of weighted average credit support | 42.00% | |||
Financing Receivable, Allowance for Credit Loss | $ | $ 400 | |||
Debt Instrument, Credit Rating | 85.00% | |||
Percentage of securities rated AA | 9.00% | |||
Percentage of securities rated A | 6.00% | |||
Collateralized loan obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities in unrealized loss positions (in Securities) | 21 | |||
Collateralized Debt Obligations [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Percentage of weighted average collateral loss | 23.00% | |||
Percentage of weighted average credit support | 42.00% | |||
Debt Instrument, Credit Rating | 81.00% | |||
Percentage of securities rated AA | 15.00% | |||
Percentage of securities rated A | 4.00% | |||
Non-mortgage asset-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of securities in unrealized loss positions (in Securities) | 2 | |||
Percentage of weighted average collateral loss | 9.00% | |||
Percentage of weighted average credit support | 22.00% | |||
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 | $ | $ 17,000 | $ 28,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Schedule of Loans) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 23,866,042,000 | $ 23,154,988,000 | |
Percent of total loans (in Percent) | 100.00% | 100.00% | |
Financing Receivable, Deferred Income | $ 39,000,000 | $ 50,000,000 | |
Payments to Acquire Loans Held-for-investment | 3,157,659,000 | 2,197,484,000 | $ 1,308,772,000 |
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Home Loan Bank Debt | 9,600,000,000 | 10,200,000,000 | |
Interest Receivable | 99,000,000 | 83,000,000 | |
Financing receivable, nonaccrual, interest income | 3,500,000 | ||
Loans and Leases Receivable, Net of Deferred Income | 23,866,042,000 | 23,154,988,000 | |
Loans and Leases Receivable, Allowance | 257,323,000 | 108,671,000 | |
Loans and Leases Receivable, Net Amount | 23,608,719,000 | 23,046,317,000 | |
1-4 single family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 4,922,836,000 | $ 4,953,936,000 | |
Percent of total loans (in Percent) | 20.60% | 21.40% | |
Payments to Acquire Loans Held-for-investment | $ 3,200,000,000 | $ 2,200,000,000 | |
Loans and Leases Receivable, Net of Deferred Income | 4,922,836,000 | 4,953,936,000 | |
US Government Agency Insured Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,419,074,000 | $ 698,644,000 | |
Percent of total loans (in Percent) | 5.90% | 3.00% | |
Payments to Acquire Loans Held-for-investment | $ 1,400,000,000 | $ 844,000,000 | |
Loans and Leases Receivable, Net of Deferred Income | $ 1,419,074,000 | $ 698,644,000 | |
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% | |
Loans and Leases Receivable, Net of Deferred Income | $ 6,312,000 | $ 8,539,000 | |
Residential and Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of total loans (in Percent) | 26.60% | 24.50% | |
Loans and Leases Receivable, Net of Deferred Income | $ 6,348,222,000 | $ 5,661,119,000 | |
Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,639,201,000 | $ 2,217,705,000 | |
Percent of total loans (in Percent) | 6.90% | 9.60% | |
Loans and Leases Receivable, Net of Deferred Income | $ 1,639,201,000 | $ 2,217,705,000 | |
Commercial real estate, Non-owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 4,963,273,000 | $ 5,030,904,000 | |
Percent of total loans (in Percent) | 20.80% | 21.70% | |
Loans and Leases Receivable, Net of Deferred Income | $ 4,963,273,000 | $ 5,030,904,000 | |
Construction and land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 293,307,000 | $ 243,925,000 | |
Percent of total loans (in Percent) | 1.20% | 1.10% | |
Loans and Leases Receivable, Net of Deferred Income | $ 293,307,000 | $ 243,925,000 | |
Commercial real estate, Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 2,000,770,000 | $ 2,062,808,000 | |
Percent of total loans (in Percent) | 8.40% | 8.90% | |
Loans and Leases Receivable, Net of Deferred Income | $ 2,000,770,000 | $ 2,062,808,000 | |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 4,447,383,000 | $ 4,655,349,000 | |
Percent of total loans (in Percent) | 18.60% | 20.10% | |
Loans and Leases Receivable, Net of Deferred Income | $ 4,447,383,000 | $ 4,655,349,000 | |
Payment Protection Plan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 781,811,000 | ||
Percent of total loans (in Percent) | 3.30% | ||
Pinnacle Public Finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,107,386,000 | $ 1,202,430,000 | |
Percent of total loans (in Percent) | 4.60% | 5.20% | |
Loans and Leases Receivable, Net of Deferred Income | $ 1,107,386,000 | $ 1,202,430,000 | |
Bridge - franchise finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 549,733,000 | $ 627,482,000 | |
Percent of total loans (in Percent) | 2.30% | 2.60% | |
Loans and Leases Receivable, Net of Deferred Income | $ 549,733,000 | $ 627,482,000 | |
Bridge - equipment finance [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 475,548,000 | $ 684,794,000 | |
Percent of total loans (in Percent) | 2.00% | 3.00% | |
Loans and Leases Receivable, Net of Deferred Income | $ 475,548,000 | $ 684,794,000 | |
Mortgage warehouse lending [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,259,408,000 | $ 768,472,000 | |
Percent of total loans (in Percent) | 5.30% | 3.30% | |
Loans and Leases Receivable, Net of Deferred Income | $ 1,259,408,000 | $ 768,472,000 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 17,517,820,000 | $ 17,493,869,000 | |
Percent of total loans (in Percent) | 73.40% | 75.50% | |
Loans and Leases Receivable, Net of Deferred Income | $ 17,517,820,000 | $ 17,493,869,000 | |
Paycheck Protection Plan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 781,811,000 | ||
Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 166,760,000 | ||
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 | 149,580,000 | ||
Financial Asset Acquired with Credit Deterioration [Member] | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 17,180,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | Dec. 31, 2017 | |
Financing Receivable Investment Past Due [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 23,866,042,000 | $ 23,154,988,000 | |||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | (115,000,000) | ||||
Purchases of loans | 3,157,659,000 | 2,197,484,000 | $ 1,308,772,000 | ||
Recorded investment of loans pledged as security for FHLB advances and Federal Reserve discount window borrowings | 9,600,000,000 | 10,200,000,000 | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 562,000,000 | 531,000,000 | |||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 10,900,000 | 7,500,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 23,866,042,000 | 23,154,988,000 | |||
Financing Receivable, Allowance for Credit Loss | (257,323,000) | (108,671,000) | (109,931,000) | $ (144,795,000) | |
Small business finance [Member] | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 40,300,000 | 36,300,000 | |||
Financing Receivable, Nonaccrual | 51,300,000 | 45,700,000 | |||
Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | 118,000,000 | ||||
Financing Receivable, Allowance for Credit Loss | (2,800,000) | $ (1,700,000) | |||
1-4 single family residential | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | 4,922,836,000 | 4,953,936,000 | |||
Purchases of loans | 3,200,000,000 | 2,200,000,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 4,922,836,000 | 4,953,936,000 | |||
Residential Portfolio Segment [Member] | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Loans and Leases Receivable, Net of Deferred Income | 6,348,222,000 | 5,661,119,000 | |||
Mortgage Loans in Process of Foreclosure, Amount | 217,000,000 | 257,000,000 | |||
Financing Receivable, Allowance for Credit Loss | (18,719,000) | (11,154,000) | (10,788,000) | (10,720,000) | |
US Government Agency Insured Loans [Member] | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,419,074,000 | 698,644,000 | |||
Purchases of loans | 1,400,000,000 | 844,000,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 1,419,074,000 | 698,644,000 | |||
Mortgage Loans in Process of Foreclosure, Amount | 209,000,000 | 248,000,000 | |||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | 17,517,820,000 | 17,493,869,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 17,517,820,000 | 17,493,869,000 | |||
Financing Receivable, Allowance for Credit Loss | (238,604,000) | $ (97,517,000) | $ (99,143,000) | $ (134,075,000) | |
Commercial Portfolio Segment [Member] | Minimum | |||||
Financing Receivable Investment Past Due [Line Items] | |||||
Financing receivable credit quality indicator, the value at which relationships are reevaluated at least annually | 1,000,000 | ||||
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 | $ 3,000,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (ALLL Rollforward) (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Allowance for loan and lease losses, beginning of period | $ 108,671 | $ 108,671 | $ 109,931 | $ 108,671 | $ 109,931 | $ 144,795 | ||||||
Provision for credit losses | $ 1,643 | $ (29,232) | $ (25,414) | (125,428) | $ 469 | $ (1,839) | $ 2,747 | (10,281) | (178,431) | (8,904) | (25,925) | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 69,602 | |||||||||||
Charge-offs | (17,541) | (67,084) | ||||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 8,610 | |||||||||||
Recoveries | 7,377 | 6,295 | ||||||||||
Allowance for loan and lease losses, end of period | 257,323 | 108,671 | 257,323 | 108,671 | 109,931 | |||||||
Provision for Other Credit Losses | 364 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 14,700 | |||||||||||
sales on commercial loans | 49,600 | 49,600 | ||||||||||
Residential and Other Consumer | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Allowance for loan and lease losses, beginning of period | 11,154 | 11,154 | 10,788 | 11,154 | 10,788 | 10,720 | ||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 31 | |||||||||||
Charge-offs | 0 | (1,465) | ||||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 54 | |||||||||||
Recoveries | 212 | 501 | ||||||||||
Allowance for loan and lease losses, end of period | 18,719 | 11,154 | 18,719 | 11,154 | 10,788 | |||||||
Commercial | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Allowance for loan and lease losses, beginning of period | 97,517 | $ 97,517 | 99,143 | 97,517 | 99,143 | 134,075 | ||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 69,571 | |||||||||||
Charge-offs | (17,541) | (65,619) | ||||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 8,556 | |||||||||||
Recoveries | 7,165 | 5,794 | ||||||||||
Allowance for loan and lease losses, end of period | $ 238,604 | $ 97,517 | 238,604 | 97,517 | 99,143 | |||||||
Taxi medallion [Member] | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Charge-offs | (39,700) | |||||||||||
Accounting Standards Update 2016-13 [Member] | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Allowance for loan and lease losses, beginning of period | 109,931 | 109,931 | 144,795 | |||||||||
Financing Receivable, Change in Method, Credit Loss Expense (Reversal) | 27,305 | |||||||||||
Allowance for loan and lease losses, end of period | 135,976 | 109,931 | ||||||||||
Accounting Standards Update 2016-13 [Member] | Residential and Other Consumer | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Allowance for loan and lease losses, beginning of period | 10,788 | 10,788 | 10,720 | |||||||||
Financing Receivable, Change in Method, Credit Loss Expense (Reversal) | 8,098 | |||||||||||
Allowance for loan and lease losses, end of period | 19,252 | 10,788 | ||||||||||
Accounting Standards Update 2016-13 [Member] | Commercial | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Allowance for loan and lease losses, beginning of period | $ 99,143 | 99,143 | 134,075 | |||||||||
Financing Receivable, Change in Method, Credit Loss Expense (Reversal) | 19,207 | |||||||||||
Allowance for loan and lease losses, end of period | $ 116,724 | 99,143 | ||||||||||
Funded Loans [Member] | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Provision for credit losses | (182,339) | (8,904) | (25,925) | |||||||||
Funded Loans [Member] | Residential and Other Consumer | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Provision for credit losses | (556) | (154) | (1,032) | |||||||||
Funded Loans [Member] | Commercial | ||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||
Provision for credit losses | $ (182,895) | $ (8,750) | $ (24,893) |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Schedule of Credit Exposure for Loans Based on Original LTV and FICO Score) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 23,866,042 | $ 23,154,988 |
1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,110,120 | 820,613 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 652,686 | 615,021 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 379,599 | 835,512 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 612,357 | 792,223 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 747,514 | 644,937 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,420,560 | 1,245,630 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,922,836 | 4,953,936 |
FICO, 760 or greater | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 843,199 | 470,057 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 435,582 | 340,716 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 225,292 | 534,017 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 451,304 | 533,804 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 549,119 | 430,706 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 956,254 | 763,807 |
Financing Receivable, before Allowance for Credit Loss and Fee | 3,460,750 | 3,073,107 |
FICO, 720 to 759 | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 223,831 | 242,806 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 128,875 | 185,939 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 84,602 | 200,623 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 102,859 | 178,139 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 130,592 | 141,748 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 256,703 | 307,195 |
Financing Receivable, before Allowance for Credit Loss and Fee | 927,462 | 1,256,450 |
FICO, 719 or less | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 43,090 | 107,750 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 88,229 | 88,366 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 69,705 | 100,872 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 58,194 | 80,280 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 67,803 | 72,483 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 207,603 | 174,628 |
Financing Receivable, before Allowance for Credit Loss and Fee | 534,624 | 624,379 |
Less than 61% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 395,977 | 171,069 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 143,273 | 134,978 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 82,199 | 183,807 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 174,223 | 228,868 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 286,092 | 197,039 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 487,487 | 372,221 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,569,251 | 1,287,982 |
61% - 70% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 298,941 | 195,572 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 151,633 | 128,766 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 92,928 | 152,502 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 119,381 | 188,856 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 184,119 | 154,307 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 341,159 | 316,031 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,188,161 | 1,136,034 |
71% - 80% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 413,003 | 442,311 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 344,998 | 313,779 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 181,852 | 404,743 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 271,605 | 338,000 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 258,931 | 283,202 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 565,781 | 531,377 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,036,170 | 2,313,412 |
More than 81% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 2,199 | 11,661 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 12,782 | 37,498 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 22,620 | 94,460 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 47,148 | 36,499 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 18,372 | 10,389 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 26,133 | 26,001 |
Financing Receivable, before Allowance for Credit Loss and Fee | 129,254 | 216,508 |
Financial Asset, Current [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,092,183 | 804,913 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 645,993 | 609,814 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 374,838 | 830,710 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 611,377 | 783,318 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 740,749 | 633,833 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,392,192 | 1,225,030 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,857,332 | 4,887,618 |
30 - 59 Days Past Due | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 17,826 | 13,915 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,741 | 3,003 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,564 | 3,751 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 927 | 8,419 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,913 | 4,308 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18,880 | 12,238 |
Financing Receivable, before Allowance for Credit Loss and Fee | 48,851 | 45,634 |
60 - 89 Days Past Due | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 111 | 1,785 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 145 | 442 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 435 | 137 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 486 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,825 | 1,766 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,973 | 4,962 |
Financing Receivable, before Allowance for Credit Loss and Fee | 7,489 | 9,578 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [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 | 1,762 | 914 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 53 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,027 | 5,030 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,515 | 3,400 |
Financing Receivable, before Allowance for Credit Loss and Fee | $ 9,164 | $ 11,106 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Schedule of Commercial Credit Exposure Based on Internal Risk Ratings) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 23,866,042 | $ 23,154,988 |
Multi-family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 192,680 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 289,883 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 169,818 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 233,153 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 255,801 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 459,357 | |
Financing Receivable, Revolving | 38,509 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,639,201 | 2,217,705 |
Multi-family | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 184,287 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 264,254 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 149,188 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 206,768 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 203,481 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 313,758 | |
Financing Receivable, Revolving | 38,509 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,360,245 | 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 | 390 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 10,985 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 11,260 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,400 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 5,300 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 36,335 | 0 |
Multi-family | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 8,393 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 25,239 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,645 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,125 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 43,920 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 140,299 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 242,621 | |
Multi-family | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 218,532 | 26,797 |
Multi-family | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 24,089 | 6,137 |
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 | 565,655 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,260,287 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 792,508 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 533,101 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 794,898 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 917,197 | |
Financing Receivable, Revolving | 99,627 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,963,273 | 5,030,904 |
Commercial real estate, Non-owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 532,567 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,070,940 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 706,730 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 442,599 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 462,201 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 607,922 | |
Financing Receivable, Revolving | 99,627 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 3,922,586 | 4,932,279 |
Commercial real estate, Non-owner occupied | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 2,687 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 56,533 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,271 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 34,283 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 43,699 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 66,370 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 219,843 | 5,831 |
Commercial real estate, Non-owner occupied | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 30,401 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 132,814 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 69,507 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 56,219 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 288,998 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 242,905 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 820,844 | |
Commercial real estate, Non-owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 756,825 | 52,697 |
Commercial real estate, Non-owner occupied | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 64,019 | 40,097 |
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 | 20,883 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 159,779 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 18,300 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 57,261 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 35,537 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,250 | |
Financing Receivable, Revolving | 297 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 293,307 | 243,925 |
Construction and land | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 20,860 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 158,413 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,003 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 48,657 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 26,845 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 904 | |
Financing Receivable, Revolving | 297 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 264,979 | 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 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 8,010 | |
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 | 20,898 | 0 |
Construction and land | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 23 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,366 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,287 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4,408 | |
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 | 7,430 | |
Construction and land | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 2,676 | 0 |
Construction and land | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 4,754 | 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 | 234,878 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 330,296 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 284,316 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 310,381 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 335,239 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 461,337 | |
Financing Receivable, Revolving | 44,323 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,000,770 | 2,062,808 |
Commercial real estate, Owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 229,670 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 263,138 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 251,413 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 232,171 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 288,403 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 361,130 | |
Financing Receivable, Revolving | 17,281 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,643,206 | 1,991,556 |
Commercial real estate, Owner occupied | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 2,593 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 42,485 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11,789 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 41,799 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 19,839 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,347 | |
Financing Receivable, Revolving | 17,985 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 156,837 | 27,870 |
Commercial real estate, Owner occupied | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 2,615 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 24,673 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 21,114 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 36,411 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 26,997 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 79,860 | |
Financing Receivable, Revolving | 9,057 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 200,727 | |
Commercial real estate, Owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 177,575 | 16,241 |
Commercial real estate, Owner occupied | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 23,152 | 27,141 |
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 | 606,110 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 929,130 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 308,592 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 267,311 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 215,850 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 81,713 | |
Financing Receivable, Revolving | 2,038,677 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,447,383 | 4,655,349 |
Commercial and industrial | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 574,601 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 759,384 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 257,451 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 250,787 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 165,105 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 47,086 | |
Financing Receivable, Revolving | 1,882,856 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 3,937,270 | 4,508,563 |
Commercial and industrial | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 10,387 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 49,471 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 17,096 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,451 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 20,838 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,977 | |
Financing Receivable, Revolving | 66,385 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 169,605 | 28,498 |
Commercial and industrial | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 21,122 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 120,275 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 34,045 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,073 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 29,907 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 31,478 | |
Financing Receivable, Revolving | 89,436 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 340,336 | |
Commercial and industrial | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 285,925 | 43,518 |
Commercial and industrial | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 54,411 | 74,770 |
Commercial and industrial | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 172 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 172 | |
Payment Protection Plan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 781,811 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 781,811 | |
Payment Protection Plan [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 781,811 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 781,811 | |
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 | 165,218 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 118,139 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 70,498 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 208,568 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 203,990 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 340,973 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,107,386 | 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 | 165,218 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 118,139 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 70,498 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 208,568 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 203,990 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 340,973 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,107,386 | |
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 | 87,949 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 247,552 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 123,660 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 46,657 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 31,535 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 12,380 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 549,733 | 627,482 |
Bridge - franchise finance [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 48,741 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 91,509 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 23,650 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8,745 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 11,817 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,416 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 190,878 | 562,042 |
Bridge - franchise finance [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 2,693 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 54,271 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,175 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,699 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,088 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,667 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 71,593 | 10,682 |
Bridge - franchise finance [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 36,515 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 101,772 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 84,064 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 33,213 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 16,706 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,297 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 275,567 | |
Bridge - franchise finance [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 242,234 | 41,127 |
Bridge - franchise finance [Member] | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 33,333 | 13,631 |
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 | 10,771 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 924 | |
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 | 11,695 | |
Bridge - equipment finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 23,684 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 168,492 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 95,440 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 101,094 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 36,963 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 49,875 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 475,548 | 684,794 |
Bridge - equipment finance [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 23,684 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 137,730 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 66,004 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 50,000 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 36,963 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 49,875 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 364,256 | 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 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 19,542 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 16,863 | |
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 | 36,405 | 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 | 30,762 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,894 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 34,231 | |
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 | 74,887 | |
Bridge - equipment finance [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 74,887 | 0 |
Bridge - equipment finance [Member] | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 20,939 |
Bridge - equipment finance [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
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 | 1,259,408 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,259,408 | 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 | 1,259,408 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,259,408 | 768,472 |
Mortgage warehouse lending [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] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 17,517,820 | 17,493,869 |
Commercial Portfolio Segment [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 14,832,025 | 17,054,702 |
Commercial Portfolio Segment [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 711,516 | 72,881 |
Commercial Portfolio Segment [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,758,654 | 180,380 |
Commercial Portfolio Segment [Member] | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 203,758 | $ 185,906 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 11,867 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Schedule of Financing Receivables Past Due) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | $ 22,814,034 | $ 22,359,032 |
Financing Receivable, before Allowance for Credit Loss and Fee | 23,866,042 | 23,154,988 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 562,000 | 531,000 |
1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 4,857,332 | 4,887,618 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,922,836 | 4,953,936 |
US Government Agency Insured Loans [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 722,367 | 93,560 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,419,074 | 698,644 |
Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 6,022 | 8,539 |
Financing Receivable, before Allowance for Credit Loss and Fee | 6,312 | 8,539 |
Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 1,602,990 | 2,217,705 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,639,201 | 2,217,705 |
Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 4,876,823 | 5,015,458 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,963,273 | 5,030,904 |
Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 288,032 | 240,647 |
Financing Receivable, before Allowance for Credit Loss and Fee | 293,307 | 243,925 |
Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 1,971,475 | 2,041,352 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,000,770 | 2,062,808 |
Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 4,366,009 | 4,595,847 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,447,383 | 4,655,349 |
Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 781,811 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 781,811 | |
Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 1,107,386 | 1,202,430 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,107,386 | 1,202,430 |
Bridge - franchise finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 498,831 | 610,315 |
Financing Receivable, before Allowance for Credit Loss and Fee | 549,733 | 627,482 |
Bridge - equipment finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 475,548 | 677,089 |
Financing Receivable, before Allowance for Credit Loss and Fee | 475,548 | 684,794 |
Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Not Past Due | 1,259,408 | 768,472 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,259,408 | 768,472 |
Financial Asset, Current [Member] | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 4,857,332 | 4,887,618 |
30 - 59 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 262,556 | 108,571 |
30 - 59 Days Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 48,851 | 45,634 |
Financing Receivable, before Allowance for Credit Loss and Fee | 48,851 | 45,634 |
30 - 59 Days Past Due | US Government Agency Insured Loans [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 77,883 | 45,347 |
30 - 59 Days Past Due | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 37 | 0 |
30 - 59 Days Past Due | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 17,842 | 0 |
30 - 59 Days Past Due | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 34,117 | 0 |
30 - 59 Days Past Due | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 4,530 | 2,396 |
30 - 59 Days Past Due | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 10,756 | 1,336 |
30 - 59 Days Past Due | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 52,117 | 2,313 |
30 - 59 Days Past Due | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | |
30 - 59 Days Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
30 - 59 Days Past Due | Bridge - franchise finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 16,423 | 3,840 |
30 - 59 Days Past Due | Bridge - equipment finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 7,705 |
30 - 59 Days Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
60 - 89 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 97,115 | 52,154 |
60 - 89 Days Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 7,489 | 9,578 |
Financing Receivable, before Allowance for Credit Loss and Fee | 7,489 | 9,578 |
60 - 89 Days Past Due | US Government Agency Insured Loans [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 56,495 | 30,426 |
60 - 89 Days Past Due | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 22 | 0 |
60 - 89 Days Past Due | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
60 - 89 Days Past Due | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 20,291 | 928 |
60 - 89 Days Past Due | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 399 | 0 |
60 - 89 Days Past Due | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 3,203 | 4,420 |
60 - 89 Days Past Due | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 552 | 4,301 |
60 - 89 Days Past Due | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | |
60 - 89 Days Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
60 - 89 Days Past Due | Bridge - franchise finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 8,664 | 2,501 |
60 - 89 Days Past Due | Bridge - equipment finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
60 - 89 Days Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
90 Days or More Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 692,337 | 635,231 |
90 Days or More Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 9,164 | 11,106 |
Financing Receivable, before Allowance for Credit Loss and Fee | 9,164 | 11,106 |
90 Days or More Past Due | US Government Agency Insured Loans [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 562,329 | 529,311 |
90 Days or More Past Due | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 231 | 0 |
90 Days or More Past Due | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 18,369 | 0 |
90 Days or More Past Due | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 32,042 | 14,518 |
90 Days or More Past Due | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 346 | 882 |
90 Days or More Past Due | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 15,336 | 15,700 |
90 Days or More Past Due | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 28,705 | 52,888 |
90 Days or More Past Due | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | |
90 Days or More Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
90 Days or More Past Due | Bridge - franchise finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 25,815 | 10,826 |
90 Days or More Past Due | Bridge - equipment finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
90 Days or More Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Small business finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 40,300 | $ 36,300 |
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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | $ 10,900 | $ 7,500 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Impaired Financing Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no specific allowance recorded | $ 84,195 | ||
Recorded Investment, Total | $ 244,905 | ||
UPB, Total | 245,029 | ||
Average recorded investment in impaired loans | 152,630 | $ 176,341 | |
Financing Receivable, before Allowance for Credit Loss | 156,097 | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 204,788 | 244,453 | |
1-4 single family residential | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With a specific allowance recorded | 2,697 | ||
Recorded Investment, Total | 992 | ||
UPB, With no specific allowance recorded | 989 | ||
UPB, With a specific allowance recorded | 2,652 | ||
Average recorded investment in impaired loans | 4,525 | 5,227 | |
US Government Agency Insured Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, Total | 53,428 | ||
UPB, With no specific allowance recorded | 53,350 | ||
Average recorded investment in impaired loans | 18,574 | 1,426 | |
Residential and Other Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no specific allowance recorded | 1,755 | ||
Recorded Investment, Total | 57,117 | ||
UPB, Total | 56,991 | ||
Average recorded investment in impaired loans | 23,099 | 6,653 | |
Financing Receivable, before Allowance for Credit Loss | 2,528 | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 18,894 | 28,828 | |
Multi-family | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no specific allowance recorded | 24,090 | ||
Recorded Investment, Total | 6,138 | ||
UPB, With no specific allowance recorded | 6,169 | ||
Average recorded investment in impaired loans | 20,972 | 25,679 | |
Financing Receivable, before Allowance for Credit Loss | 24,090 | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 6,138 | 24,090 | |
Commercial real estate, Non-owner occupied | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no specific allowance recorded | 32,843 | ||
Recorded Investment, With a specific allowance recorded | 2,522 | ||
Recorded Investment, Total | 38,345 | ||
UPB, With no specific allowance recorded | 38,450 | ||
UPB, With a specific allowance recorded | 2,509 | ||
Average recorded investment in impaired loans | 25,814 | 14,106 | |
Financing Receivable, before Allowance for Credit Loss | 52,813 | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 40,097 | 64,017 | |
Construction and land | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no specific allowance recorded | 4,408 | ||
Recorded Investment, Total | 3,191 | ||
UPB, With no specific allowance recorded | 3,155 | ||
Average recorded investment in impaired loans | 7,621 | 6,551 | |
Financing Receivable, before Allowance for Credit Loss | 4,754 | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 3,191 | 4,754 | |
Commercial real estate, Owner occupied | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no specific allowance recorded | 2,110 | ||
Recorded Investment, Total | 17,419 | ||
UPB, With no specific allowance recorded | 17,488 | ||
Average recorded investment in impaired loans | 14,250 | 16,207 | |
Financing Receivable, before Allowance for Credit Loss | 14,814 | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 27,141 | 23,152 | |
Commercial and industrial | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no specific allowance recorded | 9,235 | ||
Recorded Investment, With a specific allowance recorded | 63,531 | ||
Recorded Investment, Total | 10,585 | ||
UPB, With no specific allowance recorded | 10,574 | ||
UPB, With a specific allowance recorded | 63,709 | ||
Average recorded investment in impaired loans | 36,698 | 97,388 | |
Financing Receivable, before Allowance for Credit Loss | 28,112 | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 74,757 | 54,584 | |
Bridge - franchise finance [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no specific allowance recorded | 9,754 | ||
Recorded Investment, With a specific allowance recorded | 21,011 | ||
Recorded Investment, Total | 4,115 | ||
UPB, With no specific allowance recorded | 4,117 | ||
UPB, With a specific allowance recorded | 21,050 | ||
Average recorded investment in impaired loans | 10,195 | 1,986 | |
Financing Receivable, before Allowance for Credit Loss | 28,986 | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 13,631 | 45,028 | |
Bridge - equipment finance [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, With no specific allowance recorded | 0 | ||
Recorded Investment, With a specific allowance recorded | 14,124 | ||
Recorded Investment, Total | 6,807 | ||
UPB, With no specific allowance recorded | 6,793 | ||
UPB, With a specific allowance recorded | 14,024 | ||
Average recorded investment in impaired loans | 13,981 | 7,771 | |
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 20,939 | 0 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded Investment, Total | 187,788 | ||
UPB, Total | 188,038 | ||
Average recorded investment in impaired loans | 129,531 | $ 169,688 | |
Financing Receivable, before Allowance for Credit Loss | 153,569 | ||
Residential Real Estate [Member] | Residential and Other Consumer | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 2,513 | ||
Commercial Real Estate [Member] | Multi-family | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 24,090 | ||
Commercial Real Estate [Member] | Commercial real estate, Non-owner occupied | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 52,435 | ||
Commercial Real Estate [Member] | Construction and land | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 4,754 | ||
Commercial Real Estate [Member] | Commercial real estate, Owner occupied | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 14,777 | ||
Commercial Real Estate [Member] | Commercial and industrial | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 18,093 | ||
Commercial Real Estate [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 126,981 | ||
Equipment [Member] | Bridge - franchise finance [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 12,832 | ||
Secured Debt [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 129,494 | ||
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 Cred_11
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 211 | 339 | 47 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 51,387 | $ 99,510 | $ 20,116 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 95 | 115 | 21 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 31,454 | $ 27,002 | $ 5,655 |
1-4 single family residential | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 2 | 10 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 201 | $ 557 | $ 3,669 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 3 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 929 |
US Government Agency Insured Loans [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 201 | 324 | 26 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 34,100 | $ 51,022 | $ 2,793 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 86 | 112 | 15 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 14,368 | $ 17,421 | $ 1,560 |
Commercial real estate, Non-owner occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 1 | 3 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 4,122 | $ 11,496 | $ 5,932 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | 0 | 1 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 4,122 | $ 0 | $ 2,949 |
Commercial real estate, Owner occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | 2 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 908 | $ 1,076 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 908 | $ 0 | |
Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 7 | 6 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 20,239 | $ 6,646 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 2 | 2 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 8,673 | $ 217 | |
Bridge - franchise finance [Member] | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | 8 | 4 | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 12,964 | $ 15,288 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 8 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 12,964 | $ 0 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Loan Concentrations by States) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 23,866,042 | $ 23,154,988 |
1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 4,922,836 | $ 4,953,936 |
Percent of loans by state | 100.00% | 100.00% |
Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 6,895,781 | $ 7,492,534 |
Percent of loans by state | 100.00% | 100.00% |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 4,447,383 | $ 4,655,349 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 10,622,039 | $ 10,001,335 |
Percent of loans by state | 100.00% | 100.00% |
California [Member] | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 1,541,779 | $ 1,280,243 |
Percent of loans by state | 31.30% | 25.80% |
California [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 1,003 | $ 249 |
Percent of loans by state | 0.00% | 0.00% |
California [Member] | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 775,989 | $ 719,465 |
Percent of loans by state | 7.30% | 7.20% |
New York [Member] | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 1,084,143 | $ 1,057,926 |
Percent of loans by state | 22.00% | 21.40% |
FLORIDA | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 518,877 | $ 597,359 |
Percent of loans by state | 10.50% | 12.10% |
FLORIDA | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 3,659,310 | $ 3,476,657 |
Percent of loans by state | 53.10% | 46.40% |
FLORIDA | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 4,044,377 | $ 4,051,924 |
Percent of loans by state | 38.10% | 40.50% |
New York Tri-State [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 2,652,980 | $ 3,423,564 |
Percent of loans by state | 38.50% | 45.70% |
New York Tri-State [Member] | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 2,570,974 | $ 2,110,915 |
Percent of loans by state | 24.20% | 21.10% |
Virginia [Member] | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 196,641 | $ 189,869 |
Percent of loans by state | 4.00% | 3.80% |
Washington DC | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 166,025 | $ 187,049 |
Percent of loans by state | 3.40% | 3.80% |
Others [Member] | 1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 1,415,371 | $ 1,641,490 |
Percent of loans by state | 28.80% | 33.10% |
Others [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 582,488 | $ 592,064 |
Percent of loans by state | 8.40% | 7.90% |
Others [Member] | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 3,230,699 | $ 3,119,031 |
Percent of loans by state | 30.40% | 31.20% |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Balance of ALLL and Related Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Provision for credit losses | $ 1,643 | $ (29,232) | $ (25,414) | $ (125,428) | $ 469 | $ (1,839) | $ 2,747 | $ (10,281) | $ (178,431) | $ (8,904) | $ (25,925) | |
Financing Receivable, Allowance for Credit Loss | 257,323 | 108,671 | 257,323 | 108,671 | 109,931 | $ 144,795 | ||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 20,490 | 20,490 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 88,181 | 88,181 | ||||||||||
Financing Receivable, Individually Evaluated for Impairment | 244,905 | 244,905 | ||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 22,743,323 | 22,743,323 | ||||||||||
Loans and Leases Receivable, Net of Deferred Income | 23,866,042 | 23,154,988 | 23,866,042 | 23,154,988 | ||||||||
US Government Agency Insured Loans [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Loans and Leases Receivable, Net of Deferred Income | 1,419,074 | 698,644 | 1,419,074 | 698,644 | ||||||||
Residential Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Financing Receivable, Allowance for Credit Loss | 18,719 | 11,154 | 18,719 | 11,154 | 10,788 | 10,720 | ||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 9 | 9 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,145 | 11,145 | ||||||||||
Financing Receivable, Individually Evaluated for Impairment | 57,117 | 57,117 | ||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 5,454,422 | 5,454,422 | ||||||||||
Loans and Leases Receivable, Net of Deferred Income | 6,348,222 | 5,661,119 | 6,348,222 | 5,661,119 | ||||||||
Commercial Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Financing Receivable, Allowance for Credit Loss | 238,604 | 97,517 | 238,604 | 97,517 | 99,143 | $ 134,075 | ||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 20,481 | 20,481 | ||||||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 77,036 | 77,036 | ||||||||||
Financing Receivable, Individually Evaluated for Impairment | 187,788 | 187,788 | ||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 17,288,901 | 17,288,901 | ||||||||||
Loans and Leases Receivable, Net of Deferred Income | $ 17,517,820 | 17,493,869 | 17,517,820 | 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 | 0 | ||||||||||
Loans and Leases Receivable, Net of Deferred Income | 166,760 | 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 | 0 | ||||||||||
Loans and Leases Receivable, Net of Deferred Income | 149,580 | 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 | 0 | ||||||||||
Loans and Leases Receivable, Net of Deferred Income | $ 17,180 | 17,180 | ||||||||||
Funded Loans [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Provision for credit losses | (182,339) | (8,904) | (25,925) | |||||||||
Funded Loans [Member] | Residential Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Provision for credit losses | (556) | (154) | (1,032) | |||||||||
Funded Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Provision for credit losses | (182,895) | $ (8,750) | $ (24,893) | |||||||||
Off Balance Sheet [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Provision for credit losses | (5,572) | |||||||||||
Accrued Interest Receivable | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Provision for credit losses | $ (1,300) |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Average Recorded Investment in Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | $ 152,630 | $ 176,341 |
1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 4,525 | 5,227 |
US Government Agency Insured Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 18,574 | 1,426 |
Residential and Other Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 23,099 | 6,653 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 20,972 | 25,679 |
Commercial real estate, Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 25,814 | 14,106 |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 7,621 | 6,551 |
Commercial real estate, Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 14,250 | 16,207 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 36,698 | 97,388 |
Bridge - franchise finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 10,195 | 1,986 |
Bridge - equipment finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | 13,981 | 7,771 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment in impaired loans | $ 129,531 | $ 169,688 |
Leases Schedule of ROU Assets a
Leases Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of ROU Assets and Lease Liabilities [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 84,874 | $ 92,553 |
Finance Lease, Right-of-Use Asset | 29,119 | 31,587 |
Total Right of Use Asset | 113,993 | 124,140 |
Finance Lease, Liability | 32,563 | 34,248 |
Total Lease Liabilities | 126,241 | 136,512 |
Other Liabilities | ||
Schedule of ROU Assets and Lease Liabilities [Abstract] | ||
Operating Lease, Liability | 93,678 | 102,264 |
Operating Lease, Liability | $ 93,678 | $ 102,264 |
Leases Schedule of Operating an
Leases Schedule of Operating and Finance Lease Information (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Operating and Finance Lease Information [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 2 months 12 days | 7 years 8 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 12 years 8 months 12 days | 13 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.10% | 3.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 2.90% | 2.90% |
Leases Schedule of Lease Costs
Leases Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Lease Costs [Abstract] | ||
Operating Lease, Cost | $ 20,112 | $ 20,284 |
Operating Lease, Impairment Loss | 108 | 1,278 |
Lease, Cost | 20,220 | 21,562 |
Finance Lease, Right-of-Use Asset, Amortization | 2,841 | 1,642 |
Finance Lease, Interest Expense | 921 | 1,002 |
Total finance lease cost | 3,762 | 2,644 |
Variable Lease, Cost | $ 4,761 | $ 3,950 |
Leases Schedule of Leases - Cas
Leases Schedule of Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance Lease, Interest Payment on Liability | $ 921 | $ 1,002 |
Operating Lease, Payments | 20,589 | 20,795 |
Finance Lease, Principal Payments | 2,980 | 2,529 |
Total cash paid for amounts included in the measurement of lease liabilities | 24,490 | 24,326 |
Operating lease liabilities recognized from obtaining ROU assets | 9,647 | 15,778 |
Finance lease liabilities recognized from obtaining ROU assets | 373 | 27,415 |
Total lease liabilities recognized from obtaining ROU assets | 10,020 | 147,257 |
Accounting Standards Update 2016-02 [Member] | ||
Operating lease liabilities recognized from obtaining ROU assets | $ 0 | $ 104,064 |
Leases Schedule of Future Minim
Leases Schedule of Future Minimum Lease Payments for Operating and Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Future Minimum Lease Payments for Operating and Finance Leases [Abstract] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 19,949 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 16,879 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 14,431 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 12,658 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 9,966 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 31,072 | |
Lessee, Operating Lease, Liability, Payments, Due | 104,955 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (11,277) | |
Finance Lease, Liability, Payments, Due Next Twelve Months | 3,213 | |
Finance Lease, Liability, Payments, Due Year Two | 2,650 | |
Finance Lease, Liability, Payments, Due Year Three | 2,666 | |
Finance Lease, Liability, Payments, Due Year Four | 2,701 | |
Finance Lease, Liability, Payments, Due Year Five | 2,774 | |
Finance Lease, Liability, Payments, Due after Year Five | 25,223 | |
Finance Lease, Liability, Payment, Due | 39,227 | |
Finance Lease, Liability, Undiscounted Excess Amount | (6,664) | |
Finance Lease, Liability | 32,563 | $ 34,248 |
Total Lease Liability, Payments, Due Next Twelve Months | 23,162 | |
Total Lease Liability, Payments, Due Year Two | 19,529 | |
Total Lease Liability, Payments, Due Year Three | 17,097 | |
Total Lease Liability, Payments, Due Year Four | 15,359 | |
Total Lease Liability, Payments, Due Year Five | 12,740 | |
Total Lease Liability, Payments, Due After Year Five | 56,295 | |
Total Lease Liability, Payments Due | 144,182 | |
Total Lease Liability, Undiscounted Excess Amount | (17,941) | |
Total Lease Liabilities | 126,241 | 136,512 |
Other Liabilities | ||
Schedule of Future Minimum Lease Payments for Operating and Finance Leases [Abstract] | ||
Operating Lease, Liability | 93,678 | 102,264 |
Operating Lease, Liability | $ 93,678 | $ 102,264 |
Leases Schedule of Direct or Sa
Leases Schedule of Direct or Sales Type Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Direct or Sales Type Finance Leases [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | $ 727,401 | $ 804,103 |
Direct Financing Lease, Unguaranteed Residual Asset | 5,599 | 8,471 |
Sales-type or direct financing lease, gross investment | 733,000 | 812,574 |
Direct Financing Lease, Deferred Selling Profit | 66,443 | 84,175 |
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs | 3,306 | 4,453 |
Sales-type and Direct Financing Leases, Lease Receivable | $ 669,863 | $ 732,852 |
Leases Schedule of future min_2
Leases Schedule of future minimum lease payments under direct or sales type financing leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | $ 192,486 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 140,263 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 109,887 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 66,254 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 49,463 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 169,048 | |
Sales-type and Direct Financing Leases, Lease Receivable | $ 727,401 | $ 804,103 |
Leases Schedule of Operating Le
Leases Schedule of Operating Lease Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Operating Lease Equipment [Abstract] | ||
Property Subject to or Available for Operating Lease, Gross | $ 844,953,000 | $ 844,015,000 |
Property Subject to or Available for Operating Lease, Accumulated Depreciation | 181,436,000 | 145,862,000 |
Operating lease equipment, net | 663,517,000 | 698,153,000 |
Asset Impairment Charges | $ 700,000 | $ 1,900,000 |
Leases Schedule of Future Min_3
Leases Schedule of Future Minimum Rental Payment on Operating Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Schedule of Future Minimum Rental Payment on Operating Leases [Abstract] | |
Operating Leases, Future Minimum Payments Receivable, Current | $ 49,246 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 44,525 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 38,263 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 33,856 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 27,612 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 54,845 |
Operating Leases, Future Minimum Payments Receivable | $ 248,347 |
Leases Operating and Direct Fin
Leases Operating and Direct Finance Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating and Direct Finance Lease Income [Abstract] | ||
Operating Lease, Lease Income | $ 59,112 | $ 66,631 |
Direct Financing Lease, Lease Income | 20,995 | 21,865 |
Lease Income | $ 80,107 | $ 88,496 |
Deposits (Summary of Average Ba
Deposits (Summary of Average Balances and Weighted Average Rates Paid on Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Demand deposits: | |||
Non-interest bearing, average balance | $ 5,760,309 | $ 3,950,612 | $ 3,389,191 |
Non-interest bearing, average rate (in Percent) | 0.00% | 0.00% | 0.00% |
Interest bearing, average balance | $ 2,582,951 | $ 1,824,803 | $ 1,627,828 |
Interest-bearing, average rate (in Percent) | 0.75% | 1.37% | 1.13% |
Savings and Money Market, average balance | $ 10,843,894 | $ 10,922,819 | $ 10,634,970 |
Weighted Average Rate Domestic Deposit Savings and Money Market | 0.79% | 1.81% | 1.38% |
Time, average balance | $ 6,617,939 | $ 6,928,499 | $ 6,617,006 |
Weighted Average Rate Domestic Deposit, Time Deposits | 1.43% | 2.34% | 1.81% |
Deposits, average balance | $ 25,805,093 | $ 23,626,733 | $ 22,268,995 |
Weighted Average Rate Domestic Deposits | 0.77% | 1.63% | 1.28% |
Deposits (Schedule of Maturitie
Deposits (Schedule of Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Time Deposit Maturities, Next Twelve Months | $ 4,655,878 | |
Time Deposit Maturities, Year Two | 110,183 | |
Time Deposit Maturities, Year Three | 24,368 | |
Time Deposit Maturities, Year Four | 1,302 | |
Time Deposit Maturities, after Year Five | 15,468 | |
Time Deposits | $ 4,807,199 | $ 7,347,247 |
Deposits (Schedule of Interest
Deposits (Schedule of Interest Expense on Deposits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deposits [Abstract] | |||
Interest Expense, Demand Deposit Accounts | $ 19,445 | $ 25,054 | $ 18,391 |
Interest Expense, Money Market and Savings Deposits | 85,572 | 197,942 | 146,324 |
Interest Expense, Time Deposits | 94,963 | 162,184 | 119,848 |
Interest Expense, Domestic Deposits | $ 199,980 | $ 385,180 | $ 284,563 |
Deposits (Narrative) (Details)
Deposits (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Time deposit accounts with balances of $250,000 or more | $ 1,100,000 | $ 1,900,000 |
Public funds deposits included in deposits | 2,500,000 | |
Interest-bearing Domestic Deposit, Brokered | 4,000,000 | |
Carrying value of investment securities available for sale pledged as security for public funds deposits | $ 952,000 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances and Other Borrowings (Schedule of Outstanding FHLB Advances) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Maturing in Next Twelve Months - One month or less | $ 795,000 | |
Maturing in Next Twelve Months - Over one month | 2,226,000 | |
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Four | 100,000 | |
Advances from Federal Home Loan Bank, Gross | 3,121,000 | |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 1,999 | $ (499) |
Advances from Federal Home Loan Banks, Total | $ 3,122,999 | $ 4,480,501 |
Maturing in Next Twelve Months - One month or less, Weighted Average Rate (in Percent) | 0.25% | |
Maturing in Next Twelve Months - Over one month, Weighted Average Rate (in Percent) | 0.54% | |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, One to Two Years from Balance Sheet Date | 0.41% | |
Minimum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Maturing in Next Twelve Months - One month or less, range of interest rates (in Percent) | 0.24% | |
Maturing in Next Twelve Months - Over one month, range of interest rates (in Percent) | 0.22% | |
Maturing in Year Two, range of interest rates (in Percent) | 0.41% | |
Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Maturing in Next Twelve Months - One month or less, range of interest rates (in Percent) | 0.25% | |
Maturing in Next Twelve Months - Over one month, range of interest rates (in Percent) | 3.02% | |
Maturing in Year Two, range of interest rates (in Percent) | 0.41% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances, Notes and Other Borrowings Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Long-term Debt | $ 689,932 | $ 395,090 |
Finance leases | 32,563 | 34,248 |
Long-term Debt and Lease Obligation | 722,495 | 429,338 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt | 689,932 | 395,090 |
Subordinated Debt [Member] | ||
Debt Disclosure [Abstract] | ||
Long-term Debt, Gross | 300,000 | |
Debt Instrument, Unamortized Discount | (5,894) | |
Long-term Debt | 294,106 | |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 300,000 | |
Debt Instrument, Unamortized Discount | 5,894 | |
Long-term Debt | 294,106 | |
Senior Notes [Member] | ||
Debt Disclosure [Abstract] | ||
Long-term Debt, Gross | 400,000 | 400,000 |
Debt Instrument, Unamortized Discount | (4,174) | (4,910) |
Long-term Debt | 395,826 | 395,090 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt, Gross | 400,000 | 400,000 |
Debt Instrument, Unamortized Discount | 4,174 | 4,910 |
Long-term Debt | $ 395,826 | $ 395,090 |
Senior Notes [Member] | Senior Notes 4.875% Maturing on November 17, 2025 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% |
Federal Home Loan Bank Advanc_5
Federal Home Loan Bank Advances and Other Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 11, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Pledged Financial Instruments, Not Separately Reported, Securities for Federal Home Loan Bank | $ 10,900,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 4,900,000 | ||
Federal Reserve Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 2,100,000 | ||
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.39% | ||
Long-term Debt, Gross | $ 300,000 | ||
Subordinated Debt [Member] | Subordinated Debt 5.125% Maturing on June 11, 2030 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||
Debt Instrument, Face Amount | $ 300,000 | ||
Federal Funds Lines of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 50,000 | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.12% | ||
Long-term Debt, Gross | $ 400,000 | $ 400,000 |
Premises and Equipment and Le_3
Premises and Equipment and Lease Commitments (Summary of Premises and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 213,261 | $ 203,009 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (153,138) | (144,905) |
Property, Plant and Equipment, Net | 60,123 | 58,104 |
Assets Held-for-sale, Not Part of Disposal Group | 1,427 | 6,789 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 430 | 0 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 69,863 | 72,627 |
Furniture, Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 35,903 | 36,492 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 21,358 | 22,729 |
Software, software licensing rights and capitalized costs of CCA | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 74,087 | 59,568 |
Aircraft and automobiles | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 11,620 | $ 11,593 |
Premises and Equipment and Le_4
Premises and Equipment and Lease Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Type [Abstract] | |||
Depreciation, Nonproduction | $ 15,700 | $ 19,200 | $ 17,500 |
Income Taxes Schedule of Compon
Income Taxes Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current Federal Tax Expense (Benefit) | $ 63,083 | $ 58,996 | $ 2,172 | ||||||||
Current State and Local Tax Expense (Benefit) | 16,009 | 7,373 | 20,834 | ||||||||
Current Income Tax Expense (Benefit) | 79,092 | 66,369 | 23,006 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | (22,387) | 8,255 | 51,303 | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | (5,199) | 16,274 | 16,475 | ||||||||
Deferred income taxes | (27,586) | 24,529 | 67,778 | ||||||||
Provision for income taxes | $ 21,228 | $ 19,353 | $ 20,396 | $ (9,471) | $ 15,072 | $ 24,182 | $ 27,431 | $ 24,213 | $ 51,506 | $ 90,898 | $ 90,784 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 52,366 | $ 84,839 | $ 87,286 | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | ||||||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | $ 15,722 | $ 17,950 | $ 18,923 | ||||||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | (6.30%) | (4.44%) | (4.55%) | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 13,413 | $ 19,956 | $ 31,182 | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 5.38% | 4.94% | 7.50% | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 1,449 | $ 4,053 | $ (8,761) | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.58% | 1.00% | (2.11%) | ||||||||
Provision for income taxes | $ 21,228 | $ 19,353 | $ 20,396 | $ (9,471) | $ 15,072 | $ 24,182 | $ 27,431 | $ 24,213 | $ 51,506 | $ 90,898 | $ 90,784 |
Effective Income Tax Rate Reconciliation, Percent | 20.66% | 22.50% | 21.84% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Excess of tax basis over carrying value of acquired loans | $ 33,532 | $ 50,089 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts | 58,990 | 23,151 |
deferred tax assets net unrealized loss on securities available for sale and cash flow hedges | 16,824 | 11,475 |
Deferred Tax Assets, Other | 74,228 | 61,152 |
Deferred Tax Assets, Gross | 183,574 | 145,867 |
Deferred tax liabilities: | ||
Deferred Tax Liabilities, Leasing Arrangements | 169,103 | 176,269 |
Deferred Tax Liabilities, Other | 34,879 | 31,227 |
Deferred Tax Liabilities, Gross | 203,982 | 207,496 |
Deferred Tax Liabilities, Net | $ (20,408) | $ (61,629) |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits, Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized Tax Benefits | $ 414,203 | $ 407,126 | $ 116,081 | $ 59,220 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 2,117 | 5,352 | 2,399 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 2,456 | 279,885 | 51,064 | |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (3,080) | 0 | 0 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (520) | (406) | (675) | |
Unrecognized Tax Benefits, Period Increase (Decrease) | 408,099 | 400,912 | 112,008 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 6,104 | $ 6,214 | $ 4,073 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward, Amount | $ 10,000,000 | ||
Amortization Method Qualified Affordable Housing Project Investments | 50,000,000 | $ 57,000,000 | |
Qualified Affordable Housing Project Investments, Commitment | 4,000,000 | 8,000,000 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 79,000,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 369,100,000 | 368,900,000 | $ 78,200,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 16,300,000 | 11,400,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, net of tax | 4,900,000 | $ 4,900,000 | $ 3,200,000 |
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | 3,000,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | 110,700,000 | ||
Tax Credit Carryforward, Amount | 100,700,000 | ||
Maximum [Member] | State and Local Jurisdiction [Member] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 358,700,000 | ||
Minimum | State and Local Jurisdiction [Member] | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) | Dec. 31, 2020USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial collateral pledged for interest rate swaps | $ 58,900,000 |
Fair value of Interest rate derivative contracts cleared through the CME | 0 |
Amount expected to be reclassified from AOCI into income | $ 53,500,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Interest Rate Contract Derivative Financial Instruments and Related Hedged Items) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives Fair Value [Line Items] | ||
Notional amount of interest rate derivatives | $ 6,425,146 | $ 6,423,718 |
Interest rate derivative assets, fair value | 123,830 | 43,686 |
Interest rate derivative liabilities, fair value | $ (44,490) | $ (19,029) |
Designated as Hedging Instrument | Pay-fixed interest rate swaps | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 2.41% | 2.37% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 2 years 6 months | 3 years 2 months 12 days |
Notional amount of interest rate derivatives | $ 2,771,000 | $ 3,131,000 |
Designated as Hedging Instrument | Pay-fixed interest rate swaps | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | (5,971) | (1,607) |
Designated as Hedging Instrument | Pay-fixed interest rate swaps | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | $ 0 | $ 0 |
Designated as Hedging Instrument | 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) | 7 months 6 days | 1 year 7 months 6 days |
Notional amount of interest rate derivatives | $ 250,000 | $ 250,000 |
Designated as Hedging Instrument | Interest Rate Contract [Member] | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | 0 | 0 |
Designated as Hedging Instrument | Interest Rate Contract [Member] | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | $ 0 | $ 0 |
Designated as Hedging Instrument | interest rate caps purchased, indexed to fed funds effective rate | ||
Derivatives Fair Value [Line Items] | ||
Weighted average remaining maturity of interest rate derivatives (in Duration) | 4 years 10 months 24 days | |
Notional amount of interest rate derivatives | $ 100,000 | |
Designated as Hedging Instrument | interest rate caps purchased, indexed to fed funds effective rate | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | $ 485 | |
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) | 3.61% | 3.72% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 5 years 3 months 18 days | 6 years 4 months 24 days |
Notional amount of interest rate derivatives | $ 1,626,152 | $ 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 | (38,519) | (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) | 3.61% | 3.72% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 5 years 3 months 18 days | 6 years 4 months 24 days |
Notional amount of interest rate derivatives | $ 1,626,152 | $ 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 | $ 123,345 | $ 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) | 3.72% | 3.30% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 4 months 24 days | 7 months 6 days |
Notional amount of interest rate derivatives | $ 25,921 | $ 61,004 |
Derivatives not designated as hedges | Interest rate caps purchased, indexed to 1-month Libor [Domain] | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | 0 | |
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) | 3.72% | 3.30% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 4 months 24 days | 7 months 6 days |
Notional amount of interest rate derivatives | $ 25,921 | $ 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative assets | $ 0 | $ 876 |
Gross Amounts Recognized, Derivative liabilities | (44,490) | (16,914) |
Gross Amounts Recognized, Derivative assets and liabilities | (44,490) | (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 | (44,490) | (16,914) |
Net Amounts Presented in Balance Sheet, Derivative assets and liabilities | (44,490) | (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 | 44,332 | 16,038 |
Collateral Pledged, Derivative assets and liabilities | 44,332 | 16,038 |
Net Amount, Derivative assets | 0 | 0 |
Net Amount, Derivative liabilities | (158) | 0 |
Net Amount, Derivative assets and liabilities | $ (158) | $ 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ (46,259) | ||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 2,627 | $ 1,999 |
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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 2,485 | $ (486) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (2,498) | 499 |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ (13) | $ 13 |
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 | Dec. 31, 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) | $ 1,999 | $ (499) |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrealized gains on investment securities available for sale: | ||||
Net unrealized holding gain (loss) arising during the period, Before Tax | $ 61,291 | $ 51,178 | $ (77,607) | |
Amounts reclassified to gain on investment securities available for sale, net, Before Tax | (14,001) | (18,537) | (6,103) | |
Net change in unrealized gains on securities available for sale, Before Tax | 47,290 | 32,641 | (83,710) | |
Net unrealized holding gain (loss) arising during the period, Tax Effect | (15,246) | (13,562) | 20,566 | |
Amounts reclassified to gain on investment securities available for sale, net, Tax Effect | 3,570 | 4,912 | 1,617 | |
Net change in unrealized gains on securities available for sale, Tax Effect | (11,676) | (8,650) | 22,183 | |
Net unrealized holding gain (loss) arising during the period, Net of Tax | 46,045 | 37,616 | (57,041) | |
Amounts reclassified to gain on investment securities available for sale, net, Net of Tax | (10,431) | (13,625) | (4,486) | |
Net change in unrealized gain on securities available for sale | 35,614 | 23,991 | (61,527) | |
Unrealized losses on derivative instruments: | ||||
Net unrealized holding gain (loss) arising during the period, Before Tax | (116,168) | (79,945) | 5,416 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 46,259 | (2,627) | (1,999) | |
Net unrealized holding gain (loss) arising during the period, Tax Effect | 28,766 | 21,185 | (1,435) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (11,796) | 696 | 530 | |
Net unrealized holding gain (loss) arising during the period, Net of Tax | (87,402) | (58,760) | 3,981 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 34,463 | (1,931) | (1,469) | |
Net change in unrealized losses on derivative instruments | (52,939) | (60,691) | 2,512 | |
Other comprehensive income (loss), Before Tax | (22,619) | (49,931) | (80,293) | |
Other comprehensive income (loss), Tax Effect | 5,294 | 13,231 | 21,278 | |
Other comprehensive loss | (17,325) | (36,700) | (59,015) | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (69,909) | (82,572) | 3,417 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 16,970 | 21,881 | (905) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (49,152) | (31,827) | ||
Other Comprehensive Income (Loss), Net of Tax | (17,325) | (36,700) | (59,015) | |
Net unrealized holding gain (loss) arising during the period, Before Tax | 61,291 | 51,178 | (77,607) | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 15,246 | 13,562 | (20,566) | |
Net unrealized holding gain (loss) arising during the period | 46,045 | 37,616 | (57,041) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 14,001 | 18,537 | 6,103 | |
Amounts reclassified to gain on investment securities available for sale, net, Tax Effect | 3,570 | 4,912 | 1,617 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 10,431 | 13,625 | 4,486 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Tax | 47,290 | 32,641 | (83,710) | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | 11,676 | 8,650 | (22,183) | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 35,614 | 23,991 | (61,527) | |
Net unrealized holding gain (loss) arising during the period, Before Tax | (116,168) | (79,945) | 5,416 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (28,766) | (21,185) | 1,435 | |
Net unrealized holding gain (loss) arising during the period | (87,402) | (58,760) | 3,981 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (46,259) | 2,627 | 1,999 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (11,796) | 696 | 530 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (34,463) | 1,931 | 1,469 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | (69,909) | (82,572) | 3,417 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (16,970) | (21,881) | 905 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (52,939) | (60,691) | 2,512 | |
Other Comprehensive Income (Loss), before Tax | (22,619) | (49,931) | (80,293) | |
Other Comprehensive Income (Loss), Tax | (5,294) | (13,231) | (21,278) | |
Unrealized Gains on Investment Securities Available for Sale | ||||
Unrealized losses on derivative instruments: | ||||
Other comprehensive loss | 35,614 | 23,991 | (61,527) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 63,799 | 28,185 | 4,194 | $ 56,534 |
Other Comprehensive Income (Loss), Net of Tax | 35,614 | 23,991 | (61,527) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Unrealized losses on derivative instruments: | ||||
Other comprehensive loss | (52,939) | (60,691) | 2,512 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (112,951) | (60,012) | 679 | (1,548) |
Other Comprehensive Income (Loss), Net of Tax | (52,939) | (60,691) | 2,512 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Unrealized losses on derivative instruments: | ||||
Other comprehensive loss | (17,325) | (36,700) | (59,015) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (49,152) | (31,827) | 4,873 | $ 54,986 |
Other Comprehensive Income (Loss), Net of Tax | $ (17,325) | $ (36,700) | $ (59,015) |
Stockholders' Equity (Categorie
Stockholders' Equity (Categories of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income, Beginning Balance | $ (31,827) | ||
Other comprehensive loss | (17,325) | $ (36,700) | $ (59,015) |
Other comprehensive income, Ending Balance | (49,152) | (31,827) | |
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 | (1,548) |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (285) | ||
Other comprehensive loss | (52,939) | (60,691) | 2,512 |
Other comprehensive income, Ending Balance | (112,951) | (60,012) | 679 |
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 | 56,534 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 9,187 | ||
Other comprehensive loss | 35,614 | 23,991 | (61,527) |
Other comprehensive income, Ending Balance | 63,799 | 28,185 | 4,194 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income, Beginning Balance | (31,827) | 4,873 | 54,986 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 8,902 | ||
Other comprehensive loss | (17,325) | (36,700) | (59,015) |
Other comprehensive income, Ending Balance | $ (49,152) | $ (31,827) | $ 4,873 |
Equity Based Compensation (Narr
Equity Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 600,000 | $ 1,100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 2,300,000 | $ 4,600,000 | |
Unvested and restricted share awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 22,300,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 660,587 | 591,739 | 683,137 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 29.72 | $ 36.49 | $ 40.06 |
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 | $ 8,400,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 7,300,000 | ||
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 | ||
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 | ||
2010 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 24,692 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 7,500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 7,500,000 | ||
2014 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,781,048 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,200,000 | ||
401(k) Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 5,700,000 | $ 6,100,000 | $ 6,300,000 |
Deferred Compensation Arrangement with Individual, Contributions by Employer | 5,700,000 | 6,100,000 | 6,300,000 |
Deferred Compensation Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 2,000,000 | 1,900,000 | 1,300,000 |
Deferred Compensation Arrangement with Individual, Compensation Expense | 2,000,000 | 1,900,000 | $ 1,300,000 |
Deferred Compensation Plan | Other Liabilities | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Liability, Current and Noncurrent | 29,000,000 | 27,000,000 | |
Deferred Compensation Liability, Current and Noncurrent | $ 29,000,000 | $ 27,000,000 | |
A401k Plan First1 Of Eligible Compensation Member | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage | 100.00% | ||
A401k Plan2 To6 Of Eligible Compensation | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage | 70.00% |
Equity Based Compensation (Sche
Equity Based Compensation (Schedule of Compensation Costs Related to Equity Based Awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 20,514 | $ 23,476 | $ 23,240 |
Share-based Payment Arrangement, Expense, Tax Benefit | (4,854) | (4,068) | (5,783) |
Share-based Payment Arrangement, Expense, after Tax | 15,660 | 19,408 | 17,457 |
Unvested and restricted share awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 15,236 | 17,334 | 19,415 |
RSU and PSU Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 3,133 | 4,953 | 3,027 |
Incentive Compensation Arrangements [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 2,145 | $ 1,189 | $ 798 |
Equity Based Compensation (Sc_2
Equity Based Compensation (Schedule of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 42.80 | |
Range of the closing price on date of grant, minimum (in Dollars per Share) | $ 13.99 | $ 31.07 | $ 33.44 | |
Aggregate grant date fair value of shares vesting | $ 18,654 | $ 21,064 | $ 18,451 | |
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 | $ 22,300 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | |||
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 | 1,161,835 | 1,050,455 | 1,186,238 | 1,108,477 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 33.32 | $ 38.24 | $ 38.86 | $ 36.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 660,587 | 591,739 | 683,137 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (479,057) | (561,769) | (532,662) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 38.94 | $ 37.50 | $ 34.64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (70,150) | (165,753) | (72,714) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 34.78 | $ 38.95 | $ 38.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 29.72 | $ 36.49 | $ 40.06 |
Equity Based Compensation Sched
Equity Based Compensation Schedule of Other Share-Based Compensation, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate grant date fair value of shares vesting | $ 18,654 | $ 21,064 | $ 18,451 | |
Range of the closing price on date of grant, minimum (in Dollars per Share) | $ 13.99 | $ 31.07 | $ 33.44 | |
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 | $ 42.80 | |
May | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
closing price on date of grant | $ 13.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 44,534 | |||
March | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
closing price on date of grant | $ 30.90 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 599,766 | |||
November | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
closing price on date of grant | $ 29.17 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 16,287 | |||
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 | 660,587 | 591,739 | 683,137 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (479,057) | (561,769) | (532,662) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,161,835 | 1,050,455 | 1,186,238 | 1,108,477 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 33.32 | $ 38.24 | $ 38.86 | $ 36.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 29.72 | 36.49 | 40.06 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ (38.94) | $ (37.50) | $ (34.64) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | (70,150) | (165,753) | (72,714) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 34.78 | $ 38.95 | $ 38.43 | |
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 | 52,026 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (62,292) | (51,555) | (52,580) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 156,555 | 112,116 | 90,609 | 91,163 |
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, Nonvested, Number | 179,793 | 125,088 | 99,867 | 105,714 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 106,731 | $ 73,062 | $ 52,026 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ (52,026) | $ (47,841) | $ (57,873) |
Equity Based Compensation (Sc_3
Equity Based Compensation (Schedule of Stock Options Activity) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,569 | 737,753 | 964,840 | 1,270,688 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 15.94 | $ 26.64 | $ 26.53 | $ 26.93 |
Exercise of stock options (in Shares) | (735,400) | (225,127) | (291,689) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 26.67 | $ 25.84 | $ 26.49 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (784) | (1,960) | (14,159) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 22.18 | $ 63.74 | $ 63.74 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 15.94 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,569 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 months 18 days |
Regulatory Requirements and Res
Regulatory Requirements and Restrictions (Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | $ 3,005,495 | $ 2,932,939 |
Tier One Leverage Capital to Average Assets | 8.63% | 8.90% |
Tier One Leverage Capital Required for Capital Adequacy | $ 1,392,950 | $ 1,317,960 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Common Equity Tier One Risk Based Capital | $ 3,005,495 | $ 2,932,939 |
Common Equity Tier One Risk Based Capital to Risk Weighted Assets | 12.57% | 12.32% |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | $ 1,553,546 | $ 1,547,531 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 1,075,532 | $ 1,071,368 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Capital conservation buffer required for Common equity tier one | $ 1,673,049 | $ 1,666,572 |
Capital conservation buffer required for Common equity tier one ratio | 7.00% | 7.00% |
Tier One Risk Based Capital | $ 3,005,495 | $ 2,932,939 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.57% | 12.32% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,912,056 | $ 1,904,654 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | $ 1,434,042 | $ 1,428,490 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Capital conservation buffer required for tier one risk based | $ 2,031,560 | $ 2,023,694 |
Capital conservation buffer required for tier one risk based ratio | 8.50% | 8.50% |
Capital | $ 3,502,804 | $ 3,044,263 |
Capital to Risk Weighted Assets | 14.66% | 12.79% |
Capital Required to be Well Capitalized | $ 2,390,070 | $ 2,380,817 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | $ 1,912,056 | $ 1,904,654 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital required under capital conservation buffer | $ 2,509,574 | $ 2,499,858 |
Capital required under capital conservation buffer ratio | 10.50% | 10.50% |
BankUnited [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | $ 3,310,736 | $ 3,056,820 |
Tier One Leverage Capital to Average Assets | 9.54% | 9.30% |
Tier One Leverage Capital Required to be Well Capitalized | $ 1,734,604 | $ 1,643,599 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Tier One Leverage Capital Required for Capital Adequacy | $ 1,387,683 | $ 1,314,879 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Common Equity Tier One Risk Based Capital | $ 3,310,736 | $ 3,056,820 |
Common Equity Tier One Risk Based Capital to Risk Weighted Assets | 13.93% | 12.89% |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized | $ 1,544,939 | $ 1,541,738 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy | $ 1,069,573 | $ 1,067,357 |
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Capital conservation buffer required for Common equity tier one | $ 1,663,781 | $ 1,660,333 |
Capital conservation buffer required for Common equity tier one ratio | 7.00% | 7.00% |
Tier One Risk Based Capital | $ 3,310,736 | $ 3,056,820 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.93% | 12.89% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,901,464 | $ 1,897,524 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | $ 1,426,098 | $ 1,423,143 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Capital conservation buffer required for tier one risk based | $ 2,020,305 | $ 2,016,119 |
Capital conservation buffer required for tier one risk based ratio | 8.50% | 8.50% |
Capital | $ 3,508,044 | $ 3,168,144 |
Capital to Risk Weighted Assets | 14.76% | 13.36% |
Capital Required to be Well Capitalized | $ 2,376,829 | $ 2,371,905 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | $ 1,901,464 | $ 1,897,524 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital required under capital conservation buffer | $ 2,495,671 | $ 2,490,500 |
Capital required under capital conservation buffer ratio | 10.50% | 10.50% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 9,297,586 | $ 7,810,900 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (44,490) | (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 | (44,490) | (19,029) |
U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 80,851 | 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 | 2,405,570 | 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 | 539,354 | 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 | 998,603 | 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 | 2,526,354 | 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 | 650,888 | 470,025 |
Collateralized loan obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,140,274 | 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 | 253,261 | 194,904 |
State and municipal obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 235,709 | 273,302 |
SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 231,545 | 362,731 |
Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 104,274 | 60,572 |
Servicing Rights [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 7,073 | 7,977 |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 123,830 | 43,686 |
Fair Value, Inputs, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 185,125 | 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 | 80,851 | 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 | 104,274 | 60,572 |
Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 9,112,461 | 7,680,003 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (44,490) | (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 | (44,490) | (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 | 2,405,570 | 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 | 539,354 | 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 | 998,603 | 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 | 2,526,354 | 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 | 650,888 | 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 | 1,140,274 | 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 | 253,261 | 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 | 235,709 | 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 | 231,545 | 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 | |
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 | 7,073 | 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 | 123,830 | 43,686 |
Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 97,089 | $ 83,999 |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets for which Nonrecurring Changes in Fair Value have been Recorded) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 9,297,586 | $ 7,810,900 |
Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 97,089 | 83,999 |
Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 9,112,461 | 7,680,003 |
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 | 2,786 | 1,098 |
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 | 73,803 | 79,982 |
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 | 2,919 | |
Loans Held For Sale | Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 20,500 | $ 0 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Investments, Fair Value Disclosure | $ 9,177,870 | $ 7,769,949 |
Non-marketable equity securities | 195,865 | 253,664 |
Liabilities: | ||
Time Deposits | 4,807,199 | 7,347,247 |
Federal funds purchased | 180,000 | 100,000 |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Cash and cash equivalents | 397,716 | 214,673 |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Non-marketable equity securities | 195,865 | 253,664 |
Loans held for sale | 25,057 | 39,731 |
Derivative assets | 123,830 | 43,686 |
Liabilities: | ||
Time Deposits | 4,814,862 | 7,377,301 |
Federal funds purchased | 180,000 | 100,000 |
FHLB advances | 3,127,190 | 4,500,969 |
Notes Payable, Fair Value Disclosure | 849,120 | 473,327 |
Derivative liabilities | 44,490 | 19,029 |
Demand, savings and money market deposits | 22,688,617 | 17,047,344 |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Loans Receivable, Fair Value Disclosure | 24,205,016 | 23,350,684 |
Carrying Value | ||
Assets: | ||
Cash and cash equivalents | 397,716 | 214,673 |
Investments, Fair Value Disclosure | 9,176,683 | 7,769,237 |
Non-marketable equity securities | 195,865 | 253,664 |
Loans held for sale | 24,676 | 37,926 |
Loans Receivable, Fair Value Disclosure | 23,608,719 | 23,046,317 |
Derivative assets | 123,830 | 43,686 |
Liabilities: | ||
Time Deposits | 4,807,199 | 7,347,247 |
Federal funds purchased | 180,000 | 100,000 |
FHLB advances | 3,122,999 | 4,480,501 |
Notes Payable, Fair Value Disclosure | 722,495 | 429,338 |
Derivative liabilities | 44,490 | 19,029 |
Demand, savings and money market deposits | $ 22,688,617 | $ 17,047,344 |
Commitments and Contingencies C
Commitments and Contingencies Commitments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 4,133,006 |
Loan Origination Commitments [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 419,526 |
Unused lines of Credit [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 3,620,155 |
Standby Letters of Credit [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 93,325 |
Condensed Financial Statement_3
Condensed Financial Statements of BankUnited, Inc. (Schedule of Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Assets: | |||||
Cash and cash equivalents | $ 397,716 | $ 214,673 | |||
Investment securities available for sale, at fair value | 9,062,409 | 7,698,665 | |||
Other assets | 571,051 | 491,498 | |||
Total assets | 35,010,493 | 32,871,293 | |||
Liabilities and Stockholders' Equity: | |||||
Liabilities | 32,027,481 | 29,890,514 | |||
Stockholders' equity | 2,983,012 | 2,980,779 | $ 2,923,833 | $ 3,026,062 | $ 3,026,062 |
Total liabilities and stockholders' equity | 35,010,493 | 32,871,293 | |||
Parent Company [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 289,761 | 204,589 | $ 143,843 | $ 131,696 | |
Investment securities available for sale, at fair value | 104,274 | 60,572 | |||
Investment in subsidiaries | 3,288,252 | 3,104,660 | |||
Other assets | 29,978 | 42,454 | |||
Total assets | 3,712,265 | 3,412,275 | |||
Liabilities and Stockholders' Equity: | |||||
Notes Payable | 689,932 | 395,090 | |||
Liabilities | 39,321 | 36,406 | |||
Stockholders' equity | 2,983,012 | 2,980,779 | |||
Total liabilities and stockholders' equity | $ 3,712,265 | $ 3,412,275 |
Condensed Financial Statement_4
Condensed Financial Statements of BankUnited, Inc. (Schedule of Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest Expense - Borrowings | $ 115,871 | $ 143,905 | $ 114,488 | ||||||||
Employee compensation and benefits | 217,156 | 235,330 | 254,997 | ||||||||
Provision for income taxes | $ 21,228 | $ 19,353 | $ 20,396 | $ (9,471) | $ 15,072 | $ 24,182 | $ 27,431 | $ 24,213 | 51,506 | 90,898 | 90,784 |
Net income | $ 85,737 | $ 66,559 | $ 76,508 | $ (30,951) | $ 89,456 | $ 76,219 | $ 81,451 | $ 65,972 | 197,853 | 313,098 | 324,866 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest and Dividend Income - Investment securities | 4,214 | 3,595 | 3,532 | ||||||||
Service fees from subsidiaries | 15,935 | 18,080 | 21,000 | ||||||||
Equity in earnings of subsidiaries | 224,734 | 335,723 | 349,937 | ||||||||
Other Income | 3,822 | 2,690 | (2,805) | ||||||||
Total Income | 248,705 | 360,088 | 371,664 | ||||||||
Interest Expense - Borrowings | 29,041 | 20,200 | 20,165 | ||||||||
Employee compensation and benefits | 24,867 | 28,270 | 28,477 | ||||||||
Other Expenses | 3,711 | 4,396 | 5,617 | ||||||||
Total expense | 57,619 | 52,866 | 54,259 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 191,086 | 307,222 | 317,405 | ||||||||
Provision for income taxes | (6,767) | (5,876) | (7,461) | ||||||||
Net income | $ 197,853 | $ 313,098 | $ 324,866 |
Condensed Financial Statement_5
Condensed Financial Statements of BankUnited, Inc. (Schedule of Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||||||||||
Net income | $ 85,737 | $ 66,559 | $ 76,508 | $ (30,951) | $ 89,456 | $ 76,219 | $ 81,451 | $ 65,972 | $ 197,853 | $ 313,098 | $ 324,866 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity based compensation | 20,367 | 23,367 | 23,137 | ||||||||
Net cash provided by operating activities | 864,168 | 635,706 | 824,252 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of investment securities available for sale | (4,208,597) | (3,896,234) | (4,138,994) | ||||||||
Proceeds from repayments and calls of investment securities | 1,352,788 | 1,370,584 | 1,533,951 | ||||||||
Other | (22,117) | (39,879) | (3,184) | ||||||||
Net cash used in investing activities | (2,620,715) | (1,075,496) | (2,041,531) | ||||||||
Cash flows from financing activities: | |||||||||||
Dividends paid | (86,522) | (84,083) | (91,305) | ||||||||
Exercise of stock options | (19,611) | (5,817) | (7,727) | ||||||||
Other | 7,610 | 25,682 | 7,424 | ||||||||
Net cash provided by financing activities | 1,939,590 | 272,390 | 1,404,770 | ||||||||
Cash and cash equivalents, beginning of period | 214,673 | 214,673 | |||||||||
Cash and cash equivalents, end of period | 397,716 | 214,673 | 397,716 | 214,673 | |||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Dividends declared, not paid | 22,309 | 20,775 | 21,673 | ||||||||
Payments for Repurchase of Common Stock | (100,972) | (154,030) | (299,972) | ||||||||
Proceeds from Issuance of Subordinated Long-term Debt | 293,858 | 0 | 0 | ||||||||
Parent Company [Member] | |||||||||||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||||||||||
Net income | 197,853 | 313,098 | 324,866 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | (224,734) | (30,723) | 70,064 | ||||||||
Equity based compensation | 20,367 | 23,367 | 23,137 | ||||||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 10,171 | (8,656) | (15,654) | ||||||||
Net cash provided by operating activities | 3,657 | 297,086 | 402,413 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital contributions to subsidiary | (53,266) | (8,963) | 0 | ||||||||
Purchase of investment securities available for sale | 13,426 | 11,575 | 0 | ||||||||
Proceeds from repayments and calls of investment securities | 0 | (142) | (156) | ||||||||
Other | (39,840) | 2,470 | (156) | ||||||||
Net cash used in investing activities | |||||||||||
Cash flows from financing activities: | |||||||||||
Dividends paid | (86,522) | (84,083) | (91,305) | ||||||||
Exercise of stock options | (19,611) | (5,817) | (7,727) | ||||||||
Other | 4,620 | 6,514 | 6,560 | ||||||||
Net cash provided by financing activities | 121,355 | (238,810) | (390,110) | ||||||||
Net (decrease) increase in cash and cash equivalents | 85,172 | 60,746 | 12,147 | ||||||||
Cash and cash equivalents, beginning of period | $ 204,589 | $ 143,843 | 204,589 | 143,843 | 131,696 | ||||||
Cash and cash equivalents, end of period | $ 289,761 | $ 204,589 | 289,761 | 204,589 | 143,843 | ||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Dividends declared, not paid | 22,309 | 20,775 | 21,673 | ||||||||
Payments for Repurchase of Common Stock | (100,972) | (154,030) | (299,972) | ||||||||
Proceeds from Issuance of Subordinated Long-term Debt | $ 293,858 | $ 0 | $ 0 |
Condensed Financial Statement_6
Condensed Financial Statements of BankUnited, Inc. (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | $ (305) | $ (420) |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest and Dividend Income, Operating | $ 251,120 | $ 254,572 | $ 267,778 | $ 294,139 | $ 309,410 | $ 323,402 | $ 327,229 | $ 321,829 | $ 1,067,609 | $ 1,281,870 | $ 1,449,144 |
Interest Expense | 57,754 | 67,093 | 77,441 | 113,563 | 124,099 | 137,712 | 136,346 | 130,928 | 315,851 | 529,085 | 399,051 |
Net interest income before provision for loan losses | 193,366 | 187,479 | 190,337 | 180,576 | 185,311 | 185,690 | 190,883 | 190,901 | 751,758 | 752,785 | 1,050,093 |
Provision for credit losses | (1,643) | 29,232 | 25,414 | 125,428 | (469) | 1,839 | (2,747) | 10,281 | 178,431 | 8,904 | 25,925 |
Net interest income after provision for loan losses | 195,009 | 158,247 | 164,923 | 55,148 | 185,780 | 183,851 | 193,630 | 180,620 | 573,327 | 743,881 | 1,024,168 |
Noninterest Income | 35,280 | 36,292 | 38,351 | 23,298 | 37,756 | 37,856 | 35,337 | 36,255 | 133,221 | 147,204 | 132,022 |
Noninterest Expense | 123,324 | 108,627 | 106,370 | 118,868 | 119,008 | 121,306 | 120,085 | 126,690 | 457,189 | 487,089 | 740,540 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 106,965 | 85,912 | 96,904 | (40,422) | 104,528 | 100,401 | 108,882 | 90,185 | 249,359 | 403,996 | |
Provision for income taxes | 21,228 | 19,353 | 20,396 | (9,471) | 15,072 | 24,182 | 27,431 | 24,213 | 51,506 | 90,898 | 90,784 |
Net income | $ 85,737 | $ 66,559 | $ 76,508 | $ (30,951) | $ 89,456 | $ 76,219 | $ 81,451 | $ 65,972 | $ 197,853 | $ 313,098 | $ 324,866 |
Earnings per common share, basic | $ 0.89 | $ 0.70 | $ 0.80 | $ (0.33) | $ 0.91 | $ 0.78 | $ 0.81 | $ 0.65 | $ 2.06 | $ 3.14 | $ 3.01 |
Earnings per common share, diluted | $ 0.89 | $ 0.70 | $ 0.80 | $ (0.33) | $ 0.91 | $ 0.77 | $ 0.81 | $ 0.65 | $ 2.06 | $ 3.13 | $ 2.99 |
Uncategorized Items - bku-20201
Label | Element | Value |
Common Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 951,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 1,068,000 |
Shares, Outstanding | us-gaap_SharesOutstanding | 95,128,231 |
Shares, Outstanding | us-gaap_SharesOutstanding | 106,848,185 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 63,888,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (31,827,000) |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 1,083,920,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 1,498,227,000 |
Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 1,462,879,000 |
Accounting Standards Update 2016-13 [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 2,956,962,000 |
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 1,903,918,000 |