Cover Page
Cover Page - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Aug. 02, 2021 | |
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-Q | ||
Document Period End Date | Jun. 30, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Entity File Number | 001-35039 | ||
Document Fiscal Period Focus | Q2 | ||
Document Annual Report | true | ||
Amendment Flag | false | ||
Entity Common Stock Shares Outstanding | 92,820,882 | ||
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 Current Reporting Status | Yes | ||
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and due from banks: | ||
Non-interest bearing | $ 17,902 | $ 20,233 |
Interest bearing | 877,446 | 377,483 |
Cash and cash equivalents | 895,348 | 397,716 |
Investment securities (including securities recorded at fair value of $10,222,035 and $9,166,683) | 10,232,035 | 9,176,683 |
Non-marketable equity securities | 164,959 | 195,865 |
Loans held for sale | 0 | 24,676 |
Loans | 22,885,074 | 23,866,042 |
Allowance for credit losses | (175,642) | (257,323) |
Loans, net | 22,709,432 | 23,608,719 |
Bank owned life insurance | 303,519 | 294,629 |
Operating lease equipment, net | 667,935 | 663,517 |
Goodwill | 77,637 | 77,637 |
Other assets | 649,422 | 571,051 |
Total assets | 35,700,287 | 35,010,493 |
Demand deposits: | ||
Non-interest bearing | 8,834,228 | 7,008,838 |
Interest bearing | 3,218,441 | 3,020,039 |
Savings and money market | 13,578,526 | 12,659,740 |
Time | 2,978,074 | 4,807,199 |
Total deposits | 28,609,269 | 27,495,816 |
Federal funds purchased | 0 | 180,000 |
FHLB advances | 2,681,505 | 3,122,999 |
Notes and other borrowings | 721,639 | 722,495 |
Other liabilities | 526,331 | 506,171 |
Total liabilities | 32,538,744 | 32,027,481 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 93,238,553 and 93,067,500 shares issued and outstanding | 932 | 931 |
Paid-in capital | 1,011,786 | 1,017,518 |
Retained earnings | 2,173,698 | 2,013,715 |
Accumulated other comprehensive loss | (24,873) | (49,152) |
Total stockholders' equity | 3,161,543 | 2,983,012 |
Total liabilities and stockholders' equity | 35,700,287 | 35,010,493 |
Financing Receivable, Allowance for Credit Loss | 175,642 | 257,323 |
Assets | 35,700,287 | 35,010,493 |
Loans [Member] | ||
Cash and due from banks: | ||
Allowance for credit losses | (175,642) | (257,323) |
Financing Receivable, Allowance for Credit Loss | $ 175,642 | $ 257,323 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investment securities recorded at fair value | $ 10,222,035 | $ 9,166,683 |
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) | 93,067,500 | |
Common stock, shares outstanding (in Shares) | 93,067,500 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income: | ||||
Loans | $ 202,520 | $ 213,938 | $ 407,855 | $ 448,297 |
Investment securities | 37,674 | 50,932 | 76,175 | 106,992 |
Other | 1,607 | 2,908 | 3,200 | 6,628 |
Total interest income | 241,801 | 267,778 | 487,230 | 561,917 |
Interest expense: | ||||
Deposits | 17,316 | 50,187 | 39,692 | 133,009 |
Borrowings | 26,174 | 27,254 | 52,987 | 57,995 |
Total interest expense | 43,490 | 77,441 | 92,679 | 191,004 |
Net interest income before provision for credit losses | 198,311 | 190,337 | 394,551 | 370,913 |
Provision for (recovery of) credit losses | (27,534) | 25,414 | (55,523) | 150,842 |
Net interest income after provision for credit losses | 225,845 | 164,923 | 450,074 | 220,071 |
Non-interest income: | ||||
Deposit service charges and fees | 5,417 | 3,701 | 10,317 | 7,887 |
Gain on sale of loans, net | 2,234 | 4,326 | 3,988 | 7,792 |
Gain on investment securities, net | 4,155 | 6,836 | 6,520 | 3,383 |
Lease financing | 13,522 | 16,150 | 26,010 | 31,631 |
Other non-interest income | 7,429 | 7,338 | 16,218 | 10,956 |
Total non-interest income | 32,757 | 38,351 | 63,053 | 61,649 |
Non-interest expense: | ||||
Employee compensation and benefits | 56,459 | 48,877 | 115,747 | 107,764 |
Occupancy and equipment | 11,492 | 11,901 | 23,367 | 24,270 |
Deposit insurance expense | 4,222 | 4,806 | 11,672 | 9,209 |
Professional fees | 2,139 | 3,131 | 4,051 | 6,335 |
Technology and telecommunications | 16,851 | 14,025 | 32,592 | 26,621 |
Depreciation of operating lease equipment | 12,834 | 12,219 | 25,051 | 24,822 |
Other non-interest expense | 14,455 | 11,411 | 29,193 | 26,217 |
Total non-interest expense | 118,452 | 106,370 | 241,673 | 225,238 |
Income before income taxes | 140,150 | 96,904 | 271,454 | 56,482 |
Provision for income taxes | 36,176 | 20,396 | 68,666 | 10,925 |
Net income | $ 103,974 | $ 76,508 | $ 202,788 | $ 45,557 |
Earnings per common share, basic | $ 1.12 | $ 0.80 | $ 2.18 | $ 0.47 |
Earnings per common share, diluted | $ 1.11 | $ 0.80 | $ 2.17 | $ 0.47 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Non-interest income: | ||||
Gain on sale of loans, net | $ 2,234 | $ 4,326 | $ 3,988 | $ 7,792 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 103,974 | $ 76,508 | $ 202,788 | $ 45,557 |
Unrealized gains on investment securities available for sale: | ||||
Net unrealized holding gain (loss) arising during the period | 13,926 | 188,405 | (8,559) | (24,755) |
Reclassification adjustment for net securities gains realized in income | (2,118) | (4,264) | (5,073) | (5,404) |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax, Total | 11,808 | 184,141 | (13,632) | (30,159) |
Unrealized losses on derivative instruments: | ||||
Net unrealized holding gain (loss) arising during the period | (8,944) | (11,070) | 15,667 | (91,884) |
Reclassification adjustment for net losses realized in income | 11,088 | 7,502 | 22,244 | 10,851 |
Net change in unrealized losses on derivative instruments | 2,144 | (3,568) | 37,911 | (81,033) |
Other comprehensive income (loss) | 13,952 | 180,573 | 24,279 | (111,192) |
Comprehensive income (loss) | $ 117,926 | $ 257,081 | $ 227,067 | $ (65,635) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 202,788 | $ 45,557 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Amortization and accretion, net | (15,124) | (11,590) |
Provision for (recovery of) credit losses | (55,523) | 150,842 |
Gain on sale of loans, net | (3,988) | (7,792) |
Gain on investment securities, net | (6,520) | (3,383) |
Equity based compensation | 12,414 | 7,351 |
Depreciation and amortization | 37,089 | 35,691 |
Deferred income taxes | 1,218 | (769) |
Proceeds from sale of loans held for sale | 455,996 | 369,807 |
Loans originated for sale, net of repayments | 0 | (17,681) |
Other: | ||
Increase in other assets | (132,384) | (23,101) |
(Decrease) increase in other liabilities | 81,833 | (224,093) |
Net cash provided by operating activities | 577,799 | 320,839 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Purchase of investment securities | (3,145,279) | (2,263,847) |
Proceeds from repayments and calls of investment securities | 1,265,922 | 587,139 |
Proceeds from sale of investment securities | 800,056 | 547,337 |
Purchase of non-marketable equity securities | (1,200) | (128,562) |
Proceeds from redemption of non-marketable equity securities | 32,106 | 149,175 |
Purchases of loans | (2,271,081) | (1,085,437) |
Loan originations and repayments, net | 2,638,153 | 68,012 |
Proceeds from sale of loans, net | 183,263 | 11,604 |
Acquisition of operating lease equipment | (38,875) | (19,118) |
Other investing activities | (5,183) | (10,663) |
Net cash used in investing activities | (542,118) | (2,144,360) |
Cash flows from financing activities: | ||
Net increase in deposits | 1,113,453 | 1,675,833 |
Net increase in federal funds purchased | (180,000) | 0 |
Additions to Federal Home Loan Bank advances | 1,106,000 | 3,762,336 |
Repayments of Federal Home Loan Bank advances | (1,545,999) | (3,596,310) |
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 293,858 |
Dividends paid | (43,714) | (42,702) |
Repurchase of common stock | (7,263) | (100,972) |
Other financing activities | 19,474 | 19,036 |
Net cash provided by financing activities | 461,951 | 2,011,079 |
Net (decrease) increase in cash and cash equivalents | 497,632 | 187,558 |
Cash and cash equivalents, beginning of period | 397,716 | 214,673 |
Cash and cash equivalents, end of period | 895,348 | 402,231 |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | 94,782 | 209,233 |
Income taxes (refunded) paid, net | 236,491 | 4,883 |
Supplemental schedule of non-cash investing and financing activities: | ||
Unsettled Sale of Loans | 0 | 11,058 |
Transfers from loans to loans held for sale | 611,568 | 329,308 |
Dividends declared, not paid | 21,400 | 21,909 |
Unsettled Investment Securities, net of purchases and sales | $ 0 | $ 174,788 |
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 | 95,128,231 | ||||
Total stockholders' equity | $ 2,980,779 | $ 951 | $ 1,083,920 | $ 1,927,735 | $ (31,827) |
Comprehensive income | (65,635) | 45,557 | (111,192) | ||
Dividends ($0.46 per common share) | $ (43,836) | (43,836) | |||
Common Stock, Dividends, Per Share, Declared | $ 0.46 | ||||
Equity based compensation (in Shares) | 743,696 | ||||
Equity based compensation | $ 11,436 | $ 8 | 11,428 | ||
Forfeiture of unvested shares (in Shares) | (186,072) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | $ (4,431) | $ (3) | (4,428) | ||
Exercise of stock options (in Shares) | 60,000 | 60,000 | |||
Exercise of stock options | $ 1,529 | $ 1 | 1,528 | ||
Stock Repurchased During Period, Shares | (3,325,577) | ||||
Stock Repurchased During Period, Value | (100,972) | $ (33) | (100,939) | ||
Shares, Outstanding | 92,406,294 | ||||
Total stockholders' equity | 2,516,129 | $ 924 | 987,757 | 1,851,040 | (323,592) |
Comprehensive income | 257,081 | 76,508 | 180,573 | ||
Dividends ($0.46 per common share) | $ (21,909) | (21,909) | |||
Common Stock, Dividends, Per Share, Declared | $ 0.23 | ||||
Equity based compensation (in Shares) | 56,688 | ||||
Equity based compensation | $ 3,763 | $ 1 | 3,762 | ||
Forfeiture of unvested shares (in Shares) | (42,704) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (11) | $ (1) | (10) | ||
Shares, Outstanding | 92,420,278 | ||||
Total stockholders' equity | 2,755,053 | $ 924 | 991,509 | 1,905,639 | (143,019) |
Shares, Outstanding | 93,067,500 | ||||
Total stockholders' equity | 2,983,012 | $ 931 | 1,017,518 | 2,013,715 | (49,152) |
Comprehensive income | 227,067 | 202,788 | 24,279 | ||
Dividends ($0.46 per common share) | $ (42,805) | (42,805) | |||
Common Stock, Dividends, Per Share, Declared | $ 0.46 | ||||
Equity based compensation (in Shares) | 559,180 | ||||
Equity based compensation | $ 7,223 | $ 5 | 7,218 | ||
Forfeiture of unvested shares (in Shares) | (184,632) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | $ (5,716) | $ (2) | (5,714) | ||
Exercise of stock options (in Shares) | 1,569 | 1,569 | |||
Exercise of stock options | $ 25 | 25 | |||
Stock Repurchased During Period, Shares | (205,064) | ||||
Stock Repurchased During Period, Value | (7,263) | $ (2) | (7,261) | ||
Shares, Outstanding | 93,263,632 | ||||
Total stockholders' equity | 3,061,835 | $ 933 | 1,008,603 | 2,091,124 | (38,825) |
Comprehensive income | 117,926 | 103,974 | 13,952 | ||
Dividends ($0.46 per common share) | $ (21,400) | (21,400) | |||
Common Stock, Dividends, Per Share, Declared | $ 0.23 | ||||
Equity based compensation (in Shares) | 19,469 | ||||
Equity based compensation | $ 3,211 | $ 0 | 3,211 | ||
Forfeiture of unvested shares (in Shares) | (44,548) | ||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | (29) | $ (1) | (28) | ||
Shares, Outstanding | 93,238,553 | ||||
Total stockholders' equity | $ 3,161,543 | $ 932 | $ 1,011,786 | $ 2,173,698 | $ (24,873) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation (Notes) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation and Summary of Significant Accounting Policies BankUnited, Inc. is a national bank holding company with one wholly-owned subsidiary, BankUnited, collectively, the Company. BankUnited, a national banking association headquartered in Miami Lakes, Florida, provides a full range of banking and related services to individual and corporate customers through 65 banking centers located in 13 Florida counties and 4 banking centers located in the New York metropolitan area at June 30, 2021. The Bank also offers certain commercial lending and deposit products through national platforms. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, these do not include all of the information and footnotes required for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing in BKU’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected in future periods. 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. New Accounting Pronouncements Adopted During the Six Months Ended June 30, 2021 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. 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. The Company elected to adopt this ASU on a retrospective basis. The impact of adoption of this ASU on the Company's consolidated financial position, results of operations, and cash flows was not material. Accounting Pronouncements Not Yet Adopted ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . This ASU simplifies the accounting for convertible debt and convertible preferred stock by reducing the number of accounting models for these instruments, resulting in fewer embedded conversion features being separately recognized from the host contract. Additionally, this ASU revises the criteria for determining whether contracts in an entity's own equity meet the scope exception from derivative accounting, which will change the population of contracts that are recognized as assets or liabilities. The amendments in this ASU also revise certain aspects of the guidance on calculating earnings per share with respect to convertible instruments and instruments that may be settled in the entity's own shares. This ASU is effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2021. The Company has not finalized its evaluation of the impact of adoption on its consolidated financial position, results of operations, and cash flows, but the impact is not currently expected to be material. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 2 Earnings Per Common Share The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, c 2021 2020 2021 2020 Basic earnings per common share: Numerator: Net income $ 103,974 $ 76,508 $ 202,788 $ 45,557 Distributed and undistributed earnings allocated to participating securities (1,338) (3,353) (2,589) (1,939) Income allocated to common stockholders for basic earnings per common share $ 102,636 $ 73,155 $ 200,199 $ 43,618 Denominator: Weighted average common shares outstanding 93,245,282 92,409,949 93,160,962 93,177,243 Less average unvested stock awards (1,241,381) (1,207,798) (1,223,555) (1,154,589) Weighted average shares for basic earnings per common share 92,003,901 91,202,151 91,937,407 92,022,654 Basic earnings per common share $ 1.12 $ 0.80 $ 2.18 $ 0.47 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 102,636 $ 73,155 $ 200,199 $ 43,618 Adjustment for earnings reallocated from participating securities 2 — 3 — Income used in calculating diluted earnings per common share $ 102,638 $ 73,155 $ 200,202 $ 43,618 Denominator: Weighted average shares for basic earnings per common share 92,003,901 91,202,151 91,937,407 92,022,654 Dilutive effect of stock options and certain shared-based awards 181,061 705 137,542 126,858 Weighted average shares for diluted earnings per common share 92,184,962 91,202,856 92,074,949 92,149,512 Diluted earnings per common share $ 1.11 $ 0.80 $ 2.17 $ 0.47 Potentially dilutive unvested shares and share units totaling 1,212,062 and 1,743,403 were outstanding at June 30, 2021 and 2020, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive. Participating securities for the three and six months ended June 30, 2020 include 3,023,314 dividend equivalent rights that were issued in conjunction with the IPO of the Company's common stock. These dividend equivalent rights expired in February 2021 and, while outstanding, participated in dividends on a one-for-one basis. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 Investment Securities Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands): June 30, 2021 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 158,977 $ 469 $ (2,809) $ 156,637 U.S. Government agency and sponsored enterprise residential MBS 2,197,562 22,257 (4,379) 2,215,440 U.S. Government agency and sponsored enterprise commercial MBS 831,726 8,564 (4,702) 835,588 Private label residential MBS and CMOs 2,104,579 9,475 (2,327) 2,111,727 Private label commercial MBS 2,579,963 18,530 (4,469) 2,594,024 Single family rental real estate-backed securities 608,269 9,961 (785) 617,445 Collateralized loan obligations 986,214 269 (4,216) 982,267 Non-mortgage asset-backed securities 172,791 3,715 — 176,506 State and municipal obligations 209,791 18,834 — 228,625 SBA securities 216,682 2,244 (3,292) 215,634 10,066,554 $ 94,318 $ (26,979) 10,133,893 Investment securities held to maturity 10,000 10,000 $ 10,076,554 10,143,893 Marketable equity securities 88,142 $ 10,232,035 December 31, 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 (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 June 30, 2021 and December 31, 2020 consisted of one State of Israel bond maturing in 2024. Accrued interest receivable on investments totaled $17 million at both June 30, 2021 and December 31, 2020, and is included in other assets in the accompanying consolidated balance sheets. At June 30, 2021, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 1,463,157 $ 1,468,146 Due after one year through five years 6,199,918 6,245,085 Due after five years through ten years 1,971,729 1,984,142 Due after ten years 431,750 436,520 $ 10,066,554 $ 10,133,893 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 at both June 30, 2021 and December 31, 2020. The following table provides information about gains and losses on investment securities for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Proceeds from sale of investment securities AFS $ 389,814 $ 240,805 $ 800,056 $ 547,337 Gross realized gains on investment securities AFS $ 2,870 $ 5,723 $ 6,862 $ 7,255 Gross realized losses on investment securities AFS (29) — (54) (2) Net realized gain 2,841 5,723 6,808 7,253 Net unrealized gains (losses) on marketable equity securities recognized in earnings 1,314 1,113 (288) (3,870) Gain on investment securities, net $ 4,155 $ 6,836 $ 6,520 $ 3,383 The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands): June 30, 2021 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 $ 121,096 $ (2,809) $ — $ — $ 121,096 $ (2,809) U.S. Government agency and sponsored enterprise residential MBS 287,258 (1,161) 367,303 (3,218) 654,561 (4,379) U.S. Government agency and sponsored enterprise commercial MBS 234,214 (4,369) 84,177 (333) 318,391 (4,702) Private label residential MBS and CMOs 597,907 (2,327) — — 597,907 (2,327) Private label commercial MBS 400,800 (3,019) 278,005 (1,450) 678,805 (4,469) Single family rental real estate-backed securities 122,180 (785) — — 122,180 (785) Collateralized loan obligations — — 565,872 (4,216) 565,872 (4,216) SBA securities — — 120,630 (3,292) 120,630 (3,292) $ 1,763,455 $ (14,470) $ 1,415,987 $ (12,509) $ 3,179,442 $ (26,979) December 31, 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) The Company monitors its investment securities available for sale for credit loss impairment on an individual security basis. No securities were determined to be credit loss impaired during the three and six months ended June 30, 2021 and 2020. At June 30, 2021, 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 June 30, 2021, 158 securities available for sale were in unrealized loss positions. The unrealized losses are primarily attributable to changes in interest rates and, in some cases, volatility in the financial markets since their purchase. The amount of impairment related to 51 of these securities was considered insignificant both individually and in the aggregate, totaling approximately $0.4 million and no further analysis with respect to these securities was considered necessary. For U.S. Government, U.S. government agency and U.S. government sponsored enterprise securities, the timely payment of principal and interest 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. For all other AFS securities in a significant unrealized loss position, the Company performed an analysis by first determining the present value of cash flows expected to be collected, based on stressed economic scenarios more severe than our reasonable and supportable economic forecast. The present value was then compared to the amortized cost basis to identify possible impairment. The economic forecast scenario used for evaluation of impaired securities incorporates assumptions about voluntary prepayment rates, collateral defaults, delinquencies, severity, recovery lag and other relevant factors. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 4 Loans and Allowance for Credit Losses Loans consisted of the following at the dates indicated (dollars in thousands): June 30, 2021 December 31, 2020 Total Percent of Total Total Percent of Total Residential and other consumer: 1-4 single family residential $ 5,206,766 22.8 % $ 4,922,836 20.6 % Government insured residential 1,863,723 8.1 % 1,419,074 5.9 % Other consumer loans 5,785 — % 6,312 0.1 % 7,076,274 30.9 % 6,348,222 26.6 % Commercial: Multi-family 1,256,711 5.5 % 1,639,201 6.9 % Non-owner occupied commercial real estate 4,724,183 20.7 % 4,963,273 20.8 % Construction and land 218,634 1.0 % 293,307 1.2 % Owner occupied commercial real estate 1,960,900 8.6 % 2,000,770 8.4 % Commercial and industrial 4,205,795 18.4 % 4,447,383 18.6 % PPP 491,960 2.1 % 781,811 3.3 % Pinnacle 1,046,537 4.6 % 1,107,386 4.6 % Bridge - franchise finance 463,874 2.0 % 549,733 2.3 % Bridge - equipment finance 421,939 1.8 % 475,548 2.0 % Mortgage warehouse lending 1,018,267 4.4 % 1,259,408 5.3 % 15,808,800 69.1 % 17,517,820 73.4 % Total loans 22,885,074 100.0 % 23,866,042 100.0 % Allowance for credit losses (175,642) (257,323) Loans, net $ 22,709,432 $ 23,608,719 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $46 million and $39 million at June 30, 2021 and December 31, 2020, respectively. The amortized cost basis of residential PCD loans and the related amount of non-credit discount was $100 million and $95 million, respectively at June 30, 2021 and $118 million and $115 million, respectively at December 31, 2020. The ACL related to PCD residential loans was $1.2 million and $2.8 million at June 30, 2021 and December 31, 2020, respectively. Included in the table above are direct or sales type finance leases totaling $665 million and $670 million at June 30, 2021 and December 31, 2020, respectively. The amount of income recognized from direct or sales type finance leases for the three and six months ended June 30, 2021 and 2020 totaled $4.5 million, $9.9 million, $5.3 million and $10.7 million, respectively and is recorded as interest income on loans in the consolidated statements of income. During the three and six months ended June 30, 2021 and 2020, the Company purchased 1-4 single family residential loans totaling $1.3 billion, $2.3 billion, $582 million and $1.1 billion, respectively. Purchases for the three and six months ended June 30, 2021 and 2020 included $578 million, $973 million, $243 million and $529 million, respectively, of government insured residential loans. At June 30, 2021 and December 31, 2020, the Company had pledged loans with a carrying value of approximately $9.5 billion and $9.6 billion, respectively, as security for FHLB advances and Federal Reserve discount window capacity. At June 30, 2021 and December 31, 2020, accrued interest receivable on loans, net of related ACL at December 31, 2020, totaled $97 million and $99 million, respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the three and six months ended June 30, 2021 and 2020. Allowance for credit losses The ACL was determined utilizing a 2-year reasonable and supportable forecast period based on a single economic scenario. Activity in the ACL is summarized below for the periods indicated (in thousands): Three Months Ended June 30, 2021 2020 Residential and Other Consumer Commercial Total Residential and Other Consumer Commercial Total Beginning balance $ 15,844 $ 205,090 $ 220,934 $ 12,576 $ 238,003 $ 250,579 Provision (recovery) (3,938) (23,725) (27,663) (1,924) 33,508 31,584 Charge-offs — (18,402) (18,402) — (19,178) (19,178) Recoveries 3 770 773 43 3,095 3,138 Ending balance $ 11,909 $ 163,733 $ 175,642 $ 10,695 $ 255,428 $ 266,123 Six Months Ended June 30, 2021 2020 Residential and Other Consumer Commercial Total Residential and Other Consumer Commercial Total Beginning balance $ 18,719 $ 238,604 $ 257,323 $ 11,154 $ 97,517 $ 108,671 Impact of adoption of ASU 2016-13 — — — 8,098 19,207 27,305 Balance after adoption of ASU 2016-13 18,719 238,604 257,323 19,252 116,724 135,976 Provision (recovery) (6,802) (47,167) (53,969) (8,572) 162,021 153,449 Charge-offs (14) (30,380) (30,394) (31) (26,953) (26,984) Recoveries 6 2,676 2,682 46 3,636 3,682 Ending balance $ 11,909 $ 163,733 $ 175,642 $ 10,695 $ 255,428 $ 266,123 The decrease in the ACL from December 31, 2020 to June 30, 2021 related primarily to the recovery of credit losses recorded during the six months ended June 30, 2021. The most significant factor contributing to the recovery of provision was an improving economic forecast. The increase in the ACL from January 1, 2020, the date of initial adoption of ASU 2016-13, to June 30, 2020 was reflective of the impact of the COVID-19 pandemic on current economic conditions, the economic forecast and on individual borrowers and portfolio sub-segments. The following table presents the components of the provision for credit losses for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amount related to funded portion of loans $ (27,663) $ 31,584 $ (53,969) $ 153,449 Amount related to off-balance sheet credit exposures 129 (6,170) (919) (2,607) Amount related to accrued interest receivable — — (271) — Amount related to AFS debt securities — — (364) — Total provision for (recovery of) credit losses $ (27,534) $ 25,414 $ (55,523) $ 150,842 Credit quality information The credit quality of the loan portfolio has been and may continue to be impacted by the COVID-19 crisis, its impact on the economy broadly and more specifically on the Company's individual borrowers. While economic conditions continue to improve, some level of uncertainty continues to exist about the full extent of this impact and the trajectory of recovery. The ultimate impact may not be fully reflected in some of the credit quality indicators disclosed below. Delinquency statistics may not be fully reflective of the impact of the COVID-19 crisis due to deferral and modification 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 first quarter of 2021. LTVs are typically at origination since we do not routinely update residential appraisals. Substantially all of the government insured residential loans are government insured buyout loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment and wages, as well as residential property values. 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status: June 30, 2021 Amortized Cost By Origination Year 2021 2020 2019 2018 2017 Prior Total Current $ 1,083,253 $ 1,189,810 $ 473,427 $ 279,499 $ 441,586 $ 1,660,924 $ 5,128,499 30 - 59 Days Past Due 15,148 7,150 9,631 3,635 3,848 6,086 45,498 60 - 89 Days Past Due — 922 3,229 812 1,082 3,300 9,345 90 Days or More Past Due — — 1,702 5,144 851 15,727 23,424 $ 1,098,401 $ 1,197,882 $ 487,989 $ 289,090 $ 447,367 $ 1,686,037 $ 5,206,766 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 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV: June 30, 2021 Amortized Cost By Origination Year LTV 2021 2020 2019 2018 2017 Prior Total Less than 61% $ 419,732 $ 437,986 $ 108,821 $ 68,019 $ 138,073 $ 588,791 $ 1,761,422 61% - 70% 296,621 317,275 114,771 71,726 88,144 425,875 1,314,412 71% - 80% 381,806 441,154 255,015 135,047 185,034 637,249 2,035,305 More than 80% 242 1,467 9,382 14,298 36,116 34,122 95,627 $ 1,098,401 $ 1,197,882 $ 487,989 $ 289,090 $ 447,367 $ 1,686,037 $ 5,206,766 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 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score: June 30, 2021 Amortized Cost By Origination Year FICO 2021 2020 2019 2018 2017 Prior Total 760 or greater $ 876,798 $ 885,583 $ 314,923 $ 167,341 $ 314,717 $ 1,140,630 $ 3,699,992 720 - 759 185,830 227,976 99,444 59,330 80,474 304,170 957,224 719 or less 35,773 84,323 73,622 62,419 52,176 241,237 549,550 $ 1,098,401 $ 1,197,882 $ 487,989 $ 289,090 $ 447,367 $ 1,686,037 $ 5,206,766 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 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: June 30, 2021 Amortized Cost By Origination Year Revolving Loans 2021 2020 2019 2018 2017 Prior Total Multi-Family Pass $ 31,965 $ 147,499 $ 245,838 $ 153,168 $ 145,093 $ 274,242 $ 40,238 $ 1,038,043 Special mention — — — 4,258 — 1,827 — 6,085 Substandard — 5,002 42,938 9,599 32,186 122,858 — 212,583 Total Multi-Family $ 31,965 $ 152,501 $ 288,776 $ 167,025 $ 177,279 $ 398,927 $ 40,238 $ 1,256,711 Non-owner occupied commercial real estate Pass $ 213,043 $ 526,381 $ 1,057,193 $ 631,119 $ 424,389 $ 1,016,555 $ 79,761 $ 3,948,441 Special mention — — 24,604 15,662 — 7,641 — 47,907 Substandard — 26,021 146,339 73,142 84,622 397,711 — 727,835 Total non-owner occupied commercial real estate $ 213,043 $ 552,402 $ 1,228,136 $ 719,923 $ 509,011 $ 1,421,907 $ 79,761 $ 4,724,183 Construction and Land Pass $ 3,919 $ 34,832 $ 136,272 $ 10,611 $ 8,605 $ 268 $ 4,840 $ 199,347 Special mention — — 5,184 — — — — 5,184 Substandard — 1,167 2,539 1,328 — 9,069 — 14,103 Total Construction and Land $ 3,919 $ 35,999 $ 143,995 $ 11,939 $ 8,605 $ 9,337 $ 4,840 $ 218,634 Owner occupied commercial real estate Pass $ 51,923 $ 228,037 $ 285,963 $ 236,599 $ 246,368 $ 596,121 $ 28,222 $ 1,673,233 Special mention — 1,796 2,388 3,908 13,628 19,409 794 41,923 Substandard — 6,902 29,021 37,616 46,835 125,370 — 245,744 Total owner occupied commercial real estate $ 51,923 $ 236,735 $ 317,372 $ 278,123 $ 306,831 $ 740,900 $ 29,016 $ 1,960,900 Commercial and industrial Pass $ 363,731 $ 506,653 $ 647,392 $ 184,745 $ 197,346 $ 194,549 $ 1,676,514 $ 3,770,930 Special mention — 937 11,257 16,640 1,611 2,481 438 33,364 Substandard 480 19,291 144,079 42,028 14,278 35,315 129,176 384,647 Doubtful — — — 8 — — 16,846 16,854 Total commercial and industrial $ 364,211 $ 526,881 $ 802,728 $ 243,421 $ 213,235 $ 232,345 $ 1,822,974 $ 4,205,795 PPP Pass $ 282,746 $ 209,214 $ — $ — $ — $ — $ — $ 491,960 Total PPP $ 282,746 $ 209,214 $ — $ — $ — $ — $ — $ 491,960 Pinnacle Pass $ 67,425 $ 141,124 $ 106,430 $ 61,798 $ 202,771 $ 466,989 $ — $ 1,046,537 Total Pinnacle $ 67,425 $ 141,124 $ 106,430 $ 61,798 $ 202,771 $ 466,989 $ — $ 1,046,537 Bridge - Franchise Finance Pass $ 9,078 $ 51,732 $ 114,668 $ 16,475 $ 7,861 $ 10,133 $ — $ 209,947 Special mention — — 1,857 — — — — 1,857 Substandard — 29,679 95,935 78,404 27,192 20,382 — 251,592 Doubtful — — — — — 478 — 478 Total Bridge - Franchise Finance $ 9,078 $ 81,411 $ 212,460 $ 94,879 $ 35,053 $ 30,993 $ — $ 463,874 Bridge - Equipment Finance Pass $ 36,740 $ 19,892 $ 132,856 $ 55,875 $ 33,371 $ 63,653 $ — $ 342,387 Special mention — — — — 1,744 — — 1,744 Substandard — — 14,948 22,404 40,456 — — 77,808 Total Bridge - Equipment Finance $ 36,740 $ 19,892 $ 147,804 $ 78,279 $ 75,571 $ 63,653 $ — $ 421,939 Mortgage Warehouse Lending Pass $ — $ — $ — $ — $ — $ — $ 1,018,267 $ 1,018,267 Total Mortgage Warehouse Lending $ — $ — $ — $ — $ — $ — $ 1,018,267 $ 1,018,267 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 June 30, 2021, the balance of revolving loans converted to term loans was immaterial. The following tables summarize the Company's commercial credit exposure based on internal risk rating, in aggregate, at the dates indicated (in thousands): June 30, 2021 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 $ 1,038,043 $ 3,948,441 $ 199,347 $ 1,673,233 $ 3,770,930 $ 491,960 $ 1,046,537 $ 209,947 $ 342,387 $ 1,018,267 $ 13,739,092 Special mention 6,085 47,907 5,184 41,923 33,364 — — 1,857 1,744 — 138,064 Substandard - accruing 205,514 676,515 9,319 219,162 277,683 — — 218,665 77,808 — 1,684,666 Substandard non-accruing 7,069 51,320 4,784 26,582 106,964 — — 32,927 — — 229,646 Doubtful — — — — 16,854 — — 478 — — 17,332 $ 1,256,711 $ 4,724,183 $ 218,634 $ 1,960,900 $ 4,205,795 $ 491,960 $ 1,046,537 $ 463,874 $ 421,939 $ 1,018,267 $ 15,808,800 December 31, 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 Past Due and Non-Accrual Loans: The following table presents an aging of loans at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Current 30 - 59 60 - 89 90 Days or Total Current 30 - 59 60 - 89 90 Days or Total 1-4 single family residential $ 5,128,499 $ 45,498 $ 9,345 $ 23,424 $ 5,206,766 $ 4,857,332 $ 48,851 $ 7,489 $ 9,164 $ 4,922,836 Government insured residential 951,561 103,054 77,401 731,707 1,863,723 722,367 77,883 56,495 562,329 1,419,074 Other consumer loans 5,742 21 — 22 5,785 6,022 37 22 231 6,312 Multi-family 1,235,529 — 14,113 7,069 1,256,711 1,602,990 17,842 — 18,369 1,639,201 Non-owner occupied commercial real estate 4,677,789 14,113 206 32,075 4,724,183 4,876,823 34,117 20,291 32,042 4,963,273 Construction and land 217,400 888 — 346 218,634 288,032 4,530 399 346 293,307 Owner occupied commercial real estate 1,943,777 924 1,083 15,116 1,960,900 1,971,475 10,756 3,203 15,336 2,000,770 Commercial and industrial 4,173,584 78 2,066 30,067 4,205,795 4,366,009 52,117 552 28,705 4,447,383 PPP 491,960 — — — 491,960 781,811 — — — 781,811 Pinnacle 1,046,537 — — — 1,046,537 1,107,386 — — — 1,107,386 Bridge - franchise finance 441,124 — 9,948 12,802 463,874 498,831 16,423 8,664 25,815 549,733 Bridge - equipment finance 421,939 — — — 421,939 475,548 — — — 475,548 Mortgage warehouse lending 1,018,267 — — — 1,018,267 1,259,408 — — — 1,259,408 $ 21,753,708 $ 164,576 $ 114,162 $ 852,628 $ 22,885,074 $ 22,814,034 $ 262,556 $ 97,115 $ 692,337 $ 23,866,042 Included in the table above is the guaranteed portion of SBA loans past due by 90 days or more totaling $33.6 million and $40.3 million at June 30, 2021 and December 31, 2020, respectively. Loans contractually delinquent by 90 days or more and still accruing totaled $732 million and $562 million at June 30, 2021 and December 31, 2020, respectively, substantially all of which were government insured residential loans. These loans are government insured pool buyout loans, which the Company buys out of GNMA securitizations upon default. The following table presents information about loans on non-accrual status at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Amortized Cost Amortized Cost With No Related Allowance Amortized Cost Amortized Cost With No Related Allowance Residential and other consumer $ 45,553 $ 1,643 $ 28,828 $ 1,755 Commercial: Multi-family 7,069 7,069 24,090 24,090 Non-owner occupied commercial real estate 51,320 30,182 64,017 32,843 Construction and land 4,784 4,439 4,754 4,408 Owner occupied commercial real estate 26,582 7,545 23,152 2,110 Commercial and industrial 123,818 9,760 54,584 9,235 Bridge - franchise finance 33,405 4,010 45,028 9,754 $ 292,531 $ 64,648 $ 244,453 $ 84,195 Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $47.7 million and $51.3 million at June 30, 2021 and December 31, 2020, respectively. The amount of interest income recognized on non-accrual loans was insignificant for the three and six months ended June 30, 2021 and 2020. The amount of additional interest income that would have been recognized on non-accrual loans had they performed in accordance with their contractual terms was approximately $3.4 million and $5.9 million for the three and six months ended June 30, 2021, respectively and $3.0 million and $5.7 million for the three and six months ended June 30, 2020, respectively. Collateral dependent loans: The following table presents the amortized cost basis of collateral dependent loans at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Amortized Cost Extent to Which Secured by Collateral Amortized Cost Extent to Which Secured by Collateral Residential and other consumer $ 2,405 $ 2,377 $ 2,528 $ 2,513 Commercial: Multi-family 7,069 7,069 24,090 24,090 Non-owner occupied commercial real estate 40,965 40,724 52,813 52,435 Construction and land 4,784 4,784 4,754 4,754 Owner occupied commercial real estate 20,228 20,228 14,814 14,777 Commercial and industrial 99,405 61,286 28,112 18,093 Bridge - franchise finance 7,541 5,818 28,986 12,832 Total commercial 179,992 139,909 153,569 126,981 $ 182,397 $ 142,286 $ 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 six months ended June 30, 2021. Foreclosure of residential real estate The recorded investment in residential loans in the process of foreclosure was $200 million, of which $192 million was government insured, at June 30, 2021 and $217 million, of which $209 million was government insured, at December 31, 2020. The carrying amount of foreclosed residential real estate included in other assets in the accompanying consolidated balance sheet was insignificant at June 30, 2021 and December 31, 2020. Troubled debt restructurings The following table summarizes loans that were modified in TDRs during the periods indicated, as well as loans modified during the twelve months preceding June 30, 2021 and 2020 that experienced payment defaults during those periods (dollars in thousands): Three Months Ended June 30, 2021 2020 Loans Modified in TDRs TDRs Experiencing Payment Defaults During the Period Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Government insured residential 116 $ 21,758 54 $ 9,878 52 $ 7,291 121 $ 19,512 Non-owner occupied commercial real estate 1 2,853 — — — — 1 4,249 Commercial and industrial — — — — 2 1,348 — — Bridge - franchise finance — — — — 1 919 5 18,718 117 $ 24,611 54 $ 9,878 55 $ 9,558 127 $ 42,479 Six Months Ended June 30, 2021 2020 Loans Modified in TDRs TDRs Experiencing Payment Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost 1-4 single family residential — $ — — $ — 1 $ 203 — $ — Government insured residential 143 27,235 63 10,997 86 12,183 150 23,994 Non-owner occupied commercial real estate 1 2,853 — — 1 4,249 1 4,249 Commercial and industrial — — — — 2 1,348 3 5,448 Bridge - franchise finance — — — — 9 14,666 8 23,358 144 $ 30,088 63 $ 10,997 99 $ 32,649 $ 162 $ 57,049 TDRs during the three and six months ended June 30, 2021 and 2020 generally included interest rate reductions and extensions of maturity. Included in TDRs are residential loans to borrowers who have not reaffirmed their debt discharged in Chapter 7 bankruptcy. The total amount of such loans is not material. The majority of loan modifications or 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. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 Income Taxes The Company’s effective income tax rate was 25.8% and 25.3% for the three and six months ended June 30, 2021, respectively and 21.0% and 19.3% for the three and six months ended June 30, 2020, respectively. The effective income tax rates differed from the statutory federal income tax rate of 21% for the three and six months ended June 30, 2021 due primarily to the impact of state income taxes, partially offset by the benefit of income not subject to federal tax. These factors were largely offsetting for the 2020 periods, when the effective tax rate did not differ materially from the Federal statutory rate of 21%. During the three and six months ended June 30, 2020, income not subject to tax was a larger percentage of pre-tax income when compared to the same periods in 2021. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 6 Derivatives and Hedging Activities The Company has entered into LIBOR-based interest rate swaps and caps designated as cash flow hedges with the objective of limiting the variability of interest payment cash flows. The Company has also entered into LIBOR-based interest rate swaps designated as fair value hedges designed to hedge changes in the fair value of outstanding fixed rate borrowings caused by fluctuations in the benchmark interest rate. The Company enters into interest rate derivative contracts with certain of its commercial borrowers to enable those borrowers to manage their exposure to interest rate fluctuations. To mitigate interest rate risk associated with these derivative contracts, the Company enters into offsetting derivative contract positions with primary dealers. These interest rate derivative contracts are not designated as hedging instruments; therefore, changes in the fair value of these derivatives are recognized immediately in earnings. For the three and six months ended June 30, 2021 and 2020, the impact on earnings related to changes in fair value of these derivatives was not material. The Company may be exposed to credit risk in the event of non-performance by the counterparties to its interest rate derivative agreements. The Company assesses the credit risk of its financial institution counterparties by monitoring publicly available credit rating and financial information. The Company manages dealer credit risk by entering into interest rate derivatives only with primary and highly rated counterparties, the use of ISDA master agreements, central clearing mechanisms and counterparty limits. The agreements contain bilateral collateral arrangements with the amount of collateral to be posted generally governed by the settlement value of outstanding swaps. The Company manages the risk of default by its commercial borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The Company does not currently anticipate any significant losses from failure of interest rate derivative counterparties to honor their obligations. The CME legally characterizes variation margin payments for centrally cleared derivatives as settlements of the derivatives' exposures rather than collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. The Company's clearing agent for interest rate derivative contracts centrally cleared through the CME settles the variation margin daily with the CME; therefore, those interest rate derivative contracts the Company clears through the CME are reported at a fair value of approximately zero at both June 30, 2021 and December 31, 2020. The following tables set forth certain information concerning the Company’s interest rate contract derivative financial instruments and related hedged items at the dates indicated (dollars in thousands): June 30, 2021 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 2.53% 3-Month LIBOR 2.3 $ 2,381,000 Other liabilities $ — $ (4,544) Interest rate caps purchased, indexed to Fed Funds effective rate Variability of interest cash flows on variable rate borrowings —% —% 4.4 100,000 Other assets 1,259 — Derivatives designated as fair value hedges: Receive-fixed interest rate swaps Variability of fair value of fixed rate borrowings 3-Month LIBOR 1.54% 0.2 200,000 Other liabilities — — Derivatives not designated as hedges: Pay-fixed interest rate swaps 3.57% Indexed to 1-month LIBOR 5.4 1,679,754 Other assets / Other liabilities 1,067 (25,087) Pay-variable interest rate swaps Indexed to 1-month LIBOR 3.57% 5.4 1,679,754 Other assets 77,014 (2,154) Interest rate caps purchased, indexed to 1-month LIBOR 2.36% 2.6 43,000 Other assets 346 — Interest rate caps sold, indexed to 1-month LIBOR 2.36% 2.6 43,000 Other liabilities — (346) $ 6,126,508 $ 79,686 $ (32,131) December 31, 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 / Other liabilities 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) The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest expense for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, Location of Loss Reclassified from AOCI into Income 2021 2020 2021 2020 Interest rate contracts $ (14,882) $ (10,009) $ (29,857) $ (14,565) Interest expense on borrowings During the three and six months ended June 30, 2021 and 2020, no derivative positions designated as cash flow hedges were discontinued and none of the gains and losses reported in AOCI were reclassified into earnings as a result of the discontinuance of cash flow hedges or because of the early extinguishment of debt. As of June 30, 2021, the amount of net loss expected to be reclassified from AOCI into earnings during the next twelve months was $38.9 million. The following table provides information about the amount of gain (loss) related to derivatives designated as fair value hedges recognized in earnings for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, Location of Gain (Loss) in Consolidated Statements of Income 2021 2020 2021 2020 Fair value adjustment on derivatives $ (669) $ 8 $ (1,496) $ 4,028 Interest expense on borrowings Fair value adjustment on hedged items 670 (164) 1,495 (4,072) Interest expense on borrowings Gain (loss) recognized on fair value hedges (ineffective portion) $ 1 $ (156) $ (1) $ (44) The following table provides information about the hedged items related to derivatives designated as fair value hedges at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item $ 200,000 $ 250,000 FHLB advances Cumulative fair value hedging adjustments $ 505 $ 1,999 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 the dates indicated (in thousands): June 30, 2021 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ 1,413 $ — $ 1,413 $ (1,363) $ — $ 50 Derivative liabilities (29,631) — (29,631) 1,363 28,220 (48) $ (28,218) $ — $ (28,218) $ — $ 28,220 $ 2 December 31, 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) The difference between the amounts reported for interest rate swaps subject to master netting agreements and the total fair value of interest rate contract derivative financial instruments reported in the consolidated balance sheets is related to interest rate derivative contracts not subject to master netting agreements. At June 30, 2021, the Company had pledged net financial collateral of $31.5 million as collateral for interest rate swaps in a liability position that are not centrally cleared. The amount of collateral required to be posted varies based on the settlement value of outstanding swaps and in some cases may include initial margin requirements. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 7 Stockholders’ Equity Accumulated Other Comprehensive Income Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands): Three Months Ended June 30, 2021 2020 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding gain arising during the period $ 18,692 $ (4,766) $ 13,926 $ 252,893 $ (64,488) $ 188,405 Amounts reclassified to gain on investment securities available for sale, net (2,842) 724 (2,118) (5,723) 1,459 (4,264) Net change in unrealized gains (losses) on investment securities available for sale 15,850 (4,042) 11,808 247,170 (63,029) 184,141 Unrealized losses on derivative instruments: Net unrealized holding gain (loss) arising during the period (12,005) 3,061 (8,944) (12,288) 1,218 (11,070) Amounts reclassified to interest expense on borrowings 14,882 (3,794) 11,088 10,009 (2,507) 7,502 Net change in unrealized losses on derivative instruments 2,877 (733) 2,144 (2,279) (1,289) (3,568) Other comprehensive income (loss) $ 18,727 $ (4,775) $ 13,952 $ 244,891 $ (64,318) $ 180,573 Six Months Ended June 30, 2021 2020 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding loss arising during the period $ (11,489) $ 2,930 $ (8,559) $ (33,743) $ 8,988 $ (24,755) Amounts reclassified to gain on investment securities available for sale, net (6,809) 1,736 (5,073) (7,253) 1,849 (5,404) Net change in unrealized gains (losses) on investment securities available for sale (18,298) 4,666 (13,632) (40,996) 10,837 (30,159) Unrealized losses on derivative instruments: Net unrealized holding gain (loss) arising during the period 21,030 (5,363) 15,667 (122,239) 30,355 (91,884) Amounts reclassified to interest expense on borrowings 29,857 (7,613) 22,244 14,565 (3,714) 10,851 Net change in unrealized losses on derivative instruments 50,887 (12,976) 37,911 (107,674) 26,641 (81,033) Other comprehensive income (loss) $ 32,589 $ (8,310) $ 24,279 $ (148,670) $ 37,478 $ (111,192) The categories of AOCI and changes therein are presented below for the periods indicated (in thousands): Three Months Ended June 30, Unrealized Gain (Loss) on Unrealized Gain (Loss) Total Balance at March 31, 2021 $ 38,359 $ (77,184) $ (38,825) Other comprehensive income 11,808 2,144 13,952 Balance at June 30, 2021 $ 50,167 $ (75,040) $ (24,873) Balance at March 31, 2020 $ (186,115) $ (137,477) $ (323,592) Other comprehensive income (loss) 184,141 (3,568) $ 180,573 Balance at June 30, 2020 $ (1,974) $ (141,045) $ (143,019) Six Months Ended June 30, Unrealized Gain (Loss) on Unrealized Gain (Loss) Total Balance at December 31, 2020 $ 63,799 $ (112,951) $ (49,152) Other comprehensive income (loss) (13,632) 37,911 24,279 Balance at June 30, 2021 $ 50,167 $ (75,040) $ (24,873) Balance at December 31, 2019 $ 28,185 $ (60,012) $ (31,827) Other comprehensive loss (30,159) (81,033) (111,192) Balance at June 30, 2020 $ (1,974) $ (141,045) $ (143,019) Capital Actions In July 2021, the Company's Board of Directors authorized the repurchase of up to $150 million in shares of its outstanding common stock. This authorization is in addition to $37.7 million in remaining authorization under a previously announced share repurchase program. Any repurchases under the program will be made in accordance with applicable securities laws from time to time in open market or private transactions. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued without prior notice at any time. |
Equity Based Compensation
Equity Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Shareholders' Equity and Share-based Payments | Note 8 Equity Based and Other Compensation Plans Share Awards Unvested share awards A summary of activity related to unvested share awards follows for the periods indicated: Number of Share Awards Weighted Average Grant Date Fair Value Unvested share awards outstanding, December 31, 2020 1,161,835 $ 33.32 Granted 559,180 42.17 Vested (460,269) 34.01 Canceled or forfeited (48,684) 35.19 Unvested share awards outstanding, June 30, 2021 1,212,062 $ 37.07 Unvested share awards outstanding, December 31, 2019 1,050,455 $ 38.24 Granted 644,300 29.73 Vested (455,260) 39.15 Canceled or forfeited (33,137) 36.21 Unvested share awards outstanding, June 30, 2020 1,206,358 $ 33.41 Unvested share awards 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 later to Company employees vest in equal annual installments over a period of four years from the date of grant. Shares granted to the Company's Board of Directors vest over a period of one year. The following table summarizes the closing price of the Company's stock on the date of grant for shares granted and the aggregate grant date fair value of shares vesting for the periods indicated (in thousands, except per share data): Six Months Ended June 30, 2021 2020 Closing price on date of grant $42.01 - $47.52 $13.99 - $30.90 Aggregate grant date fair value of shares vesting $ 15,652 $ 17,824 The total unrecognized compensation cost of $34.5 million for all unvested share awards outstanding at June 30, 2021 will be recognized over a weighted average remaining period of 2.94 years. Executive share-based awards Certain of the Company's executives are eligible to receive annual awards of RSUs and PSUs (collectively, the "share units"). Annual awards of RSUs represent a fixed number of shares and generally 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 after. 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 periods indicated follows: RSU PSU Unvested executive share-based awards outstanding, December 31, 2020 156,555 179,793 Granted 63,814 63,814 Unvested executive share-based awards outstanding, June 30, 2021 220,369 243,607 Unvested executive share-based awards outstanding, December 31, 2019 112,116 125,088 Granted 106,731 106,731 Unvested executive share-based awards outstanding, June 30, 2020 218,847 231,819 The total liability for the share units was $6.8 million at June 30, 2021. The total unrecognized compensation cost of $13.0 million for these share units at June 30, 2021 will be recognized over a weighted average remaining period of 2.22 years. Incentive awards The Company's annual incentive compensation arrangements for employees other than those eligible for the executive share-based awards discussed above provide for settlement through a combination of cash payments and unvested share awards following the end of the annual performance period. The dollar value of share awards to be granted is based on the achievement of performance criteria established in the incentive arrangements. The number of shares of common stock to be awarded is variable based on the closing price of the Company's stock on the date of grant; therefore, these awards are initially classified as liability instruments, with compensation cost recognized from the beginning of the performance period. Awards related to performance periods prior to 2019 vest over three years and awards related to the 2019 and subsequent performance periods vest in equal installments over a period of four years from the date of grant. No common stock was awarded pursuant to these incentive arrangements for the 2020 performance period. These awards are included in the summary of activity related to unvested share awards above. The accrued liability and unrecognized compensation cost are based on management's current estimate of the likely outcome of the performance criteria established in the incentive arrangements and may differ from actual results. Option Awards A summary of activity related to stock option awards for the six months ended June 30, 2021 and 2020 follows: Number of Weighted Option awards outstanding, December 31, 2020 1,569 $ 15.94 Exercised (1,569) 15.94 Option awards outstanding and exercisable, June 30, 2021 — $ — Option awards outstanding, December 31, 2019 737,753 $ 26.64 Exercised (60,000) 25.48 Option awards outstanding, June 30, 2020 677,753 $ 26.74 The intrinsic value of options exercised and related tax benefits was immaterial for the six months ended June 30, 2021 and 2020. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9 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, 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 the dates indicated (in thousands): June 30, 2021 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 156,637 $ — $ 156,637 U.S. Government agency and sponsored enterprise residential MBS — 2,215,440 2,215,440 U.S. Government agency and sponsored enterprise commercial MBS — 835,588 835,588 Private label residential MBS and CMOs — 2,111,727 2,111,727 Private label commercial MBS — 2,594,024 2,594,024 Single family rental real estate-backed securities — 617,445 617,445 Collateralized loan obligations — 982,267 982,267 Non-mortgage asset-backed securities — 176,506 176,506 State and municipal obligations — 228,625 228,625 SBA securities — 215,634 215,634 Marketable equity securities 88,142 — 88,142 Servicing rights — 6,950 6,950 Derivative assets — 79,686 79,686 Total assets at fair value $ 244,779 $ 10,063,892 $ 10,308,671 Derivative liabilities $ — $ (32,131) $ (32,131) Total liabilities at fair value $ — $ (32,131) $ (32,131) December 31, 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) 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. 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. The following table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at the dates indicated, for which non-recurring changes in fair value have been recorded (in thousands): June 30, 2021 December 31, 2020 Collateral dependent loans $ 92,410 $ 73,803 Loans held for sale — 20,500 OREO and repossessed assets 2,061 2,786 $ 94,471 $ 97,089 The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands): June 30, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 895,348 $ 895,348 $ 397,716 $ 397,716 Investment securities 1/2 $ 10,232,035 $ 10,232,907 $ 9,176,683 $ 9,177,870 Non-marketable equity securities 2 $ 164,959 $ 164,959 $ 195,865 $ 195,865 Loans held for sale 2 $ — $ — $ 24,676 $ 25,057 Loans, net 3 $ 22,885,074 $ 23,190,143 $ 23,608,719 $ 24,205,016 Derivative assets 2 $ 79,686 $ 79,686 $ 123,830 $ 123,830 Liabilities: Demand, savings and money market deposits 2 $ 25,631,195 $ 25,631,195 $ 22,688,617 $ 22,688,617 Time deposits 2 $ 2,978,074 $ 2,979,040 $ 4,807,199 $ 4,814,862 Federal funds purchased 2 $ — $ — $ 180,000 $ 180,000 FHLB advances 2 $ 2,681,505 $ 2,683,248 $ 3,122,999 $ 3,127,190 Notes and other borrowings 2 $ 721,639 $ 838,205 $ 722,495 $ 849,120 Derivative liabilities 2 $ 32,131 $ 32,131 $ 44,490 $ 44,490 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 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 June 30, 2021 were as follows (in thousands): Commitments to fund loans $ 622,579 Unfunded commitments under lines of credit 3,747,497 Commercial and standby letters of credit 95,034 $ 4,465,110 Legal Proceedings The Company is involved as plaintiff or defendant in various legal actions arising in the normal course of business. In the opinion of management, based upon advice of legal counsel, the likelihood is remote that the impact of these proceedings, either individually or in the aggregate, would be material to the Company’s consolidated financial position, results of operations or cash flows. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Adopted During the Six Months Ended June 30, 2021 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. 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. The Company elected to adopt this ASU on a retrospective basis. The impact of adoption of this ASU on the Company's consolidated financial position, results of operations, and cash flows was not material. |
Accounting Standards Update and Change in Accounting Principle | Accounting Pronouncements Not Yet Adopted ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) . This ASU simplifies the accounting for convertible debt and convertible preferred stock by reducing the number of accounting models for these instruments, resulting in fewer embedded conversion features being separately recognized from the host contract. Additionally, this ASU revises the criteria for determining whether contracts in an entity's own equity meet the scope exception from derivative accounting, which will change the population of contracts that are recognized as assets or liabilities. The amendments in this ASU also revise certain aspects of the guidance on calculating earnings per share with respect to convertible instruments and instruments that may be settled in the entity's own shares. This ASU is effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2021. The Company has not finalized its evaluation of the impact of adoption on its consolidated financial position, results of operations, and cash flows, but the impact is not currently expected to be material. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Common Share | The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, c 2021 2020 2021 2020 Basic earnings per common share: Numerator: Net income $ 103,974 $ 76,508 $ 202,788 $ 45,557 Distributed and undistributed earnings allocated to participating securities (1,338) (3,353) (2,589) (1,939) Income allocated to common stockholders for basic earnings per common share $ 102,636 $ 73,155 $ 200,199 $ 43,618 Denominator: Weighted average common shares outstanding 93,245,282 92,409,949 93,160,962 93,177,243 Less average unvested stock awards (1,241,381) (1,207,798) (1,223,555) (1,154,589) Weighted average shares for basic earnings per common share 92,003,901 91,202,151 91,937,407 92,022,654 Basic earnings per common share $ 1.12 $ 0.80 $ 2.18 $ 0.47 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 102,636 $ 73,155 $ 200,199 $ 43,618 Adjustment for earnings reallocated from participating securities 2 — 3 — Income used in calculating diluted earnings per common share $ 102,638 $ 73,155 $ 200,202 $ 43,618 Denominator: Weighted average shares for basic earnings per common share 92,003,901 91,202,151 91,937,407 92,022,654 Dilutive effect of stock options and certain shared-based awards 181,061 705 137,542 126,858 Weighted average shares for diluted earnings per common share 92,184,962 91,202,856 92,074,949 92,149,512 Diluted earnings per common share $ 1.11 $ 0.80 $ 2.17 $ 0.47 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Schedule of Available-for-sale Securities Reconciliation | Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands): June 30, 2021 Amortized Cost Gross Unrealized Carrying Value (1) Gains Losses Investment securities available for sale: U.S. Treasury securities $ 158,977 $ 469 $ (2,809) $ 156,637 U.S. Government agency and sponsored enterprise residential MBS 2,197,562 22,257 (4,379) 2,215,440 U.S. Government agency and sponsored enterprise commercial MBS 831,726 8,564 (4,702) 835,588 Private label residential MBS and CMOs 2,104,579 9,475 (2,327) 2,111,727 Private label commercial MBS 2,579,963 18,530 (4,469) 2,594,024 Single family rental real estate-backed securities 608,269 9,961 (785) 617,445 Collateralized loan obligations 986,214 269 (4,216) 982,267 Non-mortgage asset-backed securities 172,791 3,715 — 176,506 State and municipal obligations 209,791 18,834 — 228,625 SBA securities 216,682 2,244 (3,292) 215,634 10,066,554 $ 94,318 $ (26,979) 10,133,893 Investment securities held to maturity 10,000 10,000 $ 10,076,554 10,143,893 Marketable equity securities 88,142 $ 10,232,035 | December 31, 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 (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 June 30, 2021, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands): Amortized Cost Fair Value Due in one year or less $ 1,463,157 $ 1,468,146 Due after one year through five years 6,199,918 6,245,085 Due after five years through ten years 1,971,729 1,984,142 Due after ten years 431,750 436,520 $ 10,066,554 $ 10,133,893 | |
Gain on Investment Securities, net | The following table provides information about gains and losses on investment securities for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Proceeds from sale of investment securities AFS $ 389,814 $ 240,805 $ 800,056 $ 547,337 Gross realized gains on investment securities AFS $ 2,870 $ 5,723 $ 6,862 $ 7,255 Gross realized losses on investment securities AFS (29) — (54) (2) Net realized gain 2,841 5,723 6,808 7,253 Net unrealized gains (losses) on marketable equity securities recognized in earnings 1,314 1,113 (288) (3,870) Gain on investment securities, net $ 4,155 $ 6,836 $ 6,520 $ 3,383 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands): June 30, 2021 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 $ 121,096 $ (2,809) $ — $ — $ 121,096 $ (2,809) U.S. Government agency and sponsored enterprise residential MBS 287,258 (1,161) 367,303 (3,218) 654,561 (4,379) U.S. Government agency and sponsored enterprise commercial MBS 234,214 (4,369) 84,177 (333) 318,391 (4,702) Private label residential MBS and CMOs 597,907 (2,327) — — 597,907 (2,327) Private label commercial MBS 400,800 (3,019) 278,005 (1,450) 678,805 (4,469) Single family rental real estate-backed securities 122,180 (785) — — 122,180 (785) Collateralized loan obligations — — 565,872 (4,216) 565,872 (4,216) SBA securities — — 120,630 (3,292) 120,630 (3,292) $ 1,763,455 $ (14,470) $ 1,415,987 $ (12,509) $ 3,179,442 $ (26,979) December 31, 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) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans consisted of the following at the dates indicated (dollars in thousands): June 30, 2021 December 31, 2020 Total Percent of Total Total Percent of Total Residential and other consumer: 1-4 single family residential $ 5,206,766 22.8 % $ 4,922,836 20.6 % Government insured residential 1,863,723 8.1 % 1,419,074 5.9 % Other consumer loans 5,785 — % 6,312 0.1 % 7,076,274 30.9 % 6,348,222 26.6 % Commercial: Multi-family 1,256,711 5.5 % 1,639,201 6.9 % Non-owner occupied commercial real estate 4,724,183 20.7 % 4,963,273 20.8 % Construction and land 218,634 1.0 % 293,307 1.2 % Owner occupied commercial real estate 1,960,900 8.6 % 2,000,770 8.4 % Commercial and industrial 4,205,795 18.4 % 4,447,383 18.6 % PPP 491,960 2.1 % 781,811 3.3 % Pinnacle 1,046,537 4.6 % 1,107,386 4.6 % Bridge - franchise finance 463,874 2.0 % 549,733 2.3 % Bridge - equipment finance 421,939 1.8 % 475,548 2.0 % Mortgage warehouse lending 1,018,267 4.4 % 1,259,408 5.3 % 15,808,800 69.1 % 17,517,820 73.4 % Total loans 22,885,074 100.0 % 23,866,042 100.0 % Allowance for credit losses (175,642) (257,323) Loans, net $ 22,709,432 $ 23,608,719 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $46 million and $39 million at June 30, 2021 and December 31, 2020, respectively. The amortized cost basis of residential PCD loans and the related amount of non-credit discount was $100 million and $95 million, respectively at June 30, 2021 and $118 million and $115 million, respectively at December 31, 2020. The ACL related to PCD residential loans was $1.2 million and $2.8 million at June 30, 2021 and December 31, 2020, respectively. Included in the table above are direct or sales type finance leases totaling $665 million and $670 million at June 30, 2021 and December 31, 2020, respectively. The amount of income recognized from direct or sales type finance leases for the three and six months ended June 30, 2021 and 2020 totaled $4.5 million, $9.9 million, $5.3 million and $10.7 million, respectively and is recorded as interest income on loans in the consolidated statements of income. During the three and six months ended June 30, 2021 and 2020, the Company purchased 1-4 single family residential loans totaling $1.3 billion, $2.3 billion, $582 million and $1.1 billion, respectively. Purchases for the three and six months ended June 30, 2021 and 2020 included $578 million, $973 million, $243 million and $529 million, respectively, of government insured residential loans. At June 30, 2021 and December 31, 2020, the Company had pledged loans with a carrying value of approximately $9.5 billion and $9.6 billion, respectively, as security for FHLB advances and Federal Reserve discount window capacity. At June 30, 2021 and December 31, 2020, accrued interest receivable on loans, net of related ACL at December 31, 2020, totaled $97 million and $99 million, respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the three and six months ended June 30, 2021 and 2020. |
Allowance for Credit Losses on Financing Receivables | The ACL was determined utilizing a 2-year reasonable and supportable forecast period based on a single economic scenario. Activity in the ACL is summarized below for the periods indicated (in thousands): Three Months Ended June 30, 2021 2020 Residential and Other Consumer Commercial Total Residential and Other Consumer Commercial Total Beginning balance $ 15,844 $ 205,090 $ 220,934 $ 12,576 $ 238,003 $ 250,579 Provision (recovery) (3,938) (23,725) (27,663) (1,924) 33,508 31,584 Charge-offs — (18,402) (18,402) — (19,178) (19,178) Recoveries 3 770 773 43 3,095 3,138 Ending balance $ 11,909 $ 163,733 $ 175,642 $ 10,695 $ 255,428 $ 266,123 Six Months Ended June 30, 2021 2020 Residential and Other Consumer Commercial Total Residential and Other Consumer Commercial Total Beginning balance $ 18,719 $ 238,604 $ 257,323 $ 11,154 $ 97,517 $ 108,671 Impact of adoption of ASU 2016-13 — — — 8,098 19,207 27,305 Balance after adoption of ASU 2016-13 18,719 238,604 257,323 19,252 116,724 135,976 Provision (recovery) (6,802) (47,167) (53,969) (8,572) 162,021 153,449 Charge-offs (14) (30,380) (30,394) (31) (26,953) (26,984) Recoveries 6 2,676 2,682 46 3,636 3,682 Ending balance $ 11,909 $ 163,733 $ 175,642 $ 10,695 $ 255,428 $ 266,123 The decrease in the ACL from December 31, 2020 to June 30, 2021 related primarily to the recovery of credit losses recorded during the six months ended June 30, 2021. The most significant factor contributing to the recovery of provision was an improving economic forecast. The increase in the ACL from January 1, 2020, the date of initial adoption of ASU 2016-13, to June 30, 2020 was reflective of the impact of the COVID-19 pandemic on current economic conditions, the economic forecast and on individual borrowers and portfolio sub-segments. The following table presents the components of the provision for credit losses for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amount related to funded portion of loans $ (27,663) $ 31,584 $ (53,969) $ 153,449 Amount related to off-balance sheet credit exposures 129 (6,170) (919) (2,607) Amount related to accrued interest receivable — — (271) — Amount related to AFS debt securities — — (364) — Total provision for (recovery of) credit losses $ (27,534) $ 25,414 $ (55,523) $ 150,842 |
Financing Receivable Credit Quality Indicators | FICO scores are generally updated at least annually, and were most recently updated in the first quarter of 2021. LTVs are typically at origination since we do not routinely update residential appraisals. Substantially all of the government insured residential loans are government insured buyout loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment and wages, as well as residential property values. 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status: June 30, 2021 Amortized Cost By Origination Year 2021 2020 2019 2018 2017 Prior Total Current $ 1,083,253 $ 1,189,810 $ 473,427 $ 279,499 $ 441,586 $ 1,660,924 $ 5,128,499 30 - 59 Days Past Due 15,148 7,150 9,631 3,635 3,848 6,086 45,498 60 - 89 Days Past Due — 922 3,229 812 1,082 3,300 9,345 90 Days or More Past Due — — 1,702 5,144 851 15,727 23,424 $ 1,098,401 $ 1,197,882 $ 487,989 $ 289,090 $ 447,367 $ 1,686,037 $ 5,206,766 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 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV: June 30, 2021 Amortized Cost By Origination Year LTV 2021 2020 2019 2018 2017 Prior Total Less than 61% $ 419,732 $ 437,986 $ 108,821 $ 68,019 $ 138,073 $ 588,791 $ 1,761,422 61% - 70% 296,621 317,275 114,771 71,726 88,144 425,875 1,314,412 71% - 80% 381,806 441,154 255,015 135,047 185,034 637,249 2,035,305 More than 80% 242 1,467 9,382 14,298 36,116 34,122 95,627 $ 1,098,401 $ 1,197,882 $ 487,989 $ 289,090 $ 447,367 $ 1,686,037 $ 5,206,766 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 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score: June 30, 2021 Amortized Cost By Origination Year FICO 2021 2020 2019 2018 2017 Prior Total 760 or greater $ 876,798 $ 885,583 $ 314,923 $ 167,341 $ 314,717 $ 1,140,630 $ 3,699,992 720 - 759 185,830 227,976 99,444 59,330 80,474 304,170 957,224 719 or less 35,773 84,323 73,622 62,419 52,176 241,237 549,550 $ 1,098,401 $ 1,197,882 $ 487,989 $ 289,090 $ 447,367 $ 1,686,037 $ 5,206,766 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 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: June 30, 2021 Amortized Cost By Origination Year Revolving Loans 2021 2020 2019 2018 2017 Prior Total Multi-Family Pass $ 31,965 $ 147,499 $ 245,838 $ 153,168 $ 145,093 $ 274,242 $ 40,238 $ 1,038,043 Special mention — — — 4,258 — 1,827 — 6,085 Substandard — 5,002 42,938 9,599 32,186 122,858 — 212,583 Total Multi-Family $ 31,965 $ 152,501 $ 288,776 $ 167,025 $ 177,279 $ 398,927 $ 40,238 $ 1,256,711 Non-owner occupied commercial real estate Pass $ 213,043 $ 526,381 $ 1,057,193 $ 631,119 $ 424,389 $ 1,016,555 $ 79,761 $ 3,948,441 Special mention — — 24,604 15,662 — 7,641 — 47,907 Substandard — 26,021 146,339 73,142 84,622 397,711 — 727,835 Total non-owner occupied commercial real estate $ 213,043 $ 552,402 $ 1,228,136 $ 719,923 $ 509,011 $ 1,421,907 $ 79,761 $ 4,724,183 Construction and Land Pass $ 3,919 $ 34,832 $ 136,272 $ 10,611 $ 8,605 $ 268 $ 4,840 $ 199,347 Special mention — — 5,184 — — — — 5,184 Substandard — 1,167 2,539 1,328 — 9,069 — 14,103 Total Construction and Land $ 3,919 $ 35,999 $ 143,995 $ 11,939 $ 8,605 $ 9,337 $ 4,840 $ 218,634 Owner occupied commercial real estate Pass $ 51,923 $ 228,037 $ 285,963 $ 236,599 $ 246,368 $ 596,121 $ 28,222 $ 1,673,233 Special mention — 1,796 2,388 3,908 13,628 19,409 794 41,923 Substandard — 6,902 29,021 37,616 46,835 125,370 — 245,744 Total owner occupied commercial real estate $ 51,923 $ 236,735 $ 317,372 $ 278,123 $ 306,831 $ 740,900 $ 29,016 $ 1,960,900 Commercial and industrial Pass $ 363,731 $ 506,653 $ 647,392 $ 184,745 $ 197,346 $ 194,549 $ 1,676,514 $ 3,770,930 Special mention — 937 11,257 16,640 1,611 2,481 438 33,364 Substandard 480 19,291 144,079 42,028 14,278 35,315 129,176 384,647 Doubtful — — — 8 — — 16,846 16,854 Total commercial and industrial $ 364,211 $ 526,881 $ 802,728 $ 243,421 $ 213,235 $ 232,345 $ 1,822,974 $ 4,205,795 PPP Pass $ 282,746 $ 209,214 $ — $ — $ — $ — $ — $ 491,960 Total PPP $ 282,746 $ 209,214 $ — $ — $ — $ — $ — $ 491,960 Pinnacle Pass $ 67,425 $ 141,124 $ 106,430 $ 61,798 $ 202,771 $ 466,989 $ — $ 1,046,537 Total Pinnacle $ 67,425 $ 141,124 $ 106,430 $ 61,798 $ 202,771 $ 466,989 $ — $ 1,046,537 Bridge - Franchise Finance Pass $ 9,078 $ 51,732 $ 114,668 $ 16,475 $ 7,861 $ 10,133 $ — $ 209,947 Special mention — — 1,857 — — — — 1,857 Substandard — 29,679 95,935 78,404 27,192 20,382 — 251,592 Doubtful — — — — — 478 — 478 Total Bridge - Franchise Finance $ 9,078 $ 81,411 $ 212,460 $ 94,879 $ 35,053 $ 30,993 $ — $ 463,874 Bridge - Equipment Finance Pass $ 36,740 $ 19,892 $ 132,856 $ 55,875 $ 33,371 $ 63,653 $ — $ 342,387 Special mention — — — — 1,744 — — 1,744 Substandard — — 14,948 22,404 40,456 — — 77,808 Total Bridge - Equipment Finance $ 36,740 $ 19,892 $ 147,804 $ 78,279 $ 75,571 $ 63,653 $ — $ 421,939 Mortgage Warehouse Lending Pass $ — $ — $ — $ — $ — $ — $ 1,018,267 $ 1,018,267 Total Mortgage Warehouse Lending $ — $ — $ — $ — $ — $ — $ 1,018,267 $ 1,018,267 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 June 30, 2021, the balance of revolving loans converted to term loans was immaterial. The following tables summarize the Company's commercial credit exposure based on internal risk rating, in aggregate, at the dates indicated (in thousands): June 30, 2021 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 $ 1,038,043 $ 3,948,441 $ 199,347 $ 1,673,233 $ 3,770,930 $ 491,960 $ 1,046,537 $ 209,947 $ 342,387 $ 1,018,267 $ 13,739,092 Special mention 6,085 47,907 5,184 41,923 33,364 — — 1,857 1,744 — 138,064 Substandard - accruing 205,514 676,515 9,319 219,162 277,683 — — 218,665 77,808 — 1,684,666 Substandard non-accruing 7,069 51,320 4,784 26,582 106,964 — — 32,927 — — 229,646 Doubtful — — — — 16,854 — — 478 — — 17,332 $ 1,256,711 $ 4,724,183 $ 218,634 $ 1,960,900 $ 4,205,795 $ 491,960 $ 1,046,537 $ 463,874 $ 421,939 $ 1,018,267 $ 15,808,800 December 31, 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 |
Financing Receivable, Past Due | The following table presents an aging of loans at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Current 30 - 59 60 - 89 90 Days or Total Current 30 - 59 60 - 89 90 Days or Total 1-4 single family residential $ 5,128,499 $ 45,498 $ 9,345 $ 23,424 $ 5,206,766 $ 4,857,332 $ 48,851 $ 7,489 $ 9,164 $ 4,922,836 Government insured residential 951,561 103,054 77,401 731,707 1,863,723 722,367 77,883 56,495 562,329 1,419,074 Other consumer loans 5,742 21 — 22 5,785 6,022 37 22 231 6,312 Multi-family 1,235,529 — 14,113 7,069 1,256,711 1,602,990 17,842 — 18,369 1,639,201 Non-owner occupied commercial real estate 4,677,789 14,113 206 32,075 4,724,183 4,876,823 34,117 20,291 32,042 4,963,273 Construction and land 217,400 888 — 346 218,634 288,032 4,530 399 346 293,307 Owner occupied commercial real estate 1,943,777 924 1,083 15,116 1,960,900 1,971,475 10,756 3,203 15,336 2,000,770 Commercial and industrial 4,173,584 78 2,066 30,067 4,205,795 4,366,009 52,117 552 28,705 4,447,383 PPP 491,960 — — — 491,960 781,811 — — — 781,811 Pinnacle 1,046,537 — — — 1,046,537 1,107,386 — — — 1,107,386 Bridge - franchise finance 441,124 — 9,948 12,802 463,874 498,831 16,423 8,664 25,815 549,733 Bridge - equipment finance 421,939 — — — 421,939 475,548 — — — 475,548 Mortgage warehouse lending 1,018,267 — — — 1,018,267 1,259,408 — — — 1,259,408 $ 21,753,708 $ 164,576 $ 114,162 $ 852,628 $ 22,885,074 $ 22,814,034 $ 262,556 $ 97,115 $ 692,337 $ 23,866,042 |
Financing Receivable, Nonaccrual | The following table presents information about loans on non-accrual status at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Amortized Cost Amortized Cost With No Related Allowance Amortized Cost Amortized Cost With No Related Allowance Residential and other consumer $ 45,553 $ 1,643 $ 28,828 $ 1,755 Commercial: Multi-family 7,069 7,069 24,090 24,090 Non-owner occupied commercial real estate 51,320 30,182 64,017 32,843 Construction and land 4,784 4,439 4,754 4,408 Owner occupied commercial real estate 26,582 7,545 23,152 2,110 Commercial and industrial 123,818 9,760 54,584 9,235 Bridge - franchise finance 33,405 4,010 45,028 9,754 $ 292,531 $ 64,648 $ 244,453 $ 84,195 |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Amortized Cost Extent to Which Secured by Collateral Amortized Cost Extent to Which Secured by Collateral Residential and other consumer $ 2,405 $ 2,377 $ 2,528 $ 2,513 Commercial: Multi-family 7,069 7,069 24,090 24,090 Non-owner occupied commercial real estate 40,965 40,724 52,813 52,435 Construction and land 4,784 4,784 4,754 4,754 Owner occupied commercial real estate 20,228 20,228 14,814 14,777 Commercial and industrial 99,405 61,286 28,112 18,093 Bridge - franchise finance 7,541 5,818 28,986 12,832 Total commercial 179,992 139,909 153,569 126,981 $ 182,397 $ 142,286 $ 156,097 $ 129,494 |
Financing Receivable, Troubled Debt Restructuring | Troubled debt restructurings The following table summarizes loans that were modified in TDRs during the periods indicated, as well as loans modified during the twelve months preceding June 30, 2021 and 2020 that experienced payment defaults during those periods (dollars in thousands): Three Months Ended June 30, 2021 2020 Loans Modified in TDRs TDRs Experiencing Payment Defaults During the Period Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Government insured residential 116 $ 21,758 54 $ 9,878 52 $ 7,291 121 $ 19,512 Non-owner occupied commercial real estate 1 2,853 — — — — 1 4,249 Commercial and industrial — — — — 2 1,348 — — Bridge - franchise finance — — — — 1 919 5 18,718 117 $ 24,611 54 $ 9,878 55 $ 9,558 127 $ 42,479 Six Months Ended June 30, 2021 2020 Loans Modified in TDRs TDRs Experiencing Payment Loans Modified in TDRs TDRs Experiencing Payment Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost Number of Amortized Cost 1-4 single family residential — $ — — $ — 1 $ 203 — $ — Government insured residential 143 27,235 63 10,997 86 12,183 150 23,994 Non-owner occupied commercial real estate 1 2,853 — — 1 4,249 1 4,249 Commercial and industrial — — — — 2 1,348 3 5,448 Bridge - franchise finance — — — — 9 14,666 8 23,358 144 $ 30,088 63 $ 10,997 99 $ 32,649 $ 162 $ 57,049 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Contract Derivative Financial Instruments and Related Hedged Items | The following tables set forth certain information concerning the Company’s interest rate contract derivative financial instruments and related hedged items at the dates indicated (dollars in thousands): June 30, 2021 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 2.53% 3-Month LIBOR 2.3 $ 2,381,000 Other liabilities $ — $ (4,544) Interest rate caps purchased, indexed to Fed Funds effective rate Variability of interest cash flows on variable rate borrowings —% —% 4.4 100,000 Other assets 1,259 — Derivatives designated as fair value hedges: Receive-fixed interest rate swaps Variability of fair value of fixed rate borrowings 3-Month LIBOR 1.54% 0.2 200,000 Other liabilities — — Derivatives not designated as hedges: Pay-fixed interest rate swaps 3.57% Indexed to 1-month LIBOR 5.4 1,679,754 Other assets / Other liabilities 1,067 (25,087) Pay-variable interest rate swaps Indexed to 1-month LIBOR 3.57% 5.4 1,679,754 Other assets 77,014 (2,154) Interest rate caps purchased, indexed to 1-month LIBOR 2.36% 2.6 43,000 Other assets 346 — Interest rate caps sold, indexed to 1-month LIBOR 2.36% 2.6 43,000 Other liabilities — (346) $ 6,126,508 $ 79,686 $ (32,131) December 31, 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 / Other liabilities 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) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest expense for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, Location of Loss Reclassified from AOCI into Income 2021 2020 2021 2020 Interest rate contracts $ (14,882) $ (10,009) $ (29,857) $ (14,565) Interest expense on borrowings |
Schedule of Fair Value 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 fair value hedges recognized in earnings for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, Location of Gain (Loss) in Consolidated Statements of Income 2021 2020 2021 2020 Fair value adjustment on derivatives $ (669) $ 8 $ (1,496) $ 4,028 Interest expense on borrowings Fair value adjustment on hedged items 670 (164) 1,495 (4,072) Interest expense on borrowings Gain (loss) recognized on fair value hedges (ineffective portion) $ 1 $ (156) $ (1) $ (44) |
Derivative and Hedging Activities - Carrying Value of Hedged Item and Cumulative Fair Value Adjustments [Table Text Block] | The following table provides information about the hedged items related to derivatives designated as fair value hedges at the dates indicated (in thousands): June 30, 2021 December 31, 2020 Location in Consolidated Balance Sheets Contractual balance outstanding of hedged item $ 200,000 $ 250,000 FHLB advances Cumulative fair value hedging adjustments $ 505 $ 1,999 FHLB advances |
Schedule of Interest Rate Swaps Subject to Master Netting Agreements | The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate swaps subject to these agreements is as follows at the dates indicated (in thousands): June 30, 2021 Gross Amounts Offset in Balance Net Amounts Presented in Gross Amounts Not Offset in Gross Amounts Derivative Collateral Net Amount Derivative assets $ 1,413 $ — $ 1,413 $ (1,363) $ — $ 50 Derivative liabilities (29,631) — (29,631) 1,363 28,220 (48) $ (28,218) $ — $ (28,218) $ — $ 28,220 $ 2 December 31, 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) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Changes in AOCI | Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands): Three Months Ended June 30, 2021 2020 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding gain arising during the period $ 18,692 $ (4,766) $ 13,926 $ 252,893 $ (64,488) $ 188,405 Amounts reclassified to gain on investment securities available for sale, net (2,842) 724 (2,118) (5,723) 1,459 (4,264) Net change in unrealized gains (losses) on investment securities available for sale 15,850 (4,042) 11,808 247,170 (63,029) 184,141 Unrealized losses on derivative instruments: Net unrealized holding gain (loss) arising during the period (12,005) 3,061 (8,944) (12,288) 1,218 (11,070) Amounts reclassified to interest expense on borrowings 14,882 (3,794) 11,088 10,009 (2,507) 7,502 Net change in unrealized losses on derivative instruments 2,877 (733) 2,144 (2,279) (1,289) (3,568) Other comprehensive income (loss) $ 18,727 $ (4,775) $ 13,952 $ 244,891 $ (64,318) $ 180,573 Six Months Ended June 30, 2021 2020 Before Tax Tax Effect Net of Tax Before Tax Tax Effect Net of Tax Unrealized gains (losses) on investment securities available for sale: Net unrealized holding loss arising during the period $ (11,489) $ 2,930 $ (8,559) $ (33,743) $ 8,988 $ (24,755) Amounts reclassified to gain on investment securities available for sale, net (6,809) 1,736 (5,073) (7,253) 1,849 (5,404) Net change in unrealized gains (losses) on investment securities available for sale (18,298) 4,666 (13,632) (40,996) 10,837 (30,159) Unrealized losses on derivative instruments: Net unrealized holding gain (loss) arising during the period 21,030 (5,363) 15,667 (122,239) 30,355 (91,884) Amounts reclassified to interest expense on borrowings 29,857 (7,613) 22,244 14,565 (3,714) 10,851 Net change in unrealized losses on derivative instruments 50,887 (12,976) 37,911 (107,674) 26,641 (81,033) Other comprehensive income (loss) $ 32,589 $ (8,310) $ 24,279 $ (148,670) $ 37,478 $ (111,192) |
Schedule of the Categories of AOCI and Changes Therein | The categories of AOCI and changes therein are presented below for the periods indicated (in thousands): Three Months Ended June 30, Unrealized Gain (Loss) on Unrealized Gain (Loss) Total Balance at March 31, 2021 $ 38,359 $ (77,184) $ (38,825) Other comprehensive income 11,808 2,144 13,952 Balance at June 30, 2021 $ 50,167 $ (75,040) $ (24,873) Balance at March 31, 2020 $ (186,115) $ (137,477) $ (323,592) Other comprehensive income (loss) 184,141 (3,568) $ 180,573 Balance at June 30, 2020 $ (1,974) $ (141,045) $ (143,019) Six Months Ended June 30, Unrealized Gain (Loss) on Unrealized Gain (Loss) Total Balance at December 31, 2020 $ 63,799 $ (112,951) $ (49,152) Other comprehensive income (loss) (13,632) 37,911 24,279 Balance at June 30, 2021 $ 50,167 $ (75,040) $ (24,873) Balance at December 31, 2019 $ 28,185 $ (60,012) $ (31,827) Other comprehensive loss (30,159) (81,033) (111,192) Balance at June 30, 2020 $ (1,974) $ (141,045) $ (143,019) |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Nonvested Share Activity [Table Text Block] | Share Awards Unvested share awards A summary of activity related to unvested share awards follows for the periods indicated: Number of Share Awards Weighted Average Grant Date Fair Value Unvested share awards outstanding, December 31, 2020 1,161,835 $ 33.32 Granted 559,180 42.17 Vested (460,269) 34.01 Canceled or forfeited (48,684) 35.19 Unvested share awards outstanding, June 30, 2021 1,212,062 $ 37.07 Unvested share awards outstanding, December 31, 2019 1,050,455 $ 38.24 Granted 644,300 29.73 Vested (455,260) 39.15 Canceled or forfeited (33,137) 36.21 Unvested share awards outstanding, June 30, 2020 1,206,358 $ 33.41 Unvested share awards 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 later to Company employees vest in equal annual installments over a period of four years from the date of grant. Shares granted to the Company's Board of Directors vest over a period of one year. The following table summarizes the closing price of the Company's stock on the date of grant for shares granted and the aggregate grant date fair value of shares vesting for the periods indicated (in thousands, except per share data): Six Months Ended June 30, 2021 2020 Closing price on date of grant $42.01 - $47.52 $13.99 - $30.90 Aggregate grant date fair value of shares vesting $ 15,652 $ 17,824 The total unrecognized compensation cost of $34.5 million for all unvested share awards outstanding at June 30, 2021 will be recognized over a weighted average remaining period of 2.94 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 periods indicated follows: RSU PSU Unvested executive share-based awards outstanding, December 31, 2020 156,555 179,793 Granted 63,814 63,814 Unvested executive share-based awards outstanding, June 30, 2021 220,369 243,607 Unvested executive share-based awards outstanding, December 31, 2019 112,116 125,088 Granted 106,731 106,731 Unvested executive share-based awards outstanding, June 30, 2020 218,847 231,819 The total liability for the share units was $6.8 million at June 30, 2021. The total unrecognized compensation cost of $13.0 million for these share units at June 30, 2021 will be recognized over a weighted average remaining period of 2.22 years. |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option Awards A summary of activity related to stock option awards for the six months ended June 30, 2021 and 2020 follows: Number of Weighted Option awards outstanding, December 31, 2020 1,569 $ 15.94 Exercised (1,569) 15.94 Option awards outstanding and exercisable, June 30, 2021 — $ — Option awards outstanding, December 31, 2019 737,753 $ 26.64 Exercised (60,000) 25.48 Option awards outstanding, June 30, 2020 677,753 $ 26.74 The intrinsic value of options exercised and related tax benefits was immaterial for the six months ended June 30, 2021 and 2020. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands): June 30, 2021 Level 1 Level 2 Total Investment securities available for sale: U.S. Treasury securities $ 156,637 $ — $ 156,637 U.S. Government agency and sponsored enterprise residential MBS — 2,215,440 2,215,440 U.S. Government agency and sponsored enterprise commercial MBS — 835,588 835,588 Private label residential MBS and CMOs — 2,111,727 2,111,727 Private label commercial MBS — 2,594,024 2,594,024 Single family rental real estate-backed securities — 617,445 617,445 Collateralized loan obligations — 982,267 982,267 Non-mortgage asset-backed securities — 176,506 176,506 State and municipal obligations — 228,625 228,625 SBA securities — 215,634 215,634 Marketable equity securities 88,142 — 88,142 Servicing rights — 6,950 6,950 Derivative assets — 79,686 79,686 Total assets at fair value $ 244,779 $ 10,063,892 $ 10,308,671 Derivative liabilities $ — $ (32,131) $ (32,131) Total liabilities at fair value $ — $ (32,131) $ (32,131) December 31, 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) |
Schedule of Assets for Which Nonrecurring Changes in Fair Value have been Recorded | The following table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at the dates indicated, for which non-recurring changes in fair value have been recorded (in thousands): June 30, 2021 December 31, 2020 Collateral dependent loans $ 92,410 $ 73,803 Loans held for sale — 20,500 OREO and repossessed assets 2,061 2,786 $ 94,471 $ 97,089 |
Schedule of the Carrying Value and Fair Value of Financial Instruments | The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands): June 30, 2021 December 31, 2020 Level Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents 1 $ 895,348 $ 895,348 $ 397,716 $ 397,716 Investment securities 1/2 $ 10,232,035 $ 10,232,907 $ 9,176,683 $ 9,177,870 Non-marketable equity securities 2 $ 164,959 $ 164,959 $ 195,865 $ 195,865 Loans held for sale 2 $ — $ — $ 24,676 $ 25,057 Loans, net 3 $ 22,885,074 $ 23,190,143 $ 23,608,719 $ 24,205,016 Derivative assets 2 $ 79,686 $ 79,686 $ 123,830 $ 123,830 Liabilities: Demand, savings and money market deposits 2 $ 25,631,195 $ 25,631,195 $ 22,688,617 $ 22,688,617 Time deposits 2 $ 2,978,074 $ 2,979,040 $ 4,807,199 $ 4,814,862 Federal funds purchased 2 $ — $ — $ 180,000 $ 180,000 FHLB advances 2 $ 2,681,505 $ 2,683,248 $ 3,122,999 $ 3,127,190 Notes and other borrowings 2 $ 721,639 $ 838,205 $ 722,495 $ 849,120 Derivative liabilities 2 $ 32,131 $ 32,131 $ 44,490 $ 44,490 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the Total Lending Related Commitments Outstanding | Total lending related commitments outstanding at June 30, 2021 were as follows (in thousands): Commitments to fund loans $ 622,579 Unfunded commitments under lines of credit 3,747,497 Commercial and standby letters of credit 95,034 $ 4,465,110 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) | Jun. 30, 2021banking_centercounty |
FLORIDA | |
Segment Reporting Information [Line Items] | |
Number of Banking Centers | 65 |
Number of Operating Counties In Florida | county | 13 |
New York | |
Segment Reporting Information [Line Items] | |
Number of Banking Centers | 4 |
Earnings Per Common Share (Comp
Earnings Per Common Share (Computation of Basic and Diluted Earnings per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income | $ 103,974 | $ 76,508 | $ 202,788 | $ 45,557 |
Distributed and undistributed earnings allocated to participating securities | (1,338) | (3,353) | (2,589) | (1,939) |
Income allocated to common stockholders for basic earnings per common share | $ 102,636 | $ 73,155 | $ 200,199 | $ 43,618 |
Denominator: | ||||
Weighted average common shares outstanding | 93,245,282 | 92,409,949 | 93,160,962 | 93,177,243 |
Less average unvested stock awards | (1,241,381) | (1,207,798) | (1,223,555) | (1,154,589) |
Weighted Average Number of Shares Outstanding, Basic, Total | 92,003,901 | 91,202,151 | 91,937,407 | 92,022,654 |
Basic earnings per common share | $ 1.12 | $ 0.80 | $ 2.18 | $ 0.47 |
Numerator: | ||||
Income allocated to common stockholders for basic earnings per common share | $ 102,636 | $ 73,155 | $ 200,199 | $ 43,618 |
Adjustment for earnings reallocated from participating securities | 2 | 0 | 3 | 0 |
Income used in calculating diluted earnings per common share | $ 102,638 | $ 73,155 | $ 200,202 | $ 43,618 |
Denominator: | ||||
Weighted Average Number of Shares Outstanding, Basic, Total | 92,003,901 | 91,202,151 | 91,937,407 | 92,022,654 |
Dilutive effect of stock options and certain shared-based awards | 181,061 | 705 | 137,542 | 126,858 |
Weighted average shares for diluted earnings per common share | 92,184,962 | 91,202,856 | 92,074,949 | 92,149,512 |
Diluted earnings per common share | $ 1.11 | $ 0.80 | $ 2.17 | $ 0.47 |
Earnings Per Common Share Earni
Earnings Per Common Share Earnings per Common Share (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive securities outstanding (in Shares) | 1,212,062 | 1,743,403 |
Dividend Equivalent Rights | 3,023,314 |
Investment Securities (Schedule
Investment Securities (Schedule of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 10,066,554 | $ 8,976,774 |
Gross Unrealized Gains | 94,318 | 117,076 |
Gross Unrealized Losses | (26,979) | (31,441) |
Investment securities available for sale, at fair value | 10,133,893 | 9,062,409 |
Debt Securities, Available-for-sale and Held-to-maturity | 10,076,554 | 8,986,774 |
Available-for-sale Securities and Held-for-maturity Securities | 10,143,893 | 9,072,409 |
Investment securities (including securities recorded at fair value of $10,222,035 and $9,166,683) | 10,232,035 | 9,176,683 |
Financing Receivable, before Allowance for Credit Loss | (182,397) | (156,097) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 158,977 | 79,919 |
Gross Unrealized Gains | 469 | 1,307 |
Gross Unrealized Losses | (2,809) | (375) |
Investment securities available for sale, at fair value | 156,637 | 80,851 |
U.S. Government agency and sponsored enterprise residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,197,562 | 2,389,450 |
Gross Unrealized Gains | 22,257 | 19,148 |
Gross Unrealized Losses | (4,379) | (3,028) |
Investment securities available for sale, at fair value | 2,215,440 | 2,405,570 |
U.S. Government agency and sponsored enterprise commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 831,726 | 531,724 |
Gross Unrealized Gains | 8,564 | 9,297 |
Gross Unrealized Losses | (4,702) | (1,667) |
Investment securities available for sale, at fair value | 835,588 | 539,354 |
Private label residential MBS and CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,104,579 | 982,890 |
Gross Unrealized Gains | 9,475 | 16,274 |
Gross Unrealized Losses | (2,327) | (561) |
Investment securities available for sale, at fair value | 2,111,727 | 998,603 |
Private label commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,579,963 | 2,514,271 |
Gross Unrealized Gains | 18,530 | 24,931 |
Gross Unrealized Losses | (4,469) | (12,848) |
Investment securities available for sale, at fair value | 2,594,024 | 2,526,354 |
Financing Receivable, before Allowance for Credit Loss | (400) | |
Single family rental real estate-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 608,269 | 636,069 |
Gross Unrealized Gains | 9,961 | 14,877 |
Gross Unrealized Losses | (785) | (58) |
Investment securities available for sale, at fair value | 617,445 | 650,888 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 986,214 | 1,148,724 |
Gross Unrealized Gains | 269 | 285 |
Gross Unrealized Losses | (4,216) | (8,735) |
Investment securities available for sale, at fair value | 982,267 | 1,140,274 |
Non-mortgage asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 172,791 | 246,597 |
Gross Unrealized Gains | 3,715 | 6,898 |
Gross Unrealized Losses | 0 | (234) |
Investment securities available for sale, at fair value | 176,506 | 253,261 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 209,791 | 213,743 |
Gross Unrealized Gains | 18,834 | 21,966 |
Gross Unrealized Losses | 0 | 0 |
Investment securities available for sale, at fair value | 228,625 | 235,709 |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 216,682 | 233,387 |
Gross Unrealized Gains | 2,244 | 2,093 |
Gross Unrealized Losses | (3,292) | (3,935) |
Investment securities available for sale, at fair value | 215,634 | 231,545 |
Investment securities held to maturity | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities held to maturity | 10,000 | 10,000 |
Marketable equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity Securities, FV-NI | $ 88,142 | $ 104,274 |
Investment Securities (Schedu_2
Investment Securities (Schedule of Maturities of Investment Securities Available for Sale) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 1,463,157 |
Due after one year through five years, Amortized Cost | 6,199,918 |
Due after five years through ten years, Amortized Cost | 1,971,729 |
Due after ten years, Amortized Cost | 431,750 |
Amortized Cost | 10,066,554 |
Due in one year or less, Fair Value | 1,468,146 |
Due after one year through five years, Fair Value | 6,245,085 |
Due after five years through ten years, Fair Value | 1,984,142 |
Due after ten years, Fair Value | 436,520 |
Fair Value | $ 10,133,893 |
Investment Securities (Schedu_3
Investment Securities (Schedule of Gains and Losses on the Sale and Exchange of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sale of investment securities AFS | $ 389,814 | $ 240,805 | $ 800,056 | $ 547,337 |
Gross realized gains on investment securities AFS | 2,870 | 5,723 | 6,862 | 7,255 |
Gross realized losses on investment securities AFS | (29) | 0 | (54) | (2) |
Net realized gain | 2,841 | 5,723 | 6,808 | 7,253 |
Net unrealized gains (losses) on marketable equity securities recognized in earnings | 1,314 | 1,113 | (288) | (3,870) |
Gain on investment securities, net | $ 4,155 | $ 6,836 | $ 6,520 | $ 3,383 |
Investment Securities (Schedu_4
Investment Securities (Schedule of the Aggregate Fair Value and Amount by which Amortized Cost Exceeds Fair Value for Investment Securities that are in Unrealized Loss Positions) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 1,763,455 | $ 2,165,618 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (14,470) | (16,966) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,415,987 | 1,158,153 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (12,509) | (14,475) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,179,442 | 3,323,771 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (26,979) | (31,441) |
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 | 121,096 | 24,369 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,809) | (375) |
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 | 121,096 | 24,369 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2,809) | (375) |
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 | 287,258 | 220,179 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,161) | (320) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 367,303 | 370,727 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,218) | (2,708) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 654,561 | 590,906 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (4,379) | (3,028) |
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 | 234,214 | 152,233 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,369) | (1,412) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 84,177 | 44,255 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (333) | (255) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 318,391 | 196,488 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (4,702) | (1,667) |
Private label residential MBS and CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 597,907 | 141,407 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,327) | (561) |
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 | 597,907 | 141,407 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2,327) | (561) |
Private label commercial MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 400,800 | 1,268,381 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,019) | (12,771) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 278,005 | 37,783 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,450) | (77) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 678,805 | 1,306,164 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (4,469) | (12,848) |
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 | 122,180 | 28,758 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (785) | (58) |
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 | 122,180 | 28,758 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (785) | (58) |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 304,051 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (1,171) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 565,872 | 588,463 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,216) | (7,564) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 565,872 | 892,514 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (4,216) | (8,735) |
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 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12,327 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (234) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 12,327 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (234) | |
SBA securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 26,240 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (298) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 120,630 | 104,598 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,292) | (3,637) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 120,630 | 130,838 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (3,292) | $ (3,935) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Number of held-to-maturity securities | 1 | 1 |
Interest Receivable | $ 97,000,000 | $ 99,000,000 |
Number of securities in unrealized loss positions (in Securities) | security | 158 | |
Number of securities which impairment considered insignificant (in Securities) | security | 51 | |
Available-for-sale securities, gross unrealized loss, considered insignificant | $ 400,000 | |
Available-for-sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Interest Receivable | 17,000,000 | 17,000,000 |
Pledged Financial Instruments, Not Separately Reported, Securities for Federal Home Loan Bank | $ 4,100,000,000 | $ 4,100,000,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, Deferred Income | $ 46,000,000 | $ 46,000,000 | $ 39,000,000 | |||||
Financing Receivable, before Allowance for Credit Loss and Fee | 22,885,074,000 | 22,885,074,000 | 23,866,042,000 | |||||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | (95,000,000) | 115,000,000 | ||||||
Allowance for credit losses | (175,642,000) | $ (266,123,000) | (175,642,000) | $ (266,123,000) | (257,323,000) | $ (220,934,000) | $ (250,579,000) | $ (108,671,000) |
Sales-type and Direct Financing Leases, Lease Receivable | 665,000,000 | 665,000,000 | 670,000,000 | |||||
Direct Financing Lease, Lease Income | 4,500,000 | 5,300,000 | 9,900,000 | 10,700,000 | ||||
Purchases of loans | 2,271,081,000 | 1,085,437,000 | ||||||
Recorded investment of loans pledged as security for FHLB advances and Federal Reserve discount window borrowings | 9,500,000,000 | 9,500,000,000 | 9,600,000,000 | |||||
Interest Receivable | 97,000,000 | 97,000,000 | 99,000,000 | |||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 732,000,000 | 732,000,000 | 562,000,000 | |||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 3,400,000 | 3,000,000 | 5,900,000 | 5,700,000 | ||||
Small business finance | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 33,600,000 | 33,600,000 | 40,300,000 | |||||
Financing Receivable, Nonaccrual | 47,700,000 | 47,700,000 | 51,300,000 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 100,000,000 | 100,000,000 | 118,000,000 | |||||
Allowance for credit losses | (1,200,000) | (1,200,000) | (2,800,000) | |||||
1-4 single family residential | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,206,766,000 | 5,206,766,000 | 4,922,836,000 | |||||
Purchases of loans | 1,300,000,000 | 582,000,000 | 2,300,000,000 | 1,100,000,000 | ||||
Residential Portfolio Segment [Member] | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Mortgage Loans in Process of Foreclosure, Amount | 200,000,000 | 200,000,000 | 217,000,000 | |||||
US Government Agency Insured Loans | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,863,723,000 | 1,863,723,000 | 1,419,074,000 | |||||
Purchases of loans | 578,000,000 | $ 243,000,000 | 973,000,000 | $ 529,000,000 | ||||
Mortgage Loans in Process of Foreclosure, Amount | 192,000,000 | 192,000,000 | 209,000,000 | |||||
Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable Investment Past Due [Line Items] | ||||||||
Financing Receivable, before Allowance for Credit Loss and Fee | 15,808,800,000 | 15,808,800,000 | $ 17,517,820,000 | |||||
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 | 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 | $ 3,000,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Schedule of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 22,885,074 | $ 23,866,042 |
Percent of total loans (in Percent) | 100.00% | 100.00% |
Loans and Leases Receivable, Allowance | $ (175,642) | $ (257,323) |
Loans and Leases Receivable, Net Amount, Total | 22,709,432 | 23,608,719 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 7,076,274 | $ 6,348,222 |
Percent of total loans (in Percent) | 30.90% | 26.60% |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 15,808,800 | $ 17,517,820 |
Percent of total loans (in Percent) | 69.10% | 73.40% |
1-4 single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,206,766 | $ 4,922,836 |
Percent of total loans (in Percent) | 22.80% | 20.60% |
Government Insured Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,863,723 | $ 1,419,074 |
Percent of total loans (in Percent) | 8.10% | 5.90% |
Consumer loan and home equity line of credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,785 | $ 6,312 |
Percent of total loans (in Percent) | 0.00% | 0.10% |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,256,711 | $ 1,639,201 |
Percent of total loans (in Percent) | 5.50% | 6.90% |
Commercial real estate, Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 4,724,183 | $ 4,963,273 |
Percent of total loans (in Percent) | 20.70% | 20.80% |
Construction and land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 218,634 | $ 293,307 |
Percent of total loans (in Percent) | 1.00% | 1.20% |
Commercial real estate, Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,960,900 | $ 2,000,770 |
Percent of total loans (in Percent) | 8.60% | 8.40% |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 4,205,795 | $ 4,447,383 |
Percent of total loans (in Percent) | 18.40% | 18.60% |
Payment Protection Plan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 491,960 | $ 781,811 |
Percent of total loans (in Percent) | 2.10% | 3.30% |
Pinnacle Public Finance [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,046,537 | $ 1,107,386 |
Percent of total loans (in Percent) | 4.60% | 4.60% |
Bridge - franchise finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 463,874 | $ 549,733 |
Percent of total loans (in Percent) | 2.00% | 2.30% |
Bridge - equipment finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 421,939 | $ 475,548 |
Percent of total loans (in Percent) | 1.80% | 2.00% |
Mortgage warehouse lending [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 1,018,267 | $ 1,259,408 |
Percent of total loans (in Percent) | 4.40% | 5.30% |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (ALLL Rollforward) (Details) - USD ($) $ in Thousands | Jan. 01, 2021 | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for loan and lease losses, beginning of period | $ 257,323 | $ 108,671 | $ 220,934 | $ 250,579 | $ 257,323 | $ 108,671 |
Provision for (recovery of) credit losses | 27,534 | (25,414) | 55,523 | (150,842) | ||
Charge-offs | (18,402) | (19,178) | (30,394) | (26,984) | ||
Recoveries | 773 | 3,138 | 2,682 | 3,682 | ||
Allowance for loan and lease losses, end of period | 175,642 | 266,123 | 175,642 | 266,123 | ||
Residential Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for loan and lease losses, beginning of period | 18,719 | 11,154 | 15,844 | 12,576 | 18,719 | 11,154 |
Charge-offs | 0 | 0 | (14) | (31) | ||
Recoveries | 3 | 43 | 6 | 46 | ||
Allowance for loan and lease losses, end of period | 11,909 | 10,695 | 11,909 | 10,695 | ||
Commercial Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for loan and lease losses, beginning of period | 238,604 | 97,517 | 205,090 | 238,003 | 238,604 | 97,517 |
Charge-offs | (18,402) | (19,178) | (30,380) | (26,953) | ||
Recoveries | 770 | 3,095 | 2,676 | 3,636 | ||
Allowance for loan and lease losses, end of period | 163,733 | 255,428 | 163,733 | 255,428 | ||
Accounting Standards Update 2016-13 [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for loan and lease losses, beginning of period | 257,323 | 257,323 | ||||
Impact of adoption of ASU 2016-13 | 0 | 27,305 | ||||
Allowance for loan and lease losses, end of period | 135,976 | |||||
Accounting Standards Update 2016-13 [Member] | Residential Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for loan and lease losses, beginning of period | 18,719 | 18,719 | ||||
Impact of adoption of ASU 2016-13 | 0 | 8,098 | ||||
Allowance for loan and lease losses, end of period | 19,252 | |||||
Accounting Standards Update 2016-13 [Member] | Commercial Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Allowance for loan and lease losses, beginning of period | 238,604 | 238,604 | ||||
Impact of adoption of ASU 2016-13 | $ 0 | 19,207 | ||||
Allowance for loan and lease losses, end of period | $ 116,724 | |||||
Funded Loans [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Provision for (recovery of) credit losses | (27,663) | (31,584) | (53,969) | (153,449) | ||
Funded Loans [Member] | Residential Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Provision for (recovery of) credit losses | (3,938) | (1,924) | (6,802) | (8,572) | ||
Funded Loans [Member] | Commercial Portfolio Segment [Member] | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Provision for (recovery of) credit losses | $ (23,725) | $ (33,508) | $ (47,167) | $ (162,021) |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Balance of ALLL and Related Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for (recovery of) credit losses | $ (27,534) | $ 25,414 | $ (55,523) | $ 150,842 |
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 129 | (6,170) | (919) | (2,607) |
Provision for Other Credit Losses | 0 | 0 | (364) | 0 |
Funded Loans [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for (recovery of) credit losses | 27,663 | 31,584 | 53,969 | 153,449 |
Accrued Interest Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision for (recovery of) credit losses | $ 0 | $ 0 | $ (271) | $ 0 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Schedule of Credit Exposure for Loans Based on Original LTV and FICO Score) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 22,885,074 | $ 23,866,042 |
1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,098,401 | 1,110,120 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,197,882 | 652,686 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 487,989 | 379,599 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 289,090 | 612,357 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 447,367 | 747,514 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,686,037 | 1,420,560 |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,206,766 | 4,922,836 |
FICO, 760 or greater | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 876,798 | 843,199 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 885,583 | 435,582 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 314,923 | 225,292 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 167,341 | 451,304 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 314,717 | 549,119 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,140,630 | 956,254 |
Financing Receivable, before Allowance for Credit Loss and Fee | 3,699,992 | 3,460,750 |
FICO, 720 to 759 | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 185,830 | 223,831 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 227,976 | 128,875 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 99,444 | 84,602 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 59,330 | 102,859 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 80,474 | 130,592 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 304,170 | 256,703 |
Financing Receivable, before Allowance for Credit Loss and Fee | 957,224 | 927,462 |
FICO, 719 or less | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 35,773 | 43,090 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 84,323 | 88,229 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 73,622 | 69,705 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 62,419 | 58,194 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 52,176 | 67,803 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 241,237 | 207,603 |
Financing Receivable, before Allowance for Credit Loss and Fee | 549,550 | 534,624 |
Less than 61% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 419,732 | 395,977 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 437,986 | 143,273 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 108,821 | 82,199 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 68,019 | 174,223 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 138,073 | 286,092 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 588,791 | 487,487 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,761,422 | 1,569,251 |
61% - 70% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 296,621 | 298,941 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 317,275 | 151,633 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 114,771 | 92,928 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 71,726 | 119,381 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 88,144 | 184,119 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 425,875 | 341,159 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,314,412 | 1,188,161 |
71% - 80% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 381,806 | 413,003 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 441,154 | 344,998 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 255,015 | 181,852 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 135,047 | 271,605 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 185,034 | 258,931 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 637,249 | 565,781 |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,035,305 | 2,036,170 |
More than 81% [Member] | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 242 | 2,199 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,467 | 12,782 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,382 | 22,620 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 14,298 | 47,148 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 36,116 | 18,372 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 34,122 | 26,133 |
Financing Receivable, before Allowance for Credit Loss and Fee | 95,627 | 129,254 |
Current | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 1,083,253 | 1,092,183 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,189,810 | 645,993 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 473,427 | 374,838 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 279,499 | 611,377 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 441,586 | 740,749 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,660,924 | 1,392,192 |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,128,499 | 4,857,332 |
30 - 59 Days Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 164,576 | 262,556 |
30 - 59 Days Past Due | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 15,148 | 17,826 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 7,150 | 5,741 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 9,631 | 2,564 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,635 | 927 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,848 | 2,913 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,086 | 18,880 |
Financing Receivable, before Allowance for Credit Loss and Fee | 45,498 | 48,851 |
60 - 89 Days Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 114,162 | 97,115 |
60 - 89 Days Past Due | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 111 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 922 | 145 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,229 | 435 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 812 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,082 | 2,825 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,300 | 3,973 |
Financing Receivable, before Allowance for Credit Loss and Fee | 9,345 | 7,489 |
90 Days or More Past Due | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 852,628 | 692,337 |
90 Days or More Past Due | 1-4 single family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 807 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,702 | 1,762 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,144 | 53 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 851 | 1,027 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 15,727 | 5,515 |
Financing Receivable, before Allowance for Credit Loss and Fee | $ 23,424 | $ 9,164 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Schedule of Commercial Credit Exposure Based on Internal Risk Ratings) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 22,885,074 | $ 23,866,042 |
Multi-family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 31,965 | 192,680 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 152,501 | 289,883 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 288,776 | 169,818 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 167,025 | 233,153 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 177,279 | 255,801 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 398,927 | 459,357 |
Financing Receivable, Revolving | 40,238 | 38,509 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,256,711 | 1,639,201 |
Multi-family | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 31,965 | 184,287 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 147,499 | 264,254 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 245,838 | 149,188 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 153,168 | 206,768 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 145,093 | 203,481 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 274,242 | 313,758 |
Financing Receivable, Revolving | 40,238 | 38,509 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,038,043 | 1,360,245 |
Multi-family | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 390 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 10,985 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 4,258 | 11,260 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 8,400 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,827 | 5,300 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 6,085 | 36,335 |
Multi-family | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 8,393 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,002 | 25,239 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 42,938 | 9,645 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,599 | 15,125 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 32,186 | 43,920 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 122,858 | 140,299 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 212,583 | 242,621 |
Multi-family | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 205,514 | 218,532 |
Multi-family | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 7,069 | 24,089 |
Multi-family | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Commercial real estate, Non-owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 213,043 | 565,655 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 552,402 | 1,260,287 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,228,136 | 792,508 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 719,923 | 533,101 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 509,011 | 794,898 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,421,907 | 917,197 |
Financing Receivable, Revolving | 79,761 | 99,627 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,724,183 | 4,963,273 |
Commercial real estate, Non-owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 213,043 | 532,567 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 526,381 | 1,070,940 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,057,193 | 706,730 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 631,119 | 442,599 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 424,389 | 462,201 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,016,555 | 607,922 |
Financing Receivable, Revolving | 79,761 | 99,627 |
Financing Receivable, before Allowance for Credit Loss and Fee | 3,948,441 | 3,922,586 |
Commercial real estate, Non-owner occupied | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 2,687 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 56,533 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 24,604 | 16,271 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 15,662 | 34,283 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 43,699 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,641 | 66,370 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 47,907 | 219,843 |
Commercial real estate, Non-owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 30,401 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,021 | 132,814 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 146,339 | 69,507 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 73,142 | 56,219 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 84,622 | 288,998 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 397,711 | 242,905 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 727,835 | 820,844 |
Commercial real estate, Non-owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 676,515 | 756,825 |
Commercial real estate, Non-owner occupied | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 51,320 | 64,019 |
Commercial real estate, Non-owner occupied | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Construction and land | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 3,919 | 20,883 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 35,999 | 159,779 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 143,995 | 18,300 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 11,939 | 57,261 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,605 | 35,537 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9,337 | 1,250 |
Financing Receivable, Revolving | 4,840 | 297 |
Financing Receivable, before Allowance for Credit Loss and Fee | 218,634 | 293,307 |
Construction and land | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 3,919 | 20,860 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 34,832 | 158,413 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 136,272 | 9,003 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10,611 | 48,657 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,605 | 26,845 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 268 | 904 |
Financing Receivable, Revolving | 4,840 | 297 |
Financing Receivable, before Allowance for Credit Loss and Fee | 199,347 | 264,979 |
Construction and land | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,184 | 8,010 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 8,604 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 4,284 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,184 | 20,898 |
Construction and land | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 23 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,167 | 1,366 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,539 | 1,287 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,328 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 4,408 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 9,069 | 346 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 14,103 | 7,430 |
Construction and land | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 9,319 | 2,676 |
Construction and land | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 4,784 | 4,754 |
Construction and land | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Commercial real estate, Owner occupied | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 51,923 | 234,878 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 236,735 | 330,296 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 317,372 | 284,316 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 278,123 | 310,381 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 306,831 | 335,239 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 740,900 | 461,337 |
Financing Receivable, Revolving | 29,016 | 44,323 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,960,900 | 2,000,770 |
Commercial real estate, Owner occupied | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 51,923 | 229,670 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 228,037 | 263,138 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 285,963 | 251,413 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 236,599 | 232,171 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 246,368 | 288,403 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 596,121 | 361,130 |
Financing Receivable, Revolving | 28,222 | 17,281 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,673,233 | 1,643,206 |
Commercial real estate, Owner occupied | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 2,593 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,796 | 42,485 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,388 | 11,789 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,908 | 41,799 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 13,628 | 19,839 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 19,409 | 20,347 |
Financing Receivable, Revolving | 794 | 17,985 |
Financing Receivable, before Allowance for Credit Loss and Fee | 41,923 | 156,837 |
Commercial real estate, Owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 2,615 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6,902 | 24,673 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 29,021 | 21,114 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 37,616 | 36,411 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 46,835 | 26,997 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 125,370 | 79,860 |
Financing Receivable, Revolving | 0 | 9,057 |
Financing Receivable, before Allowance for Credit Loss and Fee | 245,744 | 200,727 |
Commercial real estate, Owner occupied | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 219,162 | 177,575 |
Commercial real estate, Owner occupied | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 26,582 | 23,152 |
Commercial real estate, Owner occupied | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Commercial and industrial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 364,211 | 606,110 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 526,881 | 929,130 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 802,728 | 308,592 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 243,421 | 267,311 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 213,235 | 215,850 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 232,345 | 81,713 |
Financing Receivable, Revolving | 1,822,974 | 2,038,677 |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,205,795 | 4,447,383 |
Commercial and industrial | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 363,731 | 574,601 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 506,653 | 759,384 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 647,392 | 257,451 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 184,745 | 250,787 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 197,346 | 165,105 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 194,549 | 47,086 |
Financing Receivable, Revolving | 1,676,514 | 1,882,856 |
Financing Receivable, before Allowance for Credit Loss and Fee | 3,770,930 | 3,937,270 |
Commercial and industrial | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 10,387 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 937 | 49,471 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 11,257 | 17,096 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 16,640 | 2,451 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,611 | 20,838 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,481 | 2,977 |
Financing Receivable, Revolving | 438 | 66,385 |
Financing Receivable, before Allowance for Credit Loss and Fee | 33,364 | 169,605 |
Commercial and industrial | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 480 | 21,122 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 19,291 | 120,275 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 144,079 | 34,045 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 42,028 | 14,073 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 14,278 | 29,907 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 35,315 | 31,478 |
Financing Receivable, Revolving | 129,176 | 89,436 |
Financing Receivable, before Allowance for Credit Loss and Fee | 384,647 | 340,336 |
Commercial and industrial | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 277,683 | 285,925 |
Commercial and industrial | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 106,964 | 54,411 |
Commercial and industrial | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 172 |
Financing Receivable, Revolving | 16,846 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 16,854 | 172 |
Payment Protection Plan [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 282,746 | 781,811 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 209,214 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 491,960 | 781,811 |
Payment Protection Plan [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 282,746 | 781,811 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 209,214 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 491,960 | 781,811 |
Payment Protection Plan [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Payment Protection Plan [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Payment Protection Plan [Member] | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Payment Protection Plan [Member] | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Pinnacle Public Finance [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 67,425 | 165,218 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 141,124 | 118,139 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 106,430 | 70,498 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 61,798 | 208,568 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 202,771 | 203,990 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 466,989 | 340,973 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,046,537 | 1,107,386 |
Pinnacle Public Finance [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 67,425 | 165,218 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 141,124 | 118,139 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 106,430 | 70,498 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 61,798 | 208,568 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 202,771 | 203,990 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 466,989 | 340,973 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,046,537 | 1,107,386 |
Pinnacle Public Finance [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Pinnacle Public Finance [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Pinnacle Public Finance [Member] | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Pinnacle Public Finance [Member] | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Bridge - franchise finance | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 9,078 | 87,949 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 81,411 | 247,552 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 212,460 | 123,660 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 94,879 | 46,657 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 35,053 | 31,535 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 30,993 | 12,380 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 463,874 | 549,733 |
Bridge - franchise finance | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 9,078 | 48,741 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 51,732 | 91,509 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 114,668 | 23,650 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 16,475 | 8,745 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7,861 | 11,817 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 10,133 | 6,416 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 209,947 | 190,878 |
Bridge - franchise finance | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 2,693 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 54,271 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,857 | 5,175 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 4,699 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 2,088 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 2,667 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,857 | 71,593 |
Bridge - franchise finance | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 36,515 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 29,679 | 101,772 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 95,935 | 84,064 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 78,404 | 33,213 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 27,192 | 16,706 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 20,382 | 3,297 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 251,592 | 275,567 |
Bridge - franchise finance | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 218,665 | 242,234 |
Bridge - franchise finance | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 32,927 | 33,333 |
Bridge - franchise finance | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 10,771 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 924 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 478 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 478 | 11,695 |
Bridge - equipment finance | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 36,740 | 23,684 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 19,892 | 168,492 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 147,804 | 95,440 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 78,279 | 101,094 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 75,571 | 36,963 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 63,653 | 49,875 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 421,939 | 475,548 |
Bridge - equipment finance | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 36,740 | 23,684 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 19,892 | 137,730 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 132,856 | 66,004 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 55,875 | 50,000 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 33,371 | 36,963 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 63,653 | 49,875 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 342,387 | 364,256 |
Bridge - equipment finance | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 19,542 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 16,863 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,744 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,744 | 36,405 |
Bridge - equipment finance | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 30,762 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,948 | 9,894 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 22,404 | 34,231 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 40,456 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss and Fee | 77,808 | 74,887 |
Bridge - equipment finance | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 77,808 | 74,887 |
Bridge - equipment finance | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Bridge - equipment finance | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Mortgage warehouse lending [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 1,018,267 | 1,259,408 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,018,267 | 1,259,408 |
Mortgage warehouse lending [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Revolving | 1,018,267 | 1,259,408 |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,018,267 | 1,259,408 |
Mortgage warehouse lending [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Mortgage warehouse lending [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Mortgage warehouse lending [Member] | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Mortgage warehouse lending [Member] | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 15,808,800 | 17,517,820 |
Commercial Portfolio Segment [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 13,739,092 | 14,832,025 |
Commercial Portfolio Segment [Member] | Special mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 138,064 | 711,516 |
Commercial Portfolio Segment [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,684,666 | 1,758,654 |
Commercial Portfolio Segment [Member] | Substandard Non-Accruing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 229,646 | 203,758 |
Commercial Portfolio Segment [Member] | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 17,332 | $ 11,867 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Schedule of Financing Receivables Past Due) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 22,885,074 | $ 23,866,042 |
1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,206,766 | 4,922,836 |
US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,863,723 | 1,419,074 |
Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,785 | 6,312 |
Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,256,711 | 1,639,201 |
Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 4,724,183 | 4,963,273 |
Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 218,634 | 293,307 |
Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,960,900 | 2,000,770 |
Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 4,205,795 | 4,447,383 |
Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 491,960 | 781,811 |
Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,046,537 | 1,107,386 |
Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 463,874 | 549,733 |
Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 421,939 | 475,548 |
Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,018,267 | 1,259,408 |
30 - 59 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 164,576 | 262,556 |
30 - 59 Days Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 45,498 | 48,851 |
30 - 59 Days Past Due | US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 103,054 | 77,883 |
30 - 59 Days Past Due | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 21 | 37 |
30 - 59 Days Past Due | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 17,842 |
30 - 59 Days Past Due | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 14,113 | 34,117 |
30 - 59 Days Past Due | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 888 | 4,530 |
30 - 59 Days Past Due | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 924 | 10,756 |
30 - 59 Days Past Due | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 78 | 52,117 |
30 - 59 Days Past Due | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
30 - 59 Days Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
30 - 59 Days Past Due | Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 16,423 |
30 - 59 Days Past Due | Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
30 - 59 Days Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 114,162 | 97,115 |
60 - 89 Days Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 9,345 | 7,489 |
60 - 89 Days Past Due | US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 77,401 | 56,495 |
60 - 89 Days Past Due | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 22 |
60 - 89 Days Past Due | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 14,113 | 0 |
60 - 89 Days Past Due | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 206 | 20,291 |
60 - 89 Days Past Due | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 399 |
60 - 89 Days Past Due | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,083 | 3,203 |
60 - 89 Days Past Due | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 2,066 | 552 |
60 - 89 Days Past Due | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 9,948 | 8,664 |
60 - 89 Days Past Due | Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
60 - 89 Days Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 852,628 | 692,337 |
90 Days or More Past Due | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 23,424 | 9,164 |
90 Days or More Past Due | US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 731,707 | 562,329 |
90 Days or More Past Due | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 22 | 231 |
90 Days or More Past Due | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 7,069 | 18,369 |
90 Days or More Past Due | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 32,075 | 32,042 |
90 Days or More Past Due | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 346 | 346 |
90 Days or More Past Due | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 15,116 | 15,336 |
90 Days or More Past Due | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 30,067 | 28,705 |
90 Days or More Past Due | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 12,802 | 25,815 |
90 Days or More Past Due | Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
90 Days or More Past Due | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 0 |
Current | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 21,753,708 | 22,814,034 |
Current | 1-4 single family residential | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,128,499 | 4,857,332 |
Current | US Government Agency Insured Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 951,561 | 722,367 |
Current | Other Consumer Loans | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 5,742 | 6,022 |
Current | Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,235,529 | 1,602,990 |
Current | Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 4,677,789 | 4,876,823 |
Current | Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 217,400 | 288,032 |
Current | Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,943,777 | 1,971,475 |
Current | Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 4,173,584 | 4,366,009 |
Current | Payment Protection Plan [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 491,960 | 781,811 |
Current | Pinnacle Public Finance [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,046,537 | 1,107,386 |
Current | Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 441,124 | 498,831 |
Current | Bridge - equipment finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 421,939 | 475,548 |
Current | Mortgage warehouse lending [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,018,267 | $ 1,259,408 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Finance Receivable, Nonaccrual) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Investment Past Due [Line Items] | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | $ 292,531 | $ 244,453 |
Recorded Investment, With no specific allowance recorded | 64,648 | 84,195 |
Residential Portfolio Segment [Member] | ||
Financing Receivable Investment Past Due [Line Items] | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 45,553 | 28,828 |
Recorded Investment, With no specific allowance recorded | 1,643 | 1,755 |
Multi-family | ||
Financing Receivable Investment Past Due [Line Items] | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 7,069 | 24,090 |
Recorded Investment, With no specific allowance recorded | 7,069 | 24,090 |
Commercial real estate, Non-owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 51,320 | 64,017 |
Recorded Investment, With no specific allowance recorded | 30,182 | 32,843 |
Construction and land | ||
Financing Receivable Investment Past Due [Line Items] | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 4,784 | 4,754 |
Recorded Investment, With no specific allowance recorded | 4,439 | 4,408 |
Commercial real estate, Owner occupied | ||
Financing Receivable Investment Past Due [Line Items] | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 26,582 | 23,152 |
Recorded Investment, With no specific allowance recorded | 7,545 | 2,110 |
Commercial and industrial | ||
Financing Receivable Investment Past Due [Line Items] | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 123,818 | 54,584 |
Recorded Investment, With no specific allowance recorded | 9,760 | 9,235 |
Bridge - franchise finance | ||
Financing Receivable Investment Past Due [Line Items] | ||
Loans and Leases Receivable, Nonperforming, Nonaccrual of Interest | 33,405 | 45,028 |
Recorded Investment, With no specific allowance recorded | $ 4,010 | $ 9,754 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Schedule of Collateral Dependent Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 182,397 | $ 156,097 |
Secured Debt | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 142,286 | 129,494 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,405 | 2,528 |
Residential Portfolio Segment [Member] | Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,377 | 2,513 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7,069 | 24,090 |
Multi-family | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7,069 | 24,090 |
Commercial real estate, Non-owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 40,965 | 52,813 |
Commercial real estate, Non-owner occupied | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 40,724 | 52,435 |
Construction and land | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,784 | 4,754 |
Construction and land | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,784 | 4,754 |
Commercial real estate, Owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 20,228 | 14,814 |
Commercial real estate, Owner occupied | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 20,228 | 14,777 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 99,405 | 28,112 |
Commercial and industrial | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 61,286 | 18,093 |
Bridge - franchise finance | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 7,541 | 28,986 |
Bridge - franchise finance | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,818 | 12,832 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 179,992 | 153,569 |
Commercial Portfolio Segment [Member] | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 139,909 | $ 126,981 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses Loans and Allowance for Credit Losses (Schedule of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 117,000 | 55 | 144,000 | 99 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 24,611 | $ 9,558 | $ 30,088 | $ 32,649 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 54,000 | 127 | 63,000 | 162 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 9,878 | $ 42,479 | $ 10,997 | $ 57,049 |
1-4 single family residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 203 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | ||
US Government Agency Insured Loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 116,000 | 52 | 143,000 | 86 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 21,758 | $ 7,291 | $ 27,235 | $ 12,183 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 54,000 | 121 | 63,000 | 150 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 9,878 | $ 19,512 | $ 10,997 | $ 23,994 |
Commercial real estate, Non-owner occupied | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 1,000 | 0 | 1,000 | 1 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 2,853 | $ 0 | $ 2,853 | $ 4,249 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 1 | 0 | 1 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 4,249 | $ 0 | $ 4,249 |
Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 2 | 0 | 2 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 1,348 | $ 0 | $ 1,348 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 3 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 0 | $ 5,448 |
Bridge - franchise finance | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 0 | 9 |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 919 | $ 0 | $ 14,666 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 5 | 0 | 8 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 18,718 | $ 0 | $ 23,358 |
Income Taxes Income Taxes (Narr
Income Taxes Income Taxes (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 25.80% | 21.00% | 25.30% | 19.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) | Jun. 30, 2021USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of Interest rate derivative contracts cleared through the CME | $ 0 |
Amount expected to be reclassified from AOCI into income | 38,900,000 |
Financial collateral pledged for interest rate swaps | $ 31,500,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Interest Rate Contract Derivative Financial Instruments and Related Hedged Items) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivatives Fair Value [Line Items] | ||
Notional amount of interest rate derivatives | $ 6,126,508 | $ 6,425,146 |
Interest rate derivative assets, fair value | 79,686 | 123,830 |
Interest rate derivative liabilities, fair value | $ (32,131) | $ (44,490) |
Designated as Hedging Instrument | Pay-fixed interest rate swaps | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 2.53% | 2.41% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 2 years 3 months 18 days | 2 years 6 months |
Notional amount of interest rate derivatives | $ 2,381,000 | $ 2,771,000 |
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 | Pay-fixed interest rate swaps | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | $ (4,544) | $ (5,971) |
Designated as Hedging Instrument | interest rate caps purchased, indexed to fed funds effective rate | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 0.00% | 0.00% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 4 years 4 months 24 days | 4 years 10 months 24 days |
Notional amount of interest rate derivatives | $ 100,000 | $ 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 | 1,259 | 485 |
Designated as Hedging Instrument | interest rate caps purchased, indexed to fed funds effective rate | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, 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) | 1.54% | 1.55% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 2 months 12 days | 7 months 6 days |
Notional amount of interest rate derivatives | $ 200,000 | $ 250,000 |
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 Contract [Member] | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | $ 0 | $ 0 |
Derivatives not designated as hedges | Pay-fixed interest rate swaps | ||
Derivatives Fair Value [Line Items] | ||
Weighted average fixed rate of interest rate derivatives (in Percent) | 3.57% | 3.61% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 5 years 4 months 24 days | 5 years 3 months 18 days |
Notional amount of interest rate derivatives | $ 1,679,754 | $ 1,626,152 |
Derivatives not designated as hedges | Pay-fixed interest rate swaps | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | 1,067 | 0 |
Derivatives not designated as hedges | Pay-fixed interest rate swaps | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | $ (25,087) | $ (38,519) |
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) | 3.57% | 3.61% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 5 years 4 months 24 days | 5 years 3 months 18 days |
Notional amount of interest rate derivatives | $ 1,679,754 | $ 1,626,152 |
Derivatives not designated as hedges | Pay-variable interest rate swaps | Other Assets | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative assets, fair value | 77,014 | 123,345 |
Derivatives not designated as hedges | Pay-variable interest rate swaps | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | $ (2,154) | $ 0 |
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) | 2.36% | 3.72% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 2 years 7 months 6 days | 4 months 24 days |
Notional amount of interest rate derivatives | $ 43,000 | $ 25,921 |
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 | 346 | 0 |
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 liabilities, 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) | 2.36% | 3.72% |
Weighted average remaining maturity of interest rate derivatives (in Duration) | 2 years 7 months 6 days | 4 months 24 days |
Notional amount of interest rate derivatives | $ 43,000 | $ 25,921 |
Derivatives not designated as hedges | Interest rate caps sold, indexed to 1-month Libor [Domain] [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] | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Interest rate derivative liabilities, fair value | $ (346) | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities Derivative and Hedging Activities - Amount of loss reclassified from AOCI into Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Borrowings [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (14,882) | $ (10,009) | $ (29,857) | $ (14,565) |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities Derivative and Hedging Activities - Amount of gain (loss) recognized in earnings on Fair Value hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative and Hedging Activities - Amount of gain (loss) recognized in earnings on Fair Value hedges [Abstract] | ||||
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments | $ (669) | $ 8 | $ (1,496) | $ 4,028 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 670 | (164) | 1,495 | (4,072) |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 1 | $ (156) | $ (1) | $ (44) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities Derivative and Hedging Activities - Carrying Value of Hedged Item and Cumulative Fair Value Adjustments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative and Hedging Activities - Carrying Value of Hedged Item and Cumulative Fair Value Adjustments [Abstract] | ||
Hedged Liability, Fair Value Hedge | $ 200,000 | $ 250,000 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 505 | $ 1,999 |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities (Interest Rate Swaps Subject to Master Netting Agreements) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative assets | $ 1,413 | $ 0 |
Gross Amounts Recognized, Derivative liabilities | (29,631) | (44,490) |
Gross Amounts Recognized, Derivative assets and liabilities | (28,218) | (44,490) |
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 | 1,413 | 0 |
Net Amounts Presented in Balance Sheet, Derivative liabilities | (29,631) | (44,490) |
Derivative Asset (Liability), Fair Value, Amount Not Offset Against Collateral | (28,218) | (44,490) |
Gross Amounts Not Offset in Balance Sheet | ||
Derivative Instruments, Derivative assets | (1,363) | 0 |
Derivative Instruments, Derivative liabilities | 1,363 | 0 |
Derivative Instruments, Derivative assets and liabilities | 0 | 0 |
Collateral Pledged, Derivative assets | 0 | 0 |
Collateral Pledged, Derivative liabilities | 28,220 | 44,332 |
Collateral Pledged, Derivative assets and liabilities | 28,220 | 44,332 |
Net Amount, Derivative assets | 50 | 0 |
Net Amount, Derivative liabilities | (48) | (158) |
Net Amount, Derivative assets and liabilities | $ 2 | $ (158) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Stock Repurchase Program, Authorized Amount | $ 150,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 37,700 |
Stockholders' Equity (Changes i
Stockholders' Equity (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Unrealized gains on investment securities available for sale: | ||||
Net unrealized holding gain (loss) arising during the period, Before Tax | $ 18,692 | $ 252,893 | $ (11,489) | $ (33,743) |
Amounts reclassified to gain on investment securities available for sale, net, Before Tax | (2,842) | (5,723) | (6,809) | (7,253) |
Net change in unrealized gains on securities available for sale, Before Tax | 15,850 | 247,170 | (18,298) | (40,996) |
Net unrealized holding gain (loss) arising during the period, Tax Effect | (4,766) | (64,488) | 2,930 | 8,988 |
Amounts reclassified to gain on investment securities available for sale, net, Tax Effect | 724 | 1,459 | 1,736 | 1,849 |
Net change in unrealized gains on securities available for sale, Tax Effect | (4,042) | (63,029) | 4,666 | 10,837 |
Net unrealized holding gain (loss) arising during the period, Net of Tax | 13,926 | 188,405 | (8,559) | (24,755) |
Amounts reclassified to gain on investment securities available for sale, net, Net of Tax | (2,118) | (4,264) | (5,073) | (5,404) |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax, Total | 11,808 | 184,141 | (13,632) | (30,159) |
Unrealized losses on derivative instruments: | ||||
Net unrealized holding gain (loss) arising during the period, Before Tax | (12,005) | (12,288) | 21,030 | (122,239) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 14,882 | 10,009 | 29,857 | 14,565 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 2,877 | (2,279) | 50,887 | (107,674) |
Net unrealized holding gain (loss) arising during the period, Tax Effect | 3,061 | 1,218 | (5,363) | 30,355 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (3,794) | (2,507) | (7,613) | (3,714) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | (733) | (1,289) | (12,976) | 26,641 |
Net unrealized holding gain (loss) arising during the period, Net of Tax | (8,944) | (11,070) | 15,667 | (91,884) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 11,088 | 7,502 | 22,244 | 10,851 |
Net change in unrealized losses on derivative instruments | 2,144 | (3,568) | 37,911 | (81,033) |
Other comprehensive income (loss), Before Tax | 18,727 | 244,891 | 32,589 | (148,670) |
Other comprehensive income (loss), Tax Effect | (4,775) | (64,318) | (8,310) | 37,478 |
Other comprehensive income (loss) | $ 13,952 | $ 180,573 | $ 24,279 | $ (111,192) |
Stockholders' Equity (Categorie
Stockholders' Equity (Categories of Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | $ (49,152) | |||
Other comprehensive income (loss) | $ 13,952 | $ 180,573 | 24,279 | $ (111,192) |
Other comprehensive income, Ending Balance | (24,873) | (24,873) | ||
Unrealized Gains on Investment Securities Available for Sale | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | 38,359 | (186,115) | 63,799 | 28,185 |
Other comprehensive income (loss) | 11,808 | 184,141 | (13,632) | (30,159) |
Other comprehensive income, Ending Balance | 50,167 | (1,974) | 50,167 | (1,974) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | (77,184) | (137,477) | (112,951) | (60,012) |
Other comprehensive income (loss) | 2,144 | (3,568) | 37,911 | (81,033) |
Other comprehensive income, Ending Balance | (75,040) | (141,045) | (75,040) | (141,045) |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Other comprehensive income, Beginning Balance | (38,825) | (323,592) | (49,152) | (31,827) |
Other comprehensive income (loss) | 13,952 | 180,573 | 24,279 | (111,192) |
Other comprehensive income, Ending Balance | $ (24,873) | $ (143,019) | $ (24,873) | $ (143,019) |
Equity Based Compensation (Sche
Equity Based Compensation (Schedule of Nonvested Share Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
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 | |
Aggregate grant date fair value of shares vesting | $ 15,652 | $ 17,824 |
Range of the closing price on date of grant, minimum (in Dollars per Share) | $ 42.01 | $ 13.99 |
Range of the closing price on date of grant, maximum (in Dollars per Share) | $ 47.52 | $ 30.90 |
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, Nonvested, Number, Beginning Balance | 1,161,835 | 1,050,455 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 559,180 | 644,300 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 460,269 | 455,260 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures and Expirations | 48,684 | 33,137 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,212,062 | 1,206,358 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 33.32 | $ 38.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 42.17 | 29.73 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 34.01 | 39.15 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 35.19 | 36.21 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 37.07 | $ 33.41 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 34,500 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 11 months 8 days | |
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 | $ 13,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 2 months 19 days |
Equity Based Compensation Sched
Equity Based Compensation Schedule of Other Share-Based Compensation, Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
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, Nonvested, Number, Beginning Balance | 156,555 | 112,116 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 63,814 | 106,731 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 220,369 | 218,847 |
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, Beginning Balance | 179,793 | 125,088 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 63,814 | 106,731 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 243,607 | 231,819 |
RSU and PSU Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 6,800 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 13,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 2 months 19 days |
Equity Based Compensation (Sc_2
Equity Based Compensation (Schedule of Stock Options Activity) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 1,569 | 737,753 |
Exercise of stock options (in Shares) | (1,569) | (60,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 677,753 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 15.94 | $ 26.64 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 15.94 | 25.48 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 0 | $ 26.74 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 10,308,671 | $ 9,297,586 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (32,131) | (44,490) |
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 | (32,131) | (44,490) |
U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 156,637 | 80,851 |
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 | 2,215,440 | 2,405,570 |
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 | 835,588 | 539,354 |
Private label residential MBS and CMOs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,111,727 | 998,603 |
Private label commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,594,024 | 2,526,354 |
Single family rental real estate-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 617,445 | 650,888 |
Collateralized loan obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 982,267 | 1,140,274 |
Non-mortgage asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 176,506 | 253,261 |
State and municipal obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 228,625 | 235,709 |
SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 215,634 | 231,545 |
Marketable equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 88,142 | 104,274 |
Servicing Rights [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 6,950 | 7,073 |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 79,686 | 123,830 |
Fair Value, Inputs, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 244,779 | 185,125 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 156,637 | 80,851 |
Fair Value, Inputs, Level 1 | U.S. Government agency and sponsored enterprise residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | U.S. Government agency and sponsored enterprise commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Private label residential MBS and CMOs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Private label commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Single family rental real estate-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Collateralized loan obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Non-mortgage asset-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | State and municipal obligations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Marketable equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 88,142 | 104,274 |
Fair Value, Inputs, Level 1 | Servicing Rights [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 | Derivative Financial Instruments, Assets [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 10,063,892 | 9,112,461 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | (32,131) | (44,490) |
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 | (32,131) | (44,490) |
Fair Value, Inputs, Level 2 | U.S. Treasury securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 | U.S. Government agency and sponsored enterprise residential MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,215,440 | 2,405,570 |
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 | 835,588 | 539,354 |
Fair Value, Inputs, Level 2 | Private label residential MBS and CMOs | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,111,727 | 998,603 |
Fair Value, Inputs, Level 2 | Private label commercial MBS | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,594,024 | 2,526,354 |
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 | 617,445 | 650,888 |
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 | 982,267 | 1,140,274 |
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 | 176,506 | 253,261 |
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 | 228,625 | 235,709 |
Fair Value, Inputs, Level 2 | SBA securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 215,634 | 231,545 |
Fair Value, Inputs, Level 2 | Marketable equity securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 | Servicing Rights [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 6,950 | 7,073 |
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 | $ 79,686 | $ 123,830 |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets for which Nonrecurring Changes in Fair Value have been Recorded) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 10,308,671 | $ 9,297,586 |
Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 94,471 | 97,089 |
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 | 92,410 | 73,803 |
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 | 0 | 20,500 |
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 | $ 2,061 | $ 2,786 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Investment securities | $ 10,232,907 | $ 9,177,870 |
Non-marketable equity securities | 164,959 | 195,865 |
Liabilities: | ||
Time deposits | 2,978,074 | 4,807,199 |
Federal funds purchased | 0 | 180,000 |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Cash and cash equivalents | 895,348 | 397,716 |
Fair Value, Inputs, Level 2 | ||
Assets: | ||
Non-marketable equity securities | 164,959 | 195,865 |
Loans held for sale | 0 | 25,057 |
Derivative assets | 79,686 | 123,830 |
Liabilities: | ||
Demand, savings and money market deposits | 25,631,195 | 22,688,617 |
Time deposits | 2,979,040 | 4,814,862 |
Federal funds purchased | 0 | 180,000 |
FHLB advances | 2,683,248 | 3,127,190 |
Notes and other borrowings | 838,205 | 849,120 |
Derivative liabilities | 32,131 | 44,490 |
Fair Value, Inputs, Level 3 | ||
Assets: | ||
Loans, net | 23,190,143 | 24,205,016 |
Carrying Value | ||
Assets: | ||
Cash and cash equivalents | 895,348 | 397,716 |
Investment securities | 10,232,035 | 9,176,683 |
Non-marketable equity securities | 164,959 | 195,865 |
Loans held for sale | 0 | 24,676 |
Loans, net | 22,885,074 | 23,608,719 |
Derivative assets | 79,686 | 123,830 |
Liabilities: | ||
Demand, savings and money market deposits | 25,631,195 | 22,688,617 |
Time deposits | 2,978,074 | 4,807,199 |
Federal funds purchased | 0 | 180,000 |
FHLB advances | 2,681,505 | 3,122,999 |
Notes and other borrowings | 721,639 | 722,495 |
Derivative liabilities | $ 32,131 | $ 44,490 |
Commitments and Contingencies C
Commitments and Contingencies Commitments (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 4,465,110 |
Commitments to fund loans | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 622,579 |
Unfunded commitments under lines of credit | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 3,747,497 |
Commercial and standby letters of credit | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 95,034 |
Uncategorized Items - bku-20210
Label | Element | Value |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (23,817,000) |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (23,817,000) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 2,956,962,000 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Additional Paid-in Capital [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 1,083,920,000 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 1,903,918,000 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 951,000 |
Shares, Outstanding | us-gaap_SharesOutstanding | 95,128,231 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (31,827,000) |