QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
☒ | Accelerated filer | ☐ | |
Non-accelerated filer | ☐ | Smaller reporting company | |
Emerging growth company |
Class | Trading Symbol | Name of Exchange on Which Registered | ||
Page | ||
PART I. | ||
ITEM 1. | ||
ITEM 2. | ||
ITEM 3. | ||
ITEM 4. | ||
PART II. | ||
ITEM 1. | ||
ITEM 1A. | ||
ITEM 2. | ||
ITEM 6. | ||
ACI | Loans acquired with evidence of deterioration in credit quality since origination (Acquired Credit Impaired) | |
AFS | Available for sale | |
ALCO | Asset/Liability Committee | |
ALLL | Allowance for loan and lease losses | |
AOCI | Accumulated other comprehensive income | |
ASC | Accounting Standards Codification | |
ASU | Accounting Standards Update | |
BKU | BankUnited, Inc. | |
BankUnited | BankUnited, National Association | |
The Bank | BankUnited, National Association | |
Bridge | Bridge Funding Group, Inc. | |
Buyout loans | FHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations | |
CET1 | Common Equity Tier 1 capital | |
CECL | Current expected credit loss | |
CME | Chicago Mercantile Exchange | |
CLOs | Collateralized loan obligations | |
CMOs | Collateralized mortgage obligations | |
Covered assets | Assets covered under the Loss Sharing Agreements | |
Covered loans | Loans covered under the Loss Sharing Agreements | |
DSCR | Debt Service Coverage Ratio | |
EPS | Earnings per common share | |
EVE | Economic value of equity | |
FASB | Financial Accounting Standards Board | |
FDIA | Federal Deposit Insurance Act | |
FDIC | Federal Deposit Insurance Corporation | |
FHLB | Federal Home Loan Bank | |
FHA loan | Loan guaranteed by the Federal Housing Administration | |
FICO | Fair Isaac Corporation (credit score) | |
FRB | Federal Reserve Bank | |
FSB Acquisition | Acquisition of substantially all of the assets and assumption of all of the non-brokered deposits and substantially all of the other liabilities of BankUnited, FSB from the FDIC on May 21, 2009 | |
FSB Loans | 1-4 single family residential loans acquired in the FSB Acquisition that were formally covered by the Single Family Shared-Loss Agreement | |
GAAP | U.S. generally accepted accounting principles | |
GNMA | Government National Mortgage Association | |
HTM | Held to maturity | |
IPO | Initial public offering | |
ISDA | International Swaps and Derivatives Association | |
LIBOR | London InterBank Offered Rate | |
Loss Sharing Agreements | Two loss sharing agreements entered into with the FDIC in connection with the FSB Acquisition |
LTV | Loan-to-value | |
MBS | Mortgage-backed securities | |
Non-Covered Loans | Loans other than those covered under the Loss Sharing Agreements | |
OCI | Other comprehensive income | |
OCC | Office of the Comptroller of the Currency | |
OREO | Other real estate owned | |
OTTI | Other-than-temporary impairment | |
PSU | Performance Share Unit | |
Pinnacle | Pinnacle Public Finance, Inc. | |
ROU Asset | Right-of-use Asset | |
RSU | Restricted Share Unit | |
SBA | U.S. Small Business Administration | |
SBF | Small Business Finance Unit | |
SEC | Securities and Exchange Commission | |
Single Family Shared-Loss Agreement | A single-family loan shared-loss agreement entered into with the FDIC in connection with the FSB Acquisition | |
SOFR | Secured Overnight Financing Rate | |
TDR | Troubled-debt restructuring | |
UPB | Unpaid principal balance | |
VA loan | Loan guaranteed by the U.S. Department of Veterans Affairs |
June 30, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Cash and due from banks: | |||||||
Non-interest bearing | $ | $ | |||||
Interest bearing | |||||||
Cash and cash equivalents | |||||||
Investment securities (including securities recorded at fair value of $8,128,708 and $8,156,878) | |||||||
Non-marketable equity securities | |||||||
Loans held for sale | |||||||
Loans (including covered loans of $201,376 at December 31, 2018) | |||||||
Allowance for loan and lease losses | ( | ) | ( | ) | |||
Loans, net | |||||||
Bank owned life insurance | |||||||
Equipment under operating lease, net | |||||||
Goodwill and other intangible assets | |||||||
Other assets | |||||||
Total assets | $ | $ | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Demand deposits: | |||||||
Non-interest bearing | $ | $ | |||||
Interest bearing | |||||||
Savings and money market | |||||||
Time | |||||||
Total deposits | |||||||
Federal funds purchased | |||||||
Federal Home Loan Bank advances | |||||||
Notes and other borrowings | |||||||
Other liabilities | |||||||
Total liabilities | |||||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 95,315,633 and 99,141,374 shares issued and outstanding | |||||||
Paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive income (loss) | ( | ) | |||||
Total stockholders' equity | |||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Interest income: | |||||||||||||||
Loans | $ | $ | $ | $ | |||||||||||
Investment securities | |||||||||||||||
Other | |||||||||||||||
Total interest income | |||||||||||||||
Interest expense: | |||||||||||||||
Deposits | |||||||||||||||
Borrowings | |||||||||||||||
Total interest expense | |||||||||||||||
Net interest income before provision for loan losses | |||||||||||||||
Provision for (recovery of) loan losses (including $294 and $567 for covered loans for the three and six months ended June 30, 2018) | ( | ) | |||||||||||||
Net interest income after provision for loan losses | |||||||||||||||
Non-interest income: | |||||||||||||||
Income from resolution of covered assets, net | |||||||||||||||
Net loss on FDIC indemnification | ( | ) | ( | ) | |||||||||||
Deposit service charges and fees | |||||||||||||||
Gain (loss) on sale of loans, net (including $(2,002) and $(298) related to covered loans for the three and six months ended June 30, 2018) | |||||||||||||||
Gain on investment securities, net | |||||||||||||||
Lease financing | |||||||||||||||
Other non-interest income | |||||||||||||||
Total non-interest income | |||||||||||||||
Non-interest expense: | |||||||||||||||
Employee compensation and benefits | |||||||||||||||
Occupancy and equipment | |||||||||||||||
Amortization of FDIC indemnification asset | |||||||||||||||
Deposit insurance expense | |||||||||||||||
Professional fees | |||||||||||||||
Technology and telecommunications | |||||||||||||||
Depreciation of equipment under operating lease | |||||||||||||||
Other non-interest expense | |||||||||||||||
Total non-interest expense | |||||||||||||||
Income before income taxes | |||||||||||||||
Provision for income taxes | |||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Earnings per common share, basic | $ | $ | $ | $ | |||||||||||
Earnings per common share, diluted | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||
Unrealized gains on investment securities available for sale: | |||||||||||||||
Net unrealized holding gain (loss) arising during the period | ( | ) | ( | ) | |||||||||||
Reclassification adjustment for net securities gains realized in income | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net change in unrealized gain on securities available for sale | ( | ) | ( | ) | |||||||||||
Unrealized losses on derivative instruments: | |||||||||||||||
Net unrealized holding gain (loss) arising during the period | ( | ) | ( | ) | |||||||||||
Reclassification adjustment for net (gains) losses realized in income | ( | ) | ( | ) | ( | ) | |||||||||
Net change in unrealized loss on derivative instruments | ( | ) | ( | ) | |||||||||||
Other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Comprehensive income | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Amortization and accretion, net | ( | ) | ( | ) | |||
Provision for loan losses | |||||||
Income from resolution of covered assets, net | ( | ) | |||||
Net loss on FDIC indemnification | |||||||
Gain on sale of loans, net | ( | ) | ( | ) | |||
Gain on investment securities, net | ( | ) | ( | ) | |||
Equity based compensation | |||||||
Depreciation and amortization | |||||||
Deferred income taxes | |||||||
Proceeds from sale of loans held for sale | |||||||
Loans originated for sale, net of repayments | ( | ) | ( | ) | |||
Other: | |||||||
Decrease in other assets | |||||||
Increase (decrease) in other liabilities | ( | ) | |||||
Net cash provided by operating activities | |||||||
Cash flows from investing activities: | |||||||
Purchase of investment securities | ( | ) | ( | ) | |||
Proceeds from repayments and calls of investment securities | |||||||
Proceeds from sale of investment securities | |||||||
Purchase of non-marketable equity securities | ( | ) | ( | ) | |||
Proceeds from redemption of non-marketable equity securities | |||||||
Purchases of loans | ( | ) | ( | ) | |||
Loan originations, repayments and resolutions, net | ( | ) | |||||
Proceeds from sale of loans, net | |||||||
Proceeds from sale of equipment under operating lease | |||||||
Acquisition of equipment under operating lease | ( | ) | ( | ) | |||
Other investing activities | ( | ) | ( | ) | |||
Net cash used in investing activities | ( | ) | ( | ) | |||
(Continued) |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash flows from financing activities: | |||||||
Net increase in deposits | |||||||
Net decrease in federal funds purchased | ( | ) | |||||
Additions to Federal Home Loan Bank advances | |||||||
Repayments of Federal Home Loan Bank advances | ( | ) | ( | ) | |||
Dividends paid | ( | ) | ( | ) | |||
Repurchase of common stock | ( | ) | ( | ) | |||
Other financing activities | ( | ) | |||||
Net cash provided by financing activities | |||||||
Net increase in cash and cash equivalents | |||||||
Cash and cash equivalents, beginning of period | |||||||
Cash and cash equivalents, end of period | $ | $ | |||||
Supplemental disclosure of cash flow information: | |||||||
Interest paid | $ | $ | |||||
Income taxes (refunded) paid, net | $ | ( | ) | $ | |||
Supplemental schedule of non-cash investing and financing activities: | |||||||
Transfers from loans to other real estate owned and other repossessed assets | $ | $ | |||||
Transfers from loans to loans held for sale | $ | $ | |||||
Dividends declared, not paid | $ | $ | |||||
Unsettled purchases of investment securities | $ | $ |
Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | |||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | $ | |||||||||||||||||
Comprehensive income | — | — | — | ( | ) | |||||||||||||||||
Dividends ($0.21 per common share) | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Equity based compensation | — | |||||||||||||||||||||
Forfeiture of unvested shares | ( | ) | ( | ) | ( | ) | — | ( | ) | |||||||||||||
Repurchase of common stock | ( | ) | ( | ) | ( | ) | — | ( | ) | |||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Balance at March 31, 2018 | $ | $ | $ | $ | $ | |||||||||||||||||
Comprehensive income | — | — | — | ( | ) | |||||||||||||||||
Dividends ($0.21 per common share) | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Equity based compensation | — | |||||||||||||||||||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | ( | ) | ( | ) | — | — | ( | ) | ||||||||||||||
Exercise of stock options | — | |||||||||||||||||||||
Repurchase of common stock | ( | ) | ( | ) | ( | ) | — | ( | ) | |||||||||||||
Balance at June 30, 2018 | $ | $ | $ | $ | $ |
Common Shares Outstanding | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | |||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | $ | |||||||||||||||||
Comprehensive income | — | — | — | ( | ) | |||||||||||||||||
Dividends ($0.42 per common share) | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Equity based compensation | — | — | ||||||||||||||||||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | ( | ) | ( | ) | ( | ) | — | — | ( | ) | ||||||||||||
Exercise of stock options | — | — | ||||||||||||||||||||
Repurchase of common stock | ( | ) | ( | ) | ( | ) | — | — | ( | ) | ||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Balance at December 31, 2017 | $ | $ | $ | $ | $ | |||||||||||||||||
Cumulative effect of adoption of new accounting standards | — | — | — | ( | ) | — | ||||||||||||||||
Comprehensive income | — | — | — | ( | ) | |||||||||||||||||
Dividends ($0.42 per common share) | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Equity based compensation | — | — | ||||||||||||||||||||
Forfeiture of unvested shares and shares surrendered for tax withholding obligations | ( | ) | ( | ) | ( | ) | — | — | ( | ) | ||||||||||||
Exercise of stock options | — | — | ||||||||||||||||||||
Repurchase of common stock | ( | ) | ( | ) | ( | ) | — | — | ( | ) | ||||||||||||
Balance at June 30, 2018 | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
c | 2019 | 2018 | 2019 | 2018 | |||||||||||
Basic earnings per common share: | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Distributed and undistributed earnings allocated to participating securities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Income allocated to common stockholders for basic earnings per common share | $ | $ | $ | $ | |||||||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding | |||||||||||||||
Less average unvested stock awards | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Weighted average shares for basic earnings per common share | |||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||
Diluted earnings per common share: | |||||||||||||||
Numerator: | |||||||||||||||
Income allocated to common stockholders for basic earnings per common share | $ | $ | $ | $ | |||||||||||
Adjustment for earnings reallocated from participating securities | |||||||||||||||
Income used in calculating diluted earnings per common share | $ | $ | $ | $ | |||||||||||
Denominator: | |||||||||||||||
Weighted average shares for basic earnings per common share | |||||||||||||||
Dilutive effect of stock options and certain share-based awards | |||||||||||||||
Weighted average shares for diluted earnings per common share | |||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Unvested shares and share units | |||||||||||
Stock options and warrants | — |
June 30, 2019 | |||||||||||||||
Amortized Cost | Gross Unrealized | Carrying Value (1) | |||||||||||||
Gains | Losses | ||||||||||||||
Investment securities available for sale: | |||||||||||||||
U.S. Treasury securities | $ | $ | $ | $ | |||||||||||
U.S. Government agency and sponsored enterprise residential MBS | ( | ) | |||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | ( | ) | |||||||||||||
Private label residential MBS and CMOs | ( | ) | |||||||||||||
Private label commercial MBS | ( | ) | |||||||||||||
Single family rental real estate-backed securities | ( | ) | |||||||||||||
Collateralized loan obligations | ( | ) | |||||||||||||
Non-mortgage asset-backed securities | ( | ) | |||||||||||||
State and municipal obligations | |||||||||||||||
SBA securities | ( | ) | |||||||||||||
Other debt securities | |||||||||||||||
$ | $ | ( | ) | ||||||||||||
Investment securities held to maturity | |||||||||||||||
$ | 8,017,913 | 8,076,533 | |||||||||||||
Marketable equity securities | |||||||||||||||
$ |
December 31, 2018 | |||||||||||||||
Amortized Cost | Gross Unrealized | Carrying Value (1) | |||||||||||||
Gains | Losses | ||||||||||||||
Investment securities available for sale: | |||||||||||||||
U.S. Treasury securities | $ | $ | $ | ( | ) | $ | |||||||||
U.S. Government agency and sponsored enterprise residential MBS | ( | ) | |||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | ( | ) | |||||||||||||
Private label residential MBS and CMOs | ( | ) | |||||||||||||
Private label commercial MBS | ( | ) | |||||||||||||
Single family rental real estate-backed securities | ( | ) | |||||||||||||
Collateralized loan obligations | ( | ) | |||||||||||||
Non-mortgage asset-backed securities | ( | ) | |||||||||||||
State and municipal obligations | ( | ) | |||||||||||||
SBA securities | ( | ) | |||||||||||||
Other debt securities | |||||||||||||||
$ | $ | ( | ) | ||||||||||||
Investment securities held to maturity | |||||||||||||||
$ | 8,100,654 | 8,106,359 | |||||||||||||
Marketable equity securities | |||||||||||||||
$ |
(1) | At fair value except for securities held to maturity. |
Amortized Cost | Fair Value | ||||||
Due in one year or less | $ | $ | |||||
Due after one year through five years | |||||||
Due after five years through ten years | |||||||
Due after ten years | |||||||
$ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Proceeds from sale of investment securities available for sale | $ | $ | $ | $ | |||||||||||
Gross realized gains: | |||||||||||||||
Investment securities available for sale | $ | $ | $ | $ | |||||||||||
Gross realized losses: | |||||||||||||||
Investment securities available for sale | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net realized gain | |||||||||||||||
Net unrealized gains (losses) on marketable equity securities recognized in earnings | ( | ) | ( | ) | |||||||||||
Gain on investment securities, net | $ | $ | $ | $ |
June 30, 2019 | |||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Private label residential MBS and CMOs | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Private label commercial MBS | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Single family rental real estate-backed securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Collateralized loan obligations | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Non-mortgage asset-backed securities | ( | ) | ( | ) | |||||||||||||||||||
SBA securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||
$ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
December 31, 2018 | |||||||||||||||||||||||
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 | $ | $ | ( | ) | $ | $ | $ | $ | ( | ) | |||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | ( | ) | ( | ) | ( | ) | |||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Private label residential MBS and CMOs | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Private label commercial MBS | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Single family rental real estate-backed securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Collateralized loan obligations | ( | ) | ( | ) | |||||||||||||||||||
Non-mortgage asset-backed securities | ( | ) | ( | ) | |||||||||||||||||||
State and municipal obligations | ( | ) | ( | ) | ( | ) | |||||||||||||||||
SBA securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||
$ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) |
June 30, 2019 | December 31, 2018 | ||||||||||||
Total | Percent of Total | Total | Percent of Total | ||||||||||
Residential and other consumer: | |||||||||||||
1-4 single family residential | $ | % | $ | % | |||||||||
Government insured residential | % | % | |||||||||||
Other | % | % | |||||||||||
% | % | ||||||||||||
Commercial: | |||||||||||||
Multi-family | % | % | |||||||||||
Non-owner occupied commercial real estate | % | % | |||||||||||
Construction and land | % | % | |||||||||||
Owner occupied commercial real estate | % | % | |||||||||||
Commercial and industrial | % | % | |||||||||||
Commercial lending subsidiaries | % | % | |||||||||||
% | % | ||||||||||||
Total loans | % | % | |||||||||||
Premiums, discounts and deferred fees and costs, net | |||||||||||||
Loans including premiums, discounts and deferred fees and costs | |||||||||||||
Allowance for loan and lease losses | ( | ) | ( | ) | |||||||||
Loans, net | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||
Residential | $ | $ | |||||
Commercial | |||||||
$ | $ |
Balance at December 31, 2017 | $ | ||
Reclassifications from non-accretable difference, net | |||
Accretion | ( | ) | |
Other changes, net (1) | |||
Balance at December 31, 2018 | |||
Reclassifications to non-accretable difference, net | ( | ) | |
Accretion | ( | ) | |
Other changes, net (1) | ( | ) | |
Balance at June 30, 2019 | $ |
(1) | Represents changes in cash flows expected to be collected due to the impact of changes in prepayment assumptions or changes in benchmark interest rates. |
Three Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Residential and Other Consumer | Commercial | Total | Residential and Other Consumer | Commercial | Total | ||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Provision (recovery) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Residential and Other Consumer | Commercial | Total | Residential and Other Consumer | Commercial | Total | ||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Provision | |||||||||||||||||||||||
Charge-offs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||
Recoveries | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||
Residential and Other Consumer | Commercial | Total | Residential and Other Consumer | Commercial | Total | ||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Ending balance: loans individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Ending balance: loans collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Ending balance: ACI loans | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Loans: | 0 | ||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Ending balance: loans individually evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Ending balance: loans collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Ending balance: ACI loans | $ | $ | $ | $ | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||
Recorded Investment | UPB | Related Specific Allowance | Recorded Investment | UPB | Related Specific Allowance | ||||||||||||||||||
With no specific allowance recorded: | |||||||||||||||||||||||
1-4 single family residential (1) | $ | $ | $ | — | $ | $ | $ | — | |||||||||||||||
Multi-family | — | — | |||||||||||||||||||||
Non-owner occupied commercial real estate | — | — | |||||||||||||||||||||
Construction and land | — | — | |||||||||||||||||||||
Owner occupied commercial real estate | — | — | |||||||||||||||||||||
Commercial and industrial | — | — | |||||||||||||||||||||
Commercial lending subsidiaries | — | — | |||||||||||||||||||||
With a specific allowance recorded: | |||||||||||||||||||||||
1-4 single family residential | |||||||||||||||||||||||
Owner occupied commercial real estate | |||||||||||||||||||||||
Non-owner occupied commercial real estate | |||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Commercial lending subsidiaries | |||||||||||||||||||||||
Total: | |||||||||||||||||||||||
Residential and other consumer | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Commercial | |||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
(1) | Includes government insured residential loans modified in TDRs totaling $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Residential and other consumer: | |||||||||||||||
1-4 single family residential | $ | $ | $ | $ | |||||||||||
Commercial: | |||||||||||||||
Multi-family | |||||||||||||||
Non-owner occupied commercial real estate | |||||||||||||||
Construction and land | |||||||||||||||
Owner occupied commercial real estate | |||||||||||||||
Commercial and industrial(1) | |||||||||||||||
Commercial lending subsidiaries | |||||||||||||||
$ | $ | $ | $ |
(1) | Includes average recorded investment in taxi medallion loans totaling $ |
June 30, 2019 | December 31, 2018 | ||||||
Residential and other consumer: | |||||||
1-4 single family residential | $ | $ | |||||
Home equity loans and lines of credit | |||||||
Other consumer loans | |||||||
Commercial: | |||||||
Multi-family | |||||||
Non-owner occupied commercial real estate | |||||||
Construction and land | |||||||
Owner occupied commercial real estate | |||||||
Commercial and industrial | |||||||
Commercial lending subsidiaries | |||||||
$ | $ |
June 30, 2019 | ||||||||||||||||||||
FICO | ||||||||||||||||||||
LTV | 720 or less | 721 - 740 | 741 - 760 | 761 or greater | Total | |||||||||||||||
Less than 60% | $ | $ | $ | $ | $ | |||||||||||||||
60% - 70% | ||||||||||||||||||||
70% - 80% | ||||||||||||||||||||
More than 80% | ||||||||||||||||||||
$ | $ | $ | $ | $ |
December 31, 2018 | ||||||||||||||||||||
FICO | ||||||||||||||||||||
LTV | 720 or less | 721 - 740 | 741 - 760 | 761 or greater | Total | |||||||||||||||
Less than 60% | $ | $ | $ | $ | $ | |||||||||||||||
60% - 70% | ||||||||||||||||||||
70% - 80% | ||||||||||||||||||||
More than 80% | ||||||||||||||||||||
$ | $ | $ | $ | $ |
June 30, 2019 | |||||||||||||||||||||||||||||||
Commercial Lending Subsidiaries | |||||||||||||||||||||||||||||||
Multi-Family | Non-Owner Occupied Commercial Real Estate | Construction and Land | Owner Occupied Commercial Real Estate | Commercial and Industrial | Pinnacle | Bridge | Total | ||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2018 | |||||||||||||||||||||||||||||||
Commercial Lending Subsidiaries | |||||||||||||||||||||||||||||||
Multi-Family | Non-Owner Occupied Commercial Real Estate | Construction and Land | Owner Occupied Commercial Real Estate | Commercial and Industrial | Pinnacle | Bridge | Total | ||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||
Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | Current | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||||||||||||||||||||||
1-4 single family residential | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Government insured residential | |||||||||||||||||||||||||||||||||||||||
Home equity loans and lines of credit | |||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate | |||||||||||||||||||||||||||||||||||||||
Construction and land | |||||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||
Commercial lending subsidiaries | |||||||||||||||||||||||||||||||||||||||
Pinnacle | |||||||||||||||||||||||||||||||||||||||
Bridge | |||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | |||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||
Loans Modified in TDRs During the Period | TDRs Experiencing Payment Defaults During the Period | Loans Modified in TDRs During the Period | TDRs Experiencing Payment Defaults During the Period | ||||||||||||||||||||||||
Number of TDRs | Recorded Investment | Number of TDRs | Recorded Investment | Number of TDRs | Recorded Investment | Number of TDRs | Recorded Investment | ||||||||||||||||||||
1-4 single family residential(1) | $ | $ | $ | $ | |||||||||||||||||||||||
Non-owner occupied commercial real estate | |||||||||||||||||||||||||||
Owner occupied commercial real estate | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||
Commercial lending subsidiaries | |||||||||||||||||||||||||||
$ | $ | $ | $ |
(1) | Includes government insured residential loans modified totaling $ |
Six Months Ended June 30, | |||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||
Loans Modified in TDRs During the Period | TDRs Experiencing Payment Defaults During the Period | Loans Modified in TDRs During the Period | TDRs Experiencing Payment Defaults During the Period | ||||||||||||||||||||||||
Number of TDRs | Recorded Investment | Number of TDRs | Recorded Investment | Number of TDRs | Recorded Investment | Number of TDRs | Recorded Investment | ||||||||||||||||||||
1-4 single family residential(1) | $ | $ | $ | $ | |||||||||||||||||||||||
Non-owner occupied commercial real estate | |||||||||||||||||||||||||||
Owner occupied commercial real estate | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||
Commercial lending subsidiaries | |||||||||||||||||||||||||||
$ | $ | $ | $ |
(1) | Includes government insured residential loans modified totaling $ |
June 30, 2019 | |||
ROU assets: | |||
Operating leases | $ | ||
Finance leases | |||
$ | |||
Lease liabilities: | |||
Operating leases | $ | ||
Finance leases | |||
$ |
Weighted average remaining lease term: | ||
Operating lease | ||
Finance lease | ||
Weighted average discount rate: | ||
Operating lease | % | |
Finance lease | % |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||
Operating lease cost | $ | $ | |||||
Finance lease cost: | |||||||
Amortization of ROU assets | $ | $ | |||||
Interest on lease liabilities | |||||||
Total finance lease cost | $ | $ |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||
Operating cash flows from finance leases | $ | $ | |||||
Operating cash flows from operating leases | |||||||
Financing cash flows from finance leases | |||||||
$ | $ | ||||||
Lease liabilities recognized from obtaining ROU assets: | |||||||
Operating lease liabilities recognized upon adoption of ASC 842 | $ | $ | |||||
Operating leases | |||||||
Finance leases | |||||||
$ | $ |
Operating Leases | Finance Leases | Total | |||||||||
Years ending December 31: | |||||||||||
2019 (excluding the six months ending June 30, 2019) | $ | $ | $ | ||||||||
2020 | |||||||||||
2021 | |||||||||||
2022 | |||||||||||
2023 | |||||||||||
Thereafter | |||||||||||
Total future minimum lease payments | |||||||||||
Less: interest component | ( | ) | ( | ) | ( | ) | |||||
Lease liabilities | $ | $ | $ |
Years ending December 31: | |||
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter through 2034 | |||
$ |
June 30, 2019 | December 31, 2018 | ||||||
Total minimum lease payments to be received | $ | $ | |||||
Estimated unguaranteed residual value of leased assets | |||||||
Gross investment in direct or sales type financing leases | |||||||
Unearned income | ( | ) | ( | ) | |||
Initial direct costs | |||||||
$ | $ |
Years Ending December 31: | |||
2019 (excluding the six months ending June 30, 2019) | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
$ |
Years Ending December 31: | |||
2019 (excluding the six months ending June 30, 2019) | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter through 2034 | |||
$ |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | Location of Lease Income on Consolidated Statements of Income | |||||||
Operating leases | $ | $ | Non-interest income from lease financing | ||||||
Direct or sales type finance leases | Interest income on loans | ||||||||
Total lease income | $ | $ |
June 30, 2019 | |||||||||||||||||||||
Weighted Average Pay Rate | Weighted Average Receive Rate | Weighted Average Remaining Life in Years | |||||||||||||||||||
Notional Amount | Balance Sheet Location | Fair Value | |||||||||||||||||||
Hedged Item | Asset | Liability | |||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||
Pay-fixed interest rate swaps | Variability of interest cash flows on variable rate borrowings | 3-Month Libor | $ | Other assets / Other liabilities | $ | $ | ( | ) | |||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||
Pay-fixed interest rate swaps | Indexed to 1-month Libor | Other assets / Other liabilities | ( | ) | |||||||||||||||||
Pay-variable interest rate swaps | Indexed to 1-month Libor | Other assets / Other liabilities | ( | ) | |||||||||||||||||
Interest rate caps purchased, indexed to 1-month Libor | Other assets | — | |||||||||||||||||||
Interest rate caps sold, indexed to 1-month Libor | Other liabilities | — | |||||||||||||||||||
$ | $ | $ | ( | ) |
December 31, 2018 | |||||||||||||||||||||
Weighted Average Pay Rate | Weighted Average Receive Rate | Weighted Average Remaining Life in Years | |||||||||||||||||||
Notional Amount | Balance Sheet Location | Fair Value | |||||||||||||||||||
Hedged Item | Asset | Liability | |||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||
Pay-fixed interest rate swaps | Variability of interest cash flows on variable rate borrowings | 3-Month Libor | $ | Other assets / Other liabilities | $ | $ | |||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||
Pay-fixed interest rate swaps | Indexed to 1-month Libor | Other assets / Other liabilities | ( | ) | |||||||||||||||||
Pay-variable interest rate swaps | Indexed to 1-month Libor | Other assets / Other liabilities | ( | ) | |||||||||||||||||
Interest rate caps purchased, indexed to 1-month Libor | Other assets | — | |||||||||||||||||||
Interest rate caps sold, indexed to 1-month Libor | Other liabilities | — | ( | ) | |||||||||||||||||
$ | $ | $ | ( | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | Location of Gain (Loss) Reclassified from AOCI into Income | |||||||||||||
Interest rate contracts | $ | $ | $ | $ | ( | ) | Interest expense on borrowings |
June 30, 2019 | |||||||||||||||||||||||
Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Gross Amounts Not Offset in Balance Sheet | |||||||||||||||||||||
Gross Amounts Recognized | Derivative Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||
Derivative assets | $ | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Derivative liabilities | ( | ) | ( | ) | |||||||||||||||||||
$ | ( | ) | $ | $ | ( | ) | $ | $ | $ |
December 31, 2018 | |||||||||||||||||||||||
Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Gross Amounts Not Offset in Balance Sheet | |||||||||||||||||||||
Gross Amounts Recognized | Derivative Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||
Derivative assets | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||
Derivative liabilities | ( | ) | ( | ) | ( | ) | |||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | ( | ) |
Three Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||
Unrealized gains on investment securities available for sale: | |||||||||||||||||||||||
Net unrealized holding gain (loss) arising during the period | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
Amounts reclassified to gain on investment securities available for sale, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Net change in unrealized gains on investment securities available for sale | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Unrealized losses on derivative instruments: | |||||||||||||||||||||||
Net unrealized holding gain (loss) arising during the period | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Amounts reclassified to interest expense on borrowings | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Net change in unrealized losses on derivative instruments | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Other comprehensive loss | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
Six Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Before Tax | Tax Effect | Net of Tax | Before Tax | Tax Effect | Net of Tax | ||||||||||||||||||
Unrealized gains on investment securities available for sale: | |||||||||||||||||||||||
Net unrealized holding gain (loss) arising during the period | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
Amounts reclassified to gain on investment securities available for sale, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||
Net change in unrealized gains on investment securities available for sale | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Unrealized losses on derivative instruments: | |||||||||||||||||||||||
Net unrealized holding gain (loss) arising during the period | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Amounts reclassified to interest expense on borrowings | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Net change in unrealized losses on derivative instruments | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Other comprehensive loss | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
Unrealized Gain (Loss) on Investment Securities Available for Sale | Unrealized Gain (Loss) on Derivative Instruments | Total | |||||||||
Balance at December 31, 2018 | $ | $ | $ | ||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||
Balance at June 30, 2019 | $ | $ | ( | ) | $ | ( | ) | ||||
Balance at December 31, 2017 | $ | $ | ( | ) | $ | ||||||
Cumulative effect of adoption of new accounting standards | ( | ) | |||||||||
Other comprehensive loss | ( | ) | ( | ) | |||||||
Balance at June 30, 2018 | $ | $ | $ |
Number of Share Awards | Weighted Average Grant Date Fair Value | |||||
Unvested share awards outstanding, December 31, 2018 | $ | |||||
Granted | ||||||
Vested | ( | ) | ||||
Canceled or forfeited | ( | ) | ||||
Unvested share awards outstanding, June 30, 2019 | $ | |||||
Unvested share awards outstanding, December 31, 2017 | $ | |||||
Granted | ||||||
Vested | ( | ) | ||||
Canceled or forfeited | ( | ) | ||||
Unvested share awards outstanding, June 30, 2018 | $ |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Range of the closing price on date of grant | $34.23 - $36.65 | $40.28 - $42.80 | |||||
Aggregate grant date fair value of shares vesting | $ | $ |
RSU | PSU | ||||
Unvested executive share-based awards outstanding, December 31, 2018 | |||||
Granted | |||||
Unvested executive share-based awards outstanding, June 30, 2019 | |||||
Unvested executive share-based awards outstanding, December 31, 2017 | |||||
Granted | |||||
Unvested executive share-based awards outstanding, June 30, 2018 |
Number of Option Awards | Weighted Average Exercise Price | |||||
Option awards outstanding, December 31, 2018 | $ | |||||
Exercised | ( | ) | ||||
Canceled or forfeited | ( | ) | ||||
Option awards outstanding and exercisable, June 30, 2019 | $ | |||||
Option awards outstanding, December 31, 2017 | $ | |||||
Exercised | ( | ) | ||||
Option awards outstanding, June 30, 2018 | $ |
June 30, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investment securities available for sale: | |||||||||||||||
U.S. Treasury securities | $ | $ | — | $ | — | $ | |||||||||
U.S. Government agency and sponsored enterprise residential MBS | — | — | |||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | — | — | |||||||||||||
Private label residential MBS and CMOs | — | ||||||||||||||
Private label commercial MBS | — | — | |||||||||||||
Single family rental real estate-backed securities | — | — | |||||||||||||
Collateralized loan obligations | — | — | |||||||||||||
Non-mortgage asset-backed securities | — | — | |||||||||||||
State and municipal obligations | — | — | |||||||||||||
SBA securities | — | ||||||||||||||
Other debt securities | — | ||||||||||||||
Marketable equity securities | — | ||||||||||||||
Servicing rights | — | ||||||||||||||
Derivative assets | — | ||||||||||||||
Total assets at fair value | $ | $ | $ | $ | |||||||||||
Derivative liabilities | $ | — | $ | ( | ) | $ | $ | ( | ) | ||||||
Total liabilities at fair value | $ | — | $ | ( | ) | $ | $ | ( | ) |
December 31, 2018 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investment securities available for sale: | |||||||||||||||
U.S. Treasury securities | $ | $ | — | $ | — | $ | |||||||||
U.S. Government agency and sponsored enterprise residential MBS | — | — | |||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | — | — | |||||||||||||
Private label residential MBS and CMOs | — | ||||||||||||||
Private label commercial MBS | — | — | |||||||||||||
Single family rental real estate-backed securities | — | — | |||||||||||||
Collateralized loan obligations | — | — | |||||||||||||
Non-mortgage asset-backed securities | — | — | |||||||||||||
State and municipal obligations | — | — | |||||||||||||
SBA securities | — | ||||||||||||||
Other debt securities | — | ||||||||||||||
Marketable securities | — | ||||||||||||||
Servicing rights | — | ||||||||||||||
Derivative assets | — | ||||||||||||||
Total assets at fair value | $ | $ | $ | $ | |||||||||||
Derivative liabilities | $ | — | $ | ( | ) | $ | $ | ( | ) | ||||||
Total liabilities at fair value | $ | — | $ | ( | ) | $ | $ | ( | ) |
Three Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Private Label Residential MBS | Other Debt Securities | Servicing Rights | Private Label Residential MBS | Other Debt Securities | Servicing Rights | ||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Gains (losses) for the period included in: | |||||||||||||||||||||||
Net income | — | ( | ) | — | ( | ) | |||||||||||||||||
Other comprehensive income | ( | ) | ( | ) | — | ( | ) | ( | ) | — | |||||||||||||
Discount accretion | — | — | |||||||||||||||||||||
Purchases or additions | — | — | — | — | |||||||||||||||||||
Sales | ( | ) | — | — | |||||||||||||||||||
Settlements | ( | ) | ( | ) | ( | ) | ( | ) | — | ||||||||||||||
Transfers into level 3 | — | — | — | — | — | — | |||||||||||||||||
Transfers out of level 3 | — | — | — | — | — | — | |||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Change in unrealized gains or losses included in OCI for assets held at the end of the reporting period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Six Months Ended June 30, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Private Label Residential MBS | Other Debt Securities | Servicing Rights | Private Label Residential MBS | Other Debt Securities | Servicing Rights | ||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Gains (losses) for the period included in: | |||||||||||||||||||||||
Net income | — | ( | ) | — | ( | ) | |||||||||||||||||
Other comprehensive income | ( | ) | ( | ) | — | ( | ) | — | |||||||||||||||
Discount accretion | — | — | |||||||||||||||||||||
Purchases or additions | — | — | — | — | |||||||||||||||||||
Sales | ( | ) | — | ( | ) | — | |||||||||||||||||
Settlements | ( | ) | ( | ) | — | ( | ) | ( | ) | — | |||||||||||||
Transfers into level 3 | — | — | — | — | — | — | |||||||||||||||||
Transfers out of level 3 | — | — | — | — | — | — | |||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Change in unrealized gains or losses included in OCI for assets held at the end of the reporting period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ |
Fair Value at | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||
June 30, 2019 | ||||||||||
Investment grade | $ | Discounted cash flow | Voluntary prepayment rate | 5.00% - 27.20% (15.70%) | ||||||
Probability of default | 0.10% - 10.00% (2.09%) | |||||||||
Loss severity | 15.00% - 100.00% (41.05%) | |||||||||
Discount rate | 2.40% - 6.15% (3.42%) | |||||||||
Non-investment grade | $ | Discounted cash flow | Voluntary prepayment rate | 7.10% - 30.00% (15.48%) | ||||||
Probability of default | 0.00% - 5.56% (2.26%) | |||||||||
Loss severity | 15.00% - 100.00% (29.87%) | |||||||||
Discount rate | 1.59% - 12.15% (4.61%) |
Fair Value at | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||
June 30, 2019 | ||||||||||
Commercial servicing rights | $ | Discounted cash flow | Prepayment rate | 0.60% - 19.91% (14.11%) | ||||||
Discount rate | 3.61% - 16.81% (11.28%) |
June 30, 2019 | Losses from Fair Value Changes | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||||||||
OREO and repossessed assets | $ | — | $ | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
Impaired loans | $ | — | $ | $ | $ | $ | ( | ) | $ | ( | ) |
June 30, 2018 | Losses from Fair Value Changes | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||||||||||||||||
OREO and repossessed assets | $ | — | $ | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
Impaired loans | $ | — | $ | $ | $ | $ | ( | ) | $ | ( | ) |
June 30, 2019 | December 31, 2018 | ||||||||||||||||
Level | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | 1 | $ | $ | $ | $ | ||||||||||||
Investment securities | 1/2/3 | ||||||||||||||||
Non-marketable equity securities | 2 | ||||||||||||||||
Loans held for sale | 2 | ||||||||||||||||
Loans | 3 | ||||||||||||||||
Derivative assets | 2 | ||||||||||||||||
Liabilities: | |||||||||||||||||
Demand, savings and money market deposits | 2 | $ | $ | $ | $ | ||||||||||||
Time deposits | 2 | ||||||||||||||||
Federal funds purchased | 2 | ||||||||||||||||
FHLB advances | 2 | ||||||||||||||||
Notes and other borrowings | 2 | ||||||||||||||||
Derivative liabilities | 2 |
Commitments to fund loans | $ | ||
Commitments to purchase loans | |||
Unfunded commitments under lines of credit | |||
Commercial and standby letters of credit | |||
$ |
• | Net income for the three months ended June 30, 2019 was $81.5 million, or $0.81 per diluted share, compared to $89.9 million, or $0.82 per diluted share, for the three months ended June 30, 2018. Non-loss share diluted earnings per share, as previously reported, for the quarter ended June 30, 2018 was $0.59. For the six months ended June 30, 2019 net income was $147.4 million, or $1.45 per diluted share, compared to $175.1 million, or $1.59 per diluted share, for |
• | For the quarter ended June 30, 2019, non-interest bearing demand deposits grew by $335 million, to 17.1% of total deposits at June 30, 2019 compared to 15.4% of total deposits at December 31, 2018. Total deposits increased by $243 million for the quarter ended June 30, 2019. Non-interest bearing demand deposits grew by $478 million for the six months ended June 30, 2019 while total deposits increased by $448 million. |
• | Loans and leases, including equipment under operating lease, grew by $231 million during the quarter; loan and lease growth was $420 million excluding the transfer of $189 million of Pinnacle Public Finance loans to loans held for sale at June 30, 2019. For the six months ended June 30, 2019, excluding the transfer of Pinnacle loans to held for sale, loans and leases grew by $809 million. |
• | Net interest income for the quarter ended June 30, 2019 decreased by $64.4 million from $255.3 million for the quarter ended June 30, 2018. The net interest margin, calculated on a tax-equivalent basis, was 2.52% for the quarter ended June 30, 2019, compared to 3.60% for the quarter ended June 30, 2018. The most significant reason for the decline in net interest income and the net interest margin for the quarter ended June 30, 2019 compared to the quarter ended June 30, 2018 was the decrease in accretion on formerly covered residential loans. |
• | During the quarter ended June 30, 2019, the Company repurchased approximately 3.0 million shares of its common stock for an aggregate purchase price of approximately $102 million. During the six months ended June 30, 2019, the Company repurchased approximately 4.1 million shares of its common stock for an aggregate purchase price of approximately $142 million, at a weighted average price of $34.44 per share. |
• | Book value per common share grew to $30.09 at June 30, 2019 from $29.49 at December 31, 2018 while tangible book value per common share increased to $29.27 from $28.71 over the same period. |
• | Asset quality remained strong. The ratio of non-performing loans to total loans was 0.61% and the ratio of non-performing assets to total assets was 0.45% at June 30, 2019. |
Three Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Average Balance | Interest (1)(2) | Yield/ Rate (1)(2) | Average Balance | Interest (1)(2) | Yield/ Rate (1)(2) | |||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||
Non-covered loans | $ | 22,505,138 | $ | 253,766 | 4.52 | % | $ | 21,117,897 | $ | 208,415 | 3.96 | % | ||||||||||
Covered loans | — | — | — | % | 475,568 | 84,200 | 70.82 | % | ||||||||||||||
Total loans | 22,505,138 | 253,766 | 4.52 | % | 21,593,465 | 292,615 | 5.43 | % | ||||||||||||||
Investment securities (3) | 8,187,518 | 73,867 | 3.61 | % | 6,902,634 | 57,444 | 3.33 | % | ||||||||||||||
Other interest earning assets | 525,563 | 5,069 | 3.87 | % | 484,087 | 4,499 | 3.73 | % | ||||||||||||||
Total interest earning assets | 31,218,219 | 332,702 | 4.27 | % | 28,980,186 | 354,558 | 4.90 | % | ||||||||||||||
Allowance for loan and lease losses | (117,206 | ) | (140,223 | ) | ||||||||||||||||||
Non-interest earning assets | 1,589,286 | 1,912,471 | ||||||||||||||||||||
Total assets | $ | 32,690,299 | $ | 30,752,434 | ||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 1,773,912 | 6,225 | 1.41 | % | $ | 1,621,161 | 4,195 | 1.04 | % | ||||||||||||
Savings and money market deposits | 10,924,580 | 52,191 | 1.92 | % | 10,553,624 | 33,317 | 1.27 | % | ||||||||||||||
Time deposits | 6,944,862 | 41,571 | 2.40 | % | 6,475,569 | 27,786 | 1.72 | % | ||||||||||||||
Total interest bearing deposits | 19,643,354 | 99,987 | 2.04 | % | 18,650,354 | 65,298 | 1.40 | % | ||||||||||||||
Federal funds purchased | 127,242 | 771 | 2.42 | % | — | — | — | % | ||||||||||||||
FHLB advances | 5,028,418 | 30,263 | 2.41 | % | 4,761,659 | 22,988 | 1.94 | % | ||||||||||||||
Notes and other borrowings | 405,726 | 5,325 | 5.25 | % | 402,805 | 5,306 | 5.27 | % | ||||||||||||||
Total interest bearing liabilities | 25,204,740 | 136,346 | 2.17 | % | 23,814,818 | 93,592 | 1.58 | % | ||||||||||||||
Non-interest bearing demand deposits | 3,932,716 | 3,315,851 | ||||||||||||||||||||
Other non-interest bearing liabilities | 601,703 | 536,800 | ||||||||||||||||||||
Total liabilities | 29,739,159 | 27,667,469 | ||||||||||||||||||||
Stockholders' equity | 2,951,140 | 3,084,965 | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 32,690,299 | $ | 30,752,434 | ||||||||||||||||||
Net interest income | $ | 196,356 | $ | 260,966 | ||||||||||||||||||
Interest rate spread | 2.10 | % | 3.32 | % | ||||||||||||||||||
Net interest margin | 2.52 | % | 3.60 | % |
(1) | On a tax-equivalent basis where applicable. The tax-equivalent adjustment for tax-exempt loans was $4.4 million and $4.4 million, and the tax-equivalent adjustment for tax-exempt investment securities was $1.1 million and $1.4 million for the three months ended June 30, 2019 and 2018, respectively. |
(2) | Annualized. |
(3) | At fair value except for securities held to maturity. |
Six Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||
Average Balance | Interest (1)(2) | Yield/ Rate (1)(2) | Average Balance | Interest (1)(2) | Yield/ Rate (1)(2) | |||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||
Non-covered loans | $ | 22,241,262 | $ | 498,776 | 4.51 | % | $ | 20,951,864 | $ | 405,293 | 3.89 | % | ||||||||||
Covered loans | — | — | — | % | 487,070 | 165,509 | 67.96 | % | ||||||||||||||
Total loans | 22,241,262 | 498,776 | 4.51 | % | 21,438,934 | 570,802 | 5.35 | % | ||||||||||||||
Investment securities (3) | 8,353,116 | 151,474 | 3.63 | % | 6,837,901 | 108,967 | 3.19 | % | ||||||||||||||
Other interest earning assets | 510,933 | 9,921 | 3.91 | % | 501,376 | 8,291 | 3.33 | % | ||||||||||||||
Total interest earning assets | 31,105,311 | 660,171 | 4.26 | % | 28,778,211 | 688,060 | 4.80 | % | ||||||||||||||
Allowance for loan and lease losses | (114,157 | ) | (142,706 | ) | ||||||||||||||||||
Non-interest earning assets | 1,596,565 | 1,928,486 | ||||||||||||||||||||
Total assets | $ | 32,587,719 | $ | 30,563,991 | ||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 1,738,393 | 11,864 | 1.38 | % | $ | 1,610,643 | 8,352 | 1.05 | % | ||||||||||||
Savings and money market deposits | 11,187,818 | 105,008 | 1.89 | % | 10,675,768 | 62,371 | 1.18 | % | ||||||||||||||
Time deposits | 6,926,041 | 80,536 | 2.34 | % | 6,395,299 | 50,936 | 1.61 | % | ||||||||||||||
Total interest bearing deposits | 19,852,252 | 197,408 | 2.01 | % | 18,681,710 | 121,659 | 1.31 | % | ||||||||||||||
Federal funds purchased | 132,282 | 1,596 | 2.41 | % | — | — | — | % | ||||||||||||||
FHLB advances | 4,845,337 | 57,637 | 2.40 | % | 4,611,359 | 41,285 | 1.81 | % | ||||||||||||||
Notes and other borrowings | 405,547 | 10,633 | 5.24 | % | 402,822 | 10,615 | 5.27 | % | ||||||||||||||
Total interest bearing liabilities | 25,235,418 | 267,274 | 2.13 | % | 23,695,891 | 173,559 | 1.48 | % | ||||||||||||||
Non-interest bearing demand deposits | 3,769,828 | 3,306,238 | ||||||||||||||||||||
Other non-interest bearing liabilities | 629,123 | 487,313 | ||||||||||||||||||||
Total liabilities | 29,634,369 | 27,489,442 | ||||||||||||||||||||
Stockholders' equity | 2,953,350 | 3,074,549 | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 32,587,719 | $ | 30,563,991 | ||||||||||||||||||
Net interest income | $ | 392,897 | $ | 514,501 | ||||||||||||||||||
Interest rate spread | 2.13 | % | 3.32 | % | ||||||||||||||||||
Net interest margin | 2.53 | % | 3.58 | % |
(1) | On a tax-equivalent basis where applicable. The tax-equivalent adjustment for tax-exempt loans was $8.8 million and $8.5 million and the tax-equivalent adjustment for tax-exempt investment securities was $2.3 million and $2.9 million for the six months ended June 30, 2019 and 2018, respectively. |
(2) | Annualized. |
(3) | At fair value except for securities held to maturity. |
• | The decline in the tax-equivalent yield on loans was mainly the result of the decrease in accretion on formerly covered residential loans. Both the average balance of and yield on these loans declined. The decline in the average balance resulted from the sale of a substantial portion of the loans during 2018 in anticipation of the termination of the Single Family Shared-Loss Agreement. Interest income on formerly covered residential loans declined by $67.7 million to $16.5 million for the three months ended June 30, 2019 from $84.2 million for the three months ended June 30, 2018. The yield on the remaining loans declined to 34.05% for the three months ended June 30, 2019 from 70.82% for the three months ended June 30, 2018, due primarily to changes in assumptions about the remaining period over which accretable yield would be realized, attributable to management's decision to retain certain loans beyond expiration of the Single Family Shared-Loss Agreement. |
• | The tax-equivalent yield on loans other than formerly covered residential loans increased to 4.26% for the three months ended June 30, 2019, from 3.96% for the three months ended June 30, 2018. The most significant factor contributing to this increased yield was the impact of increases in benchmark interest rates. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Income from resolution of covered assets, net | $ | — | $ | 4,238 | $ | — | $ | 7,555 | |||||||
Net loss on FDIC indemnification | — | (1,400 | ) | — | (5,015 | ) | |||||||||
Deposit service charges and fees | 4,290 | 3,510 | 8,120 | 6,997 | |||||||||||
Gain on sale of loans, net | 2,121 | 768 | 5,057 | 4,269 | |||||||||||
Gain on investment securities, net | 4,116 | 2,142 | 9,901 | 2,506 | |||||||||||
Lease financing | 17,005 | 17,492 | 34,191 | 31,594 | |||||||||||
Other non-interest income | 7,805 | 5,223 | 14,323 | 12,053 | |||||||||||
$ | 35,337 | $ | 31,973 | $ | 71,592 | $ | 59,959 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Employee compensation and benefits | $ | 57,251 | $ | 65,537 | $ | 122,484 | $ | 132,573 | |||||||
Occupancy and equipment | 13,991 | 14,241 | 27,157 | 28,544 | |||||||||||
Amortization of FDIC indemnification asset | — | 44,250 | — | 84,597 | |||||||||||
Deposit insurance expense | 5,027 | 4,623 | 9,068 | 9,435 | |||||||||||
Professional fees | 6,937 | 2,657 | 14,808 | 5,532 | |||||||||||
Technology and telecommunications | 12,013 | 8,644 | 23,181 | 16,858 | |||||||||||
Depreciation of equipment under operating lease | 11,489 | 9,476 | 23,301 | 18,792 | |||||||||||
Other non-interest expense | 13,377 | 11,819 | 26,776 | 26,733 | |||||||||||
$ | 120,085 | $ | 161,247 | $ | 246,775 | $ | 323,064 |
June 30, 2019 | December 31, 2018 | ||||||||||||||
Amortized Cost | Carrying Value | Amortized Cost | Carrying Value | ||||||||||||
U.S. Treasury securities | $ | 49,992 | $ | 50,213 | $ | 39,885 | $ | 39,873 | |||||||
U.S. Government agency and sponsored enterprise residential MBS | 2,222,327 | 2,227,795 | 1,885,302 | 1,897,474 | |||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 378,167 | 381,104 | 374,569 | 374,787 | |||||||||||
Private label residential MBS and CMOs | 1,374,008 | 1,395,182 | 1,539,058 | 1,534,198 | |||||||||||
Private label commercial MBS | 1,549,733 | 1,557,953 | 1,486,835 | 1,485,716 | |||||||||||
Single family rental real estate-backed securities | 387,104 | 392,306 | 406,310 | 402,458 | |||||||||||
Collateralized loan obligations | 1,205,295 | 1,198,282 | 1,239,355 | 1,235,198 | |||||||||||
Non-mortgage asset-backed securities | 155,542 | 157,817 | 204,372 | 204,067 | |||||||||||
State and municipal obligations | 265,856 | 279,327 | 398,810 | 398,429 | |||||||||||
SBA securities | 418,494 | 421,773 | 514,765 | 519,313 | |||||||||||
Other debt securities | 1,395 | 4,781 | 1,393 | 4,846 | |||||||||||
Investment securities held to maturity | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||
$ | 8,017,913 | 8,076,533 | $ | 8,100,654 | 8,106,359 | ||||||||||
Marketable equity securities | 62,175 | 60,519 | |||||||||||||
$ | 8,138,708 | $ | 8,166,878 |
Within One Year | After One Year Through Five Years | After Five Years Through Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||
Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | Carrying Value | Weighted Average Yield | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 50,213 | 2.27 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 50,213 | 2.27 | % | ||||||||||||||
U.S. Government agency and sponsored enterprise residential MBS | 213,745 | 3.06 | % | 1,001,087 | 2.90 | % | 851,341 | 2.78 | % | 161,622 | 2.80 | % | 2,227,795 | 2.86 | % | |||||||||||||||||||
U.S. Government agency and sponsored enterprise commercial MBS | 4,562 | 3.79 | % | 41,748 | 3.69 | % | 228,039 | 3.17 | % | 106,755 | 3.78 | % | 381,104 | 3.40 | % | |||||||||||||||||||
Private label residential MBS and CMOs | 288,891 | 3.85 | % | 791,200 | 3.85 | % | 244,915 | 3.68 | % | 70,176 | 3.70 | % | 1,395,182 | 3.81 | % | |||||||||||||||||||
Private label commercial MBS | 71,294 | 4.24 | % | 1,279,895 | 3.99 | % | 204,844 | 3.51 | % | 1,920 | 3.28 | % | 1,557,953 | 3.94 | % | |||||||||||||||||||
Single family rental real estate-backed securities | 12,920 | 2.94 | % | 113,041 | 3.24 | % | 266,345 | 3.52 | % | — | — | % | 392,306 | 3.42 | % | |||||||||||||||||||
Collateralized loan obligations | 28,470 | 4.37 | % | 821,206 | 4.04 | % | 348,606 | 4.43 | % | — | — | % | 1,198,282 | 4.16 | % | |||||||||||||||||||
Non-mortgage asset-backed securities | 18,397 | 4.57 | % | 93,114 | 3.53 | % | 45,005 | 3.44 | % | 1,301 | 3.58 | % | 157,817 | 3.62 | % | |||||||||||||||||||
State and municipal obligations | 1,581 | 1.96 | % | 33,425 | 2.78 | % | 196,001 | 3.98 | % | 48,320 | 4.09 | % | 279,327 | 3.84 | % | |||||||||||||||||||
SBA securities | 85,305 | 3.50 | % | 196,359 | 3.41 | % | 95,018 | 3.36 | % | 45,091 | 3.31 | % | 421,773 | 3.41 | % | |||||||||||||||||||
Other debt securities | — | — | % | — | — | % | — | — | % | 4,781 | 14.74 | % | 4,781 | 14.74 | % | |||||||||||||||||||
$ | 775,378 | 3.54 | % | $ | 4,371,075 | 3.66 | % | $ | 2,480,114 | 3.40 | % | $ | 439,966 | 3.42 | % | 8,066,533 | 3.56 | % | ||||||||||||||||
Marketable equity securities with no scheduled maturity | 62,175 | 7.29 | % | |||||||||||||||||||||||||||||||
Total investment securities available for sale and marketable equity securities | $ | 8,128,708 | 3.58 | % |
• | our intent to hold the security until maturity or for a period of time sufficient for a recovery in value; |
• | whether it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis; |
• | the length of time and extent to which fair value has been less than amortized cost; |
• | adverse changes in expected cash flows; |
• | collateral values and performance; |
• | the payment structure of the security, including levels of subordination or over-collateralization; |
• | changes in the economic or regulatory environment; |
• | the general market condition of the geographic area or industry of the issuer; |
• | the issuer’s financial condition, performance and business prospects; and |
• | changes in credit ratings. |
June 30, 2019 | December 31, 2018 | ||||||||||||
Total | Percent of Total | Total | Percent of Total | ||||||||||
Residential and other consumer: | |||||||||||||
1-4 single family residential | $ | 4,830,943 | 21.4 | % | $ | 4,606,828 | 21.0 | % | |||||
Government insured residential | 354,731 | 1.6 | % | 265,701 | 1.2 | % | |||||||
Other | 14,533 | 0.1 | % | 17,369 | 0.1 | % | |||||||
5,200,207 | 23.1 | % | 4,889,898 | 22.3 | % | ||||||||
Commercial: | |||||||||||||
Multi-family | 2,381,346 | 10.6 | % | 2,583,331 | 11.8 | % | |||||||
Non-owner occupied commercial real estate | 4,945,017 | 21.9 | % | 4,700,188 | 21.4 | % | |||||||
Construction and land | 237,222 | 1.1 | % | 227,134 | 1.0 | % | |||||||
Owner occupied commercial real estate | 2,080,578 | 9.2 | % | 2,122,381 | 9.7 | % | |||||||
Commercial and industrial | 5,164,571 | 22.9 | % | 4,801,226 | 21.9 | % | |||||||
Commercial lending subsidiaries | 2,531,767 | 11.2 | % | 2,608,834 | 11.9 | % | |||||||
17,340,501 | 76.9 | % | 17,043,094 | 77.7 | % | ||||||||
Total loans | 22,540,708 | 100.0 | % | 21,932,992 | 100.0 | % | |||||||
Premiums, discounts and deferred fees and costs, net | 51,141 | 44,016 | |||||||||||
Loans including premiums, discounts and deferred fees and costs | 22,591,849 | 21,977,008 | |||||||||||
Allowance for loan and lease losses | (112,141 | ) | (109,931 | ) | |||||||||
Loans, net | $ | 22,479,708 | $ | 21,867,077 |
June 30, 2019 | December 31, 2018 | ||||||
1-4 single family residential | $ | 4,897,552 | $ | 4,664,920 | |||
Government insured residential | 355,719 | 266,729 | |||||
Home equity loans and lines of credits | 1,445 | 1,393 | |||||
Other consumer loans | 13,072 | 15,947 | |||||
$ | 5,267,788 | $ | 4,948,989 |
June 30, 2019 | December 31, 2018 | ||||||||||||
California | $ | 1,254,896 | 25.6 | % | $ | 1,177,221 | 25.2 | % | |||||
New York | 1,012,800 | 20.7 | % | 977,146 | 20.9 | % | |||||||
Florida | 643,887 | 13.2 | % | 645,020 | 13.8 | % | |||||||
Virginia | 202,096 | 4.1 | % | 184,756 | 4.0 | % | |||||||
DC | 196,024 | 4.0 | % | 183,211 | 4.0 | % | |||||||
All others | 1,587,849 | 32.4 | % | 1,497,566 | 32.1 | % | |||||||
$ | 4,897,552 | 100.0 | % | $ | 4,664,920 | 100.0 | % |
June 30, 2019 | December 31, 2018 | ||||||
Multi-family | $ | 2,383,116 | $ | 2,585,421 | |||
Non-owner occupied commercial real estate | 4,862,256 | 4,611,573 | |||||
Construction and land | 220,536 | 210,516 | |||||
Owner occupied commercial real estate | 1,966,004 | 2,007,603 | |||||
Commercial and industrial | 4,531,948 | 4,312,213 | |||||
National commercial lending platforms | |||||||
Pinnacle | 1,269,468 | 1,462,655 | |||||
Bridge - franchise finance | 593,005 | 517,305 | |||||
Bridge - equipment finance | 677,061 | 636,838 | |||||
SBF | 256,274 | 252,221 | |||||
Mortgage warehouse lending | 564,393 | 431,674 | |||||
$ | 17,324,061 | $ | 17,028,019 |
Loans to stabilized properties subject to rent regulation | $ | 1,364,261 | |
Loans to non-stabilized properties subject to rent regulation | 85,168 | ||
$ | 1,449,429 |
DSCR | |||||
Less than 1.11 | $ | 163,690 | |||
1.11 - 1.24 | 387,445 | ||||
1.25 - 1.50 | 556,078 | ||||
1.51 or greater | 257,048 | ||||
$ | 1,364,261 |
LTV | |||||
Less than 50% | $ | 301,941 | |||
50% - 65% | 737,626 | ||||
66% - 75% | 313,394 | ||||
More than 75% | 11,300 | ||||
$ | 1,364,261 |
June 30, 2019 | December 31, 2018 | ||||||||||||
California | $ | 567,705 | 16.9 | % | $ | 498,842 | 15.1 | % | |||||
Florida | 473,198 | 14.1 | % | 595,843 | 18.1 | % | |||||||
Texas | 150,330 | 4.5 | % | 150,878 | 4.6 | % | |||||||
Virginia | 149,038 | 4.4 | % | 153,619 | 4.7 | % | |||||||
Arizona | 144,850 | 4.3 | % | 149,087 | 4.5 | % | |||||||
All others | 1,875,080 | 55.8 | % | 1,752,424 | 53.0 | % | |||||||
$ | 3,360,201 | 100.0 | % | $ | 3,300,693 | 100.0 | % |
June 30, 2019 | December 31, 2018 | ||||||||||||
Balance | Percent of Total | Balance | Percent of Total | ||||||||||
Pass | $ | 16,956,966 | 97.9 | % | $ | 16,728,534 | 98.2 | % | |||||
Special mention | 59,787 | 0.3 | % | 81,070 | 0.5 | % | |||||||
Substandard | 300,760 | 1.7 | % | 210,026 | 1.2 | % | |||||||
Doubtful | 6,548 | 0.1 | % | 8,389 | 0.1 | % | |||||||
$ | 17,324,061 | 100.0 | % | $ | 17,028,019 | 100.0 | % |
June 30, 2019 | |||||||||||||||
FICO | |||||||||||||||
LTV | 720 or less | 721 - 740 | 741 - 760 | 761 or greater | Total | ||||||||||
Less than 60% | 2.3 | % | 2.6 | % | 4.0 | % | 16.9 | % | 25.8 | % | |||||
60% - 70% | 3.0 | % | 2.6 | % | 3.8 | % | 13.3 | % | 22.7 | % | |||||
70% - 80% | 3.9 | % | 4.7 | % | 8.5 | % | 29.2 | % | 46.3 | % | |||||
More than 80% | 0.5 | % | 0.8 | % | 0.8 | % | 3.1 | % | 5.2 | % | |||||
9.7 | % | 10.7 | % | 17.1 | % | 62.5 | % | 100.0 | % |
December 31, 2018 | |||||||||||||||
FICO | |||||||||||||||
LTV | 720 or less | 721 - 740 | 741 - 760 | 761 or greater | Total | ||||||||||
Less than 60% | 2.4 | % | 2.8 | % | 4.4 | % | 18.2 | % | 27.8 | % | |||||
60% - 70% | 2.7 | % | 2.4 | % | 3.8 | % | 13.4 | % | 22.3 | % | |||||
70% - 80% | 3.5 | % | 4.6 | % | 8.4 | % | 28.3 | % | 44.8 | % | |||||
More than 80% | 0.4 | % | 0.8 | % | 0.8 | % | 3.1 | % | 5.1 | % | |||||
9.0 | % | 10.6 | % | 17.4 | % | 63.0 | % | 100.0 | % |
June 30, 2019 | December 31, 2018 | ||||||
Non-accrual loans | |||||||
Residential and other consumer: | |||||||
1-4 single family residential | $ | 10,807 | $ | 6,316 | |||
Home equity loans and lines of credit | 30 | — | |||||
Other consumer loans | 277 | 288 | |||||
Total residential and other consumer loans | 11,114 | 6,604 | |||||
Commercial: | |||||||
Multi-family | 24,834 | 25,560 | |||||
Non-owner occupied commercial real estate | 27,623 | 16,050 | |||||
Construction and land | 9,418 | 9,923 | |||||
Owner occupied commercial real estate | 21,752 | 19,789 | |||||
Commercial and industrial | 27,176 | 28,584 | |||||
Commercial lending subsidiaries | 16,236 | 22,733 | |||||
Total commercial loans | 127,039 | 122,639 | |||||
Total non-accrual loans | 138,153 | 129,243 | |||||
Loans past due 90 days and still accruing | — | 650 | |||||
Total non-performing loans | 138,153 | 129,893 | |||||
OREO and repossessed assets | 10,042 | 9,517 | |||||
Total non-performing assets | 148,195 | 139,410 | |||||
Performing TDRs | 31,303 | 7,898 | |||||
Total impaired loans and non-performing assets | $ | 179,498 | $ | 147,308 | |||
Non-performing loans to total loans (1)(4) | 0.61 | % | 0.59 | % | |||
Non-performing assets to total assets (4) | 0.45 | % | 0.43 | % | |||
ALLL to total loans (1) | 0.50 | % | 0.50 | % | |||
ALLL to non-performing loans | 81.17 | % | 84.63 | % | |||
Net charge-offs to average loans(2)(3) | 0.05 | % | 0.28 | % | |||
(1) | Total loans for purposes of calculating these ratios include premiums, discounts and deferred fees and costs. |
(2) | Annualized for June 30, 2019. |
(3) | The ratio of charge-offs of taxi medallion loans to average total loans was 0.18% for the year ended December 31, 2018. |
(4) | Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $28.4 million or 0.13% of total loans and 0.09% of total assets, at June 30, 2019; compared to $17.8 million or 0.08% of total loans and 0.06% of total assets, at December 31, 2018. |
Number of TDRs | Recorded Investment | Related Specific Allowance | ||||||||
Residential and other consumer | 90 | $ | 14,572 | $ | 15 | |||||
Commercial | 29 | 65,472 | 4,075 | |||||||
119 | $ | 80,044 | $ | 4,090 |
• | Portfolio performance trends, including trends in and the levels of delinquencies, non-performing loans and classified loans; |
• | Changes in the nature of the portfolio and terms of the loans, specifically including the volume and nature of policy and procedural exceptions; |
• | Portfolio growth trends; |
• | Changes in lending policies and procedures, including credit and underwriting guidelines and portfolio management practices; |
• | Economic factors, including unemployment rates and GDP growth rates and other factors considered relevant by management; |
• | Changes in the value of underlying collateral; |
• | Quality of risk ratings, as evaluated by our independent credit review function; |
• | Credit concentrations; |
• | Changes in and experience levels of credit administration management and staff; and |
• | Other factors identified by management that may impact the level of losses inherent in the portfolio, including but not limited to competition and legal and regulatory considerations. |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Balance at beginning of period: | $ | 109,931 | $ | 144,795 | |||
Provision for (recovery of) loan losses: | |||||||
1-4 single family residential | 397 | (35 | ) | ||||
Home equity loans and lines of credit | (150 | ) | (8 | ) | |||
Other consumer loans | 34 | 137 | |||||
Multi-family | (1,330 | ) | (6,421 | ) | |||
Non-owner occupied commercial real estate | 5,309 | (3,864 | ) | ||||
Construction and land | 498 | (651 | ) | ||||
Owner occupied commercial real estate | (2,611 | ) | 2,036 | ||||
Commercial and industrial | 6,481 | 19,096 | |||||
Commercial lending subsidiaries | |||||||
Pinnacle | (116 | ) | (36 | ) | |||
Bridge - franchise finance | 1,094 | 585 | |||||
Bridge - equipment finance | (2,072 | ) | 1,303 | ||||
Total Provision | 7,534 | 12,142 | |||||
Charge-offs: | |||||||
1-4 single family residential | — | (239 | ) | ||||
Other consumer loans | — | (265 | ) | ||||
Non-owner occupied commercial real estate | (1,703 | ) | (243 | ) | |||
Construction and land | (76 | ) | — | ||||
Owner occupied commercial real estate | (174 | ) | (5,640 | ) | |||
Commercial and industrial(1) | (4,688 | ) | (16,513 | ) | |||
Commercial lending subsidiaries | |||||||
Bridge - franchise finance | (1,203 | ) | — | ||||
Total Charge-offs | (7,844 | ) | (22,900 | ) | |||
Recoveries: | |||||||
Home equity loans and lines of credit | 149 | 4 | |||||
Other consumer loans | 18 | 24 | |||||
Non-owner occupied commercial real estate | 41 | 123 | |||||
Owner occupied commercial real estate | 718 | 42 | |||||
Commercial and industrial | 1,594 | 739 | |||||
Commercial lending subsidiaries | |||||||
Bridge - franchise finance | — | 2 | |||||
Total Recoveries | 2,520 | 934 | |||||
Net Charge-offs: | (5,324 | ) | (21,966 | ) | |||
Balance at end of period | $ | 112,141 | $ | 134,971 |
(1) | Includes charge-offs of $13.5 million related to taxi medallion loans during the six months ended June 30, 2018. |
June 30, 2019 | December 31, 2018 | ||||||||||||
Total | %(1) | Total | %(1) | ||||||||||
Residential and other consumer: | |||||||||||||
1 - 4 single family residential | $ | 11,023 | 23.0 | % | $ | 10,626 | 22.2 | % | |||||
Home equity loans and lines of credit | 2 | 0.1 | % | 3 | — | % | |||||||
Other consumer loans | 211 | — | % | 159 | 0.1 | % | |||||||
11,236 | 23.1 | % | 10,788 | 22.3 | % | ||||||||
Commercial: | |||||||||||||
Multi-family | 6,069 | 10.6 | % | 7,399 | 11.8 | % | |||||||
Non-owner occupied commercial real estate | 33,905 | 21.9 | % | 30,258 | 21.4 | % | |||||||
Construction and land | 1,800 | 1.1 | % | 1,378 | 1.0 | % | |||||||
Owner occupied commercial real estate | 7,732 | 9.2 | % | 9,799 | 9.7 | % | |||||||
Commercial and industrial | 37,703 | 22.9 | % | 34,316 | 21.9 | % | |||||||
Commercial lending subsidiaries | |||||||||||||
Pinnacle | 759 | 5.6 | % | 875 | 6.6 | % | |||||||
Bridge - franchise finance | 5,451 | 2.6 | % | 5,560 | 2.4 | % | |||||||
Bridge - equipment finance | 7,486 | 3.0 | % | 9,558 | 2.9 | % | |||||||
100,905 | 76.9 | % | 99,143 | 77.7 | % | ||||||||
$ | 112,141 | 100.0 | % | $ | 109,931 | 100.0 | % |
(1) | Represents percentage of loans receivable in each category to total loans receivable. |
• | A decrease of $1.3 million for multi-family loans was primarily attributable to a decrease in the balance of loans outstanding and a decrease in quantitative and qualitative loss factors. |
• | An increase of $3.6 million for non-owner occupied commercial real estate loans was primarily attributable to increases in certain qualitative loss factors, as well as growth in the corresponding portfolio. |
• | A decrease of $2.1 million for owner occupied commercial real estate loans was primarily attributable to a decrease in quantitative and qualitative loss factors, a decrease in the specific reserve for one impaired loan relationship and a decline in the portfolio balance. |
• | An increase of $3.4 million for other commercial and industrial loans was attributable to loan growth, an increase in specific reserves, partially offset by net decreases in quantitative and qualitative loss factors. |
• | A decrease of $2.1 million for equipment finance loans was primarily attributable to a decrease in the specific reserve for one impaired loan relationship and a decline in qualitative loss factors. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||
Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | ||||||||||||||||||||
Demand deposits: | |||||||||||||||||||||||||||
Non-interest bearing | $ | 3,932,716 | — | % | $ | 3,315,851 | — | % | $ | 3,769,828 | — | % | $ | 3,306,238 | — | % | |||||||||||
Interest bearing | 1,773,912 | 1.41 | % | 1,621,161 | 1.04 | % | 1,738,393 | 1.38 | % | 1,610,643 | 1.05 | % | |||||||||||||||
Money market | 10,710,550 | 1.95 | % | 10,260,713 | 1.30 | % | 10,964,547 | 1.93 | % | 10,365,109 | 1.21 | % | |||||||||||||||
Savings | 214,030 | 0.28 | % | 292,911 | 0.25 | % | 223,271 | 0.28 | % | 310,659 | 0.26 | % | |||||||||||||||
Time | 6,944,862 | 2.40 | % | 6,475,569 | 1.72 | % | 6,926,041 | 2.34 | % | 6,395,299 | 1.61 | % | |||||||||||||||
$ | 23,576,070 | 1.70 | % | $ | 21,966,205 | 1.19 | % | $ | 23,622,080 | 1.68 | % | $ | 21,987,948 | 1.12 | % |
Three months or less | $ | 815,410 | |
Over three through six months | 533,385 | ||
Over six through twelve months | 1,882,466 | ||
Over twelve months | 299,722 | ||
$ | 3,530,983 |
Maturing in: | |||
2019—One month or less | $ | 2,055,000 | |
2019—Over one month | 1,026,000 | ||
2020 | 1,975,000 | ||
2021 | 275,000 | ||
Carrying value | $ | 5,331,000 |
June 30, 2019 | December 31, 2018 | ||||||
Senior notes | $ | 394,735 | $ | 394,390 | |||
Finance leases | 8,926 | 8,359 | |||||
$ | 403,661 | $ | 402,749 |
Actual | Required to be Considered Well Capitalized | Required to be Considered Adequately Capitalized | Required to be Considered Adequately Capitalized Including Capital Conservation Buffer | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
BankUnited, Inc.: | |||||||||||||||||||||||||||
Tier 1 leverage | $ | 2,805,540 | 8.61 | % | N/A (1) | N/A (1) | $ | 1,302,846 | 4.00 | % | N/A (1) | N/A (1) | |||||||||||||||
CET1 risk-based capital | $ | 2,805,540 | 11.95 | % | $ | 1,525,425 | 6.50 | % | $ | 1,056,063 | 4.50 | % | $ | 1,642,765 | 7.00 | % | |||||||||||
Tier 1 risk-based capital | $ | 2,805,540 | 11.95 | % | $ | 1,877,446 | 8.00 | % | $ | 1,408,085 | 6.00 | % | $ | 1,994,787 | 8.50 | % | |||||||||||
Total risk based capital | $ | 2,920,497 | 12.44 | % | $ | 2,346,808 | 10.00 | % | $ | 1,877,446 | 8.00 | % | $ | 2,464,148 | 10.50 | % | |||||||||||
BankUnited: | |||||||||||||||||||||||||||
Tier 1 leverage | $ | 3,013,135 | 9.28 | % | $ | 1,623,836 | 5.00 | % | $ | 1,299,069 | 4.00 | % | N/A | N/A | |||||||||||||
CET1 risk-based capital | $ | 3,013,135 | 12.88 | % | $ | 1,520,227 | 6.50 | % | $ | 1,052,465 | 4.50 | % | $ | 1,637,167 | 7.00 | % | |||||||||||
Tier 1 risk-based capital | $ | 3,013,135 | 12.88 | % | $ | 1,871,049 | 8.00 | % | $ | 1,403,286 | 6.00 | % | $ | 1,987,989 | 8.50 | % | |||||||||||
Total risk based capital | $ | 3,128,092 | 13.37 | % | $ | 2,338,811 | 10.00 | % | $ | 1,871,049 | 8.00 | % | $ | 2,455,751 | 10.50 | % |
Down 200 | Down 100 | Plus 100 | Plus 200 | Plus 300 | Plus 400 | ||||||||||||
Policy Guidelines: | |||||||||||||||||
In year 1 | (10.0 | )% | (6.0 | )% | (6.0 | )% | (10.0 | )% | (14.0 | )% | (18.0 | )% | |||||
In year 2 | (13.0 | )% | (9.0 | )% | (9.0 | )% | (13.0 | )% | (17.0 | )% | (21.0 | )% | |||||
Model Results at June 30, 2019 - increase (decrease): | |||||||||||||||||
In year 1 | (10.0 | )% | (3.3 | )% | 1.9 | % | 3.8 | % | 4.3 | % | 3.7 | % | |||||
In year 2 | (13.8 | )% | (5.3 | )% | 3.2 | % | 5.2 | % | 7.1 | % | 8.0 | % | |||||
Model Results at December 31, 2018 - increase (decrease): | |||||||||||||||||
In year 1 | (4.3 | )% | (0.8 | )% | 0.3 | % | (0.9 | )% | (2.4 | )% | (5.6 | )% | |||||
In year 2 | (9.7 | )% | (3.0 | )% | 3.6 | % | 4.4 | % | 4.0 | % | 3.1 | % |
Down 200 | Down 100 | Plus 100 | Plus 200 | Plus 300 | Plus 400 | ||||||||||||
Policy Limits | (18.0 | )% | (9.0 | )% | (9.0 | )% | (18.0 | )% | (27.0 | )% | (36.0 | )% | |||||
Model Results at June 30, 2019 - increase (decrease): | (5.7 | )% | (1.2 | )% | (1.5 | )% | (4.4 | )% | (8.0 | )% | (12.0 | )% | |||||
Model Results at December 31, 2018 - increase (decrease): | 0.6 | % | 2.5 | % | (3.1 | )% | (7.5 | )% | (12.4 | )% | (17.3 | )% |
Total stockholders' equity | $ | 2,867,910 | |
Less: goodwill and other intangible assets | 77,696 | ||
Tangible stockholders’ equity | $ | 2,790,214 | |
Common shares issued and outstanding | 95,315,633 | ||
Book value per common share | $ | 30.09 | |
Tangible book value per common share | $ | 29.27 |
Three Months Ended June 30, 2018 | |||
Net Income (GAAP) | $ | 89.9 | |
Less Loss Share Contribution | (25.0 | ) | |
Net Income as reported, minus Loss Share Contribution | $ | 64.9 | |
Diluted earnings per common share, excluding Loss Share Contribution: | |||
Diluted earnings per common share (GAAP) | $ | 0.82 | |
Less: Net impact on diluted earnings per common share of Loss Share Contribution (non-GAAP) | (0.23 | ) | |
Non-loss share diluted earnings per common share (non-GAAP) | $ | 0.59 | |
Non-loss share diluted earnings per share: | |||
Loss Share Contribution | $ | 25.0 | |
Weighted average shares for diluted earnings per common share (GAAP) | 105,471 | ||
Impact on diluted earnings per common share of Loss Share Contribution (non-GAAP) | 0.24 | ||
Impact on diluted earnings per common share of Loss Share Contribution: | |||
Loss Share Contribution, net of tax, allocated to participating securities | (1.0 | ) | |
Weighted average shares for diluted earnings per common share (GAAP) | 105,471 | ||
Impact on diluted earnings per common share of Loss Share Contribution allocated to participating securities (non-GAAP) | (0.01 | ) | |
Net impact on diluted earnings per common share of Loss Share Contribution (non-GAAP) | $ | 0.23 |
Three Months Ended June 30, 2018 (3) | |||
Net Income As Reported | $ | 89.9 | |
Calculation of Loss Share Contribution: | |||
Interest Income - Covered Loans (Accretion) | $ | 84.2 | |
Amortization of FDIC Indemnification Asset | (44.3 | ) | |
Loss Share Earnings | 40.0 | ||
Hypothetical interest income on alternate assets (1) | (5.9 | ) | |
Loss Share Contribution, pre-tax | 34.1 | ||
Income taxes (2) | (9.0 | ) | |
Loss Share Contribution, after tax | $ | 25.0 | |
Net Income as reported, minus Loss Share Contribution | $ | 64.9 | |
Diluted Earnings Per Common Share, as Reported | $ | 0.82 | |
Earnings Per Share, Loss Share Contribution | (0.23 | ) | |
Non-Loss Share Diluted Earnings Per Share | $ | 0.59 |
(1) | See section entitled "Supplemental Calculations - Calculation of Hypothetical Interest Income on Alternate Assets" below for calculation of these amounts and underlying assumptions. |
Three Months Ended June 30, 2018 | |||
Average Balances (1) | |||
Average Covered Loans | $ | 476 | |
Average FDIC Indemnification Asset | 231 | ||
Average Loss Share Asset | $ | 707 | |
Yield | |||
Yield on securities - reported (2) | 3.33 | % | |
Hypothetical interest income on alternate assets | $ | 5.9 |
(1) | Calculated as the simple average of beginning and ending balances reported for each period. |
Issuer Purchases of Equity Securities | ||||||||||||||
Period | Total number of shares purchased(1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs(2) | ||||||||||
April 1 - April 30, 2019 | — | $ | — | — | $ | 110,025,642 | ||||||||
May 1 - May 31, 2019 | 1,312,496 | 34.77 | 1,312,496 | $ | 64,386,442 | |||||||||
June 1 - June 30, 2019 | 1,699,496 | 33.22 | 1,699,496 | $ | 7,934,581 | |||||||||
Total | 3,011,992 | $ | 33.89 | 3,011,992 |
(1) | The total number of shares purchased during the periods indicated includes shares purchased as part of a publicly announced program. |
(2) | On January 22, 2019, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to $150 million of its outstanding common stock. No time limit was set for the completion of the share repurchase program. The authorization does not require the Company to acquire any specified number of common shares and may be commenced, suspended or discontinued without prior notice. Under this authorization, $7,934,581 remained available for purchase at June 30, 2019. |
Exhibit Number | Description | Location | ||
Filed herewith | ||||
Filed herewith | ||||
Filed herewith | ||||
Filed herewith | ||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document | Filed herewith | ||
101.SCH | XBRL Taxonomy Extension Schema | Filed herewith | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | Filed herewith | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | Filed herewith | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase | Filed herewith | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed herewith |
/s/ Rajinder P. Singh | |
Rajinder P. Singh | |
Chairman, President and Chief Executive Officer | |
/s/ Leslie N. Lunak | |
Leslie N. Lunak | |
Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of BankUnited, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Rajinder P. Singh | |
Rajinder P. Singh | |
Chairman, President and Chief Executive Officer | |
Date: August 6, 2019 |
1. | I have reviewed this quarterly report on Form 10-Q of BankUnited, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Leslie N. Lunak | |
Leslie N. Lunak | |
Chief Financial Officer | |
Date: August 6, 2019 |
1) | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Rajinder P. Singh | |
Rajinder P. Singh | |
Chairman, President and Chief Executive Officer |
1) | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Leslie N. Lunak | |
Leslie N. Lunak | |
Chief Financial Officer |
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investment securities recorded at fair value | $ 8,128,708 | $ 8,156,878 |
ASSETS | ||
Covered loans net of premiums, discounts and deferred fees and costs | $ 201,376 | |
Stockholders' equity: | ||
Common stock, par value (in Dollars per Share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in Shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in Shares) | 95,315,633 | 99,141,374 |
Common stock, shares outstanding (in Shares) | 95,315,633 | 99,141,374 |
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Interest income: | ||||
Loans | $ 249,364 | $ 288,264 | $ 489,996 | $ 562,264 |
Investment securities | 72,796 | 56,092 | 149,141 | 106,077 |
Other | 5,069 | 4,499 | 9,921 | 8,290 |
Total interest income | 327,229 | 348,855 | 649,058 | 676,631 |
Interest expense: | ||||
Deposits | 99,987 | 65,298 | 197,408 | 121,659 |
Borrowings | 36,359 | 28,294 | 69,866 | 51,900 |
Total interest expense | 136,346 | 93,592 | 267,274 | 173,559 |
Net interest income before provision for loan losses | 190,883 | 255,263 | 381,784 | 503,072 |
Provision for loan losses | (2,747) | 8,995 | 7,534 | 12,142 |
Net interest income after provision for loan losses | 193,630 | 246,268 | 374,250 | 490,930 |
Non-interest income: | ||||
Income from resolution of covered assets, net | 0 | 4,238 | 0 | 7,555 |
Net loss on FDIC indemnification | 0 | (1,400) | 0 | (5,015) |
Deposit service charges and fees | 4,290 | 3,510 | 8,120 | 6,997 |
Gain on sale of loans, net | 2,121 | 768 | 5,057 | 4,269 |
Gain on investment securities, net | 4,116 | 2,142 | 9,901 | 2,506 |
Lease financing | 17,005 | 17,492 | 34,191 | 31,594 |
Other non-interest income | 7,805 | 5,223 | 14,323 | 12,053 |
Total non-interest income | 35,337 | 31,973 | 71,592 | 59,959 |
Non-interest expense: | ||||
Employee compensation and benefits | 57,251 | 65,537 | 122,484 | 132,573 |
Occupancy and equipment | 13,991 | 14,241 | 27,157 | 28,544 |
Amortization of FDIC indemnification asset | 0 | 44,250 | 0 | 84,597 |
Deposit insurance expense | 5,027 | 4,623 | 9,068 | 9,435 |
Professional fees | 6,937 | 2,657 | 14,808 | 5,532 |
Technology and telecommunications | 12,013 | 8,644 | 23,181 | 16,858 |
Depreciation of equipment under operating lease | 11,489 | 9,476 | 23,301 | 18,792 |
Other non-interest expense | 13,377 | 11,819 | 26,776 | 26,733 |
Total non-interest expense | 120,085 | 161,247 | 246,775 | 323,064 |
Income before income taxes | 108,882 | 116,994 | 199,067 | 227,825 |
Provision for income taxes | 27,431 | 27,094 | 51,644 | 52,690 |
Net income | $ 81,451 | $ 89,900 | $ 147,423 | $ 175,135 |
Earnings per common share, basic | $ 0.81 | $ 0.82 | $ 1.46 | $ 1.60 |
Earnings per common share, diluted | $ 0.81 | $ 0.82 | $ 1.45 | $ 1.59 |
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
|
Provision for loan losses | $ (8,995) | $ (12,142) |
Non-interest income: | ||
Gain on sale of loans, net | 768 | 4,269 |
Covered [Member] | ||
Provision for loan losses | (261) | 273 |
Non-interest income: | ||
Gain on sale of loans, net | $ (2,002) | $ (298) |
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation (Notes) |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 Basis of Presentation and Summary of Significant Accounting Policies BankUnited, Inc. is a national bank holding company with one wholly-owned subsidiary, BankUnited, collectively, the Company. BankUnited, a national banking association headquartered in Miami Lakes, Florida, provides a full range of banking and related services to individual and corporate customers through 80 banking centers located in 14 Florida counties and 5 banking centers located in the New York metropolitan area at June 30, 2019. 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, 2018 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, 2019 are not necessarily indicative of the results that may be expected in future periods. Certain amounts presented for prior periods have been reclassified to conform to the current period presentation. Accounting Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates. Significant estimates include the ALLL and the fair values of investment securities and other financial instruments. New Accounting Pronouncements Adopted During the Six Months Ended June 30, 2019 ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU, along with subsequent ASUs issued to clarify certain provisions of Topic 842, require a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for leases with terms longer than one year. Accounting applied by lessors was largely unchanged by this ASU. The ASU also requires both qualitative and quantitative disclosures that provide additional information about the amounts recorded in the consolidated financial statements. The amendments in this ASU were effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2018. The most significant impact of adoption was the recognition, as lessee, of new right-of-use assets and lease liabilities on the Consolidated Balance Sheet for real estate leases classified as operating leases. Under a package of practical expedients that the Company elected, as lessee and lessor, the Company did not have to (i) re-assess whether expired or existing contracts contain leases, (ii) re-assess the classification of expired or existing leases, (iii) re-evaluate initial direct costs for existing leases or (iv) separate lease components of certain contracts from non-lease components. The Company also elected the transition method that allows entities the option of applying the provisions of the ASU at the effective date without adjusting the comparative periods presented. The Company adopted this ASU in the first quarter of 2019 using the modified retrospective transition method. The Company recognized a lease liability and related right of use asset of approximately $104 million and $95 million, respectively, upon adoption on January 1, 2019. ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU added the OIS rate based on SOFR as a benchmark interest rate for hedge accounting purposes. The ASU was effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2018. The Company adopted this ASU in the first quarter of 2019 with no impact at adoption to its consolidated financial position, results of operations, or cash flows. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. This ASU, along with subsequent ASUs issued to clarify certain of its provisions, introduces new guidance which makes substantive changes to the accounting for credit losses. The ASU introduces the CECL model which applies to financial assets subject to credit losses and measured at amortized cost, as well as certain off-balance sheet credit exposures. This includes loans, loan commitments, standby letters of credit, net investments in leases recognized by a lessor and HTM debt securities. The CECL model requires an entity to estimate credit losses expected over the life of an exposure, considering information about historical events, current conditions and reasonable and supportable forecasts, and is generally expected to result in earlier recognition of credit losses. The ASU also modifies certain provisions of the current OTTI model for AFS debt securities. Credit losses on AFS debt securities will be limited to the difference between the security's amortized cost basis and its fair value, and will be recognized through an allowance for credit losses rather than as a direct reduction in amortized cost basis. The ASU also provides for a simplified accounting model for purchased financial assets with more than insignificant credit deterioration since their origination. The ASU requires expanded disclosures including, but not limited to, (i) information about the methods and assumptions used to estimate expected credit losses, including changes in the factors that influenced management's estimate and the reasons for those changes, (ii) for financing receivables and net investment in leases measured at amortized cost, further disaggregation of information about the credit quality of those assets and (iii) a rollforward of the allowance for credit losses for AFS and HTM securities. The amendments in this ASU are effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2019. Early adoption is permitted; however, the Company does not intend to early adopt this ASU. Management is in the process of evaluating the impact of adoption of this ASU on its consolidated financial statements, processes and controls and is not currently able to reasonably estimate the impact of adoption on the Company's consolidated financial position, results of operations or cash flows; however, adoption will lead to significant changes in accounting policies related to, and the methods employed in estimating, the ALLL. It is possible that the impact will be material to the Company's consolidated financial position and results of operations. To date, the Company has completed a gap analysis, adopted and is in the process of executing a detailed implementation plan, established a formal governance structure, selected and implemented credit loss models for key portfolio segments, chosen loss estimation methodologies for key portfolio segments, implemented a software solution to serve as its CECL platform, and initiated a "parallel run" of the CECL estimation process. Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, ROU assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. Lease payments are discounted using the Company's FHLB borrowing rate for borrowings of a similar term unless an implicit rate is defined in the contract or is determinable, which is generally not the case. Leases are classified as financing or operating leases at commencement; generally, leases are classified as finance leases when effective control of the underlying asset is transferred. The substantial majority of leases under which the Company is lessee are classified as operating leases. For operating leases, lease cost is recognized in the Consolidated Statements of Income on a straight line basis over the lease terms. For finance leases, interest expense on lease liabilities is recognized on the effective interest method and amortization of ROU assets is recognized on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. The Company has elected not to separate lease from non-lease components of its lease contracts.
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data):
Included in participating securities above are unvested shares and 3,023,314 dividend equivalent rights outstanding at June 30, 2019 that were issued in conjunction with the IPO of the Company's common stock. These dividend equivalent rights expire in 2021 and participate in dividends on a one-for-one basis. The following potentially dilutive securities were outstanding at June 30, 2019 and 2018 but excluded from the calculation of diluted earnings per common share for the periods indicated because their inclusion would have been anti-dilutive:
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Investment Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands):
Investment securities held to maturity at June 30, 2019 and December 31, 2018 consisted of one State of Israel bond maturing in 2024. At June 30, 2019, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands):
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 $2.2 billion and $2.1 billion at June 30, 2019 and December 31, 2018, respectively. The following table provides information about gains and losses on investment securities for the periods indicated (in thousands):
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):
The Company monitors its investment securities available for sale for OTTI on an individual security basis. No securities were determined to be other-than-temporarily impaired during the six months ended June 30, 2019 or 2018. The Company does not intend to sell securities that are in significant unrealized loss positions at June 30, 2019 and it is not more likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis, which may be at maturity. At June 30, 2019, 126 securities were in unrealized loss positions. The amount of impairment related to 48 of these securities was considered insignificant both individually and in the aggregate, totaling approximately $422 thousand and no further analysis with respect to these securities was considered necessary. The basis for concluding that impairment of the remaining securities was not other-than-temporary is further described below. U.S. Government agency and sponsored enterprise residential and commercial MBS At June 30, 2019, thirty-six U.S. Government agency and sponsored enterprise residential MBS and four U.S. Government agency and sponsored enterprise commercial MBS were in unrealized loss positions. Impairment of these securities was primarily attributable to increases in market interest rates subsequent to the date of acquisition and for certain securities, widening spreads. The timely payment of principal and interest on these securities is explicitly or implicitly guaranteed by the U.S. Government. Given the expectation of timely payment of principal and interest the impairments were considered to be temporary. Private label residential MBS and CMOs At June 30, 2019, eight private label residential MBS and CMOs were in unrealized loss positions, primarily as a result of an increase in medium and long-term market interest rates subsequent to acquisition. These securities were assessed for OTTI using credit and prepayment behavioral models that incorporate CUSIP level constant default rates, voluntary prepayment rates and loss severity and delinquency assumptions. The results of these assessments were not indicative of credit losses related to any of these securities as of June 30, 2019. Given the expectation of timely recovery of outstanding principal the impairments were considered to be temporary. Private label commercial MBS At June 30, 2019, three private label commercial MBS were in unrealized loss positions, primarily as a result of an increase in market interest rates since acquisition. These securities were assessed for OTTI using credit and prepayment behavioral models incorporating assumptions consistent with the collateral characteristics of each security. The results of this analysis were not indicative of expected credit losses. Given the expectation of timely recovery of outstanding principal the impairments were considered to be temporary. Single family rental real estate-backed securities At June 30, 2019, two single family rental real estate-backed securities were in unrealized loss positions. The unrealized losses were primarily due to increases in market interest rates since the purchase of the securities. Management's analysis of the credit characteristics, including loan-to-value and debt service coverage ratios, and levels of subordination for each of the securities is not indicative of projected credit losses. Given the absence of projected credit losses the impairments were considered to be temporary. Collateralized loan obligations: At June 30, 2019, sixteen collateralized loan obligations were in unrealized loss positions, primarily due to widening credit spreads for this asset class. These securities were assessed for OTTI using credit and prepayment behavioral models incorporating assumptions consistent with the collateral characteristics of each security. The results of this analysis were not indicative of expected credit losses. Given the expectation of timely recovery of outstanding principal, the impairments were considered to be temporary. Non-mortgage asset-backed securities At June 30, 2019, one non-mortgage asset-backed security was in an unrealized loss position, due primarily to increases in market interest rates subsequent to the date of acquisition. This security was assessed for OTTI using a credit and prepayment behavioral model incorporating assumptions consistent with the collateral characteristics of the security. The results of this analysis were not indicative of expected credit losses. Given the expectation of timely recovery of outstanding principal, the impairment was considered to be temporary. SBA Securities At June 30, 2019, eight SBA securities were in unrealized loss positions. These securities were purchased at a premium and the impairment was attributable primarily to increased prepayment speeds. The timely payment of principal and interest on these securities is guaranteed by this U.S. Government agency. Given the expectation of timely payment of principal and interest, the impairments were considered to be temporary.
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Loans and Allowance for Loan and Lease Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan and Lease Losses | Loans and Allowance for Loan and Lease Losses Loans consisted of the following at the dates indicated (dollars in thousands):
During the three and six months ended June 30, 2019 and 2018, the Company purchased 1-4 single family residential loans totaling $589 million, $894 million, $271 million and $604 million, respectively. Purchases for the three and six months ended June 30, 2019 and 2018 included $151 million, $284 million, $72 million and $112 million, respectively, of government insured residential loans. At June 30, 2019, the Company had pledged real estate loans with a carrying value of approximately $9.9 billion as security for FHLB advances. The following presents the Company's recorded investment in ACI loans, included in the table above, as of the dates indicated (in thousands):
At June 30, 2019 and December 31, 2018, the UPB of ACI loans was $367 million and $408 million, respectively. The accretable yield on ACI loans represents the amount by which undiscounted expected future cash flows exceed recorded investment. Changes in the accretable yield on ACI loans for the six months ended June 30, 2019 and the year ended December 31, 2018 were as follows (in thousands):
Allowance for loan and lease losses Activity in the ALLL is summarized as follows for the periods indicated (thousands):
The following table presents information about the balance of the ALLL and related loans at the dates indicated (in thousands):
Credit quality information Loans, other than ACI loans and government insured residential loans, are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due, according to the contractual terms of the loan agreements. Commercial relationships with committed balances greater than or equal to $1.0 million that have internal risk ratings of substandard or doubtful and are on non-accrual status, as well as loans that have been modified in TDRs, are individually evaluated for impairment. Other commercial relationships on non-accrual status with committed balances under $1.0 million may also be evaluated individually for impairment at management's discretion. The likelihood of loss related to loans assigned internal risk ratings of substandard or doubtful is considered elevated due to their identified credit weaknesses. Factors considered by management in evaluating impairment include payment status, financial condition of the borrower, collateral value, and other factors impacting the probability of collecting scheduled principal and interest payments when due. An ACI pool or loan is considered to be impaired when it is probable that the Company will be unable to collect all the cash flows expected at acquisition, plus additional cash flows expected to be collected arising from changes in estimates after acquisition. 1-4 single family residential and home equity ACI loans accounted for in pools are evaluated collectively for impairment on a pool by pool basis based on expected pool cash flows. Commercial ACI loans are individually evaluated for impairment based on expected cash flows from the individual loans. Discount continues to be accreted on ACI loans or pools as long as there are expected future cash flows in excess of the current carrying amount of the loans or pools. The table below presents information about loans identified as impaired at the dates indicated (in thousands):
Included in the table above is the guaranteed portion of impaired SBA loans totaling $21.8 million and $13.1 million at June 30, 2019 and December 31, 2018, respectively, with no specific allowance recorded. Interest income recognized on impaired loans was immaterial for the three and six months ended June 30, 2019 and 2018. The following table presents the average recorded investment in impaired loans for the periods indicated (in thousands):
The following table presents the recorded investment in loans on non-accrual status as of the dates indicated (in thousands):
Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $28.4 million and $17.8 million at June 30, 2019 and December 31, 2018, respectively. Loans contractually delinquent by 90 days or more and still accruing totaled $0.7 million at December 31, 2018. There were no loans contractually delinquent by 90 days or more and still accruing at June 30, 2019. The amount of additional interest income that would have been recognized on non-accrual loans had they performed in accordance with their contractual terms was approximately $2.5 million and $4.3 million for the three and six months ended June 30, 2019, respectively, and $1.8 million and $3.0 million three and six months ended June 30, 2018, respectively. Management considers delinquency status to be the most meaningful indicator of the credit quality of 1-4 single family residential, home equity and consumer loans. Delinquency statistics are updated at least monthly. See "Aging of loans" below for more information on the delinquency status of loans. Original LTV and original FICO score are also important indicators of credit quality for 1-4 single family residential loans other than the FSB loans and government insured loans. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are a key factor in identifying loans that are individually evaluated for impairment and impact management’s estimates of loss factors used in determining the amount of the ALLL. 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. Loans exhibiting potential credit weaknesses that deserve management’s close attention and that if left uncorrected may result in deterioration of the repayment capacity of the borrower are categorized as special mention. Loans with well-defined credit weaknesses, including payment defaults, declining collateral values, frequent overdrafts, operating losses, increasing balance sheet leverage, inadequate cash flow, project cost overruns, unreasonable construction delays, past due real estate taxes or exhausted interest reserves, are assigned an internal risk rating of substandard. A loan with a weakness so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors has not been charged off, will be assigned an internal risk rating of doubtful. The following tables summarize key indicators of credit quality for the Company's loans at the dates indicated. Amounts include premiums, discounts and deferred fees and costs (in thousands): 1-4 Single Family Residential credit exposure for loans, excluding FSB loans and government insured residential loans, based on original LTV and FICO score:
Commercial credit exposure, based on internal risk rating:
Aging of loans: The following table presents an aging of loans at the dates indicated. Amounts include premiums, discounts and deferred fees and costs (in thousands):
Included in the table above is the guaranteed portion of SBA loans past due more than 90 days totaling $18.4 million and $8.8 million at June 30, 2019 and December 31, 2018, respectively. Foreclosure of residential real estate The carrying amount of foreclosed residential real estate included in "Other assets" in the accompanying consolidated balance sheets totaled $5 million and $6 million at June 30, 2019 and December 31, 2018, respectively. The recorded investment in non-government insured residential mortgage loans in the process of foreclosure was $1.6 million at June 30, 2019 and was insignificant at December 31, 2018. The recorded investment in government insured residential loans in the process of foreclosure totaled $93 million and $85 million at June 30, 2019 and December 31, 2018, respectively. Troubled debt restructurings The following tables summarize loans that were modified in TDRs during the periods indicated, as well as loans modified during the twelve months preceding June 30, 2019 and 2018 that experienced payment defaults during the periods indicated (dollars in thousands):
Modifications during the three and six months ended June 30, 2019 and 2018 included interest rate reductions, restructuring of the amount and timing of required periodic payments, extensions of maturity and covenant waivers. Included in TDRs are residential loans to borrowers who have not reaffirmed their debt discharged in Chapter 7 bankruptcy. The total amount of such loans is not material. Modified ACI loans accounted for in pools are not considered TDRs, are not separated from the pools and are not classified as impaired loans.
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Leases Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Text Block] | Note 5 Leases Leases under which the Company is the lessee The Company leases branches, office space and a small amount of equipment under operating and finance leases with terms ranging from one to 16 years, some of which include extension options. The following table presents ROU assets and lease liabilities as of June 30, 2019 (in thousands):
ROU assets and lease liabilities for operating leases are included in "other assets" and "other liabilities", respectively, in the accompanying Consolidated Balance Sheet. ROU assets and lease liabilities for finance leases are included in "other assets" and "notes and other borrowings", respectively. The weighted average remaining lease term and weighted average discount rate at June 30, 2019 were:
The components of lease expense for the period indicated were (in thousands):
Short-term lease cost, variable lease cost, and sublease income were immaterial for the three and six months ended June 30, 2019. Additional information related to operating and finance leases for the periods indicated follows (in thousands):
Future lease payment obligations under leases with terms in excess of one year and a reconciliation to lease liabilities as of June 30, 2019 follows (in thousands):
As of December 31, 2018, future minimum rentals under non-cancelable operating leases with initial or remaining terms in excess of one year were as follows (in thousands):
Leases under which the Company is the lessor Through its commercial lending subsidiaries, Pinnacle and Bridge, the Bank provides equipment financing using a variety of loan and lease structures. Pinnacle provides essential use equipment financing to state and local governmental entities. Bridge provides primarily transportation equipment financing. The following table presents the components of the investment in direct or sales type financing leases, included in loans in the Consolidated Balance Sheet, at the dates indicated (in thousands):
As of June 30, 2019, future minimum lease payments to be received under direct or sales type financing leases were as follows (in thousands):
Equipment under operating lease consists primarily of railcars, non-commercial aircraft and other transportation equipment leased to commercial end users. Original lease terms generally range from three to ten years. Asset risk is evaluated and managed by a dedicated internal staff of seasoned equipment finance professionals with a broad depth and breadth of experience in the leasing business. Additionally, we have partnered with an industry leading, experienced service provider who provides fleet management and servicing relating to the railcar fleet. Residual risk is managed by setting appropriate residual values at inception and systematic reviews of residual values based on independent appraisals, performed at least annually. We endeavor to lease to a stable end-user base, maintain a relatively young and diversified fleet of assets and stagger lease maturities. As of June 30, 2019, scheduled minimum rental payments under operating leases were as follows (in thousands):
Lease income recognized for operating leases and direct or sales type finance leases follows (in thousands):
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Schedule of ROU Assets and Lease Liabilities [Table Text Block] | The following table presents ROU assets and lease liabilities as of June 30, 2019 (in thousands):
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Operating and Finance Lease Information [Table Text Block] | The weighted average remaining lease term and weighted average discount rate at June 30, 2019 were:
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Lease, Cost [Table Text Block] | The components of lease expense for the period indicated were (in thousands):
Short-term lease cost, variable lease cost, and sublease income were immaterial for the three and six months ended June 30, 2019.
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Leases - Cash Flow Information [Table Text Block] | Additional information related to operating and finance leases for the periods indicated follows (in thousands):
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Schedule of Future Minimum Lease Payments for Operating and Finance Leases [Table Text Block] | Future lease payment obligations under leases with terms in excess of one year and a reconciliation to lease liabilities as of June 30, 2019 follows (in thousands):
As of December 31, 2018, future minimum rentals under non-cancelable operating leases with initial or remaining terms in excess of one year were as follows (in thousands):
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Schedule of Direct or Sales Type Finance Leases [Table Text Block] | The following table presents the components of the investment in direct or sales type financing leases, included in loans in the Consolidated Balance Sheet, at the dates indicated (in thousands):
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Schedule of future minimum lease payments under direct or sales type financing leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of June 30, 2019, scheduled minimum rental payments under operating leases were as follows (in thousands):
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Income Taxes |
6 Months Ended |
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Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 Income Taxes The Company’s effective income tax rate was 25.2% and 25.9% for the three and six months ended June 30, 2019, respectively, and 23.2% and 23.1% for the three and six months ended June 30, 2018, respectively. The effective income tax rate differed from the statutory federal income tax rate of 21% for the three and six months ended June 30, 2019 and 2018 due primarily to state income taxes, offset by income not subject to tax.
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Derivatives and Hedging Activities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses interest rate swaps to manage interest rate risk related to liabilities that expose the Company to variability in cash flows due to changes in interest rates. The Company enters into LIBOR-based interest rate swaps that are designated as cash flow hedges with the objective of limiting the variability of interest payment cash flows resulting from changes in the benchmark interest rate LIBOR. Changes in the fair value of interest rate swaps designated as cash flow hedging instruments are reported in AOCI and subsequently reclassified into interest expense in the same period in which the related interest on the floating-rate debt obligations affects earnings. The Company also 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. The impact on earnings related to changes in fair value of these derivatives for the three and six months ended June 30, 2019 and 2018 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 borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The Company does not currently anticipate any 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 June 30, 2019 and December 31, 2018. 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):
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 (dollars in thousands):
During the three and six months ended June 30, 2019 and 2018, no derivative positions designated as cash flow hedges were discontinued and none of the gains and losses reported in AOCI were reclassified into earnings as a result of the discontinuance of cash flow hedges or because of the early extinguishment of debt. As of June 30, 2019, the amount of net loss expected to be reclassified from AOCI into earnings during the next twelve months was $11.5 million. 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):
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 contracts entered into with borrowers not subject to master netting agreements. At June 30, 2019, the Company had pledged net financial collateral of $17.3 million as collateral for interest rate swaps in a liability position that are not centrally cleared. The amount of collateral required to be posted varies based on the settlement value of outstanding swaps and in some cases may include initial margin requirements.
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Stockholders' Equity - USD ($) $ in Thousands |
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Jan. 23, 2019 |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Accumulated Other Comprehensive Income Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands):
The categories of AOCI and changes therein are presented below for the periods indicated (in thousands):
Other In January 2019, the Company's Board of Directors authorized the repurchase of up to $150 million of its outstanding common stock. Any repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions. The program may be commenced, suspended or discontinued without prior notice.
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Stock Repurchase Program, Authorized Amount | $ 150,000 |
Equity Based Compensation |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2019 and 2018 follows:
The intrinsic value of options exercised was $0.1 million and $4.6 million, respectively, during the six months ended June 30, 2019 and 2018. The related tax benefit of options exercised was immaterial for both the six months ended June 30, 2019 and 2018.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis Following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which those measurements are typically classified. Investment securities available for sale and marketable equity securities—Fair value measurements are based on quoted prices in active markets when available; these measurements are classified within level 1 of the fair value hierarchy. These securities typically include U.S. Treasury securities and certain preferred stocks. If quoted prices in active markets are not available, fair values are estimated using quoted prices of securities with similar characteristics, quoted prices of identical securities in less active markets, discounted cash flow techniques, or matrix pricing models. These securities are generally classified within level 2 of the fair value hierarchy and include U.S. Government agency securities, U.S. Government agency and sponsored enterprise MBS, preferred stock investments for which level 1 valuations are not available, corporate debt securities, non-mortgage asset-backed securities, single family rental real estate-backed securities, certain private label residential MBS and CMOs, private label commercial MBS, collateralized loan obligations and state and municipal obligations. Pricing of these securities is generally primarily spread driven. Observable inputs that may impact the valuation of these securities include benchmark yield curves, credit spreads, reported trades, dealer quotes, bids, issuer spreads, current rating, historical constant prepayment rates, historical voluntary prepayment rates, structural and waterfall features of individual securities, published collateral data, and for certain securities, historical constant default rates and default severities. Investment securities available for sale generally classified within level 3 of the fair value hierarchy include certain private label MBS and trust preferred securities. The Company typically values these securities using third-party proprietary pricing models, primarily discounted cash flow valuation techniques, which incorporate both observable and unobservable inputs. Unobservable inputs that may impact the valuation of these securities include risk adjusted discount rates, projected prepayment rates, projected default rates and projected loss severity. 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. Derivative financial instruments—Fair values of interest rate swaps are determined using widely accepted discounted cash flow modeling techniques. These discounted cash flow models use projections of future cash payments and receipts that are discounted at mid-market rates. Observable inputs that may impact the valuation of these instruments include LIBOR swap rates and LIBOR forward yield curves. These fair value measurements are generally classified within level 2 of the fair value hierarchy. The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands):
The following table reconciles changes in the fair value of assets and liabilities measured at fair value on a recurring basis and classified in level 3 of the fair value hierarchy during the periods indicated (in thousands):
Gains on private label residential MBS recognized in net income during the three and six months ended June 30, 2019 and 2018 are included in the consolidated statement of income line item "Gain on investment securities, net." Changes in the fair value of servicing rights are included in the consolidated statement of income line item “Other non-interest income.” Changes in fair value include changes due to valuation assumptions, primarily discount rates and prepayment speeds, as well as other changes such as runoff and the passage of time. The amount of net unrealized gains (losses) included in earnings for the six months ended June 30, 2019 related to servicing rights held at June 30, 2019 was insignificant; and approximately $1.1 million for the six months ended June 30, 2018 related to servicing rights held at June 30, 2018. The net unrealized gains (losses)were primarily due to changes in discount rates and prepayment speeds. Securities for which fair value measurements are categorized in level 3 of the fair value hierarchy at June 30, 2019 consisted of pooled trust preferred securities with a fair value of $5 million and private label residential MBS and CMOs with a fair value of $26 million. The trust preferred securities are not material to the Company’s financial statements. Private label residential MBS consisted of senior and mezzanine tranches collateralized by prime fixed rate and hybrid 1-4 single family residential mortgages originated before 2005. Substantially all of these securities have variable rate coupons. Weighted average subordination levels at June 30, 2019 were 19.4% and 14.4% for investment grade and non-investment grade securities, respectively. The following table provides information about the valuation techniques and unobservable inputs used in the valuation of private label residential MBS and CMOs falling within level 3 of the fair value hierarchy as of June 30, 2019 (dollars in thousands):
The significant unobservable inputs impacting the fair value measurement of private label residential MBS and CMOs include voluntary prepayment rates, probability of default, loss severity given default and discount rates. Generally, increases in probability of default, loss severity or discount rates would result in a lower fair value measurement. Alternatively, decreases in probability of default, loss severity or discount rates would result in a higher fair value measurement. For securities with less favorable credit characteristics, decreases in voluntary prepayment speeds may be interpreted as a deterioration in the overall credit quality of the underlying collateral and as such, lead to lower fair value measurements. The fair value measurements of those securities with higher levels of subordination will be less sensitive to changes in these unobservable inputs other than discount rates, while securities with lower levels of subordination will show a higher degree of sensitivity to changes in these unobservable inputs other than discount rates. Generally, a change in the assumption used for probability of default is accompanied by a directionally similar change in the assumption used for loss severity given default and a directionally opposite change in the assumption used for voluntary prepayment rate. The following table provides information about the valuation techniques and significant unobservable inputs used in the valuation of servicing rights as of June 30, 2019 (dollars in thousands):
Increases in prepayment rates or discount rates would result in lower fair value measurements and decreases in prepayment rates or discount rates would result in higher fair value measurements. Although the prepayment rate and the discount rate are not directly interrelated, they generally move in opposite directions. Assets and liabilities measured at fair value on a non-recurring basis Following is a description of the methodologies used to estimate the fair values of assets and liabilities that may be measured at fair value on a non-recurring basis, and the level within the fair value hierarchy in which those measurements are typically classified. Impaired loans, OREO and other repossessed assets—The carrying amount of collateral dependent impaired loans is typically based on the fair value of the underlying collateral, which may be real estate or other business assets, less estimated costs to sell. The carrying value of OREO is initially measured based on the fair value of the real estate acquired in foreclosure and subsequently adjusted to the lower of cost or estimated fair value, less estimated cost to sell. Fair values of real estate collateral and OREO are typically based on third-party real estate appraisals which utilize market and income approaches to valuation incorporating both observable and unobservable inputs. When current appraisals are not available, the Company may use brokers’ price opinions, home price indices or other available information about changes in real estate market conditions to adjust the latest appraised value available. These adjustments to appraised values may be subjective and involve significant management judgment. The fair value of repossessed assets or collateral consisting of other business assets may be based on third-party appraisals or internal analyses that use market approaches to valuation incorporating primarily unobservable inputs. Fair value measurements related to collateral dependent impaired loans, OREO and other repossessed assets are classified within levels 2 and 3 of the fair value hierarchy. The following tables present the carrying value of assets for which non-recurring changes in fair value have been recorded for the periods indicated (in thousands):
Included in the tables above are impaired taxi medallion loans with carrying values of $66.1 million at June 30, 2018. Losses from fair value changes included in the tables above include $12.7 million recognized on impaired taxi medallion loans during the six months ended June 30, 2018. In addition, OREO and repossessed assets reported above included repossessed taxi medallions with carrying values of $1.5 million at June 30, 2018. Losses of $0.1 million and $0.6 million were recognized on repossessed taxi medallions during the three and six months ended June 30, 2018. 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):
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Commitments and Contingencies |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The Company issues off-balance sheet financial instruments to meet the financing needs of its customers. These financial instruments include commitments to fund loans, unfunded commitments under existing lines of credit, and commercial and standby letters of credit. These commitments expose the Company to varying degrees of credit and market risk which are essentially the same as those involved in extending loans to customers, and are subject to the same credit policies used in underwriting loans. Collateral may be obtained based on the Company’s credit evaluation of the counterparty. The Company’s maximum exposure to credit loss is represented by the contractual amount of these commitments. Commitments to fund loans These are agreements to lend funds to customers as long as there is no violation of any condition established in the contract. Commitments to fund loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of these commitments are expected to expire without being funded and, therefore, the total commitment amounts do not necessarily represent future liquidity requirements. Unfunded commitments under lines of credit Unfunded commitments under lines of credit include commercial, commercial real estate, home equity and consumer lines of credit to existing customers. 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, 2019 were as follows (in thousands):
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.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Leases, Policy [Table Text Block] | Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, ROU assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. Lease payments are discounted using the Company's FHLB borrowing rate for borrowings of a similar term unless an implicit rate is defined in the contract or is determinable, which is generally not the case. Leases are classified as financing or operating leases at commencement; generally, leases are classified as finance leases when effective control of the underlying asset is transferred. The substantial majority of leases under which the Company is lessee are classified as operating leases. For operating leases, lease cost is recognized in the Consolidated Statements of Income on a straight line basis over the lease terms. For finance leases, interest expense on lease liabilities is recognized on the effective interest method and amortization of ROU assets is recognized on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. The Company has elected not to separate lease from non-lease components of its lease contracts.
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Use of Estimates, Policy [Policy Text Block] | Accounting Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates. Significant estimates include the ALLL and the fair values of investment securities and other financial instruments.
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New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Adopted During the Six Months Ended June 30, 2019 ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU, along with subsequent ASUs issued to clarify certain provisions of Topic 842, require a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for leases with terms longer than one year. Accounting applied by lessors was largely unchanged by this ASU. The ASU also requires both qualitative and quantitative disclosures that provide additional information about the amounts recorded in the consolidated financial statements. The amendments in this ASU were effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2018. The most significant impact of adoption was the recognition, as lessee, of new right-of-use assets and lease liabilities on the Consolidated Balance Sheet for real estate leases classified as operating leases. Under a package of practical expedients that the Company elected, as lessee and lessor, the Company did not have to (i) re-assess whether expired or existing contracts contain leases, (ii) re-assess the classification of expired or existing leases, (iii) re-evaluate initial direct costs for existing leases or (iv) separate lease components of certain contracts from non-lease components. The Company also elected the transition method that allows entities the option of applying the provisions of the ASU at the effective date without adjusting the comparative periods presented. The Company adopted this ASU in the first quarter of 2019 using the modified retrospective transition method. The Company recognized a lease liability and related right of use asset of approximately $104 million and $95 million, respectively, upon adoption on January 1, 2019. ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU added the OIS rate based on SOFR as a benchmark interest rate for hedge accounting purposes. The ASU was effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2018. The Company adopted this ASU in the first quarter of 2019 with no impact at adoption to its consolidated financial position, results of operations, or cash flows.
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Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. This ASU, along with subsequent ASUs issued to clarify certain of its provisions, introduces new guidance which makes substantive changes to the accounting for credit losses. The ASU introduces the CECL model which applies to financial assets subject to credit losses and measured at amortized cost, as well as certain off-balance sheet credit exposures. This includes loans, loan commitments, standby letters of credit, net investments in leases recognized by a lessor and HTM debt securities. The CECL model requires an entity to estimate credit losses expected over the life of an exposure, considering information about historical events, current conditions and reasonable and supportable forecasts, and is generally expected to result in earlier recognition of credit losses. The ASU also modifies certain provisions of the current OTTI model for AFS debt securities. Credit losses on AFS debt securities will be limited to the difference between the security's amortized cost basis and its fair value, and will be recognized through an allowance for credit losses rather than as a direct reduction in amortized cost basis. The ASU also provides for a simplified accounting model for purchased financial assets with more than insignificant credit deterioration since their origination. The ASU requires expanded disclosures including, but not limited to, (i) information about the methods and assumptions used to estimate expected credit losses, including changes in the factors that influenced management's estimate and the reasons for those changes, (ii) for financing receivables and net investment in leases measured at amortized cost, further disaggregation of information about the credit quality of those assets and (iii) a rollforward of the allowance for credit losses for AFS and HTM securities. The amendments in this ASU are effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2019. Early adoption is permitted; however, the Company does not intend to early adopt this ASU. Management is in the process of evaluating the impact of adoption of this ASU on its consolidated financial statements, processes and controls and is not currently able to reasonably estimate the impact of adoption on the Company's consolidated financial position, results of operations or cash flows; however, adoption will lead to significant changes in accounting policies related to, and the methods employed in estimating, the ALLL. It is possible that the impact will be material to the Company's consolidated financial position and results of operations. To date, the Company has completed a gap analysis, adopted and is in the process of executing a detailed implementation plan, established a formal governance structure, selected and implemented credit loss models for key portfolio segments, chosen loss estimation methodologies for key portfolio segments, implemented a software solution to serve as its CECL platform, and initiated a "parallel run" of the CECL estimation process.
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Earnings Per Common Share (Tables) |
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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):
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Potentially Dilutive Securities Outstanding Categorized | The following potentially dilutive securities were outstanding at June 30, 2019 and 2018 but excluded from the calculation of diluted earnings per common share for the periods indicated because their inclusion would have been anti-dilutive:
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Investment Securities (Tables) |
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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):
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Investments Classified by Contractual Maturity Date | At June 30, 2019, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands):
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Gain on Investment Securities, net | The following table provides information about gains and losses on investment securities for the periods indicated (in thousands):
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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):
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Loans and Allowance for Loan and Lease Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Financing Receivable, Impaired [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses Rolforward [Table Text Block] | Activity in the ALLL is summarized as follows for the periods indicated (thousands):
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Allowance for Credit Losses on Financing Receivables | The following table presents information about the balance of the ALLL and related loans at the dates indicated (in thousands):
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Concentration Risk Disclosure [Text Block] | Foreclosure of residential real estate
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Financing Receivable, Past Due [Table Text Block] | The following table presents an aging of loans at the dates indicated. Amounts include premiums, discounts and deferred fees and costs (in thousands):
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Schedule of Loans Categorized | oans consisted of the following at the dates indicated (dollars in thousands):
During the three and six months ended June 30, 2019 and 2018, the Company purchased 1-4 single family residential loans totaling $589 million, $894 million, $271 million and $604 million, respectively. Purchases for the three and six months ended June 30, 2019 and 2018 included $151 million, $284 million, $72 million and $112 million, respectively, of government insured residential loans. At June 30, 2019, the Company had pledged real estate loans with a carrying value of approximately $9.9 billion as security for FHLB advances. The following presents the Company's recorded investment in ACI loans, included in the table above, as of the dates indicated (in thousands):
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Accretable Yield Rollfoward [Table Text Block] | At June 30, 2019 and December 31, 2018, the UPB of ACI loans was $367 million and $408 million, respectively. The accretable yield on ACI loans represents the amount by which undiscounted expected future cash flows exceed recorded investment. Changes in the accretable yield on ACI loans for the six months ended June 30, 2019 and the year ended December 31, 2018 were as follows (in thousands):
(1) Represents changes in cash flows expected to be collected due to the impact of changes in prepayment assumptions or changes in benchmark interest rates.
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Impaired Financing Receivables | The table below presents information about loans identified as impaired at the dates indicated (in thousands):
Included in the table above is the guaranteed portion of impaired SBA loans totaling $21.8 million and $13.1 million at June 30, 2019 and December 31, 2018, respectively, with no specific allowance recorded. Interest income recognized on impaired loans was immaterial for the three and six months ended June 30, 2019 and 2018. The following table presents the average recorded investment in impaired loans for the periods indicated (in thousands):
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Schedule of Recorded Investment in Loans, Other than ACI Loans, on Non-Accrual Status | The following table presents the recorded investment in loans on non-accrual status as of the dates indicated (in thousands):
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Financing Receivable Credit Quality Indicators | The following tables summarize key indicators of credit quality for the Company's loans at the dates indicated. Amounts include premiums, discounts and deferred fees and costs (in thousands): 1-4 Single Family Residential credit exposure for loans, excluding FSB loans and government insured residential loans, based on original LTV and FICO score:
Commercial credit exposure, based on internal risk rating:
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Financing Receivable, Troubled Debt Restructuring [Table Text Block] | The following tables summarize loans that were modified in TDRs during the periods indicated, as well as loans modified during the twelve months preceding June 30, 2019 and 2018 that experienced payment defaults during the periods indicated (dollars in thousands):
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Leases Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of ROU Assets and Lease Liabilities [Table Text Block] | The following table presents ROU assets and lease liabilities as of June 30, 2019 (in thousands):
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Operating and Finance Lease Information [Table Text Block] | The weighted average remaining lease term and weighted average discount rate at June 30, 2019 were:
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Lease, Cost [Table Text Block] | The components of lease expense for the period indicated were (in thousands):
Short-term lease cost, variable lease cost, and sublease income were immaterial for the three and six months ended June 30, 2019.
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Leases - Cash Flow Information [Table Text Block] | Additional information related to operating and finance leases for the periods indicated follows (in thousands):
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Schedule of Future Minimum Lease Payments for Operating and Finance Leases [Table Text Block] | Future lease payment obligations under leases with terms in excess of one year and a reconciliation to lease liabilities as of June 30, 2019 follows (in thousands):
As of December 31, 2018, future minimum rentals under non-cancelable operating leases with initial or remaining terms in excess of one year were as follows (in thousands):
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Schedule of Direct or Sales Type Finance Leases [Table Text Block] | The following table presents the components of the investment in direct or sales type financing leases, included in loans in the Consolidated Balance Sheet, at the dates indicated (in thousands):
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Schedule of future minimum lease payments under direct or sales type financing leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of June 30, 2019, scheduled minimum rental payments under operating leases were as follows (in thousands):
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Operating and Direct Finance Lease Income | Lease income recognized for operating leases and direct or sales type finance leases follows (in thousands):
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Derivatives and Hedging Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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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 (dollars in thousands):
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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):
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in AOCI | Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands):
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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):
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Equity Based Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 |
Jun. 30, 2018 |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
The total liability for these executive share-based awards was $4.0 million at June 30, 2019. The total unrecognized compensation cost of $7.2 million for unvested executive share-based awards at June 30, 2019 will be recognized over a weighted average remaining period of 2.28 years.
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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, 2019 and 2018 follows:
The intrinsic value of options exercised was $0.1 million and $4.6 million, respectively, during the six months ended June 30, 2019 and 2018. The related tax benefit of options exercised was immaterial for both the six months ended June 30, 2019 and 2018.
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Schedule of Nonvested Share Activity [Table Text Block] | Unvested share awards A summary of activity related to unvested share awards follows for the periods indicated:
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 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):
The total unrecognized compensation cost of $32.3 million for all unvested share awards outstanding at June 30, 2019 will be recognized over a weighted average remaining period of 2.42 years.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Reconciliation of the Changes in the Fair Value of Assets and Liabilities Measured on a Recurring Basis, Unobservable Input | The following table reconciles changes in the fair value of assets and liabilities measured at fair value on a recurring basis and classified in level 3 of the fair value hierarchy during the periods indicated (in thousands):
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Valuation Techniques and Unobservable Inputs Used in the Valuation of Financial Instruments Falling Within Level 3 of the Fair Value Hierarchy | vides information about the valuation techniques and unobservable inputs used in the valuation of private label residential MBS and CMOs falling within level 3 of the fair value hierarchy as of June 30, 2019 (dollars in thousands):
The significant unobservable inputs impacting the fair value measurement of private label residential MBS and CMOs include voluntary prepayment rates, probability of default, loss severity given default and discount rates. Generally, increases in probability of default, loss severity or discount rates would result in a lower fair value measurement. Alternatively, decreases in probability of default, loss severity or discount rates would result in a higher fair value measurement. For securities with less favorable credit characteristics, decreases in voluntary prepayment speeds may be interpreted as a deterioration in the overall credit quality of the underlying collateral and as such, lead to lower fair value measurements. The fair value measurements of those securities with higher levels of subordination will be less sensitive to changes in these unobservable inputs other than discount rates, while securities with lower levels of subordination will show a higher degree of sensitivity to changes in these unobservable inputs other than discount rates. Generally, a change in the assumption used for probability of default is accompanied by a directionally similar change in the assumption used for loss severity given default and a directionally opposite change in the assumption used for voluntary prepayment rate. The following table provides information about the valuation techniques and significant unobservable inputs used in the valuation of servicing rights as of June 30, 2019 (dollars in thousands):
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Schedule of Assets for Which Nonrecurring Changes in Fair Value have been Recorded | sent the carrying value of assets for which non-recurring changes in fair value have been recorded for the periods indicated (in thousands):
Included in the tables above are impaired taxi medallion loans with carrying values of $66.1 million at June 30, 2018. Losses from fair value changes included in the tables above include $12.7 million recognized on impaired taxi medallion loans during the six months ended June 30, 2018. In addition, OREO and repossessed assets reported above included repossessed taxi medallions with carrying values of $1.5 million at June 30, 2018. Losses of $0.1 million and $0.6 million were recognized on repossessed taxi medallions during the three and six months ended June 30, 2018. The following table pre
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Schedule of the Carrying Value and Fair Value of Financial Instruments | ents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands):
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Schedule of the Total Lending Related Commitments Outstanding | Total lending related commitments outstanding at June 30, 2019 were as follows (in thousands):
|
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
---|---|---|
Summary of Significant Accounting Policies [Line Items] | ||
Operating Lease, Liability | $ 96,908 | |
Operating Lease, Right-of-Use Asset | $ 87,596 | $ 95,000 |
Accounting Standards Update 2016-02 [Member] | ||
Summary of Significant Accounting Policies [Line Items] | ||
Operating Lease, Liability | $ 104,000 |
Earnings Per Common Share (Potentially Dilutive Securities Outstanding) (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Unvested shares and share units | ||||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | ||||
Potentially dilutive securities outstanding (in Shares) | 1,119,641 | 1,644,336 | 1,119,641 | 1,644,336 |
Stock options and warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | ||||
Potentially dilutive securities outstanding (in Shares) | 1,850,279 | 0 | 1,850,279 |
Earnings Per Common Share Earnings per Common Share (Narrative) (Details) |
Jun. 30, 2019
shares
|
---|---|
Earnings Per Share [Abstract] | |
Dividend Equivalent Rights | 3,023,314 |
Investment Securities (Schedule of Maturities of Investment Securities Available for Sale) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 767,598 | |
Due after one year through five years, Amortized Cost | 4,350,779 | |
Due after five years through ten years, Amortized Cost | 2,457,216 | |
Due after ten years, Amortized Cost | 432,320 | |
Amortized Cost | 8,007,913 | $ 8,090,654 |
Due in one year or less, Fair Value | 775,378 | |
Due after one year through five years, Fair Value | 4,371,075 | |
Due after five years through ten years, Fair Value | 2,480,114 | |
Due after ten years, Fair Value | 439,966 | |
Fair Value | $ 8,066,533 | $ 8,096,359 |
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, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sale of investment securities available for sale | $ 850,527 | $ 569,387 | $ 1,626,250 | $ 836,317 |
Gross realized gains: | 4,631 | 2,554 | 8,956 | 6,041 |
Gross realized losses: | (716) | (4) | (724) | (2,514) |
Net realized gain | 3,915 | 2,550 | 8,232 | 3,527 |
Unrealized Gain (Loss) on Securities | 201 | (408) | 1,669 | (1,021) |
Gain on investment securities, net | $ 4,116 | $ 2,142 | $ 9,901 | $ 2,506 |
Loans and Allowance for Loan and Lease Losses (Schedule for Accretable Yield Rollforward) (Details) - Financial Asset Acquired with Credit Deterioration [Member] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2019 |
Dec. 31, 2018 |
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Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning Balance | $ 291,847 | $ 455,059 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference | (429) | 128,499 |
Accretion | (33,103) | (369,915) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | (6,929) | 78,204 |
Ending Balance | $ 251,386 | $ 291,847 |
Leases Schedule of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Jan. 01, 2019 |
---|---|---|
Schedule of ROU Assets and Lease Liabilities [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 87,596 | $ 95,000 |
Finance Lease, Right-of-Use Asset | 6,627 | |
Total Right of Use Asset | 94,223 | |
Operating Lease, Liability | 96,908 | |
Finance Lease, Liability | 8,926 | |
Total Lease Liabilities | $ 105,834 |
Leases Schedule of Operating and Finance Lease Information (Details) |
Jun. 30, 2019 |
---|---|
Operating and Finance Lease Information [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 10 months 20 days |
Finance Lease, Weighted Average Remaining Lease Term | 6 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% |
Finance Lease, Weighted Average Discount Rate, Percent | 11.70% |
Leases Schedule of Lease Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Schedule of Lease Costs [Abstract] | ||
Operating Lease, Cost | $ 5,046 | $ 10,080 |
Finance Lease, Right-of-Use Asset, Amortization | 359 | 709 |
Finance Lease, Interest Expense | 250 | 505 |
Total finance lease cost | $ 609 | $ 1,214 |
Leases Schedule of Direct or Sales Type Finance Leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of Direct or Sales Type Finance Leases [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | $ 844,442 | $ 808,921 |
Direct Financing Lease, Unguaranteed Residual Asset | 8,369 | 7,355 |
Sales-type or direct financing lease, gross investment | 852,811 | 816,276 |
Direct Financing Lease, Deferred Selling Profit | 83,943 | 81,864 |
Capital Leases, Net Investment in Direct Financing Leases, Initial Direct Costs | 4,728 | 4,833 |
Sales-type and Direct Financing Leases, Lease Receivable | $ 773,596 | $ 739,245 |
Leases Schedule of future minimum lease payments under direct or sales type financing leases (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of future minimum lease payments under direct or sales type financing leases [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Remainder of Fiscal Year | $ 122,931 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 192,841 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 132,419 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 88,202 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 68,031 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 240,018 | |
Sales-type and Direct Financing Leases, Lease Receivable | $ 844,442 | $ 808,921 |
Leases Schedule of Future Minimum Rental Payment on Operating Leases (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Schedule of Future Minimum Rental Payment on Operating Leases [Abstract] | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | $ 34,159 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 62,299 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 52,949 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 46,162 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 37,951 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 109,933 |
Operating Leases, Future Minimum Payments Receivable | $ 343,453 |
Leases Schedule of Leases - Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Finance Lease, Interest Payment on Liability | $ 250 | $ 505 |
Operating Lease, Payments | 5,216 | 10,359 |
Finance Lease, Principal Payments | 726 | 1,461 |
Total cash paid for amounts included in the measurement of lease liabilities | 6,192 | 12,325 |
Operating lease liabilities recognized from obtaining ROU assets | 1,597 | 1,597 |
Finance lease liabilities recognized from obtaining ROU assets | 0 | 1,521 |
Total lease liabilities recognized from obtaining ROU assets | 1,597 | 107,182 |
Accounting Standards Update 2016-02 [Member] | ||
Operating lease liabilities recognized from obtaining ROU assets | $ 0 | $ 104,064 |
Leases Operating and Direct Finance Lease Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Operating and Direct Finance Lease Income [Abstract] | ||
Operating Lease, Lease Income | $ 17,005 | $ 34,191 |
Direct Financing Lease, Lease Income | 5,489 | 10,798 |
Lease Income | $ 22,494 | $ 44,989 |
Income Taxes Income Taxes (Narrative) (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Effective Income Tax Rate Reconciliation, Percent | 25.20% | 23.20% | 25.90% | 23.10% |
Derivatives and Hedging Activities (Narrative) (Details) |
Jun. 30, 2019
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial collateral pledged for interest rate swaps | $ 17,300,000 |
Fair value of Interest rate derivative contracts cleared through the CME | 0 |
Amount expected to be reclassified from AOCI into income | $ 11,500,000 |
Derivatives and Hedging Activities Derivative and Hedging Activities - Amount of loss reclassified from AOCI into Income (Details) - Borrowings [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 1,688 | $ 4,411 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | $ 728 | $ 211 |
Stockholders' Equity (Narrative) (Details) $ in Thousands |
Jan. 23, 2019
USD ($)
|
---|---|
Stock Repurchase Program, Authorized Amount | $ 150,000 |
Equity Based Compensation (Schedule of Compensation Costs Related to Equity Based Awards) (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Range of the closing price on date of grant, maximum (in Dollars per Share) | $ 36.65 | $ 40.28 |
Aggregate grant date fair value of shares vesting | $ 20,083 | $ 17,825 |
Commitments and Contingencies Commitments (Details) $ in Thousands |
Jun. 30, 2019
USD ($)
|
---|---|
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 4,147,149 |
Standby Letters of Credit [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 84,731 |
Unused lines of Credit [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 2,950,555 |
Loan Purchase Commitments [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | 660,965 |
Loan Origination Commitments [Member] | |
Lending related commitments [Line Items] | |
Unused Commitments to Extend Credit | $ 450,898 |
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