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Name | Symbol | Market | Type |
---|---|---|---|
Texas Capital Bancshares Inc | NASDAQ:TCBIP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.01 | 24.90 | 25.06 | 0 | 01:00:00 |
☒ | Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
☐ | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
Delaware | 75-2679109 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
2000 McKinney Avenue | ||||||||||||||||||||
Suite 700 | ||||||||||||||||||||
Dallas | TX | USA | 75201 | |||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | TCBI | Nasdaq Stock Market | ||||||||||||
5.75% Non-Cumulative Perpetual Preferred Stock Series B, par value $0.01 per share | TCBIO | Nasdaq Stock Market |
Large Accelerated Filer | x | Accelerated Filer | ☐ | ||||||||||||||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | ||||||||||||||||||||
Emerging Growth Company | ☐ |
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 6. | |||||||||||
(in thousands except share data) | March 31, 2023 | December 31, 2022 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 264,211 | $ | 233,637 | |||||||
Interest bearing cash and cash equivalents | 3,385,494 | 4,778,623 | |||||||||
Available-for-sale debt securities | 3,394,293 | 2,615,644 | |||||||||
Held-to-maturity debt securities | 918,962 | 935,514 | |||||||||
Equity securities | 32,714 | 33,956 | |||||||||
Investment securities | 4,345,969 | 3,585,114 | |||||||||
Loans held for sale | 27,608 | 36,357 | |||||||||
Loans held for investment, mortgage finance | 4,060,570 | 4,090,033 | |||||||||
Loans held for investment | 16,014,497 | 15,197,307 | |||||||||
Less: Allowance for credit losses on loans | 260,928 | 253,469 | |||||||||
Loans held for investment, net | 19,814,139 | 19,033,871 | |||||||||
Premises and equipment, net | 25,268 | 26,382 | |||||||||
Accrued interest receivable and other assets | 732,468 | 719,162 | |||||||||
Goodwill and intangibles, net | 1,496 | 1,496 | |||||||||
Total assets | $ | 28,596,653 | $ | 28,414,642 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Non-interest bearing deposits | $ | 9,500,583 | $ | 9,618,081 | |||||||
Interest bearing deposits | 12,679,114 | 13,238,799 | |||||||||
Total deposits | 22,179,697 | 22,856,880 | |||||||||
Accrued interest payable | 31,198 | 24,000 | |||||||||
Other liabilities | 273,665 | 345,827 | |||||||||
Short-term borrowings | 2,100,000 | 1,201,142 | |||||||||
Long-term debt | 932,119 | 931,442 | |||||||||
Total liabilities | 25,516,679 | 25,359,291 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value, $1,000 liquidation value: | |||||||||||
Authorized shares - 10,000,000 | |||||||||||
Issued shares - 300,000 at March 31, 2023 and December 31, 2022 | 300,000 | 300,000 | |||||||||
Common stock, $0.01 par value: | |||||||||||
Authorized shares - 100,000,000 | |||||||||||
Issued shares - 50,947,306 and 50,867,298 at March 31, 2023 and December 31, 2022, respectively | 509 | 509 | |||||||||
Additional paid-in capital | 1,031,905 | 1,025,593 | |||||||||
Retained earnings | 2,297,850 | 2,263,502 | |||||||||
Treasury stock - 3,095,444 and 2,083,535 shares at cost at March 31, 2023 and December 31, 2022, respectively | (175,528) | (115,310) | |||||||||
Accumulated other comprehensive loss, net of taxes | (374,762) | (418,943) | |||||||||
Total stockholders’ equity | 3,079,974 | 3,055,351 | |||||||||
Total liabilities and stockholders’ equity | $ | 28,596,653 | $ | 28,414,642 |
Three Months Ended March 31, | |||||||||||
(in thousands except per share data) | 2023 | 2022 | |||||||||
Interest income | |||||||||||
Interest and fees on loans | $ | 297,438 | $ | 187,656 | |||||||
Investment securities | 25,292 | 17,302 | |||||||||
Interest bearing cash and cash equivalents | 62,436 | 3,571 | |||||||||
Total interest income | 385,166 | 208,529 | |||||||||
Interest expense | |||||||||||
Deposits | 120,094 | 13,630 | |||||||||
Short-term borrowings | 14,744 | 758 | |||||||||
Long-term debt | 14,983 | 10,595 | |||||||||
Total interest expense | 149,821 | 24,983 | |||||||||
Net interest income | 235,345 | 183,546 | |||||||||
Provision for credit losses | 28,000 | (2,000) | |||||||||
Net interest income after provision for credit losses | 207,345 | 185,546 | |||||||||
Non-interest income | |||||||||||
Service charges on deposit accounts | 5,022 | 6,115 | |||||||||
Wealth management and trust fee income | 3,429 | 3,912 | |||||||||
Brokered loan fees | 1,895 | 3,970 | |||||||||
Investment banking and trading income | 18,768 | 4,179 | |||||||||
Other | 8,289 | 2,107 | |||||||||
Total non-interest income | 37,403 | 20,283 | |||||||||
Non-interest expense | |||||||||||
Salaries and benefits | 128,670 | 99,859 | |||||||||
Occupancy expense | 9,619 | 8,885 | |||||||||
Marketing | 9,044 | 4,977 | |||||||||
Legal and professional | 14,514 | 10,302 | |||||||||
Communications and technology | 17,523 | 14,700 | |||||||||
Federal Deposit Insurance Corporation insurance assessment | 2,170 | 3,981 | |||||||||
Other | 12,487 | 10,388 | |||||||||
Total non-interest expense | 194,027 | 153,092 | |||||||||
Income before income taxes | 50,721 | 52,737 | |||||||||
Income tax expense | 12,060 | 13,087 | |||||||||
Net income | 38,661 | 39,650 | |||||||||
Preferred stock dividends | 4,313 | 4,313 | |||||||||
Net income available to common stockholders | $ | 34,348 | $ | 35,337 | |||||||
Other comprehensive income/(loss): | |||||||||||
Change in unrealized gain/(loss) | $ | 42,953 | $ | (200,619) | |||||||
Amounts reclassified into net income | 12,973 | 986 | |||||||||
Other comprehensive income/(loss) | 55,926 | (199,633) | |||||||||
Income tax expense/(benefit) | 11,745 | (41,923) | |||||||||
Other comprehensive income/(loss), net of tax | 44,181 | (157,710) | |||||||||
Comprehensive income/(loss) | $ | 82,842 | $ | (118,060) | |||||||
Basic earnings per common share | $ | 0.71 | $ | 0.70 | |||||||
Diluted earnings per common share | $ | 0.70 | $ | 0.69 |
Preferred Stock | Common Stock | Additional | Treasury Stock | Accumulated Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in | Retained | Comprehensive | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands except share data) | Shares | Amount | Shares | Amount | Capital | Earnings | Shares | Amount | Income/(Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 (audited) | 300,000 | $ | 300,000 | 50,618,911 | $ | 506 | $ | 1,008,559 | $ | 1,948,274 | (417) | $ | (8) | $ | (47,715) | $ | 3,209,616 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 39,650 | — | — | — | 39,650 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | (157,710) | (157,710) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive loss | (118,060) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 5,407 | — | — | — | — | 5,407 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (4,313) | — | — | — | (4,313) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 91,947 | 1 | (2,613) | — | — | — | — | (2,612) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 300,000 | $ | 300,000 | 50,710,858 | $ | 507 | $ | 1,011,353 | $ | 1,983,611 | (417) | $ | (8) | $ | (205,425) | $ | 3,090,038 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 (audited) | 300,000 | $ | 300,000 | 50,867,298 | $ | 509 | $ | 1,025,593 | $ | 2,263,502 | (2,083,535) | $ | (115,310) | $ | (418,943) | $ | 3,055,351 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 38,661 | — | — | — | 38,661 | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in other comprehensive income/(loss), net of taxes | — | — | — | — | — | — | — | — | 44,181 | 44,181 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | 82,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense recognized in earnings | — | — | — | — | 8,438 | — | — | — | — | 8,438 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | — | — | (4,313) | — | — | — | (4,313) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based awards | — | — | 80,008 | — | (2,126) | — | — | — | — | (2,126) | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | (1,011,909) | (60,218) | — | (60,218) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 300,000 | $ | 300,000 | 50,947,306 | $ | 509 | $ | 1,031,905 | $ | 2,297,850 | (3,095,444) | $ | (175,528) | $ | (374,762) | $ | 3,079,974 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Operating activities | |||||||||||
Net income | $ | 38,661 | $ | 39,650 | |||||||
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||
Provision for credit losses | 28,000 | (2,000) | |||||||||
Depreciation and amortization | 8,683 | 10,604 | |||||||||
Net gain recognized on investment securities | (1,734) | — | |||||||||
Stock-based compensation expense | 8,438 | 5,588 | |||||||||
Proceeds from sales and repayments of loans held for sale | 8,749 | 571 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accrued interest receivable and other assets | (28,286) | 43,200 | |||||||||
Accrued interest payable and other liabilities | (44,308) | (24,691) | |||||||||
Net cash provided by operating activities | 18,203 | 72,922 | |||||||||
Investing activities | |||||||||||
Purchases of available-for-sale securities | (849,391) | (376,415) | |||||||||
Proceeds from sales of available-for-sale debt securities | 56,923 | — | |||||||||
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities | 45,716 | 104,338 | |||||||||
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities | 17,489 | 9,882 | |||||||||
Sales/(purchases) of equity securities, net | 2,487 | 940 | |||||||||
Originations of loans held for investment, mortgage finance | (14,897,110) | (26,902,960) | |||||||||
Proceeds from pay-offs of loans held for investment, mortgage finance | 14,926,573 | 28,550,492 | |||||||||
Net increase in loans held for investment, excluding mortgage finance loans | (837,100) | (517,465) | |||||||||
Purchase of premises and equipment, net | (1,363) | (2,709) | |||||||||
Net cash provided by/(used in) investing activities | (1,535,776) | 866,103 | |||||||||
Financing activities | |||||||||||
Net decrease in deposits | (677,183) | (2,731,427) | |||||||||
Issuance of stock related to stock-based awards | (2,126) | (2,612) | |||||||||
Preferred dividends paid | (4,313) | (4,313) | |||||||||
Repurchase of common stock | (60,218) | — | |||||||||
Net increase (decrease) in short-term borrowings | 898,858 | (775,799) | |||||||||
Net cash provided by/(used in) financing activities | 155,018 | (3,514,151) | |||||||||
Net decrease in cash and cash equivalents | (1,362,555) | (2,575,126) | |||||||||
Cash and cash equivalents at beginning of period | 5,012,260 | 7,946,659 | |||||||||
Cash and cash equivalents at end of period | $ | 3,649,705 | $ | 5,371,533 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid during the period for interest | $ | 142,623 | $ | 24,122 | |||||||
Cash paid during the period for income taxes | 451 | 302 | |||||||||
Transfers of debt securities from available-for-sale to held-to-maturity | — | 1,019,365 | |||||||||
Three Months Ended March 31, | ||||||||||||||
(in thousands except share and per share data) | 2023 | 2022 | ||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 38,661 | $ | 39,650 | ||||||||||
Preferred stock dividends | 4,313 | 4,313 | ||||||||||||
Net income available to common stockholders | $ | 34,348 | $ | 35,337 | ||||||||||
Denominator: | ||||||||||||||
Denominator for basic earnings per common share—weighted average common shares | 48,264,121 | 50,667,090 | ||||||||||||
Effect of dilutive outstanding stock-settled awards | 616,604 | 656,937 | ||||||||||||
Denominator for dilutive earnings per common share—weighted average diluted common shares | 48,880,725 | 51,324,027 | ||||||||||||
Basic earnings per common share | $ | 0.71 | $ | 0.70 | ||||||||||
Diluted earnings per common share | $ | 0.70 | $ | 0.69 | ||||||||||
Anti-dilutive outstanding stock-settled awards | 252,308 | 229,488 |
(in thousands) | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 644,697 | $ | — | $ | (21,385) | $ | 623,312 | |||||||||||||||
U.S. government agency securities | 125,000 | — | (20,883) | 104,117 | |||||||||||||||||||
Residential mortgage-backed securities | 2,965,866 | 1,077 | (312,007) | 2,654,936 | |||||||||||||||||||
CRT securities | 14,507 | — | (2,579) | 11,928 | |||||||||||||||||||
Total available-for-sale debt securities | 3,750,070 | 1,077 | (356,854) | 3,394,293 | |||||||||||||||||||
Held-to-maturity debt securities: | |||||||||||||||||||||||
Residential mortgage-backed securities | 918,962 | — | (107,431) | 811,531 | |||||||||||||||||||
Total held-to-maturity debt securities | 918,962 | — | (107,431) | 811,531 | |||||||||||||||||||
Equity securities | 32,714 | ||||||||||||||||||||||
Total investment securities(2) | $ | 4,345,969 | |||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Available-for-sale debt securities: | |||||||||||||||||||||||
U.S. Treasury securities | $ | 698,769 | $ | — | $ | (28,187) | $ | 670,582 | |||||||||||||||
U.S. government agency securities | 125,000 | — | (22,846) | 102,154 | |||||||||||||||||||
Residential mortgage-backed securities | 2,162,364 | 3 | (331,320) | 1,831,047 | |||||||||||||||||||
CRT securities | 14,713 | — | (2,852) | 11,861 | |||||||||||||||||||
Total available-for-sale debt securities | 3,000,846 | 3 | (385,205) | 2,615,644 | |||||||||||||||||||
Held-to-maturity securities: | |||||||||||||||||||||||
Residential mortgage-backed securities | 935,514 | — | (118,600) | 816,914 | |||||||||||||||||||
Total held-to-maturity securities | 935,514 | — | (118,600) | 816,914 | |||||||||||||||||||
Equity securities | 33,956 | ||||||||||||||||||||||
Total investment securities(2) | $ | 3,585,114 |
Available-for-sale | Held-to-maturity | ||||||||||||||||||||||
(in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
Due within one year | $ | 250,900 | $ | 243,554 | $ | — | $ | — | |||||||||||||||
Due after one year through five years | 443,798 | 422,944 | — | — | |||||||||||||||||||
Due after five years through ten years | 106,319 | 87,120 | — | — | |||||||||||||||||||
Due after ten years | 2,949,053 | 2,640,675 | 918,962 | 811,531 | |||||||||||||||||||
Total | $ | 3,750,070 | $ | 3,394,293 | $ | 918,962 | $ | 811,531 |
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 261,821 | $ | (5,170) | $ | 361,491 | $ | (16,215) | $ | 623,312 | $ | (21,385) | |||||||||||||||||||||||
U.S. government agency securities | — | — | 104,117 | (20,883) | 104,117 | (20,883) | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 947,217 | (10,451) | 1,593,098 | (301,556) | 2,540,315 | (312,007) | |||||||||||||||||||||||||||||
CRT securities | — | — | 11,928 | (2,579) | 11,928 | (2,579) | |||||||||||||||||||||||||||||
Total | $ | 1,209,038 | $ | (15,621) | $ | 2,070,634 | $ | (341,233) | $ | 3,279,672 | $ | (356,854) | |||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 670,582 | $ | (28,187) | $ | — | $ | — | $ | 670,582 | $ | (28,187) | |||||||||||||||||||||||
U.S. government agency securities | — | — | 102,154 | (22,846) | 102,154 | (22,846) | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 261,502 | (9,481) | 1,569,107 | (321,839) | 1,830,609 | (331,320) | |||||||||||||||||||||||||||||
CRT securities | — | — | 11,861 | (2,852) | 11,861 | (2,852) | |||||||||||||||||||||||||||||
Total | $ | 932,084 | $ | (37,668) | $ | 1,683,122 | $ | (347,537) | $ | 2,615,206 | $ | (385,205) |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Net gains/(losses) recognized during the period | $ | 1,245 | $ | (3,640) | |||||||
Less: Realized net gains/(losses) recognized on securities sold | (596) | 202 | |||||||||
Unrealized net gains/(losses) recognized on securities still held | $ | 1,841 | $ | (3,842) |
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Loans held for investment(1): | |||||||||||
Commercial | $ | 9,514,781 | $ | 8,902,948 | |||||||
Energy | 1,294,671 | 1,159,296 | |||||||||
Mortgage finance | 4,060,570 | 4,090,033 | |||||||||
Real estate | 5,272,443 | 5,198,643 | |||||||||
Gross loans held for investment | 20,142,465 | 19,350,920 | |||||||||
Unearned income (net of direct origination costs) | (67,398) | (63,580) | |||||||||
Total loans held for investment | 20,075,067 | 19,287,340 | |||||||||
Allowance for credit losses on loans | (260,928) | (253,469) | |||||||||
Total loans held for investment, net | $ | 19,814,139 | $ | 19,033,871 | |||||||
Loans held for sale: | |||||||||||
Non-mortgage loans, at lower of cost or fair value | 27,608 | 36,357 | |||||||||
Total loans held for sale | $ | 27,608 | $ | 36,357 |
(in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 668,265 | $ | 1,913,280 | $ | 594,666 | $ | 192,154 | $ | 186,922 | $ | 440,995 | $ | 5,079,665 | $ | 19,786 | $ | 9,095,733 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 95 | 47,169 | 18,690 | 1,399 | 61,187 | 12,025 | 67,354 | 1,860 | 209,779 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | 18,298 | 39,079 | 1,649 | 3,295 | 24,755 | 34,358 | 895 | 122,329 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | 42,328 | 3,104 | 2,229 | 31,319 | 7,046 | — | 914 | 86,940 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 668,360 | $ | 2,021,075 | $ | 655,539 | $ | 197,431 | $ | 282,723 | $ | 484,821 | $ | 5,181,377 | $ | 23,455 | $ | 9,514,781 | ||||||||||||||||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 55,167 | $ | 114,845 | $ | — | $ | — | $ | — | $ | — | $ | 1,114,145 | $ | — | $ | 1,284,157 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | 7,037 | — | 7,037 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | 3,477 | 3,477 | |||||||||||||||||||||||||||||||||||||||||||||||
Total energy | $ | 55,167 | $ | 114,845 | $ | — | $ | — | $ | — | $ | — | $ | 1,121,182 | $ | 3,477 | $ | 1,294,671 | ||||||||||||||||||||||||||||||||||||||
Mortgage finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 110,532 | $ | 29,682 | $ | 486,327 | $ | 261,183 | $ | 288,589 | $ | 2,884,257 | $ | — | $ | — | $ | 4,060,570 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage finance | $ | 110,532 | $ | 29,682 | $ | 486,327 | $ | 261,183 | $ | 288,589 | $ | 2,884,257 | $ | — | $ | — | $ | 4,060,570 | ||||||||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 156,825 | $ | 1,199,143 | $ | 807,286 | $ | 492,723 | $ | 369,393 | $ | 450,333 | $ | 97,541 | $ | 10,924 | $ | 3,584,168 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | 2,650 | 5,847 | 29,802 | — | 24,926 | — | — | 63,225 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | 17,850 | — | — | 29,860 | — | — | 47,710 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | 179 | — | — | 179 | |||||||||||||||||||||||||||||||||||||||||||||||
RBF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 17,975 | 88,017 | 52,541 | 10,180 | 1,636 | 4,966 | 281,514 | — | 456,829 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | 8,352 | — | — | — | — | — | — | 8,352 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 8,741 | 182,857 | 145,691 | 92,562 | 61,954 | 222,495 | 39,401 | 25,465 | 779,166 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | 720 | — | 6,161 | — | 376 | — | — | 7,257 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | 442 | — | — | 442 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | 3,355 | — | — | — | — | 3,355 | |||||||||||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 7,781 | 64,081 | 89,336 | 52,460 | 17,746 | 84,837 | 4,519 | — | 320,760 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | 1,000 | — | — | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | $ | 191,322 | $ | 1,545,820 | $ | 1,118,551 | $ | 687,243 | $ | 450,729 | $ | 819,414 | $ | 422,975 | $ | 36,389 | $ | 5,272,443 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,025,381 | $ | 3,711,422 | $ | 2,260,417 | $ | 1,145,857 | $ | 1,022,041 | $ | 4,188,492 | $ | 6,725,534 | $ | 63,321 | $ | 20,142,465 | ||||||||||||||||||||||||||||||||||||||
Gross charge-offs | $ | — | $ | 90 | $ | 19,828 | $ | — | $ | 262 | $ | 552 | $ | — | $ | — | $ | 20,732 |
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and prior | Revolving lines of credit | Revolving lines of credit converted to term loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 1,903,529 | $ | 671,459 | $ | 244,568 | $ | 255,444 | $ | 325,201 | $ | 244,373 | $ | 4,877,753 | $ | 21,063 | $ | 8,543,390 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 9,141 | 7,740 | 3,628 | 37,794 | 11,998 | 4,975 | 95,310 | 2,250 | 172,836 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | 18,670 | 71,147 | 514 | 1,666 | 14,933 | 6,305 | 30,070 | — | 143,305 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | 376 | 512 | 751 | 30,425 | 6,226 | 2,520 | 2,607 | — | 43,417 | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 1,931,716 | $ | 750,858 | $ | 249,461 | $ | 325,329 | $ | 358,358 | $ | 258,173 | $ | 5,005,740 | $ | 23,313 | $ | 8,902,948 | ||||||||||||||||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 124,691 | $ | 12,517 | $ | — | $ | — | $ | — | $ | 3,317 | $ | 1,007,776 | $ | — | $ | 1,148,301 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | 7,337 | — | 7,337 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | 3,658 | — | 3,658 | |||||||||||||||||||||||||||||||||||||||||||||||
Total energy | $ | 124,691 | $ | 12,517 | $ | — | $ | — | $ | — | $ | 3,317 | $ | 1,018,771 | $ | — | $ | 1,159,296 | ||||||||||||||||||||||||||||||||||||||
Mortgage finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 30,485 | $ | 482,477 | $ | 197,045 | $ | 267,758 | $ | 464,753 | $ | 2,647,515 | $ | — | $ | — | $ | 4,090,033 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage finance | $ | 30,485 | $ | 482,477 | $ | 197,045 | $ | 267,758 | $ | 464,753 | $ | 2,647,515 | $ | — | $ | — | $ | 4,090,033 | ||||||||||||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | $ | 1,085,254 | $ | 756,180 | $ | 563,341 | $ | 447,346 | $ | 183,634 | $ | 284,698 | $ | 97,337 | $ | 11,944 | $ | 3,429,734 | ||||||||||||||||||||||||||||||||||||||
(8) Special mention | 2,765 | 6,524 | 37,791 | 5,295 | 19,350 | 3,652 | — | — | 75,377 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | 17,850 | — | — | 11,458 | 17,698 | — | — | 47,006 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | 182 | — | — | 182 | |||||||||||||||||||||||||||||||||||||||||||||||
RBF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 94,066 | 70,951 | 12,161 | 6,106 | 2,655 | — | 326,164 | — | 512,103 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | 7,840 | — | — | — | — | — | — | — | 7,840 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 182,840 | 131,538 | 94,611 | 67,518 | 76,951 | 163,838 | 42,333 | 31,293 | 790,922 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | 729 | — | 8,721 | — | — | 386 | — | — | 9,836 | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | 247 | — | 1,035 | — | — | 1,282 | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | 1,081 | — | — | — | — | — | 1,081 | |||||||||||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1-7) Pass | 64,050 | 89,967 | 53,003 | 24,314 | 16,953 | 70,082 | 4,911 | — | 323,280 | |||||||||||||||||||||||||||||||||||||||||||||||
(8) Special mention | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9) Substandard - accruing | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
(9+) Non-accrual | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total real estate | $ | 1,437,544 | $ | 1,073,010 | $ | 770,709 | $ | 550,826 | $ | 311,001 | $ | 541,571 | $ | 470,745 | $ | 43,237 | $ | 5,198,643 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 3,524,436 | $ | 2,318,862 | $ | 1,217,215 | $ | 1,143,913 | $ | 1,134,112 | $ | 3,450,576 | $ | 6,495,256 | $ | 66,550 | $ | 19,350,920 |
(in thousands) | Commercial | Energy | Mortgage Finance | Real Estate | Total | ||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||
Beginning balance | $ | 136,841 | $ | 49,000 | $ | 10,745 | $ | 56,883 | $ | 253,469 | |||||||
Provision for credit losses on loans | 32,475 | 1,930 | (3,345) | (3,691) | 27,369 | ||||||||||||
Charge-offs | 20,732 | — | — | — | 20,732 | ||||||||||||
Recoveries | 816 | 6 | — | — | 822 | ||||||||||||
Net charge-offs (recoveries) | 19,916 | (6) | — | — | 19,910 | ||||||||||||
Ending balance | $ | 149,400 | $ | 50,936 | $ | 7,400 | $ | 53,192 | $ | 260,928 | |||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
Beginning balance | $ | 102,202 | $ | 52,568 | $ | 6,083 | $ | 51,013 | $ | 211,866 | |||||||
Provision for credit losses on loans | 5,437 | (24,522) | 4,159 | 13,699 | (1,227) | ||||||||||||
Charge-offs | 110 | — | — | 350 | 460 | ||||||||||||
Recoveries | 217 | 755 | — | — | 972 | ||||||||||||
Net charge-offs (recoveries) | (107) | (755) | — | 350 | (512) | ||||||||||||
Ending balance | $ | 107,746 | $ | 28,801 | $ | 10,242 | $ | 64,362 | $ | 211,151 |
(in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Non-accrual(1) | Current | Total | Non-accrual With No Allowance | |||||||||||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 3,185 | $ | 242 | $ | 3,098 | $ | 6,525 | $ | 86,940 | $ | 9,421,316 | $ | 9,514,781 | $ | 71,999 | |||||||||||||||||||||||||||||||
Energy | — | — | — | — | 3,477 | 1,291,194 | 1,294,671 | 3,477 | |||||||||||||||||||||||||||||||||||||||
Mortgage finance | — | — | — | — | — | 4,060,570 | 4,060,570 | — | |||||||||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||||||||||||||||
CRE | — | — | — | — | 179 | 3,695,103 | 3,695,282 | — | |||||||||||||||||||||||||||||||||||||||
RBF | — | — | — | — | — | 465,181 | 465,181 | — | |||||||||||||||||||||||||||||||||||||||
Other | 430 | — | — | 430 | 3,355 | 786,435 | 790,220 | 3,355 | |||||||||||||||||||||||||||||||||||||||
Secured by 1-4 family | 2,388 | — | — | 2,388 | — | 319,372 | 321,760 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 6,003 | $ | 242 | $ | 3,098 | $ | 9,343 | $ | 93,951 | $ | 20,039,171 | $ | 20,142,465 | $ | 78,831 |
(in thousands) | Payment Deferral | Term Extension | Payment Deferral and Term Extension | Interest Rate Reduction and Term Extension | Total | Percentage of Total Loans Held for Investment | ||||||||||||||||||||||||||||||||
Commercial | $ | 31,431 | $ | 1,800 | $ | — | $ | 14,933 | $ | 48,164 | 0.24 | % | ||||||||||||||||||||||||||
Energy | — | — | 3,477 | — | 3,477 | 0.02 | % | |||||||||||||||||||||||||||||||
Total | $ | 31,431 | $ | 1,800 | $ | 3,477 | $ | 14,933 | $ | 51,641 | 0.26 | % |
Interest Rate Reduction | Term Extension (in months) | Total Payment Deferrals (in thousands) | ||||||||||||||||||
Commercial | 0.70% | 6 to 18 | $ | 3,523 | ||||||||||||||||
Energy | — | 36 | 1,200 | |||||||||||||||||
(in thousands) | 30-89 Days Past Due | 90+ Days Past Due | Non-Accrual | Current | Total | |||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||
Commercial | $ | 161 | $ | — | $ | 924 | $ | 47,079 | $ | 48,164 | ||||||||||||||||||||||
Energy | — | — | 3,477 | — | 3,477 | |||||||||||||||||||||||||||
Total | $ | 161 | $ | — | $ | 4,401 | $ | 47,079 | $ | 51,641 |
(in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||
Customer repurchase agreements | $ | — | $ | 1,142 | ||||||||||
Federal Home Loan Bank borrowings | 2,100,000 | 1,200,000 | ||||||||||||
Total short-term borrowings | $ | 2,100,000 | $ | 1,201,142 |
(in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||
Bank-issued floating rate senior unsecured credit-linked notes due 2024 | $ | 272,994 | $ | 272,492 | ||||||||||
Bank-issued 5.25% fixed rate subordinated notes due 2026 | 174,262 | 174,196 | ||||||||||||
Company-issued 4.00% fixed rate subordinated notes due 2031 | 371,457 | 371,348 | ||||||||||||
Trust preferred floating rate subordinated debentures due 2032 to 2036 | 113,406 | 113,406 | ||||||||||||
Total long-term debt | $ | 932,119 | $ | 931,442 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Beginning balance of allowance for off-balance sheet credit losses | $ | 21,793 | $ | 17,265 | |||||||
Provision for off-balance sheet credit losses | 631 | (773) | |||||||||
Ending balance of allowance for off-balance sheet credit losses | $ | 22,424 | $ | 16,492 | |||||||
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Commitments to extend credit - period end balance | $ | 10,231,682 | $ | 9,673,082 | |||||||
Standby letters of credit - period end balance | 436,057 | 417,896 |
Actual | Minimum Capital Required(2) | Capital Required to be Well Capitalized | |||||||||||||||||||||||||||
(dollars in thousands) | Capital Amount | Ratio | Capital Amount | Ratio | Capital Amount | Ratio | |||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
CET1 | |||||||||||||||||||||||||||||
Company | $ | 3,157,937 | 12.42 | % | $ | 1,779,755 | 7.00 | % | N/A | N/A | |||||||||||||||||||
Bank | 3,454,486 | 13.61 | % | 1,776,757 | 7.00 | % | 1,649,845 | 6.50 | % | ||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||
Company | 4,285,396 | 16.86 | % | 2,669,633 | 10.50 | % | 2,542,507 | 10.00 | % | ||||||||||||||||||||
Bank | 4,010,488 | 15.80 | % | 2,665,135 | 10.50 | % | 2,538,224 | 10.00 | % | ||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||
Company | 3,567,937 | 14.03 | % | 2,161,131 | 8.50 | % | 1,525,504 | 6.00 | % | ||||||||||||||||||||
Bank | 3,614,486 | 14.24 | % | 2,157,490 | 8.50 | % | 2,030,579 | 8.00 | % | ||||||||||||||||||||
Tier 1 capital (to average assets)(1) | |||||||||||||||||||||||||||||
Company | 3,567,937 | 12.03 | % | 1,186,723 | 4.00 | % | N/A | N/A | |||||||||||||||||||||
Bank | 3,614,486 | 12.20 | % | 1,185,349 | 4.00 | % | 1,481,686 | 5.00 | % | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
CET1 | |||||||||||||||||||||||||||||
Company | $ | 3,180,208 | 13.00 | % | $ | 1,712,608 | 7.00 | % | N/A | N/A | |||||||||||||||||||
Bank | 3,408,178 | 13.95 | % | 1,710,056 | 7.00 | % | 1,587,909 | 6.50 | % | ||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||
Company | 4,331,098 | 17.70 | % | 2,568,912 | 10.50 | % | 2,446,583 | 10.00 | % | ||||||||||||||||||||
Bank | 3,987,720 | 16.32 | % | 2,565,083 | 10.50 | % | 2,442,937 | 10.00 | % | ||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||
Company | 3,590,208 | 14.67 | % | 2,079,595 | 8.50 | % | 1,467,950 | 6.00 | % | ||||||||||||||||||||
Bank | 3,568,178 | 14.61 | % | 2,076,496 | 8.50 | % | 1,954,349 | 8.00 | % | ||||||||||||||||||||
Tier 1 capital (to average assets)(1) | |||||||||||||||||||||||||||||
Company | 3,590,208 | 11.54 | % | 1,244,494 | 4.00 | % | N/A | N/A | |||||||||||||||||||||
Bank | 3,568,178 | 11.48 | % | 1,243,232 | 4.00 | % | 1,554,039 | 5.00 | % |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Stock-settled awards: | |||||||||||
RSUs | $ | 8,438 | $ | 5,407 | |||||||
Cash-settled units | — | 181 | |||||||||
Total | $ | 8,438 | $ | 5,588 |
(in thousands except period data) | March 31, 2023 | ||||
Unrecognized compensation expense related to unvested stock-settled awards | $ | 46,870 | |||
Weighted average period over which expense is expected to be recognized, in years | 2.5 |
Fair Value Measurements Using | |||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
March 31, 2023 | |||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||
U.S. Treasury securities | $ | 623,312 | $ | — | $ | — | |||||||||||
U.S. government agency securities | — | 104,117 | — | ||||||||||||||
Residential mortgage-backed securities | — | 2,654,936 | — | ||||||||||||||
CRT securities | — | — | 11,928 | ||||||||||||||
Equity securities(1)(2) | 21,548 | 11,166 | — | ||||||||||||||
Loans held for investment(3) | — | — | 35,458 | ||||||||||||||
Derivative assets(4) | — | 19,401 | — | ||||||||||||||
Derivative liabilities(4) | — | 70,220 | — | ||||||||||||||
Non-qualified deferred compensation plan liabilities(4) | 19,778 | — | — | ||||||||||||||
December 31, 2022 | |||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||
U.S. Treasury securities | $ | 670,582 | $ | — | $ | — | |||||||||||
U.S. government agency securities | — | 102,154 | — | ||||||||||||||
Residential mortgage-backed securities | — | 1,831,047 | — | ||||||||||||||
CRT securities | — | — | 11,861 | ||||||||||||||
Equity securities(1)(2) | 22,879 | 11,077 | — | ||||||||||||||
Derivative assets(4) | — | 13,504 | — | ||||||||||||||
Derivative liabilities(4) | — | 91,758 | — | ||||||||||||||
Non-qualified deferred compensation plan liabilities(4) | 21,177 | — | — |
Net Gains/(Losses) | |||||||||||||||||||||||||||||||||||
(in thousands) | Balance at Beginning of Period | Purchases / Additions | Sales / Reductions | Realized | Unrealized | Balance at End of Period | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||||||||||||||
CRT securities | $ | 11,861 | $ | — | $ | — | $ | — | $ | 67 | $ | 11,928 | |||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
Available-for-sale debt securities:(1) | |||||||||||||||||||||||||||||||||||
Tax-exempt asset-backed securities | $ | 180,033 | $ | — | $ | (3,736) | $ | — | $ | (10,452) | $ | 165,845 | |||||||||||||||||||||||
CRT securities | 11,846 | — | — | — | 55 | 11,901 | |||||||||||||||||||||||||||||
Loans held for sale(2) | 7,658 | 1,327 | (571) | — | (329) | 8,085 |
Carrying Amount | Estimated Fair Value | ||||||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3,649,705 | $ | 3,649,705 | $ | 3,649,705 | $ | — | $ | — | |||||||||||||||||||
Available-for-sale debt securities | 3,394,293 | 3,394,293 | 623,312 | 2,759,053 | 11,928 | ||||||||||||||||||||||||
Held-to-maturity debt securities | 918,962 | 811,531 | — | 811,531 | — | ||||||||||||||||||||||||
Equity securities | 32,714 | 32,714 | 21,548 | 11,166 | — | ||||||||||||||||||||||||
Loans held for sale | 27,608 | 27,208 | — | 27,208 | — | ||||||||||||||||||||||||
Loans held for investment, net | 19,814,139 | 19,755,693 | — | — | 19,755,693 | ||||||||||||||||||||||||
Derivative assets | 19,401 | 19,401 | — | 19,401 | — | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Total deposits | 22,179,697 | 22,184,982 | — | — | 22,184,982 | ||||||||||||||||||||||||
Short-term borrowings | 2,100,000 | 2,100,000 | — | 2,100,000 | — | ||||||||||||||||||||||||
Long-term debt | 932,119 | 866,529 | — | 866,529 | — | ||||||||||||||||||||||||
Derivative liabilities | 70,220 | 70,220 | — | 70,220 | — | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,012,260 | $ | 5,012,260 | $ | 5,012,260 | $ | — | $ | — | |||||||||||||||||||
Available-for-sale debt securities | 2,615,644 | 2,615,644 | 670,582 | 1,933,201 | 11,861 | ||||||||||||||||||||||||
Held-to-maturity debt securities | 935,514 | 816,914 | — | 816,914 | — | ||||||||||||||||||||||||
Equity securities | 33,956 | 33,956 | 22,879 | 11,077 | — | ||||||||||||||||||||||||
Loans held for sale | 36,357 | 36,357 | — | — | 36,357 | ||||||||||||||||||||||||
Loans held for investment, net | 19,033,871 | 18,969,922 | — | — | 18,969,922 | ||||||||||||||||||||||||
Derivative assets | 13,504 | 13,504 | — | 13,504 | — | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Total deposits | 22,856,880 | 22,857,949 | — | — | 22,857,949 | ||||||||||||||||||||||||
Short-term borrowings | 1,201,142 | 1,201,142 | — | 1,201,142 | — | ||||||||||||||||||||||||
Long-term debt | 931,442 | 881,716 | — | 881,716 | — | ||||||||||||||||||||||||
Derivative liabilities | 91,758 | 91,758 | — | 91,758 | — |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | ||||||||||||||||||||||||||||
(in thousands) | Notional Amount | Notional Amount | |||||||||||||||||||||||||||
Derivatives designated as hedges | |||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||||
Swaps hedging loans | $ | 3,100,000 | $ | 1,658 | $ | 65,090 | $ | 3,000,000 | $ | — | $ | 86,378 | |||||||||||||||||
Non-hedging derivatives | |||||||||||||||||||||||||||||
Customer-initiated and other derivatives: | |||||||||||||||||||||||||||||
Foreign currency forward contracts | 2,682 | 13 | — | — | — | — | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||||
Swaps | 4,527,001 | 70,881 | 70,881 | 4,396,367 | 83,529 | 83,529 | |||||||||||||||||||||||
Caps and floors written | 168,065 | — | 2,238 | 220,142 | — | 2,583 | |||||||||||||||||||||||
Caps and floors purchased | 168,065 | 2,238 | — | 220,142 | 2,583 | — | |||||||||||||||||||||||
Forward contracts | 4,486,001 | 12,755 | 12,167 | 1,569,326 | 4,431 | 4,053 | |||||||||||||||||||||||
Gross derivatives | 87,545 | 150,376 | 90,543 | 176,543 | |||||||||||||||||||||||||
Netting adjustment - offsetting derivative assets/liabilities | (14,038) | (14,038) | (5,164) | (5,164) | |||||||||||||||||||||||||
Netting adjustment - cash collateral received/posted | (54,106) | (66,118) | (71,875) | (79,621) | |||||||||||||||||||||||||
Net derivatives included on the consolidated balance sheets | $ | 19,401 | $ | 70,220 | $ | 13,504 | $ | 91,758 |
(in thousands) | Cash Flow Hedges | Available-for-Sale Securities | Held-to-Maturity Securities | Total | |||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Beginning balance | $ | (66,394) | $ | (304,309) | $ | (48,240) | $ | (418,943) | |||||||||||||||
Change in unrealized gain/(loss) | 13,528 | 29,425 | — | 42,953 | |||||||||||||||||||
Amounts reclassified into net income | 11,129 | — | 1,844 | 12,973 | |||||||||||||||||||
Total other comprehensive income/(loss) | 24,657 | 29,425 | 1,844 | 55,926 | |||||||||||||||||||
Income tax expense/(benefit) | 5,179 | 6,179 | 387 | 11,745 | |||||||||||||||||||
Total other comprehensive income/(loss), net of tax | 19,478 | 23,246 | 1,457 | 44,181 | |||||||||||||||||||
Ending balance | $ | (46,916) | $ | (281,063) | $ | (46,783) | $ | (374,762) | |||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||
Beginning balance | $ | — | $ | (47,715) | $ | — | $ | (47,715) | |||||||||||||||
Change in unrealized gain/(loss) | — | (131,454) | (69,165) | (200,619) | |||||||||||||||||||
Amounts reclassified into net income | — | — | 986 | 986 | |||||||||||||||||||
Total other comprehensive income/(loss) | — | (131,454) | (68,179) | (199,633) | |||||||||||||||||||
Income tax expense/(benefit) | — | (27,605) | (14,318) | (41,923) | |||||||||||||||||||
Total other comprehensive income/(loss), net of tax | — | (103,849) | (53,861) | (157,710) | |||||||||||||||||||
Ending balance | $ | — | $ | (151,564) | $ | (53,861) | $ | (205,425) |
Three Months Ended March 31, | ||||||||||||||
(dollars in thousands except per share data) | 2023 | 2022 | ||||||||||||
Net interest income | $ | 235,345 | $ | 183,546 | ||||||||||
Provision for credit losses | 28,000 | (2,000) | ||||||||||||
Non-interest income | 37,403 | 20,283 | ||||||||||||
Non-interest expense | 194,027 | 153,092 | ||||||||||||
Income before income taxes | 50,721 | 52,737 | ||||||||||||
Income tax expense | 12,060 | 13,087 | ||||||||||||
Net income | 38,661 | 39,650 | ||||||||||||
Preferred stock dividends | 4,313 | 4,313 | ||||||||||||
Net income available to common stockholders | $ | 34,348 | $ | 35,337 | ||||||||||
Basic earnings per common share | $ | 0.71 | $ | 0.70 | ||||||||||
Diluted earnings per common share | $ | 0.70 | $ | 0.69 | ||||||||||
Net interest margin | 3.33 | % | 2.23 | % | ||||||||||
Return on average assets (“ROA”) | 0.53 | % | 0.47 | % | ||||||||||
Return on average common equity (“ROE”) | 5.06 | % | 4.97 | % | ||||||||||
Non-interest income to average earning assets | 0.54 | % | 0.25 | % | ||||||||||
Efficiency ratio(1) | 71.1 | % | 75.1 | % | ||||||||||
Non-interest expense to average earning assets | 2.78 | % | 1.86 | % |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||
(dollars in thousands) | Average Balance | Revenue / Expense | Yield / Rate | Average Balance | Revenue / Expense | Yield / Rate | |||||||||||||||||
Assets | |||||||||||||||||||||||
Investment securities(2) | $ | 4,060,456 | $ | 25,292 | 2.31 | % | $ | 3,669,257 | $ | 17,743 | 1.91 | % | |||||||||||
Interest bearing cash and cash equivalents | 5,541,341 | 62,436 | 4.57 | % | 8,552,300 | 3,571 | 0.17 | % | |||||||||||||||
Loans held for sale | 43,472 | 938 | 8.75 | % | 7,633 | 113 | 6.01 | % | |||||||||||||||
Loans held for investment, mortgage finance | 3,286,804 | 28,528 | 3.52 | % | 5,732,901 | 43,466 | 3.07 | % | |||||||||||||||
Loans held for investment(3) | 15,598,854 | 268,131 | 6.97 | % | 15,686,319 | 144,133 | 3.73 | % | |||||||||||||||
Less: Allowance for credit losses on loans | 252,727 | — | — | 212,612 | — | — | |||||||||||||||||
Loans held for investment, net | 18,632,931 | 296,659 | 6.46 | % | 21,206,608 | 187,599 | 3.59 | % | |||||||||||||||
Total earning assets | 28,278,200 | 385,325 | 5.45 | % | 33,435,798 | 209,026 | 2.54 | % | |||||||||||||||
Cash and other assets | 1,041,745 | 819,486 | |||||||||||||||||||||
Total assets | $ | 29,319,945 | $ | 34,255,284 | |||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||
Transaction deposits | $ | 776,500 | $ | 3,853 | 2.01 | % | $ | 2,432,687 | $ | 3,962 | 0.66 | % | |||||||||||
Savings deposits | 11,195,402 | 105,707 | 3.83 | % | 10,420,545 | 8,583 | 0.33 | % | |||||||||||||||
Time deposits | 1,430,657 | 10,534 | 2.99 | % | 1,038,722 | 1,085 | 0.42 | % | |||||||||||||||
Total interest bearing deposits | 13,402,559 | 120,094 | 3.63 | % | 13,891,954 | 13,630 | 0.40 | % | |||||||||||||||
Short-term borrowings | 1,242,881 | 14,744 | 4.81 | % | 1,770,781 | 758 | 0.17 | % | |||||||||||||||
Long-term debt | 931,796 | 14,983 | 6.52 | % | 929,005 | 10,595 | 4.63 | % | |||||||||||||||
Total interest bearing liabilities | 15,577,236 | 149,821 | 3.90 | % | 16,591,740 | 24,983 | 0.61 | % | |||||||||||||||
Non-interest bearing deposits | 10,253,731 | 14,235,749 | |||||||||||||||||||||
Other liabilities | 436,621 | 243,141 | |||||||||||||||||||||
Stockholders’ equity | 3,052,357 | 3,184,654 | |||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 29,319,945 | $ | 34,255,284 | |||||||||||||||||||
Net interest income | $ | 235,504 | $ | 184,043 | |||||||||||||||||||
Net interest margin | 3.33 | % | 2.23 | % | |||||||||||||||||||
Net interest spread | 1.55 | % | 1.93 | % | |||||||||||||||||||
Three Months Ended March 31, 2023/2022 | |||||||||||||||||
Net Change | Change Due To(1) | ||||||||||||||||
(in thousands) | Volume | Yield/Rate(2) | |||||||||||||||
Interest income | |||||||||||||||||
Investment securities | $ | 7,549 | $ | 1,842 | $ | 5,707 | |||||||||||
Interest bearing cash and cash equivalents | 58,865 | (1,262) | 60,127 | ||||||||||||||
Loans held for sale | 825 | 531 | 294 | ||||||||||||||
Loans held for investment, mortgage finance | (14,938) | (18,517) | 3,579 | ||||||||||||||
Loans held for investment | 123,998 | (803) | 124,801 | ||||||||||||||
Total interest income | 176,299 | (18,209) | 194,508 | ||||||||||||||
Interest expense | |||||||||||||||||
Transaction deposits | (109) | (2,695) | 2,586 | ||||||||||||||
Savings deposits | 97,124 | 631 | 96,493 | ||||||||||||||
Time deposits | 9,449 | 406 | 9,043 | ||||||||||||||
Short-term borrowings | 13,986 | (221) | 14,207 | ||||||||||||||
Long-term debt | 4,388 | 32 | 4,356 | ||||||||||||||
Total interest expense | 124,838 | (1,847) | 126,685 | ||||||||||||||
Net interest income | $ | 51,461 | $ | (16,362) | $ | 67,823 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Service charges on deposit accounts | $ | 5,022 | $ | 6,115 | |||||||
Wealth management and trust fee income | 3,429 | 3,912 | |||||||||
Brokered loan fees | 1,895 | 3,970 | |||||||||
Investment banking and trading income | 18,768 | 4,179 | |||||||||
Other | 8,289 | 2,107 | |||||||||
Total non-interest income | $ | 37,403 | $ | 20,283 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Salaries and benefits | $ | 128,670 | $ | 99,859 | |||||||
Occupancy expense | 9,619 | 8,885 | |||||||||
Marketing | 9,044 | 4,977 | |||||||||
Legal and professional | 14,514 | 10,302 | |||||||||
Communications and technology | 17,523 | 14,700 | |||||||||
Federal Deposit Insurance Corporation insurance assessment | 2,170 | 3,981 | |||||||||
Other | 12,487 | 10,388 | |||||||||
Total non-interest expense | $ | 194,027 | $ | 153,092 |
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Commercial | $ | 9,514,781 | $ | 8,902,948 | |||||||
Energy | 1,294,671 | 1,159,296 | |||||||||
Mortgage finance | 4,060,570 | 4,090,033 | |||||||||
Real estate | 5,272,443 | 5,198,643 | |||||||||
Gross loans held for investment | $ | 20,142,465 | $ | 19,350,920 |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Non-accrual loans held for investment | |||||||||||
Commercial: | |||||||||||
Business assets | $ | 86,020 | $ | 41,448 | |||||||
Accounts receivable and inventory | 859 | 1,405 | |||||||||
Other | 61 | 564 | |||||||||
Total commercial | 86,940 | 43,417 | |||||||||
Energy: | |||||||||||
Oil and gas properties | 3,477 | 3,658 | |||||||||
Total energy | 3,477 | 3,658 | |||||||||
Real estate: | |||||||||||
Business assets | — | — | |||||||||
Commercial property | 3,534 | 1,263 | |||||||||
Single family residences | — | — | |||||||||
Total real estate | 3,534 | 1,263 | |||||||||
Total non-accrual loans held for investment | $ | 93,951 | $ | 48,338 | |||||||
Non-accrual loans held for sale | — | — | |||||||||
Other real estate owned (“OREO”) | — | — | |||||||||
Total non-performing assets | $ | 93,951 | $ | 48,338 | |||||||
Non-accrual loans held for investment to total loans held for investment | 0.47 | % | 0.25 | % | |||||||
Total non-performing assets to total assets | 0.33 | % | 0.17 | % | |||||||
Allowance for credit losses on loans to non-accrual loans held for investment | 2.8x | 5.2x | |||||||||
Loans held for investment past due 90 days and accruing | $ | 3,098 | $ | 131 | |||||||
Loans held for investment past due 90 days to total loans held for investment | 0.02 | % | — | % | |||||||
Loans held for sale past due 90 days and accruing | $ | — | $ | — |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Net Charge-offs | Net Charge-offs to Average Loans(1) | Net Charge-offs | Net Charge-offs to Average Loans(1) | |||||||||||||||||||||||
Commercial | $ | 19,916 | 0.88 | % | $ | (107) | — | % | ||||||||||||||||||
Energy | (6) | — | % | (755) | (0.40) | % | ||||||||||||||||||||
Mortgage finance | — | — | % | — | — | % | ||||||||||||||||||||
Real Estate | — | — | % | 350 | 0.03 | % | ||||||||||||||||||||
Total | $ | 19,910 | 0.43 | % | $ | (512) | (0.01) | % |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||
Interest bearing cash and cash equivalents | $ | 3,385,494 | $ | 4,778,623 | ||||||||||
Interest bearing cash and cash equivalents as a percent of: | ||||||||||||||
Total loans held for investment | 16.9 | % | 24.8 | % | ||||||||||
Total earning assets | 12.3 | % | 17.4 | % | ||||||||||
Total deposits | 15.3 | % | 20.9 | % |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||||||||
Customer deposits | $ | 20,795,335 | 93.8 | % | $ | 21,247,999 | 93.0 | % | |||||||||||||||
Brokered deposits | 1,384,362 | 6.2 | % | 1,608,881 | 7.0 | % | |||||||||||||||||
Total deposits | $ | 22,179,697 | 100.0 | % | $ | 22,856,880 | 100.0 | % |
(in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||
Repurchase agreements | $ | — | $ | 1,142 | ||||||||||
FHLB borrowings | 2,100,000 | 1,200,000 | ||||||||||||
Total short-term and other borrowings | $ | 2,100,000 | $ | 1,201,142 | ||||||||||
(in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
FHLB borrowing capacity relating to loans and pledged securities | $ | 3,175,863 | $ | 2,621,218 | |||||||
FHLB borrowing capacity relating to unencumbered securities | 2,635,859 | 3,539,297 | |||||||||
Total FHLB borrowing capacity(1) | $ | 5,811,722 | $ | 6,160,515 | |||||||
Unused federal funds lines available from commercial banks | $ | 1,471,000 | $ | 1,479,000 | |||||||
Unused Federal Reserve borrowings capacity | $ | 3,858,755 | $ | 3,574,762 | |||||||
Unused revolving line of credit(2) | $ | 100,000 | $ | 75,000 |
(in thousands) | 0-3 months | 4-12 months | 1-3 years | 3+ years | Total | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | $ | 3,385,494 | $ | — | $ | — | $ | — | $ | 3,385,494 | |||||||||||||||||||
Investment securities(1) | 45,030 | 244,602 | 261,821 | 3,794,516 | 4,345,969 | ||||||||||||||||||||||||
Variable loans | 18,436,757 | 263,569 | 31,497 | 289,861 | 19,021,684 | ||||||||||||||||||||||||
Fixed loans | 22,392 | 81,532 | 160,731 | 883,734 | 1,148,389 | ||||||||||||||||||||||||
Total loans(2) | 18,459,149 | 345,101 | 192,228 | 1,173,595 | 20,170,073 | ||||||||||||||||||||||||
Total interest sensitive assets | $ | 21,889,673 | $ | 589,703 | $ | 454,049 | $ | 4,968,111 | $ | 27,901,536 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Interest bearing customer deposits | $ | 11,260,363 | $ | — | $ | — | $ | — | $ | 11,260,363 | |||||||||||||||||||
CDs | 520,805 | 837,973 | 59,784 | 189 | 1,418,751 | ||||||||||||||||||||||||
Total interest bearing deposits | 11,781,168 | 837,973 | 59,784 | 189 | 12,679,114 | ||||||||||||||||||||||||
Short-term borrowings | 2,100,000 | — | — | — | 2,100,000 | ||||||||||||||||||||||||
Long-term debt | 386,400 | — | 174,262 | 371,457 | 932,119 | ||||||||||||||||||||||||
Total borrowings | 2,486,400 | — | 174,262 | 371,457 | 3,032,119 | ||||||||||||||||||||||||
Total interest sensitive liabilities | $ | 14,267,568 | $ | 837,973 | $ | 234,046 | $ | 371,646 | $ | 15,711,233 | |||||||||||||||||||
GAP | $ | 7,622,105 | $ | (248,270) | $ | 220,003 | $ | 4,596,465 | $ | — | |||||||||||||||||||
Cumulative GAP | $ | 7,622,105 | $ | 7,373,835 | $ | 7,593,838 | $ | 12,190,303 | $ | 12,190,303 | |||||||||||||||||||
Non-interest bearing deposits | 9,500,583 | ||||||||||||||||||||||||||||
Stockholders’ equity | 3,079,974 | ||||||||||||||||||||||||||||
Total | $ | 12,580,557 |
Anticipated Impact Over the Next Twelve Months as Compared to Most Likely Scenario | |||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||||||||||||||
Increase | Decrease | Increase | |||||||||||||||||||||||||||||||||
(in thousands) | 100 bps | 200 bps | 100 bps | 200 bps | 100 bps | 200 bps | |||||||||||||||||||||||||||||
Change in net interest income | $ | 33,709 | $ | 67,032 | $ | (46,393) | $ | (93,297) | $ | 70,943 | $ | 149,105 |
Total Number of | Approximate Dollar Value | |||||||||||||||||||||||||
Shares Purchased as Part | of Shares That May Yet | |||||||||||||||||||||||||
Total Number of | Average Price Paid | of Publicly Announced | Be Purchased Under the | |||||||||||||||||||||||
Shares Purchased | per Share(2) | Plans or Programs(1) | Plans or Programs(1) | |||||||||||||||||||||||
January 2023 | 564,206 | $ | 61.50 | 564,206 | $ | 150,000,000 | ||||||||||||||||||||
February 2023 | — | — | — | 150,000,000 | ||||||||||||||||||||||
March 2023 | 447,703 | 55.80 | 447,703 | 125,019,420 | ||||||||||||||||||||||
Total | 1,011,909 | $ | 58.98 | 1,011,909 | $ | 125,019,420 |
10.1 | |||||
10.2 | |||||
10.3 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document* | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
/s/ J. Matthew Scurlock | ||
J. Matthew Scurlock | ||
Chief Financial Officer | ||
(Duly authorized officer and principal financial officer) |
1 Year Texas Capital Bancshares Chart |
1 Month Texas Capital Bancshares Chart |
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