Document and Entity Information
Document and Entity Information Document - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-15373 | ||
Entity Registrant Name | ENTERPRISE FINANCIAL SERVICES CORP | ||
Entity Central Index Key | 0001025835 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-1706259 | ||
Entity Address, Address Line One | 150 North Meramec Avenue | ||
Entity Address, City or Town | Clayton | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63105 | ||
City Area Code | 314 | ||
Local Phone Number | 725-5500 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | EFSC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,017,661 | ||
Entity Common Stock, Shares Outstanding | 26,563,393 | ||
Documents Incorporated by Reference | he information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to the Registrant’s Definitive Proxy Statement for its 2020 Annual Meeting of Shareholders, which will be filed pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 74,769 | $ 91,511 |
Federal funds sold | 3,060 | 1,714 |
Interest-earning deposits (including $15,285 and $1,305 pledged as collateral, respectively) | 89,427 | 103,327 |
Total cash and cash equivalents | 167,256 | 196,552 |
Interest-earning deposits greater than 90 days | 3,730 | 3,185 |
Securities available-for-sale | 1,135,317 | 721,369 |
Securities held-to-maturity | 181,166 | 65,679 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 5,570 | 392 |
Loans | 5,314,337 | 4,350,001 |
Less: Allowance for loan losses | 43,288 | 43,476 |
Total loans, net | 5,271,049 | 4,306,525 |
Other investments | 38,044 | 26,654 |
Fixed assets, net | 60,013 | 32,109 |
Goodwill | 210,344 | 117,345 |
Intangible assets, net | 26,076 | 8,553 |
Other assets | 235,226 | 167,299 |
Total assets | 7,333,791 | 5,645,662 |
Liabilities and Shareholders' equity | ||
Noninterest-bearing deposit accounts | 1,327,348 | 1,100,718 |
Interest-bearing transaction accounts | 1,367,444 | 1,037,684 |
Money market accounts | 1,713,615 | 1,565,729 |
Savings accounts | 536,169 | 199,425 |
Certificates of deposit: | ||
Brokered | 215,758 | 198,981 |
Other | 610,689 | 485,448 |
Total deposits | 5,771,023 | 4,587,985 |
Subordinated debentures and notes | 141,258 | 118,156 |
FHLB advances | 222,406 | 70,000 |
Other borrowings | 230,886 | 221,450 |
Notes payable | 34,286 | 2,000 |
Other liabilities | 66,747 | 42,267 |
Total liabilities | 6,466,606 | 5,041,858 |
Shareholders' equity: | ||
Preferred stock, $0.01 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 45,000,000 shares authorized; 28,067,087 and 23,938,994 shares issued, respectively | 281 | 239 |
Treasury stock, at cost; 1,523,842 and 1,127,105 shares, respectively | (58,181) | (42,655) |
Additional paid in capital | 526,599 | 350,936 |
Retained earnings | 380,737 | 304,566 |
Accumulated other comprehensive income (loss) | 17,749 | (9,282) |
Total shareholders' equity | 867,185 | 603,804 |
Total liabilities and shareholders' equity | $ 7,333,791 | $ 5,645,662 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Collateral pledged | $ 15,285 | $ 1,305 |
State Tax Credits Held For Sale, Fair Value Disclosure | $ 0 | $ 0 |
Shareholders' equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 45,000,000 | 30,000,000 |
Common stock, shares issued | 28,067,087 | 23,938,994 |
Treasury stock, shares | 1,523,842 | 1,127,105 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | |||
Interest and fees on loans | $ 269,406 | $ 217,212 | $ 185,452 |
Interest on debt securities: | |||
Taxable | 29,030 | 17,469 | 14,551 |
Nontaxable | 3,515 | 1,074 | 1,283 |
Interest on interest-earning deposits | 2,128 | 1,141 | 804 |
Dividends on equity securities | 1,055 | 906 | 449 |
Total interest income | 305,134 | 237,802 | 202,539 |
Interest expense: | |||
Interest-bearing transaction accounts | 7,592 | 3,643 | 2,195 |
Money market accounts | 26,267 | 19,361 | 8,708 |
Savings accounts | 841 | 597 | 459 |
Certificates of Deposit | 15,156 | 10,168 | 5,838 |
Subordinated debentures and notes | 7,507 | 5,798 | 5,095 |
FHLB advances | 6,668 | 5,556 | 2,356 |
Notes payable and other borrowings | 2,386 | 774 | 584 |
Total interest expense | 66,417 | 45,897 | 25,235 |
Net interest income | 238,717 | 191,905 | 177,304 |
Provision for loan losses | 6,372 | 6,644 | 10,130 |
Net interest income after provision for loan losses | 232,345 | 185,261 | 167,174 |
Noninterest income: | |||
Total noninterest income | 49,176 | 38,347 | 34,394 |
Noninterest expense: | |||
Employee compensation and benefits | 81,295 | 66,039 | 61,388 |
Occupancy | 12,465 | 9,550 | 9,057 |
Data processing | 8,242 | 6,321 | 6,272 |
Professional fees | 3,683 | 3,134 | 3,813 |
Merger Related Expenses | 17,969 | 1,271 | 6,462 |
Other | 41,831 | 32,716 | 28,059 |
Total noninterest expense | 165,485 | 119,031 | 115,051 |
Income before income tax expense | 116,036 | 104,577 | 86,517 |
Income tax expense | 23,297 | 15,360 | 38,327 |
Net income | $ 92,739 | $ 89,217 | $ 48,190 |
Earnings per common share | |||
Basic (usd per share) | $ 3.56 | $ 3.86 | $ 2.10 |
Diluted (usd per share) | $ 3.55 | $ 3.83 | $ 2.07 |
Deposit Account [Member] | |||
Noninterest income: | |||
Total noninterest income | $ 12,801 | $ 11,749 | $ 11,043 |
Fiduciary and Trust [Member] | |||
Noninterest income: | |||
Total noninterest income | 9,932 | 8,241 | 8,102 |
Card Services Revenue [Member] | |||
Noninterest income: | |||
Total noninterest income | 9,154 | 6,686 | 5,433 |
Tax credit activity, net [Member] | |||
Noninterest income: | |||
Total noninterest income | 5,393 | 2,820 | 2,581 |
Gain on Sale of Securities, Excluding Acquisition Amount [Domain] | |||
Noninterest income: | |||
Total noninterest income | 243 | 9 | 22 |
Financial Service, Other [Member] | |||
Noninterest income: | |||
Total noninterest income | $ 11,653 | $ 8,842 | $ 7,213 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 92,739 | $ 89,217 | $ 48,190 |
Other comprehensive income (loss), net of tax: | |||
Change in unrealized gain (loss) on available-for-sale debt securities, net of tax effect of $9,575, $(1,518), and $(1,272), respectively | 29,189 | (4,626) | (2,076) |
Reclassification adjustment for realized (gain) loss on the sale of available-for-sale debt securities, net of tax effect of $(12), $2, and $9, respectively | 37 | (7) | (13) |
Other Comprehensive Income (Loss), Reclassification of (gain) loss on held to maturity securities, net of tax | (33) | 3 | 12 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (2,262) | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 100 | 0 | 0 |
Other comprehensive income (loss), net | 27,031 | (4,630) | (2,077) |
Total comprehensive income | $ 119,770 | $ 84,587 | $ 46,113 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other comprehensive income, tax: | |||
Unrealized (loss)/gain on investment securities available for sale arising during the period, tax | $ 9,575 | $ (1,518) | $ (1,272) |
Reclassification adjustment for realized gains on sale of securities available for sale included in net income, tax | (12) | 2 | 9 |
Other Comprehensive Income (Loss), Reclassification of (gain) loss on held to maturity securities, tax | (11) | 1 | 7 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 742 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ (33) | $ 0 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional paid in capital | Retained earnings | Accumulated other comprehensive income (loss) |
Balance at Dec. 31, 2016 | $ 387,098 | $ 203 | $ (6,632) | $ 213,078 | $ 182,190 | $ (1,741) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 48,190 | 0 | 0 | 0 | 48,190 | 0 |
Other comprehensive income (loss) | (2,077) | 0 | 0 | 0 | 0 | (2,077) |
Cash dividends paid on common shares | (10,249) | 0 | 0 | 0 | (10,249) | 0 |
Repurchase of preferred stock | (16,636) | 0 | (16,636) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (2,909) | 2 | 0 | (2,911) | 0 | 0 |
Shares issued in connection with acquisition of Trinity Capital Corporation, 3,990,822 shares, net | 141,729 | 33 | 0 | 141,696 | 0 | 0 |
Share-based compensation | 3,427 | 0 | 0 | 3,427 | 0 | 0 |
Reclassification for the adoption of share-based payment guidance | 0 | 0 | 0 | 5,229 | (5,229) | 0 |
Balance at Dec. 31, 2017 | $ 548,573 | 238 | (23,268) | 350,061 | 225,360 | (3,818) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | 429,955 | |||||
Shares Awarded Through Acquisition | 3,299,864 | |||||
Net income | $ 89,217 | 0 | 0 | 0 | 89,217 | 0 |
Other comprehensive income (loss) | (4,630) | 0 | 0 | 0 | 0 | (4,630) |
Cash dividends paid on common shares | (10,845) | 0 | 0 | 0 | 10,845 | 0 |
Repurchase of preferred stock | (19,387) | 0 | (19,387) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (2,576) | 1 | 0 | (2,577) | 0 | 0 |
Share-based compensation | 3,452 | 0 | 0 | 3,452 | 0 | 0 |
Balance at Dec. 31, 2018 | $ 603,804 | 239 | (42,655) | 350,936 | 304,566 | (9,282) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | 435,432 | |||||
Reclassification adjustments for change in accounting policies | $ 0 | 0 | 0 | 0 | 834 | (834) |
Shares Awarded Through Acquisition | 0 | |||||
Net income | $ 92,739 | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss) | 27,031 | 0 | 0 | 0 | 0 | 27,031 |
Cash dividends paid on common shares | (16,568) | 0 | 0 | 0 | (16,568) | 0 |
Repurchase of preferred stock | (15,526) | 0 | (15,526) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (212) | 2 | 0 | (214) | 0 | 0 |
Shares issued in connection with acquisition of Trinity Capital Corporation, 3,990,822 shares, net | 171,885 | 40 | 0 | 171,845 | 0 | 0 |
Share-based compensation | 4,032 | 0 | 0 | 4,032 | 0 | 0 |
Balance at Dec. 31, 2019 | $ 867,185 | $ 281 | $ (58,181) | $ 526,599 | $ 380,737 | $ 17,749 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock Repurchased During Period, Shares | 396,737 | |||||
Shares Awarded Through Acquisition | 3,990,822 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash dividends paid on common shares, per share | $ 0.62 | $ 0.47 | $ 0.44 |
Issuance under equity compensation plans, shares | 174,895 | 157,882 | 174,895 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 0 | 0 |
Shares Awarded Through Acquisition | 3,990,822 | 0 | 3,299,864 |
Stock Repurchased During Period, Shares | 396,737 | 435,432 | 429,955 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 92,739 | $ 89,217 | $ 48,190 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 5,719 | 3,532 | 3,281 |
Provision for loan losses | 6,372 | 6,644 | 10,130 |
Deferred income taxes | 5,800 | 3,307 | 21,105 |
Net amortization of debt securities | 2,973 | 1,691 | 2,415 |
Amortization of intangible assets | 5,543 | 2,503 | 2,609 |
Mortgage loans originated-for-sale | (81,941) | (36,229) | (138,949) |
Proceeds from mortgage loans sold | 77,302 | 39,310 | 145,836 |
Gain on sale of investment securities | 49 | (9) | (22) |
Valuation adjustments and sale of other real estate | (113) | (13) | (93) |
Sale of state tax credits | (2,549) | (2,820) | (2,581) |
Share-based compensation | 4,032 | 3,452 | 3,427 |
Net accretion of loan discount | (10,494) | (1,700) | (5,609) |
Changes in other assets and liabilities, net | (12,975) | (77) | (43,948) |
Net cash provided by operating activities | 92,457 | 108,808 | 45,791 |
Cash flows from investing activities: | |||
Net cash paid for acquisitions and dispositions | (23,377) | 0 | 4,456 |
Net increase in loans | (284,235) | (257,872) | (270,090) |
Sale of debt securities, available-for-sale | 357,976 | 1,451 | 144,076 |
Paydown or maturity of debt securities, available-for-sale | 146,132 | 84,189 | 143,949 |
Paydown or maturity of debt securities, held-to-maturity | 7,447 | 6,397 | 6,510 |
Redemption of other investments | 61,917 | 50,274 | 43,207 |
Sale of state tax credits held for sale | 14,689 | 14,718 | 15,314 |
Sale of other real estate | 4,798 | 875 | 2,779 |
Settlement of bank-owned life insurance policies | 0 | 1,256 | 0 |
Payments for the purchase of: | |||
Available for sale debt securities | (577,211) | (172,026) | (325,393) |
Other investments | (68,963) | (51,828) | (56,412) |
State tax credits held for sale | (11,356) | (6,017) | (18,294) |
Fixed assets | (6,337) | (3,035) | (2,546) |
Net cash used in investing activities | (378,520) | (331,618) | (312,444) |
Cash flows from financing activities: | |||
Net increase (decrease) in noninterest-bearing deposit accounts | 57,551 | (23,189) | 96,681 |
Net increase in interest-bearing deposit accounts | 44,300 | 454,760 | 61,204 |
Proceeds (repayments) from short-term FHLB advances, net | 95,500 | (102,500) | 172,500 |
Proceeds from long-term FHLB advances | 50,000 | 0 | 0 |
Proceeds from Notes Payable | 41,000 | 2,000 | 10,000 |
Repayments of Notes Payable | (8,714) | 0 | (10,000) |
Net increase (decrease) in other borrowings | 9,436 | (32,224) | (79,417) |
Cash dividends paid on common stock | (16,568) | (10,845) | (10,249) |
Payments for Repurchase of Common Stock | (15,526) | (19,387) | (16,636) |
Payments for Repurchase of Equity | (212) | (2,576) | (2,909) |
Net cash provided by financing activities | 256,767 | 266,039 | 221,174 |
Net (decrease) increase in cash and cash equivalents | (29,296) | 43,229 | (45,479) |
Cash and cash equivalents, beginning of period | 196,552 | 153,323 | 198,802 |
Cash and cash equivalents, end of period | 167,256 | 196,552 | 153,323 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the period for interest | 65,667 | 45,650 | 24,610 |
Cash paid during the period for income taxes | 13,582 | 10,136 | 12,449 |
Noncash transactions: | |||
Real Estate Owned, Transfer to Real Estate Owned | 8,148 | 876 | 564 |
Sales of other real estate financed | 621 | 0 | 0 |
Transfer of securities from available-for-sale to held-to-maturity | 116,303 | 0 | 0 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5,208 | $ 0 | $ 0 |
Stock Issued During Period, Shares, Acquisitions | 171,885 | 0 | 141,729 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used by the Company in the preparation of the consolidated financial statements are summarized below. Business and Consolidation Enterprise is a financial holding company that provides a full range of banking and wealth management services to individuals and corporate customers primarily located in the Arizona, Kansas, Missouri, and New Mexico markets through its banking subsidiary, Enterprise Bank & Trust. All intercompany accounts and transactions have been eliminated. The Company and its banking subsidiary are subject to the regulations of certain federal and state agencies and undergo periodic examinations by those regulatory agencies. The Company has one operating segment. Use of Estimates The consolidated financial statements of the Company have been prepared in conformity with GAAP. In preparing the consolidated financial statements, management is required to make estimates and assumptions, which significantly affect the reported amounts in the consolidated financial statements. Such estimates include the valuation of loans, goodwill, intangible assets, and other long-lived assets, along with assumptions used in the calculation of income taxes, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Cash Flow Information For purposes of reporting cash flows, the Company considers cash and due from banks, interest-bearing deposits and federal funds sold that mature within 90 days of the balance sheet date to be cash and cash equivalents. At December 31, 2019 and 2018 , approximately $9.7 million , and $15.1 million , respectively, of cash and due from banks represented required reserves on deposits maintained by the Company in accordance with Federal Reserve requirements. Recently Adopted Accounting Pronouncements During the first quarter of 2019, the Company adopted the FASB ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period of certain callable debt securities held at a premium to the earliest call date. The adoption of this update did not have a material effect on the Company’s consolidated financial statements. The Company adopted the FASB ASU 2016-02 “Leases (Topic 842)” using the optional transition method effective on January 1, 2019. ASU 2016-02 requires organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by leases. The Company recorded $15.5 million for right-to-use assets and $16.2 million for lease liabilities related to operating leases. The Company elected the practical expedients package which eliminates (1) the need to reassess whether any expired or existing contracts are or contain a lease, (2) the need to reassess the lease classification, and (3) the need to reassess initial direct costs for any existing leases. The Company also elected an accounting policy to not recognize assets and liabilities on leases 12 months or less, and an accounting policy for equipment and real estate leases to not separate nonlease components because the impact was immaterial. Investments The Company has classified all investments in debt securities as available-for-sale or held-to-maturity. Securities classified as available-for-sale are carried at fair value. Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a net amount in a separate component of shareholders’ equity until realized. All previous fair value adjustments included in the separate component of shareholders’ equity are reversed upon sale. Securities classified as held-to-maturity are carried at amortized cost and adjusted for amortization of premiums and accretion of discounts. Declines in the fair value of securities below their cost deemed to be other-than-temporary are reflected in operations as realized losses. In estimating other-than-temporary impairment losses, management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security, and (5) the intent to sell the security or whether it’s more likely than not the Company would be required to sell the security before its anticipated recovery in market value. Premiums and discounts are amortized or accreted over the expected lives of the respective securities as an adjustment to yield using the interest method. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Loans Held for Sale The Company provides long-term financing of one-to-four-family residential real estate by originating fixed and variable rate loans. Long-term fixed and variable rate loans are sold into the secondary market with limited recourse. Upon receipt of an application for a real estate loan, the Company determines whether the loan will be sold into the secondary market or retained in the Company’s loan portfolio. The interest rates on the loans sold are locked with the buyer and the Company bears no interest rate risk related to these loans. Mortgage loans held for sale are carried at the lower of cost or fair value, which is determined on a specific identification method. The Company does not retain servicing on any loans sold, nor does the Company have any capitalized mortgage servicing rights at December 31, 2019 or 2018 . Gains on the sale of loans held for sale are reported net of direct origination fees and costs in the Company’s Consolidated Statements of Operations. Loans Loans are reported at the principal balance outstanding, net of unearned fees, costs, and premiums or discounts on acquired loans. Loan origination fees, direct origination costs, and premiums or discounts resulting from acquired loans are deferred and recognized over the lives of the related loans as a yield adjustment using the interest method. Interest on loans is accrued to income based on the principal balance outstanding. The recognition of interest income is discontinued when a loan becomes 90 days past due or a significant deterioration in the borrower’s credit has occurred which, in management’s judgment, negatively impacts the collectibility of the loan. Unpaid interest on such loans is reversed at the time the loan becomes uncollectible and subsequent interest payments received are generally applied to principal if any doubt exists as to the collectibility of such principal. Loans that have not been restructured are returned to accrual status when management believes full collectibility of principal and interest is expected. Non-accrual loans that have been restructured will remain in a non-accrual status until the borrower has made at least six months of consecutive contractual payments. PCI Loans PCI loans are acquired in a business combination or transaction, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable. PCI loans are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loans, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. The Company aggregates individual loans with common risk characteristics into pools of loans. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loans over their remaining lives. Decreases in expected cash flows due to an inability to collect contractual cash flows are recognized as impairment through the provision for loan losses account. Any allowance for loan loss on these pools reflect only losses incurred after the acquisition. Disposals of loans, including sales of loans, paydowns, payments in full or foreclosures result in the removal or reduction of the loan from the loan pool. PCI loans are generally considered accruing and performing, as the loans accrete income over the estimated life of the loan, in circumstances where cash flows are reasonably estimable by management. Accordingly, PCI loans that could be contractually past due could be considered to be accruing and performing. If the timing and amount of future cash flows is not reasonably estimable or is less than the carrying value, the loans may be classified as nonaccrual loans and the purchase price discount on those loans is not recorded as interest income until the timing and amount of future cash flows can be reasonably estimable. Impaired Loans Loans are considered “impaired” when it becomes probable that the Company will be unable to collect all amounts due according to the loan’s contractual terms. Non-accrual loans, loans past due greater than 90 days and still accruing, unless adequately secured and in the process of collection, and restructured loans qualify as “impaired loans.” Restructured loans involve the granting of a concession on the terms of a loan to a borrower experiencing financial difficulty. Concessions may be granted in various forms, including changes in payment schedule or interest rate. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan’s effective interest rate at origination. Alternatively, impairment can be measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Loans and leases, which are deemed uncollectible, are charged off to the allowance for loan losses, while recoveries of amounts previously charged off are credited to the allowance for loan losses. Impaired loans exclude PCI loans, as described above. Although, if the timing and amount of future cash flows is not reasonably estimable, the loans may be classified as nonaccrual loans and the purchase price discount on those loans is not recorded as interest income until the timing and amount of future cash flows can be reasonably estimated. See “Note 5 – Loans” for more information on these loans. Loans are generally placed on non-accrual status when contractually past due 90 days or more as to interest or principal payments. Additionally, whenever management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on non-accrual status immediately, rather than delaying such action until the loans become 90 days past due. Previously accrued and uncollected interest on such loans is reversed. Income is recorded only to the extent that a determination has been made that the principal balance of the loan is collectible and the interest payments are subsequently received in cash, or for a restructured loan, the borrower has made six consecutive contractual payments. If collectibility of the principal is in doubt, payments received are applied to loan principal. Loans past due 90 days or more but still accruing interest are also generally included in nonperforming loans. Loans past due 90 days or more but still accruing are classified as such where the underlying loans are both well secured (the collateral value covers principal and accrued interest) and in the process of collection. Loan Charge-Offs Loans are charged-off when the primary and secondary sources of repayment (cash flow, collateral, guarantors, etc.) are less than their carrying value. Allowance for Loan Losses The allowance for loan losses is increased by a provision for loan losses charged to expense and is available to absorb charge-offs, net of recoveries. Management utilizes a systematic, documented approach in determining the appropriate level of the allowance for loan losses. The level of the allowance reflects management’s continuing evaluation of industry concentrations; specific credit risks; loan loss experience; current loan portfolio quality; present economic, political and regulatory conditions; and probable losses inherent in the current loan portfolio. The determination of the appropriate level of the allowance for loan losses inherently involves a degree of subjectivity and requires that the Company make significant estimates of current credit risks and future trends, all of which may undergo material changes. Changes in economic conditions affecting borrowers, new information regarding existing loans, identification of additional problem loans and other factors, both within and outside of our control, may require an increase in the allowance for loan losses. Management believes the allowance for loan losses is adequate to absorb inherent losses in the loan portfolio. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions and other factors. In addition, various regulatory agencies, as an integral part of the examination process, periodically review the Bank’s loan portfolio. Such agencies may require additions to the allowance for loan losses based on their judgments and interpretations of information available to them at the time of their examinations. Allowance for Loan Losses on PCI Loans The Company updates its cash flow projections for PCI loans on a periodic basis. Assumptions utilized in this process include projections related to probability of default, loss severity, prepayment, extensions and recovery lag. Projections related to probability of default and prepayment are calculated utilizing a loan migration analysis and management’s assessment of loss exposure including the fair value of underlying collateral. The loan migration analysis is a matrix that specifies the probability of a loan pool transitioning into a particular delinquency or liquidation state given its current performance at the measurement date. Loss severity factors are based upon industry data and historical experience. Any decreases in expected cash flows after the acquisition date and subsequent measurement periods are recognized by recording an impairment in allowance for loan losses. Other Real Estate Other real estate represents property acquired through foreclosure or deeded to the Company in lieu of foreclosure on loans on which the borrowers have defaulted on the payment of principal or interest. Other real estate is recorded on an individual asset basis at the lower of cost or fair value less estimated costs to sell. The fair value of other real estate is based upon estimates of future cash flows, market value of similar assets, if available, or independent appraisals. These estimates involve significant uncertainties and judgments. As a result, fair value estimates may not be realizable in a current sale or settlement of the other real estate. Subsequent reductions in fair value are expensed within noninterest expense. Gains and losses resulting from the sale of other real estate are credited or charged to current period earnings. Costs of maintaining and operating other real estate are expensed as incurred, and expenditures to complete or improve other real estate properties are capitalized if the expenditures are expected to be recovered upon ultimate sale of the property. Fixed Assets Buildings, leasehold improvements, furniture, fixtures, equipment, and capitalized software are stated at cost less accumulated depreciation. All categories are computed using the straight-line method over their respective estimated useful lives. Furniture, fixtures and equipment is depreciated over three to ten years , buildings and leasehold improvements over ten to forty years , and capitalized software over three years based upon estimated lives or lease obligation periods. State Tax Credits The Company has purchased the rights to receive 10 -year streams of state tax credits at agreed upon discount rates and sells such tax credits to its clients and others. State tax credits are accounted for at cost. The Company is also a minority partner in a joint venture, accounted for as an equity method investment, that purchases state income tax credits for resale to customers. Income from both the sale of state tax credits and earnings from the joint venture are reported as tax credit income in the Consolidated Statements of Operations. Cash Surrender Value of Life Insurance The Company has purchased bank-owned life insurance policies on certain bank officers. Bank-owned life insurance is recorded at its cash surrender value. Changes in the cash surrender values, including death benefits in excess of the carrying amount, are included in noninterest income. Federal Home Loan Bank Stock The Bank, as a member of the FHLB, is required to maintain an investment in the capital stock of the FHLB. The stock is redeemable at par by the FHLB, and is, therefore, carried at cost and periodically evaluated for impairment. The Company records FHLB dividends in interest income. Goodwill and Other Intangible Assets The Company tests goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the Company may not be able to recover the respective asset’s carrying amount. The Company’s annual test for impairment was performed in the fourth quarter of December 31, 2019 . Such tests involve the use of estimates and assumptions. Core deposit intangibles are amortized using an accelerated method over an estimated useful life of approximately 10 years. Potential impairments to goodwill must first be identified by performing a qualitative assessment which evaluates relevant events or circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this test indicates it is more likely than not that goodwill has been impaired, then a quantitative impairment test is completed. The quantitative impairment test calculates the fair value of the reporting unit and compares it with its carrying amount, including goodwill. If the carrying amount of goodwill exceeds its implied fair market value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair market value. Impairment of Long-Lived Assets Long-lived assets, such as fixed assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale are presented separately in the appropriate asset and liability sections of the balance sheet. Derivative Financial Instruments and Hedging Activities The Company uses derivative financial instruments to assist in the management of interest rate sensitivity and to modify the repricing, maturity and option characteristics of certain assets and liabilities. In addition, the Company also offers an interest rate hedge program that includes interest rate swaps to assist its customers in managing their interest rate risk profile. In order to eliminate the interest rate risk associated with offering these products, the Company enters into derivative contracts with third parties to offset the customer contracts. Derivative instruments are required to be measured at fair value and recognized as either assets or liabilities in the consolidated financial statements. Fair value represents the payment the Company would receive or pay if the item were sold or bought in a current transaction. The accounting for changes in fair value (gains or losses) of a hedged item is dependent on whether the related derivative is designated and qualifies for “hedge accounting.” The Company assigns derivatives to one of these categories at the purchase date: cash flow hedge, fair value hedge, or non-designated derivatives. An assessment of the expected and ongoing hedge effectiveness of any derivative designated a fair value hedge or cash flow hedge is performed as required by the accounting standards. Derivatives are included in other assets and other liabilities in the consolidated balance sheets. Generally, the only derivative instruments used by the Company have been interest rate swaps, forward currency contracts, and interest rate caps. Certain derivative financial instruments are not designated as cash flow or as fair value hedges for accounting purposes. These non-designated derivatives are intended to provide interest rate protection on net interest income or noninterest income but do not meet hedge accounting treatment. Customer accommodation interest rate swap contracts are not designated as hedging instruments. Changes in the fair value of these instruments are recorded in interest income or noninterest income in the consolidated statements of income depending on the underlying hedged item. Revenue The Company adopted the accounting standard regarding revenue recognition in the first quarter of 2018 using the modified retrospective approach. The Company’s revenues are primarily composed of interest income on financial instruments, including investment securities, which are excluded from the scope of the new guidance. Certain other noninterest income from loans, investment securities and derivative financial instruments is also excluded from this guidance. Service charges on deposit accounts, wealth management revenue, card services revenue, and gain on sale of other real estate are within the scope of the guidance; however, there were no accounting policy changes as the Company’s policies were consistent with the new guidance. Other noninterest income sources of revenue are considered immaterial. Implementation of this guidance did not change current business practices or have any changes to the Company’s consolidated financial statements. Descriptions of our revenue-generating activities within the scope of this guidance, which are presented in our income statement as components of noninterest income are as follows: • Service charges on deposit accounts - represents fees generated from a variety of deposit products and services provided to customers under a day-to-day contract. These fees are recognized on a daily or monthly basis. • Wealth management revenue - represents monthly fees earned from directing, holding, and managing customers’ assets. Revenue is recognized over regular intervals, either monthly or quarterly. Incentive fees are only recognized when incurred. • Card services revenue - represents revenue earned from merchant, debit and credit cards as incurred and includes a contra revenue account for rebates. • Gain on sale of other real estate - represents income recognized at delivery of control of a property at the time of a real estate closing. Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We evaluate the need for deferred tax asset valuation allowances based on a more-likely-than-not standard. The ability to realize deferred tax assets depends on the ability to generate sufficient positive taxable income within the carryback or carryforward periods provided for in the laws for each applicable taxing jurisdiction. We consider the following possible sources of taxable income: future reversal patterns of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences, taxable income in prior carryback years and the availability of qualified tax planning strategies. The assessment regarding whether a valuation allowance is required or should be adjusted depends on all available positive and negative factors including, but not limited to, nature, frequency, and severity of recent losses, duration of available carryforward periods, experience with tax attributes expiring unused and near and medium term financial outlook. Because of the complexity of tax laws and regulations, interpretation can be difficult and subject to legal judgment given specific facts and circumstances. It is possible that others, given the same information, may at any point in time reach different reasonable conclusions regarding the estimated amounts of accrued taxes. Stock-Based Compensation Stock-based compensation is recognized as an expense for stock options, restricted stock awards, performance stock units, and restricted stock units granted to employees, directors, and advisors in return for service. Equity classified awards are measured at the grant date fair value using either an observable market value or a valuation methodology, and recognized over the requisite service period on a straight-line basis. Forfeitures are recorded as they occur. A description of the Company’s stock-based employee compensation plan is described in “Note 16 - Stockholders’ Equity and Compensation Plans.” Acquisitions and Divestitures Acquisitions and business combinations are accounted for using the acquisition method of accounting. The assets and liabilities of the acquired entities have been recorded at their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. The purchase price allocation process requires an estimation of the fair values of the assets acquired and the liabilities assumed. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes an estimate of the acquisition-date fair value as part of the cost of the combination. To determine the fair values, the Company relies on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques. The results of operations of the acquired business are included in the Company’s consolidated financial statements from the date of acquisition. Merger-related expenses include costs directly related to merger or acquisition activity and include legal and professional fees, system consolidation and conversion costs, and compensation costs such as severance and retention incentives for employees impacted by acquisition activity. The Company accounts for merger-related expenses in the periods in which the costs are incurred and the services are received. For divestitures, the Company measures an asset (disposal group) classified as held for sale at the lower of its carrying value at the date the asset is initially classified as held for sale or its fair value less costs to sell. The Company reports the results of operations of an entity or group of components that either has been disposed of or held for sale as discontinued operations only if the disposal of that component represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. Any incremental direct costs incurred to transact the sale are allocated against the gain or loss on the sale. These costs would include items like legal fees, title transfer fees, broker fees, etc. Any goodwill and intangible assets associated with the portion of the reporting unit to be disposed of is included in the carrying amount of the business in determining the gain or loss on the sale. Basic and Diluted Earnings Per Common Share Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. Consolidated Statement of Comprehensive Income The Consolidated Statement of Comprehensive Income includes the amount and the related tax impact that have been reclassified from accumulated other comprehensive income to net income. The classification adjustment for unrealized loss/gain on sale of securities included in net income has been recorded through the gain on sale of investment securities line item, within noninterest income, in the Company’s Consolidated Statements of Operations. Reclassifications Certain amounts reported in prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income or shareholders’ equity. |
Acquisitions & Divestitures
Acquisitions & Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ACQUISITIONS & DIVESTITURES Acquisition of Trinity Capital Corporation. On March 8, 2019, the Company closed its acquisition of 100% of Trinity and its wholly-owned subsidiary, LANB. Trinity operated six full-service retail and commercial banking offices in Los Alamos, Santa Fe, and Albuquerque, New Mexico. Trinity shareholders received cash consideration of $1.84 per share of Trinity common stock and 0.1972 shares of EFSC common stock per share of Trinity common stock with cash in lieu of fractional shares. Aggregate consideration at closing was approximately 4.0 million shares of EFSC common stock and $37.3 million cash paid to Trinity shareholders. Based on EFSC’s closing stock price of $43.07 on March 7, 2019, the overall transaction had a value of $209.2 million . The Company recognized $18.0 million and $1.3 million of merger-related costs recorded in noninterest expense in the statement of operations for the years ended December 31, 2019 and 2018, respectively. The acquisition of Trinity has been accounted for as a business combination using the acquisition method of accounting which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. Goodwill of $93.0 million arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of Trinity into Enterprise. None of the goodwill recognized is expected to be deductible for income tax purposes. The following table presents the assets acquired and liabilities assumed of Trinity as of March 8, 2019. Additional adjustments may be recorded during the measurement period specified in ASC 805, Business Combinations, as additional information becomes known. ($ in thousands) As Recorded by Trinity Adjustments As Recorded by EFSC Assets acquired: Cash and cash equivalents $ 13,899 $ — $ 13,899 Interest-earning deposits greater than 90 days 100 — 100 Securities 428,715 (619 ) (a) 428,096 Loans 705,057 (20,743 ) (b) 684,314 Other real estate 5,284 (2,059 ) (c) 3,225 Other investments 6,673 — 6,673 Fixed assets 27,586 (300 ) (d) 27,286 Accrued interest receivable 3,997 — 3,997 Intangible assets — 23,066 (e) 23,066 Deferred tax assets 10,708 (2,386 ) (f) 8,322 Other assets 35,045 (1,484 ) (g) 33,561 Total assets acquired $ 1,237,064 $ (4,525 ) $ 1,232,539 Liabilities assumed: Deposits $ 1,081,151 $ 36 (h) $ 1,081,187 Subordinated debentures 26,806 (3,972 ) (i) 22,834 FHLB advances 6,800 171 (j) 6,971 Accrued interest payable 370 — 370 Other liabilities 5,842 (827 ) (k) 5,015 Total liabilities assumed $ 1,120,969 $ (4,592 ) $ 1,116,377 Net assets acquired $ 116,095 $ 67 $ 116,162 Consideration paid: Cash $ 37,275 Common stock 171,885 Total consideration paid $ 209,160 Goodwill $ 92,998 (a) Fair value adjustments of the securities portfolio. (b) Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs and elimination of the allowance for loan losses recorded by Trinity. (c) Fair value adjustment based on the Company’s evaluation of the acquired other real estate portfolio. (d) Fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (e) Record the core deposit intangible asset on the acquired core deposit accounts. Amount to be amortized using a sum of years digits method over a useful life of 10 years . (f) Adjustment for deferred taxes. (g) Fair value adjustment of other assets. (h) Fair value adjustment to time deposits. (i) Fair value adjustment to the trust preferred securities. (j) Fair value adjustment to the FHLB borrowings. (k) Fair value adjustment of other liabilities. The following table provides the unaudited pro forma information for the results of operations for the twelve months ended December 31, 2019 and 2018, as if the acquisition had occurred on January 1, 2018. The pro forma results combine the historical results of Trinity with the Company’s Consolidated Statements of Income, adjusted for the impact of the application of the acquisition method of accounting including loan discount accretion, intangible assets amortization, and deposit and trust preferred securities premium accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the acquisition-related expenses that have been incurred as of December 31, 2019 are included in net income in the table below. Pro Forma Twelve months ended December 31, ($ in thousands, except per share data) 2019 2018 Total revenues (net interest income plus noninterest income) $ 296,677 $ 286,076 Net income 107,626 85,579 Diluted earnings per common share 4.11 3.14 Acquisition of Jefferson County Bancshares, Inc. On February 10, 2017, the Company closed its acquisition of 100% of JCB and its wholly-owned subsidiary, Eagle Bank and Trust Company of Missouri. JCB operated 13 full service retail and commercial banking offices in the metropolitan St. Louis area and one in Perry County, Missouri. JCB shareholders received, based on their election, cash consideration in an amount of $85.39 per share of JCB common stock or 2.75 shares of EFSC common stock per share of JCB common stock, subject to allocation and proration procedures. Aggregate consideration at closing was 3.3 million shares of EFSC common stock and $29.3 million cash paid to JCB shareholders and holders of JCB stock options. Based on EFSC’s closing stock price of $42.95 on February 10, 2017, the overall transaction had a value of $171.0 million , including JCB’s common stock and stock options. The Company also recognized $6.5 million of merger-related costs that were recorded in noninterest expense in the statement of operations for the year ended December 31, 2017. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table presents a summary of earnings per common share data and amounts for the periods indicated. Year ended December 31, ($ in thousands, except per share data) 2019 2018 2017 Net income as reported $ 92,739 $ 89,217 $ 48,190 Weighted average common shares outstanding 26,045 23,100 22,953 Additional dilutive common stock equivalents 114 189 296 Weighted average diluted common shares outstanding 26,159 23,289 23,249 Basic earnings per common share: $ 3.56 $ 3.86 $ 2.10 Diluted earnings per common share: $ 3.55 $ 3.83 $ 2.07 For 2019, common stock equivalents of approximately 21,000 were excluded from the earnings per share calculation because their effect would have been anti-dilutive. For 2018 and 2017, the amounts were immaterial. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity: December 31, 2019 ($ in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 9,954 $ 92 $ — $ 10,046 Obligations of states and political subdivisions 207,269 6,118 (363 ) 213,024 Agency mortgage-backed securities 888,129 15,083 (1,191 ) 902,021 U.S. Treasury Bills 9,971 255 — 10,226 Total securities available-for-sale $ 1,115,323 $ 21,548 $ (1,554 ) $ 1,135,317 Held-to-maturity securities: Obligations of states and political subdivisions $ 11,704 $ 170 $ — $ 11,874 Agency mortgage-backed securities 46,346 675 — 47,021 Corporate debt securities 123,116 128 (200 ) 123,044 Total securities held-to-maturity $ 181,166 $ 973 $ (200 ) $ 181,939 December 31, 2018 ($ in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,926 $ — $ (1,428 ) $ 98,498 Obligations of states and political subdivisions 26,566 327 (83 ) 26,810 Agency mortgage-backed securities 596,825 1,160 (11,849 ) 586,136 U.S. Treasury Bills 9,962 — (37 ) 9,925 Total securities available-for-sale $ 733,279 $ 1,487 $ (13,397 ) $ 721,369 Held-to-maturity securities: Obligations of states and political subdivisions $ 12,506 $ 16 $ (114 ) $ 12,408 Agency mortgage-backed securities 53,173 — (1,647 ) 51,526 Total securities held-to-maturity $ 65,679 $ 16 $ (1,761 ) $ 63,934 During the fourth quarter of 2019, the Company transferred corporate debt securities with a book value of $116.3 million and fair value of $123.2 million from available to sale to held-to-maturity. The Company believes the held-to-maturity category is more consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the $6.9 million unrealized holding gain at the time of transfer is retained in accumulated other comprehensive income and in the carrying value of held-to-maturity securities. Accordingly, the balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a net unamortized unrealized gain of $6.8 million at December 31, 2019. Such amounts are amortized over the remaining life of the securities. At December 31, 2019 , and 2018 , there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $484.8 million and $433.7 million at December 31, 2019 , and December 31, 2018 , respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. The amortized cost and estimated fair value of debt securities at December 31, 2019 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the agency mortgage-backed securities is approximately 4 years. Available-for-sale Held-to-maturity ($ in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Due in one year or less $ 959 $ 978 $ — $ — Due after one year through five years 26,825 27,355 4,167 4,234 Due after five years through ten years 8,646 8,945 130,653 130,684 Due after ten years 190,764 196,018 — — Agency mortgage-backed securities 888,129 902,021 46,346 47,021 $ 1,115,323 $ 1,135,317 $ 181,166 $ 181,939 The Company owned 73 and 131 securities that were in a loss position as of December 31, 2019 and December 31, 2018, respectively. The following table represents a summary of investment securities that had an unrealized loss: December 31, 2019 Less than 12 months 12 months or more Total ($ in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of states and political subdivisions $ 56,327 $ 363 $ — $ — $ 56,327 $ 363 Agency mortgage-backed securities 131,693 756 41,491 435 173,184 1,191 Corporate debt securities 67,964 200 — — 67,964 200 $ 255,984 $ 1,319 $ 41,491 $ 435 $ 297,475 $ 1,754 December 31, 2018 Less than 12 months 12 months or more Total ($ in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government-sponsored enterprises $ 19,622 $ 322 $ 78,876 $ 1,106 $ 98,498 $ 1,428 Obligations of states and political subdivisions 3,102 15 14,156 182 17,258 197 Agency mortgage-backed securities 87,357 2,211 389,770 11,285 477,127 13,496 U.S. Treasury Bills — — 9,925 37 9,925 37 $ 110,081 $ 2,548 $ 492,727 $ 12,610 $ 602,808 $ 15,158 The unrealized losses at both December 31, 2019 , and 2018 , were primarily attributable to changes in market interest rates since the securities were purchased. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include among other considerations (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security, and (5) the intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. At December 31, 2019 and 2018 , management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. The gross gains and losses realized from sales of available-for-sale investment securities were as follows: December 31, ($ in thousands) 2019 2018 2017 Gross gains realized $ 400 $ 9 $ 22 Gross losses realized (449 ) — — Proceeds from sales 357,976 1,451 144,076 Other Investments At both December 31, 2019 , and 2018 , other investments totaled $38.0 million . As a member of the FHLB system administered by the Federal Housing Finance Agency, the Bank is required to maintain a minimum investment in capital stock with the FHLB Des Moines and the FHLB Dallas consisting of membership stock and activity-based stock. The FHLB capital stock of $15.7 million , and $9.2 million at December 31, 2019 , and 2018 , respectively, is recorded at cost, which represents redemption value, and is included in other investments in the consolidated balance sheets. The remaining amounts in other investments primarily include various investments in SBICs and the Company’s investment in unconsolidated trusts used to issue preferred securities to third parties, see “Note 11 – Subordinated Debentures.” |
Portfolio Loans
Portfolio Loans | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Portfolio Loans | LOANS The loan portfolio is comprised of loans originated by the Company and loans that were acquired in connection with the Company’s acquisitions. Loans are accounted for using the guidance in the ASC sections 310-30 and 310-20. Loans accounted for using ASC 310-30 are sometimes referred to as purchased credit impaired, or PCI, loans. The table below shows the loan portfolio composition including carrying value by segment of loans accounted for at amortized cost, which includes originated loans, and loans accounted for as PCI. ($ in thousands) December 31, 2019 December 31, 2018 Loans accounted for at amortized cost $ 5,224,048 $ 4,303,600 Loans accounted for as PCI 90,289 46,401 Total loans $ 5,314,337 $ 4,350,001 The following tables refer to loans accounted for at amortized cost. Below is a summary of loans by category at December 31, 2019 and 2018 : ($ in thousands) December 31, 2019 December 31, 2018 Commercial and industrial $ 2,345,823 $ 2,121,008 Real estate loans: Commercial - investor owned 1,262,981 843,728 Commercial - owner occupied 678,522 604,498 Construction and land development 449,380 330,097 Residential 355,192 298,944 Total real estate loans 2,746,075 2,077,267 Consumer and other 134,766 107,351 Loans, before unearned loan fees 5,226,664 4,305,626 Unearned loan fees, net (2,616 ) (2,026 ) Loans, including unearned loan fees $ 5,224,048 $ 4,303,600 Following is a summary of activity for the years ended December 31, 2019 , 2018 , and 2017 of loans to executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. Such loans were made in the normal course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers and did not involve more than the normal risk of collectibility. ($ in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Balance at beginning of year $ 17,169 $ 5,349 $ 15,406 New loans and advances 1,376 13,995 1,353 Payments and other reductions (13,070 ) (2,175 ) (11,410 ) Balance at end of year $ 5,475 $ 17,169 $ 5,349 A summary of activity in the allowance for loan losses and the recorded investment in loans by class and category based on impairment method for the years ended indicated below is as follows: ($ in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance at December 31, 2019 Allowance for loan losses: Balance, beginning of year $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Provision for loan losses 4,801 1,708 673 (237 ) (330 ) 67 6,682 Charge-offs (6,882 ) (551 ) (58 ) (54 ) (667 ) (382 ) (8,594 ) Recoveries 338 95 19 776 661 295 2,184 Balance, end of year $ 27,296 $ 5,935 $ 4,873 $ 2,472 $ 1,280 $ 711 $ 42,567 Balance at December 31, 2018 Allowance for loan losses: Balance, beginning of year $ 26,406 $ 3,890 $ 3,308 $ 1,487 $ 2,237 $ 838 $ 38,166 Provision for loan losses 8,394 709 1,216 97 (583 ) (20 ) 9,813 Charge-offs (6,894 ) — (313 ) (56 ) (546 ) (167 ) (7,976 ) Recoveries 1,133 84 28 459 508 80 2,292 Balance, end of year $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Balance at December 31, 2017 Allowance for loan losses: Balance, beginning of year $ 26,996 $ 3,420 $ 2,890 $ 1,304 $ 2,023 $ 932 $ 37,565 Provision for loan losses 8,737 456 404 336 797 34 10,764 Charge-offs (9,872 ) (117 ) (90 ) (254 ) (973 ) (201 ) (11,507 ) Recoveries 545 131 104 101 390 73 1,344 Balance, end of year $ 26,406 $ 3,890 $ 3,308 $ 1,487 $ 2,237 $ 838 $ 38,166 ($ in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance December 31, 2019 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 2,286 $ 247 $ — $ — $ 33 $ 1 $ 2,567 Collectively evaluated for impairment 25,010 5,688 4,873 2,472 1,247 710 40,000 Total $ 27,296 $ 5,935 $ 4,873 $ 2,472 $ 1,280 $ 711 $ 42,567 Loans - Ending balance: Individually evaluated for impairment $ 22,578 $ 2,303 $ 1,373 $ — $ 1,330 $ 1 $ 27,585 Collectively evaluated for impairment 2,323,245 1,260,678 677,149 449,380 353,862 132,149 5,196,463 Total $ 2,345,823 $ 1,262,981 $ 678,522 $ 449,380 $ 355,192 $ 132,150 $ 5,224,048 Balance December 31, 2018 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 4,266 $ — $ 109 $ — $ 52 $ 26 $ 4,453 Collectively evaluated for impairment 24,773 4,683 4,130 1,987 1,564 705 37,842 Total $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Loans - Ending balance: Individually evaluated for impairment $ 12,950 $ 398 $ 2,135 $ — $ 2,277 $ 311 $ 18,071 Collectively evaluated for impairment 2,108,058 843,330 602,363 330,097 296,667 105,014 4,285,529 Total $ 2,121,008 $ 843,728 $ 604,498 $ 330,097 $ 298,944 $ 105,325 $ 4,303,600 A summary of nonperforming loans individually evaluated for impairment by category at December 31, 2019 and 2018 , and the income recognized on impaired loans is as follows: December 31, 2019 ($ in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 36,223 $ 7,654 $ 14,924 $ 22,578 $ 2,286 $ 25,423 Real estate: Commercial - investor owned 2,988 811 1,492 2,303 247 2,457 Commercial - owner occupied 237 213 — 213 — 231 Residential 1,464 1,120 210 1,330 33 1,428 Consumer and other 1 — 1 1 1 1 Total $ 40,913 $ 9,798 $ 16,627 $ 26,425 $ 2,567 $ 29,540 December 31, 2018 ($ in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 21,893 $ 3,294 $ 9,656 $ 12,950 $ 4,266 $ 13,827 Real estate: Commercial - investor owned 553 398 — 398 — 277 Commercial - owner occupied 847 472 336 808 109 691 Residential 2,425 1,659 618 2,277 52 778 Consumer and other 329 — 312 312 26 — Total $ 26,047 $ 5,823 $ 10,922 $ 16,745 $ 4,453 $ 15,573 December 31, ($ in thousands) 2019 2018 2017 Total interest income that would have been recognized under original terms on impaired loans $ 1,137 $ 2,153 $ 1,324 Total cash received and recognized as interest income on impaired loans 307 284 643 Total interest income recognized on impaired loans still accruing 116 149 63 Average balance of impaired loans 29,540 15,573 19,722 The recorded investment in nonperforming loans by category at December 31, 2019 and 2018 is as follows: December 31, 2019 ($ in thousands) Non-accrual Restructured, not on non-accrual Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 22,328 $ — $ 250 $ 22,578 Real estate: Commercial - investor owned 2,303 — — 2,303 Commercial - owner occupied 213 — — 213 Residential 1,251 79 — 1,330 Consumer and other 1 — — 1 Total $ 26,096 $ 79 $ 250 $ 26,425 December 31, 2018 ($ in thousands) Non-accrual Restructured, not on non-accrual Total Commercial and industrial $ 12,805 $ 145 $ 12,950 Real estate: Commercial - investor owned 398 — 398 Commercial - owner occupied 808 — 808 Residential 2,197 80 2,277 Consumer and other 312 — 312 Total $ 16,520 $ 225 $ 16,745 The recorded investment by category for loans restructured during the years ended December 31, 2019 and 2018 is as follows: Year ended December 31, 2019 Year ended December 31, 2018 ($ in thousands, except for number of loans) Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial — $ — $ — 1 $ 187 $ 187 Real estate: Commercial - owner occupied 1 188 188 — — — Residential 2 332 332 1 80 80 Total 3 $ 520 $ 520 2 $ 267 $ 267 Restructured loans primarily resulted from interest rate concessions. As of December 31, 2019 , the Company allocated an immaterial amount in specific reserves to loans that have been restructured. Loans restructured that subsequently defaulted during the year ended December 31, 2019 , and 2018 are as follows: Year ended December 31, 2019 Year ended December 31, 2018 ($ in thousands, except for number of loans) Number of Loans Recorded Balance Number of Loans Recorded Balance Commercial and industrial 2 $ 352 — $ — Total 2 $ 352 — $ — The aging of the recorded investment in past due loans by class and category at December 31, 2019 and 2018 is shown below: December 31, 2019 ($ in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 5,679 $ 8,212 $ 13,891 $ 2,331,932 $ 2,345,823 Real estate: Commercial - investor owned 321 1,492 1,813 1,261,168 1,262,981 Commercial - owner occupied 562 213 775 677,747 678,522 Construction and land development 308 — 308 449,072 449,380 Residential 4,689 595 5,284 349,908 355,192 Consumer and other 81 — 81 132,069 132,150 Total $ 11,640 $ 10,512 $ 22,152 $ 5,201,896 $ 5,224,048 December 31, 2018 ($ in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 66 $ 10,257 $ 10,323 $ 2,110,685 $ 2,121,008 Real estate: Commercial - investor owned 529 127 656 843,072 843,728 Commercial - owner occupied 292 565 857 603,641 604,498 Construction and land development 6 — 6 330,091 330,097 Residential 709 897 1,606 297,338 298,944 Consumer and other — 312 312 105,013 105,325 Total $ 1,602 $ 12,158 $ 13,760 $ 4,289,840 $ 4,303,600 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, and current economic factors among other factors. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: • Grades 1 , 2 , and 3 – Includes loans to borrowers with a continuous record of strong earnings, sound balance sheet condition and capitalization, ample liquidity with solid cash flow, and whose management team has experience and depth within their industry. • Grade 4 – Includes loans to borrowers with positive trends in profitability, satisfactory capitalization and balance sheet condition, and sufficient liquidity and cash flow. • Grade 5 – Includes loans to borrowers that may display fluctuating trends in sales, profitability, capitalization, liquidity, and cash flow. • Grade 6 – Includes loans to borrowers where an adverse change or perceived weakness has occurred, but may be correctable in the near future. Alternatively, this rating category may also include circumstances where the borrower is starting to reverse a negative trend or condition, or has recently been upgraded from a 7 , 8 , or 9 rating. • Grade 7 – Watch credits are borrowers that have experienced financial setback of a nature that is not determined to be severe or influence ‘ongoing concern’ expectations. Although possible, no loss is anticipated, due to strong collateral and/or guarantor support. • Grade 8 – Substandard credits will include those borrowers characterized by significant losses and sustained downward trends in balance sheet condition, liquidity, and cash flow. Repayment reliance may have shifted to secondary sources. Collateral exposure may exist and additional reserves may be warranted. • Grade 9 – Doubtful credits include borrowers that may show deteriorating trends that are unlikely to be corrected. Collateral values may appear insufficient for full recovery, therefore requiring a partial charge-off, or debt renegotiation with the borrower. The borrower may have declared bankruptcy or bankruptcy is likely in the near term. All doubtful rated credits will be on non-accrual. The recorded investment by risk category of the loans by class and category at December 31, 2019 and December 31, 2018 is as follows: December 31, 2019 ($ in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total Commercial and industrial $ 2,151,084 $ 124,718 $ 70,021 $ 2,345,823 Real estate: Commercial - investor owned 1,242,569 17,572 2,840 1,262,981 Commercial - owner occupied 643,276 28,773 6,473 678,522 Construction and land development 437,134 12,140 106 449,380 Residential 348,246 4,450 2,496 355,192 Consumer and other 132,096 3 51 132,150 Total $ 4,954,405 $ 187,656 $ 81,987 $ 5,224,048 December 31, 2018 ($ in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total Commercial and industrial $ 1,927,782 $ 146,033 $ 47,193 $ 2,121,008 Real estate: Commercial - investor owned 823,128 15,083 5,517 843,728 Commercial - owner occupied 563,003 31,834 9,661 604,498 Construction and land development 318,451 11,580 66 330,097 Residential 287,802 4,232 6,910 298,944 Consumer and other 105,007 6 312 105,325 Total $ 4,025,173 $ 208,768 $ 69,659 $ 4,303,600 |
Purchased Credit Impaired ("PCI
Purchased Credit Impaired ("PCI") Loans | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Purchased Credit Impaired (PCI) Loans | Below is a summary of PCI loans by category at December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 ($ in thousands) Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Commercial and industrial 5.65 $ 15,334 6.09 $ 2,159 Real estate loans: Commercial - investor owned 7.02 36,903 7.19 23,939 Commercial - owner occupied 6.54 18,915 7.39 9,669 Construction and land development 5.82 7,893 6.03 4,548 Residential 6.34 11,069 6.40 6,082 Total real estate loans 74,780 44,238 Consumer and other 5.10 175 2.18 4 Purchased credit impaired loans $ 90,289 $ 46,401 (1) Risk ratings are based on the borrower’s contractual obligation, which is not reflective of the purchase discount. The aging of the recorded investment in past due PCI loans by portfolio class and category at December 31, 2019 and 2018 is shown below: December 31, 2019 ($ in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ 356 $ 356 $ 14,978 $ 15,334 Real estate: Commercial - investor owned 1,250 1,340 2,590 34,313 36,903 Commercial - owner occupied — 434 434 18,481 18,915 Construction and land development — 217 217 7,676 7,893 Residential 791 992 1,783 9,286 11,069 Consumer and other — — — 175 175 Total $ 2,041 $ 3,339 $ 5,380 $ 84,909 $ 90,289 December 31, 2018 ($ in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 2,159 $ 2,159 Real estate: Commercial - investor owned 416 88 504 23,435 23,939 Commercial - owner occupied 591 6,279 6,870 2,799 9,669 Construction and land development — — — 4,548 4,548 Residential 146 37 183 5,899 6,082 Consumer and other — — — 4 4 Total $ 1,153 $ 6,404 $ 7,557 $ 38,844 $ 46,401 The following table is a rollforward of PCI loans, net of the allowance for loan losses, for the years ended December 31, 2019 and 2018 . ($ in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance January 1, 2019 $ 73,157 $ 15,299 $ 12,638 $ 45,220 Acquisitions 111,963 13,541 30,238 68,184 Principal reductions and interest payments (42,862 ) — — (42,862 ) Accretion of loan discount — — (10,345 ) 10,345 Changes in contractual and expected cash flows due to remeasurement 13,247 357 (1,711 ) 14,601 Reductions due to disposals (9,626 ) (3,668 ) (38 ) (5,920 ) Balance December 31, 2019 $ 145,879 $ 25,529 $ 30,782 $ 89,568 Balance January 1, 2018 $ 112,711 $ 29,006 $ 13,962 $ 69,743 Principal reductions and interest payments (45,668 ) — — (45,668 ) Accretion of loan discount — — (6,654 ) 6,654 Changes in contractual and expected cash flows due to remeasurement 6,114 (13,707 ) 5,330 14,491 Balance December 31, 2018 $ 73,157 $ 15,299 $ 12,638 $ 45,220 The accretable yield is recognized in interest income over the estimated life of the acquired loans using the effective yield method. Outstanding customer balances on PCI loans were $114.9 million and $64.7 million as of December 31, 2019 , and December 31, 2018 , respectively. The allowance for loan losses on PCI loans totaled $0.7 million and $1.2 million as of December 31, 2019 , and December 31, 2018 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. The Company does not enter into derivative financial instruments for trading purposes. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2019, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. These cash flow hedges swap variable 90 day LIBOR to a fixed rate of 2.62% on average for an original average term of 6 years . For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are paid on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $0.6 million will be reclassified as an increase to interest expense. Non-designated Hedges Derivatives not designated as hedges are not considered speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings as a component of other noninterest income. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2019 and December 31, 2018. Derivative Assets Derivative Liabilities December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 ($ in thousands) Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated as Hedging Instruments Interest rate swap $ 61,962 Other Assets $ — $ — Other Assets $ — Other Liabilities $ 2,872 Other Liabilities $ — Total $ — $ — $ 2,872 $ — Derivatives not Designated as Hedging Instruments Interest rate swap $ 749,819 Other Assets $ 11,055 $ 494,567 Other Assets $ 2,217 Other Liabilities $ 11,875 Other Liabilities $ 2,217 Foreign exchange forward contracts — Other Assets — 806 Other Assets 806 Other Liabilities — Other Liabilities 806 Total $ 11,055 $ 3,023 $ 11,875 $ 3,023 The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are subject to offsetting as of December 31, 2019 and December 31, 2018. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that financial assets and liabilities are presented on the Balance Sheet. As of December 31, 2019 Gross Amounts Not Offset ($ in thousands) Gross Amounts Recognized Gross Amounts Offset Net Amounts of Assets Presented Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 11,055 $ — $ 11,055 $ 56 $ — $ 10,999 Liabilities: Interest rate swap $ 14,747 $ — $ 14,747 $ 56 $ 14,573 $ 118 Securities sold under agreements to repurchase 230,886 — 230,886 — 230,886 — As of December 31, 2018 Gross Amounts Not Offset ($ in thousands) Gross Amounts Recognized Gross Amounts Offset Net Amounts of Assets Presented Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 2,217 $ — $ 2,217 $ — $ — $ 2,217 Liabilities: Interest rate swap $ 2,217 $ — $ 2,217 $ — $ — $ 2,217 Securities sold under agreements to repurchase 221,450 — 221,450 — 221,450 — As of December 31, 2019, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $14.8 million . Further, the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $14.6 million |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS A summary of fixed assets at December 31, 2019 and 2018 , is as follows: December 31, ($ in thousands) 2019 2018 Land $ 14,079 $ 8,559 Buildings and leasehold improvements 54,838 32,456 Furniture, fixtures and equipment 15,178 9,850 Capitalized software 1,373 1,305 85,468 52,170 Less accumulated depreciation and amortization 25,455 20,061 Total fixed assets $ 60,013 $ 32,109 Depreciation and amortization of fixed assets included in noninterest expense amounted to $5.7 million , $3.5 million , and $3.3 million in 2019 , 2018 , and 2017 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill increased to $210.3 million as of December 31, 2019 , compared to $117.3 million as of December 31, 2018 due to the acquisition of Trinity. The annual goodwill impairment evaluations in 2019 , 2018 , and 2017 did not identify any impairment. The table below presents a summary of intangible assets: ($ in thousands) Years ended December 31, 2019 2018 Core deposit intangible, net, beginning of year $ 8,553 $ 11,056 Additions from acquisition 23,066 — Amortization (5,543 ) (2,503 ) Core deposit intangible, net, end of year $ 26,076 $ 8,553 Amortization expense on the core deposit intangibles was $5.5 million , $2.5 million , and $2.6 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The core deposit intangibles are being amortized over a 10 -year period. The following table reflects the amortization schedule for the core deposit intangible at December 31, 2019 . Year Core Deposit Intangible ($ in thousands) 2020 $ 5,608 2021 4,814 2022 4,085 2023 3,456 2024 2,828 After 2024 5,285 $ 26,076 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Maturities of Time Deposits [Abstract] | |
Maturity of Certificates of Deposit | DEPOSITS Following is a summary of certificates of deposit maturities at December 31, 2019 : ($ in thousands) Brokered Customer Total Less than 1 year $ 165,549 $ 471,076 $ 636,625 Greater than 1 year and less than 2 years — 108,209 108,209 Greater than 2 years and less than 3 years — 13,606 13,606 Greater than 3 years and less than 4 years 25,069 8,457 33,526 Greater than 4 years and less than 5 years 25,140 3,562 28,702 Greater than 5 years — 5,779 5,779 $ 215,758 $ 610,689 $ 826,447 Certificates of deposit balances over the FDIC insurance limit of $250,000 were $202.4 million as of December 31, 2019 . Following is a summary of activity for the year ended December 31, 2019 , for deposit accounts of executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. ($ in thousands) December 31, 2019 Balance at beginning of year $ 10,457 Deposits 3,031 Withdrawals (3,725 ) Balance at end of year $ 9,763 The Company is a participant in the Promontory Interfinancial Network, a network that offers deposit placement services such as CDARS and ICS, which offer products that qualify large deposits for FDIC insurance. At December 31, 2019, the Company had $0.2 million of CDARS deposits and $147.9 million of ICS deposits. At December 31, 2019 and 2018, overdraft deposits of $2.1 million and $2.0 million , respectively, were reclassified to loans. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | SUBORDINATED DEBENTURES The amounts and terms of each issuance of the Company’s subordinated debentures at December 31, 2019 and 2018 were as follows: Amount Maturity Date Initial Call Date (1) Interest Rate ($ in thousands) 2019 2018 EFSC Clayco Statutory Trust I $ 3,196 $ 3,196 December 17, 2033 December 17, 2008 Floats 3MO LIBOR + 2.85% EFSC Capital Trust II 5,155 5,155 June 17, 2034 June 17, 2009 Floats 3MO LIBOR + 2.65% EFSC Statutory Trust III 11,341 11,341 December 15, 2034 December 15, 2009 Floats 3MO LIBOR + 1.97% EFSC Clayco Statutory Trust II 4,124 4,124 September 15, 2035 September 15, 2010 Floats 3MO LIBOR + 1.83% EFSC Statutory Trust IV 10,310 10,310 December 15, 2035 December 15, 2010 Floats 3MO LIBOR + 1.44% EFSC Statutory Trust V 4,124 4,124 September 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.60% EFSC Capital Trust VI 14,433 14,433 March 30, 2037 March 30, 2012 Floats 3MO LIBOR + 1.60% EFSC Capital Trust VII 4,124 4,124 December 15, 2037 December 15, 2012 Floats 3MO LIBOR + 2.25% JEFFCO Stat Trust I (2) 7,886 8,019 February 22, 2031 February 22, 2011 Fixed 10.20% JEFFCO Stat Trust II (2) 4,388 4,335 March 17, 2034 March 17, 2009 Floats 3MO LIBOR + 2.75% Trinity Capital Trust III (2) 5,206 — September 8, 2034 September 8, 2009 Floats 3MO LIBOR + 2.70% Trinity Capital Trust IV (2) 10,302 — November 23, 2035 August 23, 2010 Fixed 6.88% Trinity Capital Trust V (2) 7,543 — December 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.65% Total 92,132 69,161 Fixed-to-floating rate subordinated notes 50,000 50,000 November 1, 2026 November 1, 2021 Fixed 4.75% until Debt issuance costs (874 ) (1,005 ) Total fixed-to-floating rate subordinated notes 49,126 48,995 Total subordinated debentures and notes $ 141,258 $ 118,156 (1) Callable each quarter after initial call date. (2) Purchase accounting adjustments are reflected in the balance and also impact the effective interest rate. The Company has 13 unconsolidated statutory business trusts. These trusts issued preferred securities that were sold to third parties. The sole purpose of the trusts was to invest the proceeds in junior subordinated debentures of the Company that have terms identical to the trust preferred securities. The subordinated debentures, which are the sole assets of the trusts, are subordinate and junior in right of payment to all present and future senior and subordinated indebtedness and certain other financial conditions of the Company. The Company fully and unconditionally guarantees each trust’s securities obligations. Under current regulations, the trust preferred securities are included in tier 1 capital for regulatory capital purposes, subject to certain limitations. The trust preferred securities are redeemable in whole or in part on or after their respective call dates. Mandatory redemption dates may be shortened if certain conditions are met. The securities are classified as subordinated debentures in the Company’s consolidated balance sheets. Interest on the subordinated debentures held by the trusts is recorded as interest expense in the Company’s consolidated statements of operations. The Company’s investment of $2.9 million at December 31, 2019 , in these trusts is included in other investments in the consolidated balance sheets. The Company has fixed the interest rate on a portion of its junior subordinated debentures through a series of interest rate swaps. For further discussion of the interest rate swaps and the corresponding terms, see “Note 7 - Derivative Financial Instruments.” On November 1, 2016 , the Company issued $50 million of fixed-to-floating rate subordinated notes. The notes initially bear a fixed annual interest rate of 4.75%, with interest payable semiannually in arrears on May 1 and November 1 of each year, commencing May 1, 2017. Commencing November 1, 2021 , the interest rate on the notes resets quarterly to the three-month LIBOR rate plus a spread of 338.7 basis points, payable quarterly in arrears. On or after November 1, 2021, the Company will have the option to redeem the notes, in whole or in part, at a redemption price equal to 100% |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Federal Home Loan Bank Advances | FEDERAL HOME LOAN BANK ADVANCES FHLB advances are collateralized by 1-4 family residential real estate loans, business loans, certain commercial real estate loans, and investment securities. At December 31, 2019 and 2018 , the carrying value of the loans pledged to the FHLB of Des Moines was $1.6 billion and $1.2 billion , respectively. The secured line of credit had availability of approximately $742.4 million at December 31, 2019 . The following table summarizes the type, maturity, and rate of the Company’s FHLB advances at December 31: 2019 2018 ($ in thousands) Term Outstanding Balance Weighted Rate Outstanding Balance Weighted Rate Non-amortizing fixed advance Less than 1 year $ 170,000 1.73 % $ 70,000 2.63 % Non-amortizing fixed advance Greater than 1 year 52,406 1.62 % — — % Total FHLB advances $ 222,406 1.70 % $ 70,000 2.63 % In August 2019, the Company entered into agreements totaling $50 million for convertible advances with a weighted average rate of 1.56% that mature in 2024 and are puttable by the FHLB after one year. At December 31, 2019 , the Company used $4.7 million of collateral value to secure confirming letters of credit for public unit deposits and industrial development bonds. |
Other Borrowings and Notes Paya
Other Borrowings and Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Other Borrowings and Notes Payable | OTHER BORROWINGS AND NOTES PAYABLE Securities Sold Under Agreement to Repurchase The Company enters into sales of securities under agreements to repurchase. The agreements are transacted with deposit customers and are utilized as an overnight investment product. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the Consolidated Balance Sheets. The Company has no control over the market value of the securities, which fluctuates due to market conditions. However, the Company is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Company manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. A summary of securities sold under agreements to repurchase is as follows: December 31, ($ in thousands) 2019 2018 Securities sold under agreement to repurchase $ 230,886 $ 221,450 Average balance during the year 169,179 170,963 Maximum balance outstanding at any month-end 230,886 231,450 Average interest rate during the year 0.69 % 0.41 % Average interest rate at December 31 0.91 0.49 Federal Reserve Line The Bank also has a line with the Federal Reserve Bank of St. Louis which provides additional liquidity to the Company. As of December 31, 2019 , $1.1 billion was available under this line. This line is secured by a pledge of certain eligible loans aggregating $1.3 billion . There were no amounts drawn on the Federal Reserve line of credit as of December 31, 2019 . Revolving Credit Line In February 2016 , the Company entered into a senior unsecured revolving credit agreement (the “Revolving Agreement”) with another bank. The Revolving Agreement was amended in February 2020, with a one-year maturity, allowing for borrowings up to $25 million . The interest rate is the one-month LIBOR plus 125 basis points. The proceeds can be used for general corporate purposes. The Revolving Agreement is subject to ongoing compliance with a number of customary affirmative and negative covenants as well as specified financial covenants. A summary of the amounts drawn on the Revolving Agreement is as follows: December 31, ($ in thousands) 2019 2018 Outstanding balance $ — $ 2,000 Average balance during the year 323 22 Maximum balance outstanding at any month-end 2,000 2,000 Weighted average interest rate during the year 4.61 % 4.63 % Average interest rate at December 31 — 4.63 Term Loan In February 2019, the Company entered into a five year, $40.0 million unsecured term loan agreement (the “Term Loan”) with another bank with the proceeds primarily used to fund the company’s cash portion of the acquisition of Trinity. The interest rate is the one-month LIBOR plus 125 basis points. A summary of the Term Loan is as follows: December 31, ($ in thousands) 2019 Term Loan $ 34,286 Average balance during the year 30,810 Maximum balance outstanding at any month-end 40,000 Weighted average interest rate during the year 3.55 % Average interest rate at December 31 3.00 |
Litigation and Other Contingenc
Litigation and Other Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Litigation and Other Contingencies | LITIGATION AND OTHER CONTINGENCIES The Company and its subsidiaries are, from time to time, parties to various legal proceedings arising out of their businesses. Management believes there are no such legal proceedings pending or threatened against the Company or its subsidiaries in the ordinary course of business, directly, indirectly, or in the aggregate that, if determined adversely, would have a material adverse effect on the business, consolidated financial condition, results of operations or cash flows of the Company or any of its subsidiaries. As previously reported, in connection with its acquisition of Trinity/LANB, the Company, as successor-in-interest to Trinity, was a party to certain consolidated proceedings pending in the First Judicial Circuit Court for the State of New Mexico, styled Trinity Capital Corporation, et al v. Atlantic Specialty Ins. Co., et al. The lawsuit sought declaratory relief, defense costs, and damages related to claims for bad faith breach of insurance contracts and violations of New |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Regulatory Matters | REGULATORY CAPITAL Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum ratios (set forth in the following table) of total, tier 1, and common equity tier 1 capital to risk-weighted assets, and of tier 1 capital to average assets. Management believes, as of December 31, 2019 and 2018 , that the Company met all capital adequacy requirements to which it is subject. As of December 31, 2019 and 2018 , the Bank was categorized as “well-capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well-capitalized” the Bank must maintain minimum total risk-based capital, tier 1 risk-based capital, common equity tier 1 risk-based capital, and tier 1 leverage ratios as set forth in the table. In addition, the Company must maintain an additional CCB above the regulatory minimum ratio requirements. The CCB is designed to insulate banks from periods of stress and impose constraints on dividends, share repurchases and discretionary bonus payments when capital levels fall below prescribed levels. The capital ratios are presented in the table below: December 31, 2019 December 31, 2018 EFSC Bank EFSC Bank To Be Well-Capitalized Minimum Ratio with CCB Common Equity Tier 1 Capital to Risk Weighted Assets 9.90 % 11.69 % 9.79 % 11.37 % 6.50 % 7.00 % Tier 1 Capital to Risk Weighted Assets 11.40 11.70 11.14 11.38 8.00 8.50 Total Capital to Risk Weighted Assets 12.90 12.40 13.02 12.26 10.00 10.50 Leverage Ratio (Tier 1 Capital to Average Assets) 10.05 10.31 10.29 10.52 5.00 4.00 |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Compensation Plans | STOCKHOLDERS’ EQUITY AND COMPENSATION PLANS Stockholders’ Equity Common Stock At December 31, 2019 and 2018, the Company has reserved the following shares of its authorized but unissued common stock for possible future issuance in connection with the following: December 31, 2019 December 31, 2018 Outstanding performance units (maximum issuance) 73,172 98,279 Outstanding RSU’s 117,369 67,027 Outstanding options and appreciation rights 28,300 40,650 Future awards under 2018 Stock Incentive Plan 521,573 632,246 Future awards under Non-Management Director Plan 96,031 7,413 2018 Employee Stock Purchase Plan 694,085 735,201 Total 1,530,530 1,580,816 Common Stock Repurchase Plan In May 2015, the Company’s board of directors authorized the repurchase of up to two million shares of the Company’s common stock. The repurchases may be made in open market or privately negotiated transactions and the stock repurchase program will remain in effect until fully utilized or until modified, superseded or terminated. At December 31, 2019, there were 552,158 shares available for repurchase under the plan. Preferred Stock The Company has 5,000,000 shares of authorized preferred stock with a par value of $0.01 . The Board of Directors has the right to set for each series of preferred stock, subject to the laws of the State of Delaware, the dividend rate, conversion and redemption terms, voting rights and liquidation preferences, among others. At December 31, 2019 and 2018 there were no shares of preferred stock outstanding. Dividends The Company’s ability to pay dividends to its shareholders is generally dependent upon the payment of dividends by the Bank to the parent company. The Bank cannot pay dividends to the extent it would be deemed undercapitalized by the FDIC after making such dividend. Dividends on the Company’s capital stock are prohibited under the terms of the junior subordinated debenture agreements, see “Note 11 - Subordinated Debentures,” if the Company is in continuous default on its payment obligations to the capital trusts, has elected to defer interest payments on the debentures or extends the interest payment period. At December 31, 2019, the Company was not in default on any of the junior subordinated debenture issuances. Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive income (loss) after-tax: (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Loss on Cash Flow Hedges Total Balance, December 31, 2016 $ (1,533 ) $ (208 ) $ — $ (1,741 ) Net change (2,089 ) 12 — (2,077 ) Balance, December 31, 2017 (3,622 ) (196 ) — (3,818 ) Net change (4,633 ) 3 — (4,630 ) Adjustment for change in accounting policies (792 ) (42 ) — (834 ) Balance, December 31, 2018 (9,047 ) (235 ) — (9,282 ) Net change 29,226 (33 ) (2,162 ) 27,031 Transfer from available-for-sale to held-to-maturity (5,202 ) 5,202 — — Balance, December 31, 2019 $ 14,977 $ 4,934 $ (2,162 ) $ 17,749 Amounts Reclassified from Other Comprehensive Income (Loss) (in thousands) 2019 2018 2017 Affected Line Item in the Statements of Operations Realized gain (loss) on securities available-for-sale, net $ (49 ) $ 9 $ 22 Noninterest income (expense) Loss on cash flow hedges (133 ) — — Interest income (expense) Reclassifications before tax (182 ) 9 22 Total before income tax expense Tax effect 45 (2 ) (9 ) Income tax (expense) benefit Total reclassifications, net of tax $ (137 ) $ 7 $ 13 Net income Compensation Plans The Company has adopted share-based compensation plans to reward and provide long-term incentive for directors and key employees of the Company including its subsidiaries. These plans provide for the granting of stock, stock options, stock-settled stock appreciation rights (“SSARs”), and restricted stock units (“RSUs”), and may contain performance terms as designated by the Company’s Board of Directors upon the recommendation of the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. The total excess income tax benefit for share-based compensation arrangements was $0.5 million , $1.6 million , and $2.1 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. At December 31, 2019, there was $4.6 million of total unrecognized compensation cost related to unvested share-based compensation awards. The cost is expected to be recognized over a weighted-average period of 2 years. The following table summarizes share-based compensation expense: (in thousands) 2019 2018 2017 Performance stock units $ 1,699 $ 2,067 $ 2,451 Restricted stock units 1,969 1,211 898 Employee stock issuance - restricted stock — — 78 Employee stock purchase plan 364 174 — Total share-based compensation expense $ 4,032 $ 3,452 $ 3,427 Performance Units The Company has entered into long-term incentive agreements with certain key employees. These awards are conditioned on certain performance criteria and market criteria measured against a group of peer banks over a three -year period for each grant. The awards contain minimum (threshold), target, and maximum (exceptional) performance levels. In the event of a change in control, as defined in the plan, the awards will vest at a minimum of the target level. The amount of the awards is determined at the end of the three year vesting and performance period. In January 2020, the Company awarded 62,649 shares to employees upon completion of the 2017-2019 performance cycle. In January 2019, the Company awarded 99,308 shares to employees upon completion of the 2016-2018 performance cycle. In January 2018, the Company awarded 134,600 shares to employees upon completion of the 2015-2017 performance cycle. Information related to the outstanding grants at December 31, 2019 is shown below: ($ in thousands) 2018 - 2020 Cycle 2019 - 2021 Cycle Shares issuable at target 15,726 20,860 Maximum shares issuable 31,452 41,720 Unrecognized compensation cost $ 440 $ 705 Weighted average grant date fair value 50.19 47.46 In 2018, stock-based compensation expense for these awards included an additional $0.1 million related to modifications made for retiring executives. The modification allows for portions of outstanding performance awards to continue to vest as though employment had not terminated and will be paid based on actual performance as determined by the compensation committee following completion of the applicable performance period. Restricted Stock Units The Company awards nonvested stock, in the form of RSUs to employees. RSUs generally are subject to continued employment and generally vest ratably over two to five years. Shares issued to the Bank’s directors for compensation are not subject to vesting requirements. Vesting is accelerated upon a change in control or the employee meeting certain retirement criteria. RSUs do not carry voting or dividend rights until vested. Sales of the units are restricted prior to vesting. Various information related to the RSUs is shown below. ($ in thousands) 2019 2018 2017 Total fair value at vesting date $ 1,067 $ 1,544 $ 1,471 Total unrecognized compensation cost for nonvested stock units 3,417 2,175 837 Expected years to recognize unearned compensation 1.9 years 2.0 years 1.8 years A summary of the status of the Company’s RSU awards as of December 31, 2019 and changes during the year then ended is presented below Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 67,027 $ 46.69 Granted 77,227 45.00 Vested (23,842 ) 45.38 Forfeited (3,043 ) 46.04 Outstanding at December 31, 2019 117,369 $ 45.86 Employee Stock Options and Stock-settled Stock Appreciation Rights In determining compensation cost for stock options and SSARs, the Black-Scholes option-pricing model is used to estimate the fair value on date of grant. There were no grants of employee stock options or SSARs during the years ended December 31, 2019 , 2018 , or 2017 . Stock options have been granted to key employees with exercise prices equal to the market price of the Company’s common stock at the date of grant and 10 -year contractual terms. Stock options have a vesting schedule of three to five years . The SSARs are subject to continued employment, have a 10 -year contractual term and vest ratably over five years . Neither stock options nor SSARs carry voting or dividend rights until exercised. At December 31, 2019 , there was no remaining unrecognized compensation expense related to stock options and SSARs and all outstanding awards are vested. Various information related to the stock options and SSARs is shown below. ($ in thousands) 2019 2018 2017 Intrinsic value of option exercises on date of exercise $ 407 $ 2,469 $ 3,156 Following is a summary of the employee stock option and SSAR activity for 2019 . ($ in thousands, except per share data) Shares Weighted Weighted Aggregate Outstanding at December 31, 2018 40,650 $ 10.14 Exercised (12,350 ) 10.14 Outstanding at December 31, 2019 28,300 $ 10.14 0.6 years $ 1,077 Exercisable at December 31, 2019 28,300 $ 10.14 0.6 years $ 1,077 Employee Stock Purchase Plan The Company adopted an Employee Stock Purchase Plan (“ESPP”) in 2018 to provide its eligible employees with an opportunity to purchase common stock through accumulated contributions. The ESPP provides for shares to be purchased at 85% of the lesser of the stock price at the enrollment date or the exercise date. The maximum number of shares of common stock available for sale under the ESPP is 750,000 . In 2019 and 2018, employees purchased 41,116 and 14,799 shares, respectively. Stock Plan for Non-Management Directors The Company has adopted a Stock Plan for Non-Management Directors, which provides for issuing up to 200,000 shares of common stock to non-management directors as compensation in lieu of cash. At December 31, 2019 , there were 96,031 shares of stock available for grant under the Stock Plan for Non-Management Directors. Various information related to the Director Plan is shown below. 2019 2018 2017 Shares granted 11,382 11,750 10,531 Weighted average fair value $ 41.63 $ 50.74 $ 42.46 401(k) Plan The Company has a 401(k) savings plan which covers substantially all full-time employees over the age of 21 . The amount charged to expense for the Company’s contributions to the plan was $3.2 million , $2.8 million and $2.0 million for 2019 , 2018 , and 2017 , respectively. Deferred Compensation Plan The Company’s Deferred Compensation Plan permits certain executives to participate and defer up to 25% of their base salary and/or up to 100% of their eligible bonus for a plan year. Participants make an irrevocable election when they elect to participate for a plan year to receive the vested account balance following their retirement date, or at a future date not less than five years after the beginning of the plan year. At December 31, 2019, the Company had assets and liabilities of $3.5 million and $4.9 million , respectively, related to the Deferred Compensation Plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of income tax expense for the years ended December 31 are as follows: Year ended December 31, ($ in thousands) 2019 2018 2017 Current: Federal $ 15,470 $ 9,621 $ 15,845 State and local 2,027 2,432 1,377 Total current 17,497 12,053 17,222 Deferred: Federal 4,262 2,812 20,989 State and local 1,538 495 116 Total deferred 5,800 3,307 21,105 Total income tax expense $ 23,297 $ 15,360 $ 38,327 A reconciliation of expected income tax expense, computed by applying the statutory federal income tax rate in 2019 , 2018 , and 2017 to income before income taxes and the amounts reflected in the consolidated statements of operations is as follows: Year ended December 31, ($ in thousands) 2019 2018 2017 Income tax expense at statutory rate $ 24,368 $ 21,961 $ 30,281 Increase (reduction) in income tax resulting from: Tax-exempt income, net (962 ) (506 ) (961 ) State and local income taxes, net 2,816 2,423 1,676 Bank-owned life insurance, net (628 ) (452 ) (715 ) Non-deductible expenses 749 294 407 Change in estimated rate for deferred taxes — — 12,117 Tax benefits of LIHTC investments, net (278 ) (50 ) (257 ) Excess tax benefits (526 ) (1,631 ) (2,141 ) Federal tax credits (913 ) (4,627 ) (1,701 ) Subsidiary dividend timing election — (2,728 ) — Non-taxable donation to charitable foundation (420 ) — — Other, net (909 ) 676 (379 ) Total income tax expense $ 23,297 $ 15,360 $ 38,327 The net amount recognized as a component of tax expense for tax credits, other tax benefits, and amortization from low-income housing tax credit (“LIHTC”) investments recognized per the table above was $0.3 million for the year ended December 31, 2019 . The net amount recognized as a component of income tax expense per the table above was $0.1 million for the year ended December 31, 2018 , and $0.3 million for the year ended December 31, 2017 . As of December 31, 2019 and 2018 , the carrying value of the investments related to low-income housing tax credits was $4.0 million and $1.4 million , respectively. No impairment losses have been recognized from forfeiture or ineligibility of tax credits or other circumstances during the life of any of the investments. As of December 31, 2019 , the Company has future capital commitments of $0.7 million related to low-income housing tax credit investments. The capital commitments are expected to be called in 2020. A net deferred income tax asset of $14.4 million and $20.7 million is included in other assets in the consolidated balance sheets at December 31, 2019 and 2018 , respectively. The tax effect of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities is as follows: Year ended December 31, ($ in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses $ 10,692 $ 10,742 Acquired loans 9,722 3,677 Other real estate 657 81 Deferred compensation 2,462 2,480 Intangible assets — 989 Accrued compensation 1,607 1,130 Unrealized losses on securities — 3,019 Net operating losses and tax credits 7,066 — Other deferred tax assets 791 1,786 Total deferred tax assets 32,997 23,904 Deferred tax liabilities: Unrealized gains on securities 5,847 — Intangible assets 7,432 2,112 Other deferred tax liabilities 2,407 1,068 Total deferred tax liabilities 15,686 3,180 Net deferred tax asset before valuation allowance 17,311 20,724 Less: valuation allowance 2,932 — Net deferred tax asset $ 14,379 $ 20,724 Deferred tax rate 24.7 % 24.7 % As part of the Trinity Capital Corporation acquisition in 2019, the company acquired net operating loss, tax credit, and capital loss deferred tax assets. Net operating losses originated in the years 2012, 2014, 2015, 2016, 2017, and 2019 and will expire in the years between 2032-2037. The 2019 net operating loss can be carried forward indefinitely. Tax credit carryforwards originated in years 2010-2015 and will expire in the years between 2030-3035. Capital losses originated in 2015, 2016, & 2018 and will expire in the years between 2020-2023. A valuation allowance is provided on deferred tax assets when it is more likely than not that some portion of the assets will not be realized. In 2019, as part of the Trinity Capital Corporation acquisition, the company acquired net operating loss, tax credit, and capital loss deferred tax assets. The company determined that it was more likely than not that some of the assets would not be realized. As such, the company recorded a $2.9 million valuation allowance as of December 31, 2019. The company did not record a valuation allowance for any federal or state deferred income tax assets as of December 31, 2018. The Company and its subsidiaries file income tax returns in the federal jurisdiction and in eleven states. The Company is no longer subject to federal, state or local income tax audits by tax authorities for years before 2016, with the exception of 2015 being an open year by one state taxing authority. Net operating losses generated prior to 2015 that are utilized going forward would still be subject to examination. As of December 31, 2019 , the gross amount of unrecognized tax benefits was $1.5 million and the total amount of net unrecognized tax benefits that would impact the effective tax rate, if recognized, was $1.1 million . As of December 31, 2018 and 2017 , the total amount of the net unrecognized tax benefits that would impact the effective tax rate, if recognized, was $0.9 million and $0.8 million , respectively. The Company believes it is reasonably possible that the gross amount of unrecognized benefits will be reduced by approximately $0.3 million as a result of a lapse of statute of limitations in the next 12 months. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense and classifies such interest and penalties in the liability for unrecognized tax benefits. The amounts accrued for interest and penalties as of December 31, 2019 , 2018 , and 2017 were not significant. The activity in the gross liability for unrecognized tax benefits was as follows: ($ in thousands) 2019 2018 2017 Balance at beginning of year $ 1,301 $ 1,244 $ 1,180 Additions based on tax positions related to the current year 401 367 331 Additions for tax positions of prior years 62 50 41 Settlements or lapse of statute of limitations (267 ) (360 ) (308 ) Balance at end of year $ 1,497 $ 1,301 $ 1,244 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS Long-term Lease Commitments See “Note 6 – Leases” in this report for information regarding the Company’s long-term lease commitments. Off-balance-Sheet Commitments The Company issues financial instruments in the normal course of the business of meeting the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments may involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company’s extent of involvement and maximum potential exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is not more than the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for financial instruments included on its consolidated balance sheets. The contractual amounts of off-balance-sheet financial instruments as of December 31, 2019 , and December 31, 2018 , are as follows: (in thousands) December 31, 2019 December 31, 2018 Commitments to extend credit $ 1,469,413 $ 1,344,687 Letters of credit 47,969 44,665 State tax credits 28,035 37,473 Low-income housing tax credits 704 4,299 SBICs 20,829 20,402 There was an insignificant amount of unadvanced commitments on impaired loans at December 31, 2019 and December 31, 2018 . Other liabilities include approximately $0.4 million for estimated losses attributable to unadvanced commitments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments usually have fixed expiration dates or other termination clauses, may have significant usage restrictions, and may require payment of a fee. Of the total commitments to extend credit at December 31, 2019 , and December 31, 2018 , $144.8 million and $68.5 million , respectively, represent fixed rate loan commitments. Since certain of the commitments may expire without being drawn upon or may be revoked, the total commitment amounts do not necessarily represent future cash obligations. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include accounts receivable, inventory, premises and equipment, and real estate. 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 issued to support contractual obligations of the Company’s customers. The credit risk involved in issuing letters of credit is essentially the same as the risk involved in extending loans to customers. The approximate remaining term of letters of credit range from 1 month to 5 years, 3 months at December 31, 2019 . The Company also has off-balance sheet commitments for purchases of state tax credits, low-income housing tax credits, and commitments for various capital raises for SBICs . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The fair value of an asset or liability is the exchange price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. • Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Fair value on a recurring basis The following table summarizes financial instruments measured at fair value on a recurring basis as of December 31, 2019 and 2018 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. December 31, 2019 ($ in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available-for-sale Obligations of U.S. Government-sponsored enterprises $ — $ 10,046 $ — $ 10,046 Obligations of states and political subdivisions — 213,024 — 213,024 Residential mortgage-backed securities — 902,021 — 902,021 U.S. Treasury Bills — 10,226 — 10,226 Total securities available-for-sale — 1,135,317 — 1,135,317 Derivative financial instruments — 11,055 — 11,055 Total assets $ — $ 1,146,372 $ — $ 1,146,372 Liabilities Derivative financial instruments $ — $ 14,747 $ — $ 14,747 Total liabilities $ — $ 14,747 $ — $ 14,747 December 31, 2018 ($ in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available-for-sale Obligations of U.S. Government-sponsored enterprises $ — $ 98,498 $ — $ 98,498 Obligations of states and political subdivisions — 26,810 — 26,810 Residential mortgage-backed securities — 586,136 — 586,136 U.S. Treasury Bills — 9,925 — 9,925 Total securities available-for-sale — 721,369 — 721,369 Other investments 121 — — 121 Derivative financial instruments — 3,023 — 3,023 Total assets $ 121 $ 724,392 $ — $ 724,513 Liabilities Derivative financial instruments $ — $ 3,023 $ — $ 3,023 Total liabilities $ — $ 3,023 $ — $ 3,023 • Securities available-for-sale . Securities classified as available-for-sale are reported at fair value utilizing Level 2 and Level 3 inputs. Fair values for Level 2 securities are based upon dealer quotes, market spreads, the U.S. Treasury yield curve, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions at the security level. Changes in fair value are recognized through accumulated other comprehensive income. • Derivatives . Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains counterparty quotations to value its interest rate swaps and caps. In addition, the Company validates the counterparty quotations with third party valuation sources. Derivatives with negative fair values are included in Other liabilities in the consolidated balance sheets. Derivatives with positive fair value are included in Other assets in the consolidated balance sheets. Changes in the fair value of client-related derivative instruments are recognized through net income. For the years ended December 31, 2019 and 2018 , the gains and losses offset each other due to the Company’s hedging of the client swaps with other bank counterparties. Fair value on a non-recurring basis Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). • Impaired loans . Impaired loans are included as Portfolio loans on the Company’s consolidated balance sheets with amounts specifically reserved for credit impairment in the Allowance for loan losses. On a quarterly basis, fair value adjustments are recorded on impaired loans to account for (1) partial write-downs that are based on the current appraised or market-quoted value of the underlying collateral or (2) the full charge-off of the loan carrying value. In some cases, the properties for which market quotes or appraised values have been obtained are located in areas where comparable sales data is limited, outdated, or unavailable. In addition, the Company may adjust the valuations based on other relevant market conditions or information. Accordingly, fair value estimates, including those obtained from real estate brokers or other third-party consultants, for collateral-dependent impaired loans are classified in Level 3 of the valuation hierarchy. • Other Real Estate. These assets are reported at the lower of the loan carrying amount at foreclosure or fair value. Fair value is based on third party appraisals of each property and the Company’s judgment of other relevant market conditions. These are considered Level 3 inputs. The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of December 31, 2019 and 2018 . December 31, 2019 (1) (1) (1) (1) ($ in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Total losses for the year ended Impaired loans $ 2,506 $ — $ — $ 2,506 $ 2,687 Other real estate 4,944 — — 4,944 — Total $ 7,450 $ — $ — $ 7,450 $ 2,687 December 31, 2018 (1) (1) (1) (1) ($ in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Total losses for the year ended Impaired loans $ 1,958 $ — $ — $ 1,958 $ 815 Total $ 1,958 $ — $ — $ 1,958 $ 815 (1) The amounts represent balances measured at fair value during the period and still held as of the reporting date. Impaired loans are reported at the fair value of the underlying collateral. Fair values for impaired loans are obtained from current appraisals by qualified licensed appraisers or independent valuation specialists. Other real estate owned is adjusted to fair value upon foreclosure of the underlying loan. Subsequently, foreclosed assets are carried at the lower of carrying value or fair value less costs to sell. Fair value of other real estate is based upon the current appraised values of the properties as determined by qualified licensed appraisers and the Company’s judgment of other relevant market conditions. Carrying amount and fair value at December 31, 2019 and 2018 Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at December 31, 2019 and 2018 . This summary excludes certain financial assets and liabilities for which carrying value approximates fair value and financial instruments that are recorded at fair value on a recurring basis disclosed above. Financial instruments for which carrying values approximate fair value include cash and due from banks, federal funds sold, interest bearing deposits, accrued interest receivable/payable, demand, savings and money market deposits. December 31, 2019 December 31, 2018 ($ in thousands) Carrying Amount Estimated fair value Level Carrying Amount Estimated fair value Level Balance sheet assets Securities held-to-maturity $ 181,166 $ 181,939 Level 2 $ 65,679 $ 63,934 Level 2 Other investments 38,044 38,044 Level 2 26,654 26,654 Level 2 Loans held for sale 5,570 5,570 Level 2 392 392 Level 2 Loans, net 5,271,049 5,205,651 Level 3 4,306,525 4,253,239 Level 3 State tax credits, held for sale 36,802 39,046 Level 3 37,587 39,169 Level 3 Balance sheet liabilities Certificates of deposit $ 826,447 $ 825,203 Level 3 $ 684,429 $ 679,491 Level 3 Subordinated debentures and notes 141,258 130,985 Level 2 118,156 106,316 Level 2 FHLB advances 222,406 221,402 Level 2 70,000 70,000 Level 2 Other borrowings 265,172 265,172 Level 2 223,450 223,260 Level 2 Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment, and therefore, cannot be determined with precision. Such estimates include the valuation of loans, goodwill, intangible assets, and other long-lived assets, along with assumptions used in the calculation of income taxes, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Decreasing real estate values, illiquid credit markets, volatile equity markets, and declines in consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statement in future periods. In addition, these estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Fair value estimates are based on existing on-balance and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in many of the estimates. |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Condensed Financial Statements | PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS Condensed Balance Sheets December 31, ($ in thousands) 2019 2018 Assets Cash $ 21,955 $ 6,369 Investment in Bank 977,959 681,742 Investment in nonbank subsidiaries 9,795 7,312 Other assets 37,905 30,287 Total assets $ 1,047,614 $ 725,710 Liabilities and Shareholders’ Equity Subordinated debentures and notes $ 141,258 $ 118,156 Notes payable 34,286 2,000 Accounts payable and other liabilities 4,885 1,750 Shareholders' equity 867,185 603,804 Total liabilities and shareholders' equity $ 1,047,614 $ 725,710 Condensed Statements of Operations Year ended December 31, ($ in thousands) 2019 2018 2017 Income: Dividends from Bank $ 60,000 $ 30,000 $ 20,000 Dividends from nonbank subsidiaries 1,500 1,200 — Other 663 1,784 708 Total income 62,163 32,984 20,708 Expenses: Interest expense-subordinated debentures and notes 7,507 5,798 5,094 Interest expense-notes payable 1,182 62 89 Other expenses 6,936 7,087 5,486 Total expenses 15,625 12,947 10,669 Income before taxes and equity in undistributed earnings of subsidiaries 46,538 20,037 10,039 Income tax benefit 3,478 3,482 3,098 Net income before equity in undistributed earnings of subsidiaries 50,016 23,519 13,137 Equity in undistributed earnings of subsidiaries 42,723 65,698 35,053 Net income and comprehensive income $ 92,739 $ 89,217 $ 48,190 Condensed Statements of Cash Flows Year ended December 31, ($ in thousands) 2019 2018 2017 Cash flows from operating activities: Net income $ 92,739 $ 89,217 $ 48,190 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Share-based compensation 4,032 3,452 3,427 Net income of subsidiaries (104,223 ) (94,898 ) (55,053 ) Dividends from subsidiaries 61,500 31,200 20,000 Other, net (1,063 ) (953 ) (1,806 ) Net cash provided by operating activities 52,985 28,018 14,758 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired (36,015 ) — (25,187 ) Purchases of other investments (2,634 ) (2,729 ) (3,679 ) Proceeds from distributions on other investments 1,271 1,911 1,634 Net cash used by investing activities (37,378 ) (818 ) (27,232 ) Cash flows from financing activities: Proceeds from notes payable 1,000 2,000 10,000 Repayments of notes payable (3,000 ) — (10,000 ) Proceeds from issuance of long-term debt 40,000 — — Repayment of long-term debt (5,714 ) — — Cash dividends paid (16,569 ) (10,845 ) (10,249 ) Payments for the repurchase of common stock (15,526 ) (19,387 ) (16,636 ) Payments for the issuance of equity instruments, net (212 ) (2,576 ) (2,909 ) Net cash used by financing activities (21 ) (30,808 ) (29,794 ) Net increase (decrease) in cash and cash equivalents 15,586 (3,608 ) (42,268 ) Cash and cash equivalents, beginning of year 6,369 9,977 52,245 Cash and cash equivalents, end of year $ 21,955 $ 6,369 $ 9,977 Supplemental disclosures of cash flow information: Noncash transactions: Common shares issued in connection with acquisitions $ 171,885 $ — $ 141,729 |
Quarterly Condensed Financial I
Quarterly Condensed Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Condensed Financial Information | QUARTERLY CONDENSED FINANCIAL INFORMATION (Unaudited) The following table presents unaudited quarterly financial information for the periods indicated: 2019 ($ in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Interest income $ 77,238 $ 81,078 $ 79,201 $ 67,617 Interest expense 15,625 18,032 17,486 15,274 Net interest income 61,613 63,046 61,715 52,343 Provision for portfolio loan losses 1,341 1,833 1,722 1,476 Net interest income after provision for loan losses 60,272 61,213 59,993 50,867 Noninterest income 14,418 13,564 11,964 9,230 Noninterest expense 38,354 38,239 49,054 39,838 Income before income tax expense 36,336 36,538 22,903 20,259 Income tax expense 7,246 7,469 4,479 4,103 Net income $ 29,090 $ 29,069 $ 18,424 $ 16,156 Earnings per common share: Basic $ 1.10 $ 1.09 $ 0.69 $ 0.68 Diluted 1.09 1.08 0.68 0.67 2018 ($ in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Interest income $ 64,002 $ 60,757 $ 57,879 $ 55,164 Interest expense 13,409 12,664 10,831 8,993 Net interest income 50,593 48,093 47,048 46,171 Provision for portfolio loan losses 2,120 2,263 390 1,871 Net interest income after provision for loan losses 48,473 45,830 46,658 44,300 Noninterest income 10,702 8,410 9,693 9,542 Noninterest expense 30,747 29,922 29,219 29,143 Income before income tax expense 28,428 24,318 27,132 24,699 Income tax expense 4,899 1,802 4,881 3,778 Net income $ 23,529 $ 22,516 $ 22,251 $ 20,921 Earnings per common share: Basic $ 1.02 $ 0.97 $ 0.96 $ 0.91 Diluted 1.02 0.97 0.95 0.90 |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Authoritative Accounting Guidance | NEW AUTHORITATIVE ACCOUNTING GUIDANCE FASB ASU 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” In August 2018, the FASB issued ASU 2018-13, which changes the fair value measurement disclosure requirements of ASC 820. The amendments in this ASU are the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, which the Board finalized on August 28, 2018. The Board used the guidance in the Concepts Statement, including consideration of costs and benefits, to improve the effectiveness of ASC 820’s disclosure requirements. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The Company has selected the option to adopt the removal or modification of disclosures during the second quarter of 2019. The Company has evaluated the additional disclosures and does not expect them to have a material impact on its consolidated financial statements. FASB ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” In June 2016, the FASB issued ASU 2016-13, “Financial Instruments (Topic 326)” which changes the methodology for evaluating impairment of most financial instruments. The ASU replaces the currently used incurred loss model with a forward-looking expected loss model, which will generally result in a timelier recognition of losses. Existing PCI assets will be grandfathered and classified as PCD assets at the date of adoption. The PCD assets will be grossed up for the allowance for expected credit losses at the date of adoption and the noncredit discount will continue to be recognized in interest income based on the yield of such assets as of the adoption date. Subsequent changes in expected credit losses on PCD assets will be recorded through the allowance. The guidance becomes effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The modeling aspects of ASU 2016-13 have introduced new concepts to the Company’s modeling process, including; economic loss driver factors; a reasonable and supportable forecast period; a reversion period; and inputs necessary for a discounted cash flow analysis. The Company expects the January 1, 2020 adoption of ASU 2016-13, on a modified retrospective basis, to increase its allowance for credit losses by 50-65%, excluding an additional $1-3 million increase in the reserve for unfunded commitments. The Company’s recent acquisitions have contributed to the increase in the allowance for credit losses under ASU 2016-13, as PCI loans typically have a fair value discount, but do not have a material reserve under the current accounting model. The Company will also record an immaterial reserve on held-to-maturity securities. As the Company is still completing its review of the model validation, control documentation and process implementation, the actual adoption impact may be different. In December 2018, the Federal banking regulators issued guidance to address the regulatory capital impact from the adoption of ASU 2016-13. The guidance provides an option to phase in the regulatory capital impact over a three-year period. The Company is planning on adopting the capital transition relief over the permissible three-year period. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Leases [Text Block] | LEASES The Company has banking and limited-service facilities, datacenters, and certain equipment leased under agreements. Most of the leases expire between 2020 and 2024 and include one or more renewal options of up to 5 years . One lease expires in 2031. All leases are classified as operating leases. For the twelve months ended ($ in thousands) December 31, 2019 Operating lease cost $ 3,301 Short-term lease cost 288 Total lease cost $ 3,589 Payments on operating leases included in the measurement of lease liabilities during the twelve months ended December 31, 2019 totaled $3.3 million . Right-of-use assets obtained in exchange for lease obligations totaled $5.2 million during the twelve months ended December 31, 2019. Supplemental balance sheet information related to leases was as follows: As of ($ in thousands) December 31, 2019 Operating lease right-of-use assets, included in other assets $ 14,843 Operating lease liabilities, included in other liabilities 15,461 Operating leases Weighted average remaining lease term 6 years Weighted average discount rate 2.7 % Maturities of operating lease liabilities were as follows: ($ in thousands) Year Amount 2020 $ 3,054 2021 3,097 2022 2,734 2023 2,527 2024 2,146 Thereafter 3,203 Total operating lease liabilities, payments 16,761 Less: present value adjustment 1,300 Operating lease liabilities $ 15,461 As of December 31, 2019, the Company has an operating lease renewal for an existing facility that has not yet commenced. This renewal is expected to commence in the first quarter of 2020 with a lease term of 3 years . Lessor income was $0.9 million |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business and Consolidation | Enterprise is a financial holding company that provides a full range of banking and wealth management services to individuals and corporate customers primarily located in the Arizona, Kansas, Missouri, and New Mexico markets through its banking subsidiary, Enterprise Bank & Trust. All intercompany accounts and transactions have been eliminated. The Company and its banking subsidiary are subject to the regulations of certain federal and state agencies and undergo periodic examinations by those regulatory agencies. The Company has one operating segment. |
Use of Estimates | The consolidated financial statements of the Company have been prepared in conformity with GAAP. In preparing the consolidated financial statements, management is required to make estimates and assumptions, which significantly affect the reported amounts in the consolidated financial statements. Such estimates include the valuation of loans, goodwill, intangible assets, and other long-lived assets, along with assumptions used in the calculation of income taxes, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Cash Flow Information | For purposes of reporting cash flows, the Company considers cash and due from banks, interest-bearing deposits and federal funds sold that mature within 90 days of the balance sheet date to be cash and cash equivalents. At December 31, 2019 and 2018 , approximately $9.7 million , and $15.1 million , respectively, of cash and due from banks represented required reserves on deposits maintained by the Company in accordance with Federal Reserve requirements. |
Investments | The Company has classified all investments in debt securities as available-for-sale or held-to-maturity. Securities classified as available-for-sale are carried at fair value. Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported as a net amount in a separate component of shareholders’ equity until realized. All previous fair value adjustments included in the separate component of shareholders’ equity are reversed upon sale. Securities classified as held-to-maturity are carried at amortized cost and adjusted for amortization of premiums and accretion of discounts. Declines in the fair value of securities below their cost deemed to be other-than-temporary are reflected in operations as realized losses. In estimating other-than-temporary impairment losses, management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security, and (5) the intent to sell the security or whether it’s more likely than not the Company would be required to sell the security before its anticipated recovery in market value. Premiums and discounts are amortized or accreted over the expected lives of the respective securities as an adjustment to yield using the interest method. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. |
Loans Receivable | The Company provides long-term financing of one-to-four-family residential real estate by originating fixed and variable rate loans. Long-term fixed and variable rate loans are sold into the secondary market with limited recourse. Upon receipt of an application for a real estate loan, the Company determines whether the loan will be sold into the secondary market or retained in the Company’s loan portfolio. The interest rates on the loans sold are locked with the buyer and the Company bears no interest rate risk related to these loans. Mortgage loans held for sale are carried at the lower of cost or fair value, which is determined on a specific identification method. The Company does not retain servicing on any loans sold, nor does the Company have any capitalized mortgage servicing rights at December 31, 2019 or 2018 . Gains on the sale of loans held for sale are reported net of direct origination fees and costs in the Company’s Consolidated Statements of Operations. Loans Loans are reported at the principal balance outstanding, net of unearned fees, costs, and premiums or discounts on acquired loans. Loan origination fees, direct origination costs, and premiums or discounts resulting from acquired loans are deferred and recognized over the lives of the related loans as a yield adjustment using the interest method. Interest on loans is accrued to income based on the principal balance outstanding. The recognition of interest income is discontinued when a loan becomes 90 days past due or a significant deterioration in the borrower’s credit has occurred which, in management’s judgment, negatively impacts the collectibility of the loan. Unpaid interest on such loans is reversed at the time the loan becomes uncollectible and subsequent interest payments received are generally applied to principal if any doubt exists as to the collectibility of such principal. Loans that have not been restructured are returned to accrual status when management believes full collectibility of principal and interest is expected. Non-accrual loans that have been restructured will remain in a non-accrual status until the borrower has made at least six months of consecutive contractual payments. PCI Loans PCI loans are acquired in a business combination or transaction, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable. PCI loans are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loans, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. The Company aggregates individual loans with common risk characteristics into pools of loans. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loans over their remaining lives. Decreases in expected cash flows due to an inability to collect contractual cash flows are recognized as impairment through the provision for loan losses account. Any allowance for loan loss on these pools reflect only losses incurred after the acquisition. Disposals of loans, including sales of loans, paydowns, payments in full or foreclosures result in the removal or reduction of the loan from the loan pool. PCI loans are generally considered accruing and performing, as the loans accrete income over the estimated life of the loan, in circumstances where cash flows are reasonably estimable by management. Accordingly, PCI loans that could be contractually past due could be considered to be accruing and performing. If the timing and amount of future cash flows is not reasonably estimable or is less than the carrying value, the loans may be classified as nonaccrual loans and the purchase price discount on those loans is not recorded as interest income until the timing and amount of future cash flows can be reasonably estimable. Impaired Loans Loans are considered “impaired” when it becomes probable that the Company will be unable to collect all amounts due according to the loan’s contractual terms. Non-accrual loans, loans past due greater than 90 days and still accruing, unless adequately secured and in the process of collection, and restructured loans qualify as “impaired loans.” Restructured loans involve the granting of a concession on the terms of a loan to a borrower experiencing financial difficulty. Concessions may be granted in various forms, including changes in payment schedule or interest rate. When measuring impairment, the expected future cash flows of an impaired loan are discounted at the loan’s effective interest rate at origination. Alternatively, impairment can be measured by reference to an observable market price, if one exists, or the fair value of the collateral for a collateral-dependent loan. Loans and leases, which are deemed uncollectible, are charged off to the allowance for loan losses, while recoveries of amounts previously charged off are credited to the allowance for loan losses. Impaired loans exclude PCI loans, as described above. Although, if the timing and amount of future cash flows is not reasonably estimable, the loans may be classified as nonaccrual loans and the purchase price discount on those loans is not recorded as interest income until the timing and amount of future cash flows can be reasonably estimated. See “Note 5 – Loans” for more information on these loans. Loans are generally placed on non-accrual status when contractually past due 90 days or more as to interest or principal payments. Additionally, whenever management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on non-accrual status immediately, rather than delaying such action until the loans become 90 days past due. Previously accrued and uncollected interest on such loans is reversed. Income is recorded only to the extent that a determination has been made that the principal balance of the loan is collectible and the interest payments are subsequently received in cash, or for a restructured loan, the borrower has made six consecutive contractual payments. If collectibility of the principal is in doubt, payments received are applied to loan principal. Loans past due 90 days or more but still accruing interest are also generally included in nonperforming loans. Loans past due 90 days or more but still accruing are classified as such where the underlying loans are both well secured (the collateral value covers principal and accrued interest) and in the process of collection. Loan Charge-Offs Loans are charged-off when the primary and secondary sources of repayment (cash flow, collateral, guarantors, etc.) are less than their carrying value. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is increased by a provision for loan losses charged to expense and is available to absorb charge-offs, net of recoveries. Management utilizes a systematic, documented approach in determining the appropriate level of the allowance for loan losses. The level of the allowance reflects management’s continuing evaluation of industry concentrations; specific credit risks; loan loss experience; current loan portfolio quality; present economic, political and regulatory conditions; and probable losses inherent in the current loan portfolio. The determination of the appropriate level of the allowance for loan losses inherently involves a degree of subjectivity and requires that the Company make significant estimates of current credit risks and future trends, all of which may undergo material changes. Changes in economic conditions affecting borrowers, new information regarding existing loans, identification of additional problem loans and other factors, both within and outside of our control, may require an increase in the allowance for loan losses. Management believes the allowance for loan losses is adequate to absorb inherent losses in the loan portfolio. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions and other factors. In addition, various regulatory agencies, as an integral part of the examination process, periodically review the Bank’s loan portfolio. Such agencies may require additions to the allowance for loan losses based on their judgments and interpretations of information available to them at the time of their examinations. Allowance for Loan Losses on PCI Loans The Company updates its cash flow projections for PCI loans on a periodic basis. Assumptions utilized in this process include projections related to probability of default, loss severity, prepayment, extensions and recovery lag. Projections related to probability of default and prepayment are calculated utilizing a loan migration analysis and management’s assessment of loss exposure including the fair value of underlying collateral. The loan migration analysis is a matrix that specifies the probability of a loan pool transitioning into a particular delinquency or liquidation state given its current performance at the measurement date. Loss severity factors are based upon industry data and historical experience. Any decreases in expected cash flows after the acquisition date and subsequent measurement periods are recognized by recording an impairment in allowance for loan losses. |
Other Real Estate | Other real estate represents property acquired through foreclosure or deeded to the Company in lieu of foreclosure on loans on which the borrowers have defaulted on the payment of principal or interest. Other real estate is recorded on an individual asset basis at the lower of cost or fair value less estimated costs to sell. The fair value of other real estate is based upon estimates of future cash flows, market value of similar assets, if available, or independent appraisals. These estimates involve significant uncertainties and judgments. As a result, fair value estimates may not be realizable in a current sale or settlement of the other real estate. Subsequent reductions in fair value are expensed within noninterest expense. Gains and losses resulting from the sale of other real estate are credited or charged to current period earnings. Costs of maintaining and operating other real estate are expensed as incurred, and expenditures to complete or improve other real estate properties are capitalized if the expenditures are expected to be recovered upon ultimate sale of the property. |
Fixed Assets | Buildings, leasehold improvements, furniture, fixtures, equipment, and capitalized software are stated at cost less accumulated depreciation. All categories are computed using the straight-line method over their respective estimated useful lives. Furniture, fixtures and equipment is depreciated over three to ten years , buildings and leasehold improvements over ten to forty years , and capitalized software over three years based upon estimated lives or lease obligation periods. |
State Tax Credits Held for Sale | The Company has purchased the rights to receive 10 |
Cash Surrender Value of Life Insurance | The Company has purchased bank-owned life insurance policies on certain bank officers. Bank-owned life insurance is recorded at its cash surrender value. Changes in the cash surrender values, including death benefits in excess of the carrying amount, are included in noninterest income. |
Federal Home Loan Bank Stock | The Bank, as a member of the FHLB, is required to maintain an investment in the capital stock of the FHLB. The stock is redeemable at par by the FHLB, and is, therefore, carried at cost and periodically evaluated for impairment. The Company records FHLB dividends in interest income. |
Goodwill and Other Intangible Assets | The Company tests goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the Company may not be able to recover the respective asset’s carrying amount. The Company’s annual test for impairment was performed in the fourth quarter of December 31, 2019 . Such tests involve the use of estimates and assumptions. Core deposit intangibles are amortized using an accelerated method over an estimated useful life of approximately 10 years. Potential impairments to goodwill must first be identified by performing a qualitative assessment which evaluates relevant events or circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this test indicates it is more likely than not that goodwill has been impaired, then a quantitative impairment test is completed. The quantitative impairment test calculates the fair value of the reporting unit and compares it with its carrying amount, including goodwill. If the carrying amount of goodwill exceeds its implied fair market value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair market value. |
Impairment of Long-Lived Assets | Long-lived assets, such as fixed assets and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale are presented separately in the appropriate asset and liability sections of the balance sheet. |
Derivative Financial Instruments and Hedging Activities | The Company uses derivative financial instruments to assist in the management of interest rate sensitivity and to modify the repricing, maturity and option characteristics of certain assets and liabilities. In addition, the Company also offers an interest rate hedge program that includes interest rate swaps to assist its customers in managing their interest rate risk profile. In order to eliminate the interest rate risk associated with offering these products, the Company enters into derivative contracts with third parties to offset the customer contracts. Derivative instruments are required to be measured at fair value and recognized as either assets or liabilities in the consolidated financial statements. Fair value represents the payment the Company would receive or pay if the item were sold or bought in a current transaction. The accounting for changes in fair value (gains or losses) of a hedged item is dependent on whether the related derivative is designated and qualifies for “hedge accounting.” The Company assigns derivatives to one of these categories at the purchase date: cash flow hedge, fair value hedge, or non-designated derivatives. An assessment of the expected and ongoing hedge effectiveness of any derivative designated a fair value hedge or cash flow hedge is performed as required by the accounting standards. Derivatives are included in other assets and other liabilities in the consolidated balance sheets. Generally, the only derivative instruments used by the Company have been interest rate swaps, forward currency contracts, and interest rate caps. Certain derivative financial instruments are not designated as cash flow or as fair value hedges for accounting purposes. These non-designated derivatives are intended to provide interest rate protection on net interest income or noninterest income but do not meet hedge accounting treatment. Customer accommodation interest rate swap contracts are not designated as hedging instruments. Changes in the fair value of these instruments are recorded in interest income or noninterest income in the consolidated statements of income depending on the underlying hedged item. |
Revenue [Policy Text Block] | The Company adopted the accounting standard regarding revenue recognition in the first quarter of 2018 using the modified retrospective approach. The Company’s revenues are primarily composed of interest income on financial instruments, including investment securities, which are excluded from the scope of the new guidance. Certain other noninterest income from loans, investment securities and derivative financial instruments is also excluded from this guidance. Service charges on deposit accounts, wealth management revenue, card services revenue, and gain on sale of other real estate are within the scope of the guidance; however, there were no accounting policy changes as the Company’s policies were consistent with the new guidance. Other noninterest income sources of revenue are considered immaterial. Implementation of this guidance did not change current business practices or have any changes to the Company’s consolidated financial statements. Descriptions of our revenue-generating activities within the scope of this guidance, which are presented in our income statement as components of noninterest income are as follows: • Service charges on deposit accounts - represents fees generated from a variety of deposit products and services provided to customers under a day-to-day contract. These fees are recognized on a daily or monthly basis. • Wealth management revenue - represents monthly fees earned from directing, holding, and managing customers’ assets. Revenue is recognized over regular intervals, either monthly or quarterly. Incentive fees are only recognized when incurred. • Card services revenue - represents revenue earned from merchant, debit and credit cards as incurred and includes a contra revenue account for rebates. • Gain on sale of other real estate - represents income recognized at delivery of control of a property at the time of a real estate closing. |
Income Taxes | The Company and its subsidiaries file a consolidated federal income tax return. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. We evaluate the need for deferred tax asset valuation allowances based on a more-likely-than-not standard. The ability to realize deferred tax assets depends on the ability to generate sufficient positive taxable income within the carryback or carryforward periods provided for in the laws for each applicable taxing jurisdiction. We consider the following possible sources of taxable income: future reversal patterns of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences, taxable income in prior carryback years and the availability of qualified tax planning strategies. The assessment regarding whether a valuation allowance is required or should be adjusted depends on all available positive and negative factors including, but not limited to, nature, frequency, and severity of recent losses, duration of available carryforward periods, experience with tax attributes expiring unused and near and medium term financial outlook. Because of the complexity of tax laws and regulations, interpretation can be difficult and subject to legal judgment given specific facts and circumstances. It is possible that others, given the same information, may at any point in time reach different reasonable conclusions regarding the estimated amounts of accrued taxes. |
Stock-Based Compensation | Stock-based compensation is recognized as an expense for stock options, restricted stock awards, performance stock units, and restricted stock units granted to employees, directors, and advisors in return for service. Equity classified awards are measured at the grant date fair value using either an observable market value or a valuation methodology, and recognized over the requisite service period on a straight-line basis. Forfeitures are recorded as they occur. A description of the Company’s stock-based employee compensation plan is described in “Note 16 - Stockholders’ Equity and Compensation Plans.” |
Acquisitions and Divestitures | Acquisitions and business combinations are accounted for using the acquisition method of accounting. The assets and liabilities of the acquired entities have been recorded at their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including the amount assigned to identifiable intangible assets. The purchase price allocation process requires an estimation of the fair values of the assets acquired and the liabilities assumed. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes an estimate of the acquisition-date fair value as part of the cost of the combination. To determine the fair values, the Company relies on third party valuations, such as appraisals, or internal valuations based on discounted cash flow analyses or other valuation techniques. The results of operations of the acquired business are included in the Company’s consolidated financial statements from the date of acquisition. Merger-related expenses include costs directly related to merger or acquisition activity and include legal and professional fees, system consolidation and conversion costs, and compensation costs such as severance and retention incentives for employees impacted by acquisition activity. The Company accounts for merger-related expenses in the periods in which the costs are incurred and the services are received. For divestitures, the Company measures an asset (disposal group) classified as held for sale at the lower of its carrying value at the date the asset is initially classified as held for sale or its fair value less costs to sell. The Company reports the results of operations of an entity or group of components that either has been disposed of or held for sale as discontinued operations only if the disposal of that component represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. Any incremental direct costs incurred to transact the sale are allocated against the gain or loss on the sale. These costs would include items like legal fees, title transfer fees, broker fees, etc. Any goodwill and intangible assets associated with the portion of the reporting unit to be disposed of is included in the carrying amount of the business in determining the gain or loss on the sale. |
Basic and Diluted Earnings Per Common Share | Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. |
Consolidated Statement of Comprehensive Income | The Consolidated Statement of Comprehensive Income includes the amount and the related tax impact that have been reclassified from accumulated other comprehensive income to net income. The classification adjustment for unrealized loss/gain on sale of securities included in net income has been recorded through the gain on sale of investment securities line item, within noninterest income, in the Company’s Consolidated Statements of Operations. |
Available-for-sale Securities | The unrealized losses at both December 31, 2019 , and 2018 , were primarily attributable to changes in market interest rates since the securities were purchased. Management systematically evaluates investment securities for other-than-temporary declines in fair value on a quarterly basis. This analysis requires management to consider various factors, which include among other considerations (1) the present value of the cash flows expected to be collected compared to the amortized cost of the security, (2) duration and magnitude of the decline in value, (3) the financial condition of the issuer or issuers, (4) structure of the security, and (5) the intent to sell the security or whether it is more likely than not that the Company would be required to sell the security before its anticipated recovery in market value. At December 31, 2019 and 2018 , management performed its quarterly analysis of all securities with an unrealized loss and concluded no individual securities were other-than-temporarily impaired. |
New Authoritative Accounting Guidance | During the first quarter of 2019, the Company adopted the FASB ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period of certain callable debt securities held at a premium to the earliest call date. The adoption of this update did not have a material effect on the Company’s consolidated financial statements. The Company adopted the FASB ASU 2016-02 “Leases (Topic 842)” using the optional transition method effective on January 1, 2019. ASU 2016-02 requires organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by leases. The Company recorded $15.5 million for right-to-use assets and $16.2 million for lease liabilities related to operating leases. The Company elected the practical expedients package which eliminates (1) the need to reassess whether any expired or existing contracts are or contain a lease, (2) the need to reassess the lease classification, and (3) the need to reassess initial direct costs for any existing leases. The Company also elected an accounting policy to not recognize assets and liabilities on leases 12 months or less, and an accounting policy for equipment and real estate leases to not separate nonlease components because the impact was immaterial. |
Reclassification, Policy [Policy Text Block] | in prior periods have been reclassified to conform to the current presentation. The reclassifications had no effect on net income or shareholders’ equity. |
Acquisitions & Divestitures Acq
Acquisitions & Divestitures Acquisitions & Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the assets acquired and liabilities assumed of Trinity as of March 8, 2019. Additional adjustments may be recorded during the measurement period specified in ASC 805, Business Combinations, as additional information becomes known. ($ in thousands) As Recorded by Trinity Adjustments As Recorded by EFSC Assets acquired: Cash and cash equivalents $ 13,899 $ — $ 13,899 Interest-earning deposits greater than 90 days 100 — 100 Securities 428,715 (619 ) (a) 428,096 Loans 705,057 (20,743 ) (b) 684,314 Other real estate 5,284 (2,059 ) (c) 3,225 Other investments 6,673 — 6,673 Fixed assets 27,586 (300 ) (d) 27,286 Accrued interest receivable 3,997 — 3,997 Intangible assets — 23,066 (e) 23,066 Deferred tax assets 10,708 (2,386 ) (f) 8,322 Other assets 35,045 (1,484 ) (g) 33,561 Total assets acquired $ 1,237,064 $ (4,525 ) $ 1,232,539 Liabilities assumed: Deposits $ 1,081,151 $ 36 (h) $ 1,081,187 Subordinated debentures 26,806 (3,972 ) (i) 22,834 FHLB advances 6,800 171 (j) 6,971 Accrued interest payable 370 — 370 Other liabilities 5,842 (827 ) (k) 5,015 Total liabilities assumed $ 1,120,969 $ (4,592 ) $ 1,116,377 Net assets acquired $ 116,095 $ 67 $ 116,162 Consideration paid: Cash $ 37,275 Common stock 171,885 Total consideration paid $ 209,160 Goodwill $ 92,998 (a) Fair value adjustments of the securities portfolio. (b) Fair value adjustments based on the Company’s evaluation of the acquired loan portfolio, write-off of net deferred loan costs and elimination of the allowance for loan losses recorded by Trinity. (c) Fair value adjustment based on the Company’s evaluation of the acquired other real estate portfolio. (d) Fair value adjustments based on the Company’s evaluation of the acquired premises and equipment. (e) Record the core deposit intangible asset on the acquired core deposit accounts. Amount to be amortized using a sum of years digits method over a useful life of 10 years . (f) Adjustment for deferred taxes. (g) Fair value adjustment of other assets. (h) Fair value adjustment to time deposits. (i) Fair value adjustment to the trust preferred securities. (j) Fair value adjustment to the FHLB borrowings. (k) Fair value adjustment of other liabilities. |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table provides the unaudited pro forma information for the results of operations for the twelve months ended December 31, 2019 and 2018, as if the acquisition had occurred on January 1, 2018. The pro forma results combine the historical results of Trinity with the Company’s Consolidated Statements of Income, adjusted for the impact of the application of the acquisition method of accounting including loan discount accretion, intangible assets amortization, and deposit and trust preferred securities premium accretion, net of taxes. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2018. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Only the acquisition-related expenses that have been incurred as of December 31, 2019 are included in net income in the table below. Pro Forma Twelve months ended December 31, ($ in thousands, except per share data) 2019 2018 Total revenues (net interest income plus noninterest income) $ 296,677 $ 286,076 Net income 107,626 85,579 Diluted earnings per common share 4.11 3.14 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Per Common Share Data and Amounts | The following table presents a summary of earnings per common share data and amounts for the periods indicated. Year ended December 31, ($ in thousands, except per share data) 2019 2018 2017 Net income as reported $ 92,739 $ 89,217 $ 48,190 Weighted average common shares outstanding 26,045 23,100 22,953 Additional dilutive common stock equivalents 114 189 296 Weighted average diluted common shares outstanding 26,159 23,289 23,249 Basic earnings per common share: $ 3.56 $ 3.86 $ 2.10 Diluted earnings per common share: $ 3.55 $ 3.83 $ 2.07 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity: December 31, 2019 ($ in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 9,954 $ 92 $ — $ 10,046 Obligations of states and political subdivisions 207,269 6,118 (363 ) 213,024 Agency mortgage-backed securities 888,129 15,083 (1,191 ) 902,021 U.S. Treasury Bills 9,971 255 — 10,226 Total securities available-for-sale $ 1,115,323 $ 21,548 $ (1,554 ) $ 1,135,317 Held-to-maturity securities: Obligations of states and political subdivisions $ 11,704 $ 170 $ — $ 11,874 Agency mortgage-backed securities 46,346 675 — 47,021 Corporate debt securities 123,116 128 (200 ) 123,044 Total securities held-to-maturity $ 181,166 $ 973 $ (200 ) $ 181,939 December 31, 2018 ($ in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,926 $ — $ (1,428 ) $ 98,498 Obligations of states and political subdivisions 26,566 327 (83 ) 26,810 Agency mortgage-backed securities 596,825 1,160 (11,849 ) 586,136 U.S. Treasury Bills 9,962 — (37 ) 9,925 Total securities available-for-sale $ 733,279 $ 1,487 $ (13,397 ) $ 721,369 Held-to-maturity securities: Obligations of states and political subdivisions $ 12,506 $ 16 $ (114 ) $ 12,408 Agency mortgage-backed securities 53,173 — (1,647 ) 51,526 Total securities held-to-maturity $ 65,679 $ 16 $ (1,761 ) $ 63,934 During the fourth quarter of 2019, the Company transferred corporate debt securities with a book value of $116.3 million and fair value of $123.2 million from available to sale to held-to-maturity. The Company believes the held-to-maturity category is more consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the $6.9 million unrealized holding gain at the time of transfer is retained in accumulated other comprehensive income and in the carrying value of held-to-maturity securities. Accordingly, the balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a net unamortized unrealized gain of $6.8 million at December 31, 2019. Such amounts are amortized over the remaining life of the securities. At December 31, 2019 , and 2018 , there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $484.8 million and $433.7 million at December 31, 2019 , and December 31, 2018 , respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following table presents the amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale and held-to-maturity: December 31, 2019 ($ in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 9,954 $ 92 $ — $ 10,046 Obligations of states and political subdivisions 207,269 6,118 (363 ) 213,024 Agency mortgage-backed securities 888,129 15,083 (1,191 ) 902,021 U.S. Treasury Bills 9,971 255 — 10,226 Total securities available-for-sale $ 1,115,323 $ 21,548 $ (1,554 ) $ 1,135,317 Held-to-maturity securities: Obligations of states and political subdivisions $ 11,704 $ 170 $ — $ 11,874 Agency mortgage-backed securities 46,346 675 — 47,021 Corporate debt securities 123,116 128 (200 ) 123,044 Total securities held-to-maturity $ 181,166 $ 973 $ (200 ) $ 181,939 December 31, 2018 ($ in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 99,926 $ — $ (1,428 ) $ 98,498 Obligations of states and political subdivisions 26,566 327 (83 ) 26,810 Agency mortgage-backed securities 596,825 1,160 (11,849 ) 586,136 U.S. Treasury Bills 9,962 — (37 ) 9,925 Total securities available-for-sale $ 733,279 $ 1,487 $ (13,397 ) $ 721,369 Held-to-maturity securities: Obligations of states and political subdivisions $ 12,506 $ 16 $ (114 ) $ 12,408 Agency mortgage-backed securities 53,173 — (1,647 ) 51,526 Total securities held-to-maturity $ 65,679 $ 16 $ (1,761 ) $ 63,934 During the fourth quarter of 2019, the Company transferred corporate debt securities with a book value of $116.3 million and fair value of $123.2 million from available to sale to held-to-maturity. The Company believes the held-to-maturity category is more consistent with the Company’s intent for these securities. The transfer of securities was made at fair value at the time of transfer. The unamortized portion of the $6.9 million unrealized holding gain at the time of transfer is retained in accumulated other comprehensive income and in the carrying value of held-to-maturity securities. Accordingly, the balance of held-to-maturity securities in the “Amortized cost” column in the table above includes a net unamortized unrealized gain of $6.8 million at December 31, 2019. Such amounts are amortized over the remaining life of the securities. At December 31, 2019 , and 2018 , there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than the U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government-sponsored enterprises. Securities having a fair value of $484.8 million and $433.7 million at December 31, 2019 , and December 31, 2018 , respectively, were pledged as collateral to secure deposits of public institutions and for other purposes as required by law or contract provisions. |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at December 31, 2019 , by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The weighted average life of the agency mortgage-backed securities is approximately 4 years. Available-for-sale Held-to-maturity ($ in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Due in one year or less $ 959 $ 978 $ — $ — Due after one year through five years 26,825 27,355 4,167 4,234 Due after five years through ten years 8,646 8,945 130,653 130,684 Due after ten years 190,764 196,018 — — Agency mortgage-backed securities 888,129 902,021 46,346 47,021 $ 1,115,323 $ 1,135,317 $ 181,166 $ 181,939 |
Schedule of Unrealized Loss on Investments | The following table represents a summary of investment securities that had an unrealized loss: December 31, 2019 Less than 12 months 12 months or more Total ($ in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of states and political subdivisions $ 56,327 $ 363 $ — $ — $ 56,327 $ 363 Agency mortgage-backed securities 131,693 756 41,491 435 173,184 1,191 Corporate debt securities 67,964 200 — — 67,964 200 $ 255,984 $ 1,319 $ 41,491 $ 435 $ 297,475 $ 1,754 December 31, 2018 Less than 12 months 12 months or more Total ($ in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Obligations of U.S. Government-sponsored enterprises $ 19,622 $ 322 $ 78,876 $ 1,106 $ 98,498 $ 1,428 Obligations of states and political subdivisions 3,102 15 14,156 182 17,258 197 Agency mortgage-backed securities 87,357 2,211 389,770 11,285 477,127 13,496 U.S. Treasury Bills — — 9,925 37 9,925 37 $ 110,081 $ 2,548 $ 492,727 $ 12,610 $ 602,808 $ 15,158 |
Schedule of Realized Gain (Loss) | The gross gains and losses realized from sales of available-for-sale investment securities were as follows: December 31, ($ in thousands) 2019 2018 2017 Gross gains realized $ 400 $ 9 $ 22 Gross losses realized (449 ) — — Proceeds from sales 357,976 1,451 144,076 |
Portfolio Loans (Tables)
Portfolio Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Non-covered Loans [Line Items] | |
Summary of Loans to Executive Officers and Directors | Following is a summary of activity for the years ended December 31, 2019 , 2018 , and 2017 of loans to executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. Such loans were made in the normal course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers and did not involve more than the normal risk of collectibility. ($ in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Balance at beginning of year $ 17,169 $ 5,349 $ 15,406 New loans and advances 1,376 13,995 1,353 Payments and other reductions (13,070 ) (2,175 ) (11,410 ) Balance at end of year $ 5,475 $ 17,169 $ 5,349 Following is a summary of activity for the year ended December 31, 2019 , for deposit accounts of executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. ($ in thousands) December 31, 2019 Balance at beginning of year $ 10,457 Deposits 3,031 Withdrawals (3,725 ) Balance at end of year $ 9,763 |
Non-Covered Loans | |
Non-covered Loans [Line Items] | |
Summary of Portfolio Loans by Category | The table below shows the loan portfolio composition including carrying value by segment of loans accounted for at amortized cost, which includes originated loans, and loans accounted for as PCI. ($ in thousands) December 31, 2019 December 31, 2018 Loans accounted for at amortized cost $ 5,224,048 $ 4,303,600 Loans accounted for as PCI 90,289 46,401 Total loans $ 5,314,337 $ 4,350,001 The following tables refer to loans accounted for at amortized cost. Below is a summary of loans by category at December 31, 2019 and 2018 : ($ in thousands) December 31, 2019 December 31, 2018 Commercial and industrial $ 2,345,823 $ 2,121,008 Real estate loans: Commercial - investor owned 1,262,981 843,728 Commercial - owner occupied 678,522 604,498 Construction and land development 449,380 330,097 Residential 355,192 298,944 Total real estate loans 2,746,075 2,077,267 Consumer and other 134,766 107,351 Loans, before unearned loan fees 5,226,664 4,305,626 Unearned loan fees, net (2,616 ) (2,026 ) Loans, including unearned loan fees $ 5,224,048 $ 4,303,600 |
Summary of Allowance for Loan Losses and the Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method | A summary of activity in the allowance for loan losses and the recorded investment in loans by class and category based on impairment method for the years ended indicated below is as follows: ($ in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance at December 31, 2019 Allowance for loan losses: Balance, beginning of year $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Provision for loan losses 4,801 1,708 673 (237 ) (330 ) 67 6,682 Charge-offs (6,882 ) (551 ) (58 ) (54 ) (667 ) (382 ) (8,594 ) Recoveries 338 95 19 776 661 295 2,184 Balance, end of year $ 27,296 $ 5,935 $ 4,873 $ 2,472 $ 1,280 $ 711 $ 42,567 Balance at December 31, 2018 Allowance for loan losses: Balance, beginning of year $ 26,406 $ 3,890 $ 3,308 $ 1,487 $ 2,237 $ 838 $ 38,166 Provision for loan losses 8,394 709 1,216 97 (583 ) (20 ) 9,813 Charge-offs (6,894 ) — (313 ) (56 ) (546 ) (167 ) (7,976 ) Recoveries 1,133 84 28 459 508 80 2,292 Balance, end of year $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Balance at December 31, 2017 Allowance for loan losses: Balance, beginning of year $ 26,996 $ 3,420 $ 2,890 $ 1,304 $ 2,023 $ 932 $ 37,565 Provision for loan losses 8,737 456 404 336 797 34 10,764 Charge-offs (9,872 ) (117 ) (90 ) (254 ) (973 ) (201 ) (11,507 ) Recoveries 545 131 104 101 390 73 1,344 Balance, end of year $ 26,406 $ 3,890 $ 3,308 $ 1,487 $ 2,237 $ 838 $ 38,166 ($ in thousands) Commercial and industrial CRE - investor owned CRE - owner occupied Construction and land development Residential real estate Consumer and other Total Balance December 31, 2019 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 2,286 $ 247 $ — $ — $ 33 $ 1 $ 2,567 Collectively evaluated for impairment 25,010 5,688 4,873 2,472 1,247 710 40,000 Total $ 27,296 $ 5,935 $ 4,873 $ 2,472 $ 1,280 $ 711 $ 42,567 Loans - Ending balance: Individually evaluated for impairment $ 22,578 $ 2,303 $ 1,373 $ — $ 1,330 $ 1 $ 27,585 Collectively evaluated for impairment 2,323,245 1,260,678 677,149 449,380 353,862 132,149 5,196,463 Total $ 2,345,823 $ 1,262,981 $ 678,522 $ 449,380 $ 355,192 $ 132,150 $ 5,224,048 Balance December 31, 2018 Allowance for loan losses - Ending balance: Individually evaluated for impairment $ 4,266 $ — $ 109 $ — $ 52 $ 26 $ 4,453 Collectively evaluated for impairment 24,773 4,683 4,130 1,987 1,564 705 37,842 Total $ 29,039 $ 4,683 $ 4,239 $ 1,987 $ 1,616 $ 731 $ 42,295 Loans - Ending balance: Individually evaluated for impairment $ 12,950 $ 398 $ 2,135 $ — $ 2,277 $ 311 $ 18,071 Collectively evaluated for impairment 2,108,058 843,330 602,363 330,097 296,667 105,014 4,285,529 Total $ 2,121,008 $ 843,728 $ 604,498 $ 330,097 $ 298,944 $ 105,325 $ 4,303,600 |
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category | A summary of nonperforming loans individually evaluated for impairment by category at December 31, 2019 and 2018 , and the income recognized on impaired loans is as follows: December 31, 2019 ($ in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 36,223 $ 7,654 $ 14,924 $ 22,578 $ 2,286 $ 25,423 Real estate: Commercial - investor owned 2,988 811 1,492 2,303 247 2,457 Commercial - owner occupied 237 213 — 213 — 231 Residential 1,464 1,120 210 1,330 33 1,428 Consumer and other 1 — 1 1 1 1 Total $ 40,913 $ 9,798 $ 16,627 $ 26,425 $ 2,567 $ 29,540 December 31, 2018 ($ in thousands) Unpaid Recorded Recorded Allowance Total Related Allowance Average Commercial and industrial $ 21,893 $ 3,294 $ 9,656 $ 12,950 $ 4,266 $ 13,827 Real estate: Commercial - investor owned 553 398 — 398 — 277 Commercial - owner occupied 847 472 336 808 109 691 Residential 2,425 1,659 618 2,277 52 778 Consumer and other 329 — 312 312 26 — Total $ 26,047 $ 5,823 $ 10,922 $ 16,745 $ 4,453 $ 15,573 December 31, ($ in thousands) 2019 2018 2017 Total interest income that would have been recognized under original terms on impaired loans $ 1,137 $ 2,153 $ 1,324 Total cash received and recognized as interest income on impaired loans 307 284 643 Total interest income recognized on impaired loans still accruing 116 149 63 Average balance of impaired loans 29,540 15,573 19,722 |
Schedule of Recorded Investment in Impaired Portfolio Loans by Category | The recorded investment in nonperforming loans by category at December 31, 2019 and 2018 is as follows: December 31, 2019 ($ in thousands) Non-accrual Restructured, not on non-accrual Loans over 90 days past due and still accruing interest Total Commercial and industrial $ 22,328 $ — $ 250 $ 22,578 Real estate: Commercial - investor owned 2,303 — — 2,303 Commercial - owner occupied 213 — — 213 Residential 1,251 79 — 1,330 Consumer and other 1 — — 1 Total $ 26,096 $ 79 $ 250 $ 26,425 December 31, 2018 ($ in thousands) Non-accrual Restructured, not on non-accrual Total Commercial and industrial $ 12,805 $ 145 $ 12,950 Real estate: Commercial - investor owned 398 — 398 Commercial - owner occupied 808 — 808 Residential 2,197 80 2,277 Consumer and other 312 — 312 Total $ 16,520 $ 225 $ 16,745 |
Summary of Recorded Investment by for Portfolio Loans Restructured | The recorded investment by category for loans restructured during the years ended December 31, 2019 and 2018 is as follows: Year ended December 31, 2019 Year ended December 31, 2018 ($ in thousands, except for number of loans) Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial — $ — $ — 1 $ 187 $ 187 Real estate: Commercial - owner occupied 1 188 188 — — — Residential 2 332 332 1 80 80 Total 3 $ 520 $ 520 2 $ 267 $ 267 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted | estructured loans primarily resulted from interest rate concessions. As of December 31, 2019 , the Company allocated an immaterial amount in specific reserves to loans that have been restructured. Loans restructured that subsequently defaulted during the year ended December 31, 2019 , and 2018 are as follows: Year ended December 31, 2019 Year ended December 31, 2018 ($ in thousands, except for number of loans) Number of Loans Recorded Balance Number of Loans Recorded Balance Commercial and industrial 2 $ 352 — $ — Total 2 $ 352 — $ — |
Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category | The aging of the recorded investment in past due loans by class and category at December 31, 2019 and 2018 is shown below: December 31, 2019 ($ in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 5,679 $ 8,212 $ 13,891 $ 2,331,932 $ 2,345,823 Real estate: Commercial - investor owned 321 1,492 1,813 1,261,168 1,262,981 Commercial - owner occupied 562 213 775 677,747 678,522 Construction and land development 308 — 308 449,072 449,380 Residential 4,689 595 5,284 349,908 355,192 Consumer and other 81 — 81 132,069 132,150 Total $ 11,640 $ 10,512 $ 22,152 $ 5,201,896 $ 5,224,048 December 31, 2018 ($ in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ 66 $ 10,257 $ 10,323 $ 2,110,685 $ 2,121,008 Real estate: Commercial - investor owned 529 127 656 843,072 843,728 Commercial - owner occupied 292 565 857 603,641 604,498 Construction and land development 6 — 6 330,091 330,097 Residential 709 897 1,606 297,338 298,944 Consumer and other — 312 312 105,013 105,325 Total $ 1,602 $ 12,158 $ 13,760 $ 4,289,840 $ 4,303,600 |
Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category | The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, and current economic factors among other factors. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: • Grades 1 , 2 , and 3 – Includes loans to borrowers with a continuous record of strong earnings, sound balance sheet condition and capitalization, ample liquidity with solid cash flow, and whose management team has experience and depth within their industry. • Grade 4 – Includes loans to borrowers with positive trends in profitability, satisfactory capitalization and balance sheet condition, and sufficient liquidity and cash flow. • Grade 5 – Includes loans to borrowers that may display fluctuating trends in sales, profitability, capitalization, liquidity, and cash flow. • Grade 6 – Includes loans to borrowers where an adverse change or perceived weakness has occurred, but may be correctable in the near future. Alternatively, this rating category may also include circumstances where the borrower is starting to reverse a negative trend or condition, or has recently been upgraded from a 7 , 8 , or 9 rating. • Grade 7 – Watch credits are borrowers that have experienced financial setback of a nature that is not determined to be severe or influence ‘ongoing concern’ expectations. Although possible, no loss is anticipated, due to strong collateral and/or guarantor support. • Grade 8 – Substandard credits will include those borrowers characterized by significant losses and sustained downward trends in balance sheet condition, liquidity, and cash flow. Repayment reliance may have shifted to secondary sources. Collateral exposure may exist and additional reserves may be warranted. • Grade 9 – Doubtful credits include borrowers that may show deteriorating trends that are unlikely to be corrected. Collateral values may appear insufficient for full recovery, therefore requiring a partial charge-off, or debt renegotiation with the borrower. The borrower may have declared bankruptcy or bankruptcy is likely in the near term. All doubtful rated credits will be on non-accrual. The recorded investment by risk category of the loans by class and category at December 31, 2019 and December 31, 2018 is as follows: December 31, 2019 ($ in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total Commercial and industrial $ 2,151,084 $ 124,718 $ 70,021 $ 2,345,823 Real estate: Commercial - investor owned 1,242,569 17,572 2,840 1,262,981 Commercial - owner occupied 643,276 28,773 6,473 678,522 Construction and land development 437,134 12,140 106 449,380 Residential 348,246 4,450 2,496 355,192 Consumer and other 132,096 3 51 132,150 Total $ 4,954,405 $ 187,656 $ 81,987 $ 5,224,048 December 31, 2018 ($ in thousands) Pass (1-6) Watch (7) Classified (8 & 9) Total Commercial and industrial $ 1,927,782 $ 146,033 $ 47,193 $ 2,121,008 Real estate: Commercial - investor owned 823,128 15,083 5,517 843,728 Commercial - owner occupied 563,003 31,834 9,661 604,498 Construction and land development 318,451 11,580 66 330,097 Residential 287,802 4,232 6,910 298,944 Consumer and other 105,007 6 312 105,325 Total $ 4,025,173 $ 208,768 $ 69,659 $ 4,303,600 |
Purchased Credit Impaired ("P_2
Purchased Credit Impaired ("PCI") Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Covered Loans [Line Items] | |
Rollforward of PCI Loans, Net of Allowance for Loan Losses | The following table is a rollforward of PCI loans, net of the allowance for loan losses, for the years ended December 31, 2019 and 2018 . ($ in thousands) Contractual Cashflows Non-accretable Difference Accretable Yield Carrying Amount Balance January 1, 2019 $ 73,157 $ 15,299 $ 12,638 $ 45,220 Acquisitions 111,963 13,541 30,238 68,184 Principal reductions and interest payments (42,862 ) — — (42,862 ) Accretion of loan discount — — (10,345 ) 10,345 Changes in contractual and expected cash flows due to remeasurement 13,247 357 (1,711 ) 14,601 Reductions due to disposals (9,626 ) (3,668 ) (38 ) (5,920 ) Balance December 31, 2019 $ 145,879 $ 25,529 $ 30,782 $ 89,568 Balance January 1, 2018 $ 112,711 $ 29,006 $ 13,962 $ 69,743 Principal reductions and interest payments (45,668 ) — — (45,668 ) Accretion of loan discount — — (6,654 ) 6,654 Changes in contractual and expected cash flows due to remeasurement 6,114 (13,707 ) 5,330 14,491 Balance December 31, 2018 $ 73,157 $ 15,299 $ 12,638 $ 45,220 The accretable yield is recognized in interest income over the estimated life of the acquired loans using the effective yield method. |
Covered Loans | |
Covered Loans [Line Items] | |
Summary of PCI Loans by Category | Below is a summary of PCI loans by category at December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 ($ in thousands) Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Weighted- Average Risk Rating 1 Recorded Investment PCI Loans Commercial and industrial 5.65 $ 15,334 6.09 $ 2,159 Real estate loans: Commercial - investor owned 7.02 36,903 7.19 23,939 Commercial - owner occupied 6.54 18,915 7.39 9,669 Construction and land development 5.82 7,893 6.03 4,548 Residential 6.34 11,069 6.40 6,082 Total real estate loans 74,780 44,238 Consumer and other 5.10 175 2.18 4 Purchased credit impaired loans $ 90,289 $ 46,401 (1) Risk ratings are based on the borrower’s contractual obligation, which is not reflective of the purchase discount. |
Summary of Aging of Recorded Investment in Past Due PCI Loans by Portfolio Class and Category | The aging of the recorded investment in past due PCI loans by portfolio class and category at December 31, 2019 and 2018 is shown below: December 31, 2019 ($ in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ 356 $ 356 $ 14,978 $ 15,334 Real estate: Commercial - investor owned 1,250 1,340 2,590 34,313 36,903 Commercial - owner occupied — 434 434 18,481 18,915 Construction and land development — 217 217 7,676 7,893 Residential 791 992 1,783 9,286 11,069 Consumer and other — — — 175 175 Total $ 2,041 $ 3,339 $ 5,380 $ 84,909 $ 90,289 December 31, 2018 ($ in thousands) 30-89 Days Past Due 90 or More Past Due Total Past Due Current Total Commercial and industrial $ — $ — $ — $ 2,159 $ 2,159 Real estate: Commercial - investor owned 416 88 504 23,435 23,939 Commercial - owner occupied 591 6,279 6,870 2,799 9,669 Construction and land development — — — 4,548 4,548 Residential 146 37 183 5,899 6,082 Consumer and other — — — 4 4 Total $ 1,153 $ 6,404 $ 7,557 $ 38,844 $ 46,401 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2019 and December 31, 2018. Derivative Assets Derivative Liabilities December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 ($ in thousands) Notional Amount Balance Sheet Location Fair Value Notional Amount Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives Designated as Hedging Instruments Interest rate swap $ 61,962 Other Assets $ — $ — Other Assets $ — Other Liabilities $ 2,872 Other Liabilities $ — Total $ — $ — $ 2,872 $ — Derivatives not Designated as Hedging Instruments Interest rate swap $ 749,819 Other Assets $ 11,055 $ 494,567 Other Assets $ 2,217 Other Liabilities $ 11,875 Other Liabilities $ 2,217 Foreign exchange forward contracts — Other Assets — 806 Other Assets 806 Other Liabilities — Other Liabilities 806 Total $ 11,055 $ 3,023 $ 11,875 $ 3,023 The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are subject to offsetting as of December 31, 2019 and December 31, 2018. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that financial assets and liabilities are presented on the Balance Sheet. As of December 31, 2019 Gross Amounts Not Offset ($ in thousands) Gross Amounts Recognized Gross Amounts Offset Net Amounts of Assets Presented Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 11,055 $ — $ 11,055 $ 56 $ — $ 10,999 Liabilities: Interest rate swap $ 14,747 $ — $ 14,747 $ 56 $ 14,573 $ 118 Securities sold under agreements to repurchase 230,886 — 230,886 — 230,886 — As of December 31, 2018 Gross Amounts Not Offset ($ in thousands) Gross Amounts Recognized Gross Amounts Offset Net Amounts of Assets Presented Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 2,217 $ — $ 2,217 $ — $ — $ 2,217 Liabilities: Interest rate swap $ 2,217 $ — $ 2,217 $ — $ — $ 2,217 Securities sold under agreements to repurchase 221,450 — 221,450 — 221,450 — |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Fixed Assets | A summary of fixed assets at December 31, 2019 and 2018 , is as follows: December 31, ($ in thousands) 2019 2018 Land $ 14,079 $ 8,559 Buildings and leasehold improvements 54,838 32,456 Furniture, fixtures and equipment 15,178 9,850 Capitalized software 1,373 1,305 85,468 52,170 Less accumulated depreciation and amortization 25,455 20,061 Total fixed assets $ 60,013 $ 32,109 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The table below presents a summary of intangible assets: ($ in thousands) Years ended December 31, 2019 2018 Core deposit intangible, net, beginning of year $ 8,553 $ 11,056 Additions from acquisition 23,066 — Amortization (5,543 ) (2,503 ) Core deposit intangible, net, end of year $ 26,076 $ 8,553 |
Expected Amortization Schedule for the Core Deposit Intangible | The following table reflects the amortization schedule for the core deposit intangible at December 31, 2019 . Year Core Deposit Intangible ($ in thousands) 2020 $ 5,608 2021 4,814 2022 4,085 2023 3,456 2024 2,828 After 2024 5,285 $ 26,076 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Maturities of Time Deposits [Abstract] | |
Schedule of Related Party Deposits [Table Text Block] | Following is a summary of activity for the years ended December 31, 2019 , 2018 , and 2017 of loans to executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. Such loans were made in the normal course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other customers and did not involve more than the normal risk of collectibility. ($ in thousands) December 31, 2019 December 31, 2018 December 31, 2017 Balance at beginning of year $ 17,169 $ 5,349 $ 15,406 New loans and advances 1,376 13,995 1,353 Payments and other reductions (13,070 ) (2,175 ) (11,410 ) Balance at end of year $ 5,475 $ 17,169 $ 5,349 Following is a summary of activity for the year ended December 31, 2019 , for deposit accounts of executive officers and directors, or to entities in which such individuals had beneficial interests as a shareholder, officer, or director. ($ in thousands) December 31, 2019 Balance at beginning of year $ 10,457 Deposits 3,031 Withdrawals (3,725 ) Balance at end of year $ 9,763 |
Summary of Certificates of Deposit Maturities | Following is a summary of certificates of deposit maturities at December 31, 2019 : ($ in thousands) Brokered Customer Total Less than 1 year $ 165,549 $ 471,076 $ 636,625 Greater than 1 year and less than 2 years — 108,209 108,209 Greater than 2 years and less than 3 years — 13,606 13,606 Greater than 3 years and less than 4 years 25,069 8,457 33,526 Greater than 4 years and less than 5 years 25,140 3,562 28,702 Greater than 5 years — 5,779 5,779 $ 215,758 $ 610,689 $ 826,447 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subordinated Borrowings [Abstract] | |
Schedule of Subordinated Debentures | The amounts and terms of each issuance of the Company’s subordinated debentures at December 31, 2019 and 2018 were as follows: Amount Maturity Date Initial Call Date (1) Interest Rate ($ in thousands) 2019 2018 EFSC Clayco Statutory Trust I $ 3,196 $ 3,196 December 17, 2033 December 17, 2008 Floats 3MO LIBOR + 2.85% EFSC Capital Trust II 5,155 5,155 June 17, 2034 June 17, 2009 Floats 3MO LIBOR + 2.65% EFSC Statutory Trust III 11,341 11,341 December 15, 2034 December 15, 2009 Floats 3MO LIBOR + 1.97% EFSC Clayco Statutory Trust II 4,124 4,124 September 15, 2035 September 15, 2010 Floats 3MO LIBOR + 1.83% EFSC Statutory Trust IV 10,310 10,310 December 15, 2035 December 15, 2010 Floats 3MO LIBOR + 1.44% EFSC Statutory Trust V 4,124 4,124 September 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.60% EFSC Capital Trust VI 14,433 14,433 March 30, 2037 March 30, 2012 Floats 3MO LIBOR + 1.60% EFSC Capital Trust VII 4,124 4,124 December 15, 2037 December 15, 2012 Floats 3MO LIBOR + 2.25% JEFFCO Stat Trust I (2) 7,886 8,019 February 22, 2031 February 22, 2011 Fixed 10.20% JEFFCO Stat Trust II (2) 4,388 4,335 March 17, 2034 March 17, 2009 Floats 3MO LIBOR + 2.75% Trinity Capital Trust III (2) 5,206 — September 8, 2034 September 8, 2009 Floats 3MO LIBOR + 2.70% Trinity Capital Trust IV (2) 10,302 — November 23, 2035 August 23, 2010 Fixed 6.88% Trinity Capital Trust V (2) 7,543 — December 15, 2036 September 15, 2011 Floats 3MO LIBOR + 1.65% Total 92,132 69,161 Fixed-to-floating rate subordinated notes 50,000 50,000 November 1, 2026 November 1, 2021 Fixed 4.75% until Debt issuance costs (874 ) (1,005 ) Total fixed-to-floating rate subordinated notes 49,126 48,995 Total subordinated debentures and notes $ 141,258 $ 118,156 (1) Callable each quarter after initial call date. (2) Purchase accounting adjustments are reflected in the balance and also impact the effective interest rate. |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Bank, Advances [Table Text Block] | The following table summarizes the type, maturity, and rate of the Company’s FHLB advances at December 31: 2019 2018 ($ in thousands) Term Outstanding Balance Weighted Rate Outstanding Balance Weighted Rate Non-amortizing fixed advance Less than 1 year $ 170,000 1.73 % $ 70,000 2.63 % Non-amortizing fixed advance Greater than 1 year 52,406 1.62 % — — % Total FHLB advances $ 222,406 1.70 % $ 70,000 2.63 % |
Other Borrowings and Notes Pa_2
Other Borrowings and Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Term Loan In February 2019, the Company entered into a five year, $40.0 million unsecured term loan agreement (the “Term Loan”) with another bank with the proceeds primarily used to fund the company’s cash portion of the acquisition of Trinity. The interest rate is the one-month LIBOR plus 125 basis points. A summary of the Term Loan is as follows: December 31, ($ in thousands) 2019 Term Loan $ 34,286 Average balance during the year 30,810 Maximum balance outstanding at any month-end 40,000 Weighted average interest rate during the year 3.55 % Average interest rate at December 31 3.00 |
Schedule of Line of Credit Facilities [Table Text Block] | Revolving Credit Line In February 2016 , the Company entered into a senior unsecured revolving credit agreement (the “Revolving Agreement”) with another bank. The Revolving Agreement was amended in February 2020, with a one-year maturity, allowing for borrowings up to $25 million . The interest rate is the one-month LIBOR plus 125 basis points. The proceeds can be used for general corporate purposes. The Revolving Agreement is subject to ongoing compliance with a number of customary affirmative and negative covenants as well as specified financial covenants. A summary of the amounts drawn on the Revolving Agreement is as follows: December 31, ($ in thousands) 2019 2018 Outstanding balance $ — $ 2,000 Average balance during the year 323 22 Maximum balance outstanding at any month-end 2,000 2,000 Weighted average interest rate during the year 4.61 % 4.63 % Average interest rate at December 31 — 4.63 |
Other Borrowings | |
Debt Instrument [Line Items] | |
Summary of Other Borrowings | A summary of securities sold under agreements to repurchase is as follows: December 31, ($ in thousands) 2019 2018 Securities sold under agreement to repurchase $ 230,886 $ 221,450 Average balance during the year 169,179 170,963 Maximum balance outstanding at any month-end 230,886 231,450 Average interest rate during the year 0.69 % 0.41 % Average interest rate at December 31 0.91 0.49 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulated Operations [Abstract] | |
Schedule of Actual Capital Amounts and Ratios | The capital ratios are presented in the table below: December 31, 2019 December 31, 2018 EFSC Bank EFSC Bank To Be Well-Capitalized Minimum Ratio with CCB Common Equity Tier 1 Capital to Risk Weighted Assets 9.90 % 11.69 % 9.79 % 11.37 % 6.50 % 7.00 % Tier 1 Capital to Risk Weighted Assets 11.40 11.70 11.14 11.38 8.00 8.50 Total Capital to Risk Weighted Assets 12.90 12.40 13.02 12.26 10.00 10.50 Leverage Ratio (Tier 1 Capital to Average Assets) 10.05 10.31 10.29 10.52 5.00 4.00 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table summarizes share-based compensation expense: (in thousands) 2019 2018 2017 Performance stock units $ 1,699 $ 2,067 $ 2,451 Restricted stock units 1,969 1,211 898 Employee stock issuance - restricted stock — — 78 Employee stock purchase plan 364 174 — Total share-based compensation expense $ 4,032 $ 3,452 $ 3,427 |
Outstanding Long Term Incentive Awards [Table Text Block] | Information related to the outstanding grants at December 31, 2019 is shown below: ($ in thousands) 2018 - 2020 Cycle 2019 - 2021 Cycle Shares issuable at target 15,726 20,860 Maximum shares issuable 31,452 41,720 Unrecognized compensation cost $ 440 $ 705 Weighted average grant date fair value 50.19 47.46 |
Schedule of Various Information | At December 31, 2019 and 2018, the Company has reserved the following shares of its authorized but unissued common stock for possible future issuance in connection with the following: December 31, 2019 December 31, 2018 Outstanding performance units (maximum issuance) 73,172 98,279 Outstanding RSU’s 117,369 67,027 Outstanding options and appreciation rights 28,300 40,650 Future awards under 2018 Stock Incentive Plan 521,573 632,246 Future awards under Non-Management Director Plan 96,031 7,413 2018 Employee Stock Purchase Plan 694,085 735,201 Total 1,530,530 1,580,816 |
Summary of Employee Stock Option and SSARs Activity | Following is a summary of the employee stock option and SSAR activity for 2019 . ($ in thousands, except per share data) Shares Weighted Weighted Aggregate Outstanding at December 31, 2018 40,650 $ 10.14 Exercised (12,350 ) 10.14 Outstanding at December 31, 2019 28,300 $ 10.14 0.6 years $ 1,077 Exercisable at December 31, 2019 28,300 $ 10.14 0.6 years $ 1,077 |
Summary of Restricted Stock Units Activity | A summary of the status of the Company’s RSU awards as of December 31, 2019 and changes during the year then ended is presented below Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 67,027 $ 46.69 Granted 77,227 45.00 Vested (23,842 ) 45.38 Forfeited (3,043 ) 46.04 Outstanding at December 31, 2019 117,369 $ 45.86 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in accumulated other comprehensive income (loss) after-tax: (in thousands) Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities Unamortized Gain (Loss) on Held-to-Maturity Securities Net Unrealized Loss on Cash Flow Hedges Total Balance, December 31, 2016 $ (1,533 ) $ (208 ) $ — $ (1,741 ) Net change (2,089 ) 12 — (2,077 ) Balance, December 31, 2017 (3,622 ) (196 ) — (3,818 ) Net change (4,633 ) 3 — (4,630 ) Adjustment for change in accounting policies (792 ) (42 ) — (834 ) Balance, December 31, 2018 (9,047 ) (235 ) — (9,282 ) Net change 29,226 (33 ) (2,162 ) 27,031 Transfer from available-for-sale to held-to-maturity (5,202 ) 5,202 — — Balance, December 31, 2019 $ 14,977 $ 4,934 $ (2,162 ) $ 17,749 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts Reclassified from Other Comprehensive Income (Loss) (in thousands) 2019 2018 2017 Affected Line Item in the Statements of Operations Realized gain (loss) on securities available-for-sale, net $ (49 ) $ 9 $ 22 Noninterest income (expense) Loss on cash flow hedges (133 ) — — Interest income (expense) Reclassifications before tax (182 ) 9 22 Total before income tax expense Tax effect 45 (2 ) (9 ) Income tax (expense) benefit Total reclassifications, net of tax $ (137 ) $ 7 $ 13 Net income |
Stock Options and SSARs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Various Information | Various information related to the stock options and SSARs is shown below. ($ in thousands) 2019 2018 2017 Intrinsic value of option exercises on date of exercise $ 407 $ 2,469 $ 3,156 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Various Information | Various information related to the RSUs is shown below. ($ in thousands) 2019 2018 2017 Total fair value at vesting date $ 1,067 $ 1,544 $ 1,471 Total unrecognized compensation cost for nonvested stock units 3,417 2,175 837 Expected years to recognize unearned compensation 1.9 years 2.0 years 1.8 years |
Stock Plan for Non-Management Directors | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Various Information | Various information related to the Director Plan is shown below. 2019 2018 2017 Shares granted 11,382 11,750 10,531 Weighted average fair value $ 41.63 $ 50.74 $ 42.46 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ended December 31 are as follows: Year ended December 31, ($ in thousands) 2019 2018 2017 Current: Federal $ 15,470 $ 9,621 $ 15,845 State and local 2,027 2,432 1,377 Total current 17,497 12,053 17,222 Deferred: Federal 4,262 2,812 20,989 State and local 1,538 495 116 Total deferred 5,800 3,307 21,105 Total income tax expense $ 23,297 $ 15,360 $ 38,327 |
Schedule of Income Tax Rate Reconciliation | A reconciliation of expected income tax expense, computed by applying the statutory federal income tax rate in 2019 , 2018 , and 2017 to income before income taxes and the amounts reflected in the consolidated statements of operations is as follows: Year ended December 31, ($ in thousands) 2019 2018 2017 Income tax expense at statutory rate $ 24,368 $ 21,961 $ 30,281 Increase (reduction) in income tax resulting from: Tax-exempt income, net (962 ) (506 ) (961 ) State and local income taxes, net 2,816 2,423 1,676 Bank-owned life insurance, net (628 ) (452 ) (715 ) Non-deductible expenses 749 294 407 Change in estimated rate for deferred taxes — — 12,117 Tax benefits of LIHTC investments, net (278 ) (50 ) (257 ) Excess tax benefits (526 ) (1,631 ) (2,141 ) Federal tax credits (913 ) (4,627 ) (1,701 ) Subsidiary dividend timing election — (2,728 ) — Non-taxable donation to charitable foundation (420 ) — — Other, net (909 ) 676 (379 ) Total income tax expense $ 23,297 $ 15,360 $ 38,327 |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effect of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities is as follows: Year ended December 31, ($ in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses $ 10,692 $ 10,742 Acquired loans 9,722 3,677 Other real estate 657 81 Deferred compensation 2,462 2,480 Intangible assets — 989 Accrued compensation 1,607 1,130 Unrealized losses on securities — 3,019 Net operating losses and tax credits 7,066 — Other deferred tax assets 791 1,786 Total deferred tax assets 32,997 23,904 Deferred tax liabilities: Unrealized gains on securities 5,847 — Intangible assets 7,432 2,112 Other deferred tax liabilities 2,407 1,068 Total deferred tax liabilities 15,686 3,180 Net deferred tax asset before valuation allowance 17,311 20,724 Less: valuation allowance 2,932 — Net deferred tax asset $ 14,379 $ 20,724 Deferred tax rate 24.7 % 24.7 % |
Schedule of Unrecognized Tax Benefits | The activity in the gross liability for unrecognized tax benefits was as follows: ($ in thousands) 2019 2018 2017 Balance at beginning of year $ 1,301 $ 1,244 $ 1,180 Additions based on tax positions related to the current year 401 367 331 Additions for tax positions of prior years 62 50 41 Settlements or lapse of statute of limitations (267 ) (360 ) (308 ) Balance at end of year $ 1,497 $ 1,301 $ 1,244 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The contractual amounts of off-balance-sheet financial instruments as of December 31, 2019 , and December 31, 2018 , are as follows: (in thousands) December 31, 2019 December 31, 2018 Commitments to extend credit $ 1,469,413 $ 1,344,687 Letters of credit 47,969 44,665 State tax credits 28,035 37,473 Low-income housing tax credits 704 4,299 SBICs 20,829 20,402 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table summarizes financial instruments measured at fair value on a recurring basis as of December 31, 2019 and 2018 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. December 31, 2019 ($ in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available-for-sale Obligations of U.S. Government-sponsored enterprises $ — $ 10,046 $ — $ 10,046 Obligations of states and political subdivisions — 213,024 — 213,024 Residential mortgage-backed securities — 902,021 — 902,021 U.S. Treasury Bills — 10,226 — 10,226 Total securities available-for-sale — 1,135,317 — 1,135,317 Derivative financial instruments — 11,055 — 11,055 Total assets $ — $ 1,146,372 $ — $ 1,146,372 Liabilities Derivative financial instruments $ — $ 14,747 $ — $ 14,747 Total liabilities $ — $ 14,747 $ — $ 14,747 December 31, 2018 ($ in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Assets Securities available-for-sale Obligations of U.S. Government-sponsored enterprises $ — $ 98,498 $ — $ 98,498 Obligations of states and political subdivisions — 26,810 — 26,810 Residential mortgage-backed securities — 586,136 — 586,136 U.S. Treasury Bills — 9,925 — 9,925 Total securities available-for-sale — 721,369 — 721,369 Other investments 121 — — 121 Derivative financial instruments — 3,023 — 3,023 Total assets $ 121 $ 724,392 $ — $ 724,513 Liabilities Derivative financial instruments $ — $ 3,023 $ — $ 3,023 Total liabilities $ — $ 3,023 $ — $ 3,023 |
Schedule of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis | D |
Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis | The following table presents financial instruments and non-financial assets measured at fair value on a non-recurring basis as of December 31, 2019 and 2018 . December 31, 2019 (1) (1) (1) (1) ($ in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Total losses for the year ended Impaired loans $ 2,506 $ — $ — $ 2,506 $ 2,687 Other real estate 4,944 — — 4,944 — Total $ 7,450 $ — $ — $ 7,450 $ 2,687 December 31, 2018 (1) (1) (1) (1) ($ in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant (Level 3) Total losses for the year ended Impaired loans $ 1,958 $ — $ — $ 1,958 $ 815 Total $ 1,958 $ — $ — $ 1,958 $ 815 (1) The amounts represent balances measured at fair value during the period and still held as of the reporting date. |
Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets | Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at December 31, 2019 and 2018 . This summary excludes certain financial assets and liabilities for which carrying value approximates fair value and financial instruments that are recorded at fair value on a recurring basis disclosed above. Financial instruments for which carrying values approximate fair value include cash and due from banks, federal funds sold, interest bearing deposits, accrued interest receivable/payable, demand, savings and money market deposits. December 31, 2019 December 31, 2018 ($ in thousands) Carrying Amount Estimated fair value Level Carrying Amount Estimated fair value Level Balance sheet assets Securities held-to-maturity $ 181,166 $ 181,939 Level 2 $ 65,679 $ 63,934 Level 2 Other investments 38,044 38,044 Level 2 26,654 26,654 Level 2 Loans held for sale 5,570 5,570 Level 2 392 392 Level 2 Loans, net 5,271,049 5,205,651 Level 3 4,306,525 4,253,239 Level 3 State tax credits, held for sale 36,802 39,046 Level 3 37,587 39,169 Level 3 Balance sheet liabilities Certificates of deposit $ 826,447 $ 825,203 Level 3 $ 684,429 $ 679,491 Level 3 Subordinated debentures and notes 141,258 130,985 Level 2 118,156 106,316 Level 2 FHLB advances 222,406 221,402 Level 2 70,000 70,000 Level 2 Other borrowings 265,172 265,172 Level 2 223,450 223,260 Level 2 |
Schedule of Estimated Fair Values of Financial Instruments Not Recorded at Fair Value on Balance Sheet |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31, ($ in thousands) 2019 2018 Assets Cash $ 21,955 $ 6,369 Investment in Bank 977,959 681,742 Investment in nonbank subsidiaries 9,795 7,312 Other assets 37,905 30,287 Total assets $ 1,047,614 $ 725,710 Liabilities and Shareholders’ Equity Subordinated debentures and notes $ 141,258 $ 118,156 Notes payable 34,286 2,000 Accounts payable and other liabilities 4,885 1,750 Shareholders' equity 867,185 603,804 Total liabilities and shareholders' equity $ 1,047,614 $ 725,710 |
Condensed Statements of Operations | Condensed Statements of Operations Year ended December 31, ($ in thousands) 2019 2018 2017 Income: Dividends from Bank $ 60,000 $ 30,000 $ 20,000 Dividends from nonbank subsidiaries 1,500 1,200 — Other 663 1,784 708 Total income 62,163 32,984 20,708 Expenses: Interest expense-subordinated debentures and notes 7,507 5,798 5,094 Interest expense-notes payable 1,182 62 89 Other expenses 6,936 7,087 5,486 Total expenses 15,625 12,947 10,669 Income before taxes and equity in undistributed earnings of subsidiaries 46,538 20,037 10,039 Income tax benefit 3,478 3,482 3,098 Net income before equity in undistributed earnings of subsidiaries 50,016 23,519 13,137 Equity in undistributed earnings of subsidiaries 42,723 65,698 35,053 Net income and comprehensive income $ 92,739 $ 89,217 $ 48,190 |
Condensed Statements of Cash Flow | Condensed Statements of Cash Flows Year ended December 31, ($ in thousands) 2019 2018 2017 Cash flows from operating activities: Net income $ 92,739 $ 89,217 $ 48,190 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Share-based compensation 4,032 3,452 3,427 Net income of subsidiaries (104,223 ) (94,898 ) (55,053 ) Dividends from subsidiaries 61,500 31,200 20,000 Other, net (1,063 ) (953 ) (1,806 ) Net cash provided by operating activities 52,985 28,018 14,758 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired (36,015 ) — (25,187 ) Purchases of other investments (2,634 ) (2,729 ) (3,679 ) Proceeds from distributions on other investments 1,271 1,911 1,634 Net cash used by investing activities (37,378 ) (818 ) (27,232 ) Cash flows from financing activities: Proceeds from notes payable 1,000 2,000 10,000 Repayments of notes payable (3,000 ) — (10,000 ) Proceeds from issuance of long-term debt 40,000 — — Repayment of long-term debt (5,714 ) — — Cash dividends paid (16,569 ) (10,845 ) (10,249 ) Payments for the repurchase of common stock (15,526 ) (19,387 ) (16,636 ) Payments for the issuance of equity instruments, net (212 ) (2,576 ) (2,909 ) Net cash used by financing activities (21 ) (30,808 ) (29,794 ) Net increase (decrease) in cash and cash equivalents 15,586 (3,608 ) (42,268 ) Cash and cash equivalents, beginning of year 6,369 9,977 52,245 Cash and cash equivalents, end of year $ 21,955 $ 6,369 $ 9,977 Supplemental disclosures of cash flow information: Noncash transactions: Common shares issued in connection with acquisitions $ 171,885 $ — $ 141,729 |
Quarterly Condensed Financial_2
Quarterly Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table presents unaudited quarterly financial information for the periods indicated: 2019 ($ in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Interest income $ 77,238 $ 81,078 $ 79,201 $ 67,617 Interest expense 15,625 18,032 17,486 15,274 Net interest income 61,613 63,046 61,715 52,343 Provision for portfolio loan losses 1,341 1,833 1,722 1,476 Net interest income after provision for loan losses 60,272 61,213 59,993 50,867 Noninterest income 14,418 13,564 11,964 9,230 Noninterest expense 38,354 38,239 49,054 39,838 Income before income tax expense 36,336 36,538 22,903 20,259 Income tax expense 7,246 7,469 4,479 4,103 Net income $ 29,090 $ 29,069 $ 18,424 $ 16,156 Earnings per common share: Basic $ 1.10 $ 1.09 $ 0.69 $ 0.68 Diluted 1.09 1.08 0.68 0.67 2018 ($ in thousands, except per share data) 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Interest income $ 64,002 $ 60,757 $ 57,879 $ 55,164 Interest expense 13,409 12,664 10,831 8,993 Net interest income 50,593 48,093 47,048 46,171 Provision for portfolio loan losses 2,120 2,263 390 1,871 Net interest income after provision for loan losses 48,473 45,830 46,658 44,300 Noninterest income 10,702 8,410 9,693 9,542 Noninterest expense 30,747 29,922 29,219 29,143 Income before income tax expense 28,428 24,318 27,132 24,699 Income tax expense 4,899 1,802 4,881 3,778 Net income $ 23,529 $ 22,516 $ 22,251 $ 20,921 Earnings per common share: Basic $ 1.02 $ 0.97 $ 0.96 $ 0.91 Diluted 1.02 0.97 0.95 0.90 |
Leases Lease Cost (Tables)
Leases Lease Cost (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |
Assets And Liabilities, Lessee [Table Text Block] | Supplemental balance sheet information related to leases was as follows: As of ($ in thousands) December 31, 2019 Operating lease right-of-use assets, included in other assets $ 14,843 Operating lease liabilities, included in other liabilities 15,461 Operating leases Weighted average remaining lease term 6 years Weighted average discount rate 2.7 % |
Lease, Cost [Table Text Block] | For the twelve months ended ($ in thousands) December 31, 2019 Operating lease cost $ 3,301 Short-term lease cost 288 Total lease cost $ 3,589 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of operating lease liabilities were as follows: ($ in thousands) Year Amount 2020 $ 3,054 2021 3,097 2022 2,734 2023 2,527 2024 2,146 Thereafter 3,203 Total operating lease liabilities, payments 16,761 Less: present value adjustment 1,300 Operating lease liabilities $ 15,461 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 14,843 | $ 15,500 | ||
Number of reportable segments | segment | 1 | |||
Required reserves on deposits maintained | $ 9,700 | $ 15,100 | ||
Minimum period of consecutive contractual payments to no longer be considered in nonaccrual status | 6 months | |||
Finite-lived intangible assets useful life | 10 years | |||
Operating Lease, Liability | $ 15,461 | $ 16,200 | ||
Furniture, Fixtures and Equipment [Member] | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment useful life | 3 years | |||
Furniture, Fixtures and Equipment [Member] | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment useful life | 10 years | |||
Building and Leasehold Improvements [Member] | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment useful life | 10 years | |||
Building and Leasehold Improvements [Member] | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment useful life | 40 years | |||
Software [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment useful life | 3 years | |||
Core Deposits [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finite-lived intangible assets useful life | 10 years | 10 years | ||
State and Local Jurisdiction [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Right to receive state tax credit at agreed upon rates | 10 years |
Acquisitions & Divestitures - N
Acquisitions & Divestitures - Narrative (Details) | Mar. 08, 2019USD ($)office$ / sharesshares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Mar. 07, 2019$ / shares | Feb. 10, 2017USD ($)sharesbranch$ / shares |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash, Cash Equivalents, and Federal Funds Sold | $ 167,256,000 | $ 196,552,000 | ||||
Number of operating JCB branches | branch | 13 | |||||
Total shares awarded to JCB shareholders | shares | 3,300,000 | |||||
Sale of Stock, Consideration Received Per Transaction | $ / shares | $ 85.39 | |||||
EFSC common stock offered per share of JCB common stock | shares | 2.75 | |||||
Total cash paid to JCB shareholders and holders of JCB stock options | $ 29,300,000 | |||||
EFSC Closing Stock Price | 42.95 | |||||
Transaction value including JCB's common stock and stock options | $ 171,000,000 | |||||
Business Combination, Acquisition Related Costs | $ 6,500,000 | |||||
Interest-earning deposits greater than 90 days | 3,730,000 | 3,185,000 | ||||
Securities available-for-sale | 1,135,317,000 | 721,369,000 | ||||
Loans and Leases Receivable, Net Amount | 5,271,049,000 | 4,306,525,000 | ||||
Fixed assets, net | 60,013,000 | 32,109,000 | ||||
Intangible assets, net | 26,076,000 | 8,553,000 | ||||
Deposits | 5,771,023,000 | 4,587,985,000 | ||||
Subordinated debentures and notes | 141,258,000 | 118,156,000 | ||||
Other liabilities | 66,747,000 | 42,267,000 | ||||
Goodwill | 210,344,000 | 117,345,000 | ||||
As Recorded by Acquiree [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash, Cash Equivalents, and Federal Funds Sold | $ 13,899,000 | |||||
Interest-earning deposits greater than 90 days | 100,000 | |||||
Securities available-for-sale | 428,715,000 | |||||
Loans and Leases Receivable, Net Amount | 705,057,000 | |||||
Other Real Estate | 5,284,000 | |||||
Other Investments | 6,673,000 | |||||
Fixed assets, net | 27,586,000 | |||||
Accrued interest receivable | 3,997,000 | |||||
Intangible assets, net | 0 | |||||
Deferred Tax Assets, State Taxes | 10,708,000 | |||||
Other assets | 35,045,000 | |||||
Total assets acquired | 1,237,064,000 | |||||
Deposits | 1,081,151,000 | |||||
Subordinated debentures and notes | 26,806,000 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 6,800,000 | |||||
Accrued interest payable | 370,000 | |||||
Other liabilities | 5,842,000 | |||||
Total Liabilities Assumed | 1,120,969,000 | |||||
Net assets acquired (assumed) | 116,095,000 | |||||
Adjustments associated with acquisition [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash, Cash Equivalents, and Federal Funds Sold | 0 | |||||
Interest-earning deposits greater than 90 days | 0 | |||||
Securities available-for-sale | (619,000) | |||||
Loans and Leases Receivable, Net Amount | (20,743,000) | |||||
Other Real Estate | (2,059,000) | |||||
Other Investments | 0 | |||||
Fixed assets, net | (300,000) | |||||
Accrued interest receivable | 0 | |||||
Intangible assets, net | 23,066,000 | |||||
Deferred Tax Assets, State Taxes | (2,386,000) | |||||
Other assets | (1,484,000) | |||||
Total assets acquired | (4,525,000) | |||||
Deposits | 36,000 | |||||
Subordinated debentures and notes | (3,972,000) | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 171,000 | |||||
Accrued interest payable | 0 | |||||
Other liabilities | (827,000) | |||||
Total Liabilities Assumed | (4,592,000) | |||||
Net assets acquired (assumed) | $ 67,000 | |||||
Trinity Capital Corporation [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Banking Offices | office | 6 | |||||
Business Acquisition, Share Price | $ / shares | $ 1.84 | |||||
Business Acquisition, Equity Interest Issued or Issuable Per Acquired Share | 0.1972 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 4,000,000 | |||||
Payments to Acquire Businesses, Gross | $ 37,275,000 | |||||
Share Price | $ / shares | $ 43.07 | |||||
Business Combination, Consideration Transferred | 209,160,000 | |||||
Business Acquisition, Transaction Costs | 18,000,000 | 1,300,000 | ||||
Goodwill, Acquired During Period | 93,000,000 | |||||
Cash, Cash Equivalents, and Federal Funds Sold | 13,899,000 | |||||
Business Acquisition, Pro Forma Revenue | 296,677,000 | 286,076,000 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 107,626,000 | $ 85,579,000 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 4.11 | $ 3.14 | ||||
Interest-earning deposits greater than 90 days | 100,000 | |||||
Securities available-for-sale | 428,096,000 | |||||
Loans and Leases Receivable, Net Amount | 684,314,000 | |||||
Other Real Estate | 3,225,000 | |||||
Other Investments | 6,673,000 | |||||
Fixed assets, net | 27,286,000 | |||||
Accrued interest receivable | 3,997,000 | |||||
Intangible assets, net | 23,066,000 | |||||
Deferred Tax Assets, State Taxes | 8,322,000 | |||||
Other assets | 33,561,000 | |||||
Total assets acquired | 1,232,539,000 | |||||
Deposits | 1,081,187,000 | |||||
Subordinated debentures and notes | 22,834,000 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 6,971,000 | |||||
Accrued interest payable | 370,000 | |||||
Other liabilities | 5,015,000 | |||||
Total Liabilities Assumed | 1,116,377,000 | |||||
Net assets acquired (assumed) | 116,162,000 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 171,885,000 | |||||
Goodwill | $ 92,998,000 | |||||
Core Deposits [Member] | Trinity Capital Corporation [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Acquisitions & Divestitures - S
Acquisitions & Divestitures - Summary of Balance Sheet Amounts Relative to Branches Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 08, 2019 | Feb. 10, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash, Cash Equivalents, and Federal Funds Sold | $ 167,256 | $ 196,552 | $ 167,256 | $ 196,552 | |||||||||
Loans and Leases Receivable, Net Amount | 5,271,049 | 4,306,525 | 5,271,049 | 4,306,525 | |||||||||
Fixed assets, net | 60,013 | 32,109 | 60,013 | 32,109 | |||||||||
Goodwill | 210,344 | 117,345 | 210,344 | 117,345 | |||||||||
Intangible assets, net | 26,076 | 8,553 | 26,076 | 8,553 | |||||||||
Deposits | 5,771,023 | 4,587,985 | 5,771,023 | 4,587,985 | |||||||||
Other borrowings | 230,886 | 221,450 | 230,886 | 221,450 | |||||||||
Investments trust preferred securities | 2,900 | 2,900 | |||||||||||
Other liabilities | 66,747 | 42,267 | 66,747 | 42,267 | |||||||||
Total cash paid to JCB shareholders and holders of JCB stock options | $ 29,300 | ||||||||||||
Net income | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | $ 23,529 | $ 22,516 | $ 22,251 | $ 20,921 | $ 92,739 | $ 89,217 | $ 48,190 | ||
Transaction value including JCB's common stock and stock options | $ 171,000 | ||||||||||||
Adjustments associated with acquisition [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash, Cash Equivalents, and Federal Funds Sold | $ 0 | ||||||||||||
Loans and Leases Receivable, Net Amount | (20,743) | ||||||||||||
Other Real Estate | (2,059) | ||||||||||||
Other Investments | 0 | ||||||||||||
Fixed assets, net | (300) | ||||||||||||
Accrued interest receivable | 0 | ||||||||||||
Intangible assets, net | 23,066 | ||||||||||||
Deferred Tax Assets, State Taxes | (2,386) | ||||||||||||
Other assets | (1,484) | ||||||||||||
Total assets acquired | (4,525) | ||||||||||||
Deposits | 36 | ||||||||||||
Accrued interest payable | 0 | ||||||||||||
Other liabilities | (827) | ||||||||||||
Total Liabilities Assumed | (4,592) | ||||||||||||
Net assets acquired (assumed) | $ 67 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||||||||||
Net income as reported | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | $ 23,529 | $ 22,516 | $ 22,251 | $ 20,921 | $ 92,739 | $ 89,217 | $ 48,190 |
Impact of assumed conversions | |||||||||||
Weighted average common shares outstanding (in shares) | 26,045,000 | 23,100,000 | 22,953,000 | ||||||||
Additional dilutive common stock equivalents (in shares) | 114,000 | 189,000 | 296,000 | ||||||||
Weighted average diluted common shares outstanding (in shares) | 26,159,000 | 23,289,000 | 23,249,000 | ||||||||
Basic earnings per common share (in dollars per share) | $ 1.10 | $ 1.09 | $ 0.69 | $ 0.68 | $ 1.02 | $ 0.97 | $ 0.96 | $ 0.91 | $ 3.56 | $ 3.86 | $ 2.10 |
Diluted earnings per common share (in dollars per share) | $ 1.09 | $ 1.08 | $ 0.68 | $ 0.67 | $ 1.02 | $ 0.97 | $ 0.95 | $ 0.90 | $ 3.55 | $ 3.83 | $ 2.07 |
Common stock equivalents excluded from earnings per share calculations due to anti-dilutive effect (in shares) | 21,000 | 0 | 0 | ||||||||
Convertible Debt Securities | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage [Abstract] | |||||||||||
Convertible trust preferred securities, interest rate, stated percentage | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 181,166 | $ 65,679 |
Gross Unrealized Gains | 973 | 16 |
Gross Unrealized Losses | (200) | (1,761) |
Fair Value | 181,939 | 63,934 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,115,323 | 733,279 |
Gross Unrealized Gains | 21,548 | 1,487 |
Gross Unrealized Losses | (1,554) | (13,397) |
Fair Value | 1,135,317 | 721,369 |
Corporate Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 123,116 | |
Gross Unrealized Gains | 128 | |
Gross Unrealized Losses | (200) | |
Fair Value | 123,044 | |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,954 | 99,926 |
Gross Unrealized Gains | 92 | 0 |
Gross Unrealized Losses | 0 | (1,428) |
Fair Value | 10,046 | 98,498 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 11,704 | 12,506 |
Gross Unrealized Gains | 170 | 16 |
Gross Unrealized Losses | 0 | (114) |
Fair Value | 11,874 | 12,408 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 207,269 | 26,566 |
Gross Unrealized Gains | 6,118 | 327 |
Gross Unrealized Losses | (363) | (83) |
Fair Value | 213,024 | 26,810 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 46,346 | 53,173 |
Gross Unrealized Gains | 675 | 0 |
Gross Unrealized Losses | 0 | (1,647) |
Fair Value | 47,021 | 51,526 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 888,129 | 596,825 |
Gross Unrealized Gains | 15,083 | 1,160 |
Gross Unrealized Losses | (1,191) | (11,849) |
Fair Value | 902,021 | 586,136 |
US Treasury Bill Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,971 | 9,962 |
Gross Unrealized Gains | 255 | 0 |
Gross Unrealized Losses | 0 | (37) |
Fair Value | $ 10,226 | $ 9,925 |
Investments - Investments Class
Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 959 | |
Due after one year through five years | 26,825 | |
Due after five years through ten years | 8,646 | |
Due after ten years | 190,764 | |
Agency mortgage-backed securities | 888,129 | |
Amortized Cost | 1,115,323 | $ 733,279 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 978 | |
Due after one year through five years | 27,355 | |
Due after five years through ten years | 8,945 | |
Due after ten years | 196,018 | |
Agency mortgage-backed securities | 902,021 | |
Securities available-for-sale | 1,135,317 | 721,369 |
Held to maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 4,167 | |
Due after five years through ten years | 130,653 | |
Due after ten years | 0 | |
Agency mortgage-backed securities | 46,346 | |
Amortized Cost | 181,166 | 65,679 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 4,234 | |
Due after five years through ten years | 130,684 | |
Due after ten years | 0 | |
Agency mortgage-backed securities | 47,021 | |
Held to maturity, fair value | $ 181,939 | $ 63,934 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 255,984 | $ 110,081 |
Less than 12 months, unrealized losses | 1,319 | (2,548) |
12 months or more, fair value | 41,491 | 492,727 |
12 months or more, unrealized losses | 435 | (12,610) |
Total, fair value | 297,475 | 602,808 |
Total, unrealized losses | 1,754 | (15,158) |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 19,622 | |
Less than 12 months, unrealized losses | 322 | |
12 months or more, fair value | 78,876 | |
12 months or more, unrealized losses | 1,106 | |
Total, fair value | 98,498 | |
Total, unrealized losses | 1,428 | |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 56,327 | 3,102 |
Less than 12 months, unrealized losses | 363 | 15 |
12 months or more, fair value | 0 | 14,156 |
12 months or more, unrealized losses | 0 | 182 |
Total, fair value | 56,327 | 17,258 |
Total, unrealized losses | 363 | 197 |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 131,693 | 87,357 |
Less than 12 months, unrealized losses | 756 | 2,211 |
12 months or more, fair value | 41,491 | 389,770 |
12 months or more, unrealized losses | 435 | 11,285 |
Total, fair value | 173,184 | 477,127 |
Total, unrealized losses | 1,191 | 13,496 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 67,964 | |
Less than 12 months, unrealized losses | 200 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized losses | 0 | |
Total, fair value | 67,964 | |
Total, unrealized losses | $ 200 | |
US Treasury Bill Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | |
Less than 12 months, unrealized losses | 0 | |
12 months or more, fair value | 9,925 | |
12 months or more, unrealized losses | 37 | |
Total, fair value | 9,925 | |
Total, unrealized losses | $ 37 |
Investments - Schedule of Reali
Investments - Schedule of Realized Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains realized | $ 400 | $ 9 | $ 22 |
Gross losses realized | (449) | 0 | 0 |
Proceeds from sales | $ 357,976 | $ 1,451 | $ 144,076 |
Investments - Narrative (Detail
Investments - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)number_of_securities | Dec. 31, 2018USD ($)number_of_securities | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 1,115,323 | $ 733,279 |
Other investments | $ 38,044 | $ 26,654 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | number_of_securities | 73 | 131 |
Fair Value | $ 1,135,317 | $ 721,369 |
accumulated other comprehensive income loss available for sale securities adjustment pre tax | 6,900 | |
Gross Unrealized Gains | $ 21,548 | 1,487 |
Maximum percentage of shareholders' equity security holdings held of one issuer | 10.00% | |
Available-for-sale securities pledged as collateral, fair value | $ 484,800 | 433,700 |
Mortgage-backed securities, weighted average life | 4 years | |
Des Moines | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other investments | $ 15,700 | $ 9,200 |
Reclassified to Held to Maturity [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 116,300 | |
Fair Value | 123,200 | |
Gross Unrealized Gains | $ 6,800 |
Portfolio Loans - Summary of Po
Portfolio Loans - Summary of Portfolio Loans by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, including unearned loan fees | $ 5,314,337 | $ 4,350,001 |
Non-Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 5,226,664 | 4,305,626 |
Unearned loan fees, net | (2,616) | (2,026) |
Loans, including unearned loan fees | 5,224,048 | 4,303,600 |
Non-Covered Loans | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 2,345,823 | 2,121,008 |
Non-Covered Loans | CRE - investor owned | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 1,262,981 | 843,728 |
Non-Covered Loans | CRE - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 678,522 | 604,498 |
Non-Covered Loans | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 449,380 | 330,097 |
Non-Covered Loans | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 355,192 | 298,944 |
Non-Covered Loans | Total real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 2,746,075 | 2,077,267 |
Non-Covered Loans | Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 134,766 | 107,351 |
Loans, including unearned loan fees | $ 132,150 | $ 105,325 |
Portfolio Loans - Summary of Lo
Portfolio Loans - Summary of Loans to Executive Officers and Directors (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Balance at beginning of year | $ 17,169 | $ 5,349 | $ 15,406 |
New loans and advances | 1,376 | 13,995 | 1,353 |
Payments and other reductions | (13,070) | (2,175) | (11,410) |
Balance at end of year | $ 5,475 | $ 17,169 | $ 5,349 |
Portfolio Loans - Summary of Al
Portfolio Loans - Summary of Allowance for Loan Losses by Portfolio Class and Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan Losses [Roll Forward] | |||
Balance, beginning of year | $ 42,295 | $ 38,166 | $ 37,565 |
Provision for loan losses | 6,682 | 9,813 | 10,764 |
Charge-offs | (8,594) | (7,976) | (11,507) |
Recoveries | 2,184 | 2,292 | 1,344 |
Balance, end of year | 42,567 | 42,295 | 38,166 |
Commercial and industrial | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance, beginning of year | 29,039 | 26,406 | 26,996 |
Provision for loan losses | 4,801 | 8,394 | 8,737 |
Charge-offs | (6,882) | (6,894) | (9,872) |
Recoveries | 338 | 1,133 | 545 |
Balance, end of year | 27,296 | 29,039 | 26,406 |
CRE - investor owned | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance, beginning of year | 4,683 | 3,890 | 3,420 |
Provision for loan losses | 1,708 | 709 | 456 |
Charge-offs | (551) | 0 | (117) |
Recoveries | 95 | 84 | 131 |
Balance, end of year | 5,935 | 4,683 | 3,890 |
CRE - owner occupied | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance, beginning of year | 4,239 | 3,308 | 2,890 |
Provision for loan losses | 673 | 1,216 | 404 |
Charge-offs | (58) | (313) | (90) |
Recoveries | 19 | 28 | 104 |
Balance, end of year | 4,873 | 4,239 | 3,308 |
Construction and land development | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance, beginning of year | 1,987 | 1,487 | 1,304 |
Provision for loan losses | (237) | 97 | 336 |
Charge-offs | (54) | (56) | (254) |
Recoveries | 776 | 459 | 101 |
Balance, end of year | 2,472 | 1,987 | 1,487 |
Residential real estate | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance, beginning of year | 1,616 | 2,237 | 2,023 |
Provision for loan losses | (330) | (583) | 797 |
Charge-offs | (667) | (546) | (973) |
Recoveries | 661 | 508 | 390 |
Balance, end of year | 1,280 | 1,616 | 2,237 |
Consumer and other | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance, beginning of year | 731 | 838 | 932 |
Provision for loan losses | 67 | (20) | 34 |
Charge-offs | (382) | (167) | (201) |
Recoveries | 295 | 80 | 73 |
Balance, end of year | $ 711 | $ 731 | $ 838 |
Portfolio Loans - Summary of Re
Portfolio Loans - Summary of Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Loans - Ending balance: | ||||
Loans, including unearned loan fees | $ 5,314,337 | $ 4,350,001 | ||
Non-Covered Loans | ||||
Balance December 31, 2019 | ||||
Individually evaluated for impairment | 2,567 | 4,453 | ||
Collectively evaluated for impairment | 40,000 | 37,842 | ||
Total | 42,567 | 42,295 | $ 38,166 | $ 37,565 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 27,585 | 18,071 | ||
Collectively evaluated for impairment | 5,196,463 | 4,285,529 | ||
Loans, including unearned loan fees | 5,224,048 | 4,303,600 | ||
Total | 5,226,664 | 4,305,626 | ||
Non-Covered Loans | Commercial and industrial | ||||
Balance December 31, 2019 | ||||
Individually evaluated for impairment | 2,286 | 4,266 | ||
Collectively evaluated for impairment | 25,010 | 24,773 | ||
Total | 27,296 | 29,039 | 26,406 | 26,996 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 22,578 | 12,950 | ||
Collectively evaluated for impairment | 2,323,245 | 2,108,058 | ||
Total | 2,345,823 | 2,121,008 | ||
Non-Covered Loans | CRE - investor owned | ||||
Balance December 31, 2019 | ||||
Individually evaluated for impairment | 247 | 0 | ||
Collectively evaluated for impairment | 5,688 | 4,683 | ||
Total | 5,935 | 4,683 | 3,890 | 3,420 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 2,303 | 398 | ||
Collectively evaluated for impairment | 1,260,678 | 843,330 | ||
Total | 1,262,981 | 843,728 | ||
Non-Covered Loans | CRE - owner occupied | ||||
Balance December 31, 2019 | ||||
Individually evaluated for impairment | 0 | 109 | ||
Collectively evaluated for impairment | 4,873 | 4,130 | ||
Total | 4,873 | 4,239 | 3,308 | 2,890 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 1,373 | 2,135 | ||
Collectively evaluated for impairment | 677,149 | 602,363 | ||
Total | 678,522 | 604,498 | ||
Non-Covered Loans | Construction and land development | ||||
Balance December 31, 2019 | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 2,472 | 1,987 | ||
Total | 2,472 | 1,987 | 1,487 | 1,304 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 449,380 | 330,097 | ||
Total | 449,380 | 330,097 | ||
Non-Covered Loans | Residential real estate | ||||
Balance December 31, 2019 | ||||
Individually evaluated for impairment | 33 | 52 | ||
Collectively evaluated for impairment | 1,247 | 1,564 | ||
Total | 1,280 | 1,616 | 2,237 | 2,023 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 1,330 | 2,277 | ||
Collectively evaluated for impairment | 353,862 | 296,667 | ||
Total | 355,192 | 298,944 | ||
Non-Covered Loans | Consumer and other | ||||
Balance December 31, 2019 | ||||
Individually evaluated for impairment | 1 | 26 | ||
Collectively evaluated for impairment | 710 | 705 | ||
Total | 711 | 731 | $ 838 | $ 932 |
Loans - Ending balance: | ||||
Individually evaluated for impairment | 1 | 311 | ||
Collectively evaluated for impairment | 132,149 | 105,014 | ||
Loans, including unearned loan fees | 132,150 | 105,325 | ||
Total | $ 134,766 | $ 107,351 |
Portfolio Loans - Summary of _2
Portfolio Loans - Summary of Portfolio Loans Individually Evaluated for Impairment by Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 40,913 | $ 26,047 | |
Recorded Investment With No Allowance | 9,798 | 5,823 | |
Recorded Investment With Allowance | 16,627 | 10,922 | |
Total Recorded Investment | 26,425 | 16,745 | |
Related Allowance | 2,567 | 4,453 | |
Average Recorded Investment | 29,540 | 15,573 | $ 19,722 |
Commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 36,223 | 21,893 | |
Recorded Investment With No Allowance | 7,654 | 3,294 | |
Recorded Investment With Allowance | 14,924 | 9,656 | |
Total Recorded Investment | 22,578 | 12,950 | |
Related Allowance | 2,286 | 4,266 | |
Average Recorded Investment | 25,423 | 13,827 | |
CRE - investor owned | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 2,988 | 553 | |
Recorded Investment With No Allowance | 811 | 398 | |
Recorded Investment With Allowance | 1,492 | 0 | |
Total Recorded Investment | 2,303 | 398 | |
Related Allowance | 247 | 0 | |
Average Recorded Investment | 2,457 | 277 | |
CRE - owner occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 237 | 847 | |
Recorded Investment With No Allowance | 213 | 472 | |
Recorded Investment With Allowance | 0 | 336 | |
Total Recorded Investment | 213 | 808 | |
Related Allowance | 0 | 109 | |
Average Recorded Investment | 231 | 691 | |
Construction and land development | |||
Financing Receivable, Impaired [Line Items] | |||
Related Allowance | 0 | 0 | |
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,464 | 2,425 | |
Recorded Investment With No Allowance | 1,120 | 1,659 | |
Recorded Investment With Allowance | 210 | 618 | |
Total Recorded Investment | 1,330 | 2,277 | |
Related Allowance | 33 | 52 | |
Average Recorded Investment | 1,428 | 778 | |
Consumer and other | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1 | 329 | |
Recorded Investment With No Allowance | 0 | 0 | |
Recorded Investment With Allowance | 1 | 312 | |
Total Recorded Investment | 1 | 312 | |
Related Allowance | 1 | 26 | |
Average Recorded Investment | $ 1 | $ 0 |
Portfolio Loans - Summary of Pa
Portfolio Loans - Summary of Past Due and Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Total interest income that would have been recognized under original terms on impaired loans | $ 1,137 | $ 2,153 | $ 1,324 |
Total cash received and recognized as interest income on impaired loans | 307 | 284 | 643 |
Total interest income recognized on impaired loans still accruing | 116 | 149 | 63 |
Non-Covered Loans | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 29,540 | $ 15,573 | $ 19,722 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) $ in Millions | Dec. 31, 2019USD ($) |
Unadvanced Commitment on Impaired Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Estimated losses attributable to unadvanced commitments on impaired loans | $ 0.4 |
Portfolio Loans - Summary of _3
Portfolio Loans - Summary of Recorded Investment in Impaired Portfolio Loans by Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | $ 26,096 | $ 16,520 |
Restructured, not on non-accrual | 79 | 225 |
Loans over 90 days past due and still accruing interest | 250 | |
Total Recorded Investment | 26,425 | 16,745 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 22,328 | 12,805 |
Restructured, not on non-accrual | 0 | 145 |
Loans over 90 days past due and still accruing interest | 250 | |
Total Recorded Investment | 22,578 | 12,950 |
CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 2,303 | 398 |
Restructured, not on non-accrual | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | |
Total Recorded Investment | 2,303 | 398 |
CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 213 | 808 |
Restructured, not on non-accrual | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | |
Total Recorded Investment | 213 | 808 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 1,251 | 2,197 |
Restructured, not on non-accrual | 79 | 80 |
Loans over 90 days past due and still accruing interest | 0 | |
Total Recorded Investment | 1,330 | 2,277 |
Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 1 | 312 |
Restructured, not on non-accrual | 0 | 0 |
Loans over 90 days past due and still accruing interest | 0 | |
Total Recorded Investment | $ 1 | $ 312 |
Portfolio Loans - Summary of _4
Portfolio Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured (Details) - Non-Covered Loans $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 3 | 2 |
Pre-Modification Outstanding Recorded Balance | $ 520 | $ 267 |
Post-Modification Outstanding Recorded Balance | $ 520 | $ 267 |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 0 | 1 |
Pre-Modification Outstanding Recorded Balance | $ 0 | $ 187 |
Post-Modification Outstanding Recorded Balance | $ 0 | $ 187 |
CRE - owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Pre-Modification Outstanding Recorded Balance | $ 188 | $ 0 |
Post-Modification Outstanding Recorded Balance | $ 188 | $ 0 |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2 | 1 |
Pre-Modification Outstanding Recorded Balance | $ 332 | $ 80 |
Post-Modification Outstanding Recorded Balance | $ 332 | $ 80 |
Portfolio Loans - Summary of _5
Portfolio Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted (Details) - Non-Covered Loans $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 2 | 0 |
Recorded Balance | $ | $ 352 | $ 0 |
Commercial and industrial | ||
Schedule of Financing Receivables, Troubled Debt Restructurings - Suibsequent Defaults [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 2 | 0 |
Recorded Balance | $ | $ 352 | $ 0 |
Portfolio Loans - Summary of Ag
Portfolio Loans - Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Loans, including unearned loan fees | $ 5,314,337 | $ 4,350,001 |
Non-Covered Loans | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 11,640 | 1,602 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 10,512 | 12,158 |
Total Past Due | 22,152 | 13,760 |
Current | 5,201,896 | 4,289,840 |
Total | 5,226,664 | 4,305,626 |
Loans, including unearned loan fees | 5,224,048 | 4,303,600 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 5,679 | 66 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 8,212 | 10,257 |
Total Past Due | 13,891 | 10,323 |
Current | 2,331,932 | 2,110,685 |
Total | 2,345,823 | 2,121,008 |
Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 321 | 529 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 1,492 | 127 |
Total Past Due | 1,813 | 656 |
Current | 1,261,168 | 843,072 |
Total | 1,262,981 | 843,728 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 562 | 292 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 213 | 565 |
Total Past Due | 775 | 857 |
Current | 677,747 | 603,641 |
Total | 678,522 | 604,498 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 308 | 6 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 0 | 0 |
Total Past Due | 308 | 6 |
Current | 449,072 | 330,091 |
Total | 449,380 | 330,097 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 4,689 | 709 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 595 | 897 |
Total Past Due | 5,284 | 1,606 |
Current | 349,908 | 297,338 |
Total | 355,192 | 298,944 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 81 | 0 |
Financing Receivable, Recorded Investment, 90 Days Past Due | 0 | 312 |
Total Past Due | 81 | 312 |
Current | 132,069 | 105,013 |
Total | 134,766 | 107,351 |
Loans, including unearned loan fees | $ 132,150 | $ 105,325 |
Portfolio Loans - Summary of _6
Portfolio Loans - Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | $ 5,314,337 | $ 4,350,001 |
Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,226,664 | 4,305,626 |
Loans, including unearned loan fees | 5,224,048 | 4,303,600 |
Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,345,823 | 2,121,008 |
Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,262,981 | 843,728 |
Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 678,522 | 604,498 |
Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 449,380 | 330,097 |
Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 355,192 | 298,944 |
Non-Covered Loans | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 134,766 | 107,351 |
Loans, including unearned loan fees | 132,150 | 105,325 |
Pass (1-6) | Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 4,954,405 | 4,025,173 |
Pass (1-6) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,151,084 | 1,927,782 |
Pass (1-6) | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,242,569 | 823,128 |
Pass (1-6) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 643,276 | 563,003 |
Pass (1-6) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 437,134 | 318,451 |
Pass (1-6) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 348,246 | 287,802 |
Pass (1-6) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 132,096 | 105,007 |
Watch (7) | Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 187,656 | 208,768 |
Watch (7) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 124,718 | 146,033 |
Watch (7) | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 17,572 | 15,083 |
Watch (7) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 28,773 | 31,834 |
Watch (7) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 12,140 | 11,580 |
Watch (7) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,450 | 4,232 |
Watch (7) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 3 | 6 |
Classified (8 & 9) | Non-Covered Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | 81,987 | 69,659 |
Classified (8 & 9) | Non-Covered Loans | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 70,021 | 47,193 |
Classified (8 & 9) | Non-Covered Loans | CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,840 | 5,517 |
Classified (8 & 9) | Non-Covered Loans | CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 6,473 | 9,661 |
Classified (8 & 9) | Non-Covered Loans | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 106 | 66 |
Classified (8 & 9) | Non-Covered Loans | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,496 | 6,910 |
Classified (8 & 9) | Non-Covered Loans | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, including unearned loan fees | $ 51 | $ 312 |
Purchased Credit Impaired ("P_3
Purchased Credit Impaired ("PCI") Loans - Summary of PCI Loans by Category (Details) - Covered Loans $ in Thousands | Dec. 31, 2019USD ($)rating | Dec. 31, 2018USD ($)rating |
Covered Loans [Line Items] | ||
Recorded Investment PCI Loans | $ 90,289 | $ 46,401 |
Commercial and industrial | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 5.65 | 6.09 |
Recorded Investment PCI Loans | $ 15,334 | $ 2,159 |
CRE - investor owned | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 7.02 | 7.19 |
Recorded Investment PCI Loans | $ 36,903 | $ 23,939 |
CRE - owner occupied | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.54 | 7.39 |
Recorded Investment PCI Loans | $ 18,915 | $ 9,669 |
Construction and land development | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 5.82 | 6.03 |
Recorded Investment PCI Loans | $ 7,893 | $ 4,548 |
Residential real estate | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 6.34 | 6.40 |
Recorded Investment PCI Loans | $ 11,069 | $ 6,082 |
Total real estate loans | ||
Covered Loans [Line Items] | ||
Recorded Investment PCI Loans | $ 74,780 | $ 44,238 |
Consumer and other | ||
Covered Loans [Line Items] | ||
Weighted- Average Risk Rating1 | rating | 5.10 | 2.18 |
Recorded Investment PCI Loans | $ 175 | $ 4 |
Purchased Credit Impaired ("P_4
Purchased Credit Impaired ("PCI") Loans - Summary of Aging of Recorded Investment in Past Due PCI Loans by Portfolio Class and Category (Details) - Covered Loans - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | $ 2,041 | $ 1,153 |
90 or More Days Past Due | 3,339 | 6,404 |
Total Past Due | 5,380 | 7,557 |
Current | 84,909 | 38,844 |
Total | 90,289 | 46,401 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 356 | 0 |
Total Past Due | 356 | 0 |
Current | 14,978 | 2,159 |
Total | 15,334 | 2,159 |
CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 1,250 | 416 |
90 or More Days Past Due | 1,340 | 88 |
Total Past Due | 2,590 | 504 |
Current | 34,313 | 23,435 |
Total | 36,903 | 23,939 |
CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 591 |
90 or More Days Past Due | 434 | 6,279 |
Total Past Due | 434 | 6,870 |
Current | 18,481 | 2,799 |
Total | 18,915 | 9,669 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 217 | 0 |
Total Past Due | 217 | 0 |
Current | 7,676 | 4,548 |
Total | 7,893 | 4,548 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 791 | 146 |
90 or More Days Past Due | 992 | 37 |
Total Past Due | 1,783 | 183 |
Current | 9,286 | 5,899 |
Total | 11,069 | 6,082 |
Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 or More Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 175 | 4 |
Total | $ 175 | $ 4 |
Purchased Credit Impaired ("P_5
Purchased Credit Impaired ("PCI") Loans - Rollforward of PCI Loans, Net of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 45,220 | $ 69,743 |
Acquisitions | 68,184 | |
Principal reductions and interest payments | (42,862) | (45,668) |
Accretion of loan discount | 10,345 | 6,654 |
Changes in contractual and expected cash flows due to remeasurement | 14,601 | 14,491 |
Reductions due to disposals | (5,920) | |
Balance at end of period | 89,568 | 45,220 |
Contractual Cashflows | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 73,157 | 112,711 |
Acquisitions | 111,963 | |
Principal reductions and interest payments | (42,862) | (45,668) |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | 13,247 | 6,114 |
Reductions due to disposals | (9,626) | |
Balance at end of period | 145,879 | 73,157 |
Non-accretable Difference | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 15,299 | 29,006 |
Acquisitions | 13,541 | |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 0 | 0 |
Changes in contractual and expected cash flows due to remeasurement | 357 | (13,707) |
Reductions due to disposals | (3,668) | |
Balance at end of period | 25,529 | 15,299 |
Accretable Yield | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 12,638 | 13,962 |
Acquisitions | 30,238 | |
Principal reductions and interest payments | 0 | 0 |
Accretion of loan discount | 10,345 | 6,654 |
Changes in contractual and expected cash flows due to remeasurement | (1,711) | 5,330 |
Reductions due to disposals | (38) | |
Balance at end of period | $ 30,782 | $ 12,638 |
Purchased Credit Impaired ("P_6
Purchased Credit Impaired ("PCI") Loans - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
PCI loans outstanding | $ 114.9 | $ 64.7 |
Covered Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | $ 0.7 | $ 1.2 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Derivative, Net Liability Position, Aggregate Fair Value | $ 14,800 | ||
Derivative, Fixed Interest Rate | 2.62% | ||
Derivative Liability, Notional Amount | $ 0 | ||
Summary of Derivative Instruments [Abstract] | |||
Derivative, Average Term | 6 years | ||
Securities Sold under Agreements to Repurchase, Gross | $ 230,886 | $ 221,450 | |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 | |
Securities sold under agreement to repurchase | 230,886 | 221,450 | |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 0 | 0 | |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash | 230,886 | 221,450 | |
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral | 0 | 0 | |
Collateral Already Posted, Aggregate Fair Value | 14,600 | ||
Interest rate swap contracts | |||
Derivative [Line Items] | |||
Pledged cash as collateral in connection with interest rate swap agreements | 14,573 | 0 | |
Summary of Derivative Instruments [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | 11,055 | 2,217 | |
Liability derivatives (other liabilities), fair value | 14,747 | 2,217 | |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |
Derivative financial instruments | 11,055 | 2,217 | |
Derivative, Collateral, Obligation to Return Securities | 56 | 0 | |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 10,999 | 2,217 | |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |
Derivative financial instruments | 14,747 | 2,217 | |
Derivative, Collateral, Right to Reclaim Securities | 56 | 0 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 118 | 2,217 | |
Designated as Hedging Instrument [Member] | |||
Summary of Derivative Instruments [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Liability derivatives (other liabilities), fair value | 2,872 | 0 | |
Designated as Hedging Instrument [Member] | Other Assets | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 61,962 | 0 | |
Summary of Derivative Instruments [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Designated as Hedging Instrument [Member] | Other Liabilities | Interest Rate Contract [Member] | |||
Summary of Derivative Instruments [Abstract] | |||
Liability derivatives (other liabilities), fair value | 2,872 | 0 | |
Non-designated hedging instruments | |||
Summary of Derivative Instruments [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | 11,055 | 3,023 | |
Liability derivatives (other liabilities), fair value | 11,875 | 3,023 | |
Non-designated hedging instruments | Other Assets | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 749,819 | 494,567 | |
Summary of Derivative Instruments [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | 11,055 | 2,217 | |
Non-designated hedging instruments | Other Assets | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 0 | 806 | |
Summary of Derivative Instruments [Abstract] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 806 | |
Non-designated hedging instruments | Other Liabilities | Interest Rate Contract [Member] | |||
Summary of Derivative Instruments [Abstract] | |||
Liability derivatives (other liabilities), fair value | 11,875 | 2,217 | |
Non-designated hedging instruments | Other Liabilities | Foreign Exchange Forward [Member] | |||
Summary of Derivative Instruments [Abstract] | |||
Liability derivatives (other liabilities), fair value | $ 0 | $ 806 | |
Cash Flow Hedging [Member] | Forecast [Member] | |||
Summary of Derivative Instruments [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 600 |
Fixed Assets - Summary of Fixed
Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 14,079 | $ 8,559 |
Buildings and leasehold improvements | 54,838 | 32,456 |
Furniture, fixtures and equipment | 15,178 | 9,850 |
Capitalized software | 1,373 | 1,305 |
Fixed assets, gross | 85,468 | 52,170 |
Less accumulated depreciation and amortization | 25,455 | 20,061 |
Fixed assets, net | $ 60,013 | $ 32,109 |
Fixed Assets - Narrative (Detai
Fixed Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation and amortization | $ 5.7 | $ 3.5 | $ 3.3 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 117,345 | $ 117,345 | ||
Amortization of intangible assets | 5,543 | $ 2,503 | $ 2,609 | |
Finite-lived intangible assets useful life | 10 years | |||
Finite-Lived Intangible Assets [Line Items] | ||||
Core deposit intangible, net, end of year | $ 26,076 | |||
Core Deposits [Member] | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Finite-lived intangible assets useful life | 10 years | 10 years | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Asset, Residual Value | $ 23,066 | $ 0 | ||
Amortization | (5,543) | (2,503) | ||
Core deposit intangible, net, end of year | $ 26,076 | $ 8,553 | $ 11,056 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Expected Amortization Schedule for the Core Deposit Intangible (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | $ 5,608 |
2016 | 4,814 |
2017 | 4,085 |
2018 | 3,456 |
2019 | 2,828 |
After 2024 | 5,285 |
Core deposit intangible, net, end of year | $ 26,076 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Maturities of Time Deposits [Abstract] | ||
Related Party Deposit Liabilities | $ 9,763 | $ 10,457 |
Related Party Deposits | 3,031 | |
Related Party Withdrawals | (3,725) | |
Brokered | ||
Less than 1 year | 165,549 | |
Greater than 1 year and less than 2 years | 0 | |
Greater than 2 years and less than 3 years | 0 | |
Greater than 3 years and less than 4 years | 25,069 | |
Greater than 4 years and less than 5 years | 25,140 | |
Greater than 5 years | 0 | |
Brokered | 215,758 | 198,981 |
Customer | ||
Less than 1 year | 471,076 | |
Greater than 1 year and less than 2 years | 108,209 | |
Greater than 2 years and less than 3 years | 13,606 | |
Greater than 3 years and less than 4 years | 8,457 | |
Greater than 4 years and less than 5 years | 3,562 | |
Greater than 5 years | 5,779 | |
Other | 610,689 | 485,448 |
Total | ||
Less than 1 year | 636,625 | |
Greater than 1 year and less than 2 years | 108,209 | |
Greater than 2 years and less than 3 years | 13,606 | |
Greater than 3 years and less than 4 years | 33,526 | |
Greater than 4 years and less than 5 years | 28,702 | |
Greater than 5 years | 5,779 | |
Total Time Deposits | 826,447 | |
Time Deposits, $250,000 or More | 202,400 | |
CDARS Deposits | 200 | |
ICS Deposits | 147,900 | |
Deposit Liabilities Reclassified as Loans Receivable | $ 2,100 | $ 2,000 |
Subordinated Debentures (Detail
Subordinated Debentures (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | Nov. 01, 2016USD ($) | |
Subordinated Borrowing [Line Items] | ||||
Number of Unconsolidated Statutory Business Trusts | 13 | |||
Investments trust preferred securities | $ 2,900 | |||
Subordinated debentures and notes | $ 141,258 | $ 118,156 | ||
Conversion of subordinated debt into common stock (in shares) | shares | 0 | 0 | 0 | |
Senior Subordinated Notes [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Senior Subordinated Notes | $ 50,000 | |||
Subordinated Notes, Redemption Price | 100.00% | |||
Trust preferred securities [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 92,132 | $ 69,161 | ||
Trust preferred securities [Member] | EFSC Clayco Statutory Trust I | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 3,196 | 3,196 | ||
Maturity Date | Dec. 17, 2033 | |||
Initial Call Date (1) | Dec. 17, 2008 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0285 | |||
Trust preferred securities [Member] | EFSC Capital Trust II | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 5,155 | 5,155 | ||
Maturity Date | Jun. 17, 2034 | |||
Initial Call Date (1) | Jun. 17, 2009 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0265 | |||
Trust preferred securities [Member] | EFSC Statutory Trust III | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 11,341 | 11,341 | ||
Maturity Date | Dec. 15, 2034 | |||
Initial Call Date (1) | Dec. 15, 2009 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0197 | |||
Trust preferred securities [Member] | EFSC Clayco Statutory Trust II | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 4,124 | 4,124 | ||
Maturity Date | Sep. 15, 2035 | |||
Initial Call Date (1) | Sep. 15, 2010 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0183 | |||
Trust preferred securities [Member] | EFSC Statutory Trust IV | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 10,310 | 10,310 | ||
Maturity Date | Dec. 15, 2035 | |||
Initial Call Date (1) | Dec. 15, 2010 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0144 | |||
Trust preferred securities [Member] | EFSC Statutory Trust V | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 4,124 | 4,124 | ||
Maturity Date | Sep. 15, 2036 | |||
Initial Call Date (1) | Sep. 15, 2011 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.016 | |||
Trust preferred securities [Member] | EFSC Capital Trust VI | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 14,433 | 14,433 | ||
Maturity Date | Mar. 30, 2037 | |||
Initial Call Date (1) | Mar. 30, 2012 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.016 | |||
Trust preferred securities [Member] | EFSC Capital Trust VII | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 4,124 | 4,124 | ||
Maturity Date | Dec. 15, 2037 | |||
Initial Call Date (1) | Dec. 15, 2012 | |||
Description of variable rate | 3 Month LIBOR | |||
Floating interest rate | 0.0225 | |||
Trust preferred securities [Member] | JEFFCO Stat Trust I [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 7,886 | 8,019 | ||
Maturity Date | Feb. 22, 2031 | |||
Initial Call Date (1) | Feb. 22, 2011 | |||
Fixed interest rate | 10.20% | |||
Trust preferred securities [Member] | EFSC Capital Trust VIII | ||||
Subordinated Borrowing [Line Items] | ||||
Fixed interest rate | 9.00% | |||
Trust preferred securities [Member] | JEFFCO Stat Trust II [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 4,388 | 4,335 | ||
Maturity Date | Mar. 17, 2034 | |||
Initial Call Date (1) | Mar. 17, 2009 | |||
Description of variable rate | 3 Month LIBOR | |||
Fixed interest rate | 2.75% | |||
Trust preferred securities [Member] | Trinity Capital Trust III [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 5,206 | 0 | ||
Maturity Date | Sep. 8, 2034 | |||
Initial Call Date (1) | Sep. 8, 2009 | |||
Description of variable rate | 3 Month LIBOR | |||
Fixed interest rate | 2.70% | |||
Trust preferred securities [Member] | Trinity Capital Trust IV [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 10,302 | 0 | ||
Maturity Date | Nov. 23, 2035 | |||
Initial Call Date (1) | Aug. 23, 2010 | |||
Fixed interest rate | 6.88% | |||
Trust preferred securities [Member] | Trinity Capital Trust V [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 7,543 | 0 | ||
Maturity Date | Dec. 15, 2036 | |||
Initial Call Date (1) | Sep. 15, 2011 | |||
Description of variable rate | 3 Month LIBOR | |||
Fixed interest rate | 1.65% | |||
Senior Subordinated Notes [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures and notes | $ 50,000 | 50,000 | ||
Debt issuance costs | (874) | (1,005) | ||
Subordinated notes, net of issuance costs | $ 49,126 | $ 48,995 | ||
Maturity Date | Nov. 1, 2026 | |||
Initial Call Date (1) | Nov. 1, 2021 | |||
Floating interest rate | 0.03387 | |||
Fixed interest rate | 4.75% |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal Home Loan Bank, Advances, Branch of FHLB [Line Items] | ||
Convertible Debt | $ 50,000 | |
Convertible advances weighted average interest rate | 1.56% | |
Carrying value of the loans pledged | $ 222,406 | $ 70,000 |
Short term advances outstanding | $ 170,000 | $ 70,000 |
Weighted average interest rate on short term advances | 1.73% | 2.63% |
Collateral used to secure confirming letters of credit | $ 4,700 | |
Weighted Rate | ||
Federal Home Loan Bank, Advances, Maturities Summary, One to Five Years | $ 52,406 | $ 0 |
Federal Home Loan Bank Advances, Maturities Summary, Average Interest Rate of Amounts Due in One to Five Years of Balance Sheet Date | 1.62% | 0.00% |
Federal Home Loan Bank, Advances, Maturities Summary, Average Interst Rate of Amounts | 1.70% | 2.63% |
Des Moines | ||
Federal Home Loan Bank, Advances, Branch of FHLB [Line Items] | ||
Carrying value of the loans pledged | $ 1,600,000 | $ 1,200,000 |
Availability under the secured line of credit | $ 742,400 |
Other Borrowings and Notes Pa_3
Other Borrowings and Notes Payable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Feb. 23, 2016 | |
Debt Instrument [Line Items] | |||
Loans Payable | $ 34,286,000 | ||
Line of Credit, Current | $ 25,000,000 | ||
Securities sold under agreement to repurchase | 230,886,000 | $ 221,450,000 | |
Total | 230,886,000 | 221,450,000 | |
Amount withdrawn | 0 | 2,000,000 | |
Unsecured term loan, face amount | 40,000,000 | ||
Other Borrowings | |||
Debt Instrument [Line Items] | |||
Maximum balance outstanding at any month-end | 230,886,000 | 231,450,000 | |
Average balance during the year | $ 169,179,000 | $ 170,963,000 | |
Average interest rate during the year | 0.69% | 0.41% | |
Average interest rate at December 31 | 0.91% | 0.49% | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Maximum balance outstanding at any month-end | $ 2,000,000 | $ 2,000,000 | |
Average balance during the year | $ 323,000 | $ 22,000 | |
Average interest rate during the year | 4.61% | 4.63% | |
Average interest rate at December 31 | 0.00% | 4.63% | |
Remaining borrowing capacity | $ 1,100,000,000 | ||
Aggregate of pledge secured by certain eligible loans | 1,300,000,000 | ||
Amount withdrawn | 0 | ||
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Maximum balance outstanding at any month-end | 40,000,000 | ||
Average balance during the year | $ 30,810,000 | ||
Average interest rate during the year | 3.55% | ||
Average interest rate at December 31 | 3.00% |
Regulatory Matters (Details)
Regulatory Matters (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Enterprise Financial Services Corp [Member] | ||
Total Capital (to Risk Weighted Assets) [Abstract] | ||
Actual, Ratio | 12.90% | 13.02% |
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | ||
Actual, Ratio | 11.40% | 11.14% |
Tier One Common Equity Capital to Risk Weighted Assets | 9.90% | 9.79% |
Tier 1 Capital (to Average Assets) [Abstract] | ||
Actual, Ratio | 10.05% | 10.29% |
Enterprise Bank and Trust [Member] | ||
Total Capital (to Risk Weighted Assets) [Abstract] | ||
Actual, Ratio | 12.40% | 12.26% |
To Be Well Capitalized Under Applicable Action Provisions, Ratio | 10.00% | |
Capital to Risk Weighted Assets CCB Minimum | 10.50% | |
Tier 1 Capital (to Risk Weighted Assets) [Abstract] | ||
Actual, Ratio | 11.70% | 11.38% |
To Be Well Capitalized Under Applicable Action Provisions, Ratio | 8.00% | |
Tier One Risk Based Capital CCB Minimum | 8.50% | |
Tier One Common Equity Capital to Risk Weighted Assets | 11.69% | 11.37% |
Tier One Common Equity Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Tier One Common Equity Capital CCB Minimum | 7.00% | |
Tier 1 Capital (to Average Assets) [Abstract] | ||
Actual, Ratio | 10.31% | 10.52% |
To Be Well Capitalized Under Applicable Action Provisions, Ratio | 5.00% | |
Tier One Leverage Capital to Average Assets CCB Minimum | 4.00% |
Compensation Plans - Narrative
Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 01, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 552,158 | 2,000,000 | |||||
Share-based compensation expense | $ 4,032 | $ 3,452 | $ 3,427 | ||||
Tax benefit from compensation expense | $ 500 | 1,600 | 2,100 | ||||
Award vesting period | 3 years | ||||||
Total unrecognized compensation cost for nonvested stock units | $ 4,600 | ||||||
Number of shares issued upon completion of performance cycle | 99,308 | 134,600 | |||||
Employee minimum age to participate in plan | 21 years | ||||||
Company contributions, amount charged to expense | $ 3,200 | $ 2,800 | 2,000 | ||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||
Preferred stock, shares outstanding | 0 | 0 | |||||
Expected years to recognize unearned compensation | 2 years | ||||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Contractual term | 10 years | ||||||
Stock Appreciation Rights (SSARs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Contractual term | 10 years | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 1,969 | $ 1,211 | 898 | ||||
Total unrecognized compensation cost for nonvested stock units | $ 3,417 | $ 2,175 | $ 837 | ||||
Number of shares issued | 77,227 | ||||||
Expected years to recognize unearned compensation | 1 year 10 months 24 days | 2 years | 1 year 9 months 18 days | ||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 0 | $ 0 | $ 78 | ||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 1,699 | 2,067 | 2,451 | ||||
Share-based compensation expense, retiring executive | 100 | ||||||
Employee Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||
Share-based compensation expense | $ 364 | $ 174 | $ 0 | ||||
Number of shares authorized | 750,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 41,116 | 14,799 | |||||
Minimum | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Minimum | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 2 years | ||||||
Maximum | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Maximum | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 5 years | ||||||
Stock Plan for Non-Management Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant | 96,031 | 7,413 | |||||
Number of shares authorized | 200,000 | ||||||
Deferred Compensation Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 25.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate, Bonus | 100.00% | ||||||
Deferred Compensation Plan Assets | $ 3,500 | ||||||
Deferred Compensation Liability, Current and Noncurrent | $ 4,900 | ||||||
Subsequent Event | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares issued upon completion of performance cycle | 62,649 |
Compensation Plans - Common Sto
Compensation Plans - Common Stock (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,530,530 | 1,580,816 |
2018 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 521,573 | 632,246 |
Stock Plan for Non-Management Directors | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant | 96,031 | 7,413 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 694,085 | 735,201 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 73,172 | 98,279 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 117,369 | 67,027 |
Stock Options and SSARs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement By Share-based Payment Award, Outstanding, Number | 28,300 | 40,650 |
Compensation Plans - Changes in
Compensation Plans - Changes in OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 603,804 | $ 548,573 | $ 387,098 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (2,077) | (4,630) | 27,031 |
Reclassification for the adoption of ASU 2016-09 | (834) | ||
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | 0 | ||
Balance | 867,185 | 603,804 | 548,573 |
Accumulated other comprehensive income (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (9,282) | (3,818) | (1,741) |
Balance | 17,749 | (9,282) | (3,818) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (9,047) | (3,622) | (1,533) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (2,089) | (4,633) | 29,226 |
Reclassification for the adoption of ASU 2016-09 | (792) | ||
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | (5,202) | ||
Balance | 14,977 | (9,047) | (3,622) |
AOCI, Accumulated Gain (Loss), Held To Maturity Securities [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (235) | (196) | (208) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 12 | 3 | (33) |
Reclassification for the adoption of ASU 2016-09 | (42) | ||
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | 5,202 | ||
Balance | 4,934 | (235) | (196) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | (2,162) |
Reclassification for the adoption of ASU 2016-09 | 0 | ||
Debt Securities, Held-to-maturity, Transfer, Derivative Hedge, Gain (Loss) | 0 | ||
Balance | $ (2,162) | $ 0 | $ 0 |
Compensation Plans - Reclassifi
Compensation Plans - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Noninterest income | $ 14,418 | $ 13,564 | $ 11,964 | $ 9,230 | $ 10,702 | $ 8,410 | $ 9,693 | $ 9,542 | $ 49,176 | $ 38,347 | $ 34,394 |
Net interest income | 61,613 | 63,046 | 61,715 | 52,343 | 50,593 | 48,093 | 47,048 | 46,171 | 238,717 | 191,905 | 177,304 |
Income before income tax expense | 36,336 | 36,538 | 22,903 | 20,259 | 28,428 | 24,318 | 27,132 | 24,699 | 116,036 | 104,577 | 86,517 |
Income tax expense | 7,246 | 7,469 | 4,479 | 4,103 | 4,899 | 1,802 | 4,881 | 3,778 | 23,297 | 15,360 | 38,327 |
Net income | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | $ 23,529 | $ 22,516 | $ 22,251 | $ 20,921 | 92,739 | 89,217 | 48,190 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Income before income tax expense | (182) | 9 | 22 | ||||||||
Income tax expense | 45 | (2) | (9) | ||||||||
Net income | (137) | 7 | 13 | ||||||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Noninterest income | (49) | 9 | 22 | ||||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net interest income | $ (133) | $ 0 | $ 0 |
Compensation Plans - Schedule o
Compensation Plans - Schedule of Various Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 4,032 | $ 3,452 | $ 3,427 |
Total unrecognized compensation cost for nonvested stock units | $ 4,600 | ||
Expected years to recognize unearned compensation | 2 years | ||
Weighted average fair value (usd per share) | $ 47,460 | $ 50,190 | |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 364 | $ 174 | 0 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 1,969 | 1,211 | 898 |
Total fair value at vesting date | 1,067 | 1,544 | 1,471 |
Total unrecognized compensation cost for nonvested stock units | $ 3,417 | $ 2,175 | $ 837 |
Expected years to recognize unearned compensation | 1 year 10 months 24 days | 2 years | 1 year 9 months 18 days |
Stock Options and SSARs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of option exercises on date of exercise | $ 407 | $ 2,469 | $ 3,156 |
Stock Plan for Non-Management Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares issued | 11,382,000 | 11,750,000 | 10,531,000 |
Weighted average fair value (usd per share) | $ 41.63 | $ 50.74 | $ 42.46 |
Compensation Plans - Schedule_2
Compensation Plans - Schedule of Employee Stock Options and SSARs Activity (Details) - Stock Options and SSARs | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Shares | |
Outstanding at beginning of period (in shares) | shares | 40,650 |
Exercised (in shares) | shares | (12,350) |
Outstanding at end of period (in shares) | shares | 28,300 |
Exercisable (in shares) | shares | 28,300 |
Weighted Average Exercise Price | |
Outstanding at beginning of period (usd per share) | $ / shares | $ 10.14 |
Exercised (usd per share) | $ / shares | 10.14 |
Outstanding at end of period (usd per share) | $ / shares | 10.14 |
Exercisable (usd per share) | $ / shares | $ 10.14 |
Additional Disclosures | |
Outstanding, weighted average remaining contractual term | 7 months 6 days |
Exercisable, weighted average remaining contractual term | 7 months 6 days |
Outstanding, aggregate intrinsic value | $ | $ 1,077 |
Exercisable, aggregate intrinsic value | $ | $ 1,077 |
Compensation Plans - Summary of
Compensation Plans - Summary of Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted Average Grant Date Fair Value | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 4,600 | ||
Expected years to recognize unearned compensation | 2 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,067 | $ 1,544 | $ 1,471 |
Shares | |||
Outstanding, beginning of period (in shares) | 67,027 | ||
Granted (in shares) | 77,227 | ||
Vested (in shares) | 23,842 | ||
Forfeited (in shares) | 3,043 | ||
Outstanding, end of period (in shares) | 117,369 | 67,027 | |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of period (usd per share) | $ 46.69 | ||
Granted (usd per share) | 45 | ||
Vested (usd per share) | 45.38 | ||
Forfeited (usd per share) | 46.04 | ||
Outstanding, end of period (usd per share) | $ 45.86 | $ 46.69 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,417 | $ 2,175 | $ 837 |
Expected years to recognize unearned compensation | 1 year 10 months 24 days | 2 years | 1 year 9 months 18 days |
Compensation Plans Outstanding
Compensation Plans Outstanding Longer Term Incentive Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding Long Term Incentive Awards [Line Items] | ||
Target Shares Issuable as Long Term Incentive Awards | $ 20,860 | $ 15,726 |
Maximum Shares Issuable as Long Term Incentive Awards | 41,720 | 31,452 |
Unrecognized Compensation Cost - Long Term Incentives | $ 705,000 | $ 440,000 |
Share-based Compensation Arrangement By Share-based Payment Award, Grants In Period, Weighted Average Grant Date Fair Value | $ 47,460 | $ 50,190 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Examination [Line Items] | |||||||||||
Federal | $ 15,470 | $ 9,621 | $ 15,845 | ||||||||
State and local | 2,027 | 2,432 | 1,377 | ||||||||
Current Federal, State and Local, Tax Expense (Benefit) | 17,497 | 12,053 | 17,222 | ||||||||
Deferred: | 5,800 | 3,307 | 21,105 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | 4,262 | 2,812 | 20,989 | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | 1,538 | 495 | 116 | ||||||||
Deferred Federal, State and Local, Tax Expense (Benefit) | 5,800 | 3,307 | 21,105 | ||||||||
Total income tax expense | $ 7,246 | $ 7,469 | $ 4,479 | $ 4,103 | $ 4,899 | $ 1,802 | $ 4,881 | $ 3,778 | $ 23,297 | $ 15,360 | $ 38,327 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (reduction) in income tax resulting from: | |||||||||||
Income tax expense at statutory rate | $ 24,368 | $ 21,961 | $ 30,281 | ||||||||
Tax-exempt income, net | (962) | (506) | (961) | ||||||||
State and local income taxes, net | 2,816 | 2,423 | 1,676 | ||||||||
Bank-owned life insurance, net | (628) | (452) | (715) | ||||||||
Non-deductible expenses | 749 | 294 | 407 | ||||||||
Change in estimated rate for deferred taxes | 0 | 0 | 12,117 | ||||||||
Tax benefits of LIHTC investments, net | (278) | (50) | (257) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (526) | (1,631) | (2,141) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | (913) | (4,627) | (1,701) | ||||||||
Non-taxable subsidiary dividend | 0 | (2,728) | 0 | ||||||||
Non-taxable donation to charitable foundation | (420) | 0 | 0 | ||||||||
Other, net | (909) | 676 | (379) | ||||||||
Total income tax expense | $ 7,246 | $ 7,469 | $ 4,479 | $ 4,103 | $ 4,899 | $ 1,802 | $ 4,881 | $ 3,778 | $ 23,297 | $ 15,360 | $ 38,327 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24.70% | 24.70% |
Deferred tax assets: | ||
Allowance for loan losses | $ 10,692 | $ 10,742 |
Acquired loans | 9,722 | 3,677 |
Other real estate | 657 | 81 |
Deferred compensation | 2,462 | 2,480 |
Intangible assets | 0 | 989 |
Accrued compensation | 1,607 | 1,130 |
Unrealized losses on securities | 0 | 3,019 |
Deferred Tax Assets, Operating Loss Carryforwards | 7,066 | 0 |
Other deferred tax assets | 791 | 1,786 |
Total deferred tax assets | 32,997 | 23,904 |
Deferred Tax Liabilities, Other | 2,407 | 1,068 |
Deferred tax liabilities: | ||
Unrealized gains on securities | 5,847 | 0 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 7,432 | 2,112 |
Total deferred tax liabilities | 15,686 | 3,180 |
Deferred Tax Assets, Gross | 17,311 | 20,724 |
Deferred Tax Assets, Net | 14,379 | 20,724 |
Deferred Tax Assets, Valuation Allowance | 2,932 | 0 |
Other Assets | ||
Deferred tax liabilities: | ||
Deferred Tax Assets, Net | $ 14,400 | $ 20,700 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 1,301 | $ 1,244 | $ 1,180 |
Additions based on tax positions related to the current year | 401 | 367 | 331 |
Additions for tax positions of prior years | 62 | 50 | 41 |
Settlements or lapse of statute of limitations | (267) | (360) | (308) |
Balance at end of year | $ 1,497 | $ 1,301 | $ 1,244 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)state | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | ||||
Statutory federal income tax rate | 24.70% | 24.70% | ||
Income Tax Examination [Line Items] | ||||
Amount recognized as a component of income tax expense related low-income housing tax credit | $ 300,000 | $ 100,000 | $ 300,000 | |
Investments related to low-income housing tax credits | 4,000,000 | 1,400,000 | ||
Impairment losses recognized from forfeiture or ineligibility | 0 | |||
Future capital commitments related to low-income housing tax credit investments | 700,000 | |||
State valuation allowance | 2,932,000 | 0 | ||
Deferred Tax Assets, Net | $ 14,379,000 | 20,724,000 | ||
Number of states the company files income tax returns in | state | 11 | |||
Unrecognized tax benefits | $ 1,497,000 | 1,301,000 | 1,244,000 | $ 1,180,000 |
Unrecognized tax benefits that would impact effective tax rate | 1,100,000 | 900,000 | $ 800,000 | |
Reduction in unrecognized tax benefit that is reasonably possible due to a lapse of statute of limitations | $ 300,000 | |||
Duration of unrecognized tax benefits | 12 months | |||
Other Assets | ||||
Income Tax Examination [Line Items] | ||||
Deferred Tax Assets, Net | $ 14,400,000 | $ 20,700,000 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 1,469,413 | $ 1,344,687 |
Letters of credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 47,969 | 44,665 |
Letters of credit | Minimum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 1 month | |
Letters of credit | Maximum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 5 years 3 months | |
State tax credits, held for sale | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 28,035 | 37,473 |
Low Income Housing Tax Credits [Domain] | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 704 | 4,299 |
SBIC Capital Commitments [Domain] | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 20,829 | 20,402 |
Unadvanced Commitment on Impaired Loan | ||
Schedule of Commitments [Line Items] | ||
Estimated losses attributable to unadvanced commitments on impaired loans | 400 | |
Fixed Rate Loan Commitment | Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 144,800 | $ 68,500 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Securities available-for-sale | $ 1,135,317 | $ 721,369 |
Total Fair Value | ||
Assets | ||
State tax credits held for sale | 39,046 | 39,169 |
Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available-for-sale | 10,046 | 98,498 |
Obligations of states and political subdivisions | ||
Assets | ||
Securities available-for-sale | 213,024 | 26,810 |
Residential mortgage-backed securities | ||
Assets | ||
Securities available-for-sale | 902,021 | 586,136 |
US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available-for-sale | 10,226 | 9,925 |
Recurring basis | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 1,135,317 | 721,369 |
Other Investments | 121 | |
Derivative financial instruments | 11,055 | 3,023 |
Assets, Fair Value Disclosure | 1,146,372 | 724,513 |
Liabilities | ||
Derivative financial instruments | 14,747 | 3,023 |
Total liabilities | 14,747 | 3,023 |
Recurring basis | Obligations of U.S. Government-sponsored enterprises | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 10,046 | 98,498 |
Recurring basis | Obligations of states and political subdivisions | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 213,024 | 26,810 |
Recurring basis | Residential mortgage-backed securities | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 902,021 | 586,136 |
Recurring basis | US Treasury Bill Securities [Member] | Total Fair Value | ||
Assets | ||
Securities available-for-sale | 10,226 | 9,925 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Other Investments | 121 | |
Derivative financial instruments | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 121 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential mortgage-backed securities | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Securities available-for-sale | 1,135,317 | 721,369 |
Other Investments | 0 | |
Derivative financial instruments | 11,055 | 3,023 |
Assets, Fair Value Disclosure | 1,146,372 | 724,392 |
Liabilities | ||
Derivative financial instruments | 14,747 | 3,023 |
Total liabilities | 14,747 | 3,023 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available-for-sale | 10,046 | 98,498 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available-for-sale | 213,024 | 26,810 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Residential mortgage-backed securities | ||
Assets | ||
Securities available-for-sale | 902,021 | 586,136 |
Recurring basis | Significant Other Observable Inputs (Level 2) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available-for-sale | 10,226 | 9,925 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Other Investments | 0 | |
Derivative financial instruments | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available-for-sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Residential mortgage-backed securities | ||
Assets | ||
Securities available-for-sale | $ 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | US Treasury Bill Securities [Member] | ||
Assets | ||
Securities available-for-sale | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | $ 38,044 | $ 26,654 |
Estimated fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
State Tax Credits Held For Sale, Fair Value Disclosure | $ 39,046 | $ 39,169 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Level 3 Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | $ 1,135,317 | $ 721,369 |
Debt Securities, Held-to-maturity, Fair Value | 181,939 | 63,934 |
Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Investments | 0 | |
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Investments | 121 | |
Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Investments | 0 | |
Fair Value | 1,135,317 | 721,369 |
Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other Investments | 121 | |
Fair Value | 1,135,317 | 721,369 |
Obligations of U.S. Government-sponsored enterprises | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 10,046 | 98,498 |
Obligations of U.S. Government-sponsored enterprises | Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Obligations of U.S. Government-sponsored enterprises | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Obligations of U.S. Government-sponsored enterprises | Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 10,046 | 98,498 |
Obligations of U.S. Government-sponsored enterprises | Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 10,046 | 98,498 |
Obligations of states and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 213,024 | 26,810 |
Debt Securities, Held-to-maturity, Fair Value | 11,874 | 12,408 |
Obligations of states and political subdivisions | Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Obligations of states and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Obligations of states and political subdivisions | Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 213,024 | 26,810 |
Obligations of states and political subdivisions | Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 213,024 | 26,810 |
Residential mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 902,021 | 586,136 |
Debt Securities, Held-to-maturity, Fair Value | 47,021 | 51,526 |
Residential mortgage-backed securities | Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Residential mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
Residential mortgage-backed securities | Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 902,021 | 586,136 |
Residential mortgage-backed securities | Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 902,021 | 586,136 |
US Treasury Bill Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 10,226 | 9,925 |
US Treasury Bill Securities [Member] | Level 3 | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | |
US Treasury Bill Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 0 | 0 |
US Treasury Bill Securities [Member] | Significant Other Observable Inputs (Level 2) | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | 10,226 | 9,925 |
US Treasury Bill Securities [Member] | Total Fair Value | Recurring basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value | $ 10,226 | $ 9,925 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | $ 2,687 | $ 815 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | 2,687 | 815 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total (losses) gains for the year | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 7,450 | 1,958 |
Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,506 | 1,958 |
Significant Unobservable Inputs (Level 3) | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | 4,944 | |
Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 7,450 | 1,958 |
Total Fair Value | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 2,506 | $ 1,958 |
Total Fair Value | Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate | $ 4,944 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Balance sheet assets | ||
Securities available-for-sale | $ 1,135,317 | $ 721,369 |
Securities held-to-maturity | 181,166 | 65,679 |
Carrying Amount | ||
Balance sheet assets | ||
Securities held-to-maturity | 181,166 | 65,679 |
Other investments | 38,044 | 26,654 |
Loans held for sale | 5,570 | 392 |
Loans, net | 5,271,049 | 4,306,525 |
State tax credits held for sale | 36,802 | 37,587 |
Balance sheet liabilities | ||
Certificates of deposit | 826,447 | 684,429 |
Subordinated debentures and notes | 141,258 | 118,156 |
FHLB advances | 222,406 | 70,000 |
Other borrowings | 265,172 | 223,450 |
Estimated fair value | ||
Balance sheet assets | ||
Securities held-to-maturity | 181,939 | 63,934 |
Other investments | 38,044 | 26,654 |
Loans held for sale | 5,570 | 392 |
Loans, net | 5,205,651 | 4,253,239 |
State tax credits held for sale | 39,046 | 39,169 |
Balance sheet liabilities | ||
Certificates of deposit | 825,203 | 679,491 |
Subordinated debentures and notes | 130,985 | 106,316 |
FHLB advances | 221,402 | 70,000 |
Other borrowings | $ 265,172 | $ 223,260 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | $ 167,256 | $ 196,552 | $ 153,323 | $ 198,802 |
Total assets | 7,333,791 | 5,645,662 | ||
Subordinated debentures and notes | 141,258 | 118,156 | ||
Notes payable | 34,286 | 2,000 | ||
Shareholders' equity | 867,185 | 603,804 | 548,573 | 387,098 |
Total liabilities and shareholders' equity | 7,333,791 | 5,645,662 | ||
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 21,955 | 6,369 | $ 9,977 | $ 52,245 |
Other assets | 37,905 | 30,287 | ||
Total assets | 1,047,614 | 725,710 | ||
Subordinated debentures and notes | 141,258 | 118,156 | ||
Notes payable | 34,286 | 2,000 | ||
Accounts payable and other liabilities | 4,885 | 1,750 | ||
Shareholders' equity | 867,185 | 603,804 | ||
Total liabilities and shareholders' equity | 1,047,614 | 725,710 | ||
Enterprise Bank and Trust [Member] | Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | 977,959 | 681,742 | ||
Nonbank Subsidiaries [Member] | Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Investments | $ 9,795 | $ 7,312 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Statements - Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Income [Abstract] | |||||||||||
Dividends from Bank | $ 1,055 | $ 906 | $ 449 | ||||||||
Dividends from Other Subsidiaries | 1,500 | 1,200 | 0 | ||||||||
Expenses: | |||||||||||
Interest expense-subordinated debentures and notes | 7,507 | 5,798 | 5,095 | ||||||||
Interest expense-notes payable | $ 15,625 | $ 18,032 | $ 17,486 | $ 15,274 | $ 13,409 | $ 12,664 | $ 10,831 | $ 8,993 | 66,417 | 45,897 | 25,235 |
Income tax benefit | (7,246) | (7,469) | (4,479) | (4,103) | (4,899) | (1,802) | (4,881) | (3,778) | (23,297) | (15,360) | (38,327) |
Net income | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | $ 23,529 | $ 22,516 | $ 22,251 | $ 20,921 | 92,739 | 89,217 | 48,190 |
Total comprehensive income | 119,770 | 84,587 | 46,113 | ||||||||
Parent [Member] | |||||||||||
Operating Income [Abstract] | |||||||||||
Dividends from Bank | 60,000 | 30,000 | 20,000 | ||||||||
Other | 663 | 1,784 | 708 | ||||||||
Total income | 62,163 | 32,984 | 20,708 | ||||||||
Expenses: | |||||||||||
Interest expense-subordinated debentures and notes | 7,507 | 5,798 | 5,094 | ||||||||
Interest expense-notes payable | 1,182 | 62 | 89 | ||||||||
Other expenses | 6,936 | 7,087 | 5,486 | ||||||||
Total expenses | 15,625 | 12,947 | 10,669 | ||||||||
Income before taxes and equity in undistributed earnings of subsidiaries | 46,538 | 20,037 | 10,039 | ||||||||
Income tax benefit | 3,478 | 3,482 | 3,098 | ||||||||
Net income | 50,016 | 23,519 | 13,137 | ||||||||
Equity in undistributed earnings of subsidiaries | 42,723 | 65,698 | 35,053 | ||||||||
Total comprehensive income | $ 92,739 | $ 89,217 | $ 48,190 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Statements - Consolidated Statements of Cash Flow (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share-based compensation | $ 4,032 | $ 3,452 | $ 3,427 |
Net cash provided by operating activities | 92,457 | 108,808 | 45,791 |
Cash flows from investing activities: | |||
Net cash paid for acquisitions and dispositions | (23,377) | 0 | 4,456 |
Net cash used in investing activities | (378,520) | (331,618) | (312,444) |
Cash flows from financing activities: | |||
Proceeds from Notes Payable | 41,000 | 2,000 | 10,000 |
Repayments of Notes Payable | 8,714 | 0 | 10,000 |
Cash dividends paid | (16,568) | (10,845) | (10,249) |
Payments for Repurchase of Common Stock | 15,526 | 19,387 | 16,636 |
Net cash provided by financing activities | 256,767 | 266,039 | 221,174 |
Net (decrease) increase in cash and cash equivalents | (29,296) | 43,229 | (45,479) |
Cash and cash equivalents, beginning of period | 196,552 | 153,323 | 198,802 |
Cash and cash equivalents, end of period | $ 167,256 | $ 196,552 | $ 153,323 |
Noncash transactions: | |||
Stock Issued During Period, Shares, Acquisitions | 171,885 | 0 | 141,729 |
Parent [Member] | |||
Cash flows from operating activities: | |||
Net income available to common shareholders | $ 92,739 | $ 89,217 | $ 48,190 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share-based compensation | 4,032 | 3,452 | 3,427 |
Net income of subsidiaries | (104,223) | (94,898) | (55,053) |
Dividends from subsidiaries | 61,500 | 31,200 | 20,000 |
Other, net | (1,063) | (953) | (1,806) |
Net cash provided by operating activities | 52,985 | 28,018 | 14,758 |
Cash flows from investing activities: | |||
Net cash paid for acquisitions and dispositions | (36,015) | 0 | (25,187) |
Purchases of other investments | (2,634) | (2,729) | (3,679) |
Proceeds from distributions on other investments | 1,271 | 1,911 | 1,634 |
Net cash used in investing activities | (37,378) | (818) | (27,232) |
Cash flows from financing activities: | |||
Proceeds from Notes Payable | 1,000 | 2,000 | 10,000 |
Repayments of Notes Payable | 3,000 | 0 | 10,000 |
Cash dividends paid | (16,569) | (10,845) | (10,249) |
Payments for Repurchase of Common Stock | 15,526 | 19,387 | 16,636 |
Payments for the repurchase of equity instruments, net | (212) | (2,576) | (2,909) |
Net cash provided by financing activities | (21) | (30,808) | (29,794) |
Net (decrease) increase in cash and cash equivalents | 15,586 | (3,608) | (42,268) |
Cash and cash equivalents, beginning of period | 6,369 | 9,977 | 52,245 |
Cash and cash equivalents, end of period | $ 21,955 | $ 6,369 | $ 9,977 |
Noncash transactions: | |||
Stock Issued During Period, Shares, Acquisitions | 171,885 | 0 | 141,729 |
Proceeds from Issuance of Long-term Debt | $ 40,000 | $ 0 | $ 0 |
Repayments of Long-term Debt | $ (5,714) | $ 0 | $ 0 |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Statements (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Collateral pledged | $ 15,285 | $ 1,305 |
Quarterly Condensed Financial_3
Quarterly Condensed Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 77,238 | $ 81,078 | $ 79,201 | $ 67,617 | $ 64,002 | $ 60,757 | $ 57,879 | $ 55,164 | $ 305,134 | $ 237,802 | $ 202,539 |
Interest expense | 15,625 | 18,032 | 17,486 | 15,274 | 13,409 | 12,664 | 10,831 | 8,993 | 66,417 | 45,897 | 25,235 |
Net interest income | 61,613 | 63,046 | 61,715 | 52,343 | 50,593 | 48,093 | 47,048 | 46,171 | 238,717 | 191,905 | 177,304 |
Provision for portfolio loan losses | 1,341 | 1,833 | 1,722 | 1,476 | 2,120 | 2,263 | 390 | 1,871 | 6,372 | 6,644 | 10,130 |
Net interest income after provision for loan losses | 60,272 | 61,213 | 59,993 | 50,867 | 48,473 | 45,830 | 46,658 | 44,300 | 232,345 | 185,261 | 167,174 |
Noninterest income | 14,418 | 13,564 | 11,964 | 9,230 | 10,702 | 8,410 | 9,693 | 9,542 | 49,176 | 38,347 | 34,394 |
Noninterest expense | 38,354 | 38,239 | 49,054 | 39,838 | 30,747 | 29,922 | 29,219 | 29,143 | 165,485 | 119,031 | 115,051 |
Income before income tax expense | 36,336 | 36,538 | 22,903 | 20,259 | 28,428 | 24,318 | 27,132 | 24,699 | 116,036 | 104,577 | 86,517 |
Income tax expense | 7,246 | 7,469 | 4,479 | 4,103 | 4,899 | 1,802 | 4,881 | 3,778 | 23,297 | 15,360 | 38,327 |
Net income | $ 29,090 | $ 29,069 | $ 18,424 | $ 16,156 | $ 23,529 | $ 22,516 | $ 22,251 | $ 20,921 | $ 92,739 | $ 89,217 | $ 48,190 |
Earnings per common share: | |||||||||||
Basic (usd per share) | $ 1.10 | $ 1.09 | $ 0.69 | $ 0.68 | $ 1.02 | $ 0.97 | $ 0.96 | $ 0.91 | $ 3.56 | $ 3.86 | $ 2.10 |
Diluted (usd per share) | $ 1.09 | $ 1.08 | $ 0.68 | $ 0.67 | $ 1.02 | $ 0.97 | $ 0.95 | $ 0.90 | $ 3.55 | $ 3.83 | $ 2.07 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 3,054 | |||
Operating Lease, Right-of-Use Asset | 14,843 | $ 15,500 | ||
Operating Lease, Cost | 3,301 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 5,208 | $ 0 | $ 0 | |
Short-term Lease, Cost | 288 | |||
Lease, Cost | 3,589 | |||
Operating Lease, Liability | $ 15,461 | $ 16,200 | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years | |||
Operating Lease, Weighted Average Discount Rate, Percent | 2.70% | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 3,097 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,734 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,527 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,146 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 3,203 | |||
Lessee, Operating Lease, Liability, Payments, Due | 16,761 | |||
Present Value Adjustment | $ 1,300 | |||
Lessee, Operating Lease, Term of Contract | 3 years | |||
Operating Lease, Lease Income, Lease Payments | $ 900 | |||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Renewal Term | 5 years |