Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 27, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-15373 | |
Entity Registrant Name | ENTERPRISE FINANCIAL SERVICES CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-1706259 | |
Entity Address, Address Line One | 150 North Meramec | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | EFSC | |
Security Exchange Name | NASDAQ | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 31,259,491 | |
Entity Central Index Key | 0001025835 | |
Document Period End Date | Mar. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 103,367 | $ 99,760 |
Federal funds sold | 1,638 | 1,519 |
Interest-earning deposits (including $23,835 and $36,525 pledged as collateral, respectively) | 778,810 | 436,424 |
Total cash and cash equivalents | 883,815 | 537,703 |
Interest-earning deposits greater than 90 days | 8,016 | 7,626 |
Securities available-for-sale | 945,660 | 912,429 |
Debt Securities, Held-To-Maturity, Net Of Allowance For Credit Losses | 467,059 | 487,610 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 8,531 | 13,564 |
Loans | 7,288,781 | 7,224,935 |
Less: Allowance for credit losses on loans | 131,527 | 136,671 |
Total loans, net | 7,157,254 | 7,088,264 |
Other investments | 51,099 | 48,764 |
Fixed assets, net | 52,078 | 53,169 |
Goodwill | 260,567 | 260,567 |
Intangible assets, net | 21,670 | 23,084 |
Other assets | 334,950 | 318,791 |
Total assets | 10,190,699 | 9,751,571 |
Liabilities and Shareholders' Equity | ||
Noninterest-bearing deposit accounts | 2,910,216 | 2,711,828 |
Interest-bearing transaction accounts | 1,990,308 | 1,768,497 |
Money market accounts | 2,405,451 | 2,327,066 |
Savings accounts | 688,118 | 627,903 |
Certificates of deposit: | ||
Brokered | 50,209 | 50,209 |
Other | 471,142 | 499,886 |
Total deposits | 8,515,444 | 7,985,389 |
Subordinated debentures and notes | 203,778 | 203,637 |
FHLB advances | 50,000 | 50,000 |
Other borrowings | 202,246 | 271,081 |
Notes payable | 27,143 | 30,000 |
Other liabilities | 99,591 | 132,489 |
Total liabilities | 9,098,202 | 8,672,596 |
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; 33,239,276 and 33,190,306 shares issued, respectively | 332 | 332 |
Treasury stock, at cost; 1,980,093 shares | (73,528) | (73,528) |
Additional paid in capital | 698,005 | 697,839 |
Retained earnings | 441,511 | 417,212 |
Accumulated other comprehensive income | 26,177 | 37,120 |
Total shareholders' equity | 1,092,497 | 1,078,975 |
Total liabilities and shareholders' equity | $ 10,190,699 | $ 9,751,571 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Collateral pledged | $ 23,835 | $ 36,525 |
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 | 45,000,000 |
Common stock, shares issued | 33,239,276 | 33,190,306 |
Treasury stock, shares | 1,980,093 | 1,980,093 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income: | ||
Interest and fees on loans | $ 76,973 | $ 67,169 |
Interest on debt securities: | ||
Taxable | 4,540 | 7,557 |
Nontaxable | 3,079 | 1,489 |
Interest on interest-earning deposits | 189 | 300 |
Dividends on equity securities | 179 | 173 |
Total interest income | 84,960 | 76,688 |
Interest expense: | ||
Interest Expense, Deposits | 2,663 | 9,888 |
Subordinated debentures and notes | 2,819 | 1,919 |
FHLB advances | 195 | 895 |
Notes payable and other borrowings | 160 | 618 |
Total interest expense | 5,837 | 13,320 |
Net interest income | 79,123 | 63,368 |
Provision for credit losses | 46 | 22,264 |
Net interest income after provision for credit losses | 79,077 | 41,104 |
Noninterest income: | ||
Total noninterest income | 11,290 | 13,408 |
Noninterest expense: | ||
Employee compensation and benefits | 29,562 | 21,685 |
Occupancy | 3,751 | 3,347 |
Data processing | 2,890 | 2,082 |
Professional fees | 988 | 862 |
Merger-related expenses | 3,142 | 0 |
Other | 12,551 | 10,697 |
Total noninterest expense | 52,884 | 38,673 |
Income before income tax expense | 37,483 | 15,839 |
Income tax expense | 7,557 | 2,971 |
Net income | $ 29,926 | $ 12,868 |
Earnings per common share | ||
Basic (usd per share) | $ 0.96 | $ 0.49 |
Diluted (usd per share) | $ 0.96 | $ 0.48 |
Deposit Account [Member] | ||
Noninterest income: | ||
Total noninterest income | $ 3,084 | $ 3,143 |
Fiduciary and Trust [Member] | ||
Noninterest income: | ||
Total noninterest income | 2,483 | 2,501 |
Card Services Revenue [Member] | ||
Noninterest income: | ||
Total noninterest income | 2,496 | 2,247 |
Tax credit activity, net [Member] | ||
Noninterest income: | ||
Total noninterest income | (1,041) | 2,036 |
Financial Service, Other [Member] | ||
Noninterest income: | ||
Total noninterest income | $ 4,268 | $ 3,481 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 29,926 | $ 12,868 |
Other comprehensive income (loss), after-tax: | ||
Change in unrealized gain (loss) on available-for-sale debt securities | (10,920) | 10,564 |
Reclassification adjustment for realized gain on sale of available-for-sale debt securities | 0 | (3) |
Reclassification of gain on held-to-maturity securities | (1,149) | (156) |
Change in unrealized gain (loss) on cash flow hedges arising during the period | 847 | (5,180) |
Reclassification of loss on cash flow hedges | 279 | 123 |
Total other comprehensive income (loss), after-tax | (10,943) | 5,348 |
Comprehensive income | $ 18,983 | $ 18,216 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Reclassification for the adoption of ASU 2016-13 (CECL) | $ (18,114) | $ (18,114) | ||||
Beginning balance at Dec. 31, 2019 | 867,185 | $ 281 | $ (58,181) | $ 526,599 | 380,737 | $ 17,749 |
Net income | 12,868 | 0 | 0 | 0 | 12,868 | 0 |
Other comprehensive income | 5,348 | 0 | 0 | 0 | 0 | 5,348 |
Comprehensive income | 18,216 | 0 | 0 | 0 | 12,868 | 5,348 |
Cash dividends paid on common shares | (4,743) | 0 | 0 | 0 | (4,743) | 0 |
Repurchase of common stock | (15,347) | 0 | (15,347) | 0 | 0 | 0 |
Issuance under equity compensation plans, net | (1,721) | 0 | 0 | (1,721) | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 960 | 0 | 0 | 960 | 0 | 0 |
Ending balance at Mar. 31, 2020 | 846,436 | 281 | (73,528) | 525,838 | 370,748 | 23,097 |
Beginning balance at Dec. 31, 2020 | 1,078,975 | 332 | (73,528) | 697,839 | 417,212 | 37,120 |
Net income | 29,926 | 0 | 0 | 0 | 29,926 | 0 |
Other comprehensive income | (10,943) | 0 | 0 | 0 | 0 | (10,943) |
Comprehensive income | 18,983 | 0 | 0 | 0 | 29,926 | (10,943) |
Cash dividends paid on common shares | (5,627) | 0 | 0 | 0 | (5,627) | 0 |
Issuance under equity compensation plans, net | (1,109) | 0 | 0 | (1,109) | 0 | 0 |
Share-based Payment Arrangement, Noncash Expense | 1,275 | 0 | 0 | 1,275 | 0 | 0 |
Ending balance at Mar. 31, 2021 | $ 1,092,497 | $ 332 | $ (73,528) | $ 698,005 | $ 441,511 | $ 26,177 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash dividends paid on common shares, per share | $ 0.18 | $ 0.18 |
Issuance under equity compensation plans, shares | 48,970 | 73,515 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 29,926 | $ 12,868 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation | 1,581 | 1,524 |
Provision for credit losses | 46 | 22,264 |
Deferred income taxes | 3,834 | (183) |
Net amortization of debt securities | 1,937 | 1,054 |
Amortization of intangible assets | 1,415 | 1,491 |
Gain (Loss) on Sale of Debt Investments | 0 | (4) |
Mortgage loans originated-for-sale | (49,065) | (33,537) |
Proceeds from mortgage loans sold | 52,908 | 30,888 |
Sale of other real estate | (47) | 52 |
Sale of state tax credits | (326) | (124) |
Share-based Payment Arrangement, Noncash Expense | 1,275 | 960 |
Net accretion of loan discount | (736) | (2,510) |
Changes in other assets and liabilities, net | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (46,423) | (2,181) |
Net cash (used in) provided by operating activities | (3,675) | 32,562 |
Cash flows from investing activities: | ||
Net increase in loans | (69,907) | (134,482) |
Sale of debt securities, available-for-sale | 0 | 207 |
Paydown or maturity of debt securities, available-for-sale | 69,953 | 55,932 |
Paydown or maturity of debt securities, held-to-maturity | 18,220 | 1,595 |
Redemption of other investments | 752 | 24,310 |
Sale of state tax credits held for sale | 1,632 | 1,186 |
Sale of other real estate | 450 | 443 |
Payments for the purchase of: | ||
Available-for-sale debt securities | (118,791) | (69,336) |
Other investments | (3,660) | (28,809) |
State tax credits held for sale | 0 | (3,780) |
Fixed assets, net | (489) | (918) |
Net cash used in investing activities | (101,840) | (153,652) |
Cash flows from financing activities: | ||
Net increase in noninterest-bearing deposit accounts | 198,389 | 27,223 |
Net increase in interest-bearing deposit accounts | 331,666 | 191,659 |
Proceeds from FHLB advances, net | 0 | (300) |
Repayments of Long-term Debt | (2,857) | (1,429) |
Net decrease in other borrowings | (68,835) | (57,825) |
Cash dividends paid on common stock | (5,627) | (4,743) |
Payments for Repurchase of Common Stock | 0 | (15,347) |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | (1,109) | (1,721) |
Net cash provided by financing activities | 451,627 | 137,517 |
Net increase in cash and cash equivalents | 346,112 | 16,427 |
Cash and cash equivalents, beginning of period | 537,703 | 167,256 |
Cash and cash equivalents, end of period | 883,815 | 183,683 |
Noncash transactions: | ||
Cash paid during the period for interest | 4,836 | 13,026 |
Income Taxes Paid, Net | 30,167 | 0 |
Transfer to other real estate owned in settlement of loans | 1,236 | 0 |
Right-of-use assets obtained in exchange for lease obligations | $ 0 | $ 200 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies used by Enterprise Financial Services Corp (the “Company,” “EFSC,” or “Enterprise”) in the preparation of the condensed 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 Arizona, California, Kansas, Missouri, Nevada, and New Mexico through its banking subsidiary, Enterprise Bank & Trust. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the statements of financial position, results of operations, and cash flow for the interim periods. Recent Accounting Pronouncements FASB ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” In March 2020, the FASB issued “Reference Rate Reform (Topic 848)” which provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for contract modifications as of March 12, 2020 through December 31, 2022. The Company is actively working to amend and address impacted contracts to allow for a replacement index. Additionally, the Company is currently evaluating the optional expedients and exceptions and has not yet determined the impact this standard may have on its consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per common share data is calculated by dividing net income 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. The following table presents a summary of per common share data and amounts for the periods indicated. Three months ended March 31, (in thousands, except per share data) 2021 2020 Net income as reported $ 29,926 $ 12,868 Weighted average common shares outstanding 31,247 26,473 Additional dilutive common stock equivalents 59 66 Weighted average diluted common shares outstanding 31,306 26,539 Basic earnings per common share: $ 0.96 $ 0.49 Diluted earnings per common share: 0.96 0.48 For the three months ended March 31, 2021 common stock equivalents of approximately 222,000 were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 62,000 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS The following tables present the amortized cost, gross unrealized gains and losses, allowance of credit losses and fair value of securities available for sale and held to maturity: March 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 23,484 $ 137 $ (176) $ 23,445 Obligations of states and political subdivisions 404,087 3,132 (3,662) 403,557 Agency mortgage-backed securities 477,151 16,841 (1,911) 492,081 U.S. Treasury bills 10,982 427 — 11,409 Corporate debt securities 14,750 425 (7) 15,168 Total securities available for sale $ 930,454 $ 20,962 $ (5,756) $ 945,660 Held-to-maturity securities: Obligations of states and political subdivisions $ 244,030 $ 900 $ (2,491) $ 242,439 Agency mortgage-backed securities 96,777 1,432 (458) 97,751 Corporate debt securities 126,701 3,208 — 129,909 Total securities held-to-maturity $ 467,508 $ 5,540 $ (2,949) $ 470,099 Less: Allowance for credit losses 449 Total securities held-to-maturity, net $ 467,059 December 31, 2020 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 14,978 $ 186 $ (3) $ 15,161 Obligations of states and political subdivisions 335,271 8,994 (33) 344,232 Agency mortgage-backed securities 506,703 20,190 (321) 526,572 U.S. Treasury Bills 10,980 486 — 11,466 Corporate debt securities 14,750 248 — 14,998 Total securities available for sale $ 882,682 $ 30,104 $ (357) $ 912,429 Held-to-maturity securities: Obligations of states and political subdivisions $ 248,324 $ 2,814 $ — $ 251,138 Agency mortgage-backed securities 112,742 2,295 (496) 114,541 Corporate debt securities 126,993 8,851 — 135,844 Total securities held to maturity $ 488,059 $ 13,960 $ (496) $ 501,523 Less: Allowance for credit losses 449 Total securities held-to-maturity, net $ 487,610 At March 31, 2021 and December 31, 2020, there were no holdings of securities of any one issuer in an amount greater than 10% of shareholders’ equity, other than U.S. Government agencies and sponsored enterprises. The agency mortgage-backed securities are all issued by U.S. Government agencies and sponsored enterprises. Securities having a fair value of $465.9 million and $525.8 million at March 31, 2021 and December 31, 2020, 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 March 31, 2021, 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 mortgage-backed securities is approximately 3 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 11,176 $ 11,316 $ — $ — Due after one year through five years 23,972 24,517 12,733 13,109 Due after five years through ten years 32,875 33,175 132,553 135,497 Due after ten years 385,280 384,571 225,445 223,742 Agency mortgage-backed securities 477,151 492,081 96,777 97,751 $ 930,454 $ 945,660 $ 467,508 $ 470,099 The following tables presents a summary of available-for-sale investment securities in an unrealized loss position: March 31, 2021 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 $ 13,324 $ 176 $ — $ — $ 13,324 $ 176 Obligations of states and political subdivisions $ 222,901 $ 3,662 $ — $ — $ 222,901 $ 3,662 Agency mortgage-backed securities 89,591 1,911 — — 89,591 1,911 Corporate debt securities 4,493 7 — — 4,493 7 $ 330,309 $ 5,756 $ — $ — $ 330,309 $ 5,756 December 31, 2020 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 $ 4,997 $ 3 $ — $ — $ 4,997 $ 3 Obligations of states and political subdivisions $ 4,079 $ 33 $ — $ — $ 4,079 $ 33 Agency mortgage-backed securities 65,986 321 — — 65,986 321 $ 75,062 $ 357 $ — $ — $ 75,062 $ 357 The unrealized losses at both March 31, 2021 and December 31, 2020 were primarily attributable to changes in market interest rates after the securities were purchased. At March 31, 2021, the Company had not recorded an ACL on available-for-sale securities. At March 31, 2021, the Company had not recognized an other-than-temporary impairment. Accrued interest receivable on held-to-maturity debt securities totaled $3.5 million at March 31, 2021 and is excluded from the estimate of expected credit losses. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts. At March 31, 2021, the ACL on held-to-maturity securities was $0.4 million. During the three months ended March 31, 2021, there were no sales of available-for-sale investment securities. Proceeds from sales of available-for-sale investment securities during the three months ended March 31, 2020 were $207 thousand and gross gains were $4 thousand. Other Investments At March 31, 2021 and December 31, 2020, other investments totaled $51.1 million and $48.8 million, respectively. 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 consisting of membership stock and activity-based stock. The FHLB capital stock of $12.0 million and $10.8 million at March 31, 2021 and December 31, 2020, 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, CDFIs, and the Company’s investment in unconsolidated trusts used to issue preferred securities to third parties. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Portfolio Loans | LOANS The following table presents a summary of loans by category: (in thousands) March 31, 2021 December 31, 2020 Commercial and industrial $ 3,096,319 $ 3,100,299 Real estate: Commercial - investor owned 1,669,215 1,589,419 Commercial - owner occupied 1,517,755 1,498,408 Construction and land development 510,501 546,686 Residential 303,047 319,179 Total real estate loans 4,000,518 3,953,692 Other 212,068 187,083 Loans, before unearned loan fees 7,308,905 7,241,074 Unearned loan fees, net (20,124) (16,139) Loans, including unearned loan fees $ 7,288,781 $ 7,224,935 PPP loans totaled $754.4 million at March 31, 2021, or $737.7 million net of deferred fees of $16.7 million. The loan balance at March 31, 2021 also includes a net premium on acquired loans of $17.7 million. At March 31, 2021 loans of $2.7 billion were pledged to FHLB and the Federal Reserve Bank. PPP loans totaled $709.9 million at December 31, 2020, or $698.6 million net of unearned fees of $11.3 million. The loan balance includes a net premium on acquired loans of $16.1 million at December 31, 2020. At December 31, 2020 loans of $2.5 billion were pledged to FHLB and the Federal Reserve Bank. The Company has elected to present the accrued interest receivable balance separate from amortized cost basis, to exclude accrued interest receivable balances from the tabular disclosures, and not to estimate an ACL on accrued interest receivable as these amounts are timely written off as a credit loss expense. Accrued interest receivable totaled $30.7 million at March 31, 2021 and was reported in Other Assets on the consolidated balance sheets. A summary of the activity in the ACL on loans by category for the three months ended March 31, 2021 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2020 $ 58,812 $ 32,062 $ 17,012 $ 21,413 $ 4,585 $ 2,787 $ 136,671 Provision for credit losses 541 3,381 3,226 (7,091) (152) 598 503 Charge-offs (3,739) (2,372) (28) — (271) (64) (6,474) Recoveries 327 34 9 235 143 79 827 Balance at March 31, 2021 $ 55,941 $ 33,105 $ 20,219 $ 14,557 $ 4,305 $ 3,400 $ 131,527 The ACL on sponsor finance loans, which is included in the categories above, represented $19.7 million and $19.0 million, respectively, as of March 31, 2021 and December 31, 2020. A summary of the activity in the ACL on loans by category for the three months ended March 31, 2020 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2019 $ 27,455 $ 5,935 $ 4,873 $ 2,611 $ 1,280 $ 1,134 $ 43,288 CECL adoption 6,494 10,726 2,598 5,183 3,470 (84) 28,387 PCD loans immediately charged off — (5) (57) (217) (1,401) — (1,680) Balance at January 1, 2020 $ 33,949 $ 16,656 $ 7,414 $ 7,577 $ 3,349 $ 1,050 $ 69,995 Provision for credit losses 11,591 3,224 1,994 2,309 2,011 566 21,695 Charge-offs (63) (2) — (31) (122) (86) (304) Recoveries 504 14 69 40 157 17 801 Balance at March 31, 2020 $ 45,981 $ 19,892 $ 9,477 $ 9,895 $ 5,395 $ 1,547 $ 92,187 The CECL methodology incorporates various economic scenarios. The Company utilizes three forecasts in the model: Moody’s baseline, a stronger near-term growth upside and a moderate recession downside forecast. The Company weights these scenarios at 70%, 5%, and 25%, respectively, which added approximately $5.4 million to the ACL over the baseline model. These forecasts incorporate an accommodative monetary policy and the current and anticipated impact of government stimulus. The Company has also recognized the risk posed by loans that have received multiple deferrals of principal and interest payments, loans in the hospitality sector, and loans with other specific identified risks by allocating additional reserves to those segments. Some of the key risks to the forecasts that could result in future provision for credit losses are additional shutdowns and self-quarantines if another significant wave of COVID hits, the vaccination process stalls, small-business bankruptcies occur at higher levels, or unemployment increases. The following tables present the recorded investment in nonperforming loans by category: March 31, 2021 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 18,372 $ 3,243 $ 893 $ 22,508 $ 8,239 Real estate: Commercial - investor owned 7,379 — — 7,379 455 Commercial - owner occupied 2,589 — — 2,589 2,331 Construction and land development — — — — — Residential 3,868 77 — 3,945 2,795 Other 17 — 221 238 — Total $ 32,225 $ 3,320 $ 1,114 $ 36,659 $ 13,820 December 31, 2020 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 18,158 $ 3,482 $ 130 $ 21,770 $ 8,316 Real estate: Commercial - investor owned 9,579 — — 9,579 716 Commercial - owner occupied 2,940 — — 2,940 6,024 Residential 4,112 77 — 4,189 — Other 29 — — 29 3,190 Total $ 34,818 $ 3,559 $ 130 $ 38,507 $ 18,246 No interest income was recognized on nonaccrual loans during the three months ended March 31, 2021 or 2020. The following table presents the amortized cost basis of collateral-dependent nonperforming loans by class of loan at March 31, 2021: Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Other Commercial and industrial $ 10,737 $ — $ 3,064 $ — Real estate: Commercial - investor owned 7,155 — — — Commercial - owner occupied 2,387 — — — Residential — 3,891 — — Other — — — 215 Total $ 20,279 $ 3,891 $ 3,064 $ 215 There were no loans restructured during the three months ended March 31, 2021. The recorded investment by category for troubled debt restructurings that occurred during the three months ended March 31, 2020 are as follows: March 31, 2020 (in thousands, except for number of loans) Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial 1 $ 3,731 $ 3,731 Real estate: Residential 2 155 155 Total 3 $ 3,886 $ 3,886 No troubled debt restructurings subsequently defaulted during the three months ended March 31, 2021 or 2020. In response to the COVID-19 pandemic, the Company has implemented short-term deferral programs allowing customers to primarily defer payments for up to 90 days. Deferrals under the CARES Act or interagency guidance are not included above as troubled debt restructurings. As of March 31, 2021, $21.1 million loans remain in a deferral status. Interest of $4.2 million has been deferred and will be collected upon final maturity. The aging of the recorded investment in past due loans by class at March 31, 2021 is shown below. March 31, 2021 (in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 25,976 $ 17,091 $ 43,067 $ 3,036,576 $ 3,079,643 Real estate: Commercial - investor owned 768 6,700 7,468 1,661,747 1,669,215 Commercial - owner occupied 312 3,987 4,299 1,513,456 1,517,755 Construction and land development 400 — 400 510,101 510,501 Residential 2,371 1,090 3,461 299,586 303,047 Other 486 237 723 207,897 208,620 Total $ 30,313 $ 29,105 $ 59,418 $ 7,229,363 $ 7,288,781 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, 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 at this time, due to strong collateral and/or guarantor support. • Grade 8 – Substandard credits 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 nonaccrual. The recorded investment by risk category of the loans by class at March 31, 2021, which is based upon the most recent analysis performed is as follows: Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 510,640 $ 1,044,599 $ 403,420 $ 196,752 $ 121,210 $ 65,492 $ 8,432 $ 515,327 $ 2,865,872 Watch (7) 20,506 34,164 8,303 15,706 4,378 15,002 191 57,994 156,244 Classified (8-9) 3,731 6,220 9,270 2,823 354 1,761 407 19,277 43,843 Total Commercial and industrial $ 534,877 $ 1,084,983 $ 420,993 $ 215,281 $ 125,942 $ 82,255 $ 9,030 $ 592,598 $ 3,065,959 Commercial real estate-investor owned Pass (1-6) $ 125,834 $ 471,216 $ 351,386 $ 195,605 $ 129,903 $ 252,747 $ 3,712 $ 38,880 $ 1,569,283 Watch (7) 2,782 32,554 13,017 6,588 — 24,282 — — 79,223 Classified (8-9) — 6,012 5,300 6,651 — 2,746 — — 20,709 Total Commercial real estate-investor owned $ 128,616 $ 509,782 $ 369,703 $ 208,844 $ 129,903 $ 279,775 $ 3,712 $ 38,880 $ 1,669,215 Commercial real estate-owner occupied Pass (1-6) $ 88,848 $ 422,455 $ 253,188 $ 205,203 $ 161,983 $ 258,470 $ — $ 42,003 $ 1,432,150 Watch (7) 2,111 8,967 5,212 17,006 6,130 9,732 — 1,752 50,910 Classified (8-9) 383 1,794 7,595 5,976 7,726 11,158 — 63 34,695 Total Commercial real estate-owner occupied $ 91,342 $ 433,216 $ 265,995 $ 228,185 $ 175,839 $ 279,360 $ — $ 43,818 $ 1,517,755 Construction real estate Pass (1-6) $ 76,142 $ 180,898 $ 120,004 $ 30,559 $ 7,843 $ 15,954 $ — $ 24,405 $ 455,805 Watch (7) 16,333 62 85 20,748 11,287 2,468 — — 50,983 Classified (8-9) — 55 3,030 499 — 29 — 100 3,713 Total Construction real estate $ 92,475 $ 181,015 $ 123,119 $ 51,806 $ 19,130 $ 18,451 $ — $ 24,505 $ 510,501 Residential real estate Pass (1-6) $ 15,166 $ 56,188 $ 23,567 $ 15,421 $ 14,844 $ 109,575 $ 112 $ 57,997 $ 292,870 Watch (7) — 313 801 513 — 1,725 — 379 3,731 Classified (8-9) 220 887 717 77 14 3,543 — 72 5,530 Total residential real estate $ 15,386 $ 57,388 $ 25,085 $ 16,011 $ 14,858 $ 114,843 $ 112 $ 58,448 $ 302,131 Other Pass (1-6) $ 33,630 $ 56,052 $ 21,753 $ 27,503 $ 9,290 $ 25,300 $ — $ 31,640 $ 205,168 Watch (7) — — 1 7 — 2,588 — 5 2,601 Classified (8-9) — — 16 18 1 23 — 1 59 Total Other $ 33,630 $ 56,052 $ 21,770 $ 27,528 $ 9,291 $ 27,911 $ — $ 31,646 $ 207,828 In the table above, loan originations in 2021 and 2020 with a classification of watch or classified primarily represent renewals or modifications initially underwritten and originated in prior years. For certain loans, primarily credit cards, the Company evaluates credit quality based on the aging status. The following table presents the recorded investment on loans based on payment activity: March 31, 2021 (in thousands) Performing Non Performing Total Commercial and industrial $ 13,682 $ 2 $ 13,684 Real estate: Residential 916 — 916 Other 771 21 792 Total $ 15,369 $ 23 $ 15,392 |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | COMMITMENTS AND CONTINGENCIES The Company issues financial instruments with off balance sheet risk 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 represented by 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 are as follows: (in thousands) March 31, 2021 December 31, 2020 Commitments to extend credit $ 2,043,850 $ 1,946,068 Letters of credit 58,093 50,971 Off-Balance Sheet Credit Risk 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 March 31, 2021, and December 31, 2020, approximately $178.5 million and $160.6 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 requirements. 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. Other liabilities includes $5.4 million and $5.7 million for estimated losses attributable to the unadvanced commitments at March 31, 2021, and December 31, 2020, respectively. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance or payment of a customer to a third party. These standby 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. As of March 31, 2021, the approximate remaining terms of standby letters of credit range from 1 month to 4 years, 9 months. 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 proceedings pending or threatened against the Company or its subsidiaries which, 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
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. These derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The Company has executed a series of cash flow hedges to fix the effective interest rate for payments due on $62.0 million of LIBOR-based junior subordinated debentures to a weighted-average-fixed rate of 2.62%. Select terms of the hedges are as follows: $ in thousands Notional Fixed Rate Maturity Date $ 15,465 2.60 % March 15, 2024 $ 14,433 2.60 % March 30, 2024 $ 18,558 2.64 % March 15, 2026 $ 13,506 2.64 % March 17, 2026 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 $1.5 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 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: Notional Amount Derivative Assets Derivative Liabilities (in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives Designated as Hedging Instruments: Interest rate swap $ 61,962 $ 61,962 $ — $ — $ 4,488 $ 5,987 Derivatives not Designated as Hedging Instruments: Interest rate swap $ 1,007,417 $ 1,026,016 $ 20,271 $ 28,703 $ 20,311 $ 28,980 Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities. 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. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location that financial assets and liabilities are presented on the Balance Sheet. As of March 31, 2021 Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 20,271 $ — $ 20,271 $ 1,322 $ — $ 18,949 Liabilities: Interest rate swap $ 24,799 $ — $ 24,799 $ 1,322 $ 23,090 $ 387 Securities sold under agreements to repurchase 202,246 — 202,246 — 202,246 — As of December 31, 2020 Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 28,703 $ — $ 28,703 $ 2 $ — $ 28,701 Liabilities: Interest rate swap $ 34,967 $ — $ 34,967 $ 2 $ 34,903 $ 62 Securities sold under agreements to repurchase 271,081 — 271,081 — 271,081 — As of March 31, 2021, 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 $25.6 million . |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following table summarizes financial instruments measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2021 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 23,445 $ — $ 23,445 Obligations of states and political subdivisions — 403,557 — 403,557 Agency mortgage-backed securities — 492,081 — 492,081 U.S. Treasury bills — 11,409 — 11,409 Corporate debt securities — 15,168 — 15,168 Total securities available for sale — 945,660 — 945,660 Derivatives — 20,271 — 20,271 Total assets $ — $ 965,931 $ — $ 965,931 Liabilities Derivatives $ — $ 24,799 $ — $ 24,799 Total liabilities $ — $ 24,799 $ — $ 24,799 December 31, 2020 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 15,161 $ — $ 15,161 Obligations of states and political subdivisions — 344,232 — 344,232 Residential mortgage-backed securities — 526,572 — 526,572 Corporate debt securities — 14,998 — 14,998 U.S. Treasury bills — 11,466 — 11,466 Total securities available-for-sale — 912,429 — 912,429 Derivative financial instruments — 28,703 — 28,703 Total assets $ — $ 941,132 $ — $ 941,132 Liabilities Derivatives $ — $ 34,967 $ — $ 34,967 Total liabilities $ — $ 34,967 $ — $ 34,967 From time to time, the Company measures certain assets at fair value on a nonrecurring basis. These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. March 31, 2021 (in thousands) Total Fair Value Quoted Prices in Active Significant Significant Nonaccrual loans (1) $ 2,503 $ — $ — $ 2,503 (1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date. The following table presents the losses recorded in relation to assets measured on a nonrecurring basis and still held as of the reporting date. Three months ended (in thousands) March 31, 2021 March 31, 2020 Nonaccrual loans $ 1,742 $ 11 Other real estate — 777 Total $ 1,742 $ 788 Following is a summary of the carrying amounts and fair values of certain financial instruments: March 31, 2021 December 31, 2020 (in thousands) Carrying Amount Estimated fair value Level Carrying Amount Estimated fair value Level Balance sheet assets Securities held-to-maturity, net $ 467,059 $ 470,099 Level 2 $ 487,610 $ 501,523 Level 2 Other investments 51,099 51,099 Level 2 48,764 48,764 Level 2 Loans held for sale 8,531 8,531 Level 2 13,564 13,564 Level 2 Loans, net 7,157,254 7,099,662 Level 3 7,088,264 7,067,562 Level 3 State tax credits, held for sale 34,287 37,802 Level 3 36,853 39,925 Level 3 Balance sheet liabilities Certificates of deposit $ 521,351 $ 525,000 Level 3 $ 550,095 $ 553,946 Level 3 Subordinated debentures and notes 203,778 193,071 Level 2 203,637 192,889 Level 2 FHLB advances 50,000 51,694 Level 2 50,000 51,871 Level 2 Other borrowings and notes payable 229,389 229,389 Level 2 301,081 301,081 Level 2 For information regarding the methods and assumptions used to estimate the fair value of each class of financial instruments refer to Note 19 – Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. |
SHAREHOLDERS_ EQUITY AND COMPEN
SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS Shareholders’ Equity Accumulated Other Comprehensive Income (Loss) The following tables present the changes in accumulated other comprehensive income after-tax by component: Three months ended March 31, 2021 (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, 2020 $ 22,320 $ 19,308 $ (4,508) $ 37,120 Net change $ (10,920) $ (1,149) $ 1,126 $ (10,943) Balance, March 31, 2021 $ 11,400 $ 18,159 $ (3,382) $ 26,177 Three months ended March 31, 2020 (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, 2019 $ 14,977 $ 4,934 $ (2,162) $ 17,749 Net change $ 10,561 $ (156) $ (5,057) $ 5,348 Balance, March 31, 2020 $ 25,538 $ 4,778 $ (7,219) $ 23,097 The following tables present the pre-tax and after-tax changes in the components of other comprehensive income: Three months ended March 31, (in thousands) 2021 2020 Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized gain (loss) on available-for-sale debt securities $ (14,541) $ (3,621) $ (10,920) $ 14,029 $ 3,465 $ 10,564 Reclassification adjustment for realized gain on sale of available-for-sale debt securities (a) — — — (4) (1) (3) Reclassification of gain on held-to-maturity securities (b) (1,530) (381) (1,149) (207) (51) (156) Change in unrealized gain (loss) on cash flow hedges arising during the period 1,128 281 847 (6,879) (1,699) (5,180) Reclassification of loss on cash flow hedges (b) 372 93 279 163 40 123 Total other comprehensive income $ (14,571) $ (3,628) $ (10,943) $ 7,102 $ 1,754 $ 5,348 (a) The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Operations (b) The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations Compensation Plans Employee Stock Options During the three months ended March 31, 2021, employee stock options were granted under the Amended and Restated 2018 Stock Incentive Plan. Various information related to the stock options is shown below. Employee Stock Options Weighted Average Life Weighted Average Price Shares Exercisable Weighted Average Exercise Price Options Outstanding, December 31, 2020 — Options granted 111,804 9.9 $ 43.81 — $ — Options Outstanding, March 31, 2021 111,804 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENTOn April 26, 2021 the Company and the Bank entered into a definitive merger agreement with First Choice Bancorp (“FCBP”), the holding company of First Choice Bank (“First Choice”) pursuant to which the Company will acquire FCBP in an all-stock merger. Under the terms of the merger agreement, FCBP will merge with and into the Company, and First Choice will subsequently merge with and into the Bank (with the Company and the Bank as the surviving entities) in a transaction valued at approximately $397.7 million, or $33.40 per FCBP share, based on the closing price of EFSC’s common stock on April 23, 2021. On a pro forma consolidated basis, the combined company would have approximately $12.7 billion in consolidated total assets as of March 31, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Business and Consolidation | Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All intercompany accounts and transactions have been eliminated. In the opinion of management, the consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for the fair presentation of the statements of financial position, results of operations, and cash flow for the interim periods. Recent Accounting Pronouncements FASB ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ” In March 2020, the FASB issued “Reference Rate Reform (Topic 848)” which provides optional expedients and exceptions for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The guidance is effective for contract modifications as of March 12, 2020 through December 31, 2022. The Company is actively working to amend and address impacted contracts to allow for a replacement index. Additionally, the Company is currently evaluating the optional expedients and exceptions and has not yet determined the impact this standard may have on its consolidated financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Per Common Share Data and Amounts | The following table presents a summary of per common share data and amounts for the periods indicated. Three months ended March 31, (in thousands, except per share data) 2021 2020 Net income as reported $ 29,926 $ 12,868 Weighted average common shares outstanding 31,247 26,473 Additional dilutive common stock equivalents 59 66 Weighted average diluted common shares outstanding 31,306 26,539 Basic earnings per common share: $ 0.96 $ 0.49 Diluted earnings per common share: 0.96 0.48 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following tables present the amortized cost, gross unrealized gains and losses, allowance of credit losses and fair value of securities available for sale and held to maturity: March 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 23,484 $ 137 $ (176) $ 23,445 Obligations of states and political subdivisions 404,087 3,132 (3,662) 403,557 Agency mortgage-backed securities 477,151 16,841 (1,911) 492,081 U.S. Treasury bills 10,982 427 — 11,409 Corporate debt securities 14,750 425 (7) 15,168 Total securities available for sale $ 930,454 $ 20,962 $ (5,756) $ 945,660 Held-to-maturity securities: Obligations of states and political subdivisions $ 244,030 $ 900 $ (2,491) $ 242,439 Agency mortgage-backed securities 96,777 1,432 (458) 97,751 Corporate debt securities 126,701 3,208 — 129,909 Total securities held-to-maturity $ 467,508 $ 5,540 $ (2,949) $ 470,099 Less: Allowance for credit losses 449 Total securities held-to-maturity, net $ 467,059 December 31, 2020 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 14,978 $ 186 $ (3) $ 15,161 Obligations of states and political subdivisions 335,271 8,994 (33) 344,232 Agency mortgage-backed securities 506,703 20,190 (321) 526,572 U.S. Treasury Bills 10,980 486 — 11,466 Corporate debt securities 14,750 248 — 14,998 Total securities available for sale $ 882,682 $ 30,104 $ (357) $ 912,429 Held-to-maturity securities: Obligations of states and political subdivisions $ 248,324 $ 2,814 $ — $ 251,138 Agency mortgage-backed securities 112,742 2,295 (496) 114,541 Corporate debt securities 126,993 8,851 — 135,844 Total securities held to maturity $ 488,059 $ 13,960 $ (496) $ 501,523 Less: Allowance for credit losses 449 Total securities held-to-maturity, net $ 487,610 |
Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation | The following tables present the amortized cost, gross unrealized gains and losses, allowance of credit losses and fair value of securities available for sale and held to maturity: March 31, 2021 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 23,484 $ 137 $ (176) $ 23,445 Obligations of states and political subdivisions 404,087 3,132 (3,662) 403,557 Agency mortgage-backed securities 477,151 16,841 (1,911) 492,081 U.S. Treasury bills 10,982 427 — 11,409 Corporate debt securities 14,750 425 (7) 15,168 Total securities available for sale $ 930,454 $ 20,962 $ (5,756) $ 945,660 Held-to-maturity securities: Obligations of states and political subdivisions $ 244,030 $ 900 $ (2,491) $ 242,439 Agency mortgage-backed securities 96,777 1,432 (458) 97,751 Corporate debt securities 126,701 3,208 — 129,909 Total securities held-to-maturity $ 467,508 $ 5,540 $ (2,949) $ 470,099 Less: Allowance for credit losses 449 Total securities held-to-maturity, net $ 467,059 December 31, 2020 (in thousands) Amortized Cost Gross Gross Fair Value Available-for-sale securities: Obligations of U.S. Government-sponsored enterprises $ 14,978 $ 186 $ (3) $ 15,161 Obligations of states and political subdivisions 335,271 8,994 (33) 344,232 Agency mortgage-backed securities 506,703 20,190 (321) 526,572 U.S. Treasury Bills 10,980 486 — 11,466 Corporate debt securities 14,750 248 — 14,998 Total securities available for sale $ 882,682 $ 30,104 $ (357) $ 912,429 Held-to-maturity securities: Obligations of states and political subdivisions $ 248,324 $ 2,814 $ — $ 251,138 Agency mortgage-backed securities 112,742 2,295 (496) 114,541 Corporate debt securities 126,993 8,851 — 135,844 Total securities held to maturity $ 488,059 $ 13,960 $ (496) $ 501,523 Less: Allowance for credit losses 449 Total securities held-to-maturity, net $ 487,610 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at March 31, 2021, 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 mortgage-backed securities is approximately 3 years. Available for sale Held to maturity (in thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 11,176 $ 11,316 $ — $ — Due after one year through five years 23,972 24,517 12,733 13,109 Due after five years through ten years 32,875 33,175 132,553 135,497 Due after ten years 385,280 384,571 225,445 223,742 Agency mortgage-backed securities 477,151 492,081 96,777 97,751 $ 930,454 $ 945,660 $ 467,508 $ 470,099 |
Schedule of Unrealized Loss on Investments | The following tables presents a summary of available-for-sale investment securities in an unrealized loss position: March 31, 2021 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 $ 13,324 $ 176 $ — $ — $ 13,324 $ 176 Obligations of states and political subdivisions $ 222,901 $ 3,662 $ — $ — $ 222,901 $ 3,662 Agency mortgage-backed securities 89,591 1,911 — — 89,591 1,911 Corporate debt securities 4,493 7 — — 4,493 7 $ 330,309 $ 5,756 $ — $ — $ 330,309 $ 5,756 December 31, 2020 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 $ 4,997 $ 3 $ — $ — $ 4,997 $ 3 Obligations of states and political subdivisions $ 4,079 $ 33 $ — $ — $ 4,079 $ 33 Agency mortgage-backed securities 65,986 321 — — 65,986 321 $ 75,062 $ 357 $ — $ — $ 75,062 $ 357 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Non-covered Loans [Line Items] | |
Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category | The recorded investment by risk category of the loans by class at March 31, 2021, which is based upon the most recent analysis performed is as follows: Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 510,640 $ 1,044,599 $ 403,420 $ 196,752 $ 121,210 $ 65,492 $ 8,432 $ 515,327 $ 2,865,872 Watch (7) 20,506 34,164 8,303 15,706 4,378 15,002 191 57,994 156,244 Classified (8-9) 3,731 6,220 9,270 2,823 354 1,761 407 19,277 43,843 Total Commercial and industrial $ 534,877 $ 1,084,983 $ 420,993 $ 215,281 $ 125,942 $ 82,255 $ 9,030 $ 592,598 $ 3,065,959 Commercial real estate-investor owned Pass (1-6) $ 125,834 $ 471,216 $ 351,386 $ 195,605 $ 129,903 $ 252,747 $ 3,712 $ 38,880 $ 1,569,283 Watch (7) 2,782 32,554 13,017 6,588 — 24,282 — — 79,223 Classified (8-9) — 6,012 5,300 6,651 — 2,746 — — 20,709 Total Commercial real estate-investor owned $ 128,616 $ 509,782 $ 369,703 $ 208,844 $ 129,903 $ 279,775 $ 3,712 $ 38,880 $ 1,669,215 Commercial real estate-owner occupied Pass (1-6) $ 88,848 $ 422,455 $ 253,188 $ 205,203 $ 161,983 $ 258,470 $ — $ 42,003 $ 1,432,150 Watch (7) 2,111 8,967 5,212 17,006 6,130 9,732 — 1,752 50,910 Classified (8-9) 383 1,794 7,595 5,976 7,726 11,158 — 63 34,695 Total Commercial real estate-owner occupied $ 91,342 $ 433,216 $ 265,995 $ 228,185 $ 175,839 $ 279,360 $ — $ 43,818 $ 1,517,755 Construction real estate Pass (1-6) $ 76,142 $ 180,898 $ 120,004 $ 30,559 $ 7,843 $ 15,954 $ — $ 24,405 $ 455,805 Watch (7) 16,333 62 85 20,748 11,287 2,468 — — 50,983 Classified (8-9) — 55 3,030 499 — 29 — 100 3,713 Total Construction real estate $ 92,475 $ 181,015 $ 123,119 $ 51,806 $ 19,130 $ 18,451 $ — $ 24,505 $ 510,501 Residential real estate Pass (1-6) $ 15,166 $ 56,188 $ 23,567 $ 15,421 $ 14,844 $ 109,575 $ 112 $ 57,997 $ 292,870 Watch (7) — 313 801 513 — 1,725 — 379 3,731 Classified (8-9) 220 887 717 77 14 3,543 — 72 5,530 Total residential real estate $ 15,386 $ 57,388 $ 25,085 $ 16,011 $ 14,858 $ 114,843 $ 112 $ 58,448 $ 302,131 Other Pass (1-6) $ 33,630 $ 56,052 $ 21,753 $ 27,503 $ 9,290 $ 25,300 $ — $ 31,640 $ 205,168 Watch (7) — — 1 7 — 2,588 — 5 2,601 Classified (8-9) — — 16 18 1 23 — 1 59 Total Other $ 33,630 $ 56,052 $ 21,770 $ 27,528 $ 9,291 $ 27,911 $ — $ 31,646 $ 207,828 The following table presents the recorded investment on loans based on payment activity: March 31, 2021 (in thousands) Performing Non Performing Total Commercial and industrial $ 13,682 $ 2 $ 13,684 Real estate: Residential 916 — 916 Other 771 21 792 Total $ 15,369 $ 23 $ 15,392 |
Portfolio loans, net | |
Non-covered Loans [Line Items] | |
Summary of Portfolio Loans by Category | The following table presents a summary of loans by category: (in thousands) March 31, 2021 December 31, 2020 Commercial and industrial $ 3,096,319 $ 3,100,299 Real estate: Commercial - investor owned 1,669,215 1,589,419 Commercial - owner occupied 1,517,755 1,498,408 Construction and land development 510,501 546,686 Residential 303,047 319,179 Total real estate loans 4,000,518 3,953,692 Other 212,068 187,083 Loans, before unearned loan fees 7,308,905 7,241,074 Unearned loan fees, net (20,124) (16,139) Loans, including unearned loan fees $ 7,288,781 $ 7,224,935 |
Summary of Allowance for Loan Losses and the Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method | A summary of the activity in the ACL on loans by category for the three months ended March 31, 2021 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2020 $ 58,812 $ 32,062 $ 17,012 $ 21,413 $ 4,585 $ 2,787 $ 136,671 Provision for credit losses 541 3,381 3,226 (7,091) (152) 598 503 Charge-offs (3,739) (2,372) (28) — (271) (64) (6,474) Recoveries 327 34 9 235 143 79 827 Balance at March 31, 2021 $ 55,941 $ 33,105 $ 20,219 $ 14,557 $ 4,305 $ 3,400 $ 131,527 The ACL on sponsor finance loans, which is included in the categories above, represented $19.7 million and $19.0 million, respectively, as of March 31, 2021 and December 31, 2020. A summary of the activity in the ACL on loans by category for the three months ended March 31, 2020 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2019 $ 27,455 $ 5,935 $ 4,873 $ 2,611 $ 1,280 $ 1,134 $ 43,288 CECL adoption 6,494 10,726 2,598 5,183 3,470 (84) 28,387 PCD loans immediately charged off — (5) (57) (217) (1,401) — (1,680) Balance at January 1, 2020 $ 33,949 $ 16,656 $ 7,414 $ 7,577 $ 3,349 $ 1,050 $ 69,995 Provision for credit losses 11,591 3,224 1,994 2,309 2,011 566 21,695 Charge-offs (63) (2) — (31) (122) (86) (304) Recoveries 504 14 69 40 157 17 801 Balance at March 31, 2020 $ 45,981 $ 19,892 $ 9,477 $ 9,895 $ 5,395 $ 1,547 $ 92,187 |
Financing Receivable, Noncurrent, Allowance for Credit Loss | A summary of the activity in the ACL on loans by category for the three months ended March 31, 2021 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2020 $ 58,812 $ 32,062 $ 17,012 $ 21,413 $ 4,585 $ 2,787 $ 136,671 Provision for credit losses 541 3,381 3,226 (7,091) (152) 598 503 Charge-offs (3,739) (2,372) (28) — (271) (64) (6,474) Recoveries 327 34 9 235 143 79 827 Balance at March 31, 2021 $ 55,941 $ 33,105 $ 20,219 $ 14,557 $ 4,305 $ 3,400 $ 131,527 The ACL on sponsor finance loans, which is included in the categories above, represented $19.7 million and $19.0 million, respectively, as of March 31, 2021 and December 31, 2020. A summary of the activity in the ACL on loans by category for the three months ended March 31, 2020 is as follows: (in thousands) Commercial and industrial CRE - investor owned CRE - Construction and land development Residential real estate Other Total Allowance for credit losses on loans: Balance at December 31, 2019 $ 27,455 $ 5,935 $ 4,873 $ 2,611 $ 1,280 $ 1,134 $ 43,288 CECL adoption 6,494 10,726 2,598 5,183 3,470 (84) 28,387 PCD loans immediately charged off — (5) (57) (217) (1,401) — (1,680) Balance at January 1, 2020 $ 33,949 $ 16,656 $ 7,414 $ 7,577 $ 3,349 $ 1,050 $ 69,995 Provision for credit losses 11,591 3,224 1,994 2,309 2,011 566 21,695 Charge-offs (63) (2) — (31) (122) (86) (304) Recoveries 504 14 69 40 157 17 801 Balance at March 31, 2020 $ 45,981 $ 19,892 $ 9,477 $ 9,895 $ 5,395 $ 1,547 $ 92,187 |
Summary of Portfolio Loans Individually Evaluated for Impairment and Recorded Investment in Impaired Non-Covered Loans by Category | The following tables present the recorded investment in nonperforming loans by category: March 31, 2021 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 18,372 $ 3,243 $ 893 $ 22,508 $ 8,239 Real estate: Commercial - investor owned 7,379 — — 7,379 455 Commercial - owner occupied 2,589 — — 2,589 2,331 Construction and land development — — — — — Residential 3,868 77 — 3,945 2,795 Other 17 — 221 238 — Total $ 32,225 $ 3,320 $ 1,114 $ 36,659 $ 13,820 December 31, 2020 (in thousands) Nonaccrual Restructured, accruing Loans over 90 days past due and still accruing interest Total nonperforming loans Nonaccrual loans with no allowance Commercial and industrial $ 18,158 $ 3,482 $ 130 $ 21,770 $ 8,316 Real estate: Commercial - investor owned 9,579 — — 9,579 716 Commercial - owner occupied 2,940 — — 2,940 6,024 Residential 4,112 77 — 4,189 — Other 29 — — 29 3,190 Total $ 34,818 $ 3,559 $ 130 $ 38,507 $ 18,246 No interest income was recognized on nonaccrual loans during the three months ended March 31, 2021 or 2020. The following table presents the amortized cost basis of collateral-dependent nonperforming loans by class of loan at March 31, 2021: Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Other Commercial and industrial $ 10,737 $ — $ 3,064 $ — Real estate: Commercial - investor owned 7,155 — — — Commercial - owner occupied 2,387 — — — Residential — 3,891 — — Other — — — 215 Total $ 20,279 $ 3,891 $ 3,064 $ 215 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured | The following table presents the amortized cost basis of collateral-dependent nonperforming loans by class of loan at March 31, 2021: Type of Collateral (in thousands) Commercial Real Estate Residential Real Estate Blanket Lien Other Commercial and industrial $ 10,737 $ — $ 3,064 $ — Real estate: Commercial - investor owned 7,155 — — — Commercial - owner occupied 2,387 — — — Residential — 3,891 — — Other — — — 215 Total $ 20,279 $ 3,891 $ 3,064 $ 215 There were no loans restructured during the three months ended March 31, 2021. The recorded investment by category for troubled debt restructurings that occurred during the three months ended March 31, 2020 are as follows: March 31, 2020 (in thousands, except for number of loans) Number of loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Commercial and industrial 1 $ 3,731 $ 3,731 Real estate: Residential 2 155 155 Total 3 $ 3,886 $ 3,886 |
Summary of Recorded Investment by Category for Portfolio Loans Restructured and Subsequently Defaulted | No troubled debt restructurings subsequently defaulted during the three months ended March 31, 2021 or 2020. |
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 at March 31, 2021 is shown below. March 31, 2021 (in thousands) 30-89 Days 90 or More Total Current Total Commercial and industrial $ 25,976 $ 17,091 $ 43,067 $ 3,036,576 $ 3,079,643 Real estate: Commercial - investor owned 768 6,700 7,468 1,661,747 1,669,215 Commercial - owner occupied 312 3,987 4,299 1,513,456 1,517,755 Construction and land development 400 — 400 510,101 510,501 Residential 2,371 1,090 3,461 299,586 303,047 Other 486 237 723 207,897 208,620 Total $ 30,313 $ 29,105 $ 59,418 $ 7,229,363 $ 7,288,781 |
Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category | The recorded investment by risk category of the loans by class at March 31, 2021, which is based upon the most recent analysis performed is as follows: Term Loans by Origination Year (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Converted to Term Loans Revolving Loans Total Commercial and industrial Pass (1-6) $ 510,640 $ 1,044,599 $ 403,420 $ 196,752 $ 121,210 $ 65,492 $ 8,432 $ 515,327 $ 2,865,872 Watch (7) 20,506 34,164 8,303 15,706 4,378 15,002 191 57,994 156,244 Classified (8-9) 3,731 6,220 9,270 2,823 354 1,761 407 19,277 43,843 Total Commercial and industrial $ 534,877 $ 1,084,983 $ 420,993 $ 215,281 $ 125,942 $ 82,255 $ 9,030 $ 592,598 $ 3,065,959 Commercial real estate-investor owned Pass (1-6) $ 125,834 $ 471,216 $ 351,386 $ 195,605 $ 129,903 $ 252,747 $ 3,712 $ 38,880 $ 1,569,283 Watch (7) 2,782 32,554 13,017 6,588 — 24,282 — — 79,223 Classified (8-9) — 6,012 5,300 6,651 — 2,746 — — 20,709 Total Commercial real estate-investor owned $ 128,616 $ 509,782 $ 369,703 $ 208,844 $ 129,903 $ 279,775 $ 3,712 $ 38,880 $ 1,669,215 Commercial real estate-owner occupied Pass (1-6) $ 88,848 $ 422,455 $ 253,188 $ 205,203 $ 161,983 $ 258,470 $ — $ 42,003 $ 1,432,150 Watch (7) 2,111 8,967 5,212 17,006 6,130 9,732 — 1,752 50,910 Classified (8-9) 383 1,794 7,595 5,976 7,726 11,158 — 63 34,695 Total Commercial real estate-owner occupied $ 91,342 $ 433,216 $ 265,995 $ 228,185 $ 175,839 $ 279,360 $ — $ 43,818 $ 1,517,755 Construction real estate Pass (1-6) $ 76,142 $ 180,898 $ 120,004 $ 30,559 $ 7,843 $ 15,954 $ — $ 24,405 $ 455,805 Watch (7) 16,333 62 85 20,748 11,287 2,468 — — 50,983 Classified (8-9) — 55 3,030 499 — 29 — 100 3,713 Total Construction real estate $ 92,475 $ 181,015 $ 123,119 $ 51,806 $ 19,130 $ 18,451 $ — $ 24,505 $ 510,501 Residential real estate Pass (1-6) $ 15,166 $ 56,188 $ 23,567 $ 15,421 $ 14,844 $ 109,575 $ 112 $ 57,997 $ 292,870 Watch (7) — 313 801 513 — 1,725 — 379 3,731 Classified (8-9) 220 887 717 77 14 3,543 — 72 5,530 Total residential real estate $ 15,386 $ 57,388 $ 25,085 $ 16,011 $ 14,858 $ 114,843 $ 112 $ 58,448 $ 302,131 Other Pass (1-6) $ 33,630 $ 56,052 $ 21,753 $ 27,503 $ 9,290 $ 25,300 $ — $ 31,640 $ 205,168 Watch (7) — — 1 7 — 2,588 — 5 2,601 Classified (8-9) — — 16 18 1 23 — 1 59 Total Other $ 33,630 $ 56,052 $ 21,770 $ 27,528 $ 9,291 $ 27,911 $ — $ 31,646 $ 207,828 In the table above, loan originations in 2021 and 2020 with a classification of watch or classified primarily represent renewals or modifications initially underwritten and originated in prior years. For certain loans, primarily credit cards, the Company evaluates credit quality based on the aging status. The following table presents the recorded investment on loans based on payment activity: March 31, 2021 (in thousands) Performing Non Performing Total Commercial and industrial $ 13,682 $ 2 $ 13,684 Real estate: Residential 916 — 916 Other 771 21 792 Total $ 15,369 $ 23 $ 15,392 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments | The contractual amounts of off-balance-sheet financial instruments are as follows: (in thousands) March 31, 2021 December 31, 2020 Commitments to extend credit $ 2,043,850 $ 1,946,068 Letters of credit 58,093 50,971 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Notional Amount Derivative Assets Derivative Liabilities (in thousands) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives Designated as Hedging Instruments: Interest rate swap $ 61,962 $ 61,962 $ — $ — $ 4,488 $ 5,987 Derivatives not Designated as Hedging Instruments: Interest rate swap $ 1,007,417 $ 1,026,016 $ 20,271 $ 28,703 $ 20,311 $ 28,980 Derivative assets are classified on the balance sheet in other assets. Derivative liabilities are classified on the balance sheet in other liabilities. 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. The gross amounts of assets or liabilities can be reconciled to the tabular disclosure of fair value. The fair value table above provides the location that financial assets and liabilities are presented on the Balance Sheet. As of March 31, 2021 Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 20,271 $ — $ 20,271 $ 1,322 $ — $ 18,949 Liabilities: Interest rate swap $ 24,799 $ — $ 24,799 $ 1,322 $ 23,090 $ 387 Securities sold under agreements to repurchase 202,246 — 202,246 — 202,246 — As of December 31, 2020 Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets presented in the Statement of Financial Position Financial Instruments Fair Value Collateral Posted Net Amount Assets: Interest rate swap $ 28,703 $ — $ 28,703 $ 2 $ — $ 28,701 Liabilities: Interest rate swap $ 34,967 $ — $ 34,967 $ 2 $ 34,903 $ 62 Securities sold under agreements to repurchase 271,081 — 271,081 — 271,081 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: March 31, 2021 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 23,445 $ — $ 23,445 Obligations of states and political subdivisions — 403,557 — 403,557 Agency mortgage-backed securities — 492,081 — 492,081 U.S. Treasury bills — 11,409 — 11,409 Corporate debt securities — 15,168 — 15,168 Total securities available for sale — 945,660 — 945,660 Derivatives — 20,271 — 20,271 Total assets $ — $ 965,931 $ — $ 965,931 Liabilities Derivatives $ — $ 24,799 $ — $ 24,799 Total liabilities $ — $ 24,799 $ — $ 24,799 December 31, 2020 (in thousands) Quoted Prices in Significant Significant Total Fair Assets Securities available for sale Obligations of U.S. Government-sponsored enterprises $ — $ 15,161 $ — $ 15,161 Obligations of states and political subdivisions — 344,232 — 344,232 Residential mortgage-backed securities — 526,572 — 526,572 Corporate debt securities — 14,998 — 14,998 U.S. Treasury bills — 11,466 — 11,466 Total securities available-for-sale — 912,429 — 912,429 Derivative financial instruments — 28,703 — 28,703 Total assets $ — $ 941,132 $ — $ 941,132 Liabilities Derivatives $ — $ 34,967 $ — $ 34,967 Total liabilities $ — $ 34,967 $ — $ 34,967 |
Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis | These include assets measured at the lower of cost or fair value that were recognized at fair value below cost at the end of the period. March 31, 2021 (in thousands) Total Fair Value Quoted Prices in Active Significant Significant Nonaccrual loans (1) $ 2,503 $ — $ — $ 2,503 (1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date. The following table presents the losses recorded in relation to assets measured on a nonrecurring basis and still held as of the reporting date. Three months ended (in thousands) March 31, 2021 March 31, 2020 Nonaccrual loans $ 1,742 $ 11 Other real estate — 777 Total $ 1,742 $ 788 |
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 certain financial instruments: March 31, 2021 December 31, 2020 (in thousands) Carrying Amount Estimated fair value Level Carrying Amount Estimated fair value Level Balance sheet assets Securities held-to-maturity, net $ 467,059 $ 470,099 Level 2 $ 487,610 $ 501,523 Level 2 Other investments 51,099 51,099 Level 2 48,764 48,764 Level 2 Loans held for sale 8,531 8,531 Level 2 13,564 13,564 Level 2 Loans, net 7,157,254 7,099,662 Level 3 7,088,264 7,067,562 Level 3 State tax credits, held for sale 34,287 37,802 Level 3 36,853 39,925 Level 3 Balance sheet liabilities Certificates of deposit $ 521,351 $ 525,000 Level 3 $ 550,095 $ 553,946 Level 3 Subordinated debentures and notes 203,778 193,071 Level 2 203,637 192,889 Level 2 FHLB advances 50,000 51,694 Level 2 50,000 51,871 Level 2 Other borrowings and notes payable 229,389 229,389 Level 2 301,081 301,081 Level 2 |
SHAREHOLDERS_ EQUITY AND COMP_2
SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in accumulated other comprehensive income after-tax by component: Three months ended March 31, 2021 (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, 2020 $ 22,320 $ 19,308 $ (4,508) $ 37,120 Net change $ (10,920) $ (1,149) $ 1,126 $ (10,943) Balance, March 31, 2021 $ 11,400 $ 18,159 $ (3,382) $ 26,177 Three months ended March 31, 2020 (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, 2019 $ 14,977 $ 4,934 $ (2,162) $ 17,749 Net change $ 10,561 $ (156) $ (5,057) $ 5,348 Balance, March 31, 2020 $ 25,538 $ 4,778 $ (7,219) $ 23,097 |
Schedule of Pre-tax and After-tax Changes in the Components of Other Comprehensive Income | The following tables present the pre-tax and after-tax changes in the components of other comprehensive income: Three months ended March 31, (in thousands) 2021 2020 Pre-tax Tax effect After-tax Pre-tax Tax effect After-tax Change in unrealized gain (loss) on available-for-sale debt securities $ (14,541) $ (3,621) $ (10,920) $ 14,029 $ 3,465 $ 10,564 Reclassification adjustment for realized gain on sale of available-for-sale debt securities (a) — — — (4) (1) (3) Reclassification of gain on held-to-maturity securities (b) (1,530) (381) (1,149) (207) (51) (156) Change in unrealized gain (loss) on cash flow hedges arising during the period 1,128 281 847 (6,879) (1,699) (5,180) Reclassification of loss on cash flow hedges (b) 372 93 279 163 40 123 Total other comprehensive income $ (14,571) $ (3,628) $ (10,943) $ 7,102 $ 1,754 $ 5,348 (a) The pre-tax amount is reported in noninterest income/expense in the Consolidated Statements of Operations (b) The pre-tax amount is reported in interest income/expense in the Consolidated Statements of Operations |
Schedule of Stock Options Roll Forward | During the three months ended March 31, 2021, employee stock options were granted under the Amended and Restated 2018 Stock Incentive Plan. Various information related to the stock options is shown below. Employee Stock Options Weighted Average Life Weighted Average Price Shares Exercisable Weighted Average Exercise Price Options Outstanding, December 31, 2020 — Options granted 111,804 9.9 $ 43.81 — $ — Options Outstanding, March 31, 2021 111,804 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income as reported | $ 29,926 | $ 12,868 |
Weighted average common shares outstanding (in shares) | 31,247,000 | 26,473,000 |
Additional dilutive common stock equivalents (in shares) | 59,000 | 66,000 |
Weighted average diluted common shares outstanding (in shares) | 31,306,000 | 26,539,000 |
Basic earnings per common share (in dollars per share) | $ 0.96 | $ 0.49 |
Diluted earnings per common share (in dollars per share) | $ 0.96 | $ 0.48 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 222,000 | 62,000 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale and Held-to-Maturity Securities Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity [Abstract] | ||
Amortized Cost | $ 467,508 | $ 488,059 |
Gross Unrealized Gains | 5,540 | 13,960 |
Gross Unrealized Losses | (2,949) | (496) |
Allowance for Credit Losses | 449 | 449 |
Fair Value | 470,099 | 501,523 |
Total securities held-to-maturity, net | 467,059 | 487,610 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 930,454 | 882,682 |
Gross Unrealized Gains | 20,962 | 30,104 |
Gross Unrealized Losses | (5,756) | (357) |
Fair Value | 945,660 | 912,429 |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 23,484 | 14,978 |
Gross Unrealized Gains | 137 | 186 |
Gross Unrealized Losses | (176) | (3) |
Fair Value | 23,445 | 15,161 |
Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity [Abstract] | ||
Amortized Cost | 244,030 | 248,324 |
Gross Unrealized Gains | 900 | 2,814 |
Gross Unrealized Losses | (2,491) | 0 |
Fair Value | 242,439 | 251,138 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 404,087 | 335,271 |
Gross Unrealized Gains | 3,132 | 8,994 |
Gross Unrealized Losses | (3,662) | (33) |
Fair Value | 403,557 | 344,232 |
Agency mortgage-backed securities | ||
Debt Securities, Held-to-maturity [Abstract] | ||
Amortized Cost | 96,777 | 112,742 |
Gross Unrealized Gains | 1,432 | 2,295 |
Gross Unrealized Losses | (458) | (496) |
Fair Value | 97,751 | 114,541 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 477,151 | 506,703 |
Gross Unrealized Gains | 16,841 | 20,190 |
Gross Unrealized Losses | (1,911) | (321) |
Fair Value | 492,081 | 526,572 |
U.S. Treasury bills | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 10,982 | 10,980 |
Gross Unrealized Gains | 427 | 486 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 11,409 | 11,466 |
Corporate debt securities | ||
Debt Securities, Held-to-maturity [Abstract] | ||
Amortized Cost | 126,701 | 126,993 |
Gross Unrealized Gains | 3,208 | 8,851 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 129,909 | 135,844 |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost | 14,750 | 14,750 |
Gross Unrealized Gains | 425 | 248 |
Gross Unrealized Losses | (7) | 0 |
Fair Value | $ 15,168 | $ 14,998 |
Investments - Investments Class
Investments - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Available for sale, Amortized Cost | ||
Due in one year or less | $ 11,176 | |
Due after one year through five years | 23,972 | |
Due after five years through ten years | 32,875 | |
Due after ten years | 385,280 | |
Agency mortgage-backed securities | 477,151 | |
Amortized Cost | 930,454 | $ 882,682 |
Available for sale, Estimated Fair Value | ||
Due in one year or less | 11,316 | |
Due after one year through five years | 24,517 | |
Due after five years through ten years | 33,175 | |
Due after ten years | 384,571 | |
Agency mortgage-backed securities | 492,081 | |
Available for sale, fair value | 945,660 | 912,429 |
Held to maturity, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 12,733 | |
Due after five years through ten years | 132,553 | |
Due after ten years | 225,445 | |
Agency mortgage-backed securities | 96,777 | |
Amortized Cost | 467,508 | 488,059 |
Held to maturity, Estimated Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 13,109 | |
Due after five years through ten years | 135,497 | |
Due after ten years | 223,742 | |
Agency mortgage-backed securities | 97,751 | |
Held to maturity, fair value | $ 470,099 | $ 501,523 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 330,309 | $ 75,062 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5,756 | 357 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 330,309 | 75,062 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 5,756 | 357 |
Obligations of U.S. Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 13,324 | 4,997 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 176 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 13,324 | 4,997 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 176 | 3 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 222,901 | 4,079 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,662 | 33 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 222,901 | 4,079 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3,662 | 33 |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 89,591 | 65,986 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,911 | 321 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 89,591 | 65,986 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,911 | $ 321 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 4,493 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 4,493 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 7 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 930,454 | $ 882,682 | |
Securities available for sale | $ 945,660 | $ 912,429 | |
Maximum percentage of shareholders' equity security holdings held of one issuer | 10.00% | 10.00% | |
Securities pledged | $ 465,900 | $ 525,800 | |
Mortgage-backed securities, weighted average life | 3 years | ||
Accrued interest receivable, held-to-maturity securities | $ 3,500 | ||
Allowance for credit losses on held-to-maturity debt securities | 449 | 449 | |
Proceeds from sales | $ 207 | ||
Gross gains realized | $ 4 | ||
Other investments, at cost | 51,099 | 48,764 | |
Des Moines | |||
Debt Securities, Available-for-sale [Line Items] | |||
Other investments, at cost | $ 12,000 | $ 10,800 |
Loans - Summary of Portfolio Lo
Loans - Summary of Portfolio Loans by Category (Details) - Portfolio loans, net - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | $ 7,308,905 | $ 7,241,074 |
Unearned loan fees, net | (20,124) | (16,139) |
Loans, including unearned loan fees | 7,288,781 | 7,224,935 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 3,096,319 | 3,100,299 |
Loans, including unearned loan fees | 3,079,643 | |
Commercial - investor owned | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 1,669,215 | 1,589,419 |
Loans, including unearned loan fees | 1,669,215 | |
Commercial - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 1,517,755 | 1,498,408 |
Loans, including unearned loan fees | 1,517,755 | |
Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 510,501 | 546,686 |
Loans, including unearned loan fees | 510,501 | |
Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 303,047 | 319,179 |
Loans, including unearned loan fees | 303,047 | |
Total real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 4,000,518 | 3,953,692 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, before unearned loan fees | 212,068 | $ 187,083 |
Loans, including unearned loan fees | $ 208,620 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Loan Losses by Portfolio Class and Category (Details) - Portfolio loans, net - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2021 | Mar. 31, 2020 |
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2020 | $ 136,671 | $ 43,288 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 28,387 | ||
Provision for credit losses | (1,680) | ||
Provision for Loan, Lease, and Other Losses | (503) | (21,695) | |
Charge-offs | (6,474) | (304) | |
Recoveries | 827 | 801 | |
Balance | 43,288 | 131,527 | 92,187 |
Commercial and industrial | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2020 | 58,812 | 27,455 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 6,494 | ||
Provision for credit losses | 0 | ||
Provision for Loan, Lease, and Other Losses | (541) | (11,591) | |
Charge-offs | (3,739) | (63) | |
Recoveries | 327 | 504 | |
Balance | 27,455 | 55,941 | 45,981 |
CRE - investor owned | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2020 | 32,062 | 5,935 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 10,726 | ||
Provision for credit losses | (5) | ||
Provision for Loan, Lease, and Other Losses | (3,381) | (3,224) | |
Charge-offs | (2,372) | (2) | |
Recoveries | 34 | 14 | |
Balance | 5,935 | 33,105 | 19,892 |
CRE - owner occupied | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2020 | 17,012 | 4,873 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 2,598 | ||
Provision for credit losses | (57) | ||
Provision for Loan, Lease, and Other Losses | (3,226) | (1,994) | |
Charge-offs | (28) | 0 | |
Recoveries | 9 | 69 | |
Balance | 4,873 | 20,219 | 9,477 |
Construction and land development | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2020 | 21,413 | 2,611 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 5,183 | ||
Provision for credit losses | (217) | ||
Provision for Loan, Lease, and Other Losses | 7,091 | (2,309) | |
Charge-offs | 0 | (31) | |
Recoveries | 235 | 40 | |
Balance | 2,611 | 14,557 | 9,895 |
Residential real estate | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2020 | 4,585 | 1,280 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 3,470 | ||
Provision for credit losses | (1,401) | ||
Provision for Loan, Lease, and Other Losses | 152 | (2,011) | |
Charge-offs | (271) | (122) | |
Recoveries | 143 | 157 | |
Balance | 1,280 | 4,305 | 5,395 |
Other | |||
Allowance for Loan Losses [Roll Forward] | |||
Balance at December 31, 2020 | 2,787 | 1,134 | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (84) | ||
Provision for credit losses | 0 | ||
Provision for Loan, Lease, and Other Losses | (598) | (566) | |
Charge-offs | (64) | (86) | |
Recoveries | 79 | 17 | |
Balance | $ 1,134 | $ 3,400 | $ 1,547 |
Loans - Summary of Recorded Inv
Loans - Summary of Recorded Investment in Portfolio Loans by Class and Category Based on Impairment Method (Details) - Portfolio loans, net $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | Dec. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 3 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 3,886 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 3,886 | ||||
Total | $ 131,527 | 92,187 | $ 136,671 | $ 69,995 | $ 43,288 |
Loans - Ending balance: | |||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (20,124) | (16,139) | |||
Total | $ 7,308,905 | 7,241,074 | |||
Commercial and industrial | |||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 3,731 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 3,731 | ||||
Total | 55,941 | 45,981 | 58,812 | 33,949 | 27,455 |
Loans - Ending balance: | |||||
Total | 3,096,319 | 3,100,299 | |||
CRE - investor owned | |||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||||
Total | 33,105 | 19,892 | 32,062 | 16,656 | 5,935 |
Loans - Ending balance: | |||||
Total | 1,669,215 | 1,589,419 | |||
CRE - owner occupied | |||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||||
Total | 20,219 | 9,477 | 17,012 | 7,414 | 4,873 |
Loans - Ending balance: | |||||
Total | 1,517,755 | 1,498,408 | |||
Construction and land development | |||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||||
Total | 14,557 | $ 9,895 | 21,413 | 7,577 | 2,611 |
Loans - Ending balance: | |||||
Total | 510,501 | 546,686 | |||
Residential real estate | |||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 2 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 155 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 155 | ||||
Total | 4,305 | 5,395 | 4,585 | 3,349 | 1,280 |
Loans - Ending balance: | |||||
Total | 303,047 | 319,179 | |||
Other | |||||
Summary of Recorded Investment in Non-covered Loans by Portfolio Class and Category Based on Impairment Method [Line Items] | |||||
Total | 3,400 | $ 1,547 | 2,787 | $ 1,050 | $ 1,134 |
Loans - Ending balance: | |||||
Total | $ 212,068 | $ 187,083 |
Loans - Summary of Portfolio _2
Loans - Summary of Portfolio Loans Individually Evaluated for Impairment by Category (Details) - Portfolio loans, net - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment With No Allowance | $ 13,820 | ||||
Total Recorded Investment | 36,659 | $ 38,507 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (6,474) | $ (304) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 827 | 801 | |||
Financing receivable, allowance for credit loss | 131,527 | 92,187 | 136,671 | $ 69,995 | $ 43,288 |
Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment With No Allowance | 8,239 | 8,316 | |||
Total Recorded Investment | 22,508 | 21,770 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (3,739) | (63) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 327 | 504 | |||
Financing receivable, allowance for credit loss | 55,941 | 45,981 | 58,812 | 33,949 | 27,455 |
Commercial - investor owned | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment With No Allowance | 455 | 716 | |||
Total Recorded Investment | 7,379 | 9,579 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (2,372) | (2) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 34 | 14 | |||
Financing receivable, allowance for credit loss | 33,105 | 19,892 | 32,062 | 16,656 | 5,935 |
Commercial - owner occupied | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment With No Allowance | 2,331 | 6,024 | |||
Total Recorded Investment | 2,589 | 2,940 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (28) | 0 | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 9 | 69 | |||
Financing receivable, allowance for credit loss | 20,219 | 9,477 | 17,012 | 7,414 | 4,873 |
Construction and land development | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment With No Allowance | 0 | 0 | |||
Total Recorded Investment | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (31) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 235 | 40 | |||
Financing receivable, allowance for credit loss | 14,557 | 9,895 | 21,413 | 7,577 | 2,611 |
Residential real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment With No Allowance | 2,795 | 3,190 | |||
Total Recorded Investment | 3,945 | 4,189 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (271) | (122) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 143 | 157 | |||
Financing receivable, allowance for credit loss | 4,305 | 5,395 | 4,585 | 3,349 | 1,280 |
Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment With No Allowance | 0 | 18,246 | |||
Total Recorded Investment | 238 | 29 | |||
Financing Receivable, Allowance for Credit Loss, Writeoff | (64) | (86) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 79 | 17 | |||
Financing receivable, allowance for credit loss | $ 3,400 | $ 1,547 | $ 2,787 | $ 1,050 | $ 1,134 |
Loans - Narrative (Details)
Loans - Narrative (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($)loan | Dec. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | $ 17,700 | ||||
Loans and Leases Receivable, Deferred Income | 4,200 | ||||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 2,700,000 | $ 2,500,000 | |||
Financing Receivable, Paycheck Protection Program | 754,400 | 709,900 | |||
Financing Receivable, Paycheck Protection Program, Net of Deferred Fees | 737,700 | ||||
Financing Receivable, Paycheck Protection Program, Unearned Fees | 16,700 | ||||
financing receivable, paycheck protection program, net of deferred fees | 698,600 | ||||
financing recievable, paycheck protection program, unearned fees | 11,300 | ||||
net premium, acquired loans | 16,100 | ||||
Financing Receivable, Amount Still in Deferral Status | 21,100 | ||||
Other Assets [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accrued interest receivable | 30,700 | ||||
Non-Covered Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Post-Modification Outstanding Recorded Balance | $ 3,886 | ||||
Financing Receivable, Modifications, Number of Contracts | loan | 3 | ||||
Restructuring Reserve | 3,320 | 3,559 | |||
Financing Receivable, before Allowance for Credit Loss | 7,308,905 | 7,241,074 | |||
Financing receivable, allowance for credit loss | 131,527 | $ 92,187 | 136,671 | $ 69,995 | $ 43,288 |
Non-Covered Loans | Enterprise Value Lending Portfolio Niche Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, allowance for credit loss | 19,700 | ||||
Non-Covered Loans | Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Restructuring Reserve | 0 | 0 | |||
Financing Receivable, before Allowance for Credit Loss | 212,068 | 187,083 | |||
Financing receivable, allowance for credit loss | 3,400 | $ 1,547 | $ 2,787 | $ 1,050 | $ 1,134 |
Non-Covered Loans | Agriculture Portfolio Niche Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, allowance for credit loss | 19,000 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | Non-Covered Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing receivable, allowance for credit loss | $ 5,400 |
Loans - Summary of Recorded I_2
Loans - Summary of Recorded Investment in Impaired Portfolio Loans by Category (Details) - Non-Covered Loans $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)loan | Mar. 31, 2020loan | Dec. 31, 2020USD ($) | |
Financing Receivable, Past Due [Line Items] | |||
Total Recorded Investment | $ 36,659 | $ 38,507 | |
Recorded Investment With No Allowance | 13,820 | ||
Financing Receivable, Modifications, Number of Contracts | loan | 3 | ||
Nonaccrual | 32,225 | 34,818 | |
Restructured, accruing | 3,320 | 3,559 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 1,114 | 130 | |
Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Total Recorded Investment | 22,508 | 21,770 | |
Recorded Investment With No Allowance | $ 8,239 | 8,316 | |
Financing Receivable, Modifications, Number of Contracts | loan | 1 | ||
Nonaccrual | $ 18,372 | 18,158 | |
Restructured, accruing | 3,243 | 3,482 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 893 | 130 | |
Commercial - investor owned | |||
Financing Receivable, Past Due [Line Items] | |||
Total Recorded Investment | 7,379 | 9,579 | |
Recorded Investment With No Allowance | 455 | 716 | |
Nonaccrual | 7,379 | 9,579 | |
Restructured, accruing | 0 | 0 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Commercial - owner occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Total Recorded Investment | 2,589 | 2,940 | |
Recorded Investment With No Allowance | 2,331 | 6,024 | |
Nonaccrual | 2,589 | 2,940 | |
Restructured, accruing | 0 | 0 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Construction and land development | |||
Financing Receivable, Past Due [Line Items] | |||
Total Recorded Investment | 0 | ||
Recorded Investment With No Allowance | 0 | 0 | |
Nonaccrual | 0 | ||
Restructured, accruing | 0 | ||
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | ||
Residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total Recorded Investment | 3,945 | 4,189 | |
Recorded Investment With No Allowance | 2,795 | 3,190 | |
Financing Receivable, Modifications, Number of Contracts | loan | 2 | ||
Nonaccrual | 3,868 | 4,112 | |
Restructured, accruing | 77 | 77 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | |
Other | |||
Financing Receivable, Past Due [Line Items] | |||
Total Recorded Investment | 238 | 29 | |
Recorded Investment With No Allowance | 0 | 18,246 | |
Nonaccrual | 17 | 29 | |
Restructured, accruing | 0 | 0 | |
Impaired Financing Receivables, Recorded Investment, 90 Days Past Due and Still Accruing | $ 221 | $ 0 |
Loans - Summary of Recorded I_3
Loans - Summary of Recorded Investment by Category for Portfolio Loans Restructured (Details) - Non-Covered Loans $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 3 | |
Pre-Modification Outstanding Recorded Balance | $ 3,886 | |
Post-Modification Outstanding Recorded Balance | $ 3,886 | |
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | |
Pre-Modification Outstanding Recorded Balance | $ 3,731 | |
Post-Modification Outstanding Recorded Balance | $ 3,731 | |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 2 | |
Pre-Modification Outstanding Recorded Balance | $ 155 | |
Post-Modification Outstanding Recorded Balance | $ 155 |
Loans - Summary of Aging of Rec
Loans - Summary of Aging of Recorded Investment in Past Due Portfolio Loans by Portfolio Class and Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 59,418 | |
Current | 7,229,363 | |
Loans, including unearned loan fees | 7,288,781 | $ 7,224,935 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 43,067 | |
Current | 3,036,576 | |
Loans, including unearned loan fees | 3,079,643 | |
CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 7,468 | |
Current | 1,661,747 | |
Loans, including unearned loan fees | 1,669,215 | |
CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 4,299 | |
Current | 1,513,456 | |
Loans, including unearned loan fees | 1,517,755 | |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 400 | |
Current | 510,101 | |
Loans, including unearned loan fees | 510,501 | |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,461 | |
Current | 299,586 | |
Loans, including unearned loan fees | 303,047 | |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 723 | |
Current | 207,897 | |
Loans, including unearned loan fees | 208,620 | |
Financial Asset, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 30,313 | |
Financial Asset, 30 to 89 Days Past Due [Member] | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 25,976 | |
Financial Asset, 30 to 89 Days Past Due [Member] | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 768 | |
Financial Asset, 30 to 89 Days Past Due [Member] | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 312 | |
Financial Asset, 30 to 89 Days Past Due [Member] | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 400 | |
Financial Asset, 30 to 89 Days Past Due [Member] | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,371 | |
Financial Asset, 30 to 89 Days Past Due [Member] | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 486 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 29,105 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 17,091 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | CRE - investor owned | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 6,700 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | CRE - owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,987 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,090 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 237 |
Loans - Summary of Term Loans b
Loans - Summary of Term Loans by Origination Year (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Commercial and industrial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | $ 534,877 |
2019 | 1,084,983 |
2018 | 420,993 |
2017 | 215,281 |
2016 | 125,942 |
Prior | 82,255 |
Financing Receivable, Converted | 9,030 |
Revolving Loans | 592,598 |
Total | 3,065,959 |
Commercial and industrial | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 510,640 |
2019 | 1,044,599 |
2018 | 403,420 |
2017 | 196,752 |
2016 | 121,210 |
Prior | 65,492 |
Financing Receivable, Converted | 8,432 |
Revolving Loans | 515,327 |
Total | 2,865,872 |
Commercial and industrial | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 20,506 |
2019 | 34,164 |
2018 | 8,303 |
2017 | 15,706 |
2016 | 4,378 |
Prior | 15,002 |
Financing Receivable, Converted | 191 |
Revolving Loans | 57,994 |
Total | 156,244 |
Commercial and industrial | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 3,731 |
2019 | 6,220 |
2018 | 9,270 |
2017 | 2,823 |
2016 | 354 |
Prior | 1,761 |
Financing Receivable, Converted | 407 |
Revolving Loans | 19,277 |
Total | 43,843 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 128,616 |
2019 | 509,782 |
2018 | 369,703 |
2017 | 208,844 |
2016 | 129,903 |
Prior | 279,775 |
Financing Receivable, Converted | 3,712 |
Revolving Loans | 38,880 |
Total | 1,669,215 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 125,834 |
2019 | 471,216 |
2018 | 351,386 |
2017 | 195,605 |
2016 | 129,903 |
Prior | 252,747 |
Financing Receivable, Converted | 3,712 |
Revolving Loans | 38,880 |
Total | 1,569,283 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 2,782 |
2019 | 32,554 |
2018 | 13,017 |
2017 | 6,588 |
2016 | 0 |
Prior | 24,282 |
Financing Receivable, Converted | 0 |
Revolving Loans | 0 |
Total | 79,223 |
Commercial Real Estate-Investor Owned Portfolio Segment [Member] | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 6,012 |
2018 | 5,300 |
2017 | 6,651 |
2016 | 0 |
Prior | 2,746 |
Financing Receivable, Converted | 0 |
Revolving Loans | 0 |
Total | 20,709 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 91,342 |
2019 | 433,216 |
2018 | 265,995 |
2017 | 228,185 |
2016 | 175,839 |
Prior | 279,360 |
Financing Receivable, Converted | 0 |
Revolving Loans | 43,818 |
Total | 1,517,755 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 88,848 |
2019 | 422,455 |
2018 | 253,188 |
2017 | 205,203 |
2016 | 161,983 |
Prior | 258,470 |
Financing Receivable, Converted | 0 |
Revolving Loans | 42,003 |
Total | 1,432,150 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 2,111 |
2019 | 8,967 |
2018 | 5,212 |
2017 | 17,006 |
2016 | 6,130 |
Prior | 9,732 |
Financing Receivable, Converted | 0 |
Revolving Loans | 1,752 |
Total | 50,910 |
Commercial Real Estate-Owner Occupied Portfolio Segment [Member] | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 383 |
2019 | 1,794 |
2018 | 7,595 |
2017 | 5,976 |
2016 | 7,726 |
Prior | 11,158 |
Financing Receivable, Converted | 0 |
Revolving Loans | 63 |
Total | 34,695 |
Construction Real Estate Portfolio Segment [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 92,475 |
2019 | 181,015 |
2018 | 123,119 |
2017 | 51,806 |
2016 | 19,130 |
Prior | 18,451 |
Financing Receivable, Converted | 0 |
Revolving Loans | 24,505 |
Total | 510,501 |
Construction Real Estate Portfolio Segment [Member] | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 76,142 |
2019 | 180,898 |
2018 | 120,004 |
2017 | 30,559 |
2016 | 7,843 |
Prior | 15,954 |
Financing Receivable, Converted | 0 |
Revolving Loans | 24,405 |
Total | 455,805 |
Construction Real Estate Portfolio Segment [Member] | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 16,333 |
2019 | 62 |
2018 | 85 |
2017 | 20,748 |
2016 | 11,287 |
Prior | 2,468 |
Financing Receivable, Converted | 0 |
Revolving Loans | 0 |
Total | 50,983 |
Construction Real Estate Portfolio Segment [Member] | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 55 |
2018 | 3,030 |
2017 | 499 |
2016 | 0 |
Prior | 29 |
Financing Receivable, Converted | 0 |
Revolving Loans | 100 |
Total | 3,713 |
Residential Portfolio Segment | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 15,386 |
2019 | 57,388 |
2018 | 25,085 |
2017 | 16,011 |
2016 | 14,858 |
Prior | 114,843 |
Financing Receivable, Converted | 112 |
Revolving Loans | 58,448 |
Total | 302,131 |
Residential Portfolio Segment | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 15,166 |
2019 | 56,188 |
2018 | 23,567 |
2017 | 15,421 |
2016 | 14,844 |
Prior | 109,575 |
Financing Receivable, Converted | 112 |
Revolving Loans | 57,997 |
Total | 292,870 |
Residential Portfolio Segment | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 313 |
2018 | 801 |
2017 | 513 |
2016 | 0 |
Prior | 1,725 |
Financing Receivable, Converted | 0 |
Revolving Loans | 379 |
Total | 3,731 |
Residential Portfolio Segment | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 220 |
2019 | 887 |
2018 | 717 |
2017 | 77 |
2016 | 14 |
Prior | 3,543 |
Financing Receivable, Converted | 0 |
Revolving Loans | 72 |
Total | 5,530 |
Other | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 33,630 |
2019 | 56,052 |
2018 | 21,770 |
2017 | 27,528 |
2016 | 9,291 |
Prior | 27,911 |
Financing Receivable, Converted | 0 |
Revolving Loans | 31,646 |
Total | 207,828 |
Other | Pass (1-6) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 33,630 |
2019 | 56,052 |
2018 | 21,753 |
2017 | 27,503 |
2016 | 9,290 |
Prior | 25,300 |
Financing Receivable, Converted | 0 |
Revolving Loans | 31,640 |
Total | 205,168 |
Other | Watch (7) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 1 |
2017 | 7 |
2016 | 0 |
Prior | 2,588 |
Financing Receivable, Converted | 0 |
Revolving Loans | 5 |
Total | 2,601 |
Other | Classified (8 & 9) | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 16 |
2017 | 18 |
2016 | 1 |
Prior | 23 |
Financing Receivable, Converted | 0 |
Revolving Loans | 1 |
Total | $ 59 |
Loans - Summary of Performing a
Loans - Summary of Performing and Non Performing Loans (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | $ 15,392 |
Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 15,369 |
Non Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 23 |
Commercial and industrial | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 13,684 |
Commercial and industrial | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 13,682 |
Commercial and industrial | Non Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 2 |
Residential Portfolio Segment | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 916 |
Residential Portfolio Segment | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 916 |
Residential Portfolio Segment | Non Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 0 |
Other | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 792 |
Other | Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | 771 |
Other | Non Performing | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Investment on loans by payment activity | $ 21 |
Loans - Summary of Recorded I_4
Loans - Summary of Recorded Investment by Risk Category of Portfolio Loans by Portfolio Class and Category (Details) - Non-Covered Loans - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | $ 36,659 | $ 38,507 |
Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 20,279 | |
Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,891 | |
Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,064 | |
Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 215 | |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 22,508 | 21,770 |
Commercial and industrial | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 10,737 | |
Commercial and industrial | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Commercial and industrial | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,064 | |
Commercial and industrial | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - investor owned | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 7,379 | 9,579 |
CRE - investor owned | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 7,155 | |
CRE - investor owned | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - investor owned | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - investor owned | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,589 | 2,940 |
CRE - owner occupied | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 2,387 | |
CRE - owner occupied | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - owner occupied | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
CRE - owner occupied | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,945 | 4,189 |
Residential real estate | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Residential real estate | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 3,891 | |
Residential real estate | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Residential real estate | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 238 | $ 29 |
Other | Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Other | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Other | Blanket Lien | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | 0 | |
Other | Other Collateral | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, before unearned loan fees | $ 215 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Unadvanced Commitment on Impaired Loan | ||
Schedule of Commitments [Line Items] | ||
Estimated losses attributable to unadvanced commitments on impaired loans | $ 5,350 | $ 5,720 |
Commitments to extend credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 2,043,850 | 1,946,068 |
Commitments to extend credit | Fixed Rate Loan Commitment | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | 178,500 | 160,600 |
Letters of credit | ||
Schedule of Commitments [Line Items] | ||
Off-balance sheet financial instruments, contractual amounts | $ 58,093 | $ 50,971 |
Letters of credit | Maximum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 4 years 9 months | |
Letters of credit | Minimum | ||
Schedule of Commitments [Line Items] | ||
Remaining term | 1 month |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Gross Amounts Recognized | $ 202,246 | $ 271,081 | |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | |
Net Amounts of Liabilities presented in the Statement of Financial Position | 202,246 | 271,081 | |
Financial Instruments | 0 | 0 | |
Fair Value Collateral Posted | 202,246 | 271,081 | |
Net Amount | 0 | 0 | |
Fair value of derivatives in a net liability position | 25,600 | ||
Posted collateral | 23,800 | ||
Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Asset derivatives (other assets), fair value | 20,271 | 28,703 | |
Liability derivatives (other liabilities), fair value | 24,799 | 34,967 | |
Derivative Asset [Abstract] | |||
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | |
Derivative financial instruments | 20,271 | 28,703 | |
Financial Instruments | 1,322 | 2 | |
Fair Value Collateral Posted | 0 | 0 | |
Net Amount | 18,949 | 28,701 | |
Derivative Liability [Abstract] | |||
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 | |
Net Amounts of Liabilities presented in the Statement of Financial Position | 24,799 | 34,967 | |
Financial Instruments | 1,322 | 2 | |
Fair Value Collateral Posted | 23,090 | 34,903 | |
Net Amount | 387 | 62 | |
Derivatives Designated as Hedging Instruments: | Other Assets [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | 61,962 | 61,962 | |
Asset derivatives (other assets), fair value | 0 | 0 | |
Derivatives Designated as Hedging Instruments: | Other Liabilities [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Liability derivatives (other liabilities), fair value | 4,488 | 5,987 | |
Derivatives not Designated as Hedging Instruments: | Other Assets [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | 1,007,417 | 1,026,016 | |
Asset derivatives (other assets), fair value | 20,271 | 28,703 | |
Derivatives not Designated as Hedging Instruments: | Other Liabilities [Member] | Interest rate swap | |||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Liability derivatives (other liabilities), fair value | $ 20,311 | $ 28,980 | |
Cash Flow Hedging | Cash Flow Hedge 1 | |||
Derivative [Line Items] | |||
Derivative, fixed rate | 2.60% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 15,465 | ||
Cash Flow Hedging | Cash Flow Hedge 2 | |||
Derivative [Line Items] | |||
Derivative, fixed rate | 2.60% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 14,433 | ||
Cash Flow Hedging | Cash Flow Hedge 3 | |||
Derivative [Line Items] | |||
Derivative, fixed rate | 2.64% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 18,558 | ||
Cash Flow Hedging | Cash Flow Hedge 4 | |||
Derivative [Line Items] | |||
Derivative, fixed rate | 2.64% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 13,506 | ||
Cash Flow Hedging | Subordinated Debt [Member] | |||
Derivative [Line Items] | |||
Derivative, Variable Interest Rate | 2.62% | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | |||
Derivative Asset, Notional Amount | $ 62,000 | ||
Scenario, Forecast | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | $ 1,500 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Securities available for sale | $ 945,660 | $ 912,429 |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
State tax credits held for sale | 37,802 | 39,925 |
Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 23,445 | 15,161 |
Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 403,557 | 344,232 |
Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 492,081 | 526,572 |
U.S. Treasury bills | ||
Assets | ||
Securities available for sale | 11,409 | 11,466 |
Corporate debt securities | ||
Assets | ||
Securities available for sale | 15,168 | 14,998 |
Recurring basis | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 945,660 | 912,429 |
Derivatives | 20,271 | 28,703 |
Total assets | 965,931 | 941,132 |
Liabilities | ||
Derivatives | 24,799 | 34,967 |
Total liabilities | 24,799 | 34,967 |
Recurring basis | Obligations of U.S. Government-sponsored enterprises | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 23,445 | 15,161 |
Recurring basis | Obligations of states and political subdivisions | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 403,557 | 344,232 |
Recurring basis | Agency mortgage-backed securities | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 492,081 | 526,572 |
Recurring basis | U.S. Treasury bills | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 11,409 | 11,466 |
Recurring basis | Corporate debt securities | Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Securities available for sale | 15,168 | 14,998 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Securities available for sale | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Derivatives | 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) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury bills | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Securities available for sale | 945,660 | 912,429 |
Derivatives | 20,271 | 28,703 |
Total assets | 965,931 | 941,132 |
Liabilities | ||
Derivatives | 24,799 | 34,967 |
Total liabilities | 24,799 | 34,967 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of U.S. Government-sponsored enterprises | ||
Assets | ||
Securities available for sale | 23,445 | 15,161 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||
Assets | ||
Securities available for sale | 403,557 | 344,232 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 492,081 | 526,572 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Treasury bills | ||
Assets | ||
Securities available for sale | 11,409 | 11,466 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Assets | ||
Securities available for sale | 15,168 | 14,998 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Securities available for sale | 0 | 0 |
Derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Derivatives | 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) | Agency mortgage-backed securities | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | U.S. Treasury bills | ||
Assets | ||
Securities available for sale | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Assets | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Losse
Fair Value Measurements - Losses Recorded in Relation to Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses recorded in relation to assets measured on a nonrecurring basis | $ 1,742 | $ 788 |
Nonaccrual loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses recorded in relation to assets measured on a nonrecurring basis | 1,742 | 11 |
Other real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Losses recorded in relation to assets measured on a nonrecurring basis | 0 | $ 777 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonaccrual loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Nonaccrual loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Nonaccrual loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, fair value | 2,503 | |
Estimate of Fair Value Measurement [Member] | Nonaccrual loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, fair value | $ 2,503 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance sheet assets | ||
Securities available for sale | $ 945,660 | $ 912,429 |
Securities held-to-maturity, net | 467,508 | 488,059 |
Carrying Amount | ||
Balance sheet assets | ||
Securities held-to-maturity, net | 467,059 | 487,610 |
Other investments | 51,099 | 48,764 |
Loans held for sale | 8,531 | 13,564 |
Loans, net | 7,157,254 | 7,088,264 |
State tax credits held for sale | 34,287 | 36,853 |
Balance sheet liabilities | ||
Certificates of deposit | 521,351 | 550,095 |
Subordinated debentures and notes | 203,778 | 203,637 |
FHLB advances | 50,000 | 50,000 |
Other borrowings and notes payable | 229,389 | 301,081 |
Estimated fair value | ||
Balance sheet assets | ||
Securities held-to-maturity, net | 470,099 | 501,523 |
Other investments | 51,099 | 48,764 |
Loans held for sale | 8,531 | 13,564 |
Loans, net | 7,099,662 | 7,067,562 |
State tax credits held for sale | 37,802 | 39,925 |
Balance sheet liabilities | ||
Certificates of deposit | 525,000 | 553,946 |
Subordinated debentures and notes | 193,071 | 192,889 |
FHLB advances | 51,694 | 51,871 |
Other borrowings and notes payable | $ 229,389 | $ 301,081 |
SHAREHOLDERS_ EQUITY AND COMP_3
SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS - Changes in Accumulated Other Comprehensive Income After-tax By Component (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,078,975 | $ 867,185 |
Ending balance | 1,092,497 | 846,436 |
Net Unrealized Gain (Loss) on Available-for-Sale Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 22,320 | 14,977 |
Net change | (10,920) | 10,561 |
Ending balance | 11,400 | 25,538 |
Unamortized Gain (Loss) on Held-to-Maturity Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 19,308 | 4,934 |
Net change | (1,149) | (156) |
Ending balance | 18,159 | 4,778 |
Net Unrealized Loss on Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (4,508) | (2,162) |
Net change | 1,126 | (5,057) |
Ending balance | (3,382) | (7,219) |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 37,120 | 17,749 |
Net change | (10,943) | 5,348 |
Ending balance | $ 26,177 | $ 23,097 |
SHAREHOLDERS_ EQUITY AND COMP_4
SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS - Pre-tax and After-tax Changes in the Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax [Abstract] | ||
Change in unrealized gain on available-for-sale debt securities, before tax | $ (14,541) | $ 14,029 |
Change in unrealized gain on available-for-sale debt securities, tax | (3,621) | 3,465 |
Change in unrealized gain on available-for-sale debt securities, after tax | (10,920) | 10,564 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax [Abstract] | ||
Reclassification adjustment for realized (gain) loss on sale of available-for-sale debt securities, before tax | 0 | (4) |
Reclassification adjustment for realized (gain) loss on sale of available-for-sale debt securities, tax | 0 | (1) |
Reclassification adjustment for realized (gain) loss on sale of available-for-sale debt securities, after tax | 0 | 3 |
Other Comprehensive Loss, Held-to-maturity Security, OTTI, after Tax and Adjustments [Abstract] | ||
Reclassification of (gain) loss on held-to-maturity securities, before tax | (1,530) | (207) |
Reclassification of (gain) loss on held-to-maturity securities, tax | (381) | (51) |
Reclassification of (gain) loss on held-to-maturity securities, after tax | (1,149) | (156) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent [Abstract] | ||
Change in unrealized loss on cash flow hedges arising during the period, before tax | 1,128 | (6,879) |
Change in unrealized loss on cash flow hedges arising during the period, tax | 281 | (1,699) |
Change in unrealized loss on cash flow hedges arising during the period, after tax | 847 | (5,180) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract] | ||
Reclassification of loss on cash flow hedges, before tax | 372 | 163 |
Reclassification of loss on cash flow hedges, tax | 93 | 40 |
Reclassification of loss on cash flow hedges, after tax | (279) | (123) |
OCI, Net of Tax [Abstract] | ||
Total other comprehensive income, before tax | (14,571) | 7,102 |
Total other comprehensive income, tax | (3,628) | 1,754 |
Total other comprehensive income (loss), after-tax | $ (10,943) | $ 5,348 |
SHAREHOLDERS_ EQUITY AND COMP_5
SHAREHOLDERS’ EQUITY AND COMPENSATION PLANS - Schedule of Employee Stock Options Outstanding (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, December 31, 2020 | 0 |
Options granted | 111,804 |
Options Outstanding, March 31, 2021 | 111,804 |
Weighted Average Life | 9 years 10 months 24 days |
Weighted Average Price | $ / shares | $ 43.81 |
Shares Exercisable | 0 |
Weighted Average Exercise Price | $ / shares | $ 0 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - Subsequent Event - First Choice Bancorp $ / shares in Units, $ in Thousands | Apr. 26, 2021USD ($)$ / shares |
Subsequent Event [Line Items] | |
Value of transaction | $ 397,700 |
Value of transaction (in dollars per share) | $ / shares | $ 33.40 |
Pro forma basis, combined value of total assets | $ 12,700,000 |