Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-39028 | ||
Entity Registrant Name | CROSSFIRST BANKSHARES, INC. | ||
Entity Incorporation, State or Country Code | KS | ||
Entity Tax Identification Number | 26-3212879 | ||
Entity Address, Address Line One | 11440 Tomahawk Creek Parkway | ||
Entity Address, City or Town | Leawood | ||
Entity Address, State or Province | KS | ||
Entity Address, Postal Zip Code | 66211 | ||
City Area Code | 913 | ||
Local Phone Number | 312-6822 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | CFB | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 643,860,140 | ||
Entity Common Stock, Shares Outstanding | 50,209,009 | ||
Documents Incorporated by Reference | Part III of this Annual Report on Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement with respect to its 202 Securities and Exchange Commission within 120 days after the end of the fiscal | ||
Entity Central Index Key | 0001458412 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | BKD, LLP | ||
Auditor Location | Kansas City, Missouri | ||
Auditor Firm Id | 686 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 482,727 | $ 408,810 |
Available-for-sale securities - taxable | 192,146 | 177,238 |
Available-for-sale securities - tax-exempt | 553,823 | 477,350 |
Loans, net of allowance for loan losses of $58,375 and $75,295 at December 31, 2021 and 2020, respectively | 4,197,838 | 4,366,602 |
Premises and equipment, net | 66,069 | 70,509 |
Restricted equity securities | 11,927 | 15,543 |
Interest receivable | 16,023 | 17,236 |
Foreclosed assets held for sale | 1,148 | 2,347 |
Bank-owned life insurance | 67,498 | 67,498 |
Other | 32,258 | 56,170 |
Total assets | 5,621,457 | 5,659,303 |
Deposits | ||
Noninterest-bearing | 1,163,224 | 718,459 |
Savings, NOW and money market | 2,895,986 | 2,932,799 |
Time | 624,387 | 1,043,482 |
Total deposits | 4,683,597 | 4,694,740 |
Federal funds purchased and repurchase agreements | 2,306 | |
Federal Home Loan Bank advances | 236,600 | 293,100 |
Other borrowings | 1,009 | 963 |
Interest payable and other liabilities | 32,678 | 43,766 |
Total liabilities | 4,953,884 | 5,034,875 |
Stockholders' equity | ||
Common stock, $0.01 par value: authorized - 200,000,000 shares, issued - 52,590,015 and 52,289,129 shares at December 31, 2021 and 2020, respectively | 526 | 523 |
Treasury stock, at cost: 2,139,970 and 609,613 shares held at December 31, 2021 and 2020, respectively | (28,347) | (6,061) |
Additional paid-in capital | 526,806 | 522,911 |
Retained earnings | 147,099 | 77,652 |
Accumulated other comprehensive income | 21,489 | 29,403 |
Total stockholders' equity | 667,573 | 624,428 |
Total liabilities and stockholders' equity | $ 5,621,457 | $ 5,659,303 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Allowance for loan losses | $ 58,375 | $ 75,295 |
Stockholders' equity | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock issued (in shares) | 52,590,015 | 52,289,129 |
Treasury stock held (in shares) | 2,139,970 | 609,613 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Income | |||
Loans, including fees | $ 174,660 | $ 183,738 | $ 191,527 |
Available-for-sale securities - taxable | 3,273 | 5,073 | 8,540 |
Available-for-sale securities - tax-exempt | 14,033 | 13,013 | 12,011 |
Deposits with financial institutions | 502 | 639 | 3,053 |
Dividends on bank stocks | 682 | 985 | 1,087 |
Total interest income | 193,150 | 203,448 | 216,218 |
Interest Expense | |||
Deposits | 18,523 | 36,585 | 67,668 |
Fed funds purchased and repurchase agreements | 3 | 164 | 592 |
Federal Home Loan Bank Advances | 5,837 | 6,341 | 6,367 |
Other borrowings | 96 | 109 | 147 |
Total interest expense | 24,459 | 43,199 | 74,774 |
Net Interest Income | 168,691 | 160,249 | 141,444 |
Provision for loan losses | (4,000) | 56,700 | 29,900 |
Net Interest Income after Provision for Loan Losses | 172,691 | 103,549 | 111,544 |
Non-Interest Income | |||
Service charges and fees on customer accounts | 4,580 | 2,803 | 604 |
Unrealized gains on available-for-sale securities | 1,023 | 1,704 | 987 |
Impairment of premises and equipment held for sale | 0 | 0 | (424) |
Gain on sale of loans | 0 | 44 | 207 |
Gains (losses), net on equity securities | (6,325) | 46 | 62 |
Income from bank-owned life insurance | 3,483 | 1,809 | 1,878 |
Swap fees and credit valuation adjustments, net | 275 | (204) | 2,753 |
ATM and credit card interchange income | 7,996 | 4,379 | 1,785 |
Other non-interest income | 2,628 | 1,152 | 855 |
Total non-interest income | 13,660 | 11,733 | 8,707 |
Non-interest Expense | |||
Salaries and employee benefits | 61,080 | 57,747 | 57,114 |
Occupancy | 9,688 | 8,701 | 8,349 |
Professional fees | 3,519 | 4,218 | 2,964 |
Deposit insurance premiums | 3,705 | 4,301 | 2,787 |
Data processing | 2,878 | 2,719 | 2,544 |
Advertising | 2,090 | 1,219 | 2,455 |
Software and communication | 4,234 | 3,750 | 3,317 |
Foreclosed assets, net | 697 | 1,239 | 84 |
Goodwill impairment | 0 | 7,397 | 0 |
Other non-interest expense | 11,491 | 8,677 | 8,026 |
Total non-interest expense | 99,382 | 99,968 | 87,640 |
Net Income Before Taxes | 86,969 | 15,314 | 32,611 |
Income tax expense | 17,556 | 2,713 | 4,138 |
Net Income | $ 69,413 | $ 12,601 | $ 28,473 |
Basic Earnings Per Share (in dollars per share) | $ 1.35 | $ 0.24 | $ 0.59 |
Diluted Earnings Per Share (in dollars per share) | $ 1.33 | $ 0.24 | $ 0.58 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 69,413 | $ 12,601 | $ 28,473 |
Other Comprehensive Income (Loss) | |||
Unrealized gain (loss) on available-for-sale securities | (8,894) | 18,847 | 26,682 |
Less: income tax expense (benefit) | (2,182) | 4,606 | 6,545 |
Unrealized gain (loss) on available-for-sale securities, net of income tax | (6,712) | 14,241 | 20,137 |
Reclassification adjustment for realized gains included in income | 1,023 | 1,704 | 987 |
Less: income tax expense | 245 | 415 | 242 |
Less: reclassification adjustment for realized gains included in income, net of income tax | 778 | 1,289 | 745 |
Unrealized loss on cash flow hedges | (562) | 0 | 0 |
Less: income tax benefit | (138) | 0 | 0 |
Unrealized loss on cash flow hedges, net of income tax | (424) | 0 | 0 |
Other comprehensive income (loss) | (7,914) | 12,952 | 19,392 |
Comprehensive Income | $ 61,499 | $ 25,553 | $ 47,865 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2018 | 1,200,000 | 45,074,322 | |||||||||
Beginning balance at Dec. 31, 2018 | $ 490,336 | $ 12 | $ 451 | $ 454,512 | $ 38,371 | $ (3,010) | $ 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 28,473 | 28,473 | |||||||||
Change in unrealized appreciation (depreciation) on available-for-sale securities | 19,392 | 19,392 | |||||||||
Issuance of shares (in shares) | 6,851,213 | ||||||||||
Issuance of shares | 88,871 | $ 68 | 88,803 | ||||||||
Issuance of shares from equity based awards (in shares) | 53,668 | ||||||||||
Issuance of shares from equity-based awards | (245) | $ 1 | (246) | ||||||||
Retired shares (in shares) | (1,200,000) | (10,000) | |||||||||
Retired shares | 30,155 | $ (12) | 30,088 | 55 | |||||||
Open market common share repurchases (in shares) | (609,613) | ||||||||||
Open market common share repurchases | (6,061) | (6,061) | |||||||||
Preferred dividends declared | (175) | (175) | |||||||||
Employee receivables from sale of stock | 117 | 6 | 111 | ||||||||
Stock-based compensation | 4,724 | 4,724 | |||||||||
Ending balance (in shares) at Dec. 31, 2019 | 51,969,203 | ||||||||||
Ending balance at Dec. 31, 2019 | 601,644 | $ 520 | 519,870 | 64,803 | 16,451 | 0 | |||||
Ending balance (Accounting Standards Update 2016-01) at Dec. 31, 2019 | $ 0 | $ (69) | $ 69 | ||||||||
Ending balance (Accounting Standards Update 2018-07) at Dec. 31, 2019 | 306 | $ 2,159 | 2,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 12,601 | 12,601 | |||||||||
Change in unrealized appreciation (depreciation) on available-for-sale securities | 12,952 | 12,952 | |||||||||
Issuance of shares from equity based awards (in shares) | 319,926 | ||||||||||
Issuance of shares from equity-based awards | (1,084) | $ 3 | (1,087) | ||||||||
Open market common share repurchases (in shares) | (1,530,357) | ||||||||||
Open market common share repurchases | (22,286) | (22,286) | |||||||||
Employee receivables from sale of stock | 47 | 3 | 44 | ||||||||
Stock-based compensation | 4,363 | 4,363 | |||||||||
Ending balance (in shares) at Dec. 31, 2020 | 51,679,516 | ||||||||||
Ending balance at Dec. 31, 2020 | 624,428 | $ 523 | 522,911 | 77,652 | 29,403 | (6,061) | |||||
Ending balance (Accounting Standards Update 2018-07) at Dec. 31, 2020 | $ (34) | $ (238) | $ 204 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 69,413 | 69,413 | |||||||||
Change in unrealized appreciation (depreciation) on available-for-sale securities | (7,490) | (7,490) | |||||||||
Change in unrealized loss on cash flow hedges | (424) | (424) | |||||||||
Change in unrealized appreciation (depreciation) on available-for-sale securities | (7,914) | ||||||||||
Issuance of shares from equity based awards (in shares) | 300,886 | ||||||||||
Issuance of shares from equity-based awards | (686) | $ 3 | (689) | ||||||||
Employee receivables from sale of stock | 34 | 34 | |||||||||
Stock-based compensation | 4,584 | 4,584 | |||||||||
Ending balance (in shares) at Dec. 31, 2021 | 50,450,045 | ||||||||||
Ending balance at Dec. 31, 2021 | $ 667,573 | $ 526 | $ 526,806 | $ 147,099 | $ 21,489 | $ (28,347) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net Income | $ 69,413 | $ 12,601 | $ 28,473 |
Items not requiring (providing) cash | |||
Depreciation and amortization | 5,260 | 5,252 | 5,318 |
Provision for loan losses | (4,000) | 56,700 | 29,900 |
Accretion of discounts and amortization of premiums on securities | 5,067 | 6,084 | 5,568 |
Equity based compensation | 4,584 | 4,363 | 4,725 |
(Gain) loss on disposal of fixed assets | (123) | 101 | 101 |
Loss on sale of foreclosed assets and related impairments | 572 | 1,156 | 4 |
Gain on sale of loans | 0 | (44) | (207) |
Deferred income taxes | 2,664 | (5,257) | (3,486) |
Net increase in bank owned life insurance | (3,483) | (1,809) | (1,878) |
Net gains (losses) on equity securities | 6,325 | (46) | (62) |
Net realized gains on available-for-sale securities | (1,023) | (1,704) | (987) |
Impairment of assets held for sale | 0 | 0 | 424 |
Goodwill impairment | 0 | 7,397 | 0 |
Dividends on FHLB stock | (679) | (983) | (1,083) |
Prepayment penalties on extinguishment of debt | 771 | 0 | 0 |
Changes in | |||
Interest receivable | 1,213 | (1,520) | (1,624) |
Other assets | (533) | (103) | (3,618) |
Other liabilities | 2,343 | (1,735) | 12,262 |
Net cash provided by operating activities | 88,371 | 80,453 | 73,830 |
Investing Activities | |||
Net change in loans | 172,764 | (640,029) | (805,946) |
Purchases of available-for-sale and equity securities | (225,719) | (76,218) | (233,116) |
Proceeds from maturities of available-for-sale securities | 103,488 | 142,057 | 75,478 |
Proceeds from sale of available-for-sale and equity securities | 20,867 | 31,810 | 100,907 |
Proceeds from the sale of foreclosed assets | 628 | 1,045 | 0 |
Purchase of premises and equipment | (1,211) | (6,093) | (850) |
Proceeds from the sale of premises and equipment and related insurance claims | 608 | 121 | 3,324 |
Purchase of restricted equity securities | 0 | (2,839) | (2,792) |
Proceeds from sale of restricted equity securities | 4,295 | 5,556 | 1,121 |
Proceeds from death benefit on bank owned life insurance | 3,483 | 0 | 0 |
Net cash provided by (used in) investing activities | 79,203 | (544,590) | (861,874) |
Financing Activities | |||
Net increase in demand deposits, savings, NOW and money market accounts | 407,952 | 967,245 | 485,593 |
Net increase (decrease) in time deposits | (419,095) | (196,264) | 230,069 |
Net decrease in fed funds purchased and repurchase agreements | (2,306) | (12,615) | (60,485) |
Proceeds from Federal Home Loan Bank advances | 0 | 138,000 | 105,000 |
Repayment of Federal Home Loan Bank advances | (57,271) | (203,643) | (59,242) |
Retirement of preferred stock | 0 | 0 | (30,000) |
Issuance of common shares, net of issuance cost | 3 | 3 | 88,324 |
Proceeds from employee stock purchase plan | 172 | 151 | 547 |
Repurchase of common stock | (22,286) | (6,061) | (155) |
Acquisition of common stock for tax withholding obligations | (860) | (1,236) | (245) |
Net decrease in employee receivables | 34 | 47 | 117 |
Dividends paid on preferred stock | 0 | 0 | (700) |
Net cash provided by (used in) financing activities | (93,657) | 685,627 | 758,823 |
Increase (Decrease) in Cash and Cash Equivalents | 73,917 | 221,490 | (29,221) |
Cash and Cash Equivalents, Beginning of Period | 408,810 | 187,320 | 216,541 |
Cash and Cash Equivalents, End of Period | 482,727 | 408,810 | 187,320 |
Supplemental Cash Flows Information | |||
Interest paid | 25,287 | 45,619 | 73,057 |
Income taxes paid (received) | 12,554 | 9,692 | (29) |
Equity interest assumed in partial satisfaction of loans | 0 | 11,189 | 0 |
Foreclosed assets in settlement of loans | $ 0 | $ 930 | $ 3,619 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | Buildings and improvements 35 40 Leasehold improvements 5 15 Furniture and fixtures 5 7 Equipment 3 5 Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2020-05 Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities Effective immediately, but included here for information purposes as it relates to the ASU listed in the “description” section. Amended the mandatory effective date for ASU 2016-02 (Leases). The amended dates were incorporated into the “anticipated date of adoption” section for the appropriate ASU below. No expected impact to the financial statements, but delays certain ASUs for private companies, and EGCs that elected to use the private company effective dates for new or revised accounting standards. If the Company loses its EGC status during the fiscal year, the Company would be required to review all ASUs as a Public Business Entity (“PBE”) and adopt any ASU effective for PBEs as of the first day of that year. ASU 2019-10 Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates Effective immediately, but included here for informational purposes as it relates to the ASU listed in the “description” section. Amended the mandatory effective dates for all entities related to: (i) credit losses - ASU 2016-13; (ii) goodwill - ASU 2017-04; (iii) leases - ASU 2016-02; and (iv) hedging - ASU 2017-12 The amended dates were incorporated into the “anticipated date of adoption” section for the appropriate ASU below. No expected impact to the financial statements, but delays certain ASUs for private companies, smaller reporting companies and EGCs that elected to use the private company effective dates for new or revised accounting standards. If a company loses its EGC status during the fiscal year, the company would be required to review all ASUs as a PBE and adopt any ASU effective for PBEs as of the first day of that year. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Updates related to ASU 2016-13 are effective at the same time as ASU 2016-13. Provided an election to measure separately or not measure an allowance for credit losses ("ACL") for accrued interest receivable. Provided an election to write-off uncollectible interest as a reversal of interest income or a charge against the ACL or a combination of both. Clarified that recoveries, including recoveries of amounts expected to be written off and those previously written off, should be incorporated within the estimation of the ACL. Clarified that contractual extensions or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. The Company elected to exclude accrued interest receivable from The Company has existing practices in place for the timely write-off of uncollectable accrued interest receivable. The Company plans to adjust the historical loss information to reflect the amount of accrued interest that would have been charged off if the entity had not applied a nonaccrual accounting policy. The Company elected to reverse interest income when accrued interest receivable is written off, which is similar to past accounting practice. Additional information regarding the Company's transition to ASU 2016-13 is provided below. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-13 Financial Instruments-Credit Losses If the Company maintains its EGC status, the Company is not required to implement this standard until January 2023. The Company expects to adopt this standard on January 1, 2022. Requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime expected credit loss and record an allowance that, when deducted from amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The Company established a committee to formulate and oversee the implementation process including selection, implementation and third-party software. The Company began parallel processing with the existing allowance for loan losses model during the first quarter of 2019 recalibrating inputs as necessary. The Company formulated changes to policies, procedures, disclosures and internal controls that were necessary in order to transition the new standard. A third-party completed validation of the completeness, accuracy and reasonableness of the model in the fourth quarter of 2021. The Company plans to use a loss-rate ("cohort") method to estimate the expected allowance for credit losses ("ACL") for all loan pools. The Cohort method identifies and captures the balance of a pool of loans with similar risk characteristics, as of a particular point in time to form a cohort, tracks the respective losses generated by that cohort of loans over their remaining lives, or until the loans are “exhausted” (i.e.; have reached an acceptable point in time at which a significant majority of all losses are expected to have been recognized). The cohort method closely aligns with the Company's incurred loss model. This allows the Company to take advantages of the efficiencies of processes and procedures already in practice. The Company's loan categories will be similar to those used under the current, incurred loss model, but will break out the Commercial loan category into Commercial and Commercial lines of credit. Upon adoption in 2022, a cumulative-effect adjustment, net of tax change in the ACL will be recognized in retained earnings. These results include the adoption of a forecast based on several economic assumptions, including unemployment rates and management judgments. Adoption will not materially impact reporting for debt securities as the Company does not currently own held-to-maturity debt securities within the scope of ASU 2016-13. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-02 Leases (Topic 842) The Company expects to early adopt this standard on January 1, 2022. Requires lessees and lessors to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The update requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach with the option to elect certain practical expedients. The update will also increase disclosures around leases, including qualitative and specific quantitative measures. The Company expects to apply the update as of the beginning of the period of adoption and the Company does not plan to restate comparative periods. The Company expects to elect certain optional practical expedients. The Company performed a search for all property leases and potential embedded leases inside other third-party agreements, The Company's review for embedded leases focused on third-party software as a service ("SAAS") agreements and determined if the Company had the right control a specified asset over a period of time in exchange for consideration. The Company’s current operating leases relate primarily to five branch locations. The Company expects to record approximately $ 27 liability and $ 25 an immaterial impact to its income statement compared to the current lease accounting model. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2021-06 Presentation of Financial Statement (Topic 205), Financial Services - Depository and Lending (Topic 942), and Financial Services - Investment Companies (Topic 946) - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33- 10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants Effective on issuance Applicable to fiscal years ending on or after December 15, 2021 ASU adds or amends SEC paragraphs in the Accounting Standards Codification that describe SEC guidance or SEC staff views that the Financial Accounting Standards Board includes as a convenience to Codification users. SEC Release No. 33-10835; 34-89835; and File No. S7- 02-17, updated and codified the Statistical Disclosures for Bank and Savings and Loan Registrants. The amendments update and expand the disclosures that registrants are required to provide, codify certain Guide 3 disclosure items and eliminate other Guide 3 disclosure items that overlap with Commission rules or U.S. Generally Accepted Accounting Principles. In addition, the disclosure requirements were added to a new subpart of Regulation S-K and rescinds Guide 3. The ASU did not have a material impact on the Company's consolidated financial statements, but impacted disclosure requirements in the Company's Form 10-K, including: ASU 2021-04 Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options December 31, 2021 (early adopted and is being applied as of January 1, 2021) Clarifies and reduces diversity in an issuer's accounting for modifications or exchanges of freestanding equity- classified written call options that remain equity- classified. An issuer should measure the effect of a modification as the difference between the fair value of the modified warrant and the fair value of that warrant immediately before modification. The recognition of the modification depends on the nature of the transaction in which a warrant is modified: (i) Equity issuance - recorded as deferred costs of an equity offering; (ii) Debt origination - recorded as a debt discount if held by the lender or debt held by a third party; (iii) Debt modification - recorded as a fee paid to or received from the creditor, if held by a creditor, and as a third party cost if held by a third party; and (iv) All other modifications - recorded as a dividend that reduces retained earnings. The Company had 113,500 December 31, 2021. The amendments in the ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2018-16 Derivative and Hedging (Topic 815) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes December 31, 2021 (applied as of January 1, 2021) Permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The change will apply prospectively for qualifying new or redesignated relationships entered into on or after the date of adoption. The ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. ASU 2018-15 Intangibles-Goodwill and Other- Internal-Use Software December 31, 2021 (applied as of January 1, 2021) Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. The Company elected to apply the change in accounting principle prospectively. A review of third-party, hosting arrangements, including software-as-a-service ("SaaS") arrangements, that were in the implementation stage was performed 2021 to ensure applicable implementation costs were capitalized and amortized over the service period. SaaS arrangements are service contracts providing the Company with to access the cloud provider’s application software over the contract period. As such the Company does not receive a software intangible asset at the contract commencement date. A right to receive future access to the supplier’s software does not, at the contract commencement date, give the customer the power to obtain the future economic benefits flowing from the software itself and restrict others’ access to those benefits The ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. The Company's previous capitalization policies were similar to the ASU requirements. ASU 2017-12 Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities December 31, 2021 (applied as of January 1, 2021) Simplifies and expands the eligible hedging strategies for financial and nonfinancial risks. transparency of how hedging results are presented and disclosed. Provides partial relief on the timing of certain aspects of hedge documentation and eliminates the requirement to recognize hedge ineffectiveness separately in earnings. During the year ended December 31, 2021, the Company began entering cash flow hedges. As of December 31, 2021, the total number of cash flow hedges was 5 with an aggregate notional amount of $ 100 The amendments in the ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2020-04: Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting June 30, 2020 The ASU provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference reform if certain criteria are met. The ASU only applies to transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of hedging relationship. The amendments include: (1) Optional expedients to contract modifications that allow the Company to adjust the effective interest rate of receivables and debt, account for lease modifications as a continuation of the existing lease, and remove the requirement to reassess its original conclusions for contract modifications about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Subtopic 815-15, Derivatives and Hedging— Embedded Derivatives; (2) Exceptions to the guidance in Topic 815 related to changes in the critical terms of a hedging relationship due to reference rate reform; and (3) Optional expedients for cash flow and fair value hedges. The Company had more than $ 1 tied to LIBOR as of December 31, 2020. The adoption did not have a material accounting impact on the Company’s consolidated financial position or results of operations. Additionally, LIBOR fallback language has been included in key loan provisions of new and renewed loans in preparation for transition from LIBOR to the new benchmark rate when such transition occurs. This standard is expected to ease the administrative burden in accounting for the future effects of reference rate reform. The ASU allows the Company to recognize the modification related to LIBOR as a continuation of the old contract, rather than a cancellation of the old contract resulting in a write off of unamortized fees and creation of a new contract. ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes January 1, 2020 (Early Adoption) The ASU simplifies the accounting for income taxes. Among other changes, the ASU: (1) Removes the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (2) Removes the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year; (3) Requires an entity to recognize a franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a nonincome based tax; and (4) Requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments in the ASU did not have a material impact on the Company’s tax methodology, processes, or the Company’s financial statements. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2018-13: Fair Value Measurement (Topic 820): Disclosure Framework January 1, 2020 Improves the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information. The amendments modify certain disclosure measurements in Topic 820, Fair Value Measurement. Entities are no longer required to disclose transfers between Level 1 and Level 2 of the fair value hierarchy or qualitatively disclose the valuation process for Level 3 fair value measurements. The updated guidance requires disclosure of the changes in unrealized gains and losses for the period included in Other Comprehensive Income for recurring fair value measurements. Entities are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The additional provisions of the guidance should be adopted prospectively. The eliminated requirements should be adopted retrospectively. The adoption did not have a material impact to the Company’s financial statements. No transfers between Level 1 and Level 2 occurred in 2019 or 2020 and the Company did not have any recurring Level 3 fair value measurements that created an unrealized gain or loss in Other Comprehensive Income. In addition, the Company previously disclosed the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2017-04: Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment January 1, 2020 (Early Adoption) Eliminates Step 2 from the goodwill impairment test which required entities to compute the implied fair value of goodwill. An entity should perform an annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. On the date of adoption, there was no impact to the Company’s financial statements. The Company’s process for evaluating goodwill impairment was modified to align with the elimination of Step 2. In the second quarter of 2020, the Company performed a Step 0 analysis then a Step 1 analysis and determined that goodwill was fully impaired. ASU 2016-01: Financial Instruments- Overall (Subtopic 825-10) January 2019 Required equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Emphasized the existing requirement to use exit prices to measure fair value for disclosure purposes and clarifies that entities should not make use of practicability exceptions in determining the fair value of loans. The Company transferred $ 69 accumulated other comprehensive loss to retained earnings in January 2019. There was no impact to the income statement on the adoption date. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2018-07: Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting January 2019 Early adoption Expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees, excluding share-based payments used to effectively provide: (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments include: (i) grants are measured at grant-date fair value of the equity instruments; (ii) equity-classified nonemployee share-based payment awards are measured at the grant date;(iii) performance based awards are measured based on the probability of satisfying the performance conditions and (iv) in general, non- employee share-based payment awards will continue to be subject to the requirements of ASC 718 unless modified after the good has been delivered, the service has been rendered, any other conditions necessary to earn the right to benefit from the instrument have been satisfied, and the nonemployee is no longer providing goods or services. The Company had 216,960 as of the implementation date, including 116,960 based restricted stock units. The adoption of the ASU allowed the Company to: (i) set the fair market value of the non-employee awards as of the adoption date; and (ii) start to expense the performance-based restricted stock units based on the probability of satisfying the performance conditions. Adoption of ASU 2018-07 required the Company to make a one time transfer of $ 2 in capital. In addition, the Company recorded a $ 306 asset that was offset with retained earnings to account for the tax impact. The Company will record forfeitures as they occur and base fair market values on the expected term, like the Company’s accounting for employee-based awards. ASU 2014-09: Revenue from Contracts with Customers January 2019 Amended guidance related to revenue from contracts with customers. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Replaced nearly all existing revenue recognition guidance, including industry specific guidance, established a new control based revenue recognition model, changed the basis for deciding when revenue is recognized over time or at a point in time, provided new and more detailed guidance on specific topics and expands and improves disclosures about revenue. The accounting update did not materially impact the financial statements or recognition of revenues. The update did not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other GAAP, which comprises a significant portion of the Company’s revenue stream. In addition, the Company’s noninterest income is generated by customer transactions or through the passage of time and as a result the pattern or timing of income recognition was not impacted. Note 1: Organization and Nature of Operations CrossFirst management of its wholly owned subsidiary, CrossFirst Bank (a CrossFirst Investments, Inc. holds investments in marketable securities; (ii) assets. The Bank is primarily engaged in providing a full range of banking and financial Kansas; (ii) Wichita, Kansas; (iii) Kansas City, Missouri; (iv) Oklahoma City, Oklahoma; Arizona. those regulatory authorities. Basis of Presentation The Company’s accounting and reporting policies conform to accounting statements include the accounts of the Company; the Bank and its wholl intercompany accounts and transactions were eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make and liabilities and disclosure of contingent assets and liabilities at the date of the financial period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant for loan losses, valuation of deferred tax assets, other-than-temporary impairments Changes in Accounting Principle On December 31, 2021, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standard Update (“ASU”) 2018-15, Intangibles— Goodwill and Other—Internal-Use Software (Subtopic 350-40): Service Contract in the current period of adoption, which was applied provided below in the recent accounting pronouncements section. Changes Affecting Comparability For the year ended December 31, 2021, the Company broke out result, changes within the Consolidated Statements of Income in the prior periods were detail about the Company’s operations. The changes had no impact on net income. For the year ended December 31, 2021, the Company consolidated Sheets. The consolidation was due to the immateriality of the remaining intangible Operating Segments An operating segment is a component of an entity that has separate financial maker on a regular basis to allocate resources and assess performance. The Company identifies the Leawood, Kansas; (ii) Wichita, Kansas; (iii) Oklahoma City, Oklahoma; (iv) Tulsa, Oklahoma; (v) These markets provide similar products and services using a similar process to a similar customer checking and savings accounts; time deposits and credit cards. Loan The regulatory environment is the same for the markets as well. The chief operating decision maker managed, including allocation of resources, and financial performance one segment. Cash Equivalents The Company considers all liquid investments with original maturities of three primarily of both interest-bearing and noninterest bearing accounts with other 417 Federal Reserve Bank of Kansas City at December 31, 2021. The Company is required reserve required at December 31, 2021 was $ 0 . In addition, the Company is required from time to time to place cash collateral with third swap agreements and cash flow hedges. At December 31, 2021, $ 17 funds at the Federal Reserve Bank and funds required as cash collateral, exceeded 35 Securities Debt securities for which the Company has no immediate plan to sell but which fair value, with unrealized gains and losses excluded from earnings and income using the interest method over the terms of the securities. Gains and losses on specific identification method. Equity securities are recorded at fair value with unrealized gains and losses included trade date and are determined using the specific identification method. The Company elected a measurement alternative for two equity investment expedient to estimate fair value using the net asset value per share. A cost basis was calculated for the equity investments. The recorded balance will adjust for any impairment or any observable price changes for an identical or similar investment of The Company routinely conducts periodic reviews to identify and securities that management has no intent to sell and believes that it more impairment is recognized in earnings, while the noncredit loss is recognized in identified as the amount of principal cash flows not expected to be received Loans Loans that management has the intent and ability to hold for the foreseeable adjusted for unearned income, charge-offs, the allowance for loan losses, any on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid premiums and discounts, are deferred and amortized as a level yield adjustment Nonperforming Loans Nonperforming loans are loans for which we do not accrue interest income. The accrual loan is 90 days past due unless the credit is well secured and in process of collection. A credit is considered well secured if it is secured by collateral in the form of liens or pledges of real or personal property, including securities, that have a realizable guaranty of a financially responsible party. A debt is in the process of collection if collection of the debt is proceeding in due course either through legal action, enforcement procedures, or in appropriate circumstances, through or in its restoration to a current status. Past due status is based on contractual collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual for on the cash basis or cost recovery method, until qualifying for return to there is a clear indication that the quality of the loan has improved to the point that principal and interest amounts contractually due are brought current Allowance The allowance for loan losses is established as losses are estimated to have occurred against the allowance when management believes the loan balance is not collectible. The allowance for loan losses is evaluated on a regular basis by management of historical collateral and prevailing economic conditions. This evaluation is inherently subjective becomes available. The allowance consists of allocated and general components. The allocated component are classified as impaired, an allowance is established when the discounted carrying value of that loan. The general component covers the remaining pool of from the Company’s internal risk rating process. Other adjustments may be made credit quality that are not fully reflected in the historical loss or risk rating data. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable principal or interest when due according to the contractual terms of the collateral value and the probability of collecting scheduled principal shortfalls generally are not classified as impaired. Management determines consideration all of the circumstances surrounding the loan and the borrower, including and the amount of the shortfall in relation to the principal and interest owed. cash flows discounted at the loan’s effective interest rate, the loan’s obtainable Groups of loans with similar risk characteristics are collectively evaluated for impairment conditions and other relevant factors that affect repayment of the loans. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation the assets. Leasehold improvements are capitalized and depreciated using improvements, whichever is shorter. Expected terms include lease option periods The estimated useful lives for each major depreciable classification of premises and Long-Lived Asset Impairment The Company evaluates the recoverability of the carrying value of long-lived recoverable. If a long-lived asset is tested for recoverability and the undiscounted asset is less than the carrying amount of the asset, the asset cost is adjusted to long-lived asset exceeds its fair value. Restricted Equity Securities Restricted equity securities include investments in FHLB Topeka and Bankers’ Bank of Kansas. FHLB Topeka is a Federal Home Loan Bank and its stock is a required investment for institutions that are members of the Federal Home Loan System. The required Bankers’ Bank of Kansas is a correspondent bank located in Wichita, Kansas and the investment is carried at cost and evaluated for impairment. Bank-Owned Life Insurance The Company has purchased life insurance policies on certain key employees at the amount that can be realized under the insurance contract at the balance sheet earnings in the period in which the changes occur. Foreclosed Assets Held-for-Sale Assets acquired through, or in lieu of, loan foreclosure are held-for-sale and are initially new cost basis. Subsequent to foreclosure, valuations are periodically performed cost to sell. Revenue and expenses from operations and changes in the valuation Goodwill Goodwill was evaluated annually for impairment or more frequently whether the existence of events or circumstances led to a determination based on the evaluation, it was determined to be more likely than not that the fair value implied fair value of goodwill was lower than its carrying amount, a goodwill impairment Core Deposit Intangible The core deposit intangible represents the identified intangible asset relating to deposit intangible is based primarily upon the expected future benefits Related Party Transact |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2: The following table presents the computation of basic and diluted earnings per For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands, except per share data) Earnings per Share Net Income $ 69,413 $ 12,601 $ 28,473 Less: preferred stock dividends - - 175 Net income available to common stockholders $ 69,413 $ 12,601 $ 28,298 Weighted average common shares 51,291,428 52,070,624 47,679,184 Earnings per share $ 1.35 $ 0.24 $ 0.59 Diluted Earnings per Share Net income available to common stockholders $ 69,413 $ 12,601 $ 28,298 Weighted average common shares 51,291,428 52,070,624 47,679,184 Effect of dilutive shares 739,154 477,923 896,951 Weighted average dilutive common shares 52,030,582 52,548,547 48,576,135 Diluted earnings per share $ 1.33 $ 0.24 $ 0.58 Stock-based awards not included because to do so would be antidilutive 658,100 1,014,639 521,659 |
Securities
Securities | 12 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Securities | Note 3: Available-for-Sale Securities The amortized cost and approximate fair values, together with gross unrealized securities consisted of the following: December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 161,675 $ 1,809 $ 1,774 $ 161,710 Collateralized mortgage obligations - GSE residential 18,130 311 10 18,431 State and political subdivisions 532,906 29,329 767 561,468 Corporate bonds 4,241 119 — 4,360 Total available-for-sale securities $ 716,952 $ 31,568 $ 2,551 $ 745,969 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 104,839 $ 4,277 $ — $ 109,116 Collateralized mortgage obligations - GSE residential 52,070 984 42 53,012 State and political subdivisions 454,486 33,642 31 488,097 Corporate bonds 4,259 104 — 4,363 Total available-for-sale securities $ 615,654 $ 39,007 $ 73 $ 654,588 The carrying value of securities pledged as collateral was $ 0 16 The following table summarizes the gross realized gains and losses from sales or maturities For the Year Ended December 31, 2021 Gross Realized Gains Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,157 $ 134 $ 1,023 For the Year Ended December 31, 2020 Gross Realized Gains (1) Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,788 $ 84 $ 1,704 (1) Included $ 75 For the Year Ended December 31, 2019 Gross Realized Gains Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,043 $ 56 $ 987 Maturity Schedule The amortized cost, fair value, and weighted average yield of available-for-sale December 31, 2021 Within After One to After Five to After One Year Five Years Ten Years Ten Years Total (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential (1) Amortized cost $ — $ 30 $ 148 $ 161,497 $ 161,675 Estimated fair value $ — $ 31 $ 156 $ 161,523 $ 161,710 Weighted average yield (2) — % 4.67 % 4.00 % 1.62 % 1.62 % Collateralized mortgage obligations - GSE residential (1) Amortized cost $ — $ — $ 2,421 $ 15,709 $ 18,130 Estimated fair value $ — $ — $ 2,559 $ 15,872 $ 18,431 Weighted average yield (2) — % — % 2.77 % 1.61 % 1.77 % State and political subdivisions Amortized cost $ 741 $ 4,304 $ 84,230 $ 443,631 $ 532,906 Estimated fair value $ 746 $ 4,520 $ 90,645 $ 465,557 $ 561,468 Weighted average yield (2) 3.49 % 4.14 % 3.29 % 2.67 % 2.78 % Corporate bonds Amortized cost $ — $ 604 $ 3,637 $ — $ 4,241 Estimated fair value $ — $ 670 $ 3,690 $ — $ 4,360 Weighted average yield (2) — % 5.83 % 4.28 % — % 4.50 % Total available-for-sale securities Amortized cost $ 741 $ 4,938 $ 90,436 $ 620,837 $ 716,952 Estimated fair value $ 746 $ 5,221 $ 97,050 $ 642,952 $ 745,969 Weighted average yield (2) 3.49 % 4.35 % 3.32 % 2.37 % 2.50 % (1) Actual maturities may differ from contractual maturities because issuers may have the rights to call or prepay obligations with or without prepayment penalties. (2) Yields are calculated based on amortized cost using a 30/360 day basis. Tax-exempt securities are not tax effected. December 31, 2020 Within After One to After Five to After One Year Five Years Ten Years Ten Years Total (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential (1) Amortized cost $ — $ 48 $ 199 $ 104,592 $ 104,839 Estimated fair value $ — $ 51 $ 212 $ 108,853 $ 109,116 Weighted average yield (2) — % 4.57 % 3.95 % 1.96 % 1.96 % Collateralized mortgage obligations - GSE residential (1) Amortized cost $ — $ — $ 2,483 $ 49,587 $ 52,070 Estimated fair value $ — $ — $ 2,721 $ 50,291 $ 53,012 Weighted average yield (2) — % — % 2.77 % 1.02 % 1.11 % State and political subdivisions Amortized cost $ 653 $ 7,661 $ 62,313 $ 383,859 $ 454,486 Estimated fair value $ 657 $ 7,846 $ 67,844 $ 411,750 $ 488,097 Weighted average yield (2) 8.18 % 5.40 % 3.40 % 2.94 % 3.05 % Corporate bonds Amortized cost $ — $ 358 $ 3,901 $ — $ 4,259 Estimated fair value $ — $ 368 $ 3,995 $ — $ 4,363 Weighted average yield (2) — % 4.70 % 4.54 % — % 4.55 % Total available-for-sale securities Amortized cost $ 653 $ 8,067 $ 68,896 $ 538,038 $ 615,654 Estimated fair value $ 657 $ 8,265 $ 74,772 $ 570,894 $ 654,588 Weighted average yield (2) 8.18 % 5.36 % 3.44 % 2.57 % 2.71 % (1) Actual maturities may differ from contractual maturities because issuers may have the rights to call or prepay obligations with or without prepayment penalties. (2) Yields are calculated based on amortized cost using a 30/360 day basis. Tax-exempt securities are not tax effected. Gross Unrealized Losses Certain investments in AFS securities are reported in the consolidated financial statements at an amount less than their December 31, 2021 and 2020, was $ 162 18 22 % and 3 %, respectively, of the Company’s available-for-sale security portfolio. The unrealized losses on the Company’s investments in state and political not permit the issuer to settle the securities at a price less than the amortized cost basis of mortgage-backed securities and obligations were caused The Company expects to recover the amortized cost basis over the term of the securities. likely than not the Company will be required to sell the investments before investments to be OTTI at December 31, 2021. Based on evaluation of available evidence, including recent changes management believes the declines in fair value for these securities are temporary. The following table shows available-for-sale securities gross unrealized losses, the Company’s investments with unrealized losses that are not deemed continuous unrealized loss position at December 31, 2021 and 2020: December 31, 2021 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-Sale Securities Mortgage-backed - GSE residential $ 87,306 $ 1,774 16 $ — $ — — $ 87,306 $ 1,774 16 Collateralized mortgage obligations - GSE residential 803 10 2 — — — 803 10 2 State and political subdivisions 72,915 762 39 1,310 5 4 74,225 767 43 Corporate bonds — — — — — — — — — Total temporarily impaired AFS securities $ 161,024 $ 2,546 57 $ 1,310 $ 5 4 $ 162,334 $ 2,551 61 December 31, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-Sale Securities Mortgage-backed - GSE residential $ — $ — — $ — $ — — $ — $ — — Collateralized mortgage obligations - GSE residential 9,933 42 5 — — — 9,933 42 5 State and political subdivisions 8,525 31 8 25 — 1 8,550 31 9 Corporate bonds — — — — — — — — — Total temporarily impaired AFS securities $ 18,458 $ 73 13 $ 25 $ — 1 $ 18,483 $ 73 14 Other-Than-Temporary Impairment Upon acquisition of a security, the Company decides whether it is within the scope evaluated for impairment under the accounting guidance for investments. The accounting guidance. For securities where the security is a beneficial interest in securitized financial model. For securities where the security is not a beneficial interest in securitized financial The Company routinely conducts periodic reviews to identify and to determine whether an OTTI has occurred on these securities. The Company recorded no Equity Securities Equity securities consist of a $ 2 433 are included in other assets on the Consolidated Balance Sheets. During 2020, the Company acquired an $ 11 model, a market transactions model and a public valuation approach to to remain at cost until an impairment is identified or an observable is evidence that the expected fair value of the investment has declined equity security for $ 5 6 The following is a summary of the recorded fair value and the unrealized and For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Net gains (losses) recognized during the reporting period on equity securities $ (6,325) $ 46 $ 62 Less: net losses recognized during the period on equity securities sold during period (6,245) — — Unrealized gain (loss) recognized during the reporting period on still held at the reporting date $ (80) $ 46 $ 62 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Loans and Allowance for Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | As of December 31, 2021 2020 (Dollars in thousands) Commercial $ 1,401,681 $ 1,338,757 Energy 278,860 345,233 Commercial real estate 1,281,095 1,179,534 Construction and land development 578,758 563,144 Residential and multifamily real estate 600,816 680,932 Paycheck Protection Program (“PPP”) 64,805 292,230 Consumer 63,605 55,270 Gross loans 4,269,620 4,455,100 Less: Allowance for loan losses 58,375 75,295 Less: Net deferred loan fees and costs 13,407 13,203 Net loans $ 4,197,838 $ 4,366,602 As of or For the Year Ended December 31, 2021 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ — $ 453 $ 75,295 Provision 7,951 (8,109) (3,235) 137 (611) — (133) (4,000) Charge-offs (12,618) (1,003) — — — — (2) (13,623) Recoveries 326 — — — 367 — 10 703 Ending balance $ 20,352 $ 9,229 $ 19,119 $ 3,749 $ 5,598 $ — $ 328 $ 58,375 Period end allowance for loan losses allocated to: Individually evaluated for impairment $ 333 $ 2,100 $ 3,164 $ — $ — $ — $ — $ 5,597 Collectively evaluated for impairment $ 20,019 $ 7,129 $ 15,955 $ 3,749 $ 5,598 $ — $ 328 $ 52,778 Ending balance $ 20,352 $ 9,229 $ 19,119 $ 3,749 $ 5,598 $ — $ 328 $ 58,375 Allocated to loans: Individually evaluated for impairment $ 5,739 $ 16,204 $ 31,597 $ — $ 3,387 $ — $ — $ 56,927 Collectively evaluated for impairment $ 1,395,942 $ 262,656 $ 1,249,498 $ 578,758 $ 597,429 $ 64,805 $ 63,605 $ 4,212,693 Ending balance $ 1,401,681 $ 278,860 $ 1,281,095 $ 578,758 $ 600,816 $ 64,805 $ 63,605 $ 4,269,620 As of or For the Year Ended December 31, 2020 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 35,864 $ 6,565 $ 8,085 $ 3,516 $ 2,546 $ — $ 320 $ 56,896 Provision 19,959 16,867 15,853 96 3,700 — 225 56,700 Charge-offs (31,205) (5,091) (1,584) — (445) — (104) (38,429) Recoveries 75 — — — 41 — 12 128 Ending balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ — $ 453 $ 75,295 Period end allowance for loan losses allocated to: Individually evaluated for impairment $ 1,115 $ 3,370 $ 5,048 $ — $ — $ — $ — $ 9,533 Collectively evaluated for impairment $ 23,578 $ 14,971 $ 17,306 $ 3,612 $ 5,842 $ — $ 453 $ 65,762 Ending balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ — $ 453 $ 75,295 Allocated to loans: Individually evaluated for impairment $ 44,678 $ 26,045 $ 44,318 $ — $ 6,329 $ — $ 244 $ 121,614 Collectively evaluated for impairment $ 1,294,079 $ 319,188 $ 1,135,216 $ 563,144 $ 674,603 $ 292,230 $ 55,026 $ 4,333,486 Ending balance $ 1,338,757 $ 345,233 $ 1,179,534 $ 563,144 $ 680,932 $ 292,230 $ 55,270 $ 4,455,100 As of or For the Year Ended December 31, 2019 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 16,584 $ 10,262 $ 6,755 $ 2,475 $ 1,464 $ — $ 286 $ 37,826 Provision 27,219 (1,273) 1,771 1,041 1,090 — 52 29,900 Charge-offs (7,954) (3,000) (441) — (8) — (20) (11,423) Recoveries 15 576 — — — — 2 593 Ending balance $ 35,864 $ 6,565 $ 8,085 $ 3,516 $ 2,546 $ — $ 320 $ 56,896 As of December 31, 2021 Pass Special Mention Substandard Performing Substandard Nonperforming Doubtful Loss Total (Dollars in thousands) Commercial $ 1,356,883 $ 16,201 $ 23,739 $ 4,858 $ — $ — $ 1,401,681 Energy 184,269 73,196 5,246 13,595 2,554 — 278,860 Commercial real estate 1,172,323 86,768 11,782 10,222 — — 1,281,095 Construction and land development 578,758 — — — — — 578,758 Residential and multifamily real estate 593,847 257 6,508 204 — — 600,816 PPP 64,805 — — — — — 64,805 Consumer 63,605 — — — — — 63,605 Total $ 4,014,490 $ 176,422 $ 47,275 $ 28,879 $ 2,554 $ — $ 4,269,620 As of December 31, 2020 Pass Special Mention Substandard Performing Substandard Nonperforming Doubtful Loss Total (Dollars in thousands) Commercial $ 1,182,519 $ 66,142 $ 63,407 $ 26,124 $ 565 $ — $ 1,338,757 Energy 145,598 90,134 83,574 22,177 3,750 — 345,233 Commercial real estate 1,035,056 67,710 57,680 19,088 — — 1,179,534 Construction and land development 561,871 125 1,148 — — — 563,144 Residential and multifamily real estate 672,327 305 5,199 3,101 — — 680,932 PPP 292,230 — — — — — 292,230 Consumer 55,026 — — 244 — — 55,270 Total $ 3,944,627 $ 224,416 $ 211,008 $ 70,734 $ 4,315 $ — $ 4,455,100 As of December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Loans >= 90 Days and Accruing (Dollars in thousands) Commercial $ 183 $ 499 $ 1,037 $ 1,719 $ 1,399,962 $ 1,401,681 $ 90 Energy — — 4,644 4,644 274,216 278,860 — Commercial real estate 85 992 — 1,077 1,280,018 1,281,095 — Construction and land development 966 117 — 1,083 577,675 578,758 — Residential and multifamily real estate 437 151 — 588 600,228 600,816 — PPP — — — — 64,805 64,805 — Consumer — 99 — 99 63,506 63,605 — Total $ 1,671 $ 1,858 $ 5,681 $ 9,210 $ 4,260,410 $ 4,269,620 $ 90 As of December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Loans >= 90 Days and Accruing (Dollars in thousands) Commercial $ 8,497 $ 264 $ 11,236 $ 19,997 $ 1,318,760 $ 1,338,757 $ — Energy — — 7,173 7,173 338,060 345,233 372 Commercial real estate 63 7,677 4,825 12,565 1,166,969 1,179,534 — Construction and land development — — — — 563,144 563,144 — Residential and multifamily real estate 1,577 — 3,520 5,097 675,835 680,932 652 PPP — — — — 292,230 292,230 — Consumer — — — — 55,270 55,270 — Total $ 10,137 $ 7,941 $ 26,754 $ 44,832 $ 4,410,268 $ 4,455,100 $ 1,024 As of or For the Year Ended December 31, 2021 Recorded Balance Unpaid Principal Balance Specific Allowance Average Investment Impaired Loans Interest Income Recognized (Dollars in thousands) Loans without a specific valuation Commercial $ 4,659 $ 4,740 $ — $ 7,155 $ 75 Energy 3,509 7,322 — 4,548 5 Commercial real estate 1,729 1,729 — 1,800 18 Construction and land development — — — — — Residential and multifamily real estate 3,387 3,387 — 3,392 86 PPP — — — — — Consumer — — — — — Loans with a specific valuation Commercial 1,080 1,080 333 496 19 Energy 12,695 17,977 2,100 14,117 14 Commercial real estate 29,868 30,854 3,164 28,876 993 Construction and land development — — — — — Residential and multifamily real estate — — — — — PPP — — — — — Consumer — — — — — Total Commercial 5,739 5,820 333 7,651 94 Energy 16,204 25,299 2,100 18,665 19 Commercial real estate 31,597 32,583 3,164 30,676 1,011 Construction and land development — — — — — Residential and multifamily real estate 3,387 3,387 — 3,392 86 PPP — — — — — Consumer — — — — — $ 56,927 $ 67,089 $ 5,597 $ 1,210 As of or For the Year Ended December 31, 2020 Recorded Balance Unpaid Principal Balance Specific Allowance Average Investment Impaired Loans Interest Income Recognized (Dollars in thousands) Loans without a specific valuation Commercial $ 36,111 $ 50,245 $ — $ 29,591 $ 1,143 Energy 3,864 6,677 — 6,710 53 Commercial real estate 10,079 11,663 — 11,952 390 Construction and land development — — — — — Residential and multifamily real estate 6,329 6,585 — 6,315 145 PPP — — — — — Consumer 244 244 — 250 — Loans with a specific valuation Commercial 8,567 8,567 1,115 8,637 249 Energy 22,181 27,460 3,370 23,823 542 Commercial real estate 34,239 34,239 5,048 27,980 1,035 Construction and land development — — — — — Residential and multifamily real estate — — — — — PPP — — — — — Consumer — — — — — Total Commercial 44,678 58,812 1,115 38,228 1,392 Energy 26,045 34,137 3,370 30,533 595 Commercial real estate 44,318 45,902 5,048 39,932 1,425 Construction and land development — — — — — Residential and multifamily real estate 6,329 6,585 — 6,315 145 PPP — — — — — Consumer 244 244 — 250 — $ 121,614 $ 145,680 $ 9,533 $ 3,557 As of December 31, 2021 2020 (Dollars in thousands) Commercial $ 4,858 $ 26,691 Energy 16,148 25,927 Commercial real estate 10,222 19,088 Construction and land development — — Residential and multifamily real estate 204 3,101 PPP — — Consumer — 244 Total non-accrual loans $ 31,432 $ 75,051 For the Year Ended December 31, 2021 2020 (Dollars in thousands) Commercial - Debt forgiveness $ — $ 17,297 - Reduction of monthly payment — 1,224 - Interest rate reduction 1,000 3,171 Energy - Reduction of monthly payment — 7,825 - Extension of maturity date — 2,340 Commercial real estate - Deferred payment — 21,210 - Interest rate reduction 3,750 — Total troubled debt restructurings $ 4,750 $ 53,067 For the Year Ended December 31, 2021 2020 Number of Loans Outstanding Balance Balance 90 Days Past Due at Any Time During Previous 12 Months (1) Number of Loans Outstanding Balance Balance 90 Days Past Due at Any Time During Previous 12 Months (1) (Dollars in thousands) Commercial 1 $ 910 $ 4,899 7 $ 22,759 $ 2,776 Energy 4 10,118 7,825 4 11,053 2,713 Commercial real estate 5 26,158 — 4 26,038 — Construction and land development — — — — — — Residential and multifamily real estate 1 3,183 89 2 3,245 — PPP — — — — — — Consumer — — — — — — Total troubled debt restructured loans 11 $ 40,369 $ 12,813 17 $ 63,095 $ 5,489 (1) Default is considered to mean 90 days or more past due as to interest or principal. Note 4: Categories of loans at December 31, 2021 and 2020 include: The following tables summarize the activity in the allowance for loan losses by portfolio allocation in one portfolio segment does not preclude its availability to absorb Credit Risk Profile The Company analyzes its loan portfolio based on internal rating categories develop the associated ALLL. A Loan Grades • sales trends remaining flat or declining. Most ratios compare favorably expected. • where repayment is jeopardized. Credits are currently protected but, for the credit or in the Company’s credit or lien position at a future date. These credits are not warrant adverse classification. • Substandard (risk rating 6) and paying capacity of the obligor or of the collateral pledged. A distinct possibility exists that the Company will sustain some loss if deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have performing and nonperforming loans and are broken out in the table below. • Doubtful (risk rating 7) - Credits which exhibit weaknesses inherent in a substandard credit with the added liquidation in full highly questionable or improbable based on existing the advantage and strengthening of the assets, classification as a loss is deferred • Loss (risk rating 8) - Credits which are considered uncollectible or of such little value that their continuance Loan Portfolio Segments • flow of a borrower’s principal business operation. Credit risk is driven by from business operations. • Energy repaid primarily from the conversion of crude oil and natural gas to cash. the cash flow stability from business operations. Energy loans are typically collateralized • Commercial Real Estate property securing the loan or the business conducted on the property securing real estate. Credit risk may be impacted by the creditworthiness of a borrower, property • Construction and Land Development reviews and a financial analysis of the developers and property owners. Sources of repayment commitment from the Company until permanent financing is obtained. These loans are higher sensitive to interest rate changes, general economic conditions and the borrower, property values and the local economies in the borrower’s market • Residential and Multifamily Real Estate - The loans are generally secured by owner-occupied 1-4 family residences or multifamily loans is primarily dependent on the personal income and credit rating of the borrowers or underlying conditions within or outside the borrower’s market areas that might impact • PPP - The loans were established by the CARES Act which authorized forgivable loans to small businesses to pay their employees program requires all loan terms to be the same for everyone. The loans are 100% guaranteed flow or SBA repayment approval. • Consumer - The loan portfolio consists of revolving lines of credit and various term loans such primarily dependent on the personal income and credit rating of the borrowers. economic conditions in the borrower’s market area) and the creditworthiness Loans by Risk Rating The following tables present the credit risk profile of the Company’s loan portfolio Loan Portfolio Aging The following tables present the Company’s loan portfolio aging analysis of Impaired Loans A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310-10-35-16), when Company will be unable to collect all amounts due from the borrower in accordance include loans modified in troubled debt restructurings where concessions maximize collection. Groups of loans with similar risk characteristics are collectively evaluated for impairment conditions and other relevant factors that affect repayment of the loans. The following formerly restructured loans, for the periods ended December 31, 2021 Non-accrual Loans Non-accrual loans are loans for which the Company does not record interest unless the credit is well secured and in process of collection. Past due status is based on an earlier date, if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual on the cash basis or cost-recovery method, until qualifying for return brought current and future payments are reasonably assured. The following table presents the Company’s Troubled Debt Restructurings (“TDR”) Restructured loans are those extended to borrowers who are experiencing result of the COVID-19 pandemic as permitted by the CARES Act (as extended by the Consolidated Appropriations Act of 2021). A TDR may also exist if the borrower transfers to the Bank: (i) receivables for third parties; (ii) real estate; (iii) other assets; or granting of an equity position to the Bank to fully or partially satisfy a debt unless the equity position. Once an obligation has been restructured, the loan continues to be considered modified terms for at least 12 consecutive months, the loan has a market rate, determination of whether the loan would remain on accrual status depends demonstrated performance under the previous terms; and (iii) the Bank’s credit Loans identified as TDRs are evaluated for impairment using the present value of the expected dependent. The fair value is determined, when possible, by an appraisal of the property less estimated adjusted for current market conditions. Adjustments to reflect the present value of the expected cash flows or the estimated in determining an appropriate allowance, and as such, may result in increases or The table below presents loans restructured during the years ended concession made: As of December 31, 2021, the modifications related to the troubled debt impaired and evaluated on an individual basis or sufficient collateral was obtained. For the year ended December 31, 2021 and 2020, the TDRs outstanding resulted in 0 26 81 0 , respectively. No TDRs modified within the past 12 months defaulted in 2021. The restructured loans had a total specific valuation 4 respectively. The balance of restructured loans and the balance of those loans that are During the year ended December 31, 2021, $ 2 40 accordance with their original terms and had been outstanding throughout December 31, 2021 would have been $ 3 During the year ended December 31, 2020, $ 1 63 accordance with their original terms and had been outstanding throughout December 31, 2020 would have been $ 2 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 5: Major classifications of premises and equipment, stated at cost, are as follows: As of December 31, 2021 2020 (Dollars in thousands) Land $ 7,384 $ 7,384 Building and improvements 62,344 62,331 Construction in progress 509 95 Furniture and fixtures 14,106 14,073 Equipment 9,596 9,587 93,939 93,470 Less: accumulated depreciation 27,870 22,961 Premises and equipment, net $ 66,069 $ 70,509 |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangible | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Core Deposit Intangible [Abstract] | |
Goodwill and Core Deposit Intangible | Note 6: As a result of economic conditions from the COVID-19 pandemic and goodwill impairment test. The test required a goodwill impairment charge of 7 primary causes of the goodwill impairment were economic conditions, loan provision in light of the COVID-19 pandemic, and other changes in key variables when combined, resulted in the reporting unit’s fair value being less than the reporting unit and included all goodwill previously recorded. The reporting unit’s fair value was determined using a combination approach, and (ii) the public company method, a market approach. The income approach in a single period, adjusted for growth that is adjusted by price-to-book multiples from peer, public banks and adding a control premium. Since the core deposit intangible (“CDI”) outstanding came from the same test of CDI as of June 30, 2020. The Company used an income approach to calculate a CDI fair market CDI was not impaired as of June 30, 2020. Following the June 30, 2020 us to perform another CDI impairment test. Fair value determinations require considerable judgment and are sensitive market factors. Estimating the fair value of individual reporting units the Company’s future plans, as well as industry, economic, and regulatory future cash flows, income tax rates, discount rates, growth rates, and other market The change in goodwill and core deposit intangible during the years ended Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (Dollars in thousands) December 31, 2021 Core deposit intangible 1,014 884 — 130 Total goodwill and intangible assets $ 1,014 $ 884 $ — $ 130 December 31, 2020 Goodwill $ 7,397 $ — $ 7,397 $ — Core deposit intangible 1,014 806 — 208 Total goodwill and intangible assets $ 8,411 $ 806 $ 7,397 $ 208 The remaining CDI balance will amortize over the next two years . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | Note 7: Risk Management Objective of Using Derivatives The Company is exposed to certain risk arising from both its business operations and business and operational risks through management of its core business activities. The Company managing the amount, sources, and duration of its assets and liabilities and the use instruments to manage exposures that arise from business activities that result in the receipt by interest rates. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to objective, the Company primarily uses interest rate swaps as part of its interest rate risk variable amounts from a counterparty in exchange for the Company making During 2021, the Company entered into forward-looking derivatives that 5 aggregate notional amount of $ 100 0 For derivatives designated and that qualify as cash flow hedges of interest rate (“AOCI”) and subsequently reclassified into interest expense in the derivatives will be reclassified to interest expense as interest payments that an additional $ 0 The Company’s derivative financial instruments are not effective until 2023. As a result, the derivative financial instruments ended December 31, 2021 and 2020. Non-designated Hedges Derivatives not designated as hedges are not speculative and result from their respective risk management strategies. Company minimizes its net risk exposure resulting from such transactions. and changes in the fair value of both the customer derivatives and the offsetting 54 56 amount of $ 535 516 During 2019, the Company changed an input associated with the fair nonperformance risk, also known as the credit valuation adjustment (“CVA”), believes this change better aligns with the Company’s credit methodology and underwriting As a result of the change in methodology, the Company recorded an adjustment to 800 June 30, 2019. If no defaults occur for derivatives not designated as hedges, The effect of the Company’s derivative financial instruments that are not designated During 2021, the Company recorded a $ 342 290 adjustments primarily related to one swap. The effect of the Company’s derivative financial other liabilities. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial Asset Derivatives Liability Derivatives Balance Sheet As of December 31, Balance Sheet As of December 31, Location 2021 2020 Location 2021 2020 (Dollars in thousands) Interest rate products: Derivatives designated as hedging instruments Other assets $ 3 $ — Other liabilities $ 565 $ — Derivatives not designated as hedging instruments Other assets $ 11,305 $ 24,094 Other liabilities $ 11,322 $ 24,454 Total $ 11,308 $ 24,094 $ 11,887 $ 24,454 Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income The table below presents the effect of cash flow hedge accounting on Accumulated Other Comprehensive Income hedges for the year ended December 31, 2020. December 31, 2021 Gain or (Loss) Recognized in OCI on Derivative Gain or (Loss) Recognized in OCI Included Component Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Included Component Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component (Dollars in thousands) Derivatives in Cash Flow Hedging Relationships Interest Rate Products $ (562) $ (562) $ — Interest Expense $ — $ — $ — Credit Risk Related Contingent Features As of December 31, 2021, the fair value of derivatives in a net liability position, these agreements was $ 11 collateral of $ 17 |
Foreclosed Assets
Foreclosed Assets | 12 Months Ended |
Dec. 31, 2021 | |
Foreclosed Assets [Abstract] | |
Foreclosed Assets | Note 8: Foreclosed asset activity was as follows: As of or for the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Beginning balance $ 2,347 $ 3,619 $ — Loans transferred to foreclosed assets — 930 3,619 Direct write-downs (629) (1,118) — Sales proceeds from foreclosed assets (628) (1,045) — Gain (loss) on sale of foreclosed assets 58 (39) — Ending balance $ 1,148 $ 2,347 $ 3,619 Foreclosed assets consisted of a commercial use facility at December 31, 2021. For Company sold the raw land foreclosed upon in 2019 and a commercial use facility sold the industrial facilities that were foreclosed upon in 2019 and impaired Upon acquisition, foreclosed assets are recorded at fair value less estimated selling costs at the new cost basis. They are subsequently carried at the lower of cost or fair value less estimated on the Consolidated Statements of Income under the foreclosed assets, net section. |
Interest-bearing Time Deposits
Interest-bearing Time Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Interest-bearing Time Deposits [Abstract] | |
Interest-bearing Time Deposits | Note 9: Interest-bearing time deposits in denominations of $250 thousand or more 324 524 2021 and 2020, respectively. The Company acquires brokered deposits in the normal course of business. At December 31, 2021 and 2020, brokered approximately $ 91 188 which includes The Certificate of Deposit Account Registry Services (“CDARS”) discussed below, are treated brokered deposits and are not included in the above amounts. The Company is a member of CDARS that allows depositors to receive FDIC insurance insurance limit, which is currently $250,000. CDARS allows institutions to break network of other CDARS institutions to ensure full FDIC insurance is gained 50 million and $ 75 The scheduled maturities for time deposits are provided in Note 10: Borrowing Arrangements |
Borrowing Arrangements
Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Borrowing Arrangements [Abstract] | |
Borrowing Arrangements | As of and For the Year Ended December 31, 2021 2020 (Dollars in thousands) Balance Rate (6) Maximum Balance at Any End of Month Balance Rate (6) Maximum Balance at Any End of Month Repurchase agreements (1) $ — % $ 6,218 $ 2,306 0.15 % $ 57,259 Federal funds purchased (2) — NA — — NA 30,000 FHLB advances (3) 236,600 1.92 293,100 293,100 1.78 450,659 FHLB line of credit (3) — NA — — NA 20,000 Federal Reserve Borrowing (4) — — — 15,000 Trust preferred security (5) 1,009 1.94 % $ 1,009 963 1.96 % $ 963 Total borrowings $ 237,609 $ 296,369 As of December 31, 2021 2020 (Dollars in thousands) FHLB borrowing capacity relating to loans $ 435,562 $ 518,191 FHLB borrowing capacity relating to securities — — Total FHLB borrowing capacity $ 435,562 $ 518,191 Unused Federal Reserve borrowing capacity $ 428,786 $ 435,805 As of December 31, 2021 Within One Year One to Two Years Two to Three Years Three to Four Years Four to Five Years After Five Years Total (Dollars in thousands) Time deposits $ 538,208 $ 66,660 $ 17,422 $ 718 $ 1,346 $ 33 $ 624,387 FHLB borrowings 21,500 35,000 — 5,100 — 175,000 236,600 Trust preferred securities (1) — — — — — 1,009 1,009 Total $ 559,708 $ 101,660 $ 17,422 $ 5,818 $ 1,346 $ 176,042 $ 861,996 Note 10: The following table summarizes borrowings at December 31, 2021 (1) U.S. government sponsored enterprises and mortgage-backed $ 2 32 for customer repurchase agreements were $ 0 6 (2) bank if the bank has approved us for credit. Federal funds purchased generally have (3) 0.37 % to 2.88 % and are subject to restrictions or penalties in the event of prepayment. The FHLB line of credit has a variable cost of funds and matures on May 14, 2022. (4) based on an established discount rate determined by the Reserve Banks’ board of directors, subject to review and determination typically mature in 90 (5) 1 Trust I for $ 4 1.5 and the recorded balance by approximately $ 400 2.5 date in 2035. Distributions will be paid on each security at a variable annual 1.74 %. (6) Represents the year-end weighted average interest rate. The following table summarizes the Company’s other borrowing capacities The scheduled maturities, excluding interest, of the Company’s borrowings at (1) 2.6 During the year ended December 31, 2021, the Company recorded $ 771 40 penalties are included in interest expense within the Consolidated Statements of |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Taxes currently payable $ 14,892 $ 7,970 $ 7,624 Deferred income tax asset (liability) 2,664 (5,257) (3,486) Income tax expense $ 17,556 $ 2,713 $ 4,138 For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Computed at the statutory rate (21%) $ 18,263 $ 3,216 $ 6,848 Increase (decrease) resulting from Tax-exempt income (3,672) (3,109) (2,913) Nondeductible expenses 232 194 356 State tax credit — — (1,361) State income taxes 3,030 679 1,288 Equity based compensation (172) 179 (88) Goodwill impairment — 1,553 — Other adjustments (125) 1 8 Actual tax expense $ 17,556 $ 2,713 $ 4,138 As of December 31, 2021 2020 (Dollars in thousands) Deferred tax assets Allowance for loan losses $ 14,051 $ 18,124 Lease incentive 508 564 Loan fees 3,227 3,178 Accrued expenses 2,735 2,128 Deferred compensation 2,418 2,474 State tax credit 1,033 2,621 Other 2,057 946 Total deferred tax asset 26,029 30,035 Deferred tax liability Net unrealized gain on securities available-for-sale (6,967) (9,531) FHLB stock basis (757) (1,209) Premises and equipment (2,602) (2,881) Other (1,229) (1,601) Total deferred tax liability (11,555) (15,222) Net deferred tax asset $ 14,474 $ 14,813 Note 11: The provision for income taxes includes these components: An income tax reconciliation at the statutory rate to the Company’s actual income During 2019, the Company received a $ 2 Company recorded a $ 2 362 1 in 2019. During 2018, the Company received a $ 3 1 million deferred tax asset as of December 31, 2021 due to the previously mentioned as the Company produces certain state taxable income and expires on The Company has approximately $ 1 loss is subject to annual usage limitations of $ 180 fully expects to utilize the entire net operating loss carry-forwards before The Company has approximately $ 2 utilize the entire capital loss carry-forwards before they expire. The tax effects of temporary differences related to deferred taxes shown presented below: State Tax Exam During 2019, the Company received notice of a state tax audit for tax years resolution of findings did not have a material adverse effect on the consolidated the Company. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income | Note 12: Amounts reclassified from accumulated other comprehensive income statements of income were as follows: For the Year Ended December 31, Affected Line Item in the 2021 2020 2019 Statements of Income (Dollars in thousands) Unrealized gains on available-for-sale securities $ 1,023 $ 1,704 $ 987 Realized gains on available- for-sale securities Less: tax expense effect 245 415 242 Income tax expense Net reclassified amount $ 778 $ 1,289 $ 745 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2021 Total Capital to Risk-Weighted Assets Consolidated $ 704,544 13.6 % $ 544,060 10.5 % Bank 681,980 13.2 543,708 10.5 $ 517,817 10.0 % Tier I Capital to Risk-Weighted Assets Consolidated 646,169 12.5 440,430 8.5 N/A N/A Bank 623,605 12.0 440,144 8.5 414,253 8.0 Common Equity Tier 1 to Risk-Weighted Assets Consolidated 645,160 12.5 362,707 7.0 N/A Bank 623,605 12.0 362,472 7.0 336,581 6.5 Tier I Capital to Average Assets Consolidated 646,169 11.8 218,510 4.0 N/A N/A Bank $ 623,605 11.4 % $ 218,366 4.0 % $ 272,958 5.0 % December 31, 2020 Total Capital to Risk-Weighted Assets Consolidated $ 656,806 13.1 % $ 527,486 10.5 % N/A N/A Bank 611,533 12.2 527,217 10.5 $ 502,111 10.0 % Tier I Capital to Risk-Weighted Assets Consolidated 593,865 11.8 427,012 8.5 N/A Bank 548,615 10.9 426,794 8.5 401,689 8.0 Common Equity Tier 1 to Risk-Weighted Assets Consolidated 592,902 11.8 351,657 7.0 N/A N/A Bank 548,615 10.9 351,478 7.0 326,372 6.5 Tier I Capital to Average Assets Consolidated 593,865 10.8 219,550 4.0 N/A Bank $ 548,615 10.0 % $ 219,441 4.0 % $ 274,302 5.0 % Note 13: The Company and the Bank are subject to various regulatory capital requirements The Basel III Capital Rules (“Basel III”) were jointly published by three federal components of capital, risk weighting and other issues affecting the numerator Failure to meet minimum capital requirements can initiate certain mandatory regulators that, if undertaken, could have a direct material effect on include dividend payment restrictions, require the adoption of and mandate the appointment of a conservator or receiver in severe cases. Under for prompt corrective action, the Company and the Bank must meet specific capital guidelines liabilities and certain off-balance-sheet items as calculated under standards. The capital amounts and classification are also subject to qualitative judgments by weightings and other factors. Furthermore, the Company’s regulators could consolidated financial statements. Quantitative measures established by regulation to ensure capital adequacy minimum amounts and ratios (set forth in the table below) of total and tier I capital (as defined) common equity tier I capital (as defined) to risk-weighted assets (as defined), defined). they are subject. As of December 31, 2021, the most recent notification from the applicable well capitalized well capitalized , the Bank must maintain minimum total risk-based, tier I risk-based, common equity tier I risk-based are no conditions or events since that notification that management believes Bank’s actual capital amounts and ratios as of December 31, 2021 The above minimum capital requirements include the capital conservation distributions, including dividend payments and certain discretionary bonus was 2.5 % at December 31, 2021 and 2020. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plan | Note 14: The Company has a retirement savings 401(k) plan covering substantially all employees. their compensation to the plan. During 2021, 2020 and 2019, Company 100 % on the first 1 % of employees’ salary deferral amounts plus 50 % of employees’ salary deferral amounts over 1 %, but capped at 6 % of employees’ compensation. Additional contributions are discretionary and are determined annually by the $1 million, $ 1 1 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Note 15: Except for gains or losses from the sale of foreclosed assets, the Company’s revenue from of ASC 606 is recognized in non-interest income. The revenue categories are selected based on the nature, amount, timing, and uncertainty of revenue and cash flows. The following presents descriptions of revenue categories Service charges and fees (rebates) on customer accounts - This segment consists of monthly fees for the services rendered on customer deposit accounts, including maintenance charges, overdraft based on type of account, volume, and activity. The customer is typically billed monthly and pays Company satisfies the performance obligation related to providing depository service charge revenue is recorded. ATM and credit card interchange income - This segment consists of fees charged for use of the Company’s ATMs, as well as, an interchange fee with credit card and debit card service providers. ATM fees and interchange fees are based on the number as well as, the underlying agreements. Customers are typically billed monthly. The Company ATM and interchange fees monthly as transactions are processed and revenue International fees - This segment consists of fees earned from foreign exchange transactions and documentation. International fees are based on underlying agreements fee. Customers are typically billed and cash is received once the service obligation related to international fees monthly as transactions are processed Other fees - This segment consists of numerous, smaller fees such as wire transfer fees, referral printing fees. Other fees are typically billed to customers on a monthly time that the service is rendered. Gain or loss on foreclosed assets customer because the sale of the asset may not be an output of the Company’s ordinary including in-substance nonfinancial assets, should be accounted for in from the Derecognition of Nonfinancial Assets,” which requires the Company to apply certain measurement and recognition ASC 606. Accordingly, the Company recognizes the sale of a foreclosed asset, along with any associated gain or asset transfers to the buyer. For sales of existing assets, this generally of the foreclosed asset to the buyer, the Company must assess whether the contract and whether collectability of the transaction price is probable. Once and the gain or loss on sale is recorded upon the transfer of control of the The following table disaggregates the noninterest income subject to ASC 606 by category: For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Non-interest income subject to ASC 606 Service charges and fees on customer accounts $ 4,580 $ 2,803 $ 604 ATM and credit card interchange income 7,996 4,379 1,785 International fees 1,531 1,091 716 Other fees 134 87 122 Total non-interest income from contracts with customers 14,241 8,360 3,227 Non-interest income not subject to ASC 606 Other non-interest income (581) 3,373 5,480 Total non-interest income $ 13,660 $ 11,733 $ 8,707 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Stock appreciation rights $ 711 $ 994 $ 1,243 Performance-based stock awards 741 249 271 Restricted stock units and awards 3,047 3,078 3,174 Employee stock purchase plan 85 42 36 Total stock-based compensation $ 4,584 $ 4,363 $ 4,724 For the Year Ended December 31, 2021 2020 2019 (1) (Dollars in thousands, except per share data) Assumptions: Expected volatility 42.93 % - 43.29 % 20.34 % 24.63 % - 33.63 % Expected dividends 0.00% 0.00% 0.00% Expected term (in years) 7.00 - 7.01 6.00 4.24 - 7.00 Risk-free rate 0.94 % - 1.36 % % 0.38 % 1.45 % - 2.55 % Weighted average grant date fair value per share $ 6.50 $ 1.93 $ 5.43 Aggregate intrinsic value of SSARs exercised $ 1,297 $ 571 $ 493 Total fair value of SSARs vested during the year $ 1,087 $ 1,245 $ 1,171 Unrecognized compensation information: Unrecognized compensation cost $ 1,249 $ 1,737 $ 2,904 Period remaining (in years) 4.1 3.3 3.9 (1) The Black-Scholes inputs include a revaluation of a nonemployee SSAR upon adoption of ASU 2018-07, as well as, SSARs granted during the period. Stock Settled Appreciation Rights Units Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding, January 1, 2021 1,589,675 $ 10.73 8.45 Granted 63,000 14.20 9.67 Exercised (141,186) 7.08 Forfeited or expired (38,413) 11.99 Outstanding, December 31, 2021 1,473,076 $ 11.20 7.13 Exercisable, December 31, 2021 1,120,238 $ 10.46 6.93 Performance-Based Awards Number of Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2021 231,631 $ 10.51 Granted 63,631 12.88 Incremental performance shares 25,173 8.69 Vested (217,135) 9.54 Forfeited (4,948) 13.19 Unvested, December 31, 2021 98,352 $ 13.59 Restricted Stock Units and Awards Number of Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2021 369,217 $ 12.61 Granted 289,782 13.31 Vested (247,690) 11.91 Forfeited (27,679) 13.62 Unvested, December 31, 2021 383,630 $ 13.52 For the Year Ended December 31, 2021 2020 2019 Assumptions: Expected volatility 5.99% - 32.00% 22.50% 7.60% Expected dividends 0.00% 0.00% 0.00% Expected term (in years) 0.50 0.50 1.00 Risk-free rate 0.17% 2.09% Note 16: The Company issues stock-based compensation in the form of non-vested 2018 Omnibus Equity Incentive Plan (“Omnibus Plan”). In addition, was suspended effective April 1, 2019 and reinstituted effective July 1, 2020. The Omnibus Plan will expire on the tenth anniversary effective date. The aggregate number of shares authorized for future issuance under 1,775,245 December 31, 2021. The Company will issue new common shares upon exercise or During 2018, awards issued under the Stock Settled Appreciation Right (“SSAR”) Plan, Equity Incentive Plan, Employee Equity Incentive Plan and New Market Founder Plan were assumed under the Omnibus participants who agreed to the assumption. The awards are called “Legacy Awards.” Material terms and conditions of Legacy Awards remain unchanged; therefore, no modification to their fair market value Omnibus Plan. The table below summarizes stock-based compensation for the years Stock Settled Appreciation SSARs are granted based on the fair market value of the Company’s common seven-year fifteen-year Awards and ten-year birthday, five years one year the exercise price over the grant price for each SSAR. The calculated value of each share award is estimated at the grant date using a Black-Scholes volatility is primarily based on an internal model that calculates the historical peer group banks’ weekly average stock prices before the IPO over the expected term. The expected term of stock granted represents the period that shares are expected to be outstanding. The risk-free rate for periods within the U.S. Treasury yield curve. For the expected term, the Company uses the simplified method described based on the midpoint between the vesting date and the end of the contractual term. This method because the Company does not have a significant pool of SSARs that have been who will be retirement eligible during the term of the award, a separate analysis is performed date. The following table provides the range of assumptions used in the Black-Scholes fair value, and information related to SSARs exercised for the following years, recognized and period over which the amount will be recognized as of the dates indicated: A summary of SSAR activity during and as of December 31, 2021 is presented below: Performance-Based Stock The Company awards PBSAs to key officers of the Company. The stock settled awards are by the Compensation Committee. The performance-based shares typically cliff-vest three years performance metrics developed by the Compensation Committee. The ultimate number the product of the award target and the award payout percentage given the level of achievement. The achievement range between 0 % of target and 150 % of target. During 2016, the Company awarded PBSAs to New Market Founders. A New Market Founder is a nonemployee, adviser chosen in a selected market to facilitate expansion of banking relationships. During 116,960 December 31, 2021. The Company adopted ASU 2018-07 in the first quarter of 2019, which set the fair market value for this award. The Company determined that no substantial service existed for this award, $ 2 The New Market Founder PBSAs were based upon four and classified assets to capital as of December 31, 2021 that resulted 139,709 119 % payout percentage resulted in $ 245 During the year-ended December 31, 2021, a former employee’s performance issued at or slightly above target resulting in a $ 411 During the year-ended December 31, 2021, 63,631 adjusted earnings per share and relative total shareholder return. The following table summarizes the status of and changes in the performance-based Unrecognized stock-based compensation expense related to the performance $ 661 2.1 Restricted Stock Units (“RSUs”) and Restricted Stock The Company issues RSUs and RSAs to provide additional incentives to key officers, Awards are typically granted annually as determined by the Compensation end of three years three years cliff-vest after one year . As of December 31, 2021, no The following table summarizes the status of and changes in the RSUs and RSAs: Unrecognized stock-based compensation expense related to restricted stock $ 3 1.8 Employee Stock Purchase Plan The Company has an ESPP whereby employees are eligible for the plan when they have met certain of credited service and minimum hours worked. The calculated value of each unit award using a Black-Scholes option valuation model that used the assumptions noted |
Stock Warrants
Stock Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stock Warrants | Note 17: The Company had 113,500 113,500 5.00 share as of December 31, 2021 and 2020, respectively. The 113,500 from June 30, 2019 to April 26, 2023 in accordance with the Chairman Emeritus Agreement. The strike price continues to be $ 5.00 share. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Operating Leases [Abstract] | |
Operating Leases | Note 18: During 2021, the Bank began occupying office space in Phoenix, Arizona. The Phoenix, Arizona non-cancellable lease has a term of 11 two , five year During 2020, the Bank began occupying office space in Kansas City, Missouri lease has a term of 15 years four , five-year 1 non-cancellable lease has a term of 86 months two , five-year $ 212 The Company has various, non-cancellable operating leases for Three included tenant improvement allowances. In accordance with ASC 840, the Company is amortizing the benefit over the expected life of the lease. Rent expense for the periods presented was as follows: Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Rent Expense $ 3,500 $ 2,871 $ 2,526 Future minimum lease payments under operating leases were as follows: (Dollars in thousands) 2022 $ 2,996 2023 3,091 2024 2,794 2025 2,805 2026 2,859 Thereafter $ 15,196 |
Disclosure about Fair Value of
Disclosure about Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure about Fair Value of Financial Instruments [Abstract] | |
Disclosure about Fair Value of Financial Instruments | Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, markets that are not active or other inputs that are observable or can be corroborated substantially the full term of the assets or liabilities. Level 3 Unobservable inputs supported by little or no market activity and significant to Fair Value Description Valuation Hierarchy Level Where Fair Value Found Available-for- sale securities and equity security Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Level 2 Note 3: Securities Derivatives Fair value of the interest rate swaps is obtained from independent pricing services based on quoted market prices for similar derivative contracts. Level 2 Note 7: Derivatives December 31, 2021 Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (Dollars in thousands) Collateral-dependent impaired loans $ 38,046 $ — $ — $ 38,046 Foreclosed assets held-for-sale $ 1,148 $ — $ — $ 1,148 December 31, 2020 Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (Dollars in thousands) Collateral-dependent impaired loans $ 55,454 $ — $ — $ 55,454 Foreclosed assets held-for-sale $ 2,347 $ — $ — $ 2,347 December 31, 2021 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (Dollars in thousands) Collateral-dependent impaired loans $ 38,046 Market comparable properties Marketability discount 7 % - 100 % (26%) Foreclosed assets held-for-sale $ 1,148 Market comparable properties Marketability discount (10%) December 31, 2020 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (Dollars in thousands) Collateral-dependent impaired loans $ 55,454 Market comparable properties Marketability discount 1 % - 98 % (24%) Foreclosed assets held-for-sale $ 2,347 Market comparable properties Marketability discount 7 % - 10 % (9%) December 31, 2021 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Financial Assets Cash and cash equivalents $ 482,727 $ 482,727 $ — $ — $ 482,727 Available-for-sale securities 745,969 — 745,969 — 745,969 Loans, net of allowance for loan losses 4,197,838 — — 4,178,268 4,178,268 Restricted equity securities 11,927 — — 11,927 11,927 Interest receivable 16,023 — 16,023 — 16,023 Equity securities 2,642 — 2,209 433 2,642 Derivative assets 11,308 — 11,308 — 11,308 $ 5,468,434 $ 482,727 $ 775,509 $ 4,190,628 $ 5,448,864 Financial Liabilities Deposits $ 4,683,597 $ 1,163,224 $ — $ 3,482,218 $ 4,645,442 Federal Home Loan Bank advances 236,600 — 241,981 — 241,981 Other borrowings 1,009 — 2,318 — 2,318 Interest payable 1,336 — 1,336 — 1,336 Derivative liabilities 11,887 — 11,887 — 11,887 $ 4,934,429 $ 1,163,224 $ 257,522 $ 3,482,218 $ 4,902,964 December 31, 2020 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Financial Assets Cash and cash equivalents $ 408,810 $ 408,810 $ — $ — $ 408,810 Available-for-sale securities 654,588 — 654,588 — 654,588 Loans, net of allowance for loan losses 4,366,602 — — 4,351,970 4,351,970 Restricted equity securities 15,543 — — 15,543 15,543 Interest receivable 17,236 — 17,236 — 17,236 Equity securities 13,436 — 2,247 11,189 13,436 Derivative assets 24,094 — 24,094 — 24,094 $ 5,500,309 $ 408,810 $ 698,165 $ 4,378,702 $ 5,485,677 Financial Liabilities Deposits $ 4,694,740 $ 718,459 $ — $ 4,015,792 $ 4,734,251 Federal funds purchased and repurchase agreements 2,306 — 2,306 — 2,306 Federal Home Loan Bank advances 293,100 — 309,020 — 309,020 Other borrowings 963 — 2,024 — 2,024 Interest payable 2,163 — 2,163 — 2,163 Derivative liabilities 24,454 — 24,454 — 24,454 $ 5,017,726 $ 718,459 $ 339,967 $ 4,015,792 $ 5,074,218 Note 19: Fair value is the price that would be received to sell an asset or paid to transfer a liability participants at the measurement date. Fair value measurements must maximize unobservable inputs. There is a hierarchy of three levels of inputs that may be used Recurring Measurements The following list presents the assets and liabilities recognized in the accompanying value on a recurring basis and the level within the fair value hierarchy in which 2020: Nonrecurring Measurements The following tables present the fair value measurement of assets measured within the fair value hierarchy in which the fair value measurements fall: Following is a description of the valuation methodologies and inputs used for and recognized in the accompanying consolidated balance sheets, as well as the general valuation hierarchy. For assets classified within Level 3 of the fair value hierarchy, described below. Collateral-Dependent Impaired Loans, Net of The estimated fair value of collateral-dependent impaired loans is based on the cost to sell. Collateral dependent impaired loans are classified within Level appraisal or evaluation as the starting point for determining fair value may affect the fair value. Appraisals of the collateral underlying collateral dependent loans are obtained when the loan is determined collateral-dependent and subsequently as deemed necessary by the Appraisals are reviewed for accuracy and consistency by the Chief Credit Officer. Appraisers are selected from appraisers maintained by management. The appraised values are reduced by discounts to to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral. These discounts Chief Credit Officer by comparison to historical results. Foreclosed Assets Held-for-Sale The fair value of foreclosed assets held-for-sale is based on the appraised fair value of the collateral, Unobservable (Level 3) Inputs The following tables present quantitative information about unobservable measurements at December 31, 2021 and 2020: See Note 16: Stock-Based Compensation of stock appreciation rights. The following tables present the estimated fair values of the Company’s financial |
Significant Estimates and Conce
Significant Estimates and Concentrations | 12 Months Ended |
Dec. 31, 2021 | |
Significant Estimates and Concentrations [Abstract] | |
Significant Estimates and Concentrations | Note 20: GAAP requires disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. to the allowance for loan losses are reflected in Note 4: Loans and Allowance for Loan Losses . Current vulnerabilities due to certain concentrations of credit risk are discussed in Note 21: Commitments and Credit Risk . Credit risk related to derivatives is reflected in the Note 7: Derivatives and Hedging Activities . Estimates related to equity awards are reflected in Note 16: Stock-Based Compensation . Other significant estimates and concentrations not discussed in those footnotes Investments The Company invests in various investment securities. Investment securities are market and credit risk. Due to the level of risk associated with certain investment in the values of investment securities will occur in the near term and that such change accompanying consolidated balance sheets. General Litigation The Company is subject to claims and lawsuits that arise primarily in the ordinary management that the disposition or ultimate resolution of such claims and consolidated financial position, results of operations and cash flows of |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Credit Risk [Abstract] | |
Commitments and Credit Risk | Note 21: The Company had the following commitments at December 31, December 31, 2021 December 31, 2020 (Dollars in thousands) Commitments to originate loans $ 118,651 $ 99,596 Standby letters of credit 51,114 48,607 Lines of credit 1,768,231 1,423,038 Future lease commitments 11,100 — Commitment related to investment fund 2,067 — Total $ 1,951,163 $ 1,571,241 Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long the contract. Commitments generally have fixed expiration dates or other portion of the commitments may expire without being drawn upon, the total requirements. Each customer’s creditworthiness is evaluated on necessary, is based on management’s credit evaluation of the counterparty. inventory, property, plant and equipment, commercial real estate and Standby Letters of Credit Standby letters of credit are irrevocable conditional commitments issued by customer to a third-party. Financial standby letters of credit are primarily including commercial paper, bond financing and similar transactions. Performance performance of certain customers under nonfinancial contractual obligations. The essentially the same as that involved in extending loans to customers. Fees for letters of deferred Should the Company be obligated to perform under the standby letters of for reimbursement of amounts paid. Lines of Credit Lines of credit are agreements to lend to a customer as long as there is no violation of Lines of credit generally have fixed expiration dates. Since a portion lines do not necessarily represent future cash requirements. Each customer’s amount of collateral obtained, if deemed necessary, is based on management’s Collateral held varies but may include accounts receivable, inventory, property, residential real estate. Management uses the same credit policies in granting Commitments related to Investment Fund The Company entered into a subscription agreement with a third party to 2.5 help accelerate technology adoption at community banks. Lease Commitments The Company entered into a lease agreement with a third party for office space expected to commence in the second quarter of 2022. The initial lease term is 20 two , five year |
Stock Offerings and Repurchases
Stock Offerings and Repurchases | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stocks Offerings and Repurchases | Note 22: On October 18, 2021, the Company announced that its Board of Directors adopted repurchase program, the Company may repurchase up to $ 30 Company had repurchased $ 8 566,164 In October 2020, the Company announced a $ 20 shares are held in the treasury stock account until sold or retired and will be accounted the Company completed its share repurchase program under which the Company 20 The Company completed its IPO on August 19, 2019 in which it issued and sold 6,594,362 844,362 shares pursuant to the underwriters’ partial exercise of their over-allotment option. The common shares were sold at an initial public offering price of $ 14.50 proceeds of $ 87 The Company redeemed all, 1,200,000 , of its 7.00 % Series A Shares”) on January 30, 2019 (the “Redemption Date”). On the Redemption at a redemption price of $ 25.00 outstanding, all dividends with respect to the Series A Preferred Shares ceased to accrue and all rights with respect to the Series A Preferred Shares ceased and terminated, except the rights of holders to receive the impact of the redemption was a reduction of approximately $ 30 redemption did not impact the income statement. The Company has various stock-based awards that are converted into Additional information related to stock-based awards can be found Note 16: Stock-Based Compensation to warrants can be found in Note 17: Stock Warrants . |
Parent Company Condensed Financ
Parent Company Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company Condensed Financial Statements [Abstract] | |
Parent Company Condensed Financial Statements | Condensed Balance Sheets Year Ended December 31, 2021 2020 (Dollars in thousands) Assets Investment in consolidated subsidiaries Banks $ 646,027 $ 580,162 Equity method investments 433 — Cash 23,368 46,676 Other assets 1,596 1,756 Total assets $ 671,424 $ 628,594 Liabilities and stockholders' equity Trust preferred securities, net $ 1,009 $ 963 Other liabilities 2,842 3,203 Total liabilities 3,851 4,166 Stockholders' equity Common stock 526 523 Treasury stock at cost (28,347) (6,061) Additional paid-in capital 526,806 522,911 Retained earnings 147,099 77,652 Accumulated other comprehensive income 21,489 29,403 Total stockholders' equity 667,573 624,428 Total liabilities and stockholders' equity $ 671,424 $ 628,594 Condensed Statements of Income For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Income Earnings of consolidated subsidiaries $ 71,528 $ 13,682 $ 28,814 Management fees charged to subsidiaries 8,520 8,520 7,500 Other 2 (18) (4) Total income 80,050 22,184 36,310 Expense Salaries and employee benefits 6,111 5,143 4,584 Occupancy, net 403 405 275 Other 4,718 4,220 3,044 Total expense 11,232 9,768 7,903 Income tax benefit (595) (185) (66) Net income $ 69,413 $ 12,601 $ 28,473 Condensed Statements of Cash Flows For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Operating Activities Net income $ 69,413 $ 12,601 $ 28,473 Items not requiring (providing) cash Earnings of consolidated subsidiaries (71,528) (13,682) (28,814) Share-based incentive compensation 2,332 1,917 1,974 Other adjustments (155) (412) 5,343 Net cash provided by operating activities 62 424 6,976 Investing Activities Decrease (increase) in investment in subsidiaries — 870 (49,825) Increase in equity investments (433) — — Net cash provided by (used in) investing activities (433) 870 (49,825) Financing Activities Redemption of preferred stock — — (30,000) Dividends paid on preferred stock — — (700) Issuance of common stock, net 3 3 88,324 Common stock purchased and retired — — (155) Open market common share repurchases (22,286) (6,061) — Acquisition of common stock for tax withholding obligations (860) (1,236) (245) Proceeds from employee stock purchase plan 172 151 547 Net decrease in employee receivables 34 47 117 Net cash provided by (used in) financing activities (22,937) (7,096) 57,888 Increase (decrease) in cash (23,308) (5,802) 15,039 Cash at beginning of year 46,676 52,478 37,439 Cash at end of year $ 23,368 $ 46,676 $ 52,478 Note 23: The following are the condensed financial statements of CrossFirst Bankshares, |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 24. Subsequent events have been evaluated through February 28, 2022, available to be issued. For the period ended February 28, 2022, the Company purchased 470,438 15.84 under the Company’s share repurchase program. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Organization and Nature of Operations | Organization and Nature of Operations CrossFirst management of its wholly owned subsidiary, CrossFirst Bank (a CrossFirst Investments, Inc. holds investments in marketable securities; (ii) assets. The Bank is primarily engaged in providing a full range of banking and financial Kansas; (ii) Wichita, Kansas; (iii) Kansas City, Missouri; (iv) Oklahoma City, Oklahoma; Arizona. those regulatory authorities. |
Basis of Presentation | Basis of Presentation The Company’s accounting and reporting policies conform to accounting statements include the accounts of the Company; the Bank and its wholl intercompany accounts and transactions were eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make and liabilities and disclosure of contingent assets and liabilities at the date of the financial period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant for loan losses, valuation of deferred tax assets, other-than-temporary impairments |
Change in Accounting Principle, Recent Accounting Pronouncements and Accounting Guidance Adopted | Changes in Accounting Principle On December 31, 2021, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standard Update (“ASU”) 2018-15, Intangibles— Goodwill and Other—Internal-Use Software (Subtopic 350-40): Service Contract in the current period of adoption, which was applied provided below in the recent accounting pronouncements section. Recent Accounting Pronouncements The following ASUs represent changes to current accounting guidance that will be adopted in future years: Accounting Guidance Adopted Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2020-05 Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities Effective immediately, but included here for information purposes as it relates to the ASU listed in the “description” section. Amended the mandatory effective date for ASU 2016-02 (Leases). The amended dates were incorporated into the “anticipated date of adoption” section for the appropriate ASU below. No expected impact to the financial statements, but delays certain ASUs for private companies, and EGCs that elected to use the private company effective dates for new or revised accounting standards. If the Company loses its EGC status during the fiscal year, the Company would be required to review all ASUs as a Public Business Entity (“PBE”) and adopt any ASU effective for PBEs as of the first day of that year. ASU 2019-10 Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates Effective immediately, but included here for informational purposes as it relates to the ASU listed in the “description” section. Amended the mandatory effective dates for all entities related to: (i) credit losses - ASU 2016-13; (ii) goodwill - ASU 2017-04; (iii) leases - ASU 2016-02; and (iv) hedging - ASU 2017-12 The amended dates were incorporated into the “anticipated date of adoption” section for the appropriate ASU below. No expected impact to the financial statements, but delays certain ASUs for private companies, smaller reporting companies and EGCs that elected to use the private company effective dates for new or revised accounting standards. If a company loses its EGC status during the fiscal year, the company would be required to review all ASUs as a PBE and adopt any ASU effective for PBEs as of the first day of that year. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Updates related to ASU 2016-13 are effective at the same time as ASU 2016-13. Provided an election to measure separately or not measure an allowance for credit losses ("ACL") for accrued interest receivable. Provided an election to write-off uncollectible interest as a reversal of interest income or a charge against the ACL or a combination of both. Clarified that recoveries, including recoveries of amounts expected to be written off and those previously written off, should be incorporated within the estimation of the ACL. Clarified that contractual extensions or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. The Company elected to exclude accrued interest receivable from The Company has existing practices in place for the timely write-off of uncollectable accrued interest receivable. The Company plans to adjust the historical loss information to reflect the amount of accrued interest that would have been charged off if the entity had not applied a nonaccrual accounting policy. The Company elected to reverse interest income when accrued interest receivable is written off, which is similar to past accounting practice. Additional information regarding the Company's transition to ASU 2016-13 is provided below. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-13 Financial Instruments-Credit Losses If the Company maintains its EGC status, the Company is not required to implement this standard until January 2023. The Company expects to adopt this standard on January 1, 2022. Requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime expected credit loss and record an allowance that, when deducted from amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The Company established a committee to formulate and oversee the implementation process including selection, implementation and third-party software. The Company began parallel processing with the existing allowance for loan losses model during the first quarter of 2019 recalibrating inputs as necessary. The Company formulated changes to policies, procedures, disclosures and internal controls that were necessary in order to transition the new standard. A third-party completed validation of the completeness, accuracy and reasonableness of the model in the fourth quarter of 2021. The Company plans to use a loss-rate ("cohort") method to estimate the expected allowance for credit losses ("ACL") for all loan pools. The Cohort method identifies and captures the balance of a pool of loans with similar risk characteristics, as of a particular point in time to form a cohort, tracks the respective losses generated by that cohort of loans over their remaining lives, or until the loans are “exhausted” (i.e.; have reached an acceptable point in time at which a significant majority of all losses are expected to have been recognized). The cohort method closely aligns with the Company's incurred loss model. This allows the Company to take advantages of the efficiencies of processes and procedures already in practice. The Company's loan categories will be similar to those used under the current, incurred loss model, but will break out the Commercial loan category into Commercial and Commercial lines of credit. Upon adoption in 2022, a cumulative-effect adjustment, net of tax change in the ACL will be recognized in retained earnings. These results include the adoption of a forecast based on several economic assumptions, including unemployment rates and management judgments. Adoption will not materially impact reporting for debt securities as the Company does not currently own held-to-maturity debt securities within the scope of ASU 2016-13. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-02 Leases (Topic 842) The Company expects to early adopt this standard on January 1, 2022. Requires lessees and lessors to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The update requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach with the option to elect certain practical expedients. The update will also increase disclosures around leases, including qualitative and specific quantitative measures. The Company expects to apply the update as of the beginning of the period of adoption and the Company does not plan to restate comparative periods. The Company expects to elect certain optional practical expedients. The Company performed a search for all property leases and potential embedded leases inside other third-party agreements, The Company's review for embedded leases focused on third-party software as a service ("SAAS") agreements and determined if the Company had the right control a specified asset over a period of time in exchange for consideration. The Company’s current operating leases relate primarily to five branch locations. The Company expects to record approximately $ 27 liability and $ 25 an immaterial impact to its income statement compared to the current lease accounting model. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2021-06 Presentation of Financial Statement (Topic 205), Financial Services - Depository and Lending (Topic 942), and Financial Services - Investment Companies (Topic 946) - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33- 10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants Effective on issuance Applicable to fiscal years ending on or after December 15, 2021 ASU adds or amends SEC paragraphs in the Accounting Standards Codification that describe SEC guidance or SEC staff views that the Financial Accounting Standards Board includes as a convenience to Codification users. SEC Release No. 33-10835; 34-89835; and File No. S7- 02-17, updated and codified the Statistical Disclosures for Bank and Savings and Loan Registrants. The amendments update and expand the disclosures that registrants are required to provide, codify certain Guide 3 disclosure items and eliminate other Guide 3 disclosure items that overlap with Commission rules or U.S. Generally Accepted Accounting Principles. In addition, the disclosure requirements were added to a new subpart of Regulation S-K and rescinds Guide 3. The ASU did not have a material impact on the Company's consolidated financial statements, but impacted disclosure requirements in the Company's Form 10-K, including: ASU 2021-04 Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options December 31, 2021 (early adopted and is being applied as of January 1, 2021) Clarifies and reduces diversity in an issuer's accounting for modifications or exchanges of freestanding equity- classified written call options that remain equity- classified. An issuer should measure the effect of a modification as the difference between the fair value of the modified warrant and the fair value of that warrant immediately before modification. The recognition of the modification depends on the nature of the transaction in which a warrant is modified: (i) Equity issuance - recorded as deferred costs of an equity offering; (ii) Debt origination - recorded as a debt discount if held by the lender or debt held by a third party; (iii) Debt modification - recorded as a fee paid to or received from the creditor, if held by a creditor, and as a third party cost if held by a third party; and (iv) All other modifications - recorded as a dividend that reduces retained earnings. The Company had 113,500 December 31, 2021. The amendments in the ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2018-16 Derivative and Hedging (Topic 815) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes December 31, 2021 (applied as of January 1, 2021) Permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The change will apply prospectively for qualifying new or redesignated relationships entered into on or after the date of adoption. The ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. ASU 2018-15 Intangibles-Goodwill and Other- Internal-Use Software December 31, 2021 (applied as of January 1, 2021) Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. The Company elected to apply the change in accounting principle prospectively. A review of third-party, hosting arrangements, including software-as-a-service ("SaaS") arrangements, that were in the implementation stage was performed 2021 to ensure applicable implementation costs were capitalized and amortized over the service period. SaaS arrangements are service contracts providing the Company with to access the cloud provider’s application software over the contract period. As such the Company does not receive a software intangible asset at the contract commencement date. A right to receive future access to the supplier’s software does not, at the contract commencement date, give the customer the power to obtain the future economic benefits flowing from the software itself and restrict others’ access to those benefits The ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. The Company's previous capitalization policies were similar to the ASU requirements. ASU 2017-12 Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities December 31, 2021 (applied as of January 1, 2021) Simplifies and expands the eligible hedging strategies for financial and nonfinancial risks. transparency of how hedging results are presented and disclosed. Provides partial relief on the timing of certain aspects of hedge documentation and eliminates the requirement to recognize hedge ineffectiveness separately in earnings. During the year ended December 31, 2021, the Company began entering cash flow hedges. As of December 31, 2021, the total number of cash flow hedges was 5 with an aggregate notional amount of $ 100 The amendments in the ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2020-04: Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting June 30, 2020 The ASU provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference reform if certain criteria are met. The ASU only applies to transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of hedging relationship. The amendments include: (1) Optional expedients to contract modifications that allow the Company to adjust the effective interest rate of receivables and debt, account for lease modifications as a continuation of the existing lease, and remove the requirement to reassess its original conclusions for contract modifications about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Subtopic 815-15, Derivatives and Hedging— Embedded Derivatives; (2) Exceptions to the guidance in Topic 815 related to changes in the critical terms of a hedging relationship due to reference rate reform; and (3) Optional expedients for cash flow and fair value hedges. The Company had more than $ 1 tied to LIBOR as of December 31, 2020. The adoption did not have a material accounting impact on the Company’s consolidated financial position or results of operations. Additionally, LIBOR fallback language has been included in key loan provisions of new and renewed loans in preparation for transition from LIBOR to the new benchmark rate when such transition occurs. This standard is expected to ease the administrative burden in accounting for the future effects of reference rate reform. The ASU allows the Company to recognize the modification related to LIBOR as a continuation of the old contract, rather than a cancellation of the old contract resulting in a write off of unamortized fees and creation of a new contract. ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes January 1, 2020 (Early Adoption) The ASU simplifies the accounting for income taxes. Among other changes, the ASU: (1) Removes the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (2) Removes the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year; (3) Requires an entity to recognize a franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a nonincome based tax; and (4) Requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments in the ASU did not have a material impact on the Company’s tax methodology, processes, or the Company’s financial statements. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2018-13: Fair Value Measurement (Topic 820): Disclosure Framework January 1, 2020 Improves the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information. The amendments modify certain disclosure measurements in Topic 820, Fair Value Measurement. Entities are no longer required to disclose transfers between Level 1 and Level 2 of the fair value hierarchy or qualitatively disclose the valuation process for Level 3 fair value measurements. The updated guidance requires disclosure of the changes in unrealized gains and losses for the period included in Other Comprehensive Income for recurring fair value measurements. Entities are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The additional provisions of the guidance should be adopted prospectively. The eliminated requirements should be adopted retrospectively. The adoption did not have a material impact to the Company’s financial statements. No transfers between Level 1 and Level 2 occurred in 2019 or 2020 and the Company did not have any recurring Level 3 fair value measurements that created an unrealized gain or loss in Other Comprehensive Income. In addition, the Company previously disclosed the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2017-04: Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment January 1, 2020 (Early Adoption) Eliminates Step 2 from the goodwill impairment test which required entities to compute the implied fair value of goodwill. An entity should perform an annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. On the date of adoption, there was no impact to the Company’s financial statements. The Company’s process for evaluating goodwill impairment was modified to align with the elimination of Step 2. In the second quarter of 2020, the Company performed a Step 0 analysis then a Step 1 analysis and determined that goodwill was fully impaired. ASU 2016-01: Financial Instruments- Overall (Subtopic 825-10) January 2019 Required equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Emphasized the existing requirement to use exit prices to measure fair value for disclosure purposes and clarifies that entities should not make use of practicability exceptions in determining the fair value of loans. The Company transferred $ 69 accumulated other comprehensive loss to retained earnings in January 2019. There was no impact to the income statement on the adoption date. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2018-07: Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting January 2019 Early adoption Expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees, excluding share-based payments used to effectively provide: (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments include: (i) grants are measured at grant-date fair value of the equity instruments; (ii) equity-classified nonemployee share-based payment awards are measured at the grant date;(iii) performance based awards are measured based on the probability of satisfying the performance conditions and (iv) in general, non- employee share-based payment awards will continue to be subject to the requirements of ASC 718 unless modified after the good has been delivered, the service has been rendered, any other conditions necessary to earn the right to benefit from the instrument have been satisfied, and the nonemployee is no longer providing goods or services. The Company had 216,960 as of the implementation date, including 116,960 based restricted stock units. The adoption of the ASU allowed the Company to: (i) set the fair market value of the non-employee awards as of the adoption date; and (ii) start to expense the performance-based restricted stock units based on the probability of satisfying the performance conditions. Adoption of ASU 2018-07 required the Company to make a one time transfer of $ 2 in capital. In addition, the Company recorded a $ 306 asset that was offset with retained earnings to account for the tax impact. The Company will record forfeitures as they occur and base fair market values on the expected term, like the Company’s accounting for employee-based awards. ASU 2014-09: Revenue from Contracts with Customers January 2019 Amended guidance related to revenue from contracts with customers. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Replaced nearly all existing revenue recognition guidance, including industry specific guidance, established a new control based revenue recognition model, changed the basis for deciding when revenue is recognized over time or at a point in time, provided new and more detailed guidance on specific topics and expands and improves disclosures about revenue. The accounting update did not materially impact the financial statements or recognition of revenues. The update did not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other GAAP, which comprises a significant portion of the Company’s revenue stream. In addition, the Company’s noninterest income is generated by customer transactions or through the passage of time and as a result the pattern or timing of income recognition was not impacted. |
Changes Affecting Comparability | Changes Affecting Comparability For the year ended December 31, 2021, the Company broke out result, changes within the Consolidated Statements of Income in the prior periods were detail about the Company’s operations. The changes had no impact on net income. For the year ended December 31, 2021, the Company consolidated Sheets. The consolidation was due to the immateriality of the remaining intangible |
Operating Segments | Operating Segments An operating segment is a component of an entity that has separate financial maker on a regular basis to allocate resources and assess performance. The Company identifies the Leawood, Kansas; (ii) Wichita, Kansas; (iii) Oklahoma City, Oklahoma; (iv) Tulsa, Oklahoma; (v) These markets provide similar products and services using a similar process to a similar customer checking and savings accounts; time deposits and credit cards. Loan The regulatory environment is the same for the markets as well. The chief operating decision maker managed, including allocation of resources, and financial performance one segment. |
Cash Equivalents | Cash Equivalents The Company considers all liquid investments with original maturities of three primarily of both interest-bearing and noninterest bearing accounts with other 417 Federal Reserve Bank of Kansas City at December 31, 2021. The Company is required reserve required at December 31, 2021 was $ 0 . In addition, the Company is required from time to time to place cash collateral with third swap agreements and cash flow hedges. At December 31, 2021, $ 17 funds at the Federal Reserve Bank and funds required as cash collateral, exceeded 35 |
Securities | Securities Debt securities for which the Company has no immediate plan to sell but which fair value, with unrealized gains and losses excluded from earnings and income using the interest method over the terms of the securities. Gains and losses on specific identification method. Equity securities are recorded at fair value with unrealized gains and losses included trade date and are determined using the specific identification method. The Company elected a measurement alternative for two equity investment expedient to estimate fair value using the net asset value per share. A cost basis was calculated for the equity investments. The recorded balance will adjust for any impairment or any observable price changes for an identical or similar investment of The Company routinely conducts periodic reviews to identify and securities that management has no intent to sell and believes that it more impairment is recognized in earnings, while the noncredit loss is recognized in identified as the amount of principal cash flows not expected to be received |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable adjusted for unearned income, charge-offs, the allowance for loan losses, any on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid premiums and discounts, are deferred and amortized as a level yield adjustment |
Nonperforming Loans | Nonperforming Loans Nonperforming loans are loans for which we do not accrue interest income. The accrual loan is 90 days past due unless the credit is well secured and in process of collection. A credit is considered well secured if it is secured by collateral in the form of liens or pledges of real or personal property, including securities, that have a realizable guaranty of a financially responsible party. A debt is in the process of collection if collection of the debt is proceeding in due course either through legal action, enforcement procedures, or in appropriate circumstances, through or in its restoration to a current status. Past due status is based on contractual collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual for on the cash basis or cost recovery method, until qualifying for return to there is a clear indication that the quality of the loan has improved to the point that principal and interest amounts contractually due are brought current |
Allowance for Loan Losses | Allowance The allowance for loan losses is established as losses are estimated to have occurred against the allowance when management believes the loan balance is not collectible. The allowance for loan losses is evaluated on a regular basis by management of historical collateral and prevailing economic conditions. This evaluation is inherently subjective becomes available. The allowance consists of allocated and general components. The allocated component are classified as impaired, an allowance is established when the discounted carrying value of that loan. The general component covers the remaining pool of from the Company’s internal risk rating process. Other adjustments may be made credit quality that are not fully reflected in the historical loss or risk rating data. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable principal or interest when due according to the contractual terms of the collateral value and the probability of collecting scheduled principal shortfalls generally are not classified as impaired. Management determines consideration all of the circumstances surrounding the loan and the borrower, including and the amount of the shortfall in relation to the principal and interest owed. cash flows discounted at the loan’s effective interest rate, the loan’s obtainable Groups of loans with similar risk characteristics are collectively evaluated for impairment conditions and other relevant factors that affect repayment of the loans. |
Premises and Equipment | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation the assets. Leasehold improvements are capitalized and depreciated using improvements, whichever is shorter. Expected terms include lease option periods The estimated useful lives for each major depreciable classification of premises and Buildings and improvements 35 40 Leasehold improvements 5 15 Furniture and fixtures 5 7 Equipment 3 5 |
Long-Lived Asset Impairment | Long-Lived Asset Impairment The Company evaluates the recoverability of the carrying value of long-lived recoverable. If a long-lived asset is tested for recoverability and the undiscounted asset is less than the carrying amount of the asset, the asset cost is adjusted to long-lived asset exceeds its fair value. |
Restricted Equity Securities | Restricted Equity Securities Restricted equity securities include investments in FHLB Topeka and Bankers’ Bank of Kansas. FHLB Topeka is a Federal Home Loan Bank and its stock is a required investment for institutions that are members of the Federal Home Loan System. The required Bankers’ Bank of Kansas is a correspondent bank located in Wichita, Kansas and the investment is carried at cost and evaluated for impairment. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company has purchased life insurance policies on certain key employees at the amount that can be realized under the insurance contract at the balance sheet earnings in the period in which the changes occur. |
Foreclosed Assets Held-for-Sale | Foreclosed Assets Held-for-Sale Assets acquired through, or in lieu of, loan foreclosure are held-for-sale and are initially new cost basis. Subsequent to foreclosure, valuations are periodically performed cost to sell. Revenue and expenses from operations and changes in the valuation |
Goodwill | Goodwill Goodwill was evaluated annually for impairment or more frequently whether the existence of events or circumstances led to a determination based on the evaluation, it was determined to be more likely than not that the fair value implied fair value of goodwill was lower than its carrying amount, a goodwill impairment |
Core Deposit Intangible | Core Deposit Intangible The core deposit intangible represents the identified intangible asset relating to deposit intangible is based primarily upon the expected future benefits |
Related Party Transactions | Related Party Transactions The Company extends credit and receives deposits from related parties. In management’s and made on similar terms as those prevailing at the time with other persons. Related party 8 16 respectively. Related party deposits totaled $ 74 55 |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for all stock-based compensation transactions in Compensation, which requires that stock compensation transactions be on the measurement date. The Company recognizes forfeitures as they occur. New shares differences through the income tax provision upon vesting or exercise Note 16: Stock-Based Compensation . |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been when: (i) the assets have been isolated from the Company and put presumptively beyond (ii) the transferee obtains the right (free of conditions that constrain it from does not maintain effective control over the transferred assets through return specific assets. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income two components of income tax expense: (i) current; and (ii) deferred. Current provisions of the enacted tax law to the taxable income or excess of deductions sheet method. Under this method, the net deferred tax asset or liability is based on enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between based on the technical merits, that the tax position will be realized or sustained upon the terms examined and upon examination also include resolution of the recognition threshold is initially and subsequently measured as the largest amount with a taxing authority that has full knowledge of all relevant information. The determination threshold considers the facts, circumstances and information available valuation allowance if, based on the weight of evidence available, it is more The Company recognizes interest and penalties on income taxes as a component subsidiaries. Due to the carry forward of federal net operating losses, all prior |
Earnings Per Share | Earnings Per Share Basic earnings per share represent net income available to common stockholders period. Diluted earnings per share reflect additional potential shares that would adjustment to income that would result from the assumed issuance. Potential common |
Fair Values of Financial Instruments | Fair Values of Financial Instruments The Company follows the applicable accounting guidance for fair value measurements ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, about fair value measurements. The Company values financial instruments based based on pricing models that use available information including events. Those techniques are significantly affected by the assumptions used, including |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive appreciation (depreciation) on available-for-sale securities and |
Derivative Financial Instruments | Derivative Financial Instruments ASC 815, Derivatives and Hedging, provides the disclosure requirements with an enhanced understanding of: (i) how and why an entity uses derivative (iii) how derivative instruments and related hedged items affect an entity’s financial required that explain the Company’s objectives and strategies for using derivatives, instruments, and disclosures about As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the the intended use of the derivative, whether the Company has elected to designate relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives asset, liability, or firm commitment attributable to a particular risk, such as interest of the exposure to variability in expected future cash flows, or other types of forecasted for the matching of the timing of gain or loss recognition on the hedging attributable to the hedged risk in a fair value hedge or the earnings effect of In accordance with the Financial Accounting Standards Board's (“FASB”) fair value measurement guidance in ASU 2011-04, the Company made an accounting election to measure the credit risk of its derivative financial instruments that |
Emerging Growth Company (EGC) | Emerging Growth Company (“EGC”) The Company is currently an EGC. An EGC may take advantage of reduced reporting requirements and is relieved of otherwise generally applicable to public companies. Among the reductions and reliefs, the Company elected to extend the transition accounting standards affecting public companies. This means that the financial statements standards generally applicable to public companies for the transition period for so opts out of the extended transition period under the JOBS Act. |
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) | Coronavirus Aid, Relief, and The CARES Act and extended by the Consolidated Appropriations Act of 2021 allowed financial institutions to elect not to consider whether loan modifications relating to the COVID-19 pandemic that they make between March 1, 2020 The relief was applied to modifications of loans to borrowers that were not more Company elected to apply the guidance during the first quarter of 2020. The review of team. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | Buildings and improvements 35 40 Leasehold improvements 5 15 Furniture and fixtures 5 7 Equipment 3 5 |
Schedule of Recent Accounting Pronouncements, Adopted Accounting Guidance and Changes in Accounting Principles | Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2020-05 Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities Effective immediately, but included here for information purposes as it relates to the ASU listed in the “description” section. Amended the mandatory effective date for ASU 2016-02 (Leases). The amended dates were incorporated into the “anticipated date of adoption” section for the appropriate ASU below. No expected impact to the financial statements, but delays certain ASUs for private companies, and EGCs that elected to use the private company effective dates for new or revised accounting standards. If the Company loses its EGC status during the fiscal year, the Company would be required to review all ASUs as a Public Business Entity (“PBE”) and adopt any ASU effective for PBEs as of the first day of that year. ASU 2019-10 Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates Effective immediately, but included here for informational purposes as it relates to the ASU listed in the “description” section. Amended the mandatory effective dates for all entities related to: (i) credit losses - ASU 2016-13; (ii) goodwill - ASU 2017-04; (iii) leases - ASU 2016-02; and (iv) hedging - ASU 2017-12 The amended dates were incorporated into the “anticipated date of adoption” section for the appropriate ASU below. No expected impact to the financial statements, but delays certain ASUs for private companies, smaller reporting companies and EGCs that elected to use the private company effective dates for new or revised accounting standards. If a company loses its EGC status during the fiscal year, the company would be required to review all ASUs as a PBE and adopt any ASU effective for PBEs as of the first day of that year. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Updates related to ASU 2016-13 are effective at the same time as ASU 2016-13. Provided an election to measure separately or not measure an allowance for credit losses ("ACL") for accrued interest receivable. Provided an election to write-off uncollectible interest as a reversal of interest income or a charge against the ACL or a combination of both. Clarified that recoveries, including recoveries of amounts expected to be written off and those previously written off, should be incorporated within the estimation of the ACL. Clarified that contractual extensions or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. The Company elected to exclude accrued interest receivable from The Company has existing practices in place for the timely write-off of uncollectable accrued interest receivable. The Company plans to adjust the historical loss information to reflect the amount of accrued interest that would have been charged off if the entity had not applied a nonaccrual accounting policy. The Company elected to reverse interest income when accrued interest receivable is written off, which is similar to past accounting practice. Additional information regarding the Company's transition to ASU 2016-13 is provided below. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-13 Financial Instruments-Credit Losses If the Company maintains its EGC status, the Company is not required to implement this standard until January 2023. The Company expects to adopt this standard on January 1, 2022. Requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its lifetime expected credit loss and record an allowance that, when deducted from amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The Company established a committee to formulate and oversee the implementation process including selection, implementation and third-party software. The Company began parallel processing with the existing allowance for loan losses model during the first quarter of 2019 recalibrating inputs as necessary. The Company formulated changes to policies, procedures, disclosures and internal controls that were necessary in order to transition the new standard. A third-party completed validation of the completeness, accuracy and reasonableness of the model in the fourth quarter of 2021. The Company plans to use a loss-rate ("cohort") method to estimate the expected allowance for credit losses ("ACL") for all loan pools. The Cohort method identifies and captures the balance of a pool of loans with similar risk characteristics, as of a particular point in time to form a cohort, tracks the respective losses generated by that cohort of loans over their remaining lives, or until the loans are “exhausted” (i.e.; have reached an acceptable point in time at which a significant majority of all losses are expected to have been recognized). The cohort method closely aligns with the Company's incurred loss model. This allows the Company to take advantages of the efficiencies of processes and procedures already in practice. The Company's loan categories will be similar to those used under the current, incurred loss model, but will break out the Commercial loan category into Commercial and Commercial lines of credit. Upon adoption in 2022, a cumulative-effect adjustment, net of tax change in the ACL will be recognized in retained earnings. These results include the adoption of a forecast based on several economic assumptions, including unemployment rates and management judgments. Adoption will not materially impact reporting for debt securities as the Company does not currently own held-to-maturity debt securities within the scope of ASU 2016-13. Standard Anticipated Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2016-02 Leases (Topic 842) The Company expects to early adopt this standard on January 1, 2022. Requires lessees and lessors to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The update requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach with the option to elect certain practical expedients. The update will also increase disclosures around leases, including qualitative and specific quantitative measures. The Company expects to apply the update as of the beginning of the period of adoption and the Company does not plan to restate comparative periods. The Company expects to elect certain optional practical expedients. The Company performed a search for all property leases and potential embedded leases inside other third-party agreements, The Company's review for embedded leases focused on third-party software as a service ("SAAS") agreements and determined if the Company had the right control a specified asset over a period of time in exchange for consideration. The Company’s current operating leases relate primarily to five branch locations. The Company expects to record approximately $ 27 liability and $ 25 an immaterial impact to its income statement compared to the current lease accounting model. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2021-06 Presentation of Financial Statement (Topic 205), Financial Services - Depository and Lending (Topic 942), and Financial Services - Investment Companies (Topic 946) - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33- 10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants Effective on issuance Applicable to fiscal years ending on or after December 15, 2021 ASU adds or amends SEC paragraphs in the Accounting Standards Codification that describe SEC guidance or SEC staff views that the Financial Accounting Standards Board includes as a convenience to Codification users. SEC Release No. 33-10835; 34-89835; and File No. S7- 02-17, updated and codified the Statistical Disclosures for Bank and Savings and Loan Registrants. The amendments update and expand the disclosures that registrants are required to provide, codify certain Guide 3 disclosure items and eliminate other Guide 3 disclosure items that overlap with Commission rules or U.S. Generally Accepted Accounting Principles. In addition, the disclosure requirements were added to a new subpart of Regulation S-K and rescinds Guide 3. The ASU did not have a material impact on the Company's consolidated financial statements, but impacted disclosure requirements in the Company's Form 10-K, including: ASU 2021-04 Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options December 31, 2021 (early adopted and is being applied as of January 1, 2021) Clarifies and reduces diversity in an issuer's accounting for modifications or exchanges of freestanding equity- classified written call options that remain equity- classified. An issuer should measure the effect of a modification as the difference between the fair value of the modified warrant and the fair value of that warrant immediately before modification. The recognition of the modification depends on the nature of the transaction in which a warrant is modified: (i) Equity issuance - recorded as deferred costs of an equity offering; (ii) Debt origination - recorded as a debt discount if held by the lender or debt held by a third party; (iii) Debt modification - recorded as a fee paid to or received from the creditor, if held by a creditor, and as a third party cost if held by a third party; and (iv) All other modifications - recorded as a dividend that reduces retained earnings. The Company had 113,500 December 31, 2021. The amendments in the ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2018-16 Derivative and Hedging (Topic 815) Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes December 31, 2021 (applied as of January 1, 2021) Permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The change will apply prospectively for qualifying new or redesignated relationships entered into on or after the date of adoption. The ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. ASU 2018-15 Intangibles-Goodwill and Other- Internal-Use Software December 31, 2021 (applied as of January 1, 2021) Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. The Company elected to apply the change in accounting principle prospectively. A review of third-party, hosting arrangements, including software-as-a-service ("SaaS") arrangements, that were in the implementation stage was performed 2021 to ensure applicable implementation costs were capitalized and amortized over the service period. SaaS arrangements are service contracts providing the Company with to access the cloud provider’s application software over the contract period. As such the Company does not receive a software intangible asset at the contract commencement date. A right to receive future access to the supplier’s software does not, at the contract commencement date, give the customer the power to obtain the future economic benefits flowing from the software itself and restrict others’ access to those benefits The ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. The Company's previous capitalization policies were similar to the ASU requirements. ASU 2017-12 Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedging Activities December 31, 2021 (applied as of January 1, 2021) Simplifies and expands the eligible hedging strategies for financial and nonfinancial risks. transparency of how hedging results are presented and disclosed. Provides partial relief on the timing of certain aspects of hedge documentation and eliminates the requirement to recognize hedge ineffectiveness separately in earnings. During the year ended December 31, 2021, the Company began entering cash flow hedges. As of December 31, 2021, the total number of cash flow hedges was 5 with an aggregate notional amount of $ 100 The amendments in the ASU did not have a material impact on the Company's year-end or interim consolidated financial statements. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2020-04: Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting June 30, 2020 The ASU provides optional expedients and exceptions to contracts, hedging relationships, and other transactions affected by reference reform if certain criteria are met. The ASU only applies to transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of hedging relationship. The amendments include: (1) Optional expedients to contract modifications that allow the Company to adjust the effective interest rate of receivables and debt, account for lease modifications as a continuation of the existing lease, and remove the requirement to reassess its original conclusions for contract modifications about whether that contract contains an embedded derivative that is clearly and closely related to the economic characteristics and risks of the host contract under Subtopic 815-15, Derivatives and Hedging— Embedded Derivatives; (2) Exceptions to the guidance in Topic 815 related to changes in the critical terms of a hedging relationship due to reference rate reform; and (3) Optional expedients for cash flow and fair value hedges. The Company had more than $ 1 tied to LIBOR as of December 31, 2020. The adoption did not have a material accounting impact on the Company’s consolidated financial position or results of operations. Additionally, LIBOR fallback language has been included in key loan provisions of new and renewed loans in preparation for transition from LIBOR to the new benchmark rate when such transition occurs. This standard is expected to ease the administrative burden in accounting for the future effects of reference rate reform. The ASU allows the Company to recognize the modification related to LIBOR as a continuation of the old contract, rather than a cancellation of the old contract resulting in a write off of unamortized fees and creation of a new contract. ASU 2019-12: Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes January 1, 2020 (Early Adoption) The ASU simplifies the accounting for income taxes. Among other changes, the ASU: (1) Removes the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; (2) Removes the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year; (3) Requires an entity to recognize a franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a nonincome based tax; and (4) Requires an entity to reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments in the ASU did not have a material impact on the Company’s tax methodology, processes, or the Company’s financial statements. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2018-13: Fair Value Measurement (Topic 820): Disclosure Framework January 1, 2020 Improves the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information. The amendments modify certain disclosure measurements in Topic 820, Fair Value Measurement. Entities are no longer required to disclose transfers between Level 1 and Level 2 of the fair value hierarchy or qualitatively disclose the valuation process for Level 3 fair value measurements. The updated guidance requires disclosure of the changes in unrealized gains and losses for the period included in Other Comprehensive Income for recurring fair value measurements. Entities are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The additional provisions of the guidance should be adopted prospectively. The eliminated requirements should be adopted retrospectively. The adoption did not have a material impact to the Company’s financial statements. No transfers between Level 1 and Level 2 occurred in 2019 or 2020 and the Company did not have any recurring Level 3 fair value measurements that created an unrealized gain or loss in Other Comprehensive Income. In addition, the Company previously disclosed the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2017-04: Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment January 1, 2020 (Early Adoption) Eliminates Step 2 from the goodwill impairment test which required entities to compute the implied fair value of goodwill. An entity should perform an annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. On the date of adoption, there was no impact to the Company’s financial statements. The Company’s process for evaluating goodwill impairment was modified to align with the elimination of Step 2. In the second quarter of 2020, the Company performed a Step 0 analysis then a Step 1 analysis and determined that goodwill was fully impaired. ASU 2016-01: Financial Instruments- Overall (Subtopic 825-10) January 2019 Required equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. Emphasized the existing requirement to use exit prices to measure fair value for disclosure purposes and clarifies that entities should not make use of practicability exceptions in determining the fair value of loans. The Company transferred $ 69 accumulated other comprehensive loss to retained earnings in January 2019. There was no impact to the income statement on the adoption date. Standard Date of Adoption Description Effect on Financial Statements or Other Significant Matters ASU 2018-07: Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting January 2019 Early adoption Expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees, excluding share-based payments used to effectively provide: (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments include: (i) grants are measured at grant-date fair value of the equity instruments; (ii) equity-classified nonemployee share-based payment awards are measured at the grant date;(iii) performance based awards are measured based on the probability of satisfying the performance conditions and (iv) in general, non- employee share-based payment awards will continue to be subject to the requirements of ASC 718 unless modified after the good has been delivered, the service has been rendered, any other conditions necessary to earn the right to benefit from the instrument have been satisfied, and the nonemployee is no longer providing goods or services. The Company had 216,960 as of the implementation date, including 116,960 based restricted stock units. The adoption of the ASU allowed the Company to: (i) set the fair market value of the non-employee awards as of the adoption date; and (ii) start to expense the performance-based restricted stock units based on the probability of satisfying the performance conditions. Adoption of ASU 2018-07 required the Company to make a one time transfer of $ 2 in capital. In addition, the Company recorded a $ 306 asset that was offset with retained earnings to account for the tax impact. The Company will record forfeitures as they occur and base fair market values on the expected term, like the Company’s accounting for employee-based awards. ASU 2014-09: Revenue from Contracts with Customers January 2019 Amended guidance related to revenue from contracts with customers. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Replaced nearly all existing revenue recognition guidance, including industry specific guidance, established a new control based revenue recognition model, changed the basis for deciding when revenue is recognized over time or at a point in time, provided new and more detailed guidance on specific topics and expands and improves disclosures about revenue. The accounting update did not materially impact the financial statements or recognition of revenues. The update did not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other GAAP, which comprises a significant portion of the Company’s revenue stream. In addition, the Company’s noninterest income is generated by customer transactions or through the passage of time and as a result the pattern or timing of income recognition was not impacted. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of the Computation of Basic and Diluted Earnings Per Share | For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands, except per share data) Earnings per Share Net Income $ 69,413 $ 12,601 $ 28,473 Less: preferred stock dividends - - 175 Net income available to common stockholders $ 69,413 $ 12,601 $ 28,298 Weighted average common shares 51,291,428 52,070,624 47,679,184 Earnings per share $ 1.35 $ 0.24 $ 0.59 Diluted Earnings per Share Net income available to common stockholders $ 69,413 $ 12,601 $ 28,298 Weighted average common shares 51,291,428 52,070,624 47,679,184 Effect of dilutive shares 739,154 477,923 896,951 Weighted average dilutive common shares 52,030,582 52,548,547 48,576,135 Diluted earnings per share $ 1.33 $ 0.24 $ 0.58 Stock-based awards not included because to do so would be antidilutive 658,100 1,014,639 521,659 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Securities [Abstract] | |
Schedule of Amortized Cost and Approximate Fair Values of Available-for-Sale Debt and Equity Securities | December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 161,675 $ 1,809 $ 1,774 $ 161,710 Collateralized mortgage obligations - GSE residential 18,130 311 10 18,431 State and political subdivisions 532,906 29,329 767 561,468 Corporate bonds 4,241 119 — 4,360 Total available-for-sale securities $ 716,952 $ 31,568 $ 2,551 $ 745,969 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Approximate Fair Value (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential $ 104,839 $ 4,277 $ — $ 109,116 Collateralized mortgage obligations - GSE residential 52,070 984 42 53,012 State and political subdivisions 454,486 33,642 31 488,097 Corporate bonds 4,259 104 — 4,363 Total available-for-sale securities $ 615,654 $ 39,007 $ 73 $ 654,588 |
Schedule of Gross Realized Gains and Losses from Sales or Maturities of Available-for-Sale Securities | For the Year Ended December 31, 2021 Gross Realized Gains Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,157 $ 134 $ 1,023 For the Year Ended December 31, 2020 Gross Realized Gains (1) Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,788 $ 84 $ 1,704 (1) Included $ 75 For the Year Ended December 31, 2019 Gross Realized Gains Gross Realized Losses Net Realized Gain (Dollars in thousands) Available-for-sale securities $ 1,043 $ 56 $ 987 |
Schedule of Amortized Cost, Fair Value and Weighted Average Yield of Available-for-Sale Debt Securities by Contractual Maturity | December 31, 2021 Within After One to After Five to After One Year Five Years Ten Years Ten Years Total (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential (1) Amortized cost $ — $ 30 $ 148 $ 161,497 $ 161,675 Estimated fair value $ — $ 31 $ 156 $ 161,523 $ 161,710 Weighted average yield (2) — % 4.67 % 4.00 % 1.62 % 1.62 % Collateralized mortgage obligations - GSE residential (1) Amortized cost $ — $ — $ 2,421 $ 15,709 $ 18,130 Estimated fair value $ — $ — $ 2,559 $ 15,872 $ 18,431 Weighted average yield (2) — % — % 2.77 % 1.61 % 1.77 % State and political subdivisions Amortized cost $ 741 $ 4,304 $ 84,230 $ 443,631 $ 532,906 Estimated fair value $ 746 $ 4,520 $ 90,645 $ 465,557 $ 561,468 Weighted average yield (2) 3.49 % 4.14 % 3.29 % 2.67 % 2.78 % Corporate bonds Amortized cost $ — $ 604 $ 3,637 $ — $ 4,241 Estimated fair value $ — $ 670 $ 3,690 $ — $ 4,360 Weighted average yield (2) — % 5.83 % 4.28 % — % 4.50 % Total available-for-sale securities Amortized cost $ 741 $ 4,938 $ 90,436 $ 620,837 $ 716,952 Estimated fair value $ 746 $ 5,221 $ 97,050 $ 642,952 $ 745,969 Weighted average yield (2) 3.49 % 4.35 % 3.32 % 2.37 % 2.50 % (1) Actual maturities may differ from contractual maturities because issuers may have the rights to call or prepay obligations with or without prepayment penalties. (2) Yields are calculated based on amortized cost using a 30/360 day basis. Tax-exempt securities are not tax effected. December 31, 2020 Within After One to After Five to After One Year Five Years Ten Years Ten Years Total (Dollars in thousands) Available-for-sale securities Mortgage-backed - GSE residential (1) Amortized cost $ — $ 48 $ 199 $ 104,592 $ 104,839 Estimated fair value $ — $ 51 $ 212 $ 108,853 $ 109,116 Weighted average yield (2) — % 4.57 % 3.95 % 1.96 % 1.96 % Collateralized mortgage obligations - GSE residential (1) Amortized cost $ — $ — $ 2,483 $ 49,587 $ 52,070 Estimated fair value $ — $ — $ 2,721 $ 50,291 $ 53,012 Weighted average yield (2) — % — % 2.77 % 1.02 % 1.11 % State and political subdivisions Amortized cost $ 653 $ 7,661 $ 62,313 $ 383,859 $ 454,486 Estimated fair value $ 657 $ 7,846 $ 67,844 $ 411,750 $ 488,097 Weighted average yield (2) 8.18 % 5.40 % 3.40 % 2.94 % 3.05 % Corporate bonds Amortized cost $ — $ 358 $ 3,901 $ — $ 4,259 Estimated fair value $ — $ 368 $ 3,995 $ — $ 4,363 Weighted average yield (2) — % 4.70 % 4.54 % — % 4.55 % Total available-for-sale securities Amortized cost $ 653 $ 8,067 $ 68,896 $ 538,038 $ 615,654 Estimated fair value $ 657 $ 8,265 $ 74,772 $ 570,894 $ 654,588 Weighted average yield (2) 8.18 % 5.36 % 3.44 % 2.57 % 2.71 % (1) Actual maturities may differ from contractual maturities because issuers may have the rights to call or prepay obligations with or without prepayment penalties. (2) Yields are calculated based on amortized cost using a 30/360 day basis. Tax-exempt securities are not tax effected. |
Schedule of Investments' Gross Unrealized Losses, Number of Securities and Fair Value of Investments | December 31, 2021 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-Sale Securities Mortgage-backed - GSE residential $ 87,306 $ 1,774 16 $ — $ — — $ 87,306 $ 1,774 16 Collateralized mortgage obligations - GSE residential 803 10 2 — — — 803 10 2 State and political subdivisions 72,915 762 39 1,310 5 4 74,225 767 43 Corporate bonds — — — — — — — — — Total temporarily impaired AFS securities $ 161,024 $ 2,546 57 $ 1,310 $ 5 4 $ 162,334 $ 2,551 61 December 31, 2020 Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities (Dollars in thousands) Available-for-Sale Securities Mortgage-backed - GSE residential $ — $ — — $ — $ — — $ — $ — — Collateralized mortgage obligations - GSE residential 9,933 42 5 — — — 9,933 42 5 State and political subdivisions 8,525 31 8 25 — 1 8,550 31 9 Corporate bonds — — — — — — — — — Total temporarily impaired AFS securities $ 18,458 $ 73 13 $ 25 $ — 1 $ 18,483 $ 73 14 |
Schedule of Recorded Fair Value and Gains and Losses on Equity Securities | For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Net gains (losses) recognized during the reporting period on equity securities $ (6,325) $ 46 $ 62 Less: net losses recognized during the period on equity securities sold during period (6,245) — — Unrealized gain (loss) recognized during the reporting period on still held at the reporting date $ (80) $ 46 $ 62 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loans and Allowance for Loan Losses [Abstract] | |
Schedule of Categories of Loans | As of December 31, 2021 2020 (Dollars in thousands) Commercial $ 1,401,681 $ 1,338,757 Energy 278,860 345,233 Commercial real estate 1,281,095 1,179,534 Construction and land development 578,758 563,144 Residential and multifamily real estate 600,816 680,932 Paycheck Protection Program (“PPP”) 64,805 292,230 Consumer 63,605 55,270 Gross loans 4,269,620 4,455,100 Less: Allowance for loan losses 58,375 75,295 Less: Net deferred loan fees and costs 13,407 13,203 Net loans $ 4,197,838 $ 4,366,602 |
Schedule of Activity in Allowance for Loan Losses by Portfolio Segment | As of or For the Year Ended December 31, 2021 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ — $ 453 $ 75,295 Provision 7,951 (8,109) (3,235) 137 (611) — (133) (4,000) Charge-offs (12,618) (1,003) — — — — (2) (13,623) Recoveries 326 — — — 367 — 10 703 Ending balance $ 20,352 $ 9,229 $ 19,119 $ 3,749 $ 5,598 $ — $ 328 $ 58,375 Period end allowance for loan losses allocated to: Individually evaluated for impairment $ 333 $ 2,100 $ 3,164 $ — $ — $ — $ — $ 5,597 Collectively evaluated for impairment $ 20,019 $ 7,129 $ 15,955 $ 3,749 $ 5,598 $ — $ 328 $ 52,778 Ending balance $ 20,352 $ 9,229 $ 19,119 $ 3,749 $ 5,598 $ — $ 328 $ 58,375 Allocated to loans: Individually evaluated for impairment $ 5,739 $ 16,204 $ 31,597 $ — $ 3,387 $ — $ — $ 56,927 Collectively evaluated for impairment $ 1,395,942 $ 262,656 $ 1,249,498 $ 578,758 $ 597,429 $ 64,805 $ 63,605 $ 4,212,693 Ending balance $ 1,401,681 $ 278,860 $ 1,281,095 $ 578,758 $ 600,816 $ 64,805 $ 63,605 $ 4,269,620 As of or For the Year Ended December 31, 2020 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 35,864 $ 6,565 $ 8,085 $ 3,516 $ 2,546 $ — $ 320 $ 56,896 Provision 19,959 16,867 15,853 96 3,700 — 225 56,700 Charge-offs (31,205) (5,091) (1,584) — (445) — (104) (38,429) Recoveries 75 — — — 41 — 12 128 Ending balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ — $ 453 $ 75,295 Period end allowance for loan losses allocated to: Individually evaluated for impairment $ 1,115 $ 3,370 $ 5,048 $ — $ — $ — $ — $ 9,533 Collectively evaluated for impairment $ 23,578 $ 14,971 $ 17,306 $ 3,612 $ 5,842 $ — $ 453 $ 65,762 Ending balance $ 24,693 $ 18,341 $ 22,354 $ 3,612 $ 5,842 $ — $ 453 $ 75,295 Allocated to loans: Individually evaluated for impairment $ 44,678 $ 26,045 $ 44,318 $ — $ 6,329 $ — $ 244 $ 121,614 Collectively evaluated for impairment $ 1,294,079 $ 319,188 $ 1,135,216 $ 563,144 $ 674,603 $ 292,230 $ 55,026 $ 4,333,486 Ending balance $ 1,338,757 $ 345,233 $ 1,179,534 $ 563,144 $ 680,932 $ 292,230 $ 55,270 $ 4,455,100 As of or For the Year Ended December 31, 2019 Commercial Energy Commercial Real Estate Construction and Land Development Residential and Multifamily Real Estate PPP Consumer Total (Dollars in thousands) Allowance for loan losses Beginning balance $ 16,584 $ 10,262 $ 6,755 $ 2,475 $ 1,464 $ — $ 286 $ 37,826 Provision 27,219 (1,273) 1,771 1,041 1,090 — 52 29,900 Charge-offs (7,954) (3,000) (441) — (8) — (20) (11,423) Recoveries 15 576 — — — — 2 593 Ending balance $ 35,864 $ 6,565 $ 8,085 $ 3,516 $ 2,546 $ — $ 320 $ 56,896 |
Schedule of Credit Risk | As of December 31, 2021 Pass Special Mention Substandard Performing Substandard Nonperforming Doubtful Loss Total (Dollars in thousands) Commercial $ 1,356,883 $ 16,201 $ 23,739 $ 4,858 $ — $ — $ 1,401,681 Energy 184,269 73,196 5,246 13,595 2,554 — 278,860 Commercial real estate 1,172,323 86,768 11,782 10,222 — — 1,281,095 Construction and land development 578,758 — — — — — 578,758 Residential and multifamily real estate 593,847 257 6,508 204 — — 600,816 PPP 64,805 — — — — — 64,805 Consumer 63,605 — — — — — 63,605 Total $ 4,014,490 $ 176,422 $ 47,275 $ 28,879 $ 2,554 $ — $ 4,269,620 As of December 31, 2020 Pass Special Mention Substandard Performing Substandard Nonperforming Doubtful Loss Total (Dollars in thousands) Commercial $ 1,182,519 $ 66,142 $ 63,407 $ 26,124 $ 565 $ — $ 1,338,757 Energy 145,598 90,134 83,574 22,177 3,750 — 345,233 Commercial real estate 1,035,056 67,710 57,680 19,088 — — 1,179,534 Construction and land development 561,871 125 1,148 — — — 563,144 Residential and multifamily real estate 672,327 305 5,199 3,101 — — 680,932 PPP 292,230 — — — — — 292,230 Consumer 55,026 — — 244 — — 55,270 Total $ 3,944,627 $ 224,416 $ 211,008 $ 70,734 $ 4,315 $ — $ 4,455,100 |
Schedule of Loan Portfolio Aging Analysis | As of December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Loans >= 90 Days and Accruing (Dollars in thousands) Commercial $ 183 $ 499 $ 1,037 $ 1,719 $ 1,399,962 $ 1,401,681 $ 90 Energy — — 4,644 4,644 274,216 278,860 — Commercial real estate 85 992 — 1,077 1,280,018 1,281,095 — Construction and land development 966 117 — 1,083 577,675 578,758 — Residential and multifamily real estate 437 151 — 588 600,228 600,816 — PPP — — — — 64,805 64,805 — Consumer — 99 — 99 63,506 63,605 — Total $ 1,671 $ 1,858 $ 5,681 $ 9,210 $ 4,260,410 $ 4,269,620 $ 90 As of December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Total Past Due Current Total Loans Receivable Loans >= 90 Days and Accruing (Dollars in thousands) Commercial $ 8,497 $ 264 $ 11,236 $ 19,997 $ 1,318,760 $ 1,338,757 $ — Energy — — 7,173 7,173 338,060 345,233 372 Commercial real estate 63 7,677 4,825 12,565 1,166,969 1,179,534 — Construction and land development — — — — 563,144 563,144 — Residential and multifamily real estate 1,577 — 3,520 5,097 675,835 680,932 652 PPP — — — — 292,230 292,230 — Consumer — — — — 55,270 55,270 — Total $ 10,137 $ 7,941 $ 26,754 $ 44,832 $ 4,410,268 $ 4,455,100 $ 1,024 |
Schedule of Impaired Loans | As of or For the Year Ended December 31, 2021 Recorded Balance Unpaid Principal Balance Specific Allowance Average Investment Impaired Loans Interest Income Recognized (Dollars in thousands) Loans without a specific valuation Commercial $ 4,659 $ 4,740 $ — $ 7,155 $ 75 Energy 3,509 7,322 — 4,548 5 Commercial real estate 1,729 1,729 — 1,800 18 Construction and land development — — — — — Residential and multifamily real estate 3,387 3,387 — 3,392 86 PPP — — — — — Consumer — — — — — Loans with a specific valuation Commercial 1,080 1,080 333 496 19 Energy 12,695 17,977 2,100 14,117 14 Commercial real estate 29,868 30,854 3,164 28,876 993 Construction and land development — — — — — Residential and multifamily real estate — — — — — PPP — — — — — Consumer — — — — — Total Commercial 5,739 5,820 333 7,651 94 Energy 16,204 25,299 2,100 18,665 19 Commercial real estate 31,597 32,583 3,164 30,676 1,011 Construction and land development — — — — — Residential and multifamily real estate 3,387 3,387 — 3,392 86 PPP — — — — — Consumer — — — — — $ 56,927 $ 67,089 $ 5,597 $ 1,210 As of or For the Year Ended December 31, 2020 Recorded Balance Unpaid Principal Balance Specific Allowance Average Investment Impaired Loans Interest Income Recognized (Dollars in thousands) Loans without a specific valuation Commercial $ 36,111 $ 50,245 $ — $ 29,591 $ 1,143 Energy 3,864 6,677 — 6,710 53 Commercial real estate 10,079 11,663 — 11,952 390 Construction and land development — — — — — Residential and multifamily real estate 6,329 6,585 — 6,315 145 PPP — — — — — Consumer 244 244 — 250 — Loans with a specific valuation Commercial 8,567 8,567 1,115 8,637 249 Energy 22,181 27,460 3,370 23,823 542 Commercial real estate 34,239 34,239 5,048 27,980 1,035 Construction and land development — — — — — Residential and multifamily real estate — — — — — PPP — — — — — Consumer — — — — — Total Commercial 44,678 58,812 1,115 38,228 1,392 Energy 26,045 34,137 3,370 30,533 595 Commercial real estate 44,318 45,902 5,048 39,932 1,425 Construction and land development — — — — — Residential and multifamily real estate 6,329 6,585 — 6,315 145 PPP — — — — — Consumer 244 244 — 250 — $ 121,614 $ 145,680 $ 9,533 $ 3,557 |
Schedule of Nonaccrual Loans | As of December 31, 2021 2020 (Dollars in thousands) Commercial $ 4,858 $ 26,691 Energy 16,148 25,927 Commercial real estate 10,222 19,088 Construction and land development — — Residential and multifamily real estate 204 3,101 PPP — — Consumer — 244 Total non-accrual loans $ 31,432 $ 75,051 |
Schedule of Loans Restructured | For the Year Ended December 31, 2021 2020 (Dollars in thousands) Commercial - Debt forgiveness $ — $ 17,297 - Reduction of monthly payment — 1,224 - Interest rate reduction 1,000 3,171 Energy - Reduction of monthly payment — 7,825 - Extension of maturity date — 2,340 Commercial real estate - Deferred payment — 21,210 - Interest rate reduction 3,750 — Total troubled debt restructurings $ 4,750 $ 53,067 For the Year Ended December 31, 2021 2020 Number of Loans Outstanding Balance Balance 90 Days Past Due at Any Time During Previous 12 Months (1) Number of Loans Outstanding Balance Balance 90 Days Past Due at Any Time During Previous 12 Months (1) (Dollars in thousands) Commercial 1 $ 910 $ 4,899 7 $ 22,759 $ 2,776 Energy 4 10,118 7,825 4 11,053 2,713 Commercial real estate 5 26,158 — 4 26,038 — Construction and land development — — — — — — Residential and multifamily real estate 1 3,183 89 2 3,245 — PPP — — — — — — Consumer — — — — — — Total troubled debt restructured loans 11 $ 40,369 $ 12,813 17 $ 63,095 $ 5,489 (1) Default is considered to mean 90 days or more past due as to interest or principal. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Major Classifications of Premises and Equipment | As of December 31, 2021 2020 (Dollars in thousands) Land $ 7,384 $ 7,384 Building and improvements 62,344 62,331 Construction in progress 509 95 Furniture and fixtures 14,106 14,073 Equipment 9,596 9,587 93,939 93,470 Less: accumulated depreciation 27,870 22,961 Premises and equipment, net $ 66,069 $ 70,509 |
Goodwill and Core Deposit Int_2
Goodwill and Core Deposit Intangible (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Core Deposit Intangible [Abstract] | |
Schedule of Change in Goodwill and Core Deposit Intangible | Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount (Dollars in thousands) December 31, 2021 Core deposit intangible 1,014 884 — 130 Total goodwill and intangible assets $ 1,014 $ 884 $ — $ 130 December 31, 2020 Goodwill $ 7,397 $ — $ 7,397 $ — Core deposit intangible 1,014 806 — 208 Total goodwill and intangible assets $ 8,411 $ 806 $ 7,397 $ 208 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives and Hedging Activities [Abstract] | |
Schedule of Derivative Financial Instruments and Classification on the Balance Sheet | Asset Derivatives Liability Derivatives Balance Sheet As of December 31, Balance Sheet As of December 31, Location 2021 2020 Location 2021 2020 (Dollars in thousands) Interest rate products: Derivatives designated as hedging instruments Other assets $ 3 $ — Other liabilities $ 565 $ — Derivatives not designated as hedging instruments Other assets $ 11,305 $ 24,094 Other liabilities $ 11,322 $ 24,454 Total $ 11,308 $ 24,094 $ 11,887 $ 24,454 |
Schedule of Cash Flow Hedge on Accumulated Other Comprehensive Income | December 31, 2021 Gain or (Loss) Recognized in OCI on Derivative Gain or (Loss) Recognized in OCI Included Component Gain or (Loss) Recognized in OCI Excluded Component Location of Gain or (Loss) Recognized from Accumulated Other Comprehensive Income into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Gain or (Loss) Reclassified from Accumulated OCI into Income Included Component Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component (Dollars in thousands) Derivatives in Cash Flow Hedging Relationships Interest Rate Products $ (562) $ (562) $ — Interest Expense $ — $ — $ — |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Foreclosed Assets [Abstract] | |
Schedule of Foreclosed Assets | As of or for the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Beginning balance $ 2,347 $ 3,619 $ — Loans transferred to foreclosed assets — 930 3,619 Direct write-downs (629) (1,118) — Sales proceeds from foreclosed assets (628) (1,045) — Gain (loss) on sale of foreclosed assets 58 (39) — Ending balance $ 1,148 $ 2,347 $ 3,619 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowing Arrangements [Abstract] | |
Schedule of Borrowings | As of and For the Year Ended December 31, 2021 2020 (Dollars in thousands) Balance Rate (6) Maximum Balance at Any End of Month Balance Rate (6) Maximum Balance at Any End of Month Repurchase agreements (1) $ — % $ 6,218 $ 2,306 0.15 % $ 57,259 Federal funds purchased (2) — NA — — NA 30,000 FHLB advances (3) 236,600 1.92 293,100 293,100 1.78 450,659 FHLB line of credit (3) — NA — — NA 20,000 Federal Reserve Borrowing (4) — — — 15,000 Trust preferred security (5) 1,009 1.94 % $ 1,009 963 1.96 % $ 963 Total borrowings $ 237,609 $ 296,369 (1) U.S. government sponsored enterprises and mortgage-backed $ 2 32 for customer repurchase agreements were $ 0 6 (2) bank if the bank has approved us for credit. Federal funds purchased generally have (3) 0.37 % to 2.88 % and are subject to restrictions or penalties in the event of prepayment. The FHLB line of credit has a variable cost of funds and matures on May 14, 2022. (4) based on an established discount rate determined by the Reserve Banks’ board of directors, subject to review and determination typically mature in 90 (5) 1 Trust I for $ 4 1.5 and the recorded balance by approximately $ 400 2.5 date in 2035. Distributions will be paid on each security at a variable annual 1.74 %. (6) Represents the year-end weighted average interest rate. |
Schedule of Other Borrowing Capacities | As of December 31, 2021 2020 (Dollars in thousands) FHLB borrowing capacity relating to loans $ 435,562 $ 518,191 FHLB borrowing capacity relating to securities — — Total FHLB borrowing capacity $ 435,562 $ 518,191 Unused Federal Reserve borrowing capacity $ 428,786 $ 435,805 |
Schedule of Scheduled Maturities for Borrowings | As of December 31, 2021 Within One Year One to Two Years Two to Three Years Three to Four Years Four to Five Years After Five Years Total (Dollars in thousands) Time deposits $ 538,208 $ 66,660 $ 17,422 $ 718 $ 1,346 $ 33 $ 624,387 FHLB borrowings 21,500 35,000 — 5,100 — 175,000 236,600 Trust preferred securities (1) — — — — — 1,009 1,009 Total $ 559,708 $ 101,660 $ 17,422 $ 5,818 $ 1,346 $ 176,042 $ 861,996 (1) 2.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule of Provision for Income Taxes | For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Taxes currently payable $ 14,892 $ 7,970 $ 7,624 Deferred income tax asset (liability) 2,664 (5,257) (3,486) Income tax expense $ 17,556 $ 2,713 $ 4,138 |
Schedule of the Reconciliation of Income Tax Expense (Benefit) | For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Computed at the statutory rate (21%) $ 18,263 $ 3,216 $ 6,848 Increase (decrease) resulting from Tax-exempt income (3,672) (3,109) (2,913) Nondeductible expenses 232 194 356 State tax credit — — (1,361) State income taxes 3,030 679 1,288 Equity based compensation (172) 179 (88) Goodwill impairment — 1,553 — Other adjustments (125) 1 8 Actual tax expense $ 17,556 $ 2,713 $ 4,138 |
Schedule of Tax Effects of Temporary Differences Related to Deferred Taxes | As of December 31, 2021 2020 (Dollars in thousands) Deferred tax assets Allowance for loan losses $ 14,051 $ 18,124 Lease incentive 508 564 Loan fees 3,227 3,178 Accrued expenses 2,735 2,128 Deferred compensation 2,418 2,474 State tax credit 1,033 2,621 Other 2,057 946 Total deferred tax asset 26,029 30,035 Deferred tax liability Net unrealized gain on securities available-for-sale (6,967) (9,531) FHLB stock basis (757) (1,209) Premises and equipment (2,602) (2,881) Other (1,229) (1,601) Total deferred tax liability (11,555) (15,222) Net deferred tax asset $ 14,474 $ 14,813 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Amounts Reclassified from AOCI | For the Year Ended December 31, Affected Line Item in the 2021 2020 2019 Statements of Income (Dollars in thousands) Unrealized gains on available-for-sale securities $ 1,023 $ 1,704 $ 987 Realized gains on available- for-sale securities Less: tax expense effect 245 415 242 Income tax expense Net reclassified amount $ 778 $ 1,289 $ 745 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Schedule of Actual Capital Amounts and Ratios | Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) December 31, 2021 Total Capital to Risk-Weighted Assets Consolidated $ 704,544 13.6 % $ 544,060 10.5 % Bank 681,980 13.2 543,708 10.5 $ 517,817 10.0 % Tier I Capital to Risk-Weighted Assets Consolidated 646,169 12.5 440,430 8.5 N/A N/A Bank 623,605 12.0 440,144 8.5 414,253 8.0 Common Equity Tier 1 to Risk-Weighted Assets Consolidated 645,160 12.5 362,707 7.0 N/A Bank 623,605 12.0 362,472 7.0 336,581 6.5 Tier I Capital to Average Assets Consolidated 646,169 11.8 218,510 4.0 N/A N/A Bank $ 623,605 11.4 % $ 218,366 4.0 % $ 272,958 5.0 % December 31, 2020 Total Capital to Risk-Weighted Assets Consolidated $ 656,806 13.1 % $ 527,486 10.5 % N/A N/A Bank 611,533 12.2 527,217 10.5 $ 502,111 10.0 % Tier I Capital to Risk-Weighted Assets Consolidated 593,865 11.8 427,012 8.5 N/A Bank 548,615 10.9 426,794 8.5 401,689 8.0 Common Equity Tier 1 to Risk-Weighted Assets Consolidated 592,902 11.8 351,657 7.0 N/A N/A Bank 548,615 10.9 351,478 7.0 326,372 6.5 Tier I Capital to Average Assets Consolidated 593,865 10.8 219,550 4.0 N/A Bank $ 548,615 10.0 % $ 219,441 4.0 % $ 274,302 5.0 % |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Non-Interest Income | For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Non-interest income subject to ASC 606 Service charges and fees on customer accounts $ 4,580 $ 2,803 $ 604 ATM and credit card interchange income 7,996 4,379 1,785 International fees 1,531 1,091 716 Other fees 134 87 122 Total non-interest income from contracts with customers 14,241 8,360 3,227 Non-interest income not subject to ASC 606 Other non-interest income (581) 3,373 5,480 Total non-interest income $ 13,660 $ 11,733 $ 8,707 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation [Abstract] | |
Schedule of Stock-based Compensation | For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Stock appreciation rights $ 711 $ 994 $ 1,243 Performance-based stock awards 741 249 271 Restricted stock units and awards 3,047 3,078 3,174 Employee stock purchase plan 85 42 36 Total stock-based compensation $ 4,584 $ 4,363 $ 4,724 |
Schedule of Assumptions Used in the Black-Scholes Valuation Model for SSARs | For the Year Ended December 31, 2021 2020 2019 (1) (Dollars in thousands, except per share data) Assumptions: Expected volatility 42.93 % - 43.29 % 20.34 % 24.63 % - 33.63 % Expected dividends 0.00% 0.00% 0.00% Expected term (in years) 7.00 - 7.01 6.00 4.24 - 7.00 Risk-free rate 0.94 % - 1.36 % % 0.38 % 1.45 % - 2.55 % Weighted average grant date fair value per share $ 6.50 $ 1.93 $ 5.43 Aggregate intrinsic value of SSARs exercised $ 1,297 $ 571 $ 493 Total fair value of SSARs vested during the year $ 1,087 $ 1,245 $ 1,171 Unrecognized compensation information: Unrecognized compensation cost $ 1,249 $ 1,737 $ 2,904 Period remaining (in years) 4.1 3.3 3.9 (1) The Black-Scholes inputs include a revaluation of a nonemployee SSAR upon adoption of ASU 2018-07, as well as, SSARs granted during the period. |
Summary of SSAR activity | Stock Settled Appreciation Rights Units Weighted Average Exercise Price Weighted Average Remaining Contractual Term Outstanding, January 1, 2021 1,589,675 $ 10.73 8.45 Granted 63,000 14.20 9.67 Exercised (141,186) 7.08 Forfeited or expired (38,413) 11.99 Outstanding, December 31, 2021 1,473,076 $ 11.20 7.13 Exercisable, December 31, 2021 1,120,238 $ 10.46 6.93 |
Summary of Status and Changes in Performance-Based Awards | Performance-Based Awards Number of Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2021 231,631 $ 10.51 Granted 63,631 12.88 Incremental performance shares 25,173 8.69 Vested (217,135) 9.54 Forfeited (4,948) 13.19 Unvested, December 31, 2021 98,352 $ 13.59 |
Summary of Status and Changes in RSUs and RSAs | Restricted Stock Units and Awards Number of Shares Weighted Average Grant Date Fair Value Unvested, January 1, 2021 369,217 $ 12.61 Granted 289,782 13.31 Vested (247,690) 11.91 Forfeited (27,679) 13.62 Unvested, December 31, 2021 383,630 $ 13.52 |
Schedule of Assumptions Using the Black-Scholes Valuation Model for ESPPs | For the Year Ended December 31, 2021 2020 2019 Assumptions: Expected volatility 5.99% - 32.00% 22.50% 7.60% Expected dividends 0.00% 0.00% 0.00% Expected term (in years) 0.50 0.50 1.00 Risk-free rate 0.17% 2.09% |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Operating Leases [Abstract] | |
Schedule of Rental Expense | Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Rent Expense $ 3,500 $ 2,871 $ 2,526 |
Schedule of Future Minimum Lease Payments Under Operating Leases | (Dollars in thousands) 2022 $ 2,996 2023 3,091 2024 2,794 2025 2,805 2026 2,859 Thereafter $ 15,196 |
Disclosures about Fair Value of
Disclosures about Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure about Fair Value of Financial Instruments [Abstract] | |
Schedule of Fair Value Measurements on a Recurring Basis | Fair Value Description Valuation Hierarchy Level Where Fair Value Found Available-for- sale securities and equity security Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Level 2 Note 3: Securities Derivatives Fair value of the interest rate swaps is obtained from independent pricing services based on quoted market prices for similar derivative contracts. Level 2 Note 7: Derivatives |
Schedule of Fair Value Measurement of Assets on a Nonrecurring Basis | December 31, 2021 Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (Dollars in thousands) Collateral-dependent impaired loans $ 38,046 $ — $ — $ 38,046 Foreclosed assets held-for-sale $ 1,148 $ — $ — $ 1,148 December 31, 2020 Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) (Dollars in thousands) Collateral-dependent impaired loans $ 55,454 $ — $ — $ 55,454 Foreclosed assets held-for-sale $ 2,347 $ — $ — $ 2,347 |
Schedule of Nonrecurring Level 3 Fair Value Measurements | December 31, 2021 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (Dollars in thousands) Collateral-dependent impaired loans $ 38,046 Market comparable properties Marketability discount 7 % - 100 % (26%) Foreclosed assets held-for-sale $ 1,148 Market comparable properties Marketability discount (10%) December 31, 2020 Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (Dollars in thousands) Collateral-dependent impaired loans $ 55,454 Market comparable properties Marketability discount 1 % - 98 % (24%) Foreclosed assets held-for-sale $ 2,347 Market comparable properties Marketability discount 7 % - 10 % (9%) |
Schedule of Estimated Fair Value of Financial Instruments | December 31, 2021 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Financial Assets Cash and cash equivalents $ 482,727 $ 482,727 $ — $ — $ 482,727 Available-for-sale securities 745,969 — 745,969 — 745,969 Loans, net of allowance for loan losses 4,197,838 — — 4,178,268 4,178,268 Restricted equity securities 11,927 — — 11,927 11,927 Interest receivable 16,023 — 16,023 — 16,023 Equity securities 2,642 — 2,209 433 2,642 Derivative assets 11,308 — 11,308 — 11,308 $ 5,468,434 $ 482,727 $ 775,509 $ 4,190,628 $ 5,448,864 Financial Liabilities Deposits $ 4,683,597 $ 1,163,224 $ — $ 3,482,218 $ 4,645,442 Federal Home Loan Bank advances 236,600 — 241,981 — 241,981 Other borrowings 1,009 — 2,318 — 2,318 Interest payable 1,336 — 1,336 — 1,336 Derivative liabilities 11,887 — 11,887 — 11,887 $ 4,934,429 $ 1,163,224 $ 257,522 $ 3,482,218 $ 4,902,964 December 31, 2020 Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Financial Assets Cash and cash equivalents $ 408,810 $ 408,810 $ — $ — $ 408,810 Available-for-sale securities 654,588 — 654,588 — 654,588 Loans, net of allowance for loan losses 4,366,602 — — 4,351,970 4,351,970 Restricted equity securities 15,543 — — 15,543 15,543 Interest receivable 17,236 — 17,236 — 17,236 Equity securities 13,436 — 2,247 11,189 13,436 Derivative assets 24,094 — 24,094 — 24,094 $ 5,500,309 $ 408,810 $ 698,165 $ 4,378,702 $ 5,485,677 Financial Liabilities Deposits $ 4,694,740 $ 718,459 $ — $ 4,015,792 $ 4,734,251 Federal funds purchased and repurchase agreements 2,306 — 2,306 — 2,306 Federal Home Loan Bank advances 293,100 — 309,020 — 309,020 Other borrowings 963 — 2,024 — 2,024 Interest payable 2,163 — 2,163 — 2,163 Derivative liabilities 24,454 — 24,454 — 24,454 $ 5,017,726 $ 718,459 $ 339,967 $ 4,015,792 $ 5,074,218 |
Commitments and Credit Risk (Ta
Commitments and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Credit Risk [Abstract] | |
Schedule of Commitments | December 31, 2021 December 31, 2020 (Dollars in thousands) Commitments to originate loans $ 118,651 $ 99,596 Standby letters of credit 51,114 48,607 Lines of credit 1,768,231 1,423,038 Future lease commitments 11,100 — Commitment related to investment fund 2,067 — Total $ 1,951,163 $ 1,571,241 |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company Condensed Financial Statements [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets Year Ended December 31, 2021 2020 (Dollars in thousands) Assets Investment in consolidated subsidiaries Banks $ 646,027 $ 580,162 Equity method investments 433 — Cash 23,368 46,676 Other assets 1,596 1,756 Total assets $ 671,424 $ 628,594 Liabilities and stockholders' equity Trust preferred securities, net $ 1,009 $ 963 Other liabilities 2,842 3,203 Total liabilities 3,851 4,166 Stockholders' equity Common stock 526 523 Treasury stock at cost (28,347) (6,061) Additional paid-in capital 526,806 522,911 Retained earnings 147,099 77,652 Accumulated other comprehensive income 21,489 29,403 Total stockholders' equity 667,573 624,428 Total liabilities and stockholders' equity $ 671,424 $ 628,594 |
Condensed Statements of Income | Condensed Statements of Income For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Income Earnings of consolidated subsidiaries $ 71,528 $ 13,682 $ 28,814 Management fees charged to subsidiaries 8,520 8,520 7,500 Other 2 (18) (4) Total income 80,050 22,184 36,310 Expense Salaries and employee benefits 6,111 5,143 4,584 Occupancy, net 403 405 275 Other 4,718 4,220 3,044 Total expense 11,232 9,768 7,903 Income tax benefit (595) (185) (66) Net income $ 69,413 $ 12,601 $ 28,473 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows For the Year Ended December 31, 2021 2020 2019 (Dollars in thousands) Operating Activities Net income $ 69,413 $ 12,601 $ 28,473 Items not requiring (providing) cash Earnings of consolidated subsidiaries (71,528) (13,682) (28,814) Share-based incentive compensation 2,332 1,917 1,974 Other adjustments (155) (412) 5,343 Net cash provided by operating activities 62 424 6,976 Investing Activities Decrease (increase) in investment in subsidiaries — 870 (49,825) Increase in equity investments (433) — — Net cash provided by (used in) investing activities (433) 870 (49,825) Financing Activities Redemption of preferred stock — — (30,000) Dividends paid on preferred stock — — (700) Issuance of common stock, net 3 3 88,324 Common stock purchased and retired — — (155) Open market common share repurchases (22,286) (6,061) — Acquisition of common stock for tax withholding obligations (860) (1,236) (245) Proceeds from employee stock purchase plan 172 151 547 Net decrease in employee receivables 34 47 117 Net cash provided by (used in) financing activities (22,937) (7,096) 57,888 Increase (decrease) in cash (23,308) (5,802) 15,039 Cash at beginning of year 46,676 52,478 37,439 Cash at end of year $ 23,368 $ 46,676 $ 52,478 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | Aug. 19, 2019shares | Dec. 31, 2018USD ($) | Dec. 31, 2021USD ($)Itemshares | Jan. 01, 2022USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($)shares |
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock split ratio | 2 | ||||||
Number of reportable segments | Item | 1 | ||||||
Cash and cash equivalents held at bank | $ 417,000 | ||||||
Required reserve | 0 | ||||||
Cash collateral | 17,000 | ||||||
Cash in excess of federally insured limits | 35,000 | ||||||
Related party loans | 8,000 | $ 16,000 | |||||
Deposits from related parties | 74,000 | 55,000 | |||||
Cumulative effect adjustment | $ 490,336 | 667,573 | 624,428 | $ 601,644 | |||
Deferred tax assets | 14,474 | 14,813 | |||||
Retained earnings | $ 147,099 | $ 77,652 | |||||
Warrants outstanding (in shares) | shares | 113,500 | 113,500 | |||||
Cash flow hedges, aggregate notional amount | $ 100,000 | ||||||
Underwriters' Overallotment Option | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Shares sold and issued (in shares) | shares | 844,362 | ||||||
Accounting Standards Update 2018-07 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect adjustment | $ (34) | 306 | |||||
Accounting Standards Update 2016-01 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect adjustment | 0 | ||||||
Accounting Standards Update 2016-02 | Subsequent Event [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Lease liability | $ 27,000 | ||||||
Lease right of use asset | $ 25,000 | ||||||
Non-employees | Accounting Standards Update 2018-07 | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Outstanding awards (in shares) | shares | 216,960 | ||||||
Non-employees | Accounting Standards Update 2018-07 | Performance Based Restricted Stock Units | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Outstanding awards (in shares) | shares | 116,960 | ||||||
Accumulated Other Comprehensive Income (Loss) | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect adjustment | (3,010) | 21,489 | 29,403 | 16,451 | |||
Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2016-01 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect adjustment | 69 | $ 69 | |||||
Retained Earnings | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect adjustment | 38,371 | 147,099 | 77,652 | 64,803 | |||
Retained Earnings | Accounting Standards Update 2018-07 | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Deferred tax assets | 306 | ||||||
Retained Earnings | Accounting Standards Update 2018-07 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect adjustment | 204 | 2,000 | $ 2,000 | ||||
Retained Earnings | Accounting Standards Update 2016-01 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect adjustment | (69) | ||||||
Additional Paid-in Capital | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect adjustment | $ 454,512 | $ 526,806 | 522,911 | 519,870 | |||
Additional Paid-in Capital | Accounting Standards Update 2018-07 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Cumulative effect adjustment | (238) | $ 2,159 | |||||
LIBOR | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Loans tied to LIBOR | $ 1,000,000 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Property Plant Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 35 years |
Building and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per Share | |||
Net Income | $ 69,413 | $ 12,601 | $ 28,473 |
Less: preferred stock dividends | 0 | 0 | 175 |
Net income available to common stockholders | $ 69,413 | $ 12,601 | $ 28,298 |
Weighted average common shares (in shares) | 51,291,428 | 52,070,624 | 47,679,184 |
Earnings per share (in dollars per share) | $ 1.35 | $ 0.24 | $ 0.59 |
Dilutive Earnings Per Share | |||
Net income available to common stockholders | $ 69,413 | $ 12,601 | $ 28,298 |
Weighted average common shares (in shares) | 51,291,428 | 52,070,624 | 47,679,184 |
Effect of dilutive shares (in shares) | 739,154 | 477,923 | 896,951 |
Weighted average dilutive common shares (in shares) | 52,030,582 | 52,548,547 | 48,576,135 |
Diluted earnings per share (in dollars per share) | $ 1.33 | $ 0.24 | $ 0.58 |
Stock-based awards not included because to do so would be antidilutive (in shares) | 658,100 | 1,014,639 | 521,659 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale securities | ||
Amortized Cost | $ 716,952 | $ 615,654 |
Gross Unrealized Gains | 31,568 | 39,007 |
Gross Unrealized Losses | 2,551 | 73 |
Approximate Fair Value | 745,969 | 654,588 |
Mortgage-backed - GSE residential | ||
Available-for-sale securities | ||
Amortized Cost | 161,675 | 104,839 |
Gross Unrealized Gains | 1,809 | 4,277 |
Gross Unrealized Losses | 1,774 | 0 |
Approximate Fair Value | 161,710 | 109,116 |
Collateralized mortgage obligations - GSE residential | ||
Available-for-sale securities | ||
Amortized Cost | 18,130 | 52,070 |
Gross Unrealized Gains | 311 | 984 |
Gross Unrealized Losses | 10 | 42 |
Approximate Fair Value | 18,431 | 53,012 |
State and political subdivisions | ||
Available-for-sale securities | ||
Amortized Cost | 532,906 | 454,486 |
Gross Unrealized Gains | 29,329 | 33,642 |
Gross Unrealized Losses | 767 | 31 |
Approximate Fair Value | 561,468 | 488,097 |
Corporate bonds | ||
Available-for-sale securities | ||
Amortized Cost | 4,241 | 4,259 |
Gross Unrealized Gains | 119 | 104 |
Gross Unrealized Losses | 0 | 0 |
Approximate Fair Value | $ 4,360 | $ 4,363 |
Securities - Available-for-sale
Securities - Available-for-sale Securities Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Securities [Abstract] | ||
Securities pledged as collateral | $ 0 | $ 16 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains and Losses from Sales or Maturities of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Securities [Abstract] | |||
AFS debt securities, gross realized gains | $ 1,157 | $ 1,788 | $ 1,043 |
AFS debt securities, gross realized losses | 134 | 84 | 56 |
AFS debt securities, net realized gain | $ 1,023 | 1,704 | $ 987 |
Gross realized gains on available-for-sale securities included an other-than-temporary impaired municipal security settled in 2020 | $ 75 |
Securities - Amortized Cost, Fa
Securities - Amortized Cost, Fair Value and Weighted Average Yield by Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Within one year | $ 741 | $ 653 |
After one to five years | 4,938 | 8,067 |
After five to ten years | 90,436 | 68,896 |
After ten years | 620,837 | 538,038 |
Amortized Cost | 716,952 | 615,654 |
Estimated fair value | ||
Within one year | 746 | 657 |
After one to five years | 5,221 | 8,265 |
After five to ten years | 97,050 | 74,772 |
After ten years | 642,952 | 570,894 |
Total | $ 745,969 | $ 654,588 |
Weighted average yield | ||
Within one year | 3.49% | 8.18% |
After one to five years | 4.35% | 5.36% |
After five to ten years | 3.32% | 3.44% |
After ten years | 2.37% | 2.57% |
Mortgage-backed - GSE residential | ||
Amortized cost | ||
Within one year | $ 0 | $ 0 |
After one to five years | 30 | 48 |
After five to ten years | 148 | 199 |
After ten years | 161,497 | 104,592 |
Amortized Cost | 161,675 | 104,839 |
Estimated fair value | ||
Within one year | 0 | 0 |
After one to five years | 31 | 51 |
After five to ten years | 156 | 212 |
After ten years | 161,523 | 108,853 |
Total | $ 161,710 | $ 109,116 |
Weighted average yield | ||
Within one year | 0.00% | 0.00% |
After one to five years | 4.67% | 4.57% |
After five to ten years | 4.00% | 3.95% |
After ten years | 1.62% | 1.96% |
Collateralized mortgage obligations - GSE residential | ||
Amortized cost | ||
Within one year | $ 0 | $ 0 |
After one to five years | 0 | 0 |
After five to ten years | 2,421 | 2,483 |
After ten years | 15,709 | 49,587 |
Amortized Cost | 18,130 | 52,070 |
Estimated fair value | ||
Within one year | 0 | 0 |
After one to five years | 0 | 0 |
After five to ten years | 2,559 | 2,721 |
After ten years | 15,872 | 50,291 |
Total | $ 18,431 | $ 53,012 |
Weighted average yield | ||
Within one year | 0.00% | 0.00% |
After one to five years | 0.00% | 0.00% |
After five to ten years | 2.77% | 2.77% |
After ten years | 1.61% | 1.02% |
State and political subdivisions | ||
Amortized cost | ||
Within one year | $ 741 | $ 653 |
After one to five years | 4,304 | 7,661 |
After five to ten years | 84,230 | 62,313 |
After ten years | 443,631 | 383,859 |
Amortized Cost | 532,906 | 454,486 |
Estimated fair value | ||
Within one year | 746 | 657 |
After one to five years | 4,520 | 7,846 |
After five to ten years | 90,645 | 67,844 |
After ten years | 465,557 | 411,750 |
Total | $ 561,468 | $ 488,097 |
Weighted average yield | ||
Within one year | 3.49% | 8.18% |
After one to five years | 4.14% | 5.40% |
After five to ten years | 3.29% | 3.40% |
After ten years | 2.67% | 2.94% |
Corporate bonds | ||
Amortized cost | ||
Within one year | $ 0 | $ 0 |
After one to five years | 604 | 358 |
After five to ten years | 3,637 | 3,901 |
After ten years | 0 | 0 |
Amortized Cost | 4,241 | 4,259 |
Estimated fair value | ||
Within one year | 0 | 0 |
After one to five years | 670 | 368 |
After five to ten years | 3,690 | 3,995 |
After ten years | 0 | 0 |
Total | $ 4,360 | $ 4,363 |
Weighted average yield | ||
Within one year | 0.00% | 0.00% |
After one to five years | 5.83% | 4.70% |
After five to ten years | 4.28% | 4.54% |
After ten years | 0.00% | 0.00% |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt securities at an amount less than historical cost | $ 162,334 | $ 18,483 |
Unrealized Loss Position [Member] | Available-for-sale Securities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt securities at an amount less than historical cost, percentage | 22.00% | 3.00% |
Securities - Gross Unrealized_2
Securities - Gross Unrealized Losses (Details) $ in Thousands | Dec. 31, 2021USD ($)Item | Dec. 31, 2020USD ($)Item |
Less than 12 Months | ||
Fair Value | $ 161,024 | $ 18,458 |
Unrealized Losses | $ 2,546 | $ 73 |
Number of Securities | Item | 57 | 13 |
12 Months or More | ||
Fair Value | $ 1,310 | $ 25 |
Unrealized Losses | $ 5 | $ 0 |
Number of Securities | Item | 4 | 1 |
Total | ||
Fair Value | $ 162,334 | $ 18,483 |
Unrealized Losses | $ 2,551 | $ 73 |
Number of Securities | Item | 61 | 14 |
Mortgage-backed - GSE residential | ||
Less than 12 Months | ||
Fair Value | $ 87,306 | $ 0 |
Unrealized Losses | $ 1,774 | $ 0 |
Number of Securities | Item | 16 | 0 |
12 Months or More | ||
Fair Value | $ 0 | $ 0 |
Unrealized Losses | $ 0 | $ 0 |
Number of Securities | Item | 0 | 0 |
Total | ||
Fair Value | $ 87,306 | $ 0 |
Unrealized Losses | $ 1,774 | $ 0 |
Number of Securities | Item | 16 | 0 |
Collateralized mortgage obligations - GSE residential | ||
Less than 12 Months | ||
Fair Value | $ 803 | $ 9,933 |
Unrealized Losses | $ 10 | $ 42 |
Number of Securities | Item | 2 | 5 |
12 Months or More | ||
Fair Value | $ 0 | $ 0 |
Unrealized Losses | $ 0 | $ 0 |
Number of Securities | Item | 0 | 0 |
Total | ||
Fair Value | $ 803 | $ 9,933 |
Unrealized Losses | $ 10 | $ 42 |
Number of Securities | Item | 2 | 5 |
State and political subdivisions | ||
Less than 12 Months | ||
Fair Value | $ 72,915 | $ 8,525 |
Unrealized Losses | $ 762 | $ 31 |
Number of Securities | Item | 39 | 8 |
12 Months or More | ||
Fair Value | $ 1,310 | $ 25 |
Unrealized Losses | $ 5 | $ 0 |
Number of Securities | Item | 4 | 1 |
Total | ||
Fair Value | $ 74,225 | $ 8,550 |
Unrealized Losses | $ 767 | $ 31 |
Number of Securities | Item | 43 | 9 |
Corporate bonds | ||
Less than 12 Months | ||
Fair Value | $ 0 | |
Unrealized Losses | $ 0 | |
Number of Securities | Item | 0 | |
12 Months or More | ||
Fair Value | $ 0 | |
Unrealized Losses | $ 0 | |
Number of Securities | Item | 0 | |
Total | ||
Fair Value | $ 0 | |
Unrealized Losses | $ 0 | |
Number of Securities | Item | 0 |
Securities - Other Than Tempora
Securities - Other Than Temporary Impairment Losses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Securities [Abstract] | |||
Other-than-temporary impairment loss | $ 0 | $ 0 | $ 0 |
Securities - Equity Securities
Securities - Equity Securities Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Mutual Fund [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | $ 2 | |
Private Equity Funds [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 433 | |
Private Equity Security [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities | 5 | |
Equity Securities Received For Satisfaction Of Debt | $ 11 | |
Realized loss | $ 6 |
Securities - Equity Securitie_2
Securities - Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Securities [Abstract] | |||
Net gains recognized during the period on equity securities | $ (6,325) | $ 46 | $ 62 |
Less: net gains recognized during the period on equity securities sold during the period | (6,245) | 0 | 0 |
Unrealized gain recognized during the reporting period on equity securities still held at the reporting date | $ (80) | $ 46 | $ 62 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Categories of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | $ 4,269,620 | $ 4,455,100 | ||
Less: Allowance for loan losses | 58,375 | 75,295 | $ 56,896 | $ 37,826 |
Less: Net deferred loan fees and costs | 13,407 | 13,203 | ||
Net loans | 4,197,838 | 4,366,602 | ||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,401,681 | 1,338,757 | ||
Less: Allowance for loan losses | 20,352 | 24,693 | 35,864 | 16,584 |
Energy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 278,860 | 345,233 | ||
Less: Allowance for loan losses | 9,229 | 18,341 | 6,565 | 10,262 |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,281,095 | 1,179,534 | ||
Less: Allowance for loan losses | 19,119 | 22,354 | 8,085 | 6,755 |
Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 578,758 | 563,144 | ||
Less: Allowance for loan losses | 3,749 | 3,612 | 3,516 | 2,475 |
Residential and multifamily real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 600,816 | 680,932 | ||
Less: Allowance for loan losses | 5,598 | 5,842 | 2,546 | 1,464 |
Paycheck Protection Program ("PPP") | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 64,805 | 292,230 | ||
Less: Allowance for loan losses | 0 | 0 | 0 | 0 |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 63,605 | 55,270 | ||
Less: Allowance for loan losses | $ 328 | $ 453 | $ 320 | $ 286 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for loan losses | |||
Beginning balance | $ 75,295 | $ 56,896 | $ 37,826 |
Provision charged to expense | (4,000) | 56,700 | 29,900 |
Charged-off | (13,623) | (38,429) | (11,423) |
Recoveries | 703 | 128 | 593 |
Ending balance | 58,375 | 75,295 | 56,896 |
Ending balance | |||
Individually evaluated for impairment | 5,597 | 9,533 | |
Collectively evaluated for impairment | 52,778 | 65,762 | |
Allocated to loans | |||
Individually evaluated for impairment | 56,927 | 121,614 | |
Collectively evaluated for impairment | 4,212,693 | 4,333,486 | |
Total Loans Receivable | 4,269,620 | 4,455,100 | |
Commercial | |||
Allowance for loan losses | |||
Beginning balance | 24,693 | 35,864 | 16,584 |
Provision charged to expense | 7,951 | 19,959 | 27,219 |
Charged-off | (12,618) | (31,205) | (7,954) |
Recoveries | 326 | 75 | 15 |
Ending balance | 20,352 | 24,693 | 35,864 |
Ending balance | |||
Individually evaluated for impairment | 333 | 1,115 | |
Collectively evaluated for impairment | 20,019 | 23,578 | |
Allocated to loans | |||
Individually evaluated for impairment | 5,739 | 44,678 | |
Collectively evaluated for impairment | 1,395,942 | 1,294,079 | |
Total Loans Receivable | 1,401,681 | 1,338,757 | |
Energy | |||
Allowance for loan losses | |||
Beginning balance | 18,341 | 6,565 | 10,262 |
Provision charged to expense | (8,109) | 16,867 | (1,273) |
Charged-off | (1,003) | (5,091) | (3,000) |
Recoveries | 0 | 0 | 576 |
Ending balance | 9,229 | 18,341 | 6,565 |
Ending balance | |||
Individually evaluated for impairment | 2,100 | 3,370 | |
Collectively evaluated for impairment | 7,129 | 14,971 | |
Allocated to loans | |||
Individually evaluated for impairment | 16,204 | 26,045 | |
Collectively evaluated for impairment | 262,656 | 319,188 | |
Total Loans Receivable | 278,860 | 345,233 | |
Commercial real estate | |||
Allowance for loan losses | |||
Beginning balance | 22,354 | 8,085 | 6,755 |
Provision charged to expense | (3,235) | 15,853 | 1,771 |
Charged-off | 0 | (1,584) | (441) |
Recoveries | 0 | 0 | 0 |
Ending balance | 19,119 | 22,354 | 8,085 |
Ending balance | |||
Individually evaluated for impairment | 3,164 | 5,048 | |
Collectively evaluated for impairment | 15,955 | 17,306 | |
Allocated to loans | |||
Individually evaluated for impairment | 31,597 | 44,318 | |
Collectively evaluated for impairment | 1,249,498 | 1,135,216 | |
Total Loans Receivable | 1,281,095 | 1,179,534 | |
Construction and land development | |||
Allowance for loan losses | |||
Beginning balance | 3,612 | 3,516 | 2,475 |
Provision charged to expense | 137 | 96 | 1,041 |
Charged-off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Ending balance | 3,749 | 3,612 | 3,516 |
Ending balance | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 3,749 | 3,612 | |
Allocated to loans | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 578,758 | 563,144 | |
Total Loans Receivable | 578,758 | 563,144 | |
Residential and multifamily real estate | |||
Allowance for loan losses | |||
Beginning balance | 5,842 | 2,546 | 1,464 |
Provision charged to expense | (611) | 3,700 | 1,090 |
Charged-off | 0 | (445) | (8) |
Recoveries | 367 | 41 | 0 |
Ending balance | 5,598 | 5,842 | 2,546 |
Ending balance | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 5,598 | 5,842 | |
Allocated to loans | |||
Individually evaluated for impairment | 3,387 | 6,329 | |
Collectively evaluated for impairment | 597,429 | 674,603 | |
Total Loans Receivable | 600,816 | 680,932 | |
Paycheck Protection Program ("PPP") | |||
Allowance for loan losses | |||
Beginning balance | 0 | 0 | 0 |
Provision charged to expense | 0 | 0 | 0 |
Charged-off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0 |
Ending balance | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 0 | 0 | |
Allocated to loans | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 64,805 | 292,230 | |
Total Loans Receivable | 64,805 | 292,230 | |
Consumer | |||
Allowance for loan losses | |||
Beginning balance | 453 | 320 | 286 |
Provision charged to expense | (133) | 225 | 52 |
Charged-off | (2) | (104) | (20) |
Recoveries | 10 | 12 | 2 |
Ending balance | 328 | 453 | $ 320 |
Ending balance | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 328 | 453 | |
Allocated to loans | |||
Individually evaluated for impairment | 0 | 244 | |
Collectively evaluated for impairment | 63,605 | 55,026 | |
Total Loans Receivable | $ 63,605 | $ 55,270 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Internal Risk Ratings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 4,269,620 | $ 4,455,100 |
Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 47,275 | |
Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 28,879 | |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 4,014,490 | 3,944,627 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 176,422 | 224,416 |
Substandard Performing | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 211,008 | |
Substandard Performing | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 70,734 | |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,554 | 4,315 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,401,681 | 1,338,757 |
Commercial | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 23,739 | |
Commercial | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 4,858 | |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,356,883 | 1,182,519 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 16,201 | 66,142 |
Commercial | Substandard Performing | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 63,407 | |
Commercial | Substandard Performing | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 26,124 | |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 565 |
Commercial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Energy | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 278,860 | 345,233 |
Energy | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,246 | |
Energy | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 13,595 | |
Energy | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 184,269 | 145,598 |
Energy | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 73,196 | 90,134 |
Energy | Substandard Performing | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 83,574 | |
Energy | Substandard Performing | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 22,177 | |
Energy | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 2,554 | 3,750 |
Energy | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,281,095 | 1,179,534 |
Commercial real estate | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 11,782 | |
Commercial real estate | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 10,222 | |
Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,172,323 | 1,035,056 |
Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 86,768 | 67,710 |
Commercial real estate | Substandard Performing | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 57,680 | |
Commercial real estate | Substandard Performing | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 19,088 | |
Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Commercial real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 578,758 | 563,144 |
Construction and land development | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Construction and land development | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 578,758 | 561,871 |
Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 125 |
Construction and land development | Substandard Performing | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 1,148 | |
Construction and land development | Substandard Performing | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Construction and land development | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Residential and multifamily real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 600,816 | 680,932 |
Residential and multifamily real estate | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 6,508 | |
Residential and multifamily real estate | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 204 | |
Residential and multifamily real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 593,847 | 672,327 |
Residential and multifamily real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 257 | 305 |
Residential and multifamily real estate | Substandard Performing | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 5,199 | |
Residential and multifamily real estate | Substandard Performing | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 3,101 | |
Residential and multifamily real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Residential and multifamily real estate | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Paycheck Protection Program ("PPP") | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 64,805 | 292,230 |
Paycheck Protection Program ("PPP") | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Paycheck Protection Program ("PPP") | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Paycheck Protection Program ("PPP") | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 64,805 | 292,230 |
Paycheck Protection Program ("PPP") | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Paycheck Protection Program ("PPP") | Substandard Performing | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Paycheck Protection Program ("PPP") | Substandard Performing | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Paycheck Protection Program ("PPP") | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Paycheck Protection Program ("PPP") | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 63,605 | 55,270 |
Consumer | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Consumer | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 63,605 | 55,026 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer | Substandard Performing | Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | |
Consumer | Substandard Performing | Nonperforming Financial Instruments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 244 | |
Consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | 0 | 0 |
Consumer | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 0 | $ 0 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Loan Aging Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 4,269,620 | $ 4,455,100 |
Loans >= 90 Days and Accruing | 90 | 1,024 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,671 | 10,137 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,858 | 7,941 |
90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 5,681 | 26,754 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,260,410 | 4,410,268 |
Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 9,210 | 44,832 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,401,681 | 1,338,757 |
Loans >= 90 Days and Accruing | 90 | 0 |
Commercial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 183 | 8,497 |
Commercial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 499 | 264 |
Commercial | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,037 | 11,236 |
Commercial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,399,962 | 1,318,760 |
Commercial | Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,719 | 19,997 |
Energy | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 278,860 | 345,233 |
Loans >= 90 Days and Accruing | 0 | 372 |
Energy | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Energy | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Energy | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,644 | 7,173 |
Energy | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 274,216 | 338,060 |
Energy | Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,644 | 7,173 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,281,095 | 1,179,534 |
Loans >= 90 Days and Accruing | 0 | 0 |
Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 85 | 63 |
Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 992 | 7,677 |
Commercial real estate | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 4,825 |
Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,280,018 | 1,166,969 |
Commercial real estate | Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,077 | 12,565 |
Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 578,758 | 563,144 |
Loans >= 90 Days and Accruing | 0 | 0 |
Construction and land development | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 966 | 0 |
Construction and land development | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 117 | 0 |
Construction and land development | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 577,675 | 563,144 |
Construction and land development | Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,083 | 0 |
Residential and multifamily real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 600,816 | 680,932 |
Loans >= 90 Days and Accruing | 0 | 652 |
Residential and multifamily real estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 437 | 1,577 |
Residential and multifamily real estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 151 | 0 |
Residential and multifamily real estate | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 3,520 |
Residential and multifamily real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 600,228 | 675,835 |
Residential and multifamily real estate | Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 588 | 5,097 |
Paycheck Protection Program ("PPP") | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 64,805 | 292,230 |
Loans >= 90 Days and Accruing | 0 | 0 |
Paycheck Protection Program ("PPP") | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Paycheck Protection Program ("PPP") | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Paycheck Protection Program ("PPP") | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Paycheck Protection Program ("PPP") | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 64,805 | 292,230 |
Paycheck Protection Program ("PPP") | Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 63,605 | 55,270 |
Loans >= 90 Days and Accruing | 0 | 0 |
Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 99 | 0 |
Consumer | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 63,506 | 55,270 |
Consumer | Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 99 | $ 0 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Recorded Balance | ||
Total | $ 56,927 | $ 121,614 |
Unpaid Principal Balance | ||
Total | 67,089 | 145,680 |
Specific Allowance | 5,597 | 9,533 |
Interest Income Recognized | ||
Total | 1,210 | 3,557 |
Commercial | ||
Recorded Balance | ||
Loans without a specific valuation | 4,659 | 36,111 |
Loans with a specific valuation | 1,080 | 8,567 |
Total | 5,739 | 44,678 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 4,740 | 50,245 |
Loans with a specific valuation | 1,080 | 8,567 |
Total | 5,820 | 58,812 |
Specific Allowance | 333 | 1,115 |
Average Investment Impaired Loans | ||
Loans without a specific valuation | 7,155 | 29,591 |
Loans with a specific valuation | 496 | 8,637 |
Total | 7,651 | 38,228 |
Interest Income Recognized | ||
Loans without a specific valuation | 75 | 1,143 |
Loans with a specific valuation | 19 | 249 |
Total | 94 | 1,392 |
Energy | ||
Recorded Balance | ||
Loans without a specific valuation | 3,509 | 3,864 |
Loans with a specific valuation | 12,695 | 22,181 |
Total | 16,204 | 26,045 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 7,322 | 6,677 |
Loans with a specific valuation | 17,977 | 27,460 |
Total | 25,299 | 34,137 |
Specific Allowance | 2,100 | 3,370 |
Average Investment Impaired Loans | ||
Loans without a specific valuation | 4,548 | 6,710 |
Loans with a specific valuation | 14,117 | 23,823 |
Total | 18,665 | 30,533 |
Interest Income Recognized | ||
Loans without a specific valuation | 5 | 53 |
Loans with a specific valuation | 14 | 542 |
Total | 19 | 595 |
Commercial real estate | ||
Recorded Balance | ||
Loans without a specific valuation | 1,729 | 10,079 |
Loans with a specific valuation | 29,868 | 34,239 |
Total | 31,597 | 44,318 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 1,729 | 11,663 |
Loans with a specific valuation | 30,854 | 34,239 |
Total | 32,583 | 45,902 |
Specific Allowance | 3,164 | 5,048 |
Average Investment Impaired Loans | ||
Loans without a specific valuation | 1,800 | 11,952 |
Loans with a specific valuation | 28,876 | 27,980 |
Total | 30,676 | 39,932 |
Interest Income Recognized | ||
Loans without a specific valuation | 18 | 390 |
Loans with a specific valuation | 993 | 1,035 |
Total | 1,011 | 1,425 |
Construction and land development | ||
Recorded Balance | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Specific Allowance | 0 | 0 |
Average Investment Impaired Loans | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Interest Income Recognized | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Residential and multifamily real estate | ||
Recorded Balance | ||
Loans without a specific valuation | 3,387 | 6,329 |
Loans with a specific valuation | 0 | 0 |
Total | 3,387 | 6,329 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 3,387 | 6,585 |
Loans with a specific valuation | 0 | 0 |
Total | 3,387 | 6,585 |
Specific Allowance | 0 | 0 |
Average Investment Impaired Loans | ||
Loans without a specific valuation | 3,392 | 6,315 |
Loans with a specific valuation | 0 | 0 |
Total | 3,392 | 6,315 |
Interest Income Recognized | ||
Loans without a specific valuation | 86 | 145 |
Loans with a specific valuation | 0 | 0 |
Total | 86 | 145 |
Paycheck Protection Program ("PPP") | ||
Recorded Balance | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Specific Allowance | 0 | 0 |
Average Investment Impaired Loans | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Interest Income Recognized | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 0 |
Consumer | ||
Recorded Balance | ||
Loans without a specific valuation | 0 | 244 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 244 |
Unpaid Principal Balance | ||
Loans without a specific valuation | 0 | 244 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 244 |
Specific Allowance | 0 | 0 |
Average Investment Impaired Loans | ||
Loans without a specific valuation | 0 | 250 |
Loans with a specific valuation | 0 | 0 |
Total | 0 | 250 |
Interest Income Recognized | ||
Loans without a specific valuation | 0 | 0 |
Loans with a specific valuation | 0 | 0 |
Total | $ 0 | $ 0 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans | $ 31,432 | $ 75,051 |
Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans | 4,858 | 26,691 |
Energy | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans | 16,148 | 25,927 |
Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans | 10,222 | 19,088 |
Construction and land development | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Residential and multifamily real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans | 204 | 3,101 |
Paycheck Protection Program ("PPP") | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans | 0 | 0 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans | $ 0 | $ 244 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Troubled Debt Restructuring Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Item | Dec. 31, 2020USD ($)Item | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings | $ 4,750 | $ 53,067 |
Number of Loans | Item | 11 | 17 |
Outstanding Balance | $ 40,369 | $ 63,095 |
Balance 90 Days Past Due at Any Time During Previous 12 Months | 12,813 | 5,489 |
Total specific valuation allowance for restructured loans | 4,000 | 4,000 |
Troubled debt restructurings, charge-offs | 0 | 26,000 |
Troubled debt restructurings, recoveries | $ 81,000 | 0 |
Number of TDR loans modified within the previous twelve months default | Item | 0 | |
Interest income recognized on TDRs | $ 2,000 | 1,000 |
Gross interest income if loan had been current in accordance with original terms | $ 3,000 | $ 2,000 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | Item | 1 | 7 |
Outstanding Balance | $ 910 | $ 22,759 |
Balance 90 Days Past Due at Any Time During Previous 12 Months | $ 4,899 | $ 2,776 |
Energy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | Item | 4 | 4 |
Outstanding Balance | $ 10,118 | $ 11,053 |
Balance 90 Days Past Due at Any Time During Previous 12 Months | $ 7,825 | $ 2,713 |
Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | Item | 5 | 4 |
Outstanding Balance | $ 26,158 | $ 26,038 |
Balance 90 Days Past Due at Any Time During Previous 12 Months | $ 0 | $ 0 |
Construction and land development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | Item | 0 | 0 |
Outstanding Balance | $ 0 | $ 0 |
Balance 90 Days Past Due at Any Time During Previous 12 Months | $ 0 | $ 0 |
Residential and multifamily real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | Item | 1 | 2 |
Outstanding Balance | $ 3,183 | $ 3,245 |
Balance 90 Days Past Due at Any Time During Previous 12 Months | $ 89 | $ 0 |
Paycheck Protection Program ("PPP") | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | Item | 0 | 0 |
Outstanding Balance | $ 0 | $ 0 |
Balance 90 Days Past Due at Any Time During Previous 12 Months | $ 0 | $ 0 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | Item | 0 | 0 |
Outstanding Balance | $ 0 | $ 0 |
Balance 90 Days Past Due at Any Time During Previous 12 Months | 0 | 0 |
Debt forgiveness | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings | 17,297 | |
Deferred payment | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings | 21,210 | |
Reduction of monthly payment | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings | 1,224 | |
Reduction of monthly payment | Energy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings | 7,825 | |
Reduction of monthly payment | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings | 3,750 | |
Extension of maturity date | Energy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings | 2,340 | |
Interest rate reduction | Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total troubled debt restructurings | $ 1,000 | $ 3,171 |
Premises and Equipment - Major
Premises and Equipment - Major Classifications of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 93,939 | $ 93,470 |
Less: accumulated depreciation | 27,870 | 22,961 |
Premises and equipment, net | 66,069 | 70,509 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 7,384 | 7,384 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 62,344 | 62,331 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 509 | 95 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 14,106 | 14,073 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 9,596 | $ 9,587 |
Goodwill and Core Deposit Int_3
Goodwill and Core Deposit Intangible - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Core Deposit Intangible [Abstract] | ||||
Goodwill impairment | $ 7,000 | $ 0 | $ 7,397 | $ 0 |
Finite-lived intangible asset, remaining amortization period | 2 years |
Goodwill and Core Deposit Int_4
Goodwill and Core Deposit Intangible - Change in Goodwill and Core Deposit Intangible (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Core Deposit Intangible [Abstract] | ||
Goodwill, Gross Carrying Amount | $ 7,397 | |
Goodwill, Impairment | 7,397 | |
Goodwill, Net Carrying Amount | 0 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 1,014 | 1,014 |
Accumulated Amortization | 884 | 806 |
Net Carrying Amount | 130 | 208 |
Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | 1,014 | 8,411 |
Accumulated Amortization | 884 | 806 |
Net Carrying Amount | $ 208 | |
Net Carrying Amount | $ 130 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Dec. 31, 2021USD ($)Item | Dec. 31, 2020USD ($)Item | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | ||||
Interest expense | $ 24,459 | $ 43,199 | $ 74,774 | |
Swap fee income | 275 | (204) | $ 2,753 | |
Derivative instruments not designated as hedging instruments, loss | (342) | $ (290) | ||
Fair value of derivatives, net | 11,000 | |||
Derivative collateral | 17,000 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative [Line Items] | ||||
Interest expense | $ 0 | |||
Interest Rate Swap [Member] | Designated As Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Number of instruments | Item | 5 | 5 | ||
Notional amount | $ 100,000 | $ 0 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Number of instruments | Item | 54 | 56 | ||
Notional amount | $ 535,000 | $ 516,000 | ||
Change in Accounting Method Accounted for as Change in Estimate | ||||
Derivative [Line Items] | ||||
Swap fee income | $ 800 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Derivative Financial Instruments and Classification on the Balance Sheet (Details) - Interest Rate Products [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Asset Derivatives | $ 11,308 | $ 24,094 |
Liability Derivatives | 11,887 | 24,454 |
Other Assets [Member] | Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset Derivatives | 3 | 0 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset Derivatives | 11,305 | 24,094 |
Other Liabilities [Member] | Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability Derivatives | 565 | 0 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability Derivatives | $ 11,322 | $ 24,454 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Cash Flow Hedge on Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Gain or (Loss) Recognized in OCI on Derivative | $ (562) | $ 0 | $ 0 |
Gain or (Loss) Reclassified from Accumulated OCI into Income | (138) | $ 0 | $ 0 |
Interest Expense [Member] | Interest Rate Products [Member] | Designated As Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain or (Loss) Recognized in OCI on Derivative | (562) | ||
Gain or (Loss) Recognized in OCI Included Component | (562) | ||
Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease Before Adjustments After Tax | 0 | ||
Gain or (Loss) Reclassified from Accumulated OCI into Income | 0 | ||
Gain or (Loss) Reclassified from Accumulated OCI into Income Included Component | 0 | ||
Gain or (Loss) Reclassified from Accumulated OCI into Income Excluded Component | $ 0 |
Foreclosed Assets - Foreclosed
Foreclosed Assets - Foreclosed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Foreclosed Assets [Abstract] | |||
Beginning balance | $ 2,347 | $ 3,619 | $ 0 |
Loans transferred to foreclosed assets | 0 | 930 | 3,619 |
Direct write-downs | (629) | (1,118) | 0 |
Sales proceeds from foreclosed assets | (628) | (1,045) | 0 |
Gain (loss) on sale of foreclosed assets | 58 | (39) | 0 |
Ending balance | $ 1,148 | $ 2,347 | $ 3,619 |
Interest-bearing Time Deposits
Interest-bearing Time Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Interest-bearing Time Deposits [Abstract] | ||
Interest-bearing time deposits in denominations of $250,000 or more | $ 324 | $ 524 |
Brokered deposits | 91 | 188 |
CDARS | $ 50 | $ 75 |
Borrowing Arrangements - Borrow
Borrowing Arrangements - Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2010 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2012 | Sep. 30, 2005 |
Debt Instrument [Line Items] | |||||
Balance | $ 237,609 | $ 296,369 | |||
Securities sold under agreements to repurchase, average daily balance | 2,000 | 32,000 | |||
Securities pledged for repurchase agreements | 0 | 6,000 | |||
Borrowings | 1,009 | ||||
FHLB advances | |||||
Debt Instrument [Line Items] | |||||
Balance | $ 236,600 | $ 293,100 | |||
Rate | 1.92% | 1.78% | |||
Maximum balance at any end of month | $ 293,100 | $ 450,659 | |||
FHLB line of credit | |||||
Debt Instrument [Line Items] | |||||
Maximum balance at any end of month | 0 | 20,000 | |||
Trust preferred security | |||||
Debt Instrument [Line Items] | |||||
Balance | $ 1,009 | $ 963 | |||
Rate | 1.94% | 1.96% | |||
Maximum balance at any end of month | $ 1,009 | $ 963 | |||
Fair value of assumed liability | $ 1,000 | ||||
Borrowings | $ 4,000 | ||||
Decrease in principal balance | $ (1,500) | ||||
Decrease in recorded balance | (400) | ||||
Difference between recorded amount and contract value | $ 2,500 | ||||
FHLB | |||||
Debt Instrument [Line Items] | |||||
Borrowings | 40,000 | ||||
Prepayment penalties | 771 | ||||
Repurchase agreements | |||||
Debt Instrument [Line Items] | |||||
Balance | 0 | $ 2,306 | |||
Rate | 0.15% | ||||
Maximum balance at any end of month | 6,218 | $ 57,259 | |||
Federal funds purchased | |||||
Debt Instrument [Line Items] | |||||
Balance | 0 | 0 | |||
Maximum balance at any end of month | 0 | 30,000 | |||
Federal Reserve Borrowing | |||||
Debt Instrument [Line Items] | |||||
Maximum balance at any end of month | $ 0 | $ 15,000 | |||
Maturities term | 90 days | ||||
Minimum | FHLB advances | |||||
Debt Instrument [Line Items] | |||||
FHLB advances, fixed rate | 0.37% | ||||
Maximum | FHLB advances | |||||
Debt Instrument [Line Items] | |||||
FHLB advances, fixed rate | 2.88% | ||||
LIBOR | Trust preferred security | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.74% |
Borrowing Arrangements - Other
Borrowing Arrangements - Other Borrowing Capacities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Unused Federal Reserve borrowing capacity | $ 428,786 | $ 435,805 |
Total FHLB borrowing capacity | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | 435,562 | 518,191 |
FHLB borrowing capacity relating to loans | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | 435,562 | 518,191 |
FHLB borrowing capacity relating to securities | ||
Debt Instrument [Line Items] | ||
Borrowing capacity | $ 0 | $ 0 |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Scheduled Maturities for Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time deposits | ||
Within One Year | $ 538,208 | |
One to Two Years | 66,660 | |
Two to Three Years | 17,422 | |
Three to Four Years | 718 | |
Four to Five Years | 1,346 | |
After Five Years | 33 | |
Total | 624,387 | $ 1,043,482 |
FHLB borrowings | ||
Within One Year | 21,500 | |
One to Two Years | 35,000 | |
Two to Three Years | 0 | |
Three to Four Years | 5,100 | |
Four to Five Years | 0 | |
After Five Years | 175,000 | |
Total | 236,600 | $ 293,100 |
Trust preferred securities | ||
Within One Year | 0 | |
One to Two Years | 0 | |
Two to Three Years | 0 | |
Three to Four Years | 0 | |
Four to Five Years | 0 | |
After Five Years | 1,009 | |
Total | 1,009 | |
Total | ||
Within One Year | 559,708 | |
One to Two Years | 101,660 | |
Two to Three Years | 17,422 | |
Three to Four Years | 5,818 | |
Four to Five Years | 1,346 | |
After Five Years | 176,042 | |
Total | 861,996 | |
Contract value | $ 2,600 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | ||||
Tax credit | $ 2,000 | |||
Federal tax expense | $ 362,000 | |||
Deferred tax asset | $ 2,621 | $ 1,033 | ||
Operating loss carry-forwards | 2,000 | |||
Operating loss annual usage limit | 180,000 | |||
Tax Year 2019 | ||||
Tax Credit Carryforward [Line Items] | ||||
Deferred tax asset | 1,000 | |||
State Tax Credit | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax credit | $ 2,000 | $ 3,000 | ||
Deferred tax asset | 1,000 | |||
Federal | ||||
Tax Credit Carryforward [Line Items] | ||||
Operating loss carry-forwards | $ 1,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Taxes currently payable | $ 14,892 | $ 7,970 | $ 7,624 |
Deferred income tax asset (liability) | 2,664 | (5,257) | (3,486) |
Income tax expense | $ 17,556 | $ 2,713 | $ 4,138 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Computed at the statutory rate (21%) | $ 18,263 | $ 3,216 | $ 6,848 |
Increase (decrease) resulting from | |||
Tax-exempt income | (3,672) | (3,109) | (2,913) |
Nondeductible expenses | 232 | 194 | 356 |
State tax credit | 0 | 0 | (1,361) |
State income taxes | 3,030 | 679 | 1,288 |
Equity-based compensation | (172) | 179 | (88) |
Goodwill impairment | 0 | 1,553 | 0 |
Other adjustments | (125) | 1 | 8 |
Income tax expense | $ 17,556 | $ 2,713 | $ 4,138 |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences Related to Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Allowance for loan losses | $ 14,051 | $ 18,124 |
Lease incentive | 508 | 564 |
Impairment of available-for-sale securities | 508 | 564 |
Loan fees | 3,227 | 3,178 |
Accrued expenses | 2,735 | 2,128 |
Deferred compensation | 2,418 | 2,474 |
State tax credit | 1,033 | 2,621 |
Other | 2,057 | 946 |
Total deferred tax asset | 26,029 | 30,035 |
Deferred tax liability | ||
Net unrealized gain on securities available-for-sale | 6,967 | 9,531 |
FHLB stock basis | 757 | 1,209 |
Premises and equipment | (2,602) | (2,881) |
Other | 1,229 | 1,601 |
Total deferred tax liability | (11,555) | (15,222) |
Net deferred tax asset | $ 14,474 | $ 14,813 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income - Amounts Reclassified from AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized gains on available-for-sale securities | $ 1,023 | $ 1,704 | $ 987 |
Less: tax expense effect | 17,556 | 2,713 | 4,138 |
Net Income | 69,413 | 12,601 | 28,473 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrealized gains on available-for-sale securities | 1,023 | 1,704 | 987 |
Less: tax expense effect | 245 | 415 | 242 |
Net Income | $ 778 | $ 1,289 | $ 745 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Matters [Abstract] | ||
Capital conservation buffer | 0.025 | 0.025 |
Regulatory Matters - Actual Cap
Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Total Capital to Risk-Weighted Assets | ||
Actual, amount | $ 704,544 | $ 656,806 |
Actual, ratio | 0.136 | 0.131 |
Minimum capital required, Basel III, amount | $ 544,060 | $ 527,486 |
Minimum capital required, Basel III, ratio | 0.105 | 0.105 |
Tier I Capital to Risk-Weighted Assets | ||
Actual, amount | $ 646,169 | $ 593,865 |
Actual, ratio | 0.125 | 0.118 |
Minimum capital required, Basel III, amount | $ 440,430 | $ 427,012 |
Minimum capital required, Basel III, ratio | 0.085 | 0.085 |
Common Equity Tier 1 to Risk-Weighted Assets | ||
Actual, amount | $ 645,160 | $ 592,902 |
Actual, ratio | 0.125 | 0.118 |
Minimum capital required, Basel III, amount | $ 362,707 | $ 351,657 |
Minimum capital required, Basel III, ratio | 7.00% | 7.00% |
Tier I Capital to Average Assets | ||
Actual, amount | $ 646,169 | $ 593,865 |
Actual, ratio | 0.118 | 0.108 |
Minimum capital required, Basel III, amount | $ 218,510 | $ 219,550 |
Minimum capital required, Basel III, ratio | 0.040 | 0.040 |
Bank | ||
Total Capital to Risk-Weighted Assets | ||
Actual, amount | $ 681,980 | $ 611,533 |
Actual, ratio | 0.132 | 0.122 |
Minimum capital required, Basel III, amount | $ 543,708 | $ 527,217 |
Minimum capital required, Basel III, ratio | 0.105 | 0.105 |
Required to be considered well capitalized, amount | $ 517,817 | $ 502,111 |
Required to be considered well capitalized, ratio | 0.100 | 0.100 |
Tier I Capital to Risk-Weighted Assets | ||
Actual, amount | $ 623,605 | $ 548,615 |
Actual, ratio | 0.120 | 0.109 |
Minimum capital required, Basel III, amount | $ 440,144 | $ 426,794 |
Minimum capital required, Basel III, ratio | 0.085 | 0.085 |
Required to be considered well capitalized, amount | $ 414,253 | $ 401,689 |
Required to be considered well capitalized, ratio | 0.080 | 0.080 |
Common Equity Tier 1 to Risk-Weighted Assets | ||
Actual, amount | $ 623,605 | $ 548,615 |
Actual, ratio | 0.120 | 0.109 |
Minimum capital required, Basel III, amount | $ 362,472 | $ 351,478 |
Minimum capital required, Basel III, ratio | 7.00% | 7.00% |
Required to be considered well capitalized, amount | $ 336,581 | $ 326,372 |
Required to be considered well capitalized, ratio | 6.50% | 6.50% |
Tier I Capital to Average Assets | ||
Actual, amount | $ 623,605 | $ 548,615 |
Actual, ratio | 0.114 | 0.100 |
Minimum capital required, Basel III, amount | $ 218,366 | $ 219,441 |
Minimum capital required, Basel III, ratio | 0.040 | 0.040 |
Required to be considered well capitalized, amount | $ 272,958 | $ 274,302 |
Required to be considered well capitalized, ratio | 0.050 | 0.050 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions | $ 1 | $ 1 | $ 1 |
First 1% of Employees Salary Deferral Amounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to the plan, percentage | 100.00% | 100.00% | 100.00% |
Percent of employees' gross pay | 1.00% | 1.00% | 1.00% |
Salary Deferral Amounts Over 1% | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions to the plan, percentage | 50.00% | 50.00% | 50.00% |
Percent of employees' gross pay | 1.00% | 1.00% | 1.00% |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of employees' gross pay | 6.00% | 6.00% | 6.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Noninterest income subject to ASU 2014-09 | |||
Total noninterest income from contracts with customers | $ 14,241 | $ 8,360 | $ 3,227 |
Noninterest income not subject to ASU 2014-09 | |||
Other noninterest income | (581) | 3,373 | 5,480 |
Total non-interest income | 13,660 | 11,733 | 8,707 |
Service charges and fees (rebates) on customer accounts | |||
Noninterest income subject to ASU 2014-09 | |||
Total noninterest income from contracts with customers | 4,580 | 2,803 | 604 |
ATM and credit card interchange income | |||
Noninterest income subject to ASU 2014-09 | |||
Total noninterest income from contracts with customers | 7,996 | 4,379 | 1,785 |
International fees | |||
Noninterest income subject to ASU 2014-09 | |||
Total noninterest income from contracts with customers | 1,531 | 1,091 | 716 |
Other fees | |||
Noninterest income subject to ASU 2014-09 | |||
Total noninterest income from contracts with customers | $ 134 | $ 87 | $ 122 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018USD ($) | May 31, 2018shares | Jan. 31, 2018shares | Dec. 31, 2021USD ($)Itemshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2016shares | Jan. 01, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock split ratio | 2 | |||||||
Compensation expense | $ 4,584 | $ 4,363 | $ 4,724 | |||||
Cumulative effect adjustment | $ (490,336) | $ (667,573) | (624,428) | $ (601,644) | ||||
Omnibus Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares authorized for future issuance (in shares) | shares | 1,775,245 | |||||||
Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued (in shares) | shares | 101,178 | |||||||
Stock appreciation rights | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 7 years | 3 years | ||||||
Expiration period | 15 years | |||||||
Granted (in shares) | shares | 63,000 | |||||||
Compensation expense | $ 711 | 994 | $ 1,243 | |||||
Unrecognized compensation expense | $ 1,249 | $ 1,737 | $ 2,904 | |||||
Period for recognizing stock-based compensation expense | 4 years 1 month 6 days | 3 years 3 months 18 days | 3 years 10 months 24 days | |||||
Stock Appreciation Rights - Legacy Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration period | 15 years | |||||||
Minimum period after holding grant for retirement eligibility | 1 year | |||||||
Minimum service period for retirement eligibility | 5 years | |||||||
Shares outstanding | shares | 0 | |||||||
Other Stock Appreciation Rights | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expiration period | 10 years | 5 years | ||||||
Performance-Based Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
Granted (in shares) | shares | 63,631 | |||||||
Compensation expense | $ 741 | $ 249 | $ 271 | |||||
Period for recognizing stock-based compensation expense | 2 years 1 month 6 days | |||||||
Restricted Stock Units and Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | shares | 289,782 | |||||||
Unrecognized compensation expense | $ 3,000 | |||||||
Period for recognizing stock-based compensation expense | 1 year 9 months 18 days | |||||||
Restricted Stock Units | Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted (in shares) | shares | 282,192 | |||||||
Restricted Stock Units - Legacy Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | 3 years | ||||||
All Other Restricted Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
Restricted stock awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 1 year | |||||||
Compensation expense | $ 3,047 | 3,078 | $ 3,174 | |||||
Minimum | Performance-Based Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award payout percentage | 0.00% | |||||||
Maximum | Performance-Based Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award payout percentage | 150.00% | |||||||
Retained Earnings | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cumulative effect adjustment | $ (38,371) | $ (147,099) | (77,652) | (64,803) | ||||
Accounting Standards Update 2018-07 | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cumulative effect adjustment | 34 | (306) | ||||||
Accounting Standards Update 2018-07 | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Cumulative effect adjustment | $ (204) | $ (2,000) | $ (2,000) | |||||
Non-employees | Stock appreciation rights | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Award vesting period | 5 years | |||||||
Non-employees | Performance-Based Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Accelerated vesting cost | $ 411 | |||||||
Award payout percentage | 119.00% | |||||||
Granted (in shares) | shares | 63,631 | 116,960 | ||||||
Compensation expense | $ 245 | |||||||
Number of equally weighted market measures | Item | 4 | |||||||
Unrecognized compensation expense | $ 661 | |||||||
Shares issued (in shares) | shares | 139,709 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | $ 4,584 | $ 4,363 | $ 4,724 |
Stock appreciation rights | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | 711 | 994 | 1,243 |
Performance-based stock awards | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | 741 | 249 | 271 |
Restricted stock awards | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | 3,047 | 3,078 | 3,174 |
Employee Stock Purchase Plan | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock-based compensation | $ 85 | $ 42 | $ 36 |
Stock-Based Compensation - SSAR
Stock-Based Compensation - SSARs Assumptions (Details) - Stock appreciation rights - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assumptions: | |||
Expected volatility, minimum | 42.93% | 20.34% | 24.63% |
Expected volatility, maximum | 43.29% | 20.34% | 33.63% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Risk-free rate, minimum | 0.94% | 0.38% | 1.45% |
Risk-free rate, maximum | 1.36% | 0.38% | 2.55% |
Weighted average grant date fair value per share | $ 6.50 | $ 1.93 | $ 5.43 |
Aggregate intrinsic value of SSARs exercised | $ 1,297 | $ 571 | $ 493 |
Total fair value of SSARs vested during the year | 1,087 | 1,245 | 1,171 |
Unrecognized compensation information: | |||
Unrecognized compensation cost | $ 1,249 | $ 1,737 | $ 2,904 |
Period remaining (in years) | 4 years 1 month 6 days | 3 years 3 months 18 days | 3 years 10 months 24 days |
Minimum | |||
Assumptions: | |||
Expected term (in years) | 7 years | 6 years | 4 years 2 months 26 days |
Maximum | |||
Assumptions: | |||
Expected term (in years) | 7 years 2 days | 6 years | 7 years |
Stock-Based Compensation - SS_2
Stock-Based Compensation - SSARs Activity (Details) - Stock appreciation rights - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Units | ||
Beginning balance (in shares) | 1,589,675 | |
Granted (in shares) | 63,000 | |
Exercised (in shares) | (141,186) | |
Forfeited or expired (in shares) | (38,413) | |
Ending balance (in shares) | 1,473,076 | 1,589,675 |
Exercisable (in shares) | 1,120,238 | |
Weighted Average Exercise Price | ||
Beginning balance, weighted average exercise price (in dollars per share) | $ 10.73 | |
Granted, weighted average exercise price (in dollars per share) | 14.20 | |
Exercised, weighted average exercise price (in dollars per share) | 7.08 | |
Forfeited or expired, weighted average exercise price (in dollars per share) | 11.99 | |
Ending balance, weighted average exercise price (in dollars per share) | 11.20 | $ 10.73 |
Exercisable, weighted average exercise price (in dollars per share) | $ 10.46 | |
Weighted average remaining contractual term | 9 years 8 months 1 day | 8 years 5 months 12 days |
Weighted average remaining contractual term, granted | 7 years 1 month 17 days | |
Weighted average remaining contractual term, exercisable | 6 years 11 months 4 days |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-Based Awards Activity (Details) - Performance-Based Awards | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 231,631 |
Granted (in shares) | shares | 63,631 |
Incremental performance shares (in shares) | shares | 25,173 |
Vested (in shares) | shares | (217,135) |
Forfeited (in shares) | shares | (4,948) |
Ending balance (in shares) | shares | 98,352 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 10.51 |
Granted (in dollars per share) | $ / shares | 12.88 |
Incremental performance shares (in dollars per share) | $ / shares | 8.69 |
Vested (in dollars per share) | $ / shares | 9.54 |
Forfeited (in dollars per share) | $ / shares | 13.19 |
Ending balance (in dollars per share) | $ / shares | $ 13.59 |
Stock-Based Compensation - RSUs
Stock-Based Compensation - RSUs and RSAs Activity (Details) - Restricted Stock Units and Awards | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 369,217 |
Granted (in shares) | shares | 289,782 |
Vested (in shares) | shares | (247,690) |
Forfeited (in shares) | shares | (27,679) |
Ending balance (in shares) | shares | 383,630 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 12.61 |
Granted (in dollars per share) | $ / shares | 13.31 |
Vested (in dollars per share) | $ / shares | 11.91 |
Forfeited (in dollars per share) | $ / shares | 13.62 |
Ending balance (in dollars per share) | $ / shares | $ 13.52 |
Stock-Based Compensation - ESPP
Stock-Based Compensation - ESPP Assumptions (Details) - Employee Stock Purchase Plan | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assumptions: | |||
Expected volatility | 22.50% | 7.60% | |
Expected dividends | 0.00% | 0.00% | 0.00% |
Expected term (in years) | 6 months | 6 months | 1 year |
Risk-free rate | 0.17% | 2.09% | |
Minimum | |||
Assumptions: | |||
Expected volatility | 5.99% | ||
Risk-free rate | 0.03% | ||
Maximum | |||
Assumptions: | |||
Expected volatility | 32.00% | ||
Risk-free rate | 0.09% |
Stock-Based Compensation - Even
Stock-Based Compensation - Events and the Impact to Equity Based Compensation (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2018shares | Oct. 31, 2018shares | May 31, 2018USD ($)shares | Jan. 31, 2018USD ($)shares | Dec. 31, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock split ratio | 2 | ||||
Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Plan modification, incremental cost | $ | $ 1,124 | $ 1,294 | |||
Awards exchanged, percentage of original award | 100.00% | ||||
Shares issued (in shares) | 101,178 | ||||
Performance Based Restricted Stock Units | Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares forfeited (in shares) | 282,192 | ||||
Performance Based Restricted Stock Units | Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares forfeited (in shares) | 159,384 | ||||
Restricted Stock Units | Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of stock (in shares) | 282,192 | ||||
Shares exercised (in shares) | 74,280 | ||||
Restricted Stock Units | Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares forfeited (in shares) | 298,254 | ||||
Stock appreciation rights | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares exercised (in shares) | 141,186 | ||||
Shares forfeited (in shares) | 38,413 | ||||
Shares excluded from stock split (in shares) | 100,000 | ||||
Stock appreciation rights | Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares exercised (in shares) | 201,334 | ||||
Stock appreciation rights | Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares forfeited (in shares) | 1,595,430 |
Stock Warrants (Details)
Stock Warrants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Warrants outstanding (in shares) | 113,500 | 113,500 | |
Strike price (in dollars per share) | $ 5 | $ 5 | |
Warrants modified (in shares) | 113,500 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021Item | Dec. 31, 2020USD ($) | |
Operating Leased Assets [Line Items] | ||
Renewal term | 5 years | |
Office Space Lease, Phoenix, Arizona [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease term | 11 years | |
Number of renewal terms | Item | 2 | |
Renewal term | 5 years | |
Office Space Lease, Kansas City, Missouri | ||
Operating Leased Assets [Line Items] | ||
Lease term | 15 years | |
Number of renewal terms | 4 | |
Construction allowance | $ 1,000 | |
Office Space Lease, Frisco, Texas | ||
Operating Leased Assets [Line Items] | ||
Lease term | 86 months | |
Number of renewal terms | 2 | |
Construction allowance | $ 212 | |
Included Tenant Improvement Allowances [Member] | ||
Operating Leased Assets [Line Items] | ||
Number of operating leases | 3 |
Operating Leases - Rental Expen
Operating Leases - Rental Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Leases [Abstract] | |||
Rental Expense | $ 3,500 | $ 2,871 | $ 2,526 |
Operating Leases - Future Minim
Operating Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2022 | $ 2,996 |
2023 | 3,091 |
2024 | 2,794 |
2025 | 2,805 |
2026 | 2,859 |
Thereafter | $ 15,196 |
Disclosure about Fair Value o_2
Disclosure about Fair Value of Financial Instruments - Nonrecurring Measurements (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 38,046 | $ 2,347 |
Foreclosed assets held-for-sale | 1,148 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Foreclosed assets held-for-sale | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 0 | 0 |
Foreclosed assets held-for-sale | 0 | |
Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 38,046 | $ 2,347 |
Foreclosed assets held-for-sale | $ 1,148 |
Disclosure about Fair Value o_3
Disclosure about Fair Value of Financial Instruments - Unobservable Inputs (Details) - Nonrecurring $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | $ 38,046 | $ 2,347 |
Foreclosed assets held-for-sale | 1,148 | |
Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans | 38,046 | 2,347 |
Foreclosed assets held-for-sale | 1,148 | |
Unobservable Inputs (Level 3) | Marketability discount | Market comparable properties | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets held-for-sale | $ 1,148 | $ 2,347 |
Unobservable Inputs (Level 3) | Marketability discount | Market comparable properties | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans, measurement input | 0.07 | 0.01 |
Foreclosed assets held for sale, measurement input | 0.07 | |
Unobservable Inputs (Level 3) | Marketability discount | Market comparable properties | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans, measurement input | 1 | 0.98 |
Foreclosed assets held for sale, measurement input | 0.10 | |
Unobservable Inputs (Level 3) | Marketability discount | Market comparable properties | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent impaired loans, measurement input | (0.26) | (0.24) |
Foreclosed assets held for sale, measurement input | (0.1) | (0.09) |
Disclosure about Fair Value o_4
Disclosure about Fair Value of Financial Instruments - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Assets | ||
Restricted equity securities | $ 11,927 | $ 15,543 |
Carrying Amount | ||
Financial Assets | ||
Cash and cash equivalents | 482,727 | 408,810 |
Available-for-sale securities | 745,969 | 654,588 |
Loans, net of allowance for loan losses | 4,197,838 | 4,366,602 |
Restricted equity securities | 11,927 | 15,543 |
Interest receivable | 16,023 | 17,236 |
Equity securities | 2,642 | 13,436 |
Derivative assets | 11,308 | 24,094 |
Total | 5,468,434 | 5,500,309 |
Financial Liabilities | ||
Deposits | 4,683,597 | 4,694,740 |
Federal funds purchased and repurchase agreements | 2,306 | |
Federal Home Loan Bank advances | 236,600 | 293,100 |
Other borrowings | 1,009 | 963 |
Interest payable | 1,336 | 2,163 |
Derivative liabilities | 11,887 | 24,454 |
Total | 4,934,429 | 5,017,726 |
Fair Value Measurements | ||
Financial Assets | ||
Cash and cash equivalents | 482,727 | 408,810 |
Available-for-sale securities | 745,969 | 654,588 |
Loans, net of allowance for loan losses | 4,178,268 | 4,351,970 |
Restricted equity securities | 11,927 | 15,543 |
Interest receivable | 16,023 | 17,236 |
Equity securities | 2,642 | 13,436 |
Derivative assets | 11,308 | 24,094 |
Total | 5,448,864 | 5,485,677 |
Financial Liabilities | ||
Deposits | 4,645,442 | 4,734,251 |
Federal funds purchased and repurchase agreements | 2,306 | |
Federal Home Loan Bank advances | 241,981 | 309,020 |
Other borrowings | 2,318 | 2,024 |
Interest payable | 1,336 | 2,163 |
Derivative liabilities | 11,887 | 24,454 |
Total | 4,902,964 | 5,074,218 |
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Assets | ||
Cash and cash equivalents | 482,727 | 408,810 |
Available-for-sale securities | 0 | 0 |
Loans, net of allowance for loan losses | 0 | 0 |
Restricted equity securities | 0 | 0 |
Interest receivable | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total | 482,727 | 408,810 |
Financial Liabilities | ||
Deposits | 1,163,224 | 718,459 |
Federal Home Loan Bank advances | 0 | 0 |
Other borrowings | 0 | 0 |
Interest payable | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total | 1,163,224 | 718,459 |
Fair Value Measurements | Significant Other Observable Inputs (Level 2) | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Available-for-sale securities | 745,969 | 654,588 |
Loans, net of allowance for loan losses | 0 | 0 |
Restricted equity securities | 0 | 0 |
Interest receivable | 16,023 | 17,236 |
Equity securities | 2,209 | 2,247 |
Derivative assets | 11,308 | 24,094 |
Total | 775,509 | 698,165 |
Financial Liabilities | ||
Deposits | 0 | 0 |
Federal funds purchased and repurchase agreements | 2,306 | |
Federal Home Loan Bank advances | 241,981 | 309,020 |
Other borrowings | 2,318 | 2,024 |
Interest payable | 1,336 | 2,163 |
Derivative liabilities | 11,887 | 24,454 |
Total | 257,522 | 339,967 |
Fair Value Measurements | Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Loans, net of allowance for loan losses | 4,178,268 | 4,351,970 |
Restricted equity securities | 11,927 | 15,543 |
Interest receivable | 0 | 0 |
Equity securities | 433 | 11,189 |
Derivative assets | 0 | 0 |
Total | 4,190,628 | 4,378,702 |
Financial Liabilities | ||
Deposits | 3,482,218 | 4,015,792 |
Federal Home Loan Bank advances | 0 | 0 |
Other borrowings | 0 | 0 |
Interest payable | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total | $ 3,482,218 | $ 4,015,792 |
Commitments and Credit Risk - N
Commitments and Credit Risk - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)Item | Dec. 31, 2020 | |
Long Term Purchase Commitment [Line Items] | ||
Renewal term | 5 years | |
Office Space Lease Dallas Texas [Member] | ||
Long Term Purchase Commitment [Line Items] | ||
Lease term | 20 years | |
Number of renewal terms | Item | 2 | |
Renewal term | 5 years | |
Commitment related to investment fund | ||
Long Term Purchase Commitment [Line Items] | ||
Commitment amount | $ | $ 2.5 |
Commitments and Credit Risk - C
Commitments and Credit Risk - Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Total | $ 1,951,163 | $ 1,571,241 |
Commitments to originate loans | ||
Loss Contingencies [Line Items] | ||
Total | 118,651 | 99,596 |
Standby letters of credit | ||
Loss Contingencies [Line Items] | ||
Total | 51,114 | 48,607 |
Lines of credit | ||
Loss Contingencies [Line Items] | ||
Total | 1,768,231 | 1,423,038 |
Future lease commitments | ||
Loss Contingencies [Line Items] | ||
Total | 11,100 | 0 |
Commitment related to investment fund | ||
Loss Contingencies [Line Items] | ||
Total | $ 2,067 | $ 0 |
Stocks Offerings and Repurchase
Stocks Offerings and Repurchases (Details) $ / shares in Units, $ in Millions | Aug. 19, 2019USD ($)$ / sharesshares | Jan. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018 | Dec. 31, 2021USD ($)shares | Oct. 18, 2021USD ($) | Jun. 30, 2021USD ($) | Oct. 31, 2020USD ($) |
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 20 | $ 20 | |||||
Shares repurchased, amount | $ 8 | ||||||
Shares repurchased, shares | shares | 566,164 | ||||||
Stock split ratio | 2 | ||||||
Maximum | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 30 | ||||||
Series A Preferred Shares | |||||||
Class of Stock [Line Items] | |||||||
Dividend rate of preferred stock | 7.00% | ||||||
Preferred shares outstanding (in shares) | shares | 1,200,000 | ||||||
Redemption price (in dollars per share) | $ / shares | $ 25 | ||||||
Redemption amount of preferred shares | $ 30 | ||||||
IPO and Underwriter's Overallotment Option | |||||||
Class of Stock [Line Items] | |||||||
Shares sold and issued (in shares) | shares | 6,594,362 | ||||||
Price of stock per share (in dollars per share) | $ / shares | $ 14.50 | ||||||
Total proceeds on sale of stock | $ 87 | ||||||
Underwriters' Overallotment Option | |||||||
Class of Stock [Line Items] | |||||||
Shares sold and issued (in shares) | shares | 844,362 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Statements - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and cash equivalents | $ 482,727 | $ 408,810 | ||
Other assets | 32,258 | 56,170 | ||
Total assets | 5,621,457 | 5,659,303 | ||
Liabilities and stockholders' equity | ||||
Trust preferred securities, net | 1,009 | 963 | ||
Total liabilities | 4,953,884 | 5,034,875 | ||
Stockholders' equity | ||||
Common stock, $0.01 par value: authorized - 200,000,000 shares, issued - 52,590,015 and 52,289,129 shares at December 31, 2021 and 2020, respectively | 526 | 523 | ||
Treasury stock, at cost: 2,139,970 and 609,613 shares held at December 31, 2021 and 2020, respectively | (28,347) | (6,061) | ||
Additional paid-in capital | 526,806 | 522,911 | ||
Retained earnings | 147,099 | 77,652 | ||
Accumulated other comprehensive income | 21,489 | 29,403 | ||
Total stockholders' equity | 667,573 | 624,428 | $ 601,644 | $ 490,336 |
Total liabilities and stockholders' equity | 5,621,457 | 5,659,303 | ||
Parent Company | ||||
Assets | ||||
Cash and cash equivalents | 23,368 | 46,676 | ||
Other assets | 1,596 | 1,756 | ||
Total assets | 671,424 | 628,594 | ||
Liabilities and stockholders' equity | ||||
Trust preferred securities, net | 1,009 | 963 | ||
Other liabilities | 2,842 | 3,203 | ||
Total liabilities | 3,851 | 4,166 | ||
Stockholders' equity | ||||
Common stock, $0.01 par value: authorized - 200,000,000 shares, issued - 52,590,015 and 52,289,129 shares at December 31, 2021 and 2020, respectively | 526 | 523 | ||
Treasury stock, at cost: 2,139,970 and 609,613 shares held at December 31, 2021 and 2020, respectively | (28,347) | (6,061) | ||
Additional paid-in capital | 526,806 | 522,911 | ||
Retained earnings | 147,099 | 77,652 | ||
Accumulated other comprehensive income | 21,489 | 29,403 | ||
Total stockholders' equity | 667,573 | 624,428 | ||
Total liabilities and stockholders' equity | 671,424 | 628,594 | ||
Banks | Parent Company | ||||
Assets | ||||
Investment in consolidated subsidiaries | 646,027 | 580,162 | ||
Nonbanks | Parent Company | ||||
Assets | ||||
Investment in consolidated subsidiaries | $ 433 | $ 0 |
Parent Company Condensed Fina_4
Parent Company Condensed Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income | |||
Other | $ 2,628 | $ 1,152 | $ 855 |
Expense | |||
Salaries and employee benefits | 61,080 | 57,747 | 57,114 |
Occupancy | 9,688 | 8,701 | 8,349 |
Other | 11,491 | 8,677 | 8,026 |
Income tax benefit | 17,556 | 2,713 | 4,138 |
Net Income | 69,413 | 12,601 | 28,473 |
Parent Company | |||
Income | |||
Earnings of consolidated subsidiaries | 71,528 | 13,682 | 28,814 |
Management fees charged to subsidiaries | 8,520 | 8,520 | 7,500 |
Other | 2 | (18) | (4) |
Total income | 80,050 | 22,184 | 36,310 |
Expense | |||
Salaries and employee benefits | 6,111 | 5,143 | 4,584 |
Occupancy | 403 | 405 | 275 |
Other | 4,718 | 4,220 | 3,044 |
Total expense | 11,232 | 9,768 | 7,903 |
Income tax benefit | (595) | (185) | (66) |
Net Income | $ 69,413 | $ 12,601 | $ 28,473 |
Parent Company Condensed Fina_5
Parent Company Condensed Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net Income | $ 69,413 | $ 12,601 | $ 28,473 |
Share-based incentive compensation | 4,584 | 4,363 | 4,725 |
Net cash provided by operating activities | 88,371 | 80,453 | 73,830 |
Investing Activities | |||
Net cash provided by (used in) investing activities | 79,203 | (544,590) | (861,874) |
Financing Activities | |||
Redemption of preferred stock | 0 | 0 | (30,000) |
Dividends paid on preferred stock | 0 | 0 | (700) |
Issuance of common stock, net | 3 | 3 | 88,324 |
Open market common share repurchases | (22,286) | (6,061) | (155) |
Proceeds from employee stock purchase plan | 172 | 151 | 547 |
Net (increase) decrease in employee receivables | 34 | 47 | 117 |
Net cash provided by (used in) financing activities | (93,657) | 685,627 | 758,823 |
Increase (Decrease) in Cash and Cash Equivalents | 73,917 | 221,490 | (29,221) |
Cash and Cash Equivalents, Beginning of Period | 408,810 | 187,320 | 216,541 |
Cash and Cash Equivalents, End of Period | 482,727 | 408,810 | 187,320 |
Parent Company | |||
Operating Activities | |||
Net Income | 69,413 | 12,601 | 28,473 |
Earnings of consolidated subsidiaries | (71,528) | (13,682) | (28,814) |
Share-based incentive compensation | 2,332 | 1,917 | 1,974 |
Other adjustments | (155) | (412) | 5,343 |
Net cash provided by operating activities | 62 | 424 | 6,976 |
Investing Activities | |||
Decrease (increase) in investment in subsidiaries | 0 | (870) | 49,825 |
Increase in equity investment | 433 | 0 | 0 |
Net cash provided by (used in) investing activities | (433) | 870 | (49,825) |
Financing Activities | |||
Redemption of preferred stock | 0 | 0 | 30,000 |
Dividends paid on preferred stock | 0 | 0 | 700 |
Issuance of common stock, net | 3 | 3 | 88,324 |
Open market common share repurchases | 0 | 0 | 155 |
Common stock purchased and retired | 22,286 | 6,061 | 0 |
Acquisition of common stock for tax withholding obligations | 860 | 1,236 | 245 |
Proceeds from employee stock purchase plan | 172 | 151 | 547 |
Net (increase) decrease in employee receivables | 34 | 47 | 117 |
Net cash provided by (used in) financing activities | (22,937) | (7,096) | 57,888 |
Increase (Decrease) in Cash and Cash Equivalents | (23,308) | (5,802) | 15,039 |
Cash and Cash Equivalents, Beginning of Period | 46,676 | 52,478 | 37,439 |
Cash and Cash Equivalents, End of Period | $ 23,368 | $ 46,676 | $ 52,478 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | 2 Months Ended |
Feb. 25, 2022$ / sharesshares | |
Subsequent Event [Line Items] | |
Common shares purchased | shares | 470,438 |
Average price per share | $ / shares | $ 15.84 |