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LOB Live Oak Bancshares

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021May 04, 2021
Document Information [Line Items]
Entity Registrant NameLIVE OAK BANCSHARES, INC.
Entity Central Index Key0001462120
Trading SymbolLOB
Current Fiscal Year End Date--12-31
Entity Filer CategoryAccelerated Filer
Document Type10-Q
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Entity Emerging Growth Companyfalse
Entity Small Businessfalse
Entity Current Reporting StatusYes
Entity Shell Companyfalse
Entity File Number001-37497
Entity Tax Identification Number26-4596286
Entity Address, Address Line One1741 Tiburon Drive
Entity Address, City or TownWilmington
Entity Address, State or ProvinceNC
Entity Address, Postal Zip Code28403
City Area Code910
Local Phone Number790-5867
Entity Interactive Data CurrentYes
Document Quarterly Reporttrue
Document Transition Reportfalse
Title of 12(b) SecurityVoting Common Stock, no par value per share
Security Exchange NameNASDAQ
Entity Incorporation, State or Country CodeNC
Entity Voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)42,594,817
Entity Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)510,327

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Assets
Cash and due from banks $ 630,081 $ 297,167
Federal funds sold5,461 21,153
Certificates of deposit with other banks6,500 6,500
Investment securities available-for-sale775,177 750,098
Loans held for sale (includes $35,936 and $36,111 measured at fair value, respectively)1,076,741 1,175,470
Loans and leases held for investment (includes $790,797 and $815,374 measured at fair value, respectively)5,456,754 5,144,930
Allowance for credit losses on loans and leases(52,417)(52,306)
Net loans and leases5,404,337 5,092,624
Premises and equipment, net253,774 259,267
Foreclosed assets4,185 4,155
Servicing assets37,744 33,918
Other assets223,875 231,951
Total assets8,417,875 7,872,303
Deposits:
Noninterest-bearing75,794 75,287
Interest-bearing6,240,210 5,637,541
Total deposits6,316,004 5,712,828
Borrowings1,465,961 1,542,093
Other liabilities45,550 49,532
Total liabilities7,827,515 7,304,453
Shareholders’ equity
Retained earnings275,377 235,724
Accumulated other comprehensive income9,128 21,507
Total shareholders’ equity590,360 567,850
Total liabilities and shareholders’ equity8,417,875 7,872,303
Preferred Stock Undefined
Shareholders’ equity
Preferred stock, no par value, 1,000,000 shares authorized, none issued or outstanding at March 31, 2021 and December 31, 2020
Class A Common Stock
Shareholders’ equity
Common stock298,525 298,890
Class B Common Stock
Shareholders’ equity
Common stock $ 7,330 $ 11,729

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Loans held-for-sale, fair value $ 35,936 $ 36,111
Loans and leases held for Investment at fair value $ 790,797 $ 815,374
Preferred Stock Undefined
Preferred stock, par value
Preferred stock authorized (in shares)1,000,000 1,000,000
Preferred stock issued (in shares)0 0
Preferred stock outstanding (in shares)0 0
Class A Common Stock
Common stock, par value
Common stock authorized (in shares)100,000,000 100,000,000
Common stock issued (in shares)42,259,091 41,344,689
Common stock outstanding (in shares)42,259,091 41,344,689
Class B Common Stock
Common stock, par value
Common stock authorized (in shares)10,000,000 10,000,000
Common stock issued (in shares)692,253 1,107,757
Common stock outstanding (in shares)692,253 1,107,757

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Interest income
Loans and fees on loans $ 84,993 $ 58,961
Investment securities, taxable2,929 3,762
Other interest earning assets303 750
Total interest income88,225 63,473
Interest expense
Deposits16,944 23,255
Borrowings1,331 57
Total interest expense18,275 23,312
Net interest income69,950 40,161
(Recovery of) provision for loan and lease credit losses(873)11,792
Net interest income after (recovery of) provision for loan and lease credit losses70,823 28,369
Noninterest income
Loan servicing revenue6,434 6,422
Loan servicing asset revaluation1,493 (4,692)
Net gains on sales of loans11,929 11,112
Net gain (loss) on loans accounted for under the fair value option4,218 (10,638)
Equity method investments income (loss)(1,157)(2,478)
Equity security investments gains (losses), net105 (64)
Loss on sale of investment securities available-for-sale, net(79)
Lease income2,599 2,624
Management fee income1,934 1,644
Other noninterest income3,502 1,891
Total noninterest income31,057 5,742
Noninterest expense
Salaries and employee benefits31,366 28,063
Travel expense659 1,781
Professional services expense3,831 1,937
Advertising and marketing expense652 1,361
Occupancy expense2,112 2,421
Data processing expense3,894 3,157
Equipment expense4,354 4,635
Other loan origination and maintenance expense3,327 2,456
Renewable energy tax credit investment impairment3,127
FDIC insurance1,765 1,510
Other expense3,185 2,170
Total noninterest expense58,272 49,491
Income (loss) before taxes43,608 (15,380)
Income tax expense (benefit)4,181 (7,778)
Net income (loss) $ 39,427 $ (7,602)
Basic earnings (loss) per share $ 0.92 $ (0.19)
Diluted earnings (loss) per share $ 0.88 $ (0.19)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss) $ 39,427 $ (7,602)
Other comprehensive (loss) income before tax:
Net unrealized (loss) gain on investment securities arising during the period(16,288)7,849
Reclassification adjustment for loss on sale of securities available-for-sale included in net income(79)
Other comprehensive (loss) income before tax(16,288)7,928
Income tax benefit (expense)3,909 (1,903)
Other comprehensive (loss) income, net of tax(12,379)6,025
Total comprehensive income (loss) $ 27,048 $ (1,577)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in ThousandsTotalCumulative Effect of Accounting ChangeCommon stockCommon stockClass A Common StockCommon stockClass B Common StockRetained earningsRetained earningsCumulative Effect of Accounting ChangeAccumulated other comprehensive income (loss)
Beginning balance at Dec. 31, 2019 $ 532,386 $ 340,397 $ 180,265 $ 11,724
Beginning balance (Accounting Standards Update 2016-13) at Dec. 31, 2019 $ 822 $ 822
Beginning balance (in shares) at Dec. 31, 201937,401,443 2,915,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)(7,602)(7,602)
Other comprehensive income (loss)6,025 6,025
Issuance of restricted stock (in shares)7,424
Tax withholding related to vesting of restricted stock and other(48)(48)
Employee stock purchase program232 232
Employee stock purchase program (Shares)25,161
Stock option exercises258 258
Stock option exercises (in shares)30,642
Stock option based compensation expense366 366
Restricted stock expense2,542 2,542
Non-voting common stock converted to voting common stock in private sale (Shares)200,000 (200,000)
Cash dividends(1,209)(1,209)
Ending balance at Mar. 31, 2020533,772 343,747 172,276 17,749
Ending balance (in shares) at Mar. 31, 202037,664,670 2,715,531
Beginning balance at Dec. 31, 2020567,850 310,619 235,724 21,507
Beginning balance (in shares) at Dec. 31, 202041,344,689 1,107,757
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)39,427 39,427
Other comprehensive income (loss)(12,379)(12,379)
Issuance of restricted stock (in shares)292,216
Tax withholding related to vesting of restricted stock and other(11,287)(11,287)
Employee stock purchase program296 296
Employee stock purchase program (Shares)5,686
Stock option exercises1,213 1,213
Stock option exercises (in shares)200,996
Stock option based compensation expense344 344
Restricted stock expense4,670 4,670
Non-voting common stock converted to voting common stock in private sale (Shares)415,504 (415,504)
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense1,508 1,508
Cash dividends(1,282)(1,282)
Ending balance at Mar. 31, 2021 $ 590,360 $ 305,855 $ 275,377 $ 9,128
Ending balance (in shares) at Mar. 31, 202142,259,091 692,253

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Cash dividends per share $ 0.03 $ 0.03

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities
Net income (loss) $ 39,427 $ (7,602)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization5,265 5,621
(Recovery of) provision for loan and lease credit losses(873)11,792
Amortization of premium on securities, net of accretion1,817 269
Deferred tax (benefit) expense(3,984)1,264
Originations of loans held for sale(253,588)(274,678)
Proceeds from sales of loans held for sale182,685 203,340
Net gains on sale of loans held for sale(11,929)(11,112)
Net loss on sale of foreclosed assets24 49
Net (gain) loss on loans accounted for under fair value option(4,218)10,638
Net (increase) decrease in servicing assets(3,826)1,833
Loss on sale of investment securities available-for-sale, net79
Net gain on disposal of long-lived asset(114)
Net (gain) loss on disposal of property and equipment(48)38
Impairment on premises and equipment, net904
Equity method investments (income) loss1,157 2,478
Equity security investments (gains) losses, net(105)64
Renewable energy tax credit investment impairment3,127
Stock option based compensation expense344 366
Restricted stock expense4,670 2,542
Stock based compensation excess tax benefit (shortfall)5,152 (34)
Changes in assets and liabilities:
Lease right-of-use assets and liabilities, net(1)(12)
Other assets855 (31,905)
Other liabilities(5,406)(6,493)
Net cash used by operating activities(38,665)(91,463)
Cash flows from investing activities
Purchases of securities available-for-sale(108,223)(52,757)
Proceeds from sales, maturities, calls, and principal paydown of securities available-for-sale65,039 26,214
Proceeds from SBA reimbursement/sale of foreclosed assets152 613
Loan and lease originations and principal collections, net(119,970)(152,616)
Proceeds from sale of long-lived asset8,988
Proceeds from sale of premises and equipment84
Purchases of premises and equipment, net(674)(737)
Net cash used by investing activities(154,604)(179,283)
Cash flows from financing activities
Net increase in deposits603,176 412,421
Proceeds from borrowings498,666 50,000
Repayment of borrowings(580,291)(2)
Stock option exercises1,213 258
Employee stock purchase program296 232
Withholding cash issued in lieu of restricted stock(11,287)(48)
Shareholder dividend distributions(1,282)(1,209)
Net cash provided by financing activities510,491 461,652
Net increase in cash and cash equivalents317,222 190,906
Cash and cash equivalents, beginning318,320 221,397
Cash and cash equivalents, ending635,542 412,303
Supplemental disclosures of cash flow information
Interest paid18,469 23,858
Income tax paid, net354 362
Supplemental disclosures of noncash operating, investing, and financing activities
Unrealized holding (losses) gains on available-for-sale securities, net of taxes(12,379)6,025
Transfers from loans and leases to foreclosed real estate and other repossessions402 1,764
Net transfers between foreclosed real estate and SBA receivable196 30
Transfer of loans held for sale to loans and leases held for investment176,285 35,233
Transfer of loans and leases held for investment to loans held for sale24,260 $ 2,949
Transfer from retained earnings to other assets for pro rata portion of equity method investee stock compensation expense1,508
Recording of secured borrowing5,493
Equity security investment commitments $ 1,500

Basis of Presentation

Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of PresentationNote 1. Basis of Presentation Nature of Operations Live Oak Bancshares, Inc. (the “Company” or “LOB”) is a bank holding company headquartered in Wilmington, North Carolina incorporated under the laws of the state of North Carolina in December 2008. The Company conducts business operations primarily through its commercial bank subsidiary, Live Oak Banking Company (the “Bank”). The Bank was organized and incorporated under the laws of the State of North Carolina on February 25, 2008 and commenced operations on May 12, 2008. The Bank specializes in lending and deposit related services to small businesses nationwide. The Bank identifies and extends lending to credit-worthy borrowers both within specific industries, also called verticals, through expertise within those industries, and more broadly to select borrowers outside of those industries. A significant portion of the loans originated by the Bank are guaranteed by the Small Business Administration (“SBA”) under the 7(a) Loan Program and the U.S. Department of Agriculture’s ("USDA") Rural Energy for America Program ("REAP"), Water and Environmental Program (“WEP”) and Business & Industry ("B&I") loan programs. The Company’s wholly owned subsidiaries are the Bank, Government Loan Solutions (“GLS”), Live Oak Grove, LLC (“Grove”), Live Oak Ventures, Inc. (“Live Oak Ventures”), and Canapi Advisors, LLC (“Canapi”). The Bank’s wholly owned subsidiaries are Live Oak Number One, Inc., Live Oak Clean Energy Financing LLC (“LOCEF”), and Live Oak Private Wealth, LLC. Live Oak Number One, Inc. holds properties foreclosed on by the Bank. LOCEF provides financing to entities for renewable energy applications and became a wholly owned subsidiary of the Bank during the first quarter of 2019. Live Oak Private Wealth, LLC and its wholly owned subsidiary, Jolley Asset Management, LLC (“JAM”), provide high-net-worth individuals and families with strategic wealth and investment management services. GLS is a management and technology consulting firm that advises and offers solutions and services to participants in the government guaranteed lending sector. GLS primarily provides services in connection with the settlement, accounting, and securitization processes for government guaranteed loans, including loans originated under the SBA 7(a) loan programs and USDA guaranteed loans. The Grove provides Company employees and business visitors an on-site restaurant location. Live Oak Ventures’ purpose is investing in businesses that align with the Company's strategic initiative to be a leader in financial technology. Canapi provides investment advisory services to a series of funds focused on providing venture capital to new and emerging financial technology companies. The Company generates revenue primarily from net interest income and secondarily through the origination and sale of government guaranteed loans. Income from the retention of loans is comprised of interest income. The Company has historically elected to account for certain loans under the fair value option with interest reported in interest income and changes in fair value reported in the net gain (loss) on loans accounted for under the fair value option line item of the consolidated statements of income. During the first quarter of 2021, the Company chose not to elect fair value for all retained participating interests arising from new government guaranteed loan sales. Income from the sale of loans is comprised of loan servicing revenue and revaluation of related servicing assets along with net gains on sales of loans. Offsetting these revenues are the cost of funding sources, provision for loan and lease credit losses, any costs related to foreclosed assets and other operating costs such as salaries and employee benefits, travel, professional services, advertising and marketing and tax expense. The Company also has less routinely generated gains and losses arising from its financial technology investments in its fintech segment. General In the opinion of management, all adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included, and all intercompany transactions have been eliminated in consolidation. Results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021. The Unaudited Condensed Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the Securities Exchange Commission on February 25, 2021 (SEC File No. 001-37497) (the "2020 Annual Report"). A summary description of the significant accounting policies followed by the Company is set forth in Note 1 of the Notes to Consolidated Financial Statements in the Company’s 2020 Annual Report. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes in the Company's 2020 Annual Report. The preparation of financial statements in conformity with United States generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Amounts in all tables in the Notes to Unaudited Condensed Consolidated Financial Statements have been presented in thousands, except percentage, time period, stock option, share and per share data or where otherwise indicated. Business Segments Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management has determined that the Company has two significant operating segments: Banking and Fintech, as discussed more fully in Note 12. Segments. In determining the appropriateness of segment definition, the Company considers the criteria of ASC 280, Segment Reporting . Business Combination On April 1, 2020, the Company acquired 100% of the equity interests of JAM, a registered investment advisor based in Rocky Mount, North Carolina. Goodwill, intangible assets and contingent consideration of $1.8 million, $2.3 million and $2.1 million, respectively, have been recorded by the Company. Intangible assets are almost entirely comprised of customer relationships that are being amortized using the straight-line method over 15 years. As a result of this acquisition, the Bank's subsidiary Live Oak Private Wealth, LLC, expects to broaden service offerings to existing high-net-worth individuals and families, attract new clients from an expanded footprint and benefit from economies of scale. The acquisition did not materially impact the Company's financial position, results of operations or cash flows. Given the impact of the above acquisition was immaterial to the Company and its result of operations, pro forma information has not been included. Reclassifications Certain reclassifications have been made to the prior period’s condensed consolidated financial statements to place them on a comparable basis with the current year. Net income and shareholders’ equity previously reported were not affected by these reclassifications .

Recent Accounting Pronouncement

Recent Accounting Pronouncements3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Recent Accounting PronouncementsNote 2. Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“ In January 2020, the The Company adopted the standard on In March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments are effective for the Company as of March 12, 2020 through December 31, 2022. The Company does not believe this standard will have a material impact on its consolidated financial statements.

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareNote 3. Earnings Per Share Basic and diluted earnings per share are computed based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur upon the exercise of stock options or upon the vesting of restricted stock grants, any of which would result in the issuance of common stock that would then share in the net income of the Company.
Three Months Ended March 31,
2021
2020
Basic earnings (loss) per share:
Net income (loss)
$
39,427
$
(7,602
)
Weighted-average basic shares outstanding
42,673,615
40,334,179
Basic earnings (loss) per share
$
0.92
$
(0.19
)
Diluted earnings (loss) per share:
Net income (loss), for diluted earnings (loss) per share
$
39,427
$
(7,602
)
Total weighted-average basic shares outstanding
42,673,615
40,334,179
Add effect of dilutive stock options and restricted stock grants
2,023,235
739,870
Total weighted-average diluted shares outstanding
44,696,850
41,074,049
Diluted earnings (loss) per share
$
0.88
$
(0.19
)
Anti-dilutive shares

1,839,601
On April 6, 2021, 178 thousand restricted stock unit awards with market price conditions vested as the Company's share price satisfied applicable target price criteria. After net settlement for related tax withholding, the Company issued approximately 99 thousand shares.

Securities

Securities3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
SecuritiesNote 4. Securities Available-for-Sale The carrying amount of securities and their approximate fair values are reflected in the following table:
March 31, 2021
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
US government agencies
$
15,442
$
387
$

$
15,829
Mortgage-backed securities
744,462
20,208
8,895
755,775
Municipal bonds
3,262
315
4
3,573
Total
$
763,166
$
20,910
$
8,899
$
775,177
December 31, 2020
US government agencies
$
15,440
$
479
$

$
15,919
Mortgage-backed securities
703,092
28,302
940
730,454
Municipal bonds
3,267
462
4
3,725
Total
$
721,799
$
29,243
$
944
$
750,098
During the three months ended March 31, 2021, two mortgage-backed securities totaling $6.5 million were paid off. During the three months ended March 31, 2020, two mortgage-backed securities totaling $4.5 million were sold resulting in a net loss of $79 thousand. Accrued interest receivable on available-for-sale securities totaled $1.9 million and $1.8 million at March 31, 2021 and December 31, 2020, respectively, and is included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. The following tables show debt securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
Less Than 12 Months
12 Months or More
Total
March 31, 2021
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Mortgage-backed securities
$
357,905
$
8,892
$
650
$
3
$
358,555
$
8,895
Municipal bonds


96
4
96
4
Total
$
357,905
$
8,892
$
746
$
7
$
358,651
$
8,899
Less Than 12 Months
12 Months or More
Total
December 31, 2020
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Mortgage-backed securities
$
156,904
$
917
$
1,853
$
23
$
158,757
$
940
Municipal bonds


96
4
96
4
Total
$
156,904
$
917
$
1,949
$
27
$
158,853
$
944
Management evaluates available-for-sale debt securities to determine whether the unrealized loss is due to credit related factors or non-credit related factors. The evaluation considers the extent to which the security’s fair value is less than cost, the financial condition and near-term prospects of the issuer, and intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At March 31, 2021, there were two mortgage-backed securities and one municipal bond in unrealized loss positions for greater than 12 months and eighty-seven mortgage-backed securities in unrealized loss positions for less than 12 months. Unrealized losses at December 31, 2020 were comprised of three These unrealized losses are primarily the result of non-credit related volatility in the market and market interest rates. Since none of the unrealized losses relate to marketability of the securities or the issuer’s ability to honor redemption obligations and the Company has the intent and ability to hold the securities for a sufficient period of time to recover unrealized losses, none of the losses have been recognized in the Company’s Unaudited Condensed C onsolidated S tatements of I ncome. All mortgage-backed securities in the Company’s portfolio at March 31, 2021 and December 31, 2020 were backed by U.S. government sponsored enterprises (“GSEs”). The following is a summary of investment securities by maturity:
March 31, 2021
Available-for-Sale
Amortized cost
Fair value
US government agencies
Within one year
$
5,000
$
5,007
One to five years
7,513
7,737
Five to ten years
2,929
3,085
Total
15,442
15,829
Mortgage-backed securities
One to five years
10,248
10,848
Five to ten years
227,756
237,693
After 10 years
506,458
507,234
Total
744,462
755,775
Municipal bonds
After 10 years
3,262
3,573
Total
3,262
3,573
Total
$
763,166
$
775,177
The table above reflects contractual maturities. Actual results will differ as the loans underlying the mortgage-backed securities may repay sooner than scheduled. There were no securities pledged at March 31, 2021 or December 31, 2020. Other Other investments, largely comprised of non-marketable equity investments, are generally accounted for under the equity method or equity security accounting. The below tables provide additional information related to investments accounted for under these two methods. Equity Method Accounting The carrying amount and ownership percentage of each equity investment over which the Company has significant influence at March 31, 2021 and December 31, 2020 is reflected in the following table:
March 31, 2021
December 31, 2020
Amount
Ownership %
Amount
Ownership %
Apiture, Inc.
$
53,927
39.1
%
$
53,344
39.1
%
Canapi Ventures SBIC Fund, LP (1) (3)
15,530
2.9
%
14,843
3.1
%
Canapi Ventures Fund, LP (2) (3)
1,780
1.5
%
1,686
1.5
%
Other fintech investments in private companies (4)
6,237
Various
1,634
Various
Other (5)
3,273
Various
6,421
Various
Total
$
80,747
$
77,928
(1)
Includes unfunded commitments of $9.4 million and $11.3 million as of March 31, 2021 and December 31, 2020, respectively.
(2)
Includes unfunded commitments of $1.0 million as of March 31, 2021 and December 31, 2020.
(3)
Investee is accounted for under equity method due to the Company's participation as an investment advisor.
(4)
Other fintech investments include Finxact, Inc., Payrailz, Inc. and Kwipped, Inc.
(5)
Includes unfunded commitments of $2.9 million at December 31, 2020. Equity Security Accounting The carrying amount of the Company’s investments in non-marketable equity securities with no readily determinable fair value and amounts recognized in earnings for the three months ended March 31, 2021, and on a cumulative basis is reflected in the following table:
As of and for the three month period ended March 31, 2021
Amount
Cumulative Adjustments
Carrying value (1)
$
32,527
Carrying value adjustments:
Impairment

$

Upward changes for observable prices

18,272
Downward changes for observable prices

(86
)
Net upward change
$

$
18,186
(1)
Includes $2.0 million in unfunded commitments.

Loans and Leases Held for Inves

Loans and Leases Held for Investment and Credit Quality3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Loans and Leases Held for Investment and Credit QualityNote 5. Loans and Leases Held for Investment and Credit Quality The following tables present total loans and leases and an aging analysis for the Company’s portfolio segments. Loans and leases are considered past due if the required principal and interest payments have not been received as of the date such payments were due.
Current or Less than 30 Days Past Due
30-89 Days Past Due
90 Days or More Past Due
Total Past Due
Total Carried at Amortized Cost 1
Loans Accounted for Under the Fair Value Option 2
Total Loans and Leases
March 31, 2021
Commercial & Industrial
Small Business Banking
$
762,178
$

$
12,545
$
12,545
$
774,723
$
299,291
$
1,074,014
Specialty Lending
431,358



431,358
73,751
505,109
Paycheck Protection Program
1,478,995



1,478,995

1,478,995
Total
2,672,531

12,545
12,545
2,685,076
373,042
3,058,118
Construction & Development
Small Business Banking
204,996
1,629

1,629
206,625

206,625
Specialty Lending
77,792

3,723
3,723
81,515

81,515
Total
282,788
1,629
3,723
5,352
288,140

288,140
Commercial Real Estate
Small Business Banking
1,176,005

11,854
11,854
1,187,859
313,466
1,501,325
Specialty Lending
173,531

6,606
6,606
180,137
19,776
199,913
Total
1,349,536

18,460
18,460
1,367,996
333,242
1,701,238
Commercial Land
Small Business Banking
346,206
2,325
2,055
4,380
350,586
84,513
435,099
Total
346,206
2,325
2,055
4,380
350,586
84,513
435,099
Total
$
4,651,061
$
3,954
$
36,783
$
40,737
$
4,691,798
$
790,797
$
5,482,595
Net deferred (fees) costs
$
(25,841
)
Loan and Leases, Net of unearned
$
5,456,754
Current or Less than 30 Days Past Due
30-89 Days Past Due
90 Days or More Past Due
Total Past Due
Total Carried at Amortized Cost 1
Loans Accounted for Under the Fair Value Option 2
Total Loans and Leases
December 31, 2020
Commercial & Industrial
Small Business Banking
$
695,090
$
10,341
$
10,765
$
21,106
$
716,196
$
308,341
$
1,024,537
Specialty Lending
341,952
337

337
342,289
71,090
413,379
Paycheck Protection Program
1,528,180



1,528,180

1,528,180
Total
2,565,222
10,678
10,765
21,443
2,586,665
379,431
2,966,096
Construction & Development
Small Business Banking
183,087



183,087

183,087
Specialty Lending
88,890

3,723
3,723
92,613

92,613
Total
271,977

3,723
3,723
275,700

275,700
Commercial Real Estate
Small Business Banking
987,358
3,730
8,609
12,339
999,697
321,352
1,321,049
Specialty Lending
148,264
5,374
1,693
7,067
155,331
20,317
175,648
Total
1,135,622
9,104
10,302
19,406
1,155,028
341,669
1,496,697
Commercial Land
Small Business Banking
329,638

2,243
2,243
331,881
94,274
426,155
Total
329,638

2,243
2,243
331,881
94,274
426,155
Total
$
4,302,459
$
19,782
$
27,033
$
46,815
$
4,349,274
$
815,374
$
5,164,648
Net deferred (fees) costs
$
(19,718
)
Loan and Leases, Net of unearned
$
5,144,930
(1)
Total loans and leases include $2.75 billion of U.S. government guaranteed loans as of March 31, 2021, of which $19.2 million is 90 days or more past due, $1.2 million is past due 30-89 days and $2.73 billion are current. Total loans and leases include $2.61 billion of U.S. government guaranteed loans as of December 31, 2020, of which $12.9 million is 90 days or more past due, $16.7 million is past due 30-89 days and $2.58 billion are current.
(2)
The Company measures the carrying value of the retained portion of loans sold at fair value under ASC Subtopic 825-10. See Note 9. Fair Value of Financial Instruments for additional information. Credit Quality Indicators The following tables presents asset quality indicators by portfolio class and origination year. See Note 5. Loans and Leases Held for Investment and Credit Quality in the Company’s 2020 Form 10-K for additional discussion around the asset quality indicators that the Company uses to manage and monitor credit risk.
Term Loans and Leases Amortized Cost Basis by Origination Year
2021
2020
2019
2018
2017
Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term
Total 1,2
March 31, 2021
Small Business Banking
Risk Grades 1 - 4
$
174,311
$
799,012
$
491,138
$
277,191
$
242,859
$
198,955
$
36,619
$
1,794
$
2,221,879
Risk Grade 5

19,387
76,377
70,633
42,121
14,779
1,682
434
225,413
Risk Grades 6 - 8

92
13,899
14,572
23,664
19,073
1,002
199
72,501
Total
174,311
818,491
581,414
362,396
308,644
232,807
39,303
2,427
2,519,793
Specialty Lending
Risk Grades 1 - 4
118,627
295,067
95,893
44,784
41,547

52,833
929
649,680
Risk Grade 5
250
7,674
6,832
967
11,368

2,160

29,251
Risk Grades 6 - 8



8,636

5,307
136

14,079
Total
118,877
302,741
102,725
54,387
52,915
5,307
55,129
929
693,010
Paycheck Protection Program
Risk Grades 1 - 4
507,428
971,567






1,478,995
Risk Grade 5









Risk Grades 6 - 8









Total
507,428
971,567






1,478,995
Total
$
800,616
$
2,092,799
$
684,139
$
416,783
$
361,559
$
238,114
$
94,432
$
3,356
$
4,691,798
2020
2019
2018
2017
2016
Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term
Total 1,2
December 31, 2020
Small Business Banking
Risk Grades 1 - 4
$
724,506
$
475,593
$
287,712
$
230,653
$
159,877
$
59,065
$
32,373
$
1,392
$
1,971,171
Risk Grade 5
16,080
59,595
62,857
44,478
11,203
3,666
2,131
212
200,222
Risk Grades 6 - 8
81
8,976
14,639
15,090
11,424
8,418
631
209
59,468
Total
740,667
544,164
365,208
290,221
182,504
71,149
35,135
1,813
2,230,861
Specialty Lending
Risk Grades 1 - 4
296,537
96,553
48,930
40,626


55,229
632
538,507
Risk Grade 5
7,672
6,379
2,752
18,718


1,711

37,232
Risk Grades 6 - 8


8,635

5,782

77

14,494
Total
304,209
102,932
60,317
59,344
5,782

57,017
632
590,233
Paycheck Protection Program
Risk Grades 1 - 4
1,528,180







1,528,180
Risk Grade 5









Risk Grades 6 - 8









Total
1,528,180







1,528,180
Total
$
2,573,056
$
647,096
$
425,525
$
349,565
$
188,286
$
71,149
$
92,152
$
2,445
$
4,349,274
(1)
Total loans and leases include $2.75 billion of U.S. government guaranteed loans as of March 31, 2021, segregated by risk grade as follows: Risk Grades 1 – 4 = $2.57 billion, Risk Grade 5 = $141.1 million, Risk Grades 6 – 8 = $47.6 million. As of December 31, 2020, total loans and leases include $2.61 billion of U.S. government guaranteed loans, segregated by risk grade as follows: Risk Grades 1 – 4 = $2.44 billion, Risk Grade 5 = $128.0 million, Risk Grades 6 – 8 = $40.9 million. Total loans and leases exclude loans accounted for under the fair value option.
(2)
Excludes $790.8 million and $815.4 million of loans accounted for under the fair value option as of March 31, 2021 and December 31, 2020, respectively. Nonaccrual Loans and Leases As of March 31, 2021 and December 31, 2020 there were no loans greater than 90 days past due and still accruing. There was no interest income recognized on nonaccrual loans and leases during the three months ended March 31, 2021 and 2020. Nonaccrual loans and leases are generally included in the held for investment portfolio. Accrued interest receivable on loans totaled $38.1 million and $41.0 million at March 31, 2021 and December 31, 2020, respectively, and is included in other assets in the accompanying Unaudited Condensed Consolidated Balance Sheets. Nonaccrual loans and leases held for investment as of March 31, 2021 and December 31, 2020 are as follows:
March 31, 2021
Loan and Lease Balance 1
Guaranteed Balance
Unguaranteed Balance
Unguaranteed Exposure with No ACL
Commercial & Industrial
Small Business Banking
$
23,249
$
15,612
$
7,637
$
271
Total
23,249
15,612
7,637
271
Construction & Development
Specialty Lending
3,723

3,723
3,723
Total
3,723

3,723
3,723
Commercial Real Estate
Small Business Banking
21,738
10,409
11,329
6,054
Specialty Lending
6,606
5,071
1,535
1,228
Total
28,344
15,480
12,864
7,282
Commercial Land
Small Business Banking
2,055
1,541
514

Total
2,055
1,541
514

Total
$
57,371
$
32,633
$
24,738
$
11,276
December 31, 2020
Loan and Lease Balance 1
Guaranteed Balance
Unguaranteed Balance
Unguaranteed Exposure with No ACL
Commercial & Industrial
Small Business Banking
$
17,992
$
12,046
$
5,946
$

Total
17,992
12,046
5,946

Construction & Development
Specialty Lending
3,723

3,723
3,723
Total
3,723

3,723
3,723
Commercial Real Estate
Small Business Banking
15,085
6,725
8,360
5,327
Specialty Lending
7,068
5,533
1,535

Total
22,153
12,258
9,895
5,327
Commercial Land
Small Business Banking
2,242
1,728
514

Total
2,242
1,728
514

Total
$
46,110
$
26,032
$
20,078
$
9,050
(1)
Excludes nonaccrual loans accounted for under the fair value option. See Note 9. Fair Value of Financial Instruments for additional information. The following table presents the amortized cost basis of collateral-dependent loans and leases, which are individually evaluated to determine expected credit losses, as of March 31, 2021 and December 31, 2020:
Total Collateral Dependent Loans
Unguaranteed Portion
March 31, 2021
Real Estate
Business Assets
Other
Real Estate
Business Assets
Other
Allowance for Credit Losses
Commercial & Industrial
Small Business Banking
$
2,779
$
4,010
$
1,615
$
2,031
$
120
$
338
$
495
Total
2,779
4,010
1,615
2,031
120
338
495
Construction & Development
Specialty Lending
3,767


3,767



Total
3,767


3,767



Commercial Real Estate
Small Business Banking
18,800
251
330
10,407
9
338
296
Specialty Lending
6,617


1,546


23
Total
25,417
251
330
11,953
9
338
319
Commercial Land
Small Business Banking
2,075


534


309
Total
2,075


534


309
Total
$
34,038
$
4,261
$
1,945
$
18,285
$
129
$
676
$
1,123
Total Collateral Dependent Loans
Unguaranteed Portion
December 31, 2020
Real Estate
Business Assets
Other
Real Estate
Business Assets
Other
Allowance for Credit Losses
Commercial & Industrial
Small Business Banking
$
1,279
$
9,440
$
197
$
531
$
4,077
$
66
$
1,281
Total
1,279
9,440
197
531
4,077
66
1,281
Construction & Development
Specialty Lending
3,767


3,767



Total
3,767


3,767



Commercial Real Estate
Small Business Banking
11,568
258
332
6,873
9
335
175
Specialty Lending
13,196


7,663


23
Total
24,764
258
332
14,536
9
335
198
Commercial Land
Small Business Banking
2,263


534


302
Total
2,263


534


302
Total
$
32,073
$
9,698
$
529
$
19,368
$
4,086
$
401
$
1,781
Allowance for Credit Losses - Loans and Leases The following table details activity in the ACL by portfolio segment allowance for the periods presented:
Three Months Ended
Commercial & Industrial
Construction & Development
Commercial Real Estate
Commercial Land
Total
March 31, 2021
Beginning Balance
$
26,941
$
5,663
$
18,148
$
1,554
$
52,306
Charge offs
(152
)

(517
)
(12
)
(681
)
Recoveries
9

1,656

1,665
Provision
(221
)
224
(641
)
(235
)
(873
)
Ending Balance
$
26,577
$
5,887
$
18,646
$
1,307
$
52,417
March 31, 2020
Beginning Balance, prior to adoption of ASC 326
$
15,757
$
2,732
$
8,427
$
1,318
$
28,234
Impact of adopting ASC 326
(4,561
)
1,131
1,916
193
(1,321
)
Charge offs
(2,345
)

(109
)
(408
)
(2,862
)
Recoveries
35

28

63
Provision
7,451
960
2,848
533
11,792
Ending Balance
$
16,337
$
4,823
$
13,110
$
1,636
$
35,906
The following tables represent the types of TDRs that were made during the periods presented:
Three Months Ended March 31, 2021
Interest Only
Payment Deferral
Extend Amortization
Other (1)
Total TDRs (2)
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Commercial & Industrial
Small Business Banking

$

1
$
3,269

$


$

1
$
3,269
Total


1
3,269




1
3,269
Commercial Real Estate
Small Business Banking


1
629


1
3,141
2
3,770
Total


1
629


1
3,141
2
3,770
Total

$

2
$
3,898

$

1
$
3,141
3
$
7,039
(1)
Includes one small business banking with extend amortization and a rate concession TDR.
(2)
Excludes loans accounted for under the fair value option. See Note 9. Fair Value of Financial Instruments for additional information.
Three Months Ended March 31, 2020
Interest Only
Payment Deferral
Extend Amortization
Other
Total TDRs (1)
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Commercial & Industrial
Small Business Banking

$

2
$
1,487

$


$

2
$
1,487
Specialty Lending




1
973


1
973
Total


2
1,487
1
973


3
2,460
Commercial Real Estate
Small Business Banking


1
3,589




1
3,589
Total


1
3,589




1
3,589
Total

$

3
$
5,076
1
$
973

$

4
$
6,049
(1)
Excludes loans accounted for under the fair value option. See Note 9. Fair Value of Financial Instruments for additional information. One TDR that was modified within the twelve months ended March 31, 2021 subsequently defaulted during the three months ended March 31, 2021. The TDR that defaulted was a Commercial Real Estate Small Business Banking loan that had previously been modified for a payment deferral and had a recorded investment of $629 thousand at March 31, 2021. No TDRs that were modified within the twelve months ended March 31, 2020 subsequently defaulted during the three months ended March 31, 2020.

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
LeasesNote 6. Leases Lessor Equipment Leasing The Company purchases new equipment for the purpose of leasing such equipment to customers within its verticals. Equipment purchased to fulfill commitments to commercial renewable energy projects is rented out under operating leases while leases of equipment outside of the renewable energy vertical are generally direct financing leases. Accordingly, leased assets under operating leases are included in premises and equipment while leased assets under direct financing leases are included in loans and leases held for investment. Direct Financing Leases Interest income on direct financing leases is recognized when earned. Unearned interest is recognized over the lease term on a basis which results in a constant rate of return on the unrecovered lease investment. The term of each lease is generally 3-7 years which is consistent with the useful life of the equipment with no residual value. The gross lease payments receivable and the net investment included in accounts receivable for such leases are as follows:
March 31, 2021
December 31, 2020
Gross direct finance lease payments receivable
$
9,741
$
10,629
Less – unearned interest
(1,492
)
(1,685
)
Net investment in direct financing leases
$
8,249
$
8,944
Future minimum lease payments under finance leases are as follows:
As of March 31, 2021
Amount
2021
$
2,149
2022
2,620
2023
2,182
2024
1,570
2025
1,104
Thereafter
116
Total
$
9,741
Interest income of $186 thousand and $233 thousand was recognized in the three months ended March 31, 2021 and 2020, respectively. Operating Leases The term of each operating lease is generally 10 to 15 years. The Company retains ownership of the equipment and associated tax benefits such as investment tax credits and accelerated depreciation. At the end of the lease term, the lessee has the option to renew the lease for two additional terms or purchase the equipment at the then-current fair market value. Rental revenue from operating leases is recognized on a straight-line basis over the term of the lease. Rental equipment is recorded at cost and depreciated to an estimated residual value on a straight-line basis over the estimated useful life. The useful lives generally range from 20 to 25 years and residual values generally range from 20% to 50%, however, they are subject to periodic evaluation. Changes in useful lives or residual values will impact depreciation expense and any gain or loss from the sale of used equipment. The estimated useful lives and residual values of the Company's leasing equipment are based on industry disposal experience and the Company's expectations for future sale prices. If the Company decides to sell or otherwise dispose of rental equipment, it is carried at the lower of cost or fair value less costs to sell or dispose. Repair and maintenance costs that do not extend the lives of the rental equipment are charged to direct operating expenses at the time the costs are incurred. As of March 31, 2021 and December 31, 2020, the Company had a net investment of $131.2 million and $134.5 million, respectively, in assets included in premises and equipment that are subject to operating leases. Of the net investment, the gross balance of the assets was $163.4 million and $164.3 million as of March 31, 2021 and December 31, 2020 and accumulated depreciation was $32.2 million and $29.8 million as of March 31, 2021 and December 31, 2020, respectively. Depreciation expense recognized on these assets for the three months ended March 31, 2021 and 2020 was $2.4 million. Lease income of $2.4 million was recognized in the three months ended March 31, 2021 and 2020, respectively. A maturity analysis of future minimum lease payments under non-cancelable operating leases is as follows:
As of March 31, 2021
Amount
2021
$
7,083
2022
9,044
2023
9,075
2024
8,808
2025
8,935
Thereafter
31,175
Total
$
74,120

Servicing Assets

Servicing Assets3 Months Ended
Mar. 31, 2021
Transfers And Servicing [Abstract]
Servicing AssetsNote 7. Servicing Assets Loans serviced for others are not included in the accompanying Unaudited Condensed Consolidated Balance Sheets. The unpaid principal balances of loans serviced for others requiring recognition of a servicing asset were $2.24 billion and $2.21 billion at March 31, 2021 and December 31, 2020, respectively. The unpaid principal balance for all loans serviced for others was $3.22 billion and $3.21 billion at March 31, 2021 and December 31, 2020, respectively. The following summarizes the activity pertaining to servicing rights:
Three Months Ended March 31,
2021
2020
Balance at beginning of period
$
33,918
$
35,365
Additions, net
2,333
2,859
Fair value changes:
Due to changes in valuation inputs or assumptions
2,946
(2,039
)
Decay due to increases in principal paydowns or runoff
(1,453
)
(2,653
)
Balance at end of period
$
37,744
$
33,532
The fair value of servicing rights was determined using a weighted average discount rate of 8.8% on March 31, 2021 and 13.0% on March 31, 2020. The fair value of servicing rights was determined using a weighted average prepayment speed of 18.6% on March 31, 2021 and 17.9% on March 31, 2020, with the actual rate depending on the stratification of the specific right. Changes to fair value are reported in loan servicing asset revaluation within the Unaudited Condensed Consolidated Statements of Income. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in prepayment speed assumptions typically have the most significant impact on the fair value of servicing rights. Generally, as interest rates rise on variable rate loans, loan prepayments increase due to an increase in refinance activity, which results in a decrease in the fair value of servicing assets, however, weakening economic conditions or significant declines in interest rates can also increase loan prepayment activity. Measurement of fair value is limited to the conditions existing and the assumptions used as of a particular point in time, and those assumptions may not be appropriate if they are applied at a different time.

Borrowings

Borrowings3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
BorrowingsNote 8. Borrowings Total outstanding borrowings consisted of the following:
March 31, 2021
December 31, 2020
Borrowings
In March 2021, the Company entered into a 60-month term loan agreement of $50.0 million with a third party correspondent bank. The loan accrues interest at a fixed rate of 2.95% with a monthly payment sufficient to fully amortize the loan, with all remaining unpaid principal and interest due at maturity on March 30, 2026. The Company paid the Lender a non-refundable $325 thousand loan origination fee upon signing of the Note that is presented as a direct deduction from the carrying amount of the loan and will be amortized into interest expense over the life of the loan.
$
49,675
$

In September 2020, the Company renewed a $50.0 million revolving line of credit originally issued in 2017 with a third party correspondent bank. The line of credit was unsecured and accrued interest at 30-day LIBOR plus 1.15% for a term of 13 months. Payments were interest only with all principal and accrued interest due on October 10, 2021. On March 31, 2021 the remaining outstanding balance of $14.5 million was paid in full and the revolving line was closed. No available credit remains at March 31, 2021.

14,488
In April 2020, the Company entered into the Federal Reserve Bank's Paycheck Protection Program Liquidity Facility ("PPPLF"). Under the PPPLF, advances must be secured by pledges of loans to small businesses originated by the Company under the U.S. Small Business Administration's 7(a) loan program titled the Paycheck Protection Program. The PPPLF accrues interest at thirty-five basis points and matures at various dates equal to the maturity date of the PPPLF collateral pledged to secure the advance, ranging from April 1, 2022 to March 20, 2026, and will be accelerated on and to the extent of any 7(a) loan forgiveness reimbursement by the SBA for any PPPLF collateral or the date of purchase by the SBA from the borrower of any PPPLF collateral. On the maturity date of each advance, the Company shall repay the advance plus accrued interest. This $1.41 billion borrowing was fully advanced at March 31, 2021.
1,410,785
1,527,596
Other long term debt (1)
5,501
9
Total borrowings
$
1,465,961
$
1,542,093
(1)
Includes finance leases and loan participations accounted for as secured borrowings. The Company may purchase federal funds through unsecured federal funds lines of credit with various correspondent banks, which totaled $167.5 million as of March 31, 2021 and December 31, 2020. These lines are intended for short-term borrowings and are subject to restrictions limiting the frequency and terms of advances. These lines of credit are payable on demand and bear interest based upon the daily federal funds rate. The Company had no outstanding balances on the lines of credit as of March 31, 2021 and December 31, 2020. The Company has entered into a repurchase agreement with a third party for $5.0 million as of March 31, 2021 and December 31, 2020. At the time the Company enters into a transaction with the third party, the Company must transfer securities or other assets against the funds received. The terms of the agreement are set at market conditions at the time the Company enters into such transaction. The Company had no outstanding balance on the repurchase agreement as of March 31, 2021 and December 31, 2020. On June 18, 2018, the Company entered into a borrowing agreement with the Federal Home Loan Bank of Atlanta. These borrowings must be secured with eligible collateral approved by the Federal Home Loan Bank of Atlanta. At March 31, 2021 and December 31, 2020, the Company had approximately $1.96 billion and $2.01 billion, respectively, in borrowing capacity available under these agreements. There is no collateral pledged and no advances outstanding as of March 31, 2021 and December 31, 2020. The Company may borrow funds through the Federal Reserve Bank’s discount window. These borrowings are secured by a blanket floating lien on qualifying loans with a balance of $2.23 billion and $2.22 billion as of March 31, 2021 and December 31, 2020, respectively. At March 31, 2021 and December 31, 2020, the Company had approximately $1.79 billion and $1.77 billion, respectively, in borrowing capacity available under these arrangements with no outstanding balance as of March 31, 2021 and December 31, 2020.

Fair Value of Financial Instrum

Fair Value of Financial Instruments3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial InstrumentsNote 9. Fair Value of Financial Instruments Fair Value Hierarchy There are three levels of inputs in the fair value hierarchy that may be used to measure fair value. Financial instruments are considered Level 1 when valuation can be based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instruments are valued using quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or models using inputs that are observable or can be corroborated by observable market data of substantially the full term of the assets or liabilities. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable and when determination of the fair value requires significant management judgment or estimation. Recurring Fair Value The following sections provide a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the fair value hierarchy: Investment securities: Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, discounted cash flow or at net asset value per share. Level 2 securities would include U.S. government agency securities, mortgage-backed securities, obligations of states and political subdivisions and certain corporate, asset backed mutual fund and other securities. In certain cases where there is limited activity or less transparency around inputs to the valuation, securities are classified within Level 3 of the valuation hierarchy. Loans held for sale: The fair values of loans held for sale are determined by discounting estimated cash flows using interest rates approximating prevailing market rates for similar loans adjusted to reflect the inherent credit risk. Due to the nature of the valuation inputs, loans held for sale are classified within Level 3 of the valuation hierarchy. Loans held for investment: The fair values of loans held for investment are typically determined based on discounted cash flow analyses using market-based interest rate spreads. Discounted cash flow analyses are adjusted, as appropriate, to reflect current market conditions and borrower-specific credit risk. If the loan is collateral dependent, the fair value is determined based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. Fair value of the loan’s collateral is determined by appraisals, independent valuation, or management’s estimation of fair value which is then adjusted for the cost related to liquidation of the collateral. Due to the nature of the valuation inputs, loans held for investment are classified within Level 3 of the valuation hierarchy. Servicing assets: Servicing rights do not trade in an active, open market with readily observable prices. While sales of servicing rights do occur, the precise terms and conditions typically are not readily available. Accordingly, the Company estimates the fair value of servicing rights using discounted cash flow models incorporating numerous assumptions from the perspective of a market participant including servicing income, servicing costs, market discount rates and prepayment speeds. Due to the nature of the valuation inputs, servicing rights are classified within Level 3 of the valuation hierarchy. Mutual fund: The below mutual fund is registered with the Securities and Exchange Commission as a closed-end, non-diversified management investment company and operates as an interval fund. The fund primarily invests in the unguaranteed portion of SBA504 First Lien Loans secured by owner-occupied commercial real estate. This investment is valued using quoted prices in markets that are not active and is classified as Level 2 within the valuation hierarchy. Equity warrant assets: Fair value measurements of equity warrant assets of private companies are priced based on a Black-Scholes option pricing model to estimate the asset value by using stated strike prices, option expiration dates, risk-free interest rates and option volatility assumptions. Option volatility assumptions used in the Black-Scholes model are based on public companies that operate in similar industries as the companies in the Company’s private company portfolio. Option expiration dates are modified to account for estimates of actual life relative to stated expiration. Values are further adjusted for a general lack of liquidity due to the private nature of the associated underlying company. The Company classifies equity warrant assets within Level 3 of the valuation hierarchy. The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis.
March 31, 2021
Total
Level 1
Level 2
Level 3
Investment securities available-for-sale
US government agencies
$
15,829
$

$
15,829
$

Mortgage-backed securities
755,775

755,775

Municipal bonds 1
3,573

3,477
96
Loans held for sale
35,936


35,936
Loans held for investment
790,797


790,797
Servicing assets 2
37,744


37,744
Mutual fund
2,331

2,331

Equity warrant assets 3
1,314


1,314
Total assets at fair value
$
1,643,299
$

$
777,412
$
865,887
December 31, 2020
Total
Level 1
Level 2
Level 3
Investment securities available-for-sale
US government agencies
$
15,919
$

$
15,919
$

Mortgage-backed securities
730,454

730,454

Municipal bonds 1
3,725

3,629
96
Loans held for sale
36,111


36,111
Loans held for investment
815,374


815,374
Servicing assets 2
33,918


33,918
Mutual fund
2,351

2,351

Equity warrant assets 3
908


908
Total assets at fair value
$
1,638,760
$

$
752,353
$
886,407
(1)
During the three months ended March 31, 2021, the Company recorded no fair value adjustment gain/loss. During the three months ended March 31, 2020, the Company recorded a fair value adjustment gain of $1 thousand.
(2)
See Note 7 for a rollforward of recurring Level 3 fair values for servicing assets.
(3)
During the three months ended March 31, 2021, the Company entered into equity warrant assets with a fair value of $21 thousand at the time of issuance and recorded net gains on derivative instruments of $385 thousand. During the three months ended March 31, 2020, the Company entered into equity warrant assets with a fair value of $164 thousand at the time of issuance and recorded net losses on derivative instruments of $32 thousand. Fair Value Option Prior to January 1, 2021, the Company elected to account for retained participating interests of all government guaranteed loans under the fair value option in order to align the accounting presentation with the Company’s viewpoint of the economics of the loans. Interest income on loans accounted for under the fair value option is recognized in loans and fees on loans on the Company’s Unaudited Condensed Consolidated Statements of Income. There were no loans accounted for under the fair value option that were 90 days or more past due and still accruing interest at March 31, 2021 or December 31, 2020. The unpaid principal balance of unguaranteed exposure for nonaccruals was $7.4 million and $6.9 million at March 31, 2021 and December 31, 2020, respectively. The following tables provide more information about the fair value carrying amount and the unpaid principal outstanding of loans accounted for under the fair value option at March 31, 2021 and December 31, 2020.
March 31, 2021
Total Loans
Nonaccruals
90 Days or More Past Due
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Option Elections
Loans held for sale
$
35,936
$
37,923
$
(1,987
)
$

$

$

$

$

$

Loans held for investment
790,797
814,729
(23,932
)
40,234
43,973
(3,739
)
26,249
29,089
(2,840
)
$
826,733
$
852,652
$
(25,919
)
$
40,234
$
43,973
$
(3,739
)
$
26,249
$
29,089
$
(2,840
)
December 31, 2020
Total Loans
Nonaccruals
90 Days or More Past Due
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Option Elections
Loans held for sale
$
36,111
$
38,135
$
(2,024
)
$

$

$

$

$

$

Loans held for investment
815,374
845,082
(29,708
)
35,499
39,318
(3,819
)
25,532
28,741
(3,209
)
$
851,485
$
883,217
$
(31,732
)
$
35,499
$
39,318
$
(3,819
)
$
25,532
$
28,741
$
(3,209
) The following table presents the net gains (losses) from changes in fair value.
Three Months Ended March 31,
Gains (Losses) on Loans Accounted for under the Fair Value Option
2021
2020
Loans held for sale
$
36
$
120
Loans held for investment
4,182
(10,758
)
$
4,218
$
(10,638
) Gains/(Losses) related to borrower-specific credit risk were $191 thousand for the three months ended March 31, 2021 and $(922) thousand for the three months ended March 31, 2020. The following tables summarize the activity pertaining to loans accounted for under the fair value option.
Three Months Ended March 31,
Loans held for sale
2021
2020
Balance at beginning of period
$
36,111
$
16,198
Issuances & repurchases

3,045
Fair value changes
36
120
Sales


Settlements
(211
)
(212
)
Balance at end of period
$
35,936
$
19,151
Three Months Ended March 31,
Loans held for investment
2021
2020
Balance at beginning of period
$
815,374
$
824,520
Issuances & repurchases
5,570
61,611
Fair value changes
4,184
(10,758
)
Settlements
(34,331
)
(43,947
)
Balance at end of period
$
790,797
$
831,426
In the first quarter of 2021 the Company chose not to elect the fair value for all retained participating interests arising from new government guaranteed loan sales. Management made this change of election in alignment with its ongoing effort to reduce volatility and drive more predictable revenue. In accordance with accounting standards, any loans for which fair value was previously elected will continue to be measured as such Non-recurring Fair Value The following sections provide a description of the valuation methodologies used for instruments measured at fair value on a non-recurring basis, as well as the general classification of such instruments pursuant to the fair value hierarchy: Collateral dependent loans : Loans are considered collateral dependent when the Company has determined that foreclosure of the collateral is probable or when a borrower is experiencing financial difficulty and the loan is expected to be repaid substantially through the operation or sale of collateral. A collateral dependent loan’s ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. Fair value of the loan’s collateral is determined by appraisals, independent valuation, or management’s estimation of fair value which is then adjusted for the cost related to liquidation of the collateral. Collateral dependent loans are generally classified as Level 3 based on management’s judgment and estimation. Loans with agreed upon sales prices are classified as Level 1. Foreclosed assets: Foreclosed real estate is adjusted to fair value less selling costs upon transfer of the loans to foreclosed real estate. Subsequently, foreclosed real estate is carried at the lower of carrying value or fair value less selling costs. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. Given the lack of observable market prices for identical properties and market discounts applied to appraised values, the Company generally classifies foreclosed assets as nonrecurring Level 3. Long-lived asset held for sale: Long-lived assets held for sale are carried at the lower of carrying value or fair value less selling costs. Fair value is based upon an independent market valuation of the property. Given the lack of observable market prices for identical assets and market discounts applied to market prices, the Company generally classifies long-lived assets held for sale as nonrecurring Level 3. Equity security investments with a non-readily determinable fair value: Equity security investments are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. When an observable price change in an orderly transaction occurs for an identical investment of the same issuer, the investment is generally classified as nonrecurring Level 1 within the valuation hierarchy. When an observable price change in an orderly transaction occurs for a similar investment of the same issuer, the investment is generally classified as nonrecurring Level 2 within the valuation hierarchy. The tables below present the recorded amount of assets and liabilities measured at fair value on a non-recurring basis.
March 31, 2021
Total
Level 1
Level 2
Level 3
Collateral dependent loans
$
6,935
$

$

$
6,935
Foreclosed assets
4,185


4,185
Total assets at fair value
$
11,120
$

$

$
11,120
December 31, 2020
Total
Level 1
Level 2
Level 3
Collateral dependent loans
$
4,159
$

$

$
4,159
Foreclosed assets
4,155


4,155
Long-lived asset held for sale
8,874
8,874


Equity security investment with a non-readily determinable fair value
25,367

25,367

Total assets at fair value
$
42,555
$
8,874
$
25,367
$
8,314
Level 3 Analysis For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2021 and December 31, 2020 the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2021
Level 3 Assets with Significant Unobservable Inputs
Fair Value
Valuation Technique
Significant Unobservable Inputs
Range
Recurring fair value
Municipal bond
$
96
Discounted expected cash flows
Discount rate Prepayment speed
4.5% 5.0%
Loans held for sale
$
35,936
Discounted expected cash flows
Discount rate Prepayment speed
0.8% to 17.4% WAVG 19.0%
Loans held for investment
$
790,797
Discounted expected cash flows Discounted appraisals
Loss rate Discount rate Prepayment speed Appraisal adjustments
0.0% to 76.3% (WAVG 1.2%) 0.8% to 17.4% WAVG 19.0% 10.0% to 65.0%
Equity warrant assets
$
1,314
Black-Scholes option pricing model
Volatility Risk-free interest rate Marketability discount Remaining life
26.6% to 89.4% 0.92% to 1.74% 20.0% 4-10 years
Non-recurring fair value
Collateral dependent loans
$
6,935
Discounted appraisals
Appraisal adjustments (1)
10.0% to 65.0%
Foreclosed assets
$
4,185
Discounted appraisals
Appraisal adjustments (1)
7.5% to 10.0% December 31, 2020
Level 3 Assets with Significant Unobservable Inputs
Fair Value
Valuation Technique
Significant Unobservable Inputs
Range
Recurring fair value
Municipal bond
$
96
Discounted expected cash flows
Discount rate Prepayment speed
4.3% 5.0%
Loans held for sale
$
36,111
Discounted expected cash flows
Discount rate Prepayment speed
4.2% to 18.5% WAVG 19.0%
Loans held for investment
$
815,374
Discounted expected cash flows Discounted appraisals
Loss rate Discount rate Prepayment speed Appraisal adjustments
0.0% to 73.2% (WAVG 1.5%) 4.2% to 18.5% WAVG 19.0% 10.0% to 83.0%
Equity warrant assets
$
908
Black-Scholes option pricing model
Volatility Risk-free interest rate Marketability discount Remaining life
26.5-87.1% 0.36% to 0.93% 20.0% 5-10 years
Non-recurring fair value
Collateral dependent loans
$
4,159
Discounted appraisals
Appraisal adjustments (1)
10.0% to 83.0%
Foreclosed assets
$
4,155
Discounted appraisals
Appraisal adjustments (1)
10.0% to 20.0%
(1)
Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and other qualitative adjustments.
Estimated Fair Value of Other Financial Instruments GAAP also requires disclosure of the fair value of financial instruments carried at book value on the consolidated balance sheets. The carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis are as follows:
March 31, 2021
Carrying Amount
Quoted Price In Active Markets for Identical Assets /Liabilities (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Total Fair Value
Financial assets
Cash and due from banks
$
630,081
$
630,081
$

$

$
630,081
Federal funds sold
5,461
5,461


5,461
Certificates of deposit with other banks
6,500
6,839


6,839
Loans held for sale
1,040,805


1,136,156
1,136,156
Loans and leases, net of allowance for credit losses on loans and leases
4,613,540


4,722,518
4,722,518
Financial liabilities
Deposits
6,316,004

6,227,312

6,227,312
Borrowings
1,465,961


1,451,459
1,451,459
December 31, 2020
Carrying Amount
Quoted Price In Active Markets for Identical Assets /Liabilities (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Total Fair Value
Financial assets
Cash and due from banks
$
297,167
$
297,167
$

$

$
297,167
Federal funds sold
21,153
21,153


21,153
Certificates of deposit with other banks
6,500
6,906


6,906
Loans held for sale
1,139,359


1,235,122
1,235,122
Loans and leases, net of allowance for credit losses on loans and leases
4,277,250


4,366,489
4,366,489
Financial liabilities
Deposits
5,712,828

5,711,781

5,711,781
Borrowings
1,542,093


1,542,171
1,542,171

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 10. Commitments and Contingencies Litigation In the normal course of business, the Company is involved in various legal proceedings. Management believes that the outcome of such proceedings will not materially affect the financial position, results of operations or cash flows of the Company. On March 12, 2021, a purported class action was filed against the Company in the United States District Court for the Eastern District of North Carolina, Joseph McAlear, individually and on behalf of all others similarly situated v. Live Oak Bancshares, Inc. et al Financial Instruments with Off-balance-sheet Risk The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as for on-balance-sheet instruments. A summary of the Company’s commitments is as follows:
March 31, 2021
December 31, 2020
Commitments to extend credit
$
2,526,132
$
2,054,910
Standby letters of credit
5,929
22,913
Total unfunded off-balance-sheet credit risk
$
2,532,061
$
2,077,823
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. Collateral held varies, but may include accounts receivable, inventory, property and equipment, residential real estate and income-producing commercial properties. Commitment letters are issued after approval of the loan by the Credit Department and generally expire ninety days after issuance. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held varies as specified above and is required in instances which the Company deems necessary. As of March 31, 2021 and December 31, 2020, the Company had unfunded commitments to provide capital contributions for on-balance-sheet investments in the amount of $12.4 million and $15.8 million, respectively. Concentrations of Credit Risk Although the Company is not subject to any geographic concentrations, a substantial amount of the Company’s loans, leases, and commitments to extend credit have been granted to customers in the agriculture, healthcare and veterinary verticals. The concentrations of credit by type of loan are set forth in Note 5. The distribution of commitments to extend credit approximates the distribution of loans outstanding. The Company does not have a significant number of credits to any single borrower or group of related borrowers whereby their retained unguaranteed exposure exceeds $15.0 million, except for 14 relationships that have a retained unguaranteed exposure of $321.2 million of which $132.2 million of the unguaranteed exposure has been disbursed. Additionally, the Company has future minimum lease payments due under non-cancelable operating leases totaling $74.1 million, of which $22.4 million is due from one relationship. The Company from time-to-time may have cash and cash equivalents on deposit with financial institutions that exceed federally-insured limits.

Stock Plans

Stock Plans3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock PlansNote 11. Stock Plans On March 20, 2015, the Company adopted the 2015 Omnibus Stock Incentive Plan which replaced the previously existing Amended Incentive Stock Option Plan and Nonstatutory Stock Option Plan. Subsequently on May 24, 2016, the 2015 Omnibus Stock Incentive Plan was amended to authorize awards covering a maximum of 7,000,000 common voting shares and has an expiration date of March 20, 2025. On May 15, 2018, the Amended and Restated 2015 Omnibus Stock Incentive Plan was amended to authorize awards covering a maximum of 8,750,000 common voting shares. Options or restricted shares granted under the Amended and Restated 2015 Omnibus Stock Incentive Plan (the "Plan") expire no more than 10 years from the date of grant. Exercise prices under the Plan are set by the Board of Directors at the date of grant, but shall not be less than 100% of fair market value of the related stock at the date of the grant. Options vest over a minimum of three years from the date of the grant. Restricted stock grants vest in equal installments ranging from immediate vesting to over a seven-year Stock Options There were no stock options granted during the three months ended March 31, 2021. At March 31, 2021, unrecognized compensation costs relating to stock options amounted to $1.9 million which will be recognized over a weighted average period of 1.42 years. Restricted Stock Restricted stock awards are authorized in the form of restricted stock awards or units ("RSU"s) and restricted stock awards or units with a market price condition ("Market RSU"s). RSUs have a restriction based on the passage of time and may also have a restriction based on a non-market-related performance criteria. The fair value of the RSUs is based on the closing price on the date of the grant. For the quarter ended March 31, 2021, 397,500 Market RSUs met the performance stock price conditions for the $45.00, $48.00, and $50.00 stock price for twenty (20) consecutive trading days. The remaining expense of $2.1 million was fully recognized due to the accelerated vesting. The weighted average grant date fair value for the 397,500 vested Market RSUs was $7.89. Remaining Market RSUs at March 31, 2021 have a restriction based on the passage of time, but also have a restriction based on market price criteria related to the Company’s share price closing at $55.00 per share for at least twenty (20) consecutive trading days at any time prior to expiration date. The amount of Market RSUs earned will not exceed 100% of the Market RSUs awarded. The fair value of the Market RSUs and the implied service period is calculated using the Monte Carlo simulation method. For the three months ended March 31, 2021, 792,893 RSUs were granted with a weighted average grant date fair value of $50.66. Of the RSUs granted in the three month period, 288,680 were awarded in connection with annual long term incentive stock compensation and 500,000 were awarded as a special retention RSU award. At March 31, 2021, unrecognized compensation costs relating to RSUs amounted to $51.6 million which will be recognized over a weighted average period of 5.18 years. There were no Market RSUs granted during the three months ended March 31, 2021. At March 31, 2021, unrecognized compensation costs relating to Market RSUs amounted to $1.1 million which will be recognized over a weighted average period of 0.02 years.

Segments

Segments3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
SegmentsNote 12. Segments The Company's management reporting process measures the performance of its operating segments based on internal operating structure, which is subject to change from time to time. Accordingly, the Company operates two reportable segments for management reporting purposes as discussed below: Banking - This segment specializes in providing financing services to small businesses nationwide in targeted industries and deposit-related services to small businesses, consumers and other customers nationwide. The primary source of revenue for this segment is net interest income and secondarily the origination and sale of government guaranteed loans. Fintech - This segment is involved in making strategic investments into emerging financial technology companies. The primary sources of revenue for this segment are principally gains and losses on equity method and equity security investments and management fees. The Fintech segment is comprised of the Company's wholly owned subsidiaries Live Oak Ventures, Canapi and the Bank's investment in Apiture. The following tables provide financial information for the Company's segments. The information provided under the caption “Other” represents operations not considered to be reportable segments and/or general operating expenses of the Company, and includes the parent company, other non-bank subsidiaries and elimination adjustments to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP.
Banking
Fintech
Other
Consolidated
Three months ended March 31, 2021
Interest income
$
88,099
$
122
$
4
$
88,225
Interest expense
18,165

110
18,275
Net interest income
69,934
122
(106
)
69,950
(Recovery of) provision for loan and lease credit losses
(873
)


(873
)
Noninterest income
30,524
(4
)
537
31,057
Noninterest expense
55,625
1,020
1,627
58,272
Income tax expense (benefit)
4,650
5
(474
)
4,181
Net income (loss)
$
41,056
$
(907
)
$
(722
)
$
39,427
Total assets
$
8,281,729
$
91,662
$
44,484
$
8,417,875
Three months ended March 31, 2020
Interest income
$
63,448
$

$
25
$
63,473
Interest expense
23,255

57
23,312
Net interest income
40,193

(32
)
40,161
Provision for loan and lease credit losses
11,792


11,792
Noninterest income
5,964
(880
)
658
5,742
Noninterest expense
46,687
1,490
1,314
49,491
Income tax benefit
(4,170
)
(244
)
(3,364
)
(7,778
)
Net (loss) income
$
(8,152
)
$
(2,126
)
$
2,676
$
(7,602
)
Total assets
$
5,133,447
$
84,366
$
55,756
$
5,273,569

Subsequent Events

Subsequent Events3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent EventsNote 13. Subsequent Event On April 27, 2021, the Company’s equity security investee, Greenlight Financial Technology, Inc. (“Greenlight”), announced the close of $260.0 million in newly issued shares in an orderly transaction. As a result of this transaction the Company expects to recognize a pre-tax non-cash gain of from the increase in the observable fair market value of its investment in Greenlight In assessing the effect of transactions at Greenlight giving rise to this gain, the Company reevaluated its ownership percentage and other factors to reassess the existence of significant influence and determined that this investment should continue to be accounted for as an equity security investment

Basis of Presentation (Policies

Basis of Presentation (Policies)3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
GeneralGeneral In the opinion of management, all adjustments necessary for a fair presentation of the financial position and results of operations for the periods presented have been included, and all intercompany transactions have been eliminated in consolidation. Results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021. The Unaudited Condensed Consolidated Balance Sheet as of December 31, 2020 has been derived from the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the Securities Exchange Commission on February 25, 2021 (SEC File No. 001-37497) (the "2020 Annual Report"). A summary description of the significant accounting policies followed by the Company is set forth in Note 1 of the Notes to Consolidated Financial Statements in the Company’s 2020 Annual Report. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes in the Company's 2020 Annual Report. The preparation of financial statements in conformity with United States generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Amounts in all tables in the Notes to Unaudited Condensed Consolidated Financial Statements have been presented in thousands, except percentage, time period, stock option, share and per share data or where otherwise indicated.
Business SegmentsBusiness Segments Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Management has determined that the Company has two significant operating segments: Banking and Fintech, as discussed more fully in Note 12. Segments. In determining the appropriateness of segment definition, the Company considers the criteria of ASC 280, Segment Reporting .
Business CombinationBusiness Combination On April 1, 2020, the Company acquired 100% of the equity interests of JAM, a registered investment advisor based in Rocky Mount, North Carolina. Goodwill, intangible assets and contingent consideration of $1.8 million, $2.3 million and $2.1 million, respectively, have been recorded by the Company. Intangible assets are almost entirely comprised of customer relationships that are being amortized using the straight-line method over 15 years. As a result of this acquisition, the Bank's subsidiary Live Oak Private Wealth, LLC, expects to broaden service offerings to existing high-net-worth individuals and families, attract new clients from an expanded footprint and benefit from economies of scale. The acquisition did not materially impact the Company's financial position, results of operations or cash flows. Given the impact of the above acquisition was immaterial to the Company and its result of operations, pro forma information has not been included.
ReclassificationsReclassifications Certain reclassifications have been made to the prior period’s condensed consolidated financial statements to place them on a comparable basis with the current year. Net income and shareholders’ equity previously reported were not affected by these reclassifications .

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per ShareBasic and diluted earnings per share are computed based on the weighted average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur upon the exercise of stock options or upon the vesting of restricted stock grants, any of which would result in the issuance of common stock that would then share in the net income of the Company.
Three Months Ended March 31,
2021
2020
Basic earnings (loss) per share:
Net income (loss)
$
39,427
$
(7,602
)
Weighted-average basic shares outstanding
42,673,615
40,334,179
Basic earnings (loss) per share
$
0.92
$
(0.19
)
Diluted earnings (loss) per share:
Net income (loss), for diluted earnings (loss) per share
$
39,427
$
(7,602
)
Total weighted-average basic shares outstanding
42,673,615
40,334,179
Add effect of dilutive stock options and restricted stock grants
2,023,235
739,870
Total weighted-average diluted shares outstanding
44,696,850
41,074,049
Diluted earnings (loss) per share
$
0.88
$
(0.19
)
Anti-dilutive shares

1,839,601

Securities (Tables)

Securities (Tables)3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Summary of Carrying Amount and Fair Value of SecuritiesAvailable-for-Sale The carrying amount of securities and their approximate fair values are reflected in the following table:
March 31, 2021
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
US government agencies
$
15,442
$
387
$

$
15,829
Mortgage-backed securities
744,462
20,208
8,895
755,775
Municipal bonds
3,262
315
4
3,573
Total
$
763,166
$
20,910
$
8,899
$
775,177
December 31, 2020
US government agencies
$
15,440
$
479
$

$
15,919
Mortgage-backed securities
703,092
28,302
940
730,454
Municipal bonds
3,267
462
4
3,725
Total
$
721,799
$
29,243
$
944
$
750,098
Debt Securities Available-for-Sale in Unrealized Loss PositionThe following tables show debt securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position.
Less Than 12 Months
12 Months or More
Total
March 31, 2021
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Mortgage-backed securities
$
357,905
$
8,892
$
650
$
3
$
358,555
$
8,895
Municipal bonds


96
4
96
4
Total
$
357,905
$
8,892
$
746
$
7
$
358,651
$
8,899
Less Than 12 Months
12 Months or More
Total
December 31, 2020
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Fair Value
Unrealized Losses
Mortgage-backed securities
$
156,904
$
917
$
1,853
$
23
$
158,757
$
940
Municipal bonds


96
4
96
4
Total
$
156,904
$
917
$
1,949
$
27
$
158,853
$
944
Summary of Investment Securities by MaturityThe following is a summary of investment securities by maturity:
March 31, 2021
Available-for-Sale
Amortized cost
Fair value
US government agencies
Within one year
$
5,000
$
5,007
One to five years
7,513
7,737
Five to ten years
2,929
3,085
Total
15,442
15,829
Mortgage-backed securities
One to five years
10,248
10,848
Five to ten years
227,756
237,693
After 10 years
506,458
507,234
Total
744,462
755,775
Municipal bonds
After 10 years
3,262
3,573
Total
3,262
3,573
Total
$
763,166
$
775,177
Summary of Carrying and Ownership Percentage of Each Equity Method InvestmentThe carrying amount and ownership percentage of each equity investment over which the Company has significant influence at March 31, 2021 and December 31, 2020 is reflected in the following table:
March 31, 2021
December 31, 2020
Amount
Ownership %
Amount
Ownership %
Apiture, Inc.
$
53,927
39.1
%
$
53,344
39.1
%
Canapi Ventures SBIC Fund, LP (1) (3)
15,530
2.9
%
14,843
3.1
%
Canapi Ventures Fund, LP (2) (3)
1,780
1.5
%
1,686
1.5
%
Other fintech investments in private companies (4)
6,237
Various
1,634
Various
Other (5)
3,273
Various
6,421
Various
Total
$
80,747
$
77,928
(1)
Includes unfunded commitments of $9.4 million and $11.3 million as of March 31, 2021 and December 31, 2020, respectively.
(2)
Includes unfunded commitments of $1.0 million as of March 31, 2021 and December 31, 2020.
(3)
Investee is accounted for under equity method due to the Company's participation as an investment advisor.
(4)
Other fintech investments include Finxact, Inc., Payrailz, Inc. and Kwipped, Inc.
(5)
Includes unfunded commitments of $2.9 million at December 31, 2020.
Summary of Carrying Amount of Company Investments in Non Marketable Equity Securities with No Readily Determinable Fair Value and Amounts Recognized in EarningsThe carrying amount of the Company’s investments in non-marketable equity securities with no readily determinable fair value and amounts recognized in earnings for the three months ended March 31, 2021, and on a cumulative basis is reflected in the following table:
As of and for the three month period ended March 31, 2021
Amount
Cumulative Adjustments
Carrying value (1)
$
32,527
Carrying value adjustments:
Impairment

$

Upward changes for observable prices

18,272
Downward changes for observable prices

(86
)
Net upward change
$

$
18,186
(1)
Includes $2.0 million in unfunded commitments.

Loans and Leases Held for Inv_2

Loans and Leases Held for Investment and Credit Quality (Tables)3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Summary of Total Loans and Leases and Aging Analysis of Portfolio SegmentsThe following tables present total loans and leases and an aging analysis for the Company’s portfolio segments. Loans and leases are considered past due if the required principal and interest payments have not been received as of the date such payments were due.
Current or Less than 30 Days Past Due
30-89 Days Past Due
90 Days or More Past Due
Total Past Due
Total Carried at Amortized Cost 1
Loans Accounted for Under the Fair Value Option 2
Total Loans and Leases
March 31, 2021
Commercial & Industrial
Small Business Banking
$
762,178
$

$
12,545
$
12,545
$
774,723
$
299,291
$
1,074,014
Specialty Lending
431,358



431,358
73,751
505,109
Paycheck Protection Program
1,478,995



1,478,995

1,478,995
Total
2,672,531

12,545
12,545
2,685,076
373,042
3,058,118
Construction & Development
Small Business Banking
204,996
1,629

1,629
206,625

206,625
Specialty Lending
77,792

3,723
3,723
81,515

81,515
Total
282,788
1,629
3,723
5,352
288,140

288,140
Commercial Real Estate
Small Business Banking
1,176,005

11,854
11,854
1,187,859
313,466
1,501,325
Specialty Lending
173,531

6,606
6,606
180,137
19,776
199,913
Total
1,349,536

18,460
18,460
1,367,996
333,242
1,701,238
Commercial Land
Small Business Banking
346,206
2,325
2,055
4,380
350,586
84,513
435,099
Total
346,206
2,325
2,055
4,380
350,586
84,513
435,099
Total
$
4,651,061
$
3,954
$
36,783
$
40,737
$
4,691,798
$
790,797
$
5,482,595
Net deferred (fees) costs
$
(25,841
)
Loan and Leases, Net of unearned
$
5,456,754
Current or Less than 30 Days Past Due
30-89 Days Past Due
90 Days or More Past Due
Total Past Due
Total Carried at Amortized Cost 1
Loans Accounted for Under the Fair Value Option 2
Total Loans and Leases
December 31, 2020
Commercial & Industrial
Small Business Banking
$
695,090
$
10,341
$
10,765
$
21,106
$
716,196
$
308,341
$
1,024,537
Specialty Lending
341,952
337

337
342,289
71,090
413,379
Paycheck Protection Program
1,528,180



1,528,180

1,528,180
Total
2,565,222
10,678
10,765
21,443
2,586,665
379,431
2,966,096
Construction & Development
Small Business Banking
183,087



183,087

183,087
Specialty Lending
88,890

3,723
3,723
92,613

92,613
Total
271,977

3,723
3,723
275,700

275,700
Commercial Real Estate
Small Business Banking
987,358
3,730
8,609
12,339
999,697
321,352
1,321,049
Specialty Lending
148,264
5,374
1,693
7,067
155,331
20,317
175,648
Total
1,135,622
9,104
10,302
19,406
1,155,028
341,669
1,496,697
Commercial Land
Small Business Banking
329,638

2,243
2,243
331,881
94,274
426,155
Total
329,638

2,243
2,243
331,881
94,274
426,155
Total
$
4,302,459
$
19,782
$
27,033
$
46,815
$
4,349,274
$
815,374
$
5,164,648
Net deferred (fees) costs
$
(19,718
)
Loan and Leases, Net of unearned
$
5,144,930
(1)
Total loans and leases include $2.75 billion of U.S. government guaranteed loans as of March 31, 2021, of which $19.2 million is 90 days or more past due, $1.2 million is past due 30-89 days and $2.73 billion are current. Total loans and leases include $2.61 billion of U.S. government guaranteed loans as of December 31, 2020, of which $12.9 million is 90 days or more past due, $16.7 million is past due 30-89 days and $2.58 billion are current.
(2)
The Company measures the carrying value of the retained portion of loans sold at fair value under ASC Subtopic 825-10. See Note 9. Fair Value of Financial Instruments for additional information.
Summary of Asset Quality Indicators by Portfolio Class and Origination YearThe following tables presents asset quality indicators by portfolio class and origination year. See Note 5. Loans and Leases Held for Investment and Credit Quality in the Company’s 2020 Form 10-K for additional discussion around the asset quality indicators that the Company uses to manage and monitor credit risk.
Term Loans and Leases Amortized Cost Basis by Origination Year
2021
2020
2019
2018
2017
Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term
Total 1,2
March 31, 2021
Small Business Banking
Risk Grades 1 - 4
$
174,311
$
799,012
$
491,138
$
277,191
$
242,859
$
198,955
$
36,619
$
1,794
$
2,221,879
Risk Grade 5

19,387
76,377
70,633
42,121
14,779
1,682
434
225,413
Risk Grades 6 - 8

92
13,899
14,572
23,664
19,073
1,002
199
72,501
Total
174,311
818,491
581,414
362,396
308,644
232,807
39,303
2,427
2,519,793
Specialty Lending
Risk Grades 1 - 4
118,627
295,067
95,893
44,784
41,547

52,833
929
649,680
Risk Grade 5
250
7,674
6,832
967
11,368

2,160

29,251
Risk Grades 6 - 8



8,636

5,307
136

14,079
Total
118,877
302,741
102,725
54,387
52,915
5,307
55,129
929
693,010
Paycheck Protection Program
Risk Grades 1 - 4
507,428
971,567






1,478,995
Risk Grade 5









Risk Grades 6 - 8









Total
507,428
971,567






1,478,995
Total
$
800,616
$
2,092,799
$
684,139
$
416,783
$
361,559
$
238,114
$
94,432
$
3,356
$
4,691,798
2020
2019
2018
2017
2016
Prior
Revolving Loans Amortized Cost Basis
Revolving Loans Converted to Term
Total 1,2
December 31, 2020
Small Business Banking
Risk Grades 1 - 4
$
724,506
$
475,593
$
287,712
$
230,653
$
159,877
$
59,065
$
32,373
$
1,392
$
1,971,171
Risk Grade 5
16,080
59,595
62,857
44,478
11,203
3,666
2,131
212
200,222
Risk Grades 6 - 8
81
8,976
14,639
15,090
11,424
8,418
631
209
59,468
Total
740,667
544,164
365,208
290,221
182,504
71,149
35,135
1,813
2,230,861
Specialty Lending
Risk Grades 1 - 4
296,537
96,553
48,930
40,626


55,229
632
538,507
Risk Grade 5
7,672
6,379
2,752
18,718


1,711

37,232
Risk Grades 6 - 8


8,635

5,782

77

14,494
Total
304,209
102,932
60,317
59,344
5,782

57,017
632
590,233
Paycheck Protection Program
Risk Grades 1 - 4
1,528,180







1,528,180
Risk Grade 5









Risk Grades 6 - 8









Total
1,528,180







1,528,180
Total
$
2,573,056
$
647,096
$
425,525
$
349,565
$
188,286
$
71,149
$
92,152
$
2,445
$
4,349,274
(1)
Total loans and leases include $2.75 billion of U.S. government guaranteed loans as of March 31, 2021, segregated by risk grade as follows: Risk Grades 1 – 4 = $2.57 billion, Risk Grade 5 = $141.1 million, Risk Grades 6 – 8 = $47.6 million. As of December 31, 2020, total loans and leases include $2.61 billion of U.S. government guaranteed loans, segregated by risk grade as follows: Risk Grades 1 – 4 = $2.44 billion, Risk Grade 5 = $128.0 million, Risk Grades 6 – 8 = $40.9 million. Total loans and leases exclude loans accounted for under the fair value option.
(2)
Excludes $790.8 million and $815.4 million of loans accounted for under the fair value option as of March 31, 2021 and December 31, 2020, respectively.
Nonaccrual Loans and Leases Held for InvestmentNonaccrual loans and leases held for investment as of March 31, 2021 and December 31, 2020 are as follows:
March 31, 2021
Loan and Lease Balance 1
Guaranteed Balance
Unguaranteed Balance
Unguaranteed Exposure with No ACL
Commercial & Industrial
Small Business Banking
$
23,249
$
15,612
$
7,637
$
271
Total
23,249
15,612
7,637
271
Construction & Development
Specialty Lending
3,723

3,723
3,723
Total
3,723

3,723
3,723
Commercial Real Estate
Small Business Banking
21,738
10,409
11,329
6,054
Specialty Lending
6,606
5,071
1,535
1,228
Total
28,344
15,480
12,864
7,282
Commercial Land
Small Business Banking
2,055
1,541
514

Total
2,055
1,541
514

Total
$
57,371
$
32,633
$
24,738
$
11,276
December 31, 2020
Loan and Lease Balance 1
Guaranteed Balance
Unguaranteed Balance
Unguaranteed Exposure with No ACL
Commercial & Industrial
Small Business Banking
$
17,992
$
12,046
$
5,946
$

Total
17,992
12,046
5,946

Construction & Development
Specialty Lending
3,723

3,723
3,723
Total
3,723

3,723
3,723
Commercial Real Estate
Small Business Banking
15,085
6,725
8,360
5,327
Specialty Lending
7,068
5,533
1,535

Total
22,153
12,258
9,895
5,327
Commercial Land
Small Business Banking
2,242
1,728
514

Total
2,242
1,728
514

Total
$
46,110
$
26,032
$
20,078
$
9,050
(1)
Excludes nonaccrual loans accounted for under the fair value option. See Note 9. Fair Value of Financial Instruments for additional information.
Amortized Cost Basis of Collateral-Dependent Loans and LeasesThe following table presents the amortized cost basis of collateral-dependent loans and leases, which are individually evaluated to determine expected credit losses, as of March 31, 2021 and December 31, 2020:
Total Collateral Dependent Loans
Unguaranteed Portion
March 31, 2021
Real Estate
Business Assets
Other
Real Estate
Business Assets
Other
Allowance for Credit Losses
Commercial & Industrial
Small Business Banking
$
2,779
$
4,010
$
1,615
$
2,031
$
120
$
338
$
495
Total
2,779
4,010
1,615
2,031
120
338
495
Construction & Development
Specialty Lending
3,767


3,767



Total
3,767


3,767



Commercial Real Estate
Small Business Banking
18,800
251
330
10,407
9
338
296
Specialty Lending
6,617


1,546


23
Total
25,417
251
330
11,953
9
338
319
Commercial Land
Small Business Banking
2,075


534


309
Total
2,075


534


309
Total
$
34,038
$
4,261
$
1,945
$
18,285
$
129
$
676
$
1,123
Total Collateral Dependent Loans
Unguaranteed Portion
December 31, 2020
Real Estate
Business Assets
Other
Real Estate
Business Assets
Other
Allowance for Credit Losses
Commercial & Industrial
Small Business Banking
$
1,279
$
9,440
$
197
$
531
$
4,077
$
66
$
1,281
Total
1,279
9,440
197
531
4,077
66
1,281
Construction & Development
Specialty Lending
3,767


3,767



Total
3,767


3,767



Commercial Real Estate
Small Business Banking
11,568
258
332
6,873
9
335
175
Specialty Lending
13,196


7,663


23
Total
24,764
258
332
14,536
9
335
198
Commercial Land
Small Business Banking
2,263


534


302
Total
2,263


534


302
Total
$
32,073
$
9,698
$
529
$
19,368
$
4,086
$
401
$
1,781
Activity in ACL and Allowance for Loan and Lease Losses by Portfolio SegmentThe following table details activity in the ACL by portfolio segment allowance for the periods presented:
Three Months Ended
Commercial & Industrial
Construction & Development
Commercial Real Estate
Commercial Land
Total
March 31, 2021
Beginning Balance
$
26,941
$
5,663
$
18,148
$
1,554
$
52,306
Charge offs
(152
)

(517
)
(12
)
(681
)
Recoveries
9

1,656

1,665
Provision
(221
)
224
(641
)
(235
)
(873
)
Ending Balance
$
26,577
$
5,887
$
18,646
$
1,307
$
52,417
March 31, 2020
Beginning Balance, prior to adoption of ASC 326
$
15,757
$
2,732
$
8,427
$
1,318
$
28,234
Impact of adopting ASC 326
(4,561
)
1,131
1,916
193
(1,321
)
Charge offs
(2,345
)

(109
)
(408
)
(2,862
)
Recoveries
35

28

63
Provision
7,451
960
2,848
533
11,792
Ending Balance
$
16,337
$
4,823
$
13,110
$
1,636
$
35,906
Troubled Debt Restructurings on Financing ReceivablesThree Months Ended March 31, 2021
Interest Only
Payment Deferral
Extend Amortization
Other (1)
Total TDRs (2)
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Commercial & Industrial
Small Business Banking

$

1
$
3,269

$


$

1
$
3,269
Total


1
3,269




1
3,269
Commercial Real Estate
Small Business Banking


1
629


1
3,141
2
3,770
Total


1
629


1
3,141
2
3,770
Total

$

2
$
3,898

$

1
$
3,141
3
$
7,039
(1)
Includes one small business banking with extend amortization and a rate concession TDR.
(2)
Excludes loans accounted for under the fair value option. See Note 9. Fair Value of Financial Instruments for additional information.
Three Months Ended March 31, 2020
Interest Only
Payment Deferral
Extend Amortization
Other
Total TDRs (1)
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Number of Loans
Recorded investment at period end
Commercial & Industrial
Small Business Banking

$

2
$
1,487

$


$

2
$
1,487
Specialty Lending




1
973


1
973
Total


2
1,487
1
973


3
2,460
Commercial Real Estate
Small Business Banking


1
3,589




1
3,589
Total


1
3,589




1
3,589
Total

$

3
$
5,076
1
$
973

$

4
$
6,049
(1)
Excludes loans accounted for under the fair value option. See Note 9. Fair Value of Financial Instruments for additional information.

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Net Lease InvestmentThe gross lease payments receivable and the net investment included in accounts receivable for such leases are as follows:
March 31, 2021
December 31, 2020
Gross direct finance lease payments receivable
$
9,741
$
10,629
Less – unearned interest
(1,492
)
(1,685
)
Net investment in direct financing leases
$
8,249
$
8,944
Future Minimum Finance Lease PaymentsFuture minimum lease payments under finance leases are as follows:
As of March 31, 2021
Amount
2021
$
2,149
2022
2,620
2023
2,182
2024
1,570
2025
1,104
Thereafter
116
Total
$
9,741
Maturity Analysis of Future Minimum Operating Lease PaymentsA maturity analysis of future minimum lease payments under non-cancelable operating leases is as follows:
As of March 31, 2021
Amount
2021
$
7,083
2022
9,044
2023
9,075
2024
8,808
2025
8,935
Thereafter
31,175
Total
$
74,120

Servicing Assets (Tables)

Servicing Assets (Tables)3 Months Ended
Mar. 31, 2021
Transfers And Servicing [Abstract]
Summary of Activity Pertaining to Servicing RightsThe following summarizes the activity pertaining to servicing rights:
Three Months Ended March 31,
2021
2020
Balance at beginning of period
$
33,918
$
35,365
Additions, net
2,333
2,859
Fair value changes:
Due to changes in valuation inputs or assumptions
2,946
(2,039
)
Decay due to increases in principal paydowns or runoff
(1,453
)
(2,653
)
Balance at end of period
$
37,744
$
33,532

Borrowings (Tables)

Borrowings (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Total Outstanding BorrowingsTotal outstanding borrowings consisted of the following:
March 31, 2021
December 31, 2020
Borrowings
In March 2021, the Company entered into a 60-month term loan agreement of $50.0 million with a third party correspondent bank. The loan accrues interest at a fixed rate of 2.95% with a monthly payment sufficient to fully amortize the loan, with all remaining unpaid principal and interest due at maturity on March 30, 2026. The Company paid the Lender a non-refundable $325 thousand loan origination fee upon signing of the Note that is presented as a direct deduction from the carrying amount of the loan and will be amortized into interest expense over the life of the loan.
$
49,675
$

In September 2020, the Company renewed a $50.0 million revolving line of credit originally issued in 2017 with a third party correspondent bank. The line of credit was unsecured and accrued interest at 30-day LIBOR plus 1.15% for a term of 13 months. Payments were interest only with all principal and accrued interest due on October 10, 2021. On March 31, 2021 the remaining outstanding balance of $14.5 million was paid in full and the revolving line was closed. No available credit remains at March 31, 2021.

14,488
In April 2020, the Company entered into the Federal Reserve Bank's Paycheck Protection Program Liquidity Facility ("PPPLF"). Under the PPPLF, advances must be secured by pledges of loans to small businesses originated by the Company under the U.S. Small Business Administration's 7(a) loan program titled the Paycheck Protection Program. The PPPLF accrues interest at thirty-five basis points and matures at various dates equal to the maturity date of the PPPLF collateral pledged to secure the advance, ranging from April 1, 2022 to March 20, 2026, and will be accelerated on and to the extent of any 7(a) loan forgiveness reimbursement by the SBA for any PPPLF collateral or the date of purchase by the SBA from the borrower of any PPPLF collateral. On the maturity date of each advance, the Company shall repay the advance plus accrued interest. This $1.41 billion borrowing was fully advanced at March 31, 2021.
1,410,785
1,527,596
Other long term debt (1)
5,501
9
Total borrowings
$
1,465,961
$
1,542,093
(1)
Includes finance leases and loan participations accounted for as secured borrowings.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Record Amount of Assets and Liabilities Measured at Fair Value on a Recurring BasisThe tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis.
March 31, 2021
Total
Level 1
Level 2
Level 3
Investment securities available-for-sale
US government agencies
$
15,829
$

$
15,829
$

Mortgage-backed securities
755,775

755,775

Municipal bonds 1
3,573

3,477
96
Loans held for sale
35,936


35,936
Loans held for investment
790,797


790,797
Servicing assets 2
37,744


37,744
Mutual fund
2,331

2,331

Equity warrant assets 3
1,314


1,314
Total assets at fair value
$
1,643,299
$

$
777,412
$
865,887
December 31, 2020
Total
Level 1
Level 2
Level 3
Investment securities available-for-sale
US government agencies
$
15,919
$

$
15,919
$

Mortgage-backed securities
730,454

730,454

Municipal bonds 1
3,725

3,629
96
Loans held for sale
36,111


36,111
Loans held for investment
815,374


815,374
Servicing assets 2
33,918


33,918
Mutual fund
2,351

2,351

Equity warrant assets 3
908


908
Total assets at fair value
$
1,638,760
$

$
752,353
$
886,407
(1)
During the three months ended March 31, 2021, the Company recorded no fair value adjustment gain/loss. During the three months ended March 31, 2020, the Company recorded a fair value adjustment gain of $1 thousand.
(2)
See Note 7 for a rollforward of recurring Level 3 fair values for servicing assets.
(3)
During the three months ended March 31, 2021, the Company entered into equity warrant assets with a fair value of $21 thousand at the time of issuance and recorded net gains on derivative instruments of $385 thousand. During the three months ended March 31, 2020, the Company entered into equity warrant assets with a fair value of $164 thousand at the time of issuance and recorded net losses on derivative instruments of $32 thousand.
Summary of Fair Value Carrying Amount and Unpaid Principal Outstanding of Loans Under Fair Value OptionThe following tables provide more information about the fair value carrying amount and the unpaid principal outstanding of loans accounted for under the fair value option at March 31, 2021 and December 31, 2020.
March 31, 2021
Total Loans
Nonaccruals
90 Days or More Past Due
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Option Elections
Loans held for sale
$
35,936
$
37,923
$
(1,987
)
$

$

$

$

$

$

Loans held for investment
790,797
814,729
(23,932
)
40,234
43,973
(3,739
)
26,249
29,089
(2,840
)
$
826,733
$
852,652
$
(25,919
)
$
40,234
$
43,973
$
(3,739
)
$
26,249
$
29,089
$
(2,840
)
December 31, 2020
Total Loans
Nonaccruals
90 Days or More Past Due
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Carrying Amount
Unpaid Principal Balance
Difference
Fair Value Option Elections
Loans held for sale
$
36,111
$
38,135
$
(2,024
)
$

$

$

$

$

$

Loans held for investment
815,374
845,082
(29,708
)
35,499
39,318
(3,819
)
25,532
28,741
(3,209
)
$
851,485
$
883,217
$
(31,732
)
$
35,499
$
39,318
$
(3,819
)
$
25,532
$
28,741
$
(3,209
)
Schedule of Net Gains (Losses) from Changes in Fair ValueThe following table presents the net gains (losses) from changes in fair value.
Three Months Ended March 31,
Gains (Losses) on Loans Accounted for under the Fair Value Option
2021
2020
Loans held for sale
$
36
$
120
Loans held for investment
4,182
(10,758
)
$
4,218
$
(10,638
)
Summary of the Activity Pertaining to Loans Accounted for Under Fair Value OptionThe following tables summarize the activity pertaining to loans accounted for under the fair value option.
Three Months Ended March 31,
Loans held for sale
2021
2020
Balance at beginning of period
$
36,111
$
16,198
Issuances & repurchases

3,045
Fair value changes
36
120
Sales


Settlements
(211
)
(212
)
Balance at end of period
$
35,936
$
19,151
Three Months Ended March 31,
Loans held for investment
2021
2020
Balance at beginning of period
$
815,374
$
824,520
Issuances & repurchases
5,570
61,611
Fair value changes
4,184
(10,758
)
Settlements
(34,331
)
(43,947
)
Balance at end of period
$
790,797
$
831,426
Recorded Amount of Assets and Liabilities Measured at Fair Value on a Non-Recurring BasisThe tables below present the recorded amount of assets and liabilities measured at fair value on a non-recurring basis.
March 31, 2021
Total
Level 1
Level 2
Level 3
Collateral dependent loans
$
6,935
$

$

$
6,935
Foreclosed assets
4,185


4,185
Total assets at fair value
$
11,120
$

$

$
11,120
December 31, 2020
Total
Level 1
Level 2
Level 3
Collateral dependent loans
$
4,159
$

$

$
4,159
Foreclosed assets
4,155


4,155
Long-lived asset held for sale
8,874
8,874


Equity security investment with a non-readily determinable fair value
25,367

25,367

Total assets at fair value
$
42,555
$
8,874
$
25,367
$
8,314
Analysis of Level 3 Valuation TechniquesFor Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2021 and December 31, 2020 the significant unobservable inputs used in the fair value measurements were as follows: March 31, 2021
Level 3 Assets with Significant Unobservable Inputs
Fair Value
Valuation Technique
Significant Unobservable Inputs
Range
Recurring fair value
Municipal bond
$
96
Discounted expected cash flows
Discount rate Prepayment speed
4.5% 5.0%
Loans held for sale
$
35,936
Discounted expected cash flows
Discount rate Prepayment speed
0.8% to 17.4% WAVG 19.0%
Loans held for investment
$
790,797
Discounted expected cash flows Discounted appraisals
Loss rate Discount rate Prepayment speed Appraisal adjustments
0.0% to 76.3% (WAVG 1.2%) 0.8% to 17.4% WAVG 19.0% 10.0% to 65.0%
Equity warrant assets
$
1,314
Black-Scholes option pricing model
Volatility Risk-free interest rate Marketability discount Remaining life
26.6% to 89.4% 0.92% to 1.74% 20.0% 4-10 years
Non-recurring fair value
Collateral dependent loans
$
6,935
Discounted appraisals
Appraisal adjustments (1)
10.0% to 65.0%
Foreclosed assets
$
4,185
Discounted appraisals
Appraisal adjustments (1)
7.5% to 10.0% December 31, 2020
Level 3 Assets with Significant Unobservable Inputs
Fair Value
Valuation Technique
Significant Unobservable Inputs
Range
Recurring fair value
Municipal bond
$
96
Discounted expected cash flows
Discount rate Prepayment speed
4.3% 5.0%
Loans held for sale
$
36,111
Discounted expected cash flows
Discount rate Prepayment speed
4.2% to 18.5% WAVG 19.0%
Loans held for investment
$
815,374
Discounted expected cash flows Discounted appraisals
Loss rate Discount rate Prepayment speed Appraisal adjustments
0.0% to 73.2% (WAVG 1.5%) 4.2% to 18.5% WAVG 19.0% 10.0% to 83.0%
Equity warrant assets
$
908
Black-Scholes option pricing model
Volatility Risk-free interest rate Marketability discount Remaining life
26.5-87.1% 0.36% to 0.93% 20.0% 5-10 years
Non-recurring fair value
Collateral dependent loans
$
4,159
Discounted appraisals
Appraisal adjustments (1)
10.0% to 83.0%
Foreclosed assets
$
4,155
Discounted appraisals
Appraisal adjustments (1)
10.0% to 20.0%
(1)
Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and other qualitative adjustments.
Carrying Amount and Estimated Fair Value of Financial InstrumentsThe carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis are as follows:
March 31, 2021
Carrying Amount
Quoted Price In Active Markets for Identical Assets /Liabilities (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Total Fair Value
Financial assets
Cash and due from banks
$
630,081
$
630,081
$

$

$
630,081
Federal funds sold
5,461
5,461


5,461
Certificates of deposit with other banks
6,500
6,839


6,839
Loans held for sale
1,040,805


1,136,156
1,136,156
Loans and leases, net of allowance for credit losses on loans and leases
4,613,540


4,722,518
4,722,518
Financial liabilities
Deposits
6,316,004

6,227,312

6,227,312
Borrowings
1,465,961


1,451,459
1,451,459
December 31, 2020
Carrying Amount
Quoted Price In Active Markets for Identical Assets /Liabilities (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Total Fair Value
Financial assets
Cash and due from banks
$
297,167
$
297,167
$

$

$
297,167
Federal funds sold
21,153
21,153


21,153
Certificates of deposit with other banks
6,500
6,906


6,906
Loans held for sale
1,139,359


1,235,122
1,235,122
Loans and leases, net of allowance for credit losses on loans and leases
4,277,250


4,366,489
4,366,489
Financial liabilities
Deposits
5,712,828

5,711,781

5,711,781
Borrowings
1,542,093


1,542,171
1,542,171

Commitments and Contingencies (

Commitments and Contingencies (Tables)3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of CommitmentsA summary of the Company’s commitments is as follows:
March 31, 2021
December 31, 2020
Commitments to extend credit
$
2,526,132
$
2,054,910
Standby letters of credit
5,929
22,913
Total unfunded off-balance-sheet credit risk
$
2,532,061
$
2,077,823

Segments (Tables)

Segments (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment InformationThe following tables provide financial information for the Company's segments. The information provided under the caption “Other” represents operations not considered to be reportable segments and/or general operating expenses of the Company, and includes the parent company, other non-bank subsidiaries and elimination adjustments to reconcile the results of the operating segments to the consolidated financial statements prepared in conformity with GAAP.
Banking
Fintech
Other
Consolidated
Three months ended March 31, 2021
Interest income
$
88,099
$
122
$
4
$
88,225
Interest expense
18,165

110
18,275
Net interest income
69,934
122
(106
)
69,950
(Recovery of) provision for loan and lease credit losses
(873
)


(873
)
Noninterest income
30,524
(4
)
537
31,057
Noninterest expense
55,625
1,020
1,627
58,272
Income tax expense (benefit)
4,650
5
(474
)
4,181
Net income (loss)
$
41,056
$
(907
)
$
(722
)
$
39,427
Total assets
$
8,281,729
$
91,662
$
44,484
$
8,417,875
Three months ended March 31, 2020
Interest income
$
63,448
$

$
25
$
63,473
Interest expense
23,255

57
23,312
Net interest income
40,193

(32
)
40,161
Provision for loan and lease credit losses
11,792


11,792
Noninterest income
5,964
(880
)
658
5,742
Noninterest expense
46,687
1,490
1,314
49,491
Income tax benefit
(4,170
)
(244
)
(3,364
)
(7,778
)
Net (loss) income
$
(8,152
)
$
(2,126
)
$
2,676
$
(7,602
)
Total assets
$
5,133,447
$
84,366
$
55,756
$
5,273,569

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - JAM $ in MillionsApr. 01, 2020USD ($)
Basis Of Presentation [Line Items]
Equity interests100.00%
Goodwill $ 1.8
Intangible assets2.3
Contingent consideration $ 2.1
Useful life15 years

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - Narrative (Details)Mar. 31, 2021
ASU No. 2019-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change In Accounting Principle Accounting Standards Update Adoption DateJan. 1,
2021
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]true
ASU No. 2020-01
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change In Accounting Principle Accounting Standards Update Adoption DateJan. 1,
2021
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]true
ASU No. 2020-04
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change In Accounting Principle Accounting Standards Update Adoption DateMar. 12,
2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]true

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Basic earnings (loss) per share:
Net income (loss) $ 39,427 $ (7,602)
Weighted-average basic shares outstanding42,673,615 40,334,179
Basic earnings (loss) per share $ 0.92 $ (0.19)
Diluted earnings (loss) per share:
Net income (loss), for diluted earnings (loss) per share $ 39,427 $ (7,602)
Weighted-average basic shares outstanding42,673,615 40,334,179
Add effect of dilutive stock options and restricted stock grants2,023,235 739,870
Total weighted-average diluted shares outstanding44,696,850 41,074,049
Diluted earnings (loss) per share $ 0.88 $ (0.19)
Anti-dilutive shares1,839,601

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - Market Restricted Stock - sharesApr. 06, 2021Mar. 31, 2021
Earnings Per Share Basic And Diluted [Line Items]
Number of shares, vested397,500
Subsequent Event
Earnings Per Share Basic And Diluted [Line Items]
Number of shares, vested178,000
Shares issued net of shares for tax withholdings99,000

Securities - Carrying Amount an

Securities - Carrying Amount and Fair Value of Securities (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost $ 763,166 $ 721,799
Unrealized Gains20,910 29,243
Unrealized Losses8,899 944
Fair Value775,177 750,098
US government agencies
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost15,442 15,440
Unrealized Gains387 479
Fair Value15,829 15,919
Mortgage-backed securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost744,462 703,092
Unrealized Gains20,208 28,302
Unrealized Losses8,895 940
Fair Value755,775 730,454
Municipal bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost3,262 3,267
Unrealized Gains315 462
Unrealized Losses4 4
Fair Value $ 3,573 $ 3,725

Securities - Narrative (Details

Securities - Narrative (Details)3 Months Ended
Mar. 31, 2021USD ($)SecurityMar. 31, 2020USD ($)SecurityDec. 31, 2020USD ($)Security
Schedule Of Available For Sale Securities [Line Items]
(Loss) gain on sale of investment securities available-for-sale $ (79,000)
Accrued interest receivable on available-for-sale securities $ 1,900,000 $ 1,800,000
Other than temporary impairment losses0
Collateral Pledged
Schedule Of Available For Sale Securities [Line Items]
Debt securities, available-for-sale, restricted $ 0 $ 0
Mortgage-backed securities
Schedule Of Available For Sale Securities [Line Items]
Number of investment securities sold | Security2 2
Proceeds from sale of investment securities $ 6,500,000 $ 4,500,000
(Loss) gain on sale of investment securities available-for-sale $ (79,000)
Number of securities in unrealized loss portions for longer than 12 months | Security2 3
Number of securities in unrealized loss positions for less than 12 months | Security87 29
Municipal bonds
Schedule Of Available For Sale Securities [Line Items]
Number of securities in unrealized loss portions for longer than 12 months | Security1 1

Securities - Debt Securities Av

Securities - Debt Securities Available-for-Sale in Unrealized Loss Position (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Securities in unrealized loss position, Less Than 12 Months, Fair Value $ 357,905 $ 156,904
Securities in unrealized loss position, Less Than 12 Months, Unrealized Losses8,892 917
Securities in unrealized loss position, 12 Months or More, Fair Value746 1,949
Securities in unrealized loss position, 12 Months or More, Unrealized Losses7 27
Securities in unrealized loss position, Total, Fair Value358,651 158,853
Securities in unrealized loss position, Total, Unrealized Losses8,899 944
Mortgage-backed securities
Schedule Of Available For Sale Securities [Line Items]
Securities in unrealized loss position, Less Than 12 Months, Fair Value357,905 156,904
Securities in unrealized loss position, Less Than 12 Months, Unrealized Losses8,892 917
Securities in unrealized loss position, 12 Months or More, Fair Value650 1,853
Securities in unrealized loss position, 12 Months or More, Unrealized Losses3 23
Securities in unrealized loss position, Total, Fair Value358,555 158,757
Securities in unrealized loss position, Total, Unrealized Losses8,895 940
Municipal bonds
Schedule Of Available For Sale Securities [Line Items]
Securities in unrealized loss position, 12 Months or More, Fair Value96 96
Securities in unrealized loss position, 12 Months or More, Unrealized Losses4 4
Securities in unrealized loss position, Total, Fair Value96 96
Securities in unrealized loss position, Total, Unrealized Losses $ 4 $ 4

Securities - Summary of Investm

Securities - Summary of Investment Securities by Maturity (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract]
Amortized Cost $ 763,166 $ 721,799
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract]
Total, Fair value775,177 750,098
US government agencies
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract]
Within one year, Amortized cost5,000
One to five years, Amortized cost7,513
Five to ten years, Amortized cost2,929
Amortized Cost15,442 15,440
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract]
Within one year, Fair value5,007
One to five years, Fair value7,737
Five to ten years, Fair value3,085
Total, Fair value15,829 15,919
Mortgage-backed securities
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract]
One to five years, Amortized cost10,248
Five to ten years, Amortized cost227,756
After 10 years, Amortized cost506,458
Amortized Cost744,462 703,092
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract]
One to five years, Fair value10,848
Five to ten years, Fair value237,693
After 10 years, Fair value507,234
Total, Fair value755,775 730,454
Municipal bonds
Debt Securities, Available-for-sale, Maturity, Amortized Cost, Rolling Maturity [Abstract]
After 10 years, Amortized cost3,262
Amortized Cost3,262 3,267
Debt Securities, Available-for-sale, Maturity, Fair Value, Rolling Maturity [Abstract]
After 10 years, Fair value3,573
Total, Fair value $ 3,573 $ 3,725

Securities - Carrying and Owner

Securities - Carrying and Ownership Percentage of Each Equity Method Investment (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Equity method investments $ 80,747 $ 77,928
Apiture, Inc.
Schedule Of Equity Method Investments [Line Items]
Equity method investments $ 53,927 $ 53,344
Equity method investment ownership percentage39.10%39.10%
Canapi Ventures SBIC Fund, LP
Schedule Of Equity Method Investments [Line Items]
Equity method investments $ 15,530 $ 14,843
Equity method investment ownership percentage2.90%3.10%
Canapi Ventures Fund, LP
Schedule Of Equity Method Investments [Line Items]
Equity method investments $ 1,780 $ 1,686
Equity method investment ownership percentage1.50%1.50%
Other Fintech Investments in Private Companies
Schedule Of Equity Method Investments [Line Items]
Equity method investments $ 6,237 $ 1,634
Equity method investment ownership percentageVariousVarious
Other
Schedule Of Equity Method Investments [Line Items]
Equity method investments $ 3,273 $ 6,421
Equity method investment ownership percentageVariousVarious

Securities - Carrying and Own_2

Securities - Carrying and Ownership Percentage of Each Equity Method Investment (Parenthetical) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Canapi Ventures SBIC Fund, LP
Schedule Of Equity Method Investments [Line Items]
Equity method investments, committed amount of investment $ 9.4 $ 11.3
Canapi Ventures Fund, LP
Schedule Of Equity Method Investments [Line Items]
Equity method investments, committed amount of investment $ 1 1
Other
Schedule Of Equity Method Investments [Line Items]
Equity method investments, committed amount of investment $ 2.9

Securities - Carrying Amount of

Securities - Carrying Amount of Company Investments in Non Marketable Equity Securities with No Readily Determinable Fair Value and Amounts Recognized in Earnings (Details) $ in ThousandsMar. 31, 2021USD ($)
Investments Debt And Equity Securities [Abstract]
Carrying value (1) $ 32,527
Cumulative Adjustments Carrying value adjustments :
Cumulative Adjustments Upward changes for observable prices18,272
Cumulative Adjustments Downward changes for observable prices(86)
Cumulative Adjustments Net upward change $ 18,186

Securities - Carrying Amount _2

Securities - Carrying Amount of Company Investments in Non Marketable Equity Securities with No Readily Determinable Fair Value and Amounts Recognized in Earnings (Parenthetical) (Details) $ in MillionsMar. 31, 2021USD ($)
Investments Debt And Equity Securities [Abstract]
Equity security investments, committed amount $ 2

Loans and Leases Held for Inv_3

Loans and Leases Held for Investment and Credit Quality - Summary of Total Loans and Leases and Aging Analysis of Portfolio Segments (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due $ 40,737 $ 46,815
Total Carried at Amortized Cost4,691,798 4,349,274
Loans Accounted for Under the Fair Value Option790,797 815,374
Total Loans and Leases5,482,595 5,164,648
Net deferred (fees) costs(25,841)(19,718)
Loan and Leases, Net of unearned5,456,754 5,144,930
Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due4,651,061 4,302,459
30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due3,954 19,782
90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due36,783 27,033
Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Carried at Amortized Cost2,519,793 2,230,861
Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Carried at Amortized Cost693,010 590,233
Paycheck Protection Program
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Carried at Amortized Cost1,478,995 1,528,180
Commercial & Industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due12,545 21,443
Total Carried at Amortized Cost2,685,076 2,586,665
Loans Accounted for Under the Fair Value Option373,042 379,431
Total Loans and Leases3,058,118 2,966,096
Commercial & Industrial | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due2,672,531 2,565,222
Commercial & Industrial | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due10,678
Commercial & Industrial | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due12,545 10,765
Commercial & Industrial | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due12,545 21,106
Total Carried at Amortized Cost774,723 716,196
Loans Accounted for Under the Fair Value Option299,291 308,341
Total Loans and Leases1,074,014 1,024,537
Commercial & Industrial | Small Business Banking | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due762,178 695,090
Commercial & Industrial | Small Business Banking | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due10,341
Commercial & Industrial | Small Business Banking | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due12,545 10,765
Commercial & Industrial | Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due337
Total Carried at Amortized Cost431,358 342,289
Loans Accounted for Under the Fair Value Option73,751 71,090
Total Loans and Leases505,109 413,379
Commercial & Industrial | Specialty Lending | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due431,358 341,952
Commercial & Industrial | Specialty Lending | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due337
Commercial & Industrial | Paycheck Protection Program
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Carried at Amortized Cost1,478,995 1,528,180
Total Loans and Leases1,478,995 1,528,180
Commercial & Industrial | Paycheck Protection Program | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due1,478,995 1,528,180
Construction & Development
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due5,352 3,723
Total Carried at Amortized Cost288,140 275,700
Total Loans and Leases288,140 275,700
Construction & Development | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due282,788 271,977
Construction & Development | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due1,629
Construction & Development | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due3,723 3,723
Construction & Development | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due1,629
Total Carried at Amortized Cost206,625 183,087
Total Loans and Leases206,625 183,087
Construction & Development | Small Business Banking | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due204,996 183,087
Construction & Development | Small Business Banking | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due1,629
Construction & Development | Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due3,723 3,723
Total Carried at Amortized Cost81,515 92,613
Total Loans and Leases81,515 92,613
Construction & Development | Specialty Lending | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due77,792 88,890
Construction & Development | Specialty Lending | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due3,723 3,723
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due18,460 19,406
Total Carried at Amortized Cost1,367,996 1,155,028
Loans Accounted for Under the Fair Value Option333,242 341,669
Total Loans and Leases1,701,238 1,496,697
Commercial Real Estate | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due1,349,536 1,135,622
Commercial Real Estate | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due9,104
Commercial Real Estate | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due18,460 10,302
Commercial Real Estate | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due11,854 12,339
Total Carried at Amortized Cost1,187,859 999,697
Loans Accounted for Under the Fair Value Option313,466 321,352
Total Loans and Leases1,501,325 1,321,049
Commercial Real Estate | Small Business Banking | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due1,176,005 987,358
Commercial Real Estate | Small Business Banking | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due3,730
Commercial Real Estate | Small Business Banking | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due11,854 8,609
Commercial Real Estate | Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due6,606 7,067
Total Carried at Amortized Cost180,137 155,331
Loans Accounted for Under the Fair Value Option19,776 20,317
Total Loans and Leases199,913 175,648
Commercial Real Estate | Specialty Lending | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due173,531 148,264
Commercial Real Estate | Specialty Lending | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due5,374
Commercial Real Estate | Specialty Lending | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due6,606 1,693
Commercial Land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due4,380 2,243
Total Carried at Amortized Cost350,586 331,881
Loans Accounted for Under the Fair Value Option84,513 94,274
Total Loans and Leases435,099 426,155
Commercial Land | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due346,206 329,638
Commercial Land | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due2,325
Commercial Land | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due2,055 2,243
Commercial Land | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due4,380 2,243
Total Carried at Amortized Cost350,586 331,881
Loans Accounted for Under the Fair Value Option84,513 94,274
Total Loans and Leases435,099 426,155
Commercial Land | Small Business Banking | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due346,206 329,638
Commercial Land | Small Business Banking | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due2,325
Commercial Land | Small Business Banking | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due $ 2,055 $ 2,243

Loans and Leases Held for Inv_4

Loans and Leases Held for Investment and Credit Quality - Summary of Total Loans and Leases and Aging Analysis of Portfolio Segments (Parenthetical) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable $ 4,691,798 $ 4,349,274
Total past due loans40,737 46,815
90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due loans36,783 27,033
30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due loans3,954 19,782
Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable2,750,000 2,610,000
Current2,730,000 2,580,000
Loans Insured or Guaranteed by US Government Authorities | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due loans19,200 12,900
Loans Insured or Guaranteed by US Government Authorities | 30-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due loans $ 1,200 $ 16,700

Loans and Leases Held for Inv_5

Loans and Leases Held for Investment and Credit Quality - Summary of Asset Quality Indicators by Portfolio Class and Origination Year (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year $ 800,616 $ 2,573,056
Fiscal year before current fiscal year2,092,799 647,096
Two years before current fiscal year684,139 425,525
Three years before current fiscal year416,783 349,565
Four years before current fiscal year361,559 188,286
Prior238,114 71,149
Revolving Loans Amortized Cost Basis94,432 92,152
Revolving Loans Converted to Term3,356 2,445
Total loans and leases4,691,798 4,349,274
Small Business Banking
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year174,311 740,667
Fiscal year before current fiscal year818,491 544,164
Two years before current fiscal year581,414 365,208
Three years before current fiscal year362,396 290,221
Four years before current fiscal year308,644 182,504
Prior232,807 71,149
Revolving Loans Amortized Cost Basis39,303 35,135
Revolving Loans Converted to Term2,427 1,813
Total loans and leases2,519,793 2,230,861
Small Business Banking | Risk Grades 1 - 4
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year174,311 724,506
Fiscal year before current fiscal year799,012 475,593
Two years before current fiscal year491,138 287,712
Three years before current fiscal year277,191 230,653
Four years before current fiscal year242,859 159,877
Prior198,955 59,065
Revolving Loans Amortized Cost Basis36,619 32,373
Revolving Loans Converted to Term1,794 1,392
Total loans and leases2,221,879 1,971,171
Small Business Banking | Risk Grade 5
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year16,080
Fiscal year before current fiscal year19,387 59,595
Two years before current fiscal year76,377 62,857
Three years before current fiscal year70,633 44,478
Four years before current fiscal year42,121 11,203
Prior14,779 3,666
Revolving Loans Amortized Cost Basis1,682 2,131
Revolving Loans Converted to Term434 212
Total loans and leases225,413 200,222
Small Business Banking | Risk Grades 6 - 8
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year81
Fiscal year before current fiscal year92 8,976
Two years before current fiscal year13,899 14,639
Three years before current fiscal year14,572 15,090
Four years before current fiscal year23,664 11,424
Prior19,073 8,418
Revolving Loans Amortized Cost Basis1,002 631
Revolving Loans Converted to Term199 209
Total loans and leases72,501 59,468
Specialty Lending
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year118,877 304,209
Fiscal year before current fiscal year302,741 102,932
Two years before current fiscal year102,725 60,317
Three years before current fiscal year54,387 59,344
Four years before current fiscal year52,915 5,782
Prior5,307
Revolving Loans Amortized Cost Basis55,129 57,017
Revolving Loans Converted to Term929 632
Total loans and leases693,010 590,233
Specialty Lending | Risk Grades 1 - 4
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year118,627 296,537
Fiscal year before current fiscal year295,067 96,553
Two years before current fiscal year95,893 48,930
Three years before current fiscal year44,784 40,626
Four years before current fiscal year41,547
Revolving Loans Amortized Cost Basis52,833 55,229
Revolving Loans Converted to Term929 632
Total loans and leases649,680 538,507
Specialty Lending | Risk Grade 5
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year250 7,672
Fiscal year before current fiscal year7,674 6,379
Two years before current fiscal year6,832 2,752
Three years before current fiscal year967 18,718
Four years before current fiscal year11,368
Revolving Loans Amortized Cost Basis2,160 1,711
Total loans and leases29,251 37,232
Specialty Lending | Risk Grades 6 - 8
Financing Receivable, Recorded Investment [Line Items]
Two years before current fiscal year8,635
Three years before current fiscal year8,636
Four years before current fiscal year5,782
Prior5,307
Revolving Loans Amortized Cost Basis136 77
Total loans and leases14,079 14,494
Paycheck Protection Program
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year507,428 1,528,180
Fiscal year before current fiscal year971,567
Total loans and leases1,478,995 1,528,180
Paycheck Protection Program | Risk Grades 1 - 4
Financing Receivable, Recorded Investment [Line Items]
Current fiscal year507,428 1,528,180
Fiscal year before current fiscal year971,567
Total loans and leases $ 1,478,995 $ 1,528,180

Loans and Leases Held for Inv_6

Loans and Leases Held for Investment and Credit Quality - Summary of Asset Quality Indicators by Portfolio Class and Origination Year (Parenthetical) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Financing Receivable, Recorded Investment [Line Items]
Total loans and leases $ 4,691,798 $ 4,349,274
Loans receivable, fair value790,797 815,374
Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment [Line Items]
Total loans and leases2,750,000 2,610,000
Loans Insured or Guaranteed by US Government Authorities | Risk Grades 1 - 4
Financing Receivable, Recorded Investment [Line Items]
Total loans and leases2,570,000 2,440,000
Loans Insured or Guaranteed by US Government Authorities | Risk Grade 5
Financing Receivable, Recorded Investment [Line Items]
Total loans and leases141,100 128,000
Loans Insured or Guaranteed by US Government Authorities | Risk Grades 6 - 8
Financing Receivable, Recorded Investment [Line Items]
Total loans and leases $ 47,600 $ 40,900

Loans and Leases Held for Inv_7

Loans and Leases Held for Investment and Credit Quality - Additional Information (Details)3 Months Ended
Mar. 31, 2021USD ($)SecurityLoanMar. 31, 2020USD ($)SecurityLoanDec. 31, 2020USD ($)
Accounts Notes And Loans Receivable [Line Items]
Loans greater than 90 days or more past due still accruing $ 0 $ 0
Interest income recognized on nonaccrual loans and leases0 $ 0
Accrued interest receivable on loans $ 38,100,000 $ 41,000,000
Number of TDRs with subsequent default | SecurityLoan1 0
Commercial Real Estate | Small Business Banking | Payment Deferral
Accounts Notes And Loans Receivable [Line Items]
Recorded investment with subsequent default $ 629,000

Loans and Leases Held for Inv_8

Loans and Leases Held for Investment and Credit Quality - Nonaccrual Loans and Leases Held for Investment (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance $ 57,371 $ 46,110
Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance32,633 26,032
Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance24,738 20,078
Unguaranteed Exposure with No ACL
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unguaranteed exposure with no allowance11,276 9,050
Commercial & Industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance23,249 17,992
Commercial & Industrial | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance15,612 12,046
Commercial & Industrial | Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance7,637 5,946
Commercial & Industrial | Unguaranteed Exposure with No ACL
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unguaranteed exposure with no allowance271
Commercial & Industrial | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance23,249 17,992
Commercial & Industrial | Small Business Banking | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance15,612 12,046
Commercial & Industrial | Small Business Banking | Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance7,637 5,946
Commercial & Industrial | Small Business Banking | Unguaranteed Exposure with No ACL
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unguaranteed exposure with no allowance271
Construction & Development
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance3,723 3,723
Construction & Development | Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance3,723 3,723
Construction & Development | Unguaranteed Exposure with No ACL
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unguaranteed exposure with no allowance3,723 3,723
Construction & Development | Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance3,723 3,723
Construction & Development | Specialty Lending | Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance3,723 3,723
Construction & Development | Specialty Lending | Unguaranteed Exposure with No ACL
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unguaranteed exposure with no allowance3,723 3,723
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance28,344 22,153
Commercial Real Estate | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance15,480 12,258
Commercial Real Estate | Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance12,864 9,895
Commercial Real Estate | Unguaranteed Exposure with No ACL
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unguaranteed exposure with no allowance7,282 5,327
Commercial Real Estate | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance21,738 15,085
Commercial Real Estate | Small Business Banking | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance10,409 6,725
Commercial Real Estate | Small Business Banking | Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance11,329 8,360
Commercial Real Estate | Small Business Banking | Unguaranteed Exposure with No ACL
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unguaranteed exposure with no allowance6,054 5,327
Commercial Real Estate | Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance6,606 7,068
Commercial Real Estate | Specialty Lending | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance5,071 5,533
Commercial Real Estate | Specialty Lending | Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance1,535 1,535
Commercial Real Estate | Specialty Lending | Unguaranteed Exposure with No ACL
Financing Receivable, Recorded Investment, Past Due [Line Items]
Unguaranteed exposure with no allowance1,228
Commercial Land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance2,055 2,242
Commercial Land | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance1,541 1,728
Commercial Land | Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance514 514
Commercial Land | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance2,055 2,242
Commercial Land | Small Business Banking | Loans Insured or Guaranteed by US Government Authorities
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance1,541 1,728
Commercial Land | Small Business Banking | Unguaranteed Balance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loan and lease balance $ 514 $ 514

Loans and Leases Held for Inv_9

Loans and Leases Held for Investment and Credit Quality - Amortized Cost Basis of Collateral-Dependent Loans and Leases (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable $ 4,691,798 $ 4,349,274
Allowance for Credit Losses52,417 52,306 $ 35,906 $ 28,234
Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable34,038 32,073
Collateral Dependent Loans, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable4,261 9,698
Collateral Dependent Loans, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable1,945 529
Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable18,285 19,368
Unguaranteed Portion, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable129 4,086
Unguaranteed Portion, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable676 401
Unguaranteed Portion
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for Credit Losses1,123 1,781
Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable2,519,793 2,230,861
Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable693,010 590,233
Commercial & Industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable2,685,076 2,586,665
Allowance for Credit Losses26,577 26,941 16,337 15,757
Commercial & Industrial | Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable2,779 1,279
Commercial & Industrial | Collateral Dependent Loans, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable4,010 9,440
Commercial & Industrial | Collateral Dependent Loans, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable1,615 197
Commercial & Industrial | Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable2,031 531
Commercial & Industrial | Unguaranteed Portion, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable120 4,077
Commercial & Industrial | Unguaranteed Portion, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable338 66
Commercial & Industrial | Unguaranteed Portion
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for Credit Losses495 1,281
Commercial & Industrial | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable774,723 716,196
Commercial & Industrial | Small Business Banking | Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable2,779 1,279
Commercial & Industrial | Small Business Banking | Collateral Dependent Loans, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable4,010 9,440
Commercial & Industrial | Small Business Banking | Collateral Dependent Loans, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable1,615 197
Commercial & Industrial | Small Business Banking | Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable2,031 531
Commercial & Industrial | Small Business Banking | Unguaranteed Portion, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable120 4,077
Commercial & Industrial | Small Business Banking | Unguaranteed Portion, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable338 66
Commercial & Industrial | Small Business Banking | Unguaranteed Portion
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for Credit Losses495 1,281
Commercial & Industrial | Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable431,358 342,289
Construction & Development
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable288,140 275,700
Allowance for Credit Losses5,887 5,663 4,823 2,732
Construction & Development | Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable3,767 3,767
Construction & Development | Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable3,767 3,767
Construction & Development | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable206,625 183,087
Construction & Development | Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable81,515 92,613
Construction & Development | Specialty Lending | Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable3,767 3,767
Construction & Development | Specialty Lending | Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable3,767 3,767
Commercial Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable1,367,996 1,155,028
Allowance for Credit Losses18,646 18,148 13,110 8,427
Commercial Real Estate | Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable25,417 24,764
Commercial Real Estate | Collateral Dependent Loans, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable251 258
Commercial Real Estate | Collateral Dependent Loans, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable330 332
Commercial Real Estate | Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable11,953 14,536
Commercial Real Estate | Unguaranteed Portion, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable9 9
Commercial Real Estate | Unguaranteed Portion, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable338 335
Commercial Real Estate | Unguaranteed Portion
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for Credit Losses319 198
Commercial Real Estate | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable1,187,859 999,697
Commercial Real Estate | Small Business Banking | Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable18,800 11,568
Commercial Real Estate | Small Business Banking | Collateral Dependent Loans, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable251 258
Commercial Real Estate | Small Business Banking | Collateral Dependent Loans, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable330 332
Commercial Real Estate | Small Business Banking | Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable10,407 6,873
Commercial Real Estate | Small Business Banking | Unguaranteed Portion, Business Assets
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable9 9
Commercial Real Estate | Small Business Banking | Unguaranteed Portion, Other
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable338 335
Commercial Real Estate | Small Business Banking | Unguaranteed Portion
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for Credit Losses296 175
Commercial Real Estate | Specialty Lending
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable180,137 155,331
Commercial Real Estate | Specialty Lending | Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable6,617 13,196
Commercial Real Estate | Specialty Lending | Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable1,546 7,663
Commercial Real Estate | Specialty Lending | Unguaranteed Portion
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for Credit Losses23 23
Commercial Land
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable350,586 331,881
Allowance for Credit Losses1,307 1,554 $ 1,636 $ 1,318
Commercial Land | Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable2,075 2,263
Commercial Land | Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable534 534
Commercial Land | Unguaranteed Portion
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for Credit Losses309 302
Commercial Land | Small Business Banking
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable350,586 331,881
Commercial Land | Small Business Banking | Collateral Dependent Loans, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable2,075 2,263
Commercial Land | Small Business Banking | Unguaranteed Portion, Real Estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans and leases receivable534 534
Commercial Land | Small Business Banking | Unguaranteed Portion
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for Credit Losses $ 309 $ 302

Loans and Leases Held for In_10

Loans and Leases Held for Investment and Credit Quality - Activity in the ACL by Portfolio Segment (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Allowance for Loan Losses:
Beginning Balance $ 52,306 $ 28,234
Impact of adopting ASC 326(1,321)
Charge offs(681)(2,862)
Recoveries1,665 63
Provision(873)11,792
Ending Balance52,417 35,906
Commercial & Industrial
Allowance for Loan Losses:
Beginning Balance26,941 15,757
Impact of adopting ASC 326(4,561)
Charge offs(152)(2,345)
Recoveries9 35
Provision(221)7,451
Ending Balance26,577 16,337
Construction & Development
Allowance for Loan Losses:
Beginning Balance5,663 2,732
Impact of adopting ASC 3261,131
Provision224 960
Ending Balance5,887 4,823
Commercial Real Estate
Allowance for Loan Losses:
Beginning Balance18,148 8,427
Impact of adopting ASC 3261,916
Charge offs(517)(109)
Recoveries1,656 28
Provision(641)2,848
Ending Balance18,646 13,110
Commercial Land
Allowance for Loan Losses:
Beginning Balance1,554 1,318
Impact of adopting ASC 326193
Charge offs(12)(408)
Provision(235)533
Ending Balance $ 1,307 $ 1,636

Loans and Leases Held for In_11

Loans and Leases Held for Investment and Credit Quality - Schedule of Troubled Debt Restructurings (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)SecurityLoanMar. 31, 2020USD ($)SecurityLoan
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan3 4
Recorded investment at period end | $ $ 7,039 $ 6,049
Extend Amortization
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1
Recorded investment at period end | $ $ 973
Payment Deferral
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan2 3
Recorded investment at period end | $ $ 3,898 $ 5,076
Other
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1
Recorded investment at period end | $ $ 3,141
Commercial & Industrial
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1 3
Recorded investment at period end | $ $ 3,269 $ 2,460
Commercial & Industrial | Extend Amortization
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1
Recorded investment at period end | $ $ 973
Commercial & Industrial | Payment Deferral
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1 2
Recorded investment at period end | $ $ 3,269 $ 1,487
Commercial & Industrial | Small Business Banking
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1 2
Recorded investment at period end | $ $ 3,269 $ 1,487
Commercial & Industrial | Small Business Banking | Payment Deferral
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1 2
Recorded investment at period end | $ $ 3,269 $ 1,487
Commercial & Industrial | Specialty Lending
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1
Recorded investment at period end | $ $ 973
Commercial & Industrial | Specialty Lending | Extend Amortization
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1
Recorded investment at period end | $ $ 973
Commercial Real Estate
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan2 1
Recorded investment at period end | $ $ 3,770 $ 3,589
Commercial Real Estate | Payment Deferral
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1 1
Recorded investment at period end | $ $ 629 $ 3,589
Commercial Real Estate | Other
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1
Recorded investment at period end | $ $ 3,141
Commercial Real Estate | Small Business Banking
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan2 1
Recorded investment at period end | $ $ 3,770 $ 3,589
Commercial Real Estate | Small Business Banking | Payment Deferral
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1 1
Recorded investment at period end | $ $ 629 $ 3,589
Commercial Real Estate | Small Business Banking | Other
Financing Receivable Modifications [Line Items]
Number of Loans | SecurityLoan1
Recorded investment at period end | $ $ 3,141

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)termMar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Lessor Lease Description [Line Items]
Direct financing lease, interest income $ 186 $ 233
Number of additional terms | term2
Premises and equipment, net $ 253,774 $ 259,267
Lease income2,400 2,400
Premises and Equipment Subject to Operating Leases
Lessor Lease Description [Line Items]
Premises and equipment, net131,200 134,500
Premises and equipment, gross163,400 164,300
Premises and equipment, accumulated depreciation32,200 $ 29,800
Premises and equipment, depreciation expense $ 2,400 $ 2,400
Minimum
Lessor Lease Description [Line Items]
Lessor, term of contract3 years
Term of contract10 years
Useful life20 years
Residual value (as a percent)20.00%
Maximum
Lessor Lease Description [Line Items]
Lessor, term of contract7 years
Term of contract15 years
Useful life25 years
Residual value (as a percent)50.00%

Leases - Direct Financing Lease

Leases - Direct Financing Leases (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Leases [Abstract]
Gross direct finance lease payments receivable $ 9,741 $ 10,629
Less – unearned interest(1,492)(1,685)
Net investment in direct financing leases $ 8,249 $ 8,944

Leases - Finance Lease Maturity

Leases - Finance Lease Maturity (Details) $ in ThousandsMar. 31, 2021USD ($)
Leases [Abstract]
2021 $ 2,149
20222,620
20232,182
20241,570
20251,104
Thereafter116
Total $ 9,741

Leases - Maturity Analysis of F

Leases - Maturity Analysis of Future Minimum Operating Lease Payments (Details) $ in ThousandsMar. 31, 2021USD ($)
Leases [Abstract]
2021 $ 7,083
20229,044
20239,075
20248,808
20258,935
Thereafter31,175
Total $ 74,120

Servicing Assets - Narrative (D

Servicing Assets - Narrative (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Servicing Assets at Fair Value [Line Items]
Unpaid principal balance of loans serviced for others requiring recognition of a servicing asset $ 2,240 $ 2,210
Unpaid principal balances of loan serviced for others $ 3,220 $ 3,210
Weighted Average
Servicing Assets at Fair Value [Line Items]
Fair value of servicing rights, discount rate8.80%13.00%
Fair value of servicing rights, prepayment rate18.60%17.90%

Servicing Assets - Summary of A

Servicing Assets - Summary of Activity Pertaining to Servicing Rights (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Servicing Asset At Fair Value Amount Roll Forward
Balance at beginning of period $ 33,918 $ 35,365
Additions, net2,333 2,859
Fair value changes:
Due to changes in valuation inputs or assumptions2,946 (2,039)
Decay due to increases in principal paydowns or runoff(1,453)(2,653)
Balance at end of period $ 37,744 $ 33,532

Borrowings - Total Outstanding

Borrowings - Total Outstanding Borrowings (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Borrowings $ 1,465,961 $ 1,542,093
Third Party Correspondent Bank | Revolving Line of Credit
Debt Instrument [Line Items]
Borrowings14,488
Third Party Correspondent Bank | Term Loan
Debt Instrument [Line Items]
Borrowings49,675
Federal Reserve Bank
Debt Instrument [Line Items]
Borrowings1,410,000
Federal Reserve Bank | Paycheck Protection Program Liquidity Facility
Debt Instrument [Line Items]
Borrowings1,410,785 1,527,596
Other long term debt
Debt Instrument [Line Items]
Borrowings $ 5,501 $ 9

Borrowings - Total Outstandin_2

Borrowings - Total Outstanding Borrowings (Parenthetical) (Details) - USD ($)Mar. 31, 2021Apr. 30, 2020Mar. 31, 2021Dec. 31, 2020Sep. 30, 2020
Debt Instrument [Line Items]
Borrowings $ 1,465,961,000 $ 1,465,961,000 $ 1,542,093,000
Revolving Line of Credit
Debt Instrument [Line Items]
Debt instrument term13 months
Debt instrument, maturity dateOct. 10,
2021
Debt instrument, principal paydown14,500,000
Current available credit facility0 0
Third Party Correspondent Bank | Revolving Line of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity $ 50,000,000
Borrowings $ 14,488,000
Third Party Correspondent Bank | London Interbank Offered Rate (LIBOR) | Revolving Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate1.15%
Third Party Correspondent Bank | Term Loan
Debt Instrument [Line Items]
Debt instrument face amount $ 50,000,000 $ 50,000,000
Debt instrument fixed interest rate2.95%2.95%
Non-refundable loan origination fee $ 325,000
Debt instrument term60 months
Debt instrument, maturity dateMar. 30,
2026
Borrowings $ 49,675,000 $ 49,675,000
Federal Reserve Bank
Debt Instrument [Line Items]
Borrowings1,410,000,000 1,410,000,000
Federal Reserve Bank | Paycheck Protection Program Liquidity Facility
Debt Instrument [Line Items]
Debt instrument fixed interest rate0.35%
Borrowings $ 1,410,785,000 $ 1,410,785,000 $ 1,527,596,000
Federal Reserve Bank | Paycheck Protection Program Liquidity Facility | Minimum
Debt Instrument [Line Items]
Debt instrument, maturity dateApr. 1,
2022
Federal Reserve Bank | Paycheck Protection Program Liquidity Facility | Maximum
Debt Instrument [Line Items]
Debt instrument, maturity dateMar. 20,
2026

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Repurchased agreements, borrowing capacity $ 5,000,000 $ 5,000,000
Repurchases agreements, outstanding balance0 0
FHLB maximum amount available1,960,000,000 2,010,000,000
Federal Funds Purchased
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity167,500,000 167,500,000
Short term borrowings0 0
Federal Reserve Bank Advances | Federal Reserve Bank
Debt Instrument [Line Items]
Collateral amount2,230,000,000 2,220,000,000
Remaining available credit facility1,790,000,000 1,770,000,000
Short term borrowings $ 0 $ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Recorded Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale $ 775,177 $ 750,098
Loans held for sale35,936 36,111
Loans held for investment790,797 815,374
Servicing assets37,744 33,918 $ 33,532 $ 35,365
US government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale15,829 15,919
Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale755,775 730,454
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale35,936 36,111
Loans held for investment790,797 815,374
Servicing assets37,744 33,918
Equity warrant assets1,314 908
Total assets at fair value1,643,299 1,638,760
Recurring | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale3,573 3,725
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets0 0
Equity warrant assets0 0
Total assets at fair value0 0
Recurring | Level 1 | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale0 0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing assets0 0
Equity warrant assets0 0
Total assets at fair value777,412 752,353
Recurring | Level 2 | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale3,477 3,629
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale35,936 36,111
Loans held for investment790,797 815,374
Servicing assets37,744 33,918
Equity warrant assets1,314 908
Total assets at fair value865,887 886,407
Recurring | Level 3 | Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale96 96
Total assets at fair value96 96
Recurring | US government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale15,829 15,919
Recurring | US government agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale0 0
Recurring | US government agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale15,829 15,919
Recurring | US government agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale0 0
Recurring | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale755,775 730,454
Recurring | Mortgage-backed securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale0 0
Recurring | Mortgage-backed securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale755,775 730,454
Recurring | Mortgage-backed securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale0 0
Recurring | Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund2,331 2,351
Recurring | Mutual Fund | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund0 0
Recurring | Mutual Fund | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund2,331 2,351
Recurring | Mutual Fund | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual fund $ 0 $ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Recorded Amount of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Equity Warrant Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity warrant assets, fair value $ 21,000 $ 164,000
Gain (loss) on derivative, net385,000 (32,000)
Municipal bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment gain (loss) $ 0 $ 1,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value option that were 90 days or more past due and still accruing $ 0 $ 0
Unpaid principal balance of unguaranteed exposure for nonaccruals7,400,000 $ 6,900,000
Gains/(Losses) related to borrower specific credit risk $ 191,000 $ (922,000)

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Fair Value Carrying Amount and Unpaid Principal Outstanding of Loans Under Fair Value Option (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fair Value Option Quantitative Disclosures [Line Items]
Total Loans, Fair Value Carrying amount $ 826,733 $ 851,485
Total Loans, Unpaid Principal Balance852,652 883,217
Total Loans, Difference(25,919)(31,732)
Nonaccruals, Fair Value Carrying amount40,234 35,499
Nonaccruals, Unpaid Principal Balance43,973 39,318
Nonaccruals, Difference(3,739)(3,819)
90 Days or More Past Due, Fair Value Carrying Amount26,249 25,532
90 Days or More Past Due, Unpaid Principal Balance29,089 28,741
90 Days or More Past Due, Difference(2,840)(3,209)
Loans held for sale
Fair Value Option Quantitative Disclosures [Line Items]
Total Loans, Fair Value Carrying amount35,936 36,111
Total Loans, Unpaid Principal Balance37,923 38,135
Total Loans, Difference(1,987)(2,024)
Loans held for investment
Fair Value Option Quantitative Disclosures [Line Items]
Total Loans, Fair Value Carrying amount790,797 815,374
Total Loans, Unpaid Principal Balance814,729 845,082
Total Loans, Difference(23,932)(29,708)
Nonaccruals, Fair Value Carrying amount40,234 35,499
Nonaccruals, Unpaid Principal Balance43,973 39,318
Nonaccruals, Difference(3,739)(3,819)
90 Days or More Past Due, Fair Value Carrying Amount26,249 25,532
90 Days or More Past Due, Unpaid Principal Balance29,089 28,741
90 Days or More Past Due, Difference $ (2,840) $ (3,209)

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Schedule of Net Gains (Losses) from Changes in Fair Value (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Fair Value Option Quantitative Disclosures [Line Items]
Gains (Losses) on Loans Accounted for under the Fair Value Option $ 4,218 $ (10,638)
Loans held for sale
Fair Value Option Quantitative Disclosures [Line Items]
Gains (Losses) on Loans Accounted for under the Fair Value Option36 120
Loans held for investment
Fair Value Option Quantitative Disclosures [Line Items]
Gains (Losses) on Loans Accounted for under the Fair Value Option $ 4,182 $ (10,758)

Fair Value of Financial Instr_8

Fair Value of Financial Instruments - Summary of the Activity Pertaining to Loans Accounted for Under Fair Value Option (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Loans held for sale
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at beginning of period $ 36,111 $ 16,198
Issuances & repurchases3,045
Fair value changes36 120
Settlements(211)(212)
Balance at end of period35,936 19,151
Loans held for investment
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at beginning of period815,374 824,520
Issuances & repurchases5,570 61,611
Fair value changes4,184 (10,758)
Settlements(34,331)(43,947)
Balance at end of period $ 790,797 $ 831,426

Fair Value of Financial Instr_9

Fair Value of Financial Instruments - Recorded Amount of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring Fair Value - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans $ 6,935 $ 4,159
Foreclosed assets4,185 4,155
Long-lived asset held for sale8,874
Equity security investment with a non-readily determinable fair value25,367
Total assets at fair value11,120 42,555
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived asset held for sale8,874
Total assets at fair value8,874
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity security investment with a non-readily determinable fair value25,367
Total assets at fair value25,367
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral dependent loans6,935 4,159
Foreclosed assets4,185 4,155
Total assets at fair value $ 11,120 $ 8,314

Fair Value of Financial Inst_10

Fair Value of Financial Instruments - Analysis of Level 3 Valuation Techniques (Details) $ in ThousandsMar. 31, 2021USD ($)Dec. 31, 2020USD ($)
Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value $ 1,643,299 $ 1,638,760
Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value865,887 886,407
Non-recurring Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value11,120 42,555
Non-recurring Fair Value | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value11,120 8,314
Municipal bonds | Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value $ 96 $ 96
Municipal bonds | Discounted Expected Cash Flows | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Municipal bond, measurement input0.045 0.043
Municipal bonds | Discounted Expected Cash Flows | Prepayment speed | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Municipal bond, measurement input0.050 0.050
Loans held for sale | Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value $ 35,936 $ 36,111
Loans held for sale | Minimum | Discounted Expected Cash Flows | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.008 0.042
Loans held for sale | Maximum | Discounted Expected Cash Flows | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.174 0.185
Loans held for sale | Weighted Average | Discounted Expected Cash Flows | Prepayment speed | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.190 0.190
Loans held for investment | Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value $ 790,797 $ 815,374
Loans held for investment | Minimum | Discounted Expected Cash Flows | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.008 0.042
Loans held for investment | Minimum | Discounted Expected Cash Flows | Loss rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0 0
Loans held for investment | Minimum | Discounted appraisals | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.100 0.100
Loans held for investment | Maximum | Discounted Expected Cash Flows | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.174 0.185
Loans held for investment | Maximum | Discounted Expected Cash Flows | Loss rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.763 0.732
Loans held for investment | Maximum | Discounted appraisals | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.650 0.830
Loans held for investment | Weighted Average | Discounted Expected Cash Flows | Prepayment speed | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.190 0.190
Loans held for investment | Weighted Average | Discounted Expected Cash Flows | Loss rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.012 0.015
Equity Warrant Assets | Recurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value $ 1,314 $ 908
Equity Warrant Assets | Black-Scholes Option Pricing Model | Discount rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.200 0.200
Equity Warrant Assets | Minimum | Black-Scholes Option Pricing Model | Expected Volatility Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.266 0.265
Equity Warrant Assets | Minimum | Black-Scholes Option Pricing Model | Risk-Free Interest Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.0092 0.0036
Equity Warrant Assets | Minimum | Black-Scholes Option Pricing Model | Expected Term | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input4 years5 years
Equity Warrant Assets | Maximum | Black-Scholes Option Pricing Model | Expected Volatility Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.894 0.871
Equity Warrant Assets | Maximum | Black-Scholes Option Pricing Model | Risk-Free Interest Rate | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.0174 0.0093
Equity Warrant Assets | Maximum | Black-Scholes Option Pricing Model | Expected Term | Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input10 years10 years
Collateral dependent loans | Non-recurring Fair Value | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value $ 6,935 $ 4,159
Collateral dependent loans | Minimum | Discounted appraisals | Discount rate | Non-recurring Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.100 0.100
Collateral dependent loans | Maximum | Discounted appraisals | Discount rate | Non-recurring Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.650 0.830
Foreclosed assets | Non-recurring Fair Value | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Asset, fair value $ 4,185 $ 4,155
Foreclosed assets | Minimum | Discounted appraisals | Discount rate | Non-recurring Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.075 0.100
Foreclosed assets | Maximum | Discounted appraisals | Discount rate | Non-recurring Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Measurement input0.100 0.200

Fair Value of Financial Inst_11

Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Financial assets
Cash and due from banks $ 630,081 $ 297,167
Federal funds sold5,461 21,153
Certificates of deposit with other banks6,500 6,500
Loans held for sale35,936 36,111
Loans and leases, net of allowance for credit losses on loans and leases790,797 815,374
Carrying Amount
Financial assets
Cash and due from banks630,081 297,167
Federal funds sold5,461 21,153
Certificates of deposit with other banks6,500 6,500
Loans held for sale1,040,805 1,139,359
Loans and leases, net of allowance for credit losses on loans and leases4,613,540 4,277,250
Financial liabilities
Deposits6,316,004 5,712,828
Borrowings1,465,961 1,542,093
Estimate of Fair Value Measurement
Financial assets
Cash and due from banks630,081 297,167
Federal funds sold5,461 21,153
Certificates of deposit with other banks6,839 6,906
Loans held for sale1,136,156 1,235,122
Loans and leases, net of allowance for credit losses on loans and leases4,722,518 4,366,489
Financial liabilities
Deposits6,227,312 5,711,781
Borrowings1,451,459 1,542,171
Level 1 | Estimate of Fair Value Measurement
Financial assets
Cash and due from banks630,081 297,167
Federal funds sold5,461 21,153
Certificates of deposit with other banks6,839 6,906
Level 2 | Estimate of Fair Value Measurement
Financial liabilities
Deposits6,227,312 5,711,781
Level 3 | Estimate of Fair Value Measurement
Financial assets
Loans held for sale1,136,156 1,235,122
Loans and leases, net of allowance for credit losses on loans and leases4,722,518 4,366,489
Financial liabilities
Borrowings $ 1,451,459 $ 1,542,171

Commitments and Contingencies -

Commitments and Contingencies - Summary of Commitments (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Total unfunded off-balance-sheet credit risk $ 2,532,061 $ 2,077,823
Commitments to Extend Credit
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Total unfunded off-balance-sheet credit risk2,526,132 2,054,910
Standby Letters of Credit
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items]
Total unfunded off-balance-sheet credit risk $ 5,929 $ 22,913

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)CustomerDec. 31, 2020USD ($)
Concentration Risk [Line Items]
Commitment letters expiration period (in days)90 days
Commitments for on-balance-sheet investments $ 12.4 $ 15.8
Maximum retained credit exposure15
Future minimum lease payments due under non-cancelable operating leases $ 74.1
Fourteen Relationships
Concentration Risk [Line Items]
Number of relationships that have retained unguaranteed exposure | Customer14
Retained credit exposure $ 321.2
Retained exposure, amount disbursed132.2
One Relationship
Concentration Risk [Line Items]
Future minimum lease payments due under non-cancelable operating leases $ 22.4

Stock Plans - Narrative (Detail

Stock Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in MillionsMay 24, 2016Mar. 31, 2021May 15, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, stock options $ 1.9
Unrecognized compensation costs period recognized1 year 5 months 1 day
Market Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs period recognized7 days
Number of shares, vested397,500
Performance stock price condition met, price one $ 45
Performance stock price condition met, price two48
Performance stock price condition met, price three $ 50
Compensation remaining expense fully recognized $ 2.1
Shares, granted, weighted average grant date fair value $ 7.89
Share price threshold for performance criteria (in dollars per share) $ 55
Number of days share price must be maintained20 days
Units earned as a percent of units awarded100.00%
Granted (in shares)0
Unrecognized compensation costs $ 1.1
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, stock options $ 51.6
Unrecognized compensation costs period recognized5 years 2 months 4 days
Shares, granted, weighted average grant date fair value $ 50.66
Granted (in shares)792,893
2015 Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common voting shares authorized (in shares)7,000,000 8,750,000
Options or restricted shares of expiration period10 years
Percentage of fair market value of common stock100.00%
2015 Omnibus Plan | Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period3 years
2015 Omnibus Plan | Restricted Stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period7 years
Annual Long Term Incentive Stock Compensation RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)288,680
Special Retention RSU Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)500,000

Segments - Narrative (Details)

Segments - Narrative (Details)3 Months Ended
Mar. 31, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments2

Segments - Schedule of Segment

Segments - Schedule of Segment Information (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Segment Reporting Information [Line Items]
Interest income $ 88,225 $ 63,473
Interest expense18,275 23,312
Net interest income69,950 40,161
(Recovery of) provision for loan and lease credit losses(873)11,792
Noninterest income31,057 5,742
Noninterest expense58,272 49,491
Income tax expense (benefit)4,181 (7,778)
Net income (loss)39,427 (7,602)
Total assets8,417,875 5,273,569 $ 7,872,303
Operating Segments | Banking
Segment Reporting Information [Line Items]
Interest income88,099 63,448
Interest expense18,165 23,255
Net interest income69,934 40,193
(Recovery of) provision for loan and lease credit losses(873)11,792
Noninterest income30,524 5,964
Noninterest expense55,625 46,687
Income tax expense (benefit)4,650 (4,170)
Net income (loss)41,056 (8,152)
Total assets8,281,729 5,133,447
Operating Segments | Fintech
Segment Reporting Information [Line Items]
Interest income122
Net interest income122
Noninterest income(4)(880)
Noninterest expense1,020 1,490
Income tax expense (benefit)5 (244)
Net income (loss)(907)(2,126)
Total assets91,662 84,366
Other
Segment Reporting Information [Line Items]
Interest income4 25
Interest expense110 57
Net interest income(106)(32)
Noninterest income537 658
Noninterest expense1,627 1,314
Income tax expense (benefit)(474)(3,364)
Net income (loss)(722)2,676
Total assets $ 44,484 $ 55,756

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event - Greenlight - Equity Securities $ in MillionsApr. 27, 2021USD ($)
Subsequent Event [Line Items]
Close of stock issued during period value in newly issued shares $ 260
Pre-tax non-cash gain $ 6.9