Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 18, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36722 | |
Entity Registrant Name | TRIUMPH BANCORP, INC. | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 20-0477066 | |
Entity Address, Address Line One | 12700 Park Central Drive, Suite 1700 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75251 | |
City Area Code | 214 | |
Local Phone Number | 365-6900 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,123,978 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001539638 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | TBK | |
Security Exchange Name | NASDAQ | |
Depositary Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares Each Representing a 1/40th Interest in a Share of 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock | |
Trading Symbol | TBKCP | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 66,672 | $ 85,525 |
Interest bearing deposits with other banks | 466,092 | 228,868 |
Total cash and cash equivalents | 532,764 | 314,393 |
Securities - equity investments | 5,623 | 5,826 |
Securities - available for sale | 164,816 | 224,310 |
Securities - held to maturity, net of allowance for credit losses of $1,737 and $2,026, respectively, fair value of $5,534 and $5,850, respectively | 5,488 | 5,919 |
Loans held for sale | 26,437 | 24,546 |
Loans, net of allowance for credit losses of $41,017 and $95,739, respectively | 4,741,713 | 4,901,037 |
Federal Home Loan Bank and other restricted stock, at cost | 4,901 | 6,751 |
Premises and equipment, net | 104,311 | 103,404 |
Other real estate owned, net | 893 | 1,432 |
Goodwill | 233,727 | 163,209 |
Intangible assets, net | 46,328 | 26,713 |
Bank-owned life insurance | 41,540 | 41,608 |
Deferred tax asset, net | 0 | 6,427 |
Indemnification asset | 4,786 | 36,225 |
Other assets | 111,208 | 73,991 |
Total assets | 6,024,535 | 5,935,791 |
Deposits | ||
Noninterest bearing | 2,020,984 | 1,352,785 |
Interest bearing | 2,801,591 | 3,363,815 |
Total deposits | 4,822,575 | 4,716,600 |
Customer repurchase agreements | 11,990 | 3,099 |
Federal Home Loan Bank advances | 30,000 | 105,000 |
Paycheck Protection Program Liquidity Facility | 97,554 | 191,860 |
Subordinated debt | 106,755 | 87,509 |
Junior subordinated debentures | 40,467 | 40,072 |
Deferred tax liability, net | 982 | 0 |
Other liabilities | 93,538 | 64,870 |
Total liabilities | 5,203,861 | 5,209,010 |
Commitments and contingencies - See Note 9 and Note 10 | ||
Stockholders' equity - See Note 13 | ||
Preferred stock | 45,000 | 45,000 |
Common stock, 25,123,342 and 24,868,218 shares outstanding, respectively | 282 | 280 |
Additional paid-in-capital | 499,282 | 489,151 |
Treasury stock, at cost | (104,600) | (103,052) |
Retained earnings | 373,512 | 289,583 |
Accumulated other comprehensive income (loss) | 7,198 | 5,819 |
Total stockholders’ equity | 820,674 | 726,781 |
Total liabilities and stockholders' equity | $ 6,024,535 | $ 5,935,791 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||||||
Allowance for credit losses | $ 1,737 | $ 1,727 | $ 2,026 | $ 1,961 | $ 1,855 | $ 0 |
Fair Value | 5,534 | 5,850 | ||||
Allowance for credit losses | $ 41,017 | $ 95,739 | ||||
Common stock, outstanding (in shares) | 25,123,342 | 24,868,218 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and dividend income: | ||||
Loans, including fees | $ 44,882 | $ 48,774 | $ 139,576 | $ 147,491 |
Factored receivables, including fees | 50,516 | 31,468 | 135,639 | 76,861 |
Securities | 1,126 | 1,927 | 3,963 | 6,710 |
FHLB and other restricted stock | 28 | 122 | 131 | 474 |
Cash deposits | 183 | 73 | 467 | 640 |
Total interest income | 96,735 | 82,364 | 279,776 | 232,176 |
Interest expense: | ||||
Deposits | 1,948 | 5,834 | 7,790 | 23,095 |
Subordinated notes | 2,449 | 1,348 | 5,148 | 4,016 |
Junior subordinated debentures | 443 | 462 | 1,331 | 1,662 |
Other borrowings | 124 | 341 | 434 | 2,273 |
Total interest expense | 4,964 | 7,985 | 14,703 | 31,046 |
Net interest income | 91,771 | 74,379 | 265,073 | 201,130 |
Credit loss expense (benefit) | (1,187) | (258) | (10,838) | 33,649 |
Net interest income after credit loss expense (benefit) | 92,958 | 74,637 | 275,911 | 167,481 |
Noninterest income: | ||||
Net OREO gains (losses) and valuation adjustments | (9) | (41) | (376) | (399) |
Net gains (losses) on sale or call of securities | 4 | 3,109 | 5 | 3,210 |
Insurance commissions | 1,231 | 990 | 3,989 | 2,905 |
Gain on sale of subsidiary or division | 0 | 0 | 0 | 9,758 |
Other | 1,457 | 1,472 | 12,692 | 8,670 |
Total noninterest income | 12,055 | 10,493 | 40,242 | 37,999 |
Noninterest expense: | ||||
Salaries and employee benefits | 43,769 | 31,651 | 121,407 | 93,177 |
Occupancy, furniture and equipment | 6,388 | 5,574 | 18,279 | 15,720 |
FDIC insurance and other regulatory assessments | 353 | 360 | 1,830 | 1,170 |
Professional fees | 2,362 | 3,265 | 9,959 | 7,023 |
Amortization of intangible assets | 3,274 | 2,141 | 7,677 | 6,265 |
Advertising and promotion | 1,403 | 1,105 | 3,534 | 3,548 |
Communications and technology | 7,090 | 5,569 | 19,018 | 16,514 |
Other | 8,174 | 5,632 | 22,799 | 19,359 |
Total noninterest expense | 72,813 | 55,297 | 204,503 | 162,776 |
Net income before income tax expense | 32,200 | 29,833 | 111,650 | 42,704 |
Income tax expense | 7,771 | 6,929 | 25,316 | 10,810 |
Net income | 24,429 | 22,904 | 86,334 | 31,894 |
Dividends on preferred stock | (802) | (899) | (2,405) | (899) |
Net income to common stockholders | $ 23,627 | $ 22,005 | $ 83,929 | $ 30,995 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.95 | $ 0.89 | $ 3.40 | $ 1.28 |
Diluted (in dollars per share) | $ 0.94 | $ 0.89 | $ 3.33 | $ 1.27 |
Service charges on deposits | ||||
Noninterest income: | ||||
Revenue | $ 2,030 | $ 1,470 | $ 5,674 | $ 3,631 |
Card income | ||||
Noninterest income: | ||||
Revenue | 2,144 | 2,091 | 6,341 | 5,832 |
Fee income | ||||
Noninterest income: | ||||
Revenue | $ 5,198 | $ 1,402 | $ 11,917 | $ 4,392 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 24,429 | $ 22,904 | $ 86,334 | $ 31,894 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) arising during the period | (378) | 2,443 | (1,303) | 8,589 |
Tax effect | 89 | (637) | 300 | (2,144) |
Unrealized holding gains (losses) arising during the period, net of taxes | (289) | 1,806 | (1,003) | 6,445 |
Reclassification of amount realized through sale or call of securities | (4) | (3,109) | (5) | (3,210) |
Tax effect | 1 | 761 | 1 | 805 |
Reclassification of amount realized through sale or call of securities, net of taxes | (3) | (2,348) | (4) | (2,405) |
Change in unrealized gains (losses) on securities, net of tax | (292) | (542) | (1,007) | 4,040 |
Unrealized gains (losses) on derivative financial instruments: | ||||
Unrealized holding gains (losses) arising during the period | (9) | 357 | 3,062 | 32 |
Tax effect | 2 | (88) | (729) | (9) |
Unrealized holding gains (losses) arising during the period, net of taxes | (7) | 269 | 2,333 | 23 |
Reclassification of amount of gains (losses) recognized into income | 18 | (16) | 70 | (16) |
Tax effect | (4) | 4 | (17) | 4 |
Reclassification of amount of gains (losses) recognized into income, net of taxes | 14 | (12) | 53 | (12) |
Change in unrealized gains (losses) on derivative financial instruments | 7 | 257 | 2,386 | 11 |
Total other comprehensive income (loss) | (285) | (285) | 1,379 | 4,051 |
Comprehensive income | $ 24,144 | $ 22,619 | $ 87,713 | $ 35,945 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Common StockCommon Stock | Additional Paid-in- Capital | Treasury Stock | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2019 | $ 636,590 | $ (1,771) | $ 0 | $ 271 | $ 473,251 | $ (67,068) | $ 229,030 | $ (1,771) | $ 1,106 | |
Beginning balance (in shares) at Dec. 31, 2019 | 24,964,961 | 2,198,681 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of restricted stock awards (in shares) | 8,079 | |||||||||
Issuance of restricted stock awards | 0 | $ 1 | (1) | |||||||
Stock based compensation | 1,168 | 1,168 | ||||||||
Forfeiture of restricted stock awards (in shares) | 601 | 601 | ||||||||
Forfeiture of restricted stock awards | 0 | 23 | $ (23) | |||||||
Shares repurchased and held into treasury stock (in shares) | 871,319 | 871,319 | ||||||||
Purchase of treasury stock | (35,586) | $ (35,586) | ||||||||
Net income (loss) | (4,450) | (4,450) | ||||||||
Other comprehensive income (loss) | (6,604) | (6,604) | ||||||||
Ending balance (in shares) at Mar. 31, 2020 | 24,101,120 | 3,070,601 | ||||||||
Ending balance at Mar. 31, 2020 | 589,347 | 0 | $ 272 | 474,441 | $ (102,677) | 222,809 | (5,498) | |||
Beginning balance at Dec. 31, 2019 | 636,590 | (1,771) | 0 | $ 271 | 473,251 | $ (67,068) | 229,030 | (1,771) | 1,106 | |
Beginning balance (in shares) at Dec. 31, 2019 | 24,964,961 | 2,198,681 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of preferred stock, net of issuance costs | 42,364 | |||||||||
Net income (loss) | 31,894 | |||||||||
Other comprehensive income (loss) | 4,051 | |||||||||
Ending balance (in shares) at Sep. 30, 2020 | 24,851,601 | 3,081,070 | ||||||||
Ending balance at Sep. 30, 2020 | 693,842 | 45,000 | $ 279 | 488,094 | $ (102,942) | 258,254 | 5,157 | |||
Beginning balance at Dec. 31, 2019 | $ 636,590 | $ (1,771) | 0 | $ 271 | 473,251 | $ (67,068) | 229,030 | $ (1,771) | 1,106 | |
Beginning balance (in shares) at Dec. 31, 2019 | 24,964,961 | 2,198,681 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Accounting Standards Update [Extensible Enumeration] | ASU 2016-13 | |||||||||
Ending balance (in shares) at Dec. 31, 2020 | 24,868,218 | 3,083,503 | ||||||||
Ending balance at Dec. 31, 2020 | $ 726,781 | 45,000 | $ 280 | 489,151 | $ (103,052) | 289,583 | 5,819 | |||
Beginning balance at Mar. 31, 2020 | 589,347 | 0 | $ 272 | 474,441 | $ (102,677) | 222,809 | (5,498) | |||
Beginning balance (in shares) at Mar. 31, 2020 | 24,101,120 | 3,070,601 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of preferred stock, net of issuance costs | 42,364 | 45,000 | (2,636) | |||||||
Issuance of restricted stock awards (in shares) | 110,035 | |||||||||
Issuance of restricted stock awards | 0 | $ 1 | (1) | |||||||
Stock based compensation | 966 | 966 | ||||||||
Forfeiture of restricted stock awards (in shares) | 1,033 | 1,033 | ||||||||
Forfeiture of restricted stock awards | 0 | 25 | $ (25) | |||||||
Shares repurchased and held into treasury stock (in shares) | 7,436 | 7,436 | ||||||||
Purchase of treasury stock | (186) | $ (186) | ||||||||
Net income (loss) | 13,440 | 13,440 | ||||||||
Other comprehensive income (loss) | 10,940 | 10,940 | ||||||||
Ending balance (in shares) at Jun. 30, 2020 | 24,202,686 | 3,079,070 | ||||||||
Ending balance at Jun. 30, 2020 | 656,871 | 45,000 | $ 273 | 472,795 | $ (102,888) | 236,249 | 5,442 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock (in shares) | 630,268 | |||||||||
Issuance of common stock | 13,942 | $ 7 | 13,935 | |||||||
Issuance of restricted stock awards (in shares) | 20,303 | |||||||||
Issuance of restricted stock awards | 0 | $ (1) | 1 | |||||||
Stock option exercises, net (in shares) | 344 | |||||||||
Stock option exercises, net | 0 | |||||||||
Stock based compensation | 1,309 | 1,309 | ||||||||
Forfeiture of restricted stock awards (in shares) | 2,000 | 2,000 | ||||||||
Forfeiture of restricted stock awards | 0 | 54 | $ (54) | |||||||
Dividends declared | (899) | (899) | ||||||||
Net income (loss) | 22,904 | 22,904 | ||||||||
Other comprehensive income (loss) | (285) | (285) | ||||||||
Ending balance (in shares) at Sep. 30, 2020 | 24,851,601 | 3,081,070 | ||||||||
Ending balance at Sep. 30, 2020 | 693,842 | 45,000 | $ 279 | 488,094 | $ (102,942) | 258,254 | 5,157 | |||
Beginning balance at Dec. 31, 2020 | 726,781 | 45,000 | $ 280 | 489,151 | $ (103,052) | 289,583 | 5,819 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 24,868,218 | 3,083,503 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of restricted stock awards (in shares) | 4,613 | |||||||||
Issuance of restricted stock awards | 0 | |||||||||
Stock option exercises, net (in shares) | 10,205 | |||||||||
Stock option exercises, net | 191 | 191 | ||||||||
Stock based compensation | 1,350 | 1,350 | ||||||||
Forfeiture of restricted stock awards (in shares) | 107 | 107 | ||||||||
Forfeiture of restricted stock awards | 0 | 7 | $ (7) | |||||||
Dividends declared | (801) | (801) | ||||||||
Net income (loss) | 33,923 | 33,923 | ||||||||
Other comprehensive income (loss) | 2,560 | 2,560 | ||||||||
Ending balance (in shares) at Mar. 31, 2021 | 24,882,929 | 3,083,610 | ||||||||
Ending balance at Mar. 31, 2021 | 764,004 | 45,000 | $ 280 | 490,699 | $ (103,059) | 322,705 | 8,379 | |||
Beginning balance at Dec. 31, 2020 | 726,781 | 45,000 | $ 280 | 489,151 | $ (103,052) | 289,583 | 5,819 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 24,868,218 | 3,083,503 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of preferred stock, net of issuance costs | $ 0 | |||||||||
Issuance of common stock pursuant to the employee stock purchase plan (in shares) | 9,101 | |||||||||
Net income (loss) | $ 86,334 | |||||||||
Other comprehensive income (loss) | 1,379 | |||||||||
Ending balance (in shares) at Sep. 30, 2021 | 25,123,342 | 3,101,579 | ||||||||
Ending balance at Sep. 30, 2021 | 820,674 | 45,000 | $ 282 | 499,282 | $ (104,600) | 373,512 | 7,198 | |||
Beginning balance at Mar. 31, 2021 | 764,004 | 45,000 | $ 280 | 490,699 | $ (103,059) | 322,705 | 8,379 | |||
Beginning balance (in shares) at Mar. 31, 2021 | 24,882,929 | 3,083,610 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of restricted stock awards (in shares) | 224,287 | |||||||||
Issuance of restricted stock awards | 0 | $ 2 | (2) | |||||||
Stock option exercises, net (in shares) | 18,934 | |||||||||
Stock option exercises, net | (45) | (45) | ||||||||
Stock based compensation | 3,386 | 3,386 | ||||||||
Forfeiture of restricted stock awards (in shares) | 2,278 | 2,278 | ||||||||
Forfeiture of restricted stock awards | 0 | 186 | $ (186) | |||||||
Shares repurchased and held into treasury stock (in shares) | 14,169 | 14,169 | ||||||||
Purchase of treasury stock | (1,241) | $ (1,241) | ||||||||
Dividends declared | (802) | (802) | ||||||||
Net income (loss) | 27,982 | 27,982 | ||||||||
Other comprehensive income (loss) | (896) | (896) | ||||||||
Ending balance (in shares) at Jun. 30, 2021 | 25,109,703 | 3,100,057 | ||||||||
Ending balance at Jun. 30, 2021 | 792,388 | 45,000 | $ 282 | 494,224 | $ (104,486) | 349,885 | 7,483 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of restricted stock awards (in shares) | 3,651 | |||||||||
Issuance of restricted stock awards | 0 | $ 0 | 0 | |||||||
Stock option exercises, net (in shares) | 2,409 | |||||||||
Stock option exercises, net | 50 | 50 | ||||||||
Stock based compensation | 4,445 | 4,445 | ||||||||
Forfeiture of restricted stock awards (in shares) | 1,522 | 1,522 | ||||||||
Forfeiture of restricted stock awards | 0 | 114 | $ (114) | |||||||
Issuance of common stock pursuant to the employee stock purchase plan | $ 449 | 449 | ||||||||
Issuance of common stock pursuant to the employee stock purchase plan (in shares) | 9,101 | 9,101 | ||||||||
Purchase of treasury stock | $ 0 | |||||||||
Dividends declared | (802) | (802) | ||||||||
Net income (loss) | 24,429 | 24,429 | ||||||||
Other comprehensive income (loss) | (285) | (285) | ||||||||
Ending balance (in shares) at Sep. 30, 2021 | 25,123,342 | 3,101,579 | ||||||||
Ending balance at Sep. 30, 2021 | $ 820,674 | $ 45,000 | $ 282 | $ 499,282 | $ (104,600) | $ 373,512 | $ 7,198 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 86,334 | $ 31,894 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 8,992 | 7,378 |
Net accretion on loans | (7,615) | (8,377) |
Amortization of subordinated notes issuance costs | 1,022 | 128 |
Amortization of junior subordinated debentures | 395 | 378 |
Net amortization on securities | (465) | (104) |
Amortization of intangible assets | 7,677 | 6,265 |
Deferred taxes | 5,432 | (3,320) |
Credit Loss Expense (benefit) | (10,838) | 33,649 |
Stock based compensation | 9,181 | 3,443 |
Net (gains) losses on sale or call of debt securities | (5) | (3,210) |
Net (gains) losses on equity securities | 203 | (603) |
Net OREO (gains) losses and valuation adjustments | 376 | 399 |
Gain on sale of subsidiary or division | 0 | (9,758) |
Origination of loans held for sale | (32,645) | (45,220) |
Purchases of loans held for sale | (19,001) | (33,811) |
Proceeds from Sale of Loans Held-for-sale | 50,931 | 71,782 |
Net (gains) losses on sale of loans | (1,289) | (2,323) |
Net (gains) losses on transfer of loans to loans held for sale | (1,676) | 466 |
Net change in operating leases | 468 | 92 |
(Increase) decrease in other assets | (19,275) | (4,206) |
Increase (decrease) in other liabilities | 11,071 | 15,387 |
Net cash provided by (used in) operating activities | 89,273 | 60,329 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (18,250) | (128,970) |
Proceeds from sales of securities available for sale | 0 | 65,184 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 76,864 | 78,276 |
Proceeds from maturities, calls, and pay downs of securities held to maturity | 762 | 581 |
Purchases of loans held for investment | (77,571) | (277,333) |
Proceeds from sale of loans | 63,028 | 145,513 |
Net change in loans | 227,650 | (524,820) |
Purchases of premises and equipment, net | (9,899) | (16,283) |
Net proceeds from sale of OREO | 807 | 1,918 |
(Purchases) redemptions of FHLB and other restricted stock, net | 1,850 | 1,396 |
Net cash (paid for) received in acquisitions | (96,926) | (108,375) |
Proceeds from sale of subsidiary or division, net | 0 | 93,835 |
Net cash provided by (used in) investing activities | 168,315 | (669,078) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 105,975 | 452,582 |
Increase (decrease) in customer repurchase agreements | 8,891 | 12,159 |
Increase (decrease) in Federal Home Loan Bank advances | (75,000) | 5,000 |
Proceeds from Paycheck Protection Program Liquidity Facility borrowings | 226,630 | 231,370 |
Repayment of Paycheck Protection Program Liquidity Facility borrowings | (320,936) | (7,657) |
Proceeds from issuance of subordinated notes, net | 68,224 | 0 |
Repayment of subordinated notes | (50,000) | 0 |
Issuance of preferred stock, net of issuance costs | 0 | 42,364 |
Preferred dividends | (2,405) | (899) |
Stock option exercises | 196 | 0 |
Proceeds from employee stock purchase plan common stock issuance | 449 | 0 |
Purchase of treasury stock | (1,241) | (35,772) |
Net cash provided by (used in) financing activities | (39,217) | 699,147 |
Net increase (decrease) in cash and cash equivalents | 218,371 | 90,398 |
Cash and cash equivalents at beginning of period | 314,393 | 197,880 |
Cash and cash equivalents at end of period | 532,764 | 288,278 |
Supplemental cash flow information: | ||
Interest paid | 15,551 | 33,868 |
Income taxes paid, net | 36,353 | 4,572 |
Cash paid for operating lease liabilities | 3,440 | 3,183 |
Supplemental noncash disclosures: | ||
Loans transferred to OREO | 644 | 1,012 |
Loans held for investment transferred to loans held for sale | 76,976 | 172,565 |
Assets transferred to assets held for sale | 0 | 84,077 |
Lease liabilities arising from obtaining right-of-use assets | 19,404 | 1,777 |
Securities available for sale purchased, not settled | 0 | 0 |
Indemnification recognized | $ 35,633 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). TriumphPay operates as a division of TBK Bank, SSB. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Operating Segments The Company’s reportable segments are comprised of strategic business units primarily based upon industry categories and, to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considered organizational structure and is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy, and allocate resources. The Company's chief operating decision maker is the Chief Executive Officer of Triumph Bancorp, Inc. Management has determined that the Company has four reportable segments consisting of Banking, Factoring, Payments, and Corporate. The Banking segment includes the operations of TBK Bank. The Banking segment derives its revenue principally from investments in interest-earning assets as well as noninterest income typical for the banking industry. The Factoring segment includes the operations of TBC with revenue derived from factoring services. The Payments segment includes the operations of the TBK Bank's TriumphPay division, which is the payments network for trucking; creating frictionless presentment, audit, and payment of invoices. The Payments segment derives its revenue from transaction fees and interest income on factored receivables related to invoice payments. These factored receivables consist of both invoices where we offer a carrier a QuickPay opportunity to receive payment at a discount in advance of the standard payment term for such invoice in exchange for the assignment of such invoice to us and from offering freight brokers the ability to settle their invoices with us on an extended term following our payment to their carriers as an additional liquidity option for such freight brokers. The corporate segment includes holding company financing and investment activities and management and administrative expenses to support the overall operations of the Company. Prior to June 30, 2021, management determined that the Company had three reportable segments consisting of Banking, Factoring, and Corporate, and the Banking segment included the operations of TBK Bank and TriumphPay. On June 1, 2021, TriumphPay acquired HubTran, Inc., a cloud-based provider of automation software for the trucking industry’s back office (see Note 2 – Business Combinations and Divestitures for further disclosures regarding the acquisition of HubTran). The acquisition of HubTran allows TriumphPay to create a fully integrated payments network for trucking; servicing brokers and factors. TriumphPay already offered tools and services to increase automation, mitigate fraud, create back-office efficiency and improve the payment experience. Through the acquisition of HubTran, TriumphPay created additional value through the enhancement of its presentment, audit, and payment capabilities for shippers, third party logistics companies (i.e., freight brokers) and their carriers, and factors. The acquisition of HubTran was a meaningful inflection point in the operations of TriumphPay as the TriumphPay strategy has shifted from a capital-intensive on-balance sheet product with a focus on interest income to a payments network for the trucking industry with a focus on fee revenue. In terms of total revenue, operating income (loss), and total assets, TriumphPay is currently, and has historically been, quantitatively immaterial; however, given the shift in strategy brought on by the acquisition of HubTran as well as significant management and chief operating decision maker focus on TriumphPay operations, management believes disclosing TriumphPay's operations through the Payments segment is qualitatively useful for readers of these financial statements. This change also brings the Company's reportable segments in line with its reporting units used for goodwill impairment evaluation. Prior to the acquisition of HubTran, the Payments reporting unit carried no goodwill. Prior period business segment disclosures have been revised as appropriate to reflect the current period change in reportable segments. Risks and Uncertainties Significant progress has been made to combat the outbreak of COVID-19; however, the global pandemic has adversely impacted a broad range of industries in which the Company's customers operate and could still impair their ability to fulfill their financial obligations to the Company. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. While it appears that the epidemiological and macroeconomic conditions are trending in a positive direction as of September 30, 2021, if there is a resurgence in the virus, the Company could experience further adverse effects on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and any potential resulting measures to curtail its spread, will have on the Company's future operations, the Company is disclosing potentially material items of which it is aware. Financial position and results of operations The Company’s interest income could be reduced due to COVID-19. In keeping with guidance from regulators, the Company continues to work with COVID-19 affected borrowers to defer their payments, interest, and fees. While interest and fees continue to accrue to income through normal GAAP accounting, should eventual credit losses on these deferred payments emerge, the related loans would be placed on nonaccrual status and interest income and fees accrued would be reversed. In such a scenario, interest income in future periods could be negatively impacted. As of September 30, 2021 the Company carries $121,000 of accrued interest income and fees on outstanding deferrals made to COVID-19 affected borrowers. At this time, the Company is unable to project the materiality of such an impact on future deferrals to COVID-19 affected borrowers, but recognizes the breadth of the economic impact may affect its borrowers’ ability to repay in future periods. Capital and liquidity The Company's reported and regulatory capital ratios could be adversely impacted by further credit loss expense. The Company relies on cash on hand as well as dividends from its subsidiary bank to service its debt. If the Company's capital deteriorates such that its subsidiary bank is unable to pay dividends to the Company for an extended period of time, the Company may not be able to service its debt. The Company maintains access to multiple sources of liquidity. Wholesale funding markets have remained open to the Company, but rates for short-term funding can be volatile. If funding costs are elevated for an extended period of time, it could have an adverse effect on the Company's net interest margin. If an extended recession caused large numbers of the Company's deposit customers to withdraw their funds, the Company might become more reliant on volatile or more expensive sources of funding. Intangible asset valuation The lingering effects COVID-19 could cause a decline in the Company’s stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform a goodwill impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. It is possible that the lingering effects of COVID-19 could cause the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform an intangible asset impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its intangible assets are impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Lending operations and accommodations to borrowers In keeping with regulatory guidance to work with borrowers during this unprecedented situation and as outlined in the Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) , the Company is executing a payment deferral program for its commercial lending clients that are adversely affected by the pandemic. Depending on the demonstrated need of the client, the Company is deferring either the full loan payment or the principal component of the loan payment for a stated period of time. As of September 30, 2021, the Company’s balance sheet reflected 3 of these deferrals on outstanding loan balances of $32,220,000. In accordance with the CARES Act and March 2020 interagency guidance, these deferrals are not considered troubled debt restructurings. It is possible that these deferrals could be extended further under the CARES Act; however, the volume of these future potential extensions is unknown. It is also possible that in spite of the Company's best efforts to assist its borrowers and achieve full collection of the Company's investment, these deferred loans could result in future charge-offs with additional credit loss expense charged to earnings; however, the amount of any future charge-offs on deferred loans is unknown. At September 30, 2021, 94% of the $32,220,000 COVID deferral balance was made up of one relationship. With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Administration (“SBA”), the Company has participated in assisting its customers with applications for resources through the program. PPP loans have two-year and five-year terms and earn interest at a 1% coupon. The Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. As of September 30, 2021, the Company carried 815 PPP loans representing a book value of $87,413,000. The Company recognized $1,584,000 and $4,524,000 in fees from the SBA on PPP loans during the three and nine months ended September 30, 2021 and carried $3,580,000 of deferred fees on PPP loans at September 30, 2021. The remaining fees will be amortized and recognized over the remaining lives of the loans. It is the Company’s understanding that loans funded through the PPP program are fully guaranteed by the U.S. government. Should those circumstances change, the Company could be required to establish an allowance for credit loss through additional credit loss expense charged to earnings. Credit The Company is working with customers directly affected by COVID-19. The Company is prepared to offer assistance in accordance with regulator guidelines. As a result of the current economic environment caused by the COVID-19 virus, the Company is engaging in communication with borrowers to understand their situation and the challenges faced, allowing the Company to respond proactively as needs and issues arise. Should the economy experience a prolonged period of poor economic conditions or should economic conditions worsen, the Company could experience increases in its required allowance for credit losses (“ACL”) and record additional credit loss expense. It is possible that the Company’s asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged. |
Business Combinations and Dives
Business Combinations and Divestitures | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | BUSINESS COMBINATIONS AND DIVESTITURES HubTran Inc. On June 1, 2021, the Company, through TriumphPay, a division of the Company's wholly-owned subsidiary TBK Bank, SSB, acquired HubTran, Inc. ("HubTran"), a cloud-based provider of automation software for the trucking industry's back-office. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Initial Values Measurement Period Adjustments Adjusted Values Assets acquired: Cash $ 170 $ — $ 170 Intangible assets - capitalized software 16,932 — 16,932 Intangible assets - customer relationship 10,360 — 10,360 Other assets 1,546 24 1,570 29,008 24 29,032 Liabilities assumed: Deferred income taxes 4,703 (3,230) 1,473 Other liabilities 906 16 922 5,609 (3,214) 2,395 Fair value of net assets acquired $ 23,399 $ 3,238 $ 26,637 Consideration: Cash paid $ 97,096 $ — $ 97,096 Goodwill $ 73,697 $ (3,238) $ 70,459 The Company has recognized goodwill of $70,459,000, which included measurement period adjustments related to customary settlement adjustments and the finalization of the HubTran stub period tax return and its impact on the acquired deferred tax liability. Goodwill was calculated as the excess of the fair value of consideration exchanged as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Payments segment. The goodwill in this acquisition resulted from expected synergies and progress in the development of a fully integrated open loop payments network for the transportation industry. The goodwill will not be deducted for tax purposes. The initial accounting for the acquisition has not been completed because the fair values of the assets acquired and liabilities assumed have not yet been finalized. The intangible assets recognized include a capitalized software intangible asset with an acquisition date fair value of $16,932,000 which will be amortized on a straight-line basis over its four year estimated useful life and a customer relationship intangible asset with an acquisition date fair value of $10,360,000 which will be amortized utilizing an accelerated method over its eleven year estimated useful life. Revenue and earnings of HubTran since the acquisition date have not been disclosed as the acquired company was merged into the Company and separate financial information is not readily available. Expenses related to the acquisition, including professional fees and other transaction costs, totaling $2,992,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended June 30, 2021. Transportation Financial Solutions On July 8, 2020, the Company, through its wholly-owned subsidiary Advance Business Capital LLC (“ABC”), acquired the transportation factoring assets (the “TFS Acquisition”) of Transport Financial Solutions (“TFS”), a wholly owned subsidiary of Covenant Logistics Group, Inc. ("CVLG"), in exchange for cash consideration of $108,375,000, 630,268 shares of the Company’s common stock valued at approximately $13,942,000, and contingent consideration of up to approximately $9,900,000 to be paid in cash following the twelve-month period ending July 31, 2021. Subsequent to the closing of the TFS Acquisition, the Company identified that approximately $62,200,000 of the assets acquired at closing were advances against future payments to be made to three large clients (and their affiliated entities) of TFS pursuant to long-term contractual arrangements between the obligor on such contracts and such clients (and their affiliated entities) for services that had not yet been performed. On September 23, 2020, the Company and ABC entered into an Account Management Agreement, Amendment to Purchase Agreement and Mutual Release (the “Agreement”) with CVLG and Covenant Transport Solutions, LLC, a wholly owned subsidiary of CVLG ( “CTS” and, together with CVLG, "Covenant"). Pursuant to the Agreement, the parties agreed to certain amendments to that certain Accounts Receivable Purchase Agreement (the “ARPA”), dated as of July 8, 2020, by and among ABC, as buyer, CTS, as seller, and the Company, as buyer indirect parent. Such amendments include: • Return of the portion of the purchase price paid under the ARPA consisting of 630,268 shares of Company common stock, which will be accomplished through the sale of such shares by Covenant pursuant to the terms of the Agreement and the surrender of the cash proceeds of such sale (net of brokerage or underwriting fees and commissions) to the Company; • Elimination of the earn-out consideration potentially payable to CTS under the ARPA; and • Modification of the indemnity provisions under the ARPA to eliminate the existing indemnifications for breaches of representations and warranties and to replace such with a newly established indemnification by Covenant in the event ABC incurs losses related to the $62,200,000 in over-formula advances made to specified clients identified in the Agreement (the “Over-Formula Advance Portfolio”). Under the terms of the new indemnification arrangement, Covenant will be responsible for and will indemnify ABC for 100% of the first $30,000,000 of any losses incurred by ABC related to the Over-Formula Advance Portfolio, and for 50% of the next $30,000,000 of any losses incurred by ABC, for total indemnification by Covenant of $45,000,000. Covenant’s indemnification obligations under the Agreement were secured by a pledge of equipment collateral by Covenant with an estimated net orderly liquidation value of $60,000,000 (the “Equipment Collateral”). The Company’s wholly-owned bank subsidiary, TBK Bank, SSB, has provided Covenant with a $45,000,000 line of credit, also secured by the Equipment Collateral, the proceeds of which may be drawn to satisfy Covenant’s indemnification obligations under the Agreement. Pursuant to the Agreement, Triumph and Covenant have agreed to certain terms related to the management of the Over-Formula Advance Portfolio, and the terms by which Covenant may provide assistance to maximize recovery on the Over-Formula Advance Portfolio. Pursuant to the Agreement, the Company and Covenant have provided mutual releases to each other related to any and all claims related to the transactions contemplated by the ARPA or the Over-Formula Advance Portfolio. The measurement period for this transaction remained open at the time the Agreement was executed, and the Company determined that there is a clear and direct link between the Agreement and the ARPA. Therefore, the terms of the Agreement were incorporated into the Company's purchase accounting which resulted in the elimination of the contingent consideration component of the ARPA, the recognition of cash due from Covenant as part of the consideration for the transaction, and an indemnification asset to reflect the modification of Covenant's indemnification obligations. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Initial Values Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Assets acquired: Factored receivables $107,524 $— $107,524 Allowance for credit losses (37,415) — (37,415) Factored receivables, net of ACL 70,109 — 70,109 Intangible assets 3,500 — 3,500 Indemnification asset 30,959 — 30,959 Deferred income taxes 1,448 (59) 1,389 106,016 (59) 105,957 Liabilities assumed: Deposits 5,361 — 5,361 5,361 — 5,361 Fair value of net assets acquired $100,655 $ (59) $100,596 Consideration: Cash paid $108,375 — $108,375 Stock consideration 13,942 — 13,942 Cash due from seller subsequent to liquidation of stock consideration (17,196) — (17,196) Total consideration $105,121 $— $105,121 Goodwill $4,466 $59 $4,525 The Company recognized goodwill of $4,525,000, which included measurement period adjustments related to the finalization of the tax basis of Covenant’s customer intangibles and its impact on the deferred tax liability associated with these intangibles. Goodwill was calculated as the excess of the fair value of consideration exchanged as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Factoring segment. The goodwill in this acquisition resulted from expected synergies and expansion in the factoring market. The goodwill will not be deducted for tax purposes. Consideration included cash due from Covenant subsequent to liquidation of the stock consideration with an acquisition date fair value of $17,196,000. The fair value of cash due from Covenant was based on the Company's stock price on the date of the Agreement, less an estimate of broker commissions and discounts. During the year ended December 31, 2020, the entirety of the acquired stock was sold by Covenant, Covenant delivered net proceeds of $28,064,000, and the Company recognized $10,868,000 of other noninterest income measured as the difference between the initial purchase accounting measurement and the amount of net proceeds delivered to the Company upon liquidation. Of the total $10,868,000 of noninterest income recognized, $2,007,000 was recognized during the three months ended September 30, 2020, and the remainder was recognized during the three months ended December 31, 2020. The intangible assets recognized include a customer relationship intangible asset with an acquisition date fair value of $3,500,000 which will be amortized utilizing an accelerated method over its eight year estimated useful life. The indemnification asset was measured separately from the related covered portfolio. It is not contractually embedded in the covered portfolio nor is it transferable with the covered portfolio should the Company choose to dispose of the portfolio or a portion of the portfolio. The indemnification asset was initially recorded in other assets in the Consolidated Balance Sheets at the time of the TFS Acquisition at a fair value of $30,959,000, measured as the present value of the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio. These cash flows were discounted at a rate to reflect the uncertainty of the timing and receipt of the payments from Covenant . The amount ultimately collected for this asset will be dependent upon the performance of the underlying covered portfolio, the passage of time, and Covenant's willingness and ability to make necessary payments. The terms of the Agreement are such that indemnification has no expiration date and the Company will continue to carry the indemnification asset until ultimate resolution of the covered portfolio. The indemnification asset is reviewed quarterly and changes to the asset are recorded as adjustments to other noninterest income, as appropriate, within the Consolidated Statements of Income. The value of the indemnification asset was $4,786,000 and $36,225,000 at September 30, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021, new adverse developments with the largest of the three Over-Formula Advance clients caused the Company to charge-off the entire Over-Formula Advance amount due from that client. This resulted in a net charge-off of $41,265,000; however, this net charge-off had no impact on credit loss expense for the three months ended March 31, 2021 as the entire amount had been reserved in a prior period. In accordance with the Agreement reached with Covenant, Covenant reimbursed the Company for $35,633,000 of this charge-off by drawing on its secured line of credit, which was reflected on the Company's March 31, 2021 Consolidated Balance Sheet as a current and performing equipment loan held for investment. Given separate developments with the other two Over-Formula Advance clients, the Company reserved an additional $2,844,000 reflected in credit loss expense for the three months ended March 31, 2021. The $2,844,000 increase in required ACL as well as accretion of most of the fair value discount on the indemnification asset held at December 31, 2020 resulted in a $4,654,000 gain on the indemnification asset which was recorded through non-interest income. Since March 31, 2021, Covenant has paid down its secured line of credit with TBK in its entirety and carries no outstanding balance at September 30, 2021. At September 30, 2021, Covenant had remaining availability of $9,361,000 on its TBK line of credit available to cover our indemnification balance of up to $5,038,000. During the three months ended September 30, 2021, there were no material changes in the underlying credit quality of the remaining two Over-Formula Advance clients. As such, there were no charge-offs related to these balances and no material adjustments were made to the corresponding ACL balances or the indemnification asset during that period. The contractually required payments and the fair value at acquisition of factored receivables purchased for which there was not, at acquisition, evidence of more than insignificant deterioration of credit quality since origination (non-PCD loans) totaled $45,228,000 and $44,962,000, respectively. Management determined that the $62,200,000 in Over-Formula Advances obtained through the TFS Acquisition had experienced more than insignificant credit deterioration since origination and thus, deemed those Over-Formula Advances to be purchased credit deteriorated ("PCD"). Other, less significant factored receivables were also considered to be PCD. The following table presents information at the acquisition date for factored receivables purchased for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination: (Dollars in thousands) Purchase price of loans at acquisition $25,147 Allowance for credit losses at acquisition 37,415 Non-credit discount/(premium) at acquisition 941 Par value of acquired loans at acquisition $63,503 Revenue and earnings of TFS since the acquisition date have not been disclosed as the acquired company was merged into the Company and separate financial information is not readily available. Expenses related to the acquisition, including professional fees and other transaction costs, totaling $827,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended September 30, 2020. Triumph Premium Finance On April 20, 2020, the Company entered into an agreement to sell the assets (the “Disposal Group”) of Triumph Premium Finance (“TPF”) and exit its premium finance line of business. The decision to sell TPF was made during the three months ended March 31, 2020, and at March 31, 2020, the carrying amount of the Disposal Group was transferred to assets held for sale. The sale closed on June 30, 2020. A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows: (Dollars in thousands) Carrying amount of assets in the disposal group: Loans $ 84,504 Premises and equipment, net 45 Other assets 11 84,560 Carrying amount of liabilities in the disposal group: Other liabilities 479 Total carrying amount $ 84,081 Total consideration received 94,531 Gain on sale of division 10,450 Transaction costs 692 Gain on sale of division, net of transaction costs $ 9,758 The Disposal Group was included in the Banking segment, and the loans in the Disposal Group were previously included in the commercial loan portfolio. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | SECURITIES Equity Securities with Readily Determinable Fair Values The Company held equity securities with fair values of $5,623,000 and $5,826,000 at September 30, 2021 and December 31, 2020, respectively. The gross realized and unrealized losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Unrealized gains (losses) on equity securities held at the reporting date $ (231) $ (371) $ (203) $ 603 Realized gains (losses) on equity securities sold during the period — — — — $ (231) $ (371) $ (203) $ 603 Debt Securities Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities: (Dollars in thousands) Amortized Gross Gross Allowance Fair September 30, 2021 Available for sale securities: U.S. Government agency obligations $ 4,999 $ 2 $ — $ — $ 5,001 Mortgage-backed securities, residential 17,308 860 (1) — 18,167 Asset-backed securities 6,860 5 (1) — 6,864 State and municipal 28,513 662 — — 29,175 CLO securities 96,928 3,806 (15) — 100,719 Corporate bonds 1,990 71 — — 2,061 SBA pooled securities 2,735 94 — — 2,829 Total available for sale securities $ 159,333 $ 5,500 $ (17) $ — $ 164,816 (Dollars in thousands) Amortized Gross Gross Fair September 30, 2021 Held to maturity securities: CLO securities $ 7,225 $ — $ (1,691) $ 5,534 Allowance for credit losses (1,737) Total held to maturity securities, net of ACL $ 5,488 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair December 31, 2020 Available for sale securities: U.S. Government agency obligations $ 14,942 $ 146 $ — $ — $ 15,088 Mortgage-backed securities, residential 26,547 1,139 (2) — 27,684 Asset-backed securities 7,091 — (52) — 7,039 State and municipal 36,238 1,157 — — 37,395 CLO Securities 118,128 4,335 (259) — 122,204 Corporate bonds 11,373 205 (5) — 11,573 SBA pooled securities 3,200 133 (6) — 3,327 Total available for sale securities $ 217,519 $ 7,115 $ (324) $ — $ 224,310 (Dollars in thousands) Amortized Gross Gross Fair December 31, 2020 Held to maturity securities: CLO securities $ 7,945 $ — $ (2,095) $ 5,850 Allowance for credit losses (2,026) Total held to maturity securities, net of ACL $ 5,919 The amortized cost and estimated fair value of securities at September 30, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Held to Maturity Securities (Dollars in thousands) Amortized Fair Amortized Fair Due in one year or less $ 14,984 $ 15,046 $ — $ — Due from one year to five years 3,697 3,770 — — Due from five years to ten years 72,591 75,497 7,225 5,534 Due after ten years 41,158 42,643 — — 132,430 136,956 7,225 5,534 Mortgage-backed securities, residential 17,308 18,167 — — Asset-backed securities 6,860 6,864 — — SBA pooled securities 2,735 2,829 — — $ 159,333 $ 164,816 $ 7,225 $ 5,534 Proceeds from sales of debt securities and the associated gross gains and losses as well as net gains and losses from calls of debt securities are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Proceeds $ — $ 65,184 $ — $ 65,184 Gross gains — 3,217 — 3,217 Gross losses — (140) — (140) Net gains and losses from calls of securities 4 32 5 133 Debt securities with a carrying amount of approximately $88,968,000 and $73,056,000 at September 30, 2021 and December 31, 2020, respectively, were pledged to secure public deposits, customer repurchase agreements, and for other purposes required or permitted by law. Accrued interest on available for sale securities totaled $776,000 and $1,233,000 at September 30, 2021 and December 31, 2020, respectively, and was included in other assets in the consolidated balance sheets. There was no accrued interest related to debt securities reversed against interest income for the three and nine months ended September 30, 2021 and 2020. The following table summarizes available for sale debt securities 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 individual securities have been in a continuous loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2021 Available for sale securities: U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential — — 18 (1) 18 (1) Asset-backed securities — — 5,060 (1) 5,060 (1) State and municipal — — — — — — CLO securities 9,972 (9) 2,766 (6) 12,738 (15) Corporate bonds — — — — — — SBA pooled securities — — — — — — $ 9,972 $ (9) $ 7,844 $ (8) $ 17,816 $ (17) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 Available for sale securities: U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential 100 (1) 215 (1) 315 (2) Asset-backed securities 129 — 6,911 (52) 7,040 (52) State and municipal — — — — — — CLO Securities 12,083 (93) 29,785 (166) 41,868 (259) Corporate bonds 498 (5) 150 — 648 (5) SBA pooled securities 889 (6) 29 — 918 (6) $ 13,699 $ (105) $ 37,090 $ (219) $ 50,789 $ (324) Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the 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 September 30, 2021, the Company had 12 available for sale debt securities in an unrealized loss position without an allowance for credit losses. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of September 30, 2021, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company’s consolidated statements of income. The following table presents the activity in the allowance for credit losses for held to maturity debt securities: (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Held to Maturity CLO Securities 2021 2020 2021 2020 Allowance for credit losses: Beginning balance $ 1,727 $ 1,855 $ 2,026 $ — Impact of adopting ASC 326 — — — 126 Credit loss expense 10 106 (289) 1,835 Allowance for credit losses ending balance $ 1,737 $ 1,961 $ 1,737 $ 1,961 The Company’s held to maturity securities are investments in the unrated subordinated notes of collateralized loan obligation funds. These securities are the junior-most in securitization capital structures, and are subject to suspension of distributions if the credit of the underlying loan portfolios deteriorates materially. The ACL on held to maturity securities is estimated at each measurement date on a collective basis by major security type. At September 30, 2021 and December 31, 2020, the Company’s held to maturity securities consisted of three investments in the subordinated notes of collateralized loan obligation (“CLO”) funds. Expected credit losses for these securities are estimated using a discounted cash flow methodology which considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Ultimately, the realized cash flows on CLO securities such as these will be driven by a variety of factors, including credit performance of the underlying loan portfolio, adjustments to the portfolio by the asset manager, and the timing of a potential call. As of September 30, 2021, $5,810,000 of the Company’s held to maturity securities were classified as nonaccrual. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Allowance for Credit Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Held for Sale The following table presents loans held for sale: (Dollars in thousands) September 30, 2021 December 31, 2020 Commercial real estate $ 19,519 $ — 1-4 family residential 1,554 6,319 Commercial 5,364 18,227 Total loans held for sale $ 26,437 $ 24,546 Loans Held for Investment Loans The following table presents the amortized cost and unpaid principal balance of loans held for investment: September 30, 2021 December 31, 2020 (Dollars in thousands) Amortized Unpaid Difference Amortized Unpaid Difference Commercial real estate $ 630,106 $ 632,182 $ (2,076) $ 779,158 $ 782,614 $ (3,456) Construction, land development, land 171,814 171,998 (184) 219,647 220,021 (374) 1-4 family residential 127,073 127,446 (373) 157,147 157,731 (584) Farmland 82,990 83,549 (559) 103,685 104,522 (837) Commercial 1,398,497 1,410,739 (12,242) 1,562,957 1,579,841 (16,884) Factored receivables 1,607,028 1,611,525 (4,497) 1,120,770 1,122,008 (1,238) Consumer 12,677 12,689 (12) 15,838 15,863 (25) Mortgage warehouse 752,545 752,545 — 1,037,574 1,037,574 — Total loans held for investment 4,782,730 $ 4,802,673 $ (19,943) 4,996,776 $ 5,020,174 $ (23,398) Allowance for credit losses (41,017) (95,739) $ 4,741,713 $ 4,901,037 The difference between the amortized cost and the unpaid principal is primarily (1) premiums and discounts associated with acquired loans totaling $12,119,000 and $18,511,000 at September 30, 2021 and December 31, 2020, respectively, and (2) net deferred origination and factoring fees totaling $7,824,000 and $4,887,000 at September 30, 2021 and December 31, 2020, respectively. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $15,235,000 and $18,198,000 at September 30, 2021 and December 31, 2020, respectively, and was included in other assets in the consolidated balance sheets. At September 30, 2021 and December 31, 2020, the Company had $189,565,000 and $145,892,000, respectively, of customer reserves associated with factored receivables. These amounts represent customer reserves held to settle any payment disputes or collection shortfalls, may be used to pay customers’ obligations to various third parties as directed by the customer, are periodically released to or withdrawn by customers, and are reported as deposits in the consolidated balance sheets. At September 30, 2021 and December 31, 2020 the balance of the Over-Formula Advance Portfolio included in factored receivables was $10,077,000 and $62,100,000, respectively. As of September 30, 2021 the Company carried a separate $19,361,000 receivable (the “Misdirected Payments”) payable by the United States Postal Service (“USPS”) arising from accounts factored to the largest Over-Formula Advance Portfolio carrier. This amount is separate from the acquired Over-Formula Advances. The amounts represented by this receivable were paid by the USPS directly to such customer in contravention of notices of assignment delivered to, and previously honored by, the USPS, which amount was then not remitted back to us by such customer as required. The USPS disputes their obligation to make such payment, citing purported deficiencies in the notices delivered to them. In addition to commencing litigation against such customer, we have commenced litigation against the USPS seeking a ruling that the USPS was obligated to make the payments represented by this receivable directly to us. During the third quarter of 2021 we, together with the USPS, entered into a stipulation of dismissal without prejudice for our initial action with respect to this matter in United States Federal District Court and filed a new action seeking recourse from the USPS in the United States Court of Federal Claims. Based on our legal analysis and discussions with our counsel advising us on this matter, we continue to believe it is probable that we will prevail in such action and that the USPS will have the capacity to make payment on such receivable. Consequently, the Company has not reserved for such balance as of September 30, 2021. Loans with carrying amounts of $1,652,900,000 and $2,255,441,000 at September 30, 2021 and December 31, 2020, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity, Paycheck Protection Program Liquidity Facility borrowings and Federal Reserve Bank discount window borrowing capacity. During the three and nine months ended September 30, 2021, loans with carrying amounts of $12,373,000 and $76,976,000, respectively, were transferred from loans held for investment to loans held for sale at fair value concurrently with management’s change in intent and decision to sell the loans. During the three and nine months ended September 30, 2021, loans transferred to held for sale were sold resulting in proceeds of $17,446,000 and $63,028,000, respectively. The Company recorded net gains on transfers and sales of loans of $210,000 and $1,676,000, respectively, for the three and nine months ended September 30, 2021, which are recorded as other noninterest income in the consolidated statements of income. During the three and nine months ended September 30, 2020, loans with a carrying amount of $56,934,000 and $172,565,000, respectively, were transferred from loans held for investment to loans held for sale at fair value concurrently with management’s change in intent and decision to sell the loans. During the three and nine months ended September 30, 2020, loans transferred to held for sale were sold resulting in proceeds of $58,313,000 and $145,513,000, respectively. The Company recorded net losses on transfers and sales of loans of $515,000 and $466,000 for the three and nine months ended September 30, 2020. Allowance for Credit Losses The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected troubled debt restructuring. The activity in the allowance for credit losses (“ACL”) related to loans held for investment is as follows: (Dollars in thousands) Beginning Credit Loss Charge-offs Recoveries Ending Three months ended September 30, 2021 Commercial real estate $ 4,404 $ (453) $ (17) $ 2 $ 3,936 Construction, land development, land 1,490 (434) — 1 1,057 1-4 family residential 545 (64) (1) 5 485 Farmland 669 (59) — — 610 Commercial 15,674 (1,187) (211) — 14,276 Factored receivables 21,823 1,186 (3,597) 239 19,651 Consumer 236 153 (139) — 250 Mortgage warehouse 853 (101) — — 752 $ 45,694 $ (959) $ (3,965) $ 247 $ 41,017 (Dollars in thousands) Beginning Initial ACL on Loans Purchased with Credit Deterioration Credit Loss Charge-offs Recoveries Ending Three months ended September 30, 2020 Commercial real estate $ 15,539 $ — $ (2,440) $ — $ 53 $ 13,152 Construction, land development, land 5,917 — (319) — 2 5,600 1-4 family residential 2,027 — (56) (6) 7 1,972 Farmland 958 — (95) — — 863 Commercial 23,283 — (657) (528) 615 22,713 Factored receivables 5,244 37,415 3,059 (773) 40 44,985 Consumer 768 — 29 (118) 31 710 Mortgage warehouse 877 — 123 — — 1,000 $ 54,613 $ 37,415 $ (356) $ (1,425) $ 748 $ 90,995 (Dollars in thousands) Beginning Credit Loss Charge-offs Recoveries Ending Nine Months Ended September 30, 2021 Commercial real estate $ 10,182 $ (6,239) $ (17) $ 10 $ 3,936 Construction, land development, land 3,418 (2,352) (12) 3 1,057 1-4 family residential 1,225 (804) (26) 90 485 Farmland 832 (222) — — 610 Commercial 22,040 (7,936) (426) 598 14,276 Factored receivables 56,463 8,547 (45,683) 324 19,651 Consumer 542 (99) (285) 92 250 Mortgage warehouse 1,037 (285) — — 752 $ 95,739 $ (9,390) $ (46,449) $ 1,117 $ 41,017 (Dollars in thousands) Beginning Impact of Initial ACL on Loans Purchased with Credit Deterioration Credit Loss Charge-offs Recoveries Reclassification Ending Nine months ended September 30, 2020 Commercial real estate $ 5,353 $ 1,372 $ — $ 6,366 $ — $ 61 $ — $ 13,152 Construction, land development, land 1,382 (187) — 4,400 — 5 — 5,600 1-4 family residential 308 513 — 1,138 (27) 40 — 1,972 Farmland 670 437 — (324) — 80 — 863 Commercial 12,566 (184) — 11,004 (1,173) 949 (449) 22,713 Factored receivables 7,657 (1,630) 37,415 4,475 (3,027) 95 — 44,985 Consumer 488 (52) — 583 (410) 101 — 710 Mortgage warehouse 668 — — 332 — — — 1,000 $ 29,092 $ 269 $ 37,415 $ 27,974 $ (4,637) $ 1,331 $ (449) $ 90,995 The ACL was estimated using the current expected credit loss model. The primary reasons for the decrease in required ACL during the nine months ended September 30, 2021 are net charge-offs on PCD Over-Formula Advances (classified as factored receivables) and improvement of the loss drivers that the Company forecasts to calculate expected losses during the period. The primary reason for the decrease in required ACL during the three months ended September 30, 2021 is a decrease in specific reserves commensurate with a decrease in nonperforming loans. Management determined that the $62,200,000 in Over-Formula Advances obtained through the TFS Acquisition during 2020 had experienced more than insignificant credit deterioration since origination and thus deemed those Over-Formula Advances to be purchased credit deteriorated ("PCD"). The total remaining ACL on all acquired PCD Over-Formula Advances was approximately $10,077,000 at September 30, 2021 compared to $48,485,000 at December 31, 2020. The primary driver of the decrease in required ACL during the nine months ended September 30, 2021 was a net charge-off of $41,265,000 due from the largest acquired Over-Formula Advance client. This was partially offset by an additional $2,844,000 million of reserve required across the two remaining Over-Formula Advance clients. As of September 30, 2021, the entire remaining acquired PCD Over-Formula Advance balance was fully reserved. See Note 2 – Business Combinations and Divestitures for further discussion of Over-Formula Advance activity. The Company uses the discounted cash flow (DCF) method to estimate ACL for the commercial real estate, construction, land development, land, 1-4 family residential, commercial (excluding liquid credit), and consumer loan pools. For all loan pools utilizing the DCF method, the Company utilizes and forecasts national unemployment as a loss driver. The Company also utilizes and forecasts either one-year percentage change in national retail sales (commercial real estate – non multifamily, commercial general, commercial agriculture, commercial asset-based lending, commercial equipment finance, consumer), one-year percentage change in the national home price index (1-4 family residential and construction, land development, land), or one-year percentage change in national gross domestic product (commercial real estate – multifamily) as a second loss driver depending on the nature of the underlying loan pool and how well that loss driver correlates to expected future losses. Consistent forecasts of the loss drivers are used across the loan segments. For all DCF models at September 30, 2021, the Company has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over eight quarters on a straight-line basis. The Company leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by the Company when developing the forecast metrics. At September 30, 2021, as compared to December 31, 2020, the Company forecasted a significant decrease in national unemployment, an increase in one-year percentage change in national retail sales, an increase in one-year percentage change in the national home price index, and an increase in one-year percentage change in national gross domestic product. At September 30, 2021, for percentage changes in national retail sales, national home price index and national gross domestic product, the Company projected significant growth in the first projected quarter followed by percentage change growth for the last three projected quarters resembling something closer to pre-COVID-19 levels albeit slightly more modest. Projected unemployment rates used by the Company are relatively stable over the four projected quarters at levels somewhat higher than pre-COVID-19 conditions. The Company uses a loss-rate method to estimate expected credit losses for the farmland, liquid credit, factored receivable, and mortgage warehouse loan pools. For each of these loan segments, the Company applies an expected loss ratio based on internal and peer historical losses adjusted as appropriate for qualitative factors. Qualitative loss factors are based on the Company's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Loss factors used to calculate the required ACL on pools that use the loss-rate method reflect the forecasted economic conditions described above. For the nine months ended September 30, 2021, in addition to the impact of changes to the ACL on acquired PCD Over-Formula Advances previously discussed, changes in projected loss drivers and assumptions over the reasonable and supportable forecast period decreased the required ACL by $10,319,000. Further, the Company experienced a net reserve release of specific reserves on non-PCD loans. Changes in loan volume and mix during the nine months ended September 30, 2021 also decreased the ACL during the period. Non-PCD-related net charge-offs reduced the ACL by $4,067,000 during the nine months ended September 30, 2021. For the three months ended September 30, 2021, changes in projected loss drivers and assumptions over the reasonable and supportable forecast period decreased the required ACL by $177,000. Further, the Company experienced a net reserve release of specific reserves on non-PCD loans. Changes in loan volume and mix during the three months ended September 30, 2021 did not have a significant impact the ACL during the period. Non-PCD-related net charge-offs reduced the ACL by $3,718,000 during the three months ended September 30, 2021. The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans: (Dollars in thousands) Real Estate Accounts Equipment Other Total ACL September 30, 2021 Commercial real estate $ 3,544 $ — $ — $ 142 $ 3,686 $ 267 Construction, land development, land 1,008 — — — 1,008 — 1-4 family residential 1,260 — — 168 1,428 10 Farmland 1,916 — 130 — 2,046 — Commercial 569 — 4,266 3,062 7,897 2,187 Factored receivables — 45,524 — — 45,524 11,650 Consumer — — — 251 251 — Mortgage warehouse — — — — — — Total $ 8,297 $ 45,524 $ 4,396 $ 3,623 $ 61,840 $ 14,114 At September 30, 2021 the balance of the Over-Formula Advance Portfolio included in factored receivables $10,077,000 and was fully reserved. At September 30, 2021 the balance of Misdirected Payments included in factored receivables was $19,361,000 and carried no ACL allocation. (Dollars in thousands) Real Estate Accounts Equipment Other Total ACL December 31, 2020 Commercial real estate $ 12,454 $ — $ — $ 162 $ 12,616 $ 1,334 Construction, land development, land 2,317 — — — 2,317 271 1-4 family residential 1,948 — — 248 2,196 34 Farmland 2,189 — 143 198 2,530 — Commercial 1,813 — 5,842 9,352 17,007 5,163 Factored receivables — 92,437 — — 92,437 51,371 Consumer — — — 253 253 37 Mortgage warehouse — — — — — — Total $ 20,721 $ 92,437 $ 5,985 $ 10,213 $ 129,356 $ 58,210 At December 31, 2020 the balance of the Over-Formula Advance Portfolio included in factored receivables was $62,100,000 and carried an ACL allocation of $48,485,000. At December 31, 2020 the balance of Misdirected Payments included in factored receivables was $19,600,000 and carried no ACL allocation. Past Due and Nonaccrual Loans The following tables present an aging of contractually past due loans: (Dollars in thousands) Past Due Past Due Past Due 90 Total Current Total Past Due 90 September 30, 2021 Commercial real estate $ 376 $ — $ 16 $ 392 $ 629,714 $ 630,106 $ — Construction, land development, land — — 977 977 170,837 171,814 — 1-4 family residential 680 437 720 1,837 125,236 127,073 — Farmland — — 550 550 82,440 82,990 — Commercial 1,541 141 3,843 5,525 1,392,972 1,398,497 84 Factored receivables 49,084 14,643 36,936 100,663 1,506,365 1,607,028 36,936 Consumer 300 41 85 426 12,251 12,677 — Mortgage warehouse — — — — 752,545 752,545 — Total $ 51,981 $ 15,262 $ 43,127 $ 110,370 $ 4,672,360 $ 4,782,730 $ 37,020 (Dollars in thousands) Past Due Past Due Past Due 90 Total Current Total Past Due 90 December 31, 2020 Commercial real estate $ 1,512 $ 147 $ 7,623 $ 9,282 $ 769,876 $ 779,158 $ — Construction, land development, land 185 1,001 323 1,509 218,138 219,647 22 1-4 family residential 1,978 448 952 3,378 153,769 157,147 — Farmland 407 1,000 300 1,707 101,978 103,685 — Commercial 2,084 1,765 5,770 9,619 1,553,338 1,562,957 35 Factored receivables 33,377 28,506 72,717 134,600 986,170 1,120,770 72,717 Consumer 385 116 81 582 15,256 15,838 — Mortgage warehouse — — — — 1,037,574 1,037,574 — Total $ 39,928 $ 32,983 $ 87,766 $ 160,677 $ 4,836,099 $ 4,996,776 $ 72,774 At September 30, 2021 and December 31, 2020, total past due Over-Formula Advances recorded in factored receivables was $10,077,000 and $62,100,000, respectively, all of which was considered past due 90 days or more. Aging of the Over-Formula Advances is based upon the service month on which the advances were made by TFS prior to acquisition. At September 30, 2021 and December 31, 2020, the Misdirected Payments totaled $19,361,000 and $19,600,000, respectively. At September 30, 2021, the entire $19,361,000 balance of the Misdirected Payments was considered past due 90 days or more, and at December 31, 2020 approximately $6,000,000 was considered past due 90 days or more. Given the nature of factored receivables, these assets are disclosed as past due 90 days or more still accruing; however, the Company is not recognizing income on the assets at September 30, 2021. Historically, any income recognized on factored receivables that are past due 90 days or more has not been material. The following table presents the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses: September 30, 2021 December 31, 2020 (Dollars in thousands) Nonaccrual Nonaccrual Nonaccrual Nonaccrual Commercial real estate $ 2,113 $ 1,438 $ 9,945 $ 3,461 Construction, land development, land 986 986 2,294 1,199 1-4 family residential 1,310 1,262 1,848 1,651 Farmland 2,046 2,046 2,531 2,531 Commercial 7,828 4,262 17,202 4,891 Factored receivables — — — — Consumer 251 251 253 188 Mortgage warehouse — — — — $ 14,534 $ 10,245 $ 34,073 $ 13,921 The following table presents accrued interest on nonaccrual loans reversed through interest income: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Commercial real estate $ — $ 371 $ 8 $ 435 Construction, land development, land — 1 — 1 1-4 family residential — 21 1 31 Farmland — 36 6 36 Commercial — 37 23 76 Factored receivables — — — — Consumer 3 — 3 2 Mortgage warehouse — — — — $ 3 $ 466 $ 41 $ 581 There was no interest earned on nonaccrual loans during the three and nine months ended September 30, 2021 and 2020. The following table presents information regarding nonperforming loans: (Dollars in thousands) September 30, 2021 December 31, 2020 Nonaccrual loans (1) $ 14,534 $ 34,073 Factored receivables greater than 90 days past due 26,859 13,927 Other nonperforming factored receivables (2) 1,428 10,029 Troubled debt restructurings accruing interest 17 3 $ 42,838 $ 58,032 (1) Includes troubled debt restructurings of $5,048,000 and $13,321,000 at September 30, 2021 and December 31, 2020, respectively. (2) Other nonperforming factored receivables represent the portion of the Over-Formula Advance Portfolio that is not covered by Covenant's indemnification. This amount is also considered Classified from a risk rating perspective. Credit Quality Information The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current collateral and financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk on a regular basis. Large groups of smaller balance homogeneous loans, such as consumer loans, are analyzed primarily based on payment status. The Company uses the following definitions for risk ratings: Pass – Pass rated loans have low to average risk and are not otherwise classified. Classified – Classified loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Certain classified loans have the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. As of September 30, 2021 and December 31, 2020, based on the most recent analysis performed, the risk category of loans is as follows: Revolving Revolving Total (Dollars in thousands) Year of Origination September 30, 2021 2021 2020 2019 2018 2017 Prior Commercial real estate Pass $ 161,022 $ 254,852 $ 48,186 $ 33,865 $ 56,081 $ 46,685 $ 25,243 $ — $ 625,934 Classified 690 3,425 41 — 16 — — — 4,172 Total commercial real estate $ 161,712 $ 258,277 $ 48,227 $ 33,865 $ 56,097 $ 46,685 $ 25,243 $ — $ 630,106 Construction, land development, land Pass $ 76,239 $ 57,943 $ 12,580 $ 21,680 $ 1,214 $ 1,159 $ 9 $ — $ 170,824 Classified — 845 — — — 145 — — 990 Total construction, land development, land $ 76,239 $ 58,788 $ 12,580 $ 21,680 $ 1,214 $ 1,304 $ 9 $ — $ 171,814 1-4 family residential Pass $ 21,915 $ 18,191 $ 9,961 $ 7,170 $ 10,068 $ 25,998 $ 32,018 $ 327 $ 125,648 Classified 219 240 53 7 8 816 82 — 1,425 Total 1-4 family residential $ 22,134 $ 18,431 $ 10,014 $ 7,177 $ 10,076 $ 26,814 $ 32,100 $ 327 $ 127,073 Farmland Pass $ 11,922 $ 14,111 $ 11,021 $ 8,749 $ 10,212 $ 22,761 $ 1,283 $ 130 $ 80,189 Classified 699 524 650 336 128 307 157 — 2,801 Total farmland $ 12,621 $ 14,635 $ 11,671 $ 9,085 $ 10,340 $ 23,068 $ 1,440 $ 130 $ 82,990 Commercial Pass $ 419,788 $ 401,324 $ 92,389 $ 25,544 $ 17,534 $ 7,485 $ 413,973 $ 436 $ 1,378,473 Classified 1,422 7,995 5,493 571 66 464 4,013 — 20,024 Total commercial $ 421,210 $ 409,319 $ 97,882 $ 26,115 $ 17,600 $ 7,949 $ 417,986 $ 436 $ 1,398,497 Factored receivables Pass $ 1,575,756 $ — $ — $ — $ — $ — $ — $ — $ 1,575,756 Classified 10,594 20,678 — — — — — — 31,272 Total factored receivables $ 1,586,350 $ 20,678 $ — $ — $ — $ — $ — $ — $ 1,607,028 Consumer Pass $ 2,173 $ 2,072 $ 805 $ 689 $ 2,739 $ 3,881 $ 68 $ — $ 12,427 Classified 5 — — 1 123 121 — — 250 Total consumer $ 2,178 $ 2,072 $ 805 $ 690 $ 2,862 $ 4,002 $ 68 $ — $ 12,677 Mortgage warehouse Pass $ 752,545 $ — $ — $ — $ — $ — $ — $ — $ 752,545 Classified — — — — — — — — — Total mortgage warehouse $ 752,545 $ — $ — $ — $ — $ — $ — $ — $ 752,545 Total loans Pass $ 3,021,360 $ 748,493 $ 174,942 $ 97,697 $ 97,848 $ 107,969 $ 472,594 $ 893 $ 4,721,796 Classified 13,629 33,707 6,237 915 341 1,853 4,252 — 60,934 Total loans $ 3,034,989 $ 782,200 $ 181,179 $ 98,612 $ 98,189 $ 109,822 $ 476,846 $ 893 $ 4,782,730 Revolving Revolving Total (Dollars in thousands) Year of Origination December 31, 2020 2020 2019 2018 2017 2016 Prior Commercial real estate Pass $ 271,406 $ 94,085 $ 62,075 $ 49,115 $ 27,921 $ 230,731 $ 27,666 $ 908 $ 763,907 Classified 10,298 2,239 133 1,367 664 550 — — 15,251 Total commercial real estate $ 281,704 $ 96,324 $ 62,208 $ 50,482 $ 28,585 $ 231,281 $ 27,666 $ 908 $ 779,158 Construction, land development, land Pass $ 72,149 $ 12,490 $ 11,829 $ 5,820 $ 8,946 $ 105,584 $ 12 $ 500 $ 217,330 Classified 2,031 34 — — — 252 — — 2,317 Total construction, land development, land $ 74,180 $ 12,524 $ 11,829 $ 5,820 $ 8,946 $ 105,836 $ 12 $ 500 $ 219,647 1-4 family residential Pass $ 58,300 $ 11,280 $ 11,425 $ 8,982 $ 4,400 $ 20,167 $ 35,326 $ 5,320 $ 155,200 Classified 1,473 149 137 23 11 49 105 — 1,947 Total 1-4 family residential $ 59,773 $ 11,429 $ 11,562 $ 9,005 $ 4,411 $ 20,216 $ 35,431 $ 5,320 $ 157,147 Farmland Pass $ 37,212 $ 10,095 $ 7,388 $ 15,262 $ 7,908 $ 20,572 $ 1,421 $ 486 $ 100,344 Classified 994 407 403 — 22 590 925 — 3,341 Total farmland $ 38,206 $ 10,502 $ 7,791 $ 15,262 $ 7,930 $ 21,162 $ 2,346 $ 486 $ 103,685 Commercial Pass $ 470,477 $ 162,203 $ 127,569 $ 94,154 $ 70,405 $ 181,312 $ 416,197 $ 11,396 $ 1,533,713 Classified 8,128 2,390 983 190 4,470 2,787 10,296 — 29,244 Total commercial $ 478,605 $ 164,593 $ 128,552 $ 94,344 $ 74,875 $ 184,099 $ 426,493 $ 11,396 $ 1,562,957 Factored receivables Pass $ 1,081,316 $ — $ — $ — $ — $ — $ — $ — $ 1,081,316 Classified 39,454 — — — — — — — 39,454 Total factored receivables $ 1,120,770 $ — $ — $ — $ — $ — $ — $ — $ 1,120,770 Consumer Pass $ 8,382 $ 2,251 $ 1,336 $ 1,258 $ 688 $ 1,594 $ 74 $ — $ 15,583 Classified 146 28 18 36 11 16 — — 255 Total consumer $ 8,528 $ 2,279 $ 1,354 $ 1,294 $ 699 $ 1,610 $ 74 $ — $ 15,838 Mortgage warehouse Pass $ 1,037,574 $ — $ — $ — $ — $ — $ — $ — $ 1,037,574 Classified — — — — — — — — — Total mortgage warehouse $ 1,037,574 $ — $ — $ — $ — $ — $ — $ — $ 1,037,574 Total loans Pass $ 3,036,816 $ 292,404 $ 221,622 $ 174,591 $ 120,268 $ 559,960 $ 480,696 $ 18,610 $ 4,904,967 Classified 62,524 5,247 1,674 1,616 5,178 4,244 11,326 — 91,809 Total loans $ 3,099,340 $ 297,651 $ 223,296 $ 176,207 $ 125,446 $ 564,204 $ 492,022 $ 18,610 $ 4,996,776 Troubled Debt Restructurings and Loan Modifications The Company had troubled debt restructurings with an amortized cost of $5,065,000 and $13,324,000 as of September 30, 2021 and December 31, 2020, respectively. The Company had allocated $1,292,000 and $2,469,000 of allowance for those loans at September 30, 2021 and December 31, 2020, respectively, and had not committed to lend additional amounts. The following table presents the pre- and post-modification recorded investment of loans modified as troubled debt restructurings during the three and nine months ended September 30, 2021 and 2020. The Company did not grant principal reductions on any restructured loans. (Dollars in thousands) Extended Payment Protective Advances Total Number of Nine months ended September 30, 2021 Commercial real estate $ — $ — $ 741 $ 741 1 Three months ended September 30, 2020 Commercial 123 3,503 — 3,626 14 Nine months ended September 30, 2020 Commercial real estate $ — $ 246 $ — $ 246 2 Construction, land development, land $ 8 $ — $ — $ 8 1 Farmland 3,486 — — 3,486 1 Commercial 4,714 9,296 — 14,010 19 $ 8,208 $ 9,542 $ — $ 17,750 23 There were no loans modified as troubled debt restructurings during the three months ended September 30, 2021. During the nine months ended September 30, 2021, the Company had three loans modified as troubled debt restructurings with a recorded investment of $1,681,000 for which there were payment defaults within twelve months following the modification. During the nine months ended September 30, 2020, the Company had two loans modified as troubled debt restructurings with a recorded investment of $18,000 for which there were payment defaults within twelve months following the modification. Default is determined at 90 or more days past due, upon charge-off, or upon foreclosure. The following table summarizes the balance of loans modified for borrowers impacted by the COVID-19 pandemic. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Total modifications — 12,625 10,459 617,976 These modifications primarily consisted of payment deferrals to assist customers. As these modifications related to the COVID-19 pandemic and qualify under the provisions of either Section 4013 of the CARES act or Interagency Guidance, they are not considered troubled debt restructurings. The following table summarized the amortized cost of loans with payments currently in deferral and the accrued interest related to the loans with payments in deferral at September 30, 2021 and December 31, 2020: (Dollars in thousands) Total Balance of Percentage Accrued September 30, 2021 Commercial real estate $ 630,106 $ 30,389 4.8 % $ 105 Construction, land development, land 171,814 1,340 0.8 % 5 1-4 family residential 127,073 491 0.4 % 11 Farmland 82,990 — — % — Commercial 1,398,497 — — % — Factored receivables 1,607,028 — — % — Consumer 12,677 — — % — Mortgage warehouse 752,545 — — % — Total $ 4,782,730 $ 32,220 0.7 % $ 121 (Dollars in thousands) Total Balance of Percentage Accrued December 31, 2020 Commercial real estate $ 779,158 $ 69,980 9.0 % $ 357 Construction, land development, land 219,647 18,821 8.6 % 183 1-4 family residential 157,147 1,129 0.7 % 15 Farmland 103,685 — — % — Commercial 1,562,957 14,561 0.9 % 166 Factored receivables 1,120,770 — — % — Consumer 15,838 106 0.7 % 5 Mortgage warehouse 1,037,574 — — % — Total $ 4,996,776 $ 104,597 2.1 % $ 726 Residential Real Estate Loans In Process of Foreclosure At September 30, 2021 and December 31, 2020, the Company had $375,000 and $251,000, respectively, in 1-4 family residential real estate loans for which formal foreclosure proceedings were in process. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consist of the following: (Dollars in thousands) September 30, 2021 December 31, 2020 Goodwill $ 233,727 $ 163,209 September 30, 2021 December 31, 2020 (Dollars in thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposit intangibles $ 43,578 $ (30,784) $ 12,794 $ 43,578 $ (27,436) $ 16,142 Software intangible assets 16,932 (1,411) 15,521 — — — Other intangible assets 29,560 (11,547) 18,013 19,200 (8,629) 10,571 $ 90,070 $ (43,742) $ 46,328 $ 62,778 $ (36,065) $ 26,713 The changes in goodwill and intangible assets during the three and nine months ended September 30, 2021 and 2020 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Beginning balance $ 286,567 $ 186,162 $ 189,922 $ 190,286 Acquired goodwill — 4,520 73,697 4,520 Acquired intangible assets — 3,500 27,292 3,500 Acquired goodwill - measurement period adjustment (3,238) — (3,179) — Amortization of intangibles (3,274) (2,141) (7,677) (6,265) Ending balance $ 280,055 $ 192,041 $ 280,055 $ 192,041 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s interest bearing deposits. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Beginning in June 2020, such derivatives were used to hedge the variable cash flows associated with interest bearing deposits. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate interest bearing deposits. During 2021, the Company estimates that an additional $58,000 will be reclassified as an increase in interest expense. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet: Derivative Assets As of September 30, 2021 As of December 31, 2020 (Dollars in thousands) Notional Balance Fair Value Notional Balance Fair Value Derivatives designated as hedging instruments: Interest rate swaps $ 200,000 Other Assets $ 3,948 $ 200,000 Other Assets $ 816 The table below presents the effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income, net of tax: Amount of Amount of Location of Amount of Amount of (Dollars in thousands) Three Months Ended September 30, 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ 7 $ 7 Interest Expense $ 18 $ 18 Three Months Ended September 30, 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 257 $ 257 Interest Expense $ (16) $ (16) Nine Months Ended September 30, 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ 2,386 $ 2,386 Interest Expense $ 70 $ 70 Nine Months Ended September 30, 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 11 $ 11 Interest Expense $ (16) $ (16) The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company has agreements with certain of its derivative counterparties that contain a provision where if the company fails to maintain its status as a well capitalized institution, then the Company could be required to post additional collateral. As of September 30, 2021, the fair value of derivatives in a net liability position, which includes accrued interest, related to these agreements was $0. As of September 30, 2021, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at September 30, 2021, it could have been required to settle its obligations under the agreements at their termination value of $3,940,000. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES Collateralized Loan Obligation Funds – Closed The Company holds investments in the subordinated notes of the following closed Collateralized Loan Obligation (“CLO”) funds: (Dollars in thousands) Offering Offering Trinitas CLO IV, LTD (Trinitas IV) June 2, 2016 $ 406,650 Trinitas CLO V, LTD (Trinitas V) September 22, 2016 $ 409,000 Trinitas CLO VI, LTD (Trinitas VI) June 20, 2017 $ 717,100 The net carrying amounts of the Company’s investments in the subordinated notes of the CLO funds, which represent the Company’s maximum exposure to loss as a result of its involvement with the CLO funds, totaled $5,488,000 and $5,919,000 at September 30, 2021 and December 31, 2020, respectively, and are classified as held to maturity securities within the Company’s consolidated balance sheets. The Company performed a consolidation analysis to confirm whether the Company was required to consolidate the assets, liabilities, equity or operations of the closed CLO funds in its financial statements. The Company concluded that the closed CLO funds were variable interest entities and that the Company holds variable interests in the entities in the form of its investments in the subordinated notes of entities. However, the Company also concluded that the Company does not have the power to direct the activities that most significantly impact the entities’ economic performance. As a result, the Company was not the primary beneficiary and therefore was not required to consolidate the assets, liabilities, equity, or operations of the closed CLO funds in the Company’s financial statements. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS Subordinated Notes On September 30, 2016, the Company issued $50,000,000 of Fixed-to-Floating Rate Subordinated Notes due 2026 (the “2016 Notes”). The 2016 Notes initially bear interest at 6.50% per annum, payable semi-annually in arrears, to, but excluding, September 30, 2021, and, thereafter and to, but excluding, the maturity date or earlier redemption, interest shall be payable quarterly in arrears, at an annual floating rate equal to three-month LIBOR as determined for the applicable quarterly period, plus 5.345%. The Company redeemed the 2016 Notes in whole on September 30, 2021 at which time $755,000 in remaining deferred costs were recognized through interest expense. On November 27, 2019, the Company issued $39,500,000 of Fixed-to-Floating Rate Subordinated Notes due 2029 (the “2019 Notes”). The 2019 Notes initially bear interest at 4.875% per annum, payable semi-annually in arrears, to, but excluding, November 27, 2024, and, thereafter and to, but excluding, the maturity date or earlier redemption, interest shall be payable quarterly in arrears, at an annual floating rate equal to a benchmark rate, initially three-month LIBOR, as determined for the applicable quarterly period, plus 3.330%. The Company may, at its option, beginning on November 27, 2024 and on any scheduled interest payment date thereafter, redeem the 2019 Notes, in whole or in part, at a redemption price equal to the outstanding principal amount of the 2019 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption. The 2019 Notes are included on the consolidated balance sheets as liabilities at their carrying values of $38,479,000 and $38,356,000 at September 30, 2021 and December 31, 2020, respectively; however, for regulatory purposes, the carrying value of these obligations were eligible for inclusion in Tier 2 regulatory capital. Issuance costs related to the 2019 Notes totaled $1,218,000, including an underwriting discount of $593,000, and have been netted against the subordinated notes liability on the balance sheet. The underwriting discount and other debt issuance costs are being amortized using the effective interest method through the earliest redemption date and recognized as a component of interest expense. On August 26, 2021, the Company issued $70,000,000 of Fixed-to-Floating Rate Subordinated Notes due 2031 (the “2021 Notes”). The 2021 Notes initially bear interest at 3.500% per annum, payable semi-annually in arrears, to, but excluding, September 1, 2026, and, thereafter and to, but excluding, the maturity date or earlier redemption, interest shall be payable quarterly in arrears, at an annual floating rate equal to a benchmark rate, initially the three-month term secured overnight financing rate ("SOFR"), as determined for the applicable quarterly period, plus 2.860%. The Company may, at its option, beginning on September 1, 2026 and on any scheduled interest payment date thereafter, redeem the 2021 Notes, in whole or in part, at a redemption price equal to the outstanding principal amount of the 2021 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption. The 2021 Notes are included on the consolidated balance sheets as liabilities at their carrying values of $68,276,000 at September 30, 2021; however, for regulatory purposes, the carrying value of these obligations were eligible for inclusion in Tier 2 regulatory capital. Issuance costs related to the 2021 Notes totaled $1,776,000, including a placement fee of $1,225,000, and have been netted against the subordinated notes liability on the balance sheet. The underwriting discount and other debt issuance costs are being amortized using the effective interest method through the earliest redemption date and recognized as a component of interest expense. The subordinated notes are subordinated in right of payment to the Company’s existing and future senior indebtedness and are structurally subordinated to the Company’s subsidiaries’ existing and future indebtedness and other obligations. There have been no other material changes to the Company's borrowings disclosed in Note 12 of the Company’s 2020 Form 10-K. |
Legal Contingencies
Legal Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Contingencies | LEGAL CONTINGENCIESVarious legal claims have arisen from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. |
Off-Balance Sheet Loan Commitme
Off-Balance Sheet Loan Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Loan Commitments | OFF-BALANCE SHEET LOAN COMMITMENTS From time to time, the Company is a 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. Those instruments involve, to varying degrees, elements of 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 it does for on-balance sheet financial instruments. The contractual amounts of financial instruments with off-balance sheet risk were as follows: September 30, 2021 December 31, 2020 (Dollars in thousands) Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Unused lines of credit $ 25,574 $ 381,584 $ 407,158 $ 43,406 $ 547,430 $ 590,836 Standby letters of credit $ 7,819 $ 5,782 $ 13,601 $ 5,464 $ 8,429 $ 13,893 Commitments to purchase loans $ — $ 88,620 $ 88,620 $ — $ 66,373 $ 66,373 Mortgage warehouse commitments $ — $ 844,903 $ 844,903 $ — $ 417,722 $ 417,722 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 fully drawn upon, the total commitment amounts disclosed above 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 considered necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event of nonperformance by the customer, the Company has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The credit risk to the Company in issuing letters of credit is essentially the same as that involved in extending loan facilities to its customers. Commitments to purchase loans represent loans purchased by the Company that have not yet settled. Mortgage warehouse commitments are unconditionally cancellable and represent the unused capacity on mortgage warehouse facilities the Company has approved. The Company reserves the right to refuse to buy any mortgage loans offered for sale by a customer, for any reason, at the Company’s sole and absolute discretion. The Company records an allowance for credit losses on off-balance sheet credit exposures through a charge to credit loss expense on the Company’s consolidated statements of income. At September 30, 2021 and December 31, 2020, the allowance for credit losses on off-balance sheet credit exposures totaled $3,846,000 and $5,005,000, respectively, and was included in other liabilities on the Company’s consolidated balance sheets. The following table presents credit loss expense for off balance sheet credit exposures: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Credit loss expense (benefit) $ (238) $ (8) $ (1,159) $ 3,840 |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The methods of determining the fair value of assets and liabilities presented in this note are consistent with the methodologies disclosed in Note 17 of the Company’s 2020 Form 10-K. Assets and liabilities measured at fair value on a recurring basis are summarized in the table below. (Dollars in thousands) Fair Value Measurements Using Total September 30, 2021 Level 1 Level 2 Level 3 Assets measured at fair value on a recurring basis Securities available for sale U.S. Government agency obligations $ — $ 5,001 $ — $ 5,001 Mortgage-backed securities, residential — 18,167 — 18,167 Asset-backed securities — 6,864 — 6,864 State and municipal — 29,175 — 29,175 CLO securities — 100,719 — 100,719 Corporate bonds — 2,061 — 2,061 SBA pooled securities — 2,829 — 2,829 $ — $ 164,816 $ — $ 164,816 Equity securities Mutual fund $ 5,623 $ — $ — $ 5,623 Loans held for sale $ — $ 26,437 $ — $ 26,437 Derivative financial instruments (cash flow hedges) Interest rate swap $ — $ 3,948 $ — $ 3,948 Indemnification asset $ — $ — $ 4,786 $ 4,786 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2020 Level 1 Level 2 Level 3 Assets measured at fair value on a recurring basis Securities available for sale U.S. Government agency obligations $ — $ 15,088 $ — $ 15,088 Mortgage-backed securities, residential — 27,684 — 27,684 Asset-backed securities — 7,039 — 7,039 State and municipal — 37,395 — 37,395 CLO Securities — 122,204 — 122,204 Corporate bonds — 11,573 — 11,573 SBA pooled securities — 3,327 — 3,327 $ — $ 224,310 $ — $ 224,310 Equity securities Mutual fund $ 5,826 $ — $ — $ 5,826 Loans held for sale $ — $ 24,546 $ — $ 24,546 Derivative financial instruments (cash flow hedges) Interest rate swap $ — $ 816 $ — $ 816 Indemnification asset $ — $ — $ 36,225 $ 36,225 There were no transfers between levels during 2021 or 2020. The fair value of the indemnification asset is calculated as the present value of the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio. The cash flows are discounted at a rate to reflect the uncertainty of the timing and receipt of the payments from Covenant. The indemnification asset is reviewed quarterly and changes to the asset are recorded as adjustments to other noninterest income or expense, as appropriate, within the Consolidated Statements of Income. The indemnification asset fair value is considered a Level 3 classification. At September 30, 2021 and December 31, 2020, the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio were approximately $5,038,000 and $39,200,000, respectively, and a discount rate of 5.0% and 8.8%, respectively, was applied to calculate the present value of the indemnification asset. A reconciliation of the opening balance to the closing balance of the fair value of the indemnification asset is as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Beginning balance $ 5,246 $ — $ 36,225 $ — Indemnification asset recognized in business combination — 30,959 — 30,959 Change in fair value of indemnification asset recognized in earnings (460) — 4,194 — Indemnification recognized — — (35,633) — Ending balance $ 4,786 $ 30,959 $ 4,786 $ 30,959 Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2021 and December 31, 2020. (Dollars in thousands) Fair Value Measurements Using Total September 30, 2021 Level 1 Level 2 Level 3 Collateral dependent loans Commercial real estate $ — $ — $ 408 $ 408 Construction, land development, land — — — — 1-4 family residential — — 38 38 Commercial — — 1,379 1,379 Factored receivables — — 33,874 33,874 Consumer — — — — Other real estate owned (1) Commercial real estate — — 18 18 1-4 family residential — — 65 65 Construction — — 167 167 $ — $ — $ 35,949 $ 35,949 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2020 Level 1 Level 2 Level 3 Collateral dependent loans Commercial real estate $ — $ — $ 5,107 $ 5,107 Construction, land development, land — — 824 824 1-4 family residential — — — — Commercial — — 2,355 2,355 Factored receivables — — 41,065 41,065 Consumer — — 3 3 PCI Other real estate owned (1) Commercial real estate — — 273 273 1-4 family residential — — 114 114 Farmland — — 209 209 $ — $ — $ 49,950 $ 49,950 (1) Represents the fair value of OREO that was adjusted during the year to date period and subsequent to its initial classification as OREO. Collateral Dependent Loans Specific Allocation of ACL : A loan is considered to be a collateral dependent loan when, based on current information and events, the Company expects repayment of the financial assets to be provided substantially through the operation or sale of the collateral and the Company has determined that the borrower is experiencing financial difficulty as of the measurement date. The ACL is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the underlying fair value of the loan’s collateral. For real estate loans, fair value of the loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. OREO : OREO is primarily comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the ACL. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The Company outsources the valuation of OREO with material balances to third party appraisers. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at September 30, 2021 and December 31, 2020 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total September 30, 2021 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 532,764 $ 532,764 $ — $ — $ 532,764 Securities - held to maturity 5,488 — — 5,534 5,534 Loans not previously presented, gross 4,747,031 142,996 — 4,611,706 4,754,702 FHLB and other restricted stock 4,901 N/A N/A N/A N/A Accrued interest receivable 16,031 16,031 — — 16,031 Financial liabilities: Deposits 4,822,575 — 4,823,597 — 4,823,597 Customer repurchase agreements 11,990 — 11,990 — 11,990 Federal Home Loan Bank advances 30,000 — 30,000 — 30,000 Paycheck Protection Program Liquidity Facility 97,554 — 97,554 — 97,554 Subordinated notes 106,755 — 107,536 — 107,536 Junior subordinated debentures 40,467 — 41,085 — 41,085 Accrued interest payable 1,976 1,976 — — 1,976 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2020 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 314,393 $ 314,393 $ — $ — $ 314,393 Securities - held to maturity 5,919 — — 5,850 5,850 Loans not previously presented, gross 4,953,399 195,739 — 4,783,143 4,978,882 FHLB and other restricted stock 6,751 N/A N/A N/A N/A Accrued interest receivable 19,435 19,435 — — 19,435 Financial liabilities: Deposits 4,716,600 — 4,719,625 — 4,719,625 Customer repurchase agreements 3,099 — 3,099 — 3,099 Federal Home Loan Bank advances 105,000 — 105,000 — 105,000 Paycheck Protection Program Liquidity Facility 191,860 — 191,860 — 191,860 Subordinated notes 87,509 — 89,413 — 89,413 Junior subordinated debentures 40,072 — 40,379 — 40,379 Accrued interest payable 4,270 4,270 — — 4,270 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Matters | REGULATORY MATTERS The Company (on a consolidated basis) and TBK Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s or TBK Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and TBK Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and TBK Bank to maintain minimum amounts and ratios (set forth in the table below) of total, common equity Tier 1, and Tier 1 capital to risk weighted assets, and of Tier 1 capital to average assets. Management believes, as of September 30, 2021 and December 31, 2020, the Company and TBK Bank meet all capital adequacy requirements to which they are subject. As of September 30, 2021 and December 31, 2020, TBK Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” TBK Bank must maintain minimum total risk based, common equity Tier 1 risk based, Tier 1 risk based, and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since September 30, 2021 that management believes have changed TBK Bank’s category. The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table. (Dollars in thousands) Actual Minimum for Capital To Be Well September 30, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 727,171 13.7% $ 424,625 8.0% N/A N/A TBK Bank, SSB $ 655,551 12.5% $ 419,553 8.0% $ 524,441 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 587,326 11.1% $ 317,474 6.0% N/A N/A TBK Bank, SSB $ 623,674 11.9% $ 314,457 6.0% $ 419,277 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 501,859 9.4% $ 240,252 4.5% N/A N/A TBK Bank, SSB $ 623,674 11.9% $ 235,843 4.5% $ 340,662 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 587,326 10.4% $ 225,895 4.0% N/A N/A TBK Bank, SSB $ 623,674 11.1% $ 224,747 4.0% $ 280,934 5.0% As of December 31, 2020 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 715,142 13.0% $ 440,087 8.0% N/A N/A TBK Bank, SSB $ 653,359 12.1% $ 431,973 8.0% $ 539,966 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 581,580 10.6% $ 329,196 6.0% N/A N/A TBK Bank, SSB $ 608,737 11.3% $ 323,223 6.0% $ 430,964 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 496,508 9.0% $ 248,254 4.5% N/A N/A TBK Bank, SSB $ 608,737 11.3% $ 242,417 4.5% $ 350,158 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 581,580 10.8% $ 215,400 4.0% N/A N/A TBK Bank, SSB $ 608,737 11.3% $ 215,482 4.0% $ 269,353 5.0% As permitted by the interim final rule issued on March 27, 2020 by the federal banking regulatory agencies, the Company has elected the option to delay the estimated impact on regulatory capital of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which was effective January 1, 2020. The initial impact of adoption of ASU 2016-13 as well as 25% of the quarterly increases in the allowance for credit losses subsequent to adoption of ASU 2016-13 (collectively the “transition adjustments”) will be delayed for two years. After two years, the cumulative amount of the transition adjustments will become fixed and will be phased out of the regulatory capital calculations evenly over a three year period, with 75% recognized in year three, 50% recognized in year four, and 25% recognized in year five. After five years, the temporary regulatory capital benefits will be fully reversed. Dividends paid by TBK Bank are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following summarizes the capital structure of Triumph Bancorp, Inc. Preferred Stock Series C (Dollars in thousands, except per share amounts) September 30, 2021 December 31, 2020 Shares authorized 51,750 51,750 Shares issued 45,000 45,000 Shares outstanding 45,000 45,000 Par value per share $ 0.01 $ 0.01 Liquidation preference per share $ 1,000 $ 1,000 Liquidation preference amount $ 45,000 $ 45,000 Dividend rate 7.125 % 7.125 % Dividend payment dates Quarterly Quarterly Common Stock September 30, 2021 December 31, 2020 Shares authorized 50,000,000 50,000,000 Shares issued 28,224,921 27,951,721 Treasury shares (3,101,579) (3,083,503) Shares outstanding 25,123,342 24,868,218 Par value per share $ 0.01 $ 0.01 Preferred Stock Offering On June 19, 2020, the Company issued 45,000 shares of 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share through an underwritten public offering of 1,800,000 depositary shares, each representing a 1/40th ownership interest in a share of the Series C Preferred Stock. Total gross proceeds from the preferred stock offering were $45,000,000. Net proceeds after underwriting discounts and offering expenses were $42,364,000. The net proceeds will be used for general corporate purposes. Series C Preferred Stock holders are entitled to quarterly cash dividends accruing at the rate per annum of 7.125% beginning September 30, 2020, applied to the liquidation preference value of the stock. Any dividends not paid shall not accumulate but will be waived and not payable by the Company. Payments of dividends are subject to declaration by the board of the Company. The Series C Preferred Stock is not redeemable by the holder and is senior to the Company’s common stock. The Series C Preferred stock may be redeemed in whole or in part by the Company at liquidation value (i) on any dividend payment date on or after June 30, 2025 or (ii) within 90 days following a regulatory capital treatment event (as defined in the Statement of Designation), subject to regulatory approval. Stock Repurchase Programs During the three months ended March 31, 2020, the Company repurchased 871,319 shares into treasury stock under the Company’s stock repurchase program at an average price of $40.81, for a total of $35,600,000, effectively completing the $50,000,000 stock repurchase program authorized by the Company’s board of directors on October 16, 2019. No shares were repurchased during the nine months ended September 30, 2021 under a stock repurchase program. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Based Compensation | STOCK BASED COMPENSATION Stock based compensation expense that has been charged against income was $4,445,000 and $1,309,000 for the three months ended September 30, 2021 and 2020, respectively, and $9,181,000 and $3,443,000 for the nine months ended September 30, 2021 and 2020, respectively. 2014 Omnibus Incentive Plan The Company’s 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”) provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, the Company’s common stock. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 2,450,000 shares. Restricted Stock Awards A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Nonvested RSAs Shares Weighted-Average Nonvested at January 1, 2021 205,536 29.17 Granted 232,551 87.60 Vested (78,017) 34.08 Forfeited (3,907) 50.51 Nonvested at September 30, 2021 356,163 66.01 RSAs granted to employees under the Omnibus Incentive Plan typically vest over three Restricted Stock Units A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Nonvested RSUs Shares Weighted-Average Nonvested at January 1, 2021 89,713 33.34 Granted 17,757 84.47 Vested — — Forfeited — — Nonvested at September 30, 2021 107,470 41.79 RSUs granted to employees under the Omnibus Incentive Plan typically vest after four Market Based Performance Stock Units A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Nonvested Market Based PSUs Shares Weighted-Average Nonvested at Nonvested at January 1, 2021 85,611 $ 35.65 Granted 13,520 98.03 Vested — — Forfeited (4,147) 55.02 Nonvested at September 30, 2021 94,984 $ 43.68 Market Based PSUs granted to employees under the Omnibus Incentive Plan vest after three The fair value of the Market Based PSUs granted was determined using the following weighted-average assumptions: Nine Months Ended September 30, 2021 2020 Grant date May 1, 2021 May 1, 2020 Performance period 3.00 years 3.00 years Stock price $ 88.63 $ 26.25 Triumph stock price volatility 51.71 % 43.02 % Risk-free rate 0.35 % 0.25 % As of September 30, 2021, there was $1,962,000 of unrecognized compensation cost related to the nonvested Market Based PSUs. The cost is expected to be recognized over a remaining period of 2.06 years. Performance Based Performance Stock Units A summary of changes in the Company’s nonvested Performance Based Performance Stock Units (“Performance Based PSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Nonvested Performance Based PSUs Shares Weighted Average Nonvested at January 1, 2021 256,625 $ 37.56 Granted 9,000 88.63 Vested — — Forfeited (6,242) 38.02 Nonvested at September 30, 2021 259,383 $ 39.32 Performance Based PSUs granted to employees under the Omnibus Incentive Plan vest after three years. The number of shares issued upon vesting will range from 0% to 200% of the shares granted based on the Company’s cumulative diluted earnings per share over the performance period. Compensation expense for the Performance Based PSUs will be estimated each period based on the fair value of the stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the vesting period of the awards. As of September 30, 2021, the maximum unrecognized compensation cost related to the nonvested Performance Based PSUs was $20,396,000, and the remaining performance period over which the cost could be recognized was 1.25 years. No compensation cost was recorded during the three and nine months ended September 30, 2021 and 2020. Stock Options A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Stock Options Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2021 227,986 $ 25.16 Granted 16,939 88.63 Exercised (48,541) 24.30 Forfeited or expired — — Outstanding at September 30, 2021 196,384 $ 31.11 6.41 $ 13,554 Fully vested shares and shares expected to vest at September 30, 2021 196,384 $ 31.11 6.41 $ 13,554 Shares exercisable at September 30, 2021 136,032 $ 24.02 5.51 $ 10,163 Information related to the stock options for the nine months ended September 30, 2021 and 2020 was as follows: Nine Months Ended September 30, (Dollars in thousands, except per share amounts) 2021 2020 Aggregate intrinsic value of options exercised $ 2,407 $ 10 Cash received from option exercises 196 — Tax benefit realized from option exercises 506 2 Weighted average fair value per share of options granted $ 35.37 $ 8.85 Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten year contractual terms. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Expected volatilities were determined based on a blend of the Company’s historical volatility and historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. The expected term of the options granted was determined based on the SEC simplified method, which calculates the expected term as the mid-point between the weighted average time to vesting and the contractual term. The risk-free interest rate for the expected term of the options was derived from the Treasury constant maturity yield curve on the valuation date. The fair value of the stock options granted was determined using the following weighted-average assumptions: Nine Months Ended September 30, 2021 2020 Risk-free interest rate 1.16 % 0.46 % Expected term 6.25 years 6.25 years Expected stock price volatility 39.26 % 33.83 % Dividend yield — — As of September 30, 2021, there was $512,000 of unrecognized compensation cost related to nonvested stock options granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 2.94 years. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The factors used in the earnings per share computation follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Basic Net income to common stockholders $ 23,627 $ 22,005 $ 83,929 $ 30,995 Weighted average common shares outstanding 24,759,419 24,592,092 24,719,861 24,298,897 Basic earnings per common share $ 0.95 $ 0.89 $ 3.40 $ 1.28 Diluted Net income to common stockholders $ 23,627 $ 22,005 $ 83,929 $ 30,995 Weighted average common shares outstanding 24,759,419 24,592,092 24,719,861 24,298,897 Dilutive effects of: Assumed exercises of stock options 121,110 48,102 129,149 53,232 Restricted stock awards 141,204 67,907 146,172 65,893 Restricted stock units 74,268 18,192 71,620 15,198 Performance stock units - market based 131,346 76,095 131,275 30,995 Performance stock units - performance based — — — — Employee stock purchase program 616 — 1,914 — Average shares and dilutive potential common shares 25,227,963 24,802,388 25,199,991 24,464,215 Diluted earnings per common share $ 0.94 $ 0.89 $ 3.33 $ 1.27 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options 16,939 98,513 16,939 98,513 Restricted stock awards — — 195,640 — Restricted stock units — — 17,757 — Performance stock units - market based 12,020 — 12,020 — Performance stock units - performance based 259,383 261,125 259,383 261,125 Employee stock purchase program — — — — |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION The following table presents the Company’s operating segments. The accounting policy for reportable segments is previously disclosed in Note 1. Transactions between segments consist primarily of borrowed funds. Intersegment interest expense is allocated to the Factoring and Payments segments based on Federal Home Loan Bank advance rates. Credit loss expense is allocated based on the segment’s allowance for credit losses determination. Noninterest income and expense directly attributable to a segment are assigned to it. Taxes are paid on a consolidated basis and are not allocated for segment purposes. The Factoring segment includes only factoring originated by TBC. (Dollars in thousands) Three months ended September 30, 2021 Banking Factoring Payments Corporate Consolidated Total interest income $ 46,175 $ 47,222 $ 3,295 $ 43 $ 96,735 Intersegment interest allocations 2,452 (2,341) (111) — — Total interest expense 2,073 — — 2,891 4,964 Net interest income (expense) 46,554 44,881 3,184 (2,848) 91,771 Credit loss expense (benefit) (2,399) 1,164 38 10 (1,187) Net interest income after credit loss expense 48,953 43,717 3,146 (2,858) 92,958 Noninterest income 7,371 1,557 3,086 41 12,055 Noninterest expense 41,183 19,106 11,416 1,108 72,813 Operating income (loss) $ 15,141 $ 26,168 $ (5,184) $ (3,925) $ 32,200 (Dollars in thousands) Three months ended September 30, 2020 Banking Factoring Payments Corporate Consolidated Total interest income $ 50,927 $ 30,068 $ 1,361 $ 8 $ 82,364 Intersegment interest allocations 3,459 (3,312) (147) — — Total interest expense 6,176 — — 1,809 7,985 Net interest income (expense) 48,210 26,756 1,214 (1,801) 74,379 Credit loss expense (benefit) (3,419) 3,053 2 106 (258) Net interest income after credit loss expense 51,629 23,703 1,212 (1,907) 74,637 Noninterest income 7,443 3,157 47 (154) 10,493 Noninterest expense 37,389 13,665 3,195 1,048 55,297 Operating income (loss) $ 21,683 $ 13,195 $ (1,936) $ (3,109) $ 29,833 (Dollars in thousands) Nine months ended September 30, 2021 Banking Factoring Payments Corporate Consolidated Total interest income $ 144,087 $ 127,699 $ 7,939 $ 51 $ 279,776 Intersegment interest allocations 8,117 (7,700) (417) — — Total interest expense 8,225 — — 6,478 14,703 Net interest income (expense) 143,979 119,999 7,522 (6,427) 265,073 Credit loss expense (benefit) (19,187) 8,091 548 (290) (10,838) Net interest income after credit loss expense 163,166 111,908 6,974 (6,137) 275,911 Noninterest income 25,139 10,710 4,242 151 40,242 Noninterest expense 122,497 52,433 26,393 3,180 204,503 Operating income (loss) $ 65,808 $ 70,185 $ (15,177) $ (9,166) $ 111,650 (Dollars in thousands) Nine months ended September 30, 2020 Banking Factoring Payments Corporate Consolidated Total interest income $ 155,517 $ 73,952 $ 2,440 $ 267 $ 232,176 Intersegment interest allocations 9,139 (8,873) (266) — — Total interest expense 25,368 — — 5,678 31,046 Net interest income (expense) 139,288 65,079 2,174 (5,411) 201,130 Credit loss expense (benefit) 27,211 4,437 167 1,834 33,649 Net interest income after credit loss expense 112,077 60,642 2,007 (7,245) 167,481 Gain on sale of subsidiary or division 9,758 — — — 9,758 Other noninterest income 22,512 5,524 74 131 28,241 Noninterest expense 113,047 37,695 8,954 3,080 162,776 Operating income (loss) $ 31,300 $ 28,471 $ (6,873) $ (10,194) $ 42,704 Total assets and gross loans below include intersegment loans, which eliminate in consolidation. (Dollars in thousands) September 30, 2021 Banking Factoring Payments Corporate Eliminations Consolidated Total assets $ 5,686,761 $ 1,559,378 $ 242,446 $ 975,939 $ (2,439,989) $ 6,024,535 Gross loans $ 4,390,659 $ 1,479,989 $ 127,039 $ 700 $ (1,215,657) $ 4,782,730 (Dollars in thousands) December 31, 2020 Banking Factoring Payments Corporate Eliminations Consolidated Total assets $ 5,791,537 $ 1,121,704 $ 115,836 $ 861,967 $ (1,955,253) $ 5,935,791 Gross loans $ 4,788,093 $ 1,036,548 $ 84,222 $ 800 $ (912,887) $ 4,996,776 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). TriumphPay operates as a division of TBK Bank, SSB. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. |
Risks and Uncertainties | Risks and Uncertainties Significant progress has been made to combat the outbreak of COVID-19; however, the global pandemic has adversely impacted a broad range of industries in which the Company's customers operate and could still impair their ability to fulfill their financial obligations to the Company. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. While it appears that the epidemiological and macroeconomic conditions are trending in a positive direction as of September 30, 2021, if there is a resurgence in the virus, the Company could experience further adverse effects on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and any potential resulting measures to curtail its spread, will have on the Company's future operations, the Company is disclosing potentially material items of which it is aware. Financial position and results of operations The Company’s interest income could be reduced due to COVID-19. In keeping with guidance from regulators, the Company continues to work with COVID-19 affected borrowers to defer their payments, interest, and fees. While interest and fees continue to accrue to income through normal GAAP accounting, should eventual credit losses on these deferred payments emerge, the related loans would be placed on nonaccrual status and interest income and fees accrued would be reversed. In such a scenario, interest income in future periods could be negatively impacted. As of September 30, 2021 the Company carries $121,000 of accrued interest income and fees on outstanding deferrals made to COVID-19 affected borrowers. At this time, the Company is unable to project the materiality of such an impact on future deferrals to COVID-19 affected borrowers, but recognizes the breadth of the economic impact may affect its borrowers’ ability to repay in future periods. Capital and liquidity The Company's reported and regulatory capital ratios could be adversely impacted by further credit loss expense. The Company relies on cash on hand as well as dividends from its subsidiary bank to service its debt. If the Company's capital deteriorates such that its subsidiary bank is unable to pay dividends to the Company for an extended period of time, the Company may not be able to service its debt. The Company maintains access to multiple sources of liquidity. Wholesale funding markets have remained open to the Company, but rates for short-term funding can be volatile. If funding costs are elevated for an extended period of time, it could have an adverse effect on the Company's net interest margin. If an extended recession caused large numbers of the Company's deposit customers to withdraw their funds, the Company might become more reliant on volatile or more expensive sources of funding. Intangible asset valuation The lingering effects COVID-19 could cause a decline in the Company’s stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform a goodwill impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. It is possible that the lingering effects of COVID-19 could cause the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform an intangible asset impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its intangible assets are impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Lending operations and accommodations to borrowers In keeping with regulatory guidance to work with borrowers during this unprecedented situation and as outlined in the Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) , the Company is executing a payment deferral program for its commercial lending clients that are adversely affected by the pandemic. Depending on the demonstrated need of the client, the Company is deferring either the full loan payment or the principal component of the loan payment for a stated period of time. As of September 30, 2021, the Company’s balance sheet reflected 3 of these deferrals on outstanding loan balances of $32,220,000. In accordance with the CARES Act and March 2020 interagency guidance, these deferrals are not considered troubled debt restructurings. It is possible that these deferrals could be extended further under the CARES Act; however, the volume of these future potential extensions is unknown. It is also possible that in spite of the Company's best efforts to assist its borrowers and achieve full collection of the Company's investment, these deferred loans could result in future charge-offs with additional credit loss expense charged to earnings; however, the amount of any future charge-offs on deferred loans is unknown. At September 30, 2021, 94% of the $32,220,000 COVID deferral balance was made up of one relationship. With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Administration (“SBA”), the Company has participated in assisting its customers with applications for resources through the program. PPP loans have two-year and five-year terms and earn interest at a 1% coupon. The Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. As of September 30, 2021, the Company carried 815 PPP loans representing a book value of $87,413,000. The Company recognized $1,584,000 and $4,524,000 in fees from the SBA on PPP loans during the three and nine months ended September 30, 2021 and carried $3,580,000 of deferred fees on PPP loans at September 30, 2021. The remaining fees will be amortized and recognized over the remaining lives of the loans. It is the Company’s understanding that loans funded through the PPP program are fully guaranteed by the U.S. government. Should those circumstances change, the Company could be required to establish an allowance for credit loss through additional credit loss expense charged to earnings. Credit The Company is working with customers directly affected by COVID-19. The Company is prepared to offer assistance in accordance with regulator guidelines. As a result of the current economic environment caused by the COVID-19 virus, the Company is engaging in communication with borrowers to understand their situation and the challenges faced, allowing the Company to respond proactively as needs and issues arise. Should the economy experience a prolonged period of poor economic conditions or should economic conditions worsen, the Company could experience increases in its required allowance for credit losses (“ACL”) and record additional credit loss expense. It is possible that the Company’s asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged. |
Business Combinations and Div_2
Business Combinations and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Initial Values Measurement Period Adjustments Adjusted Values Assets acquired: Cash $ 170 $ — $ 170 Intangible assets - capitalized software 16,932 — 16,932 Intangible assets - customer relationship 10,360 — 10,360 Other assets 1,546 24 1,570 29,008 24 29,032 Liabilities assumed: Deferred income taxes 4,703 (3,230) 1,473 Other liabilities 906 16 922 5,609 (3,214) 2,395 Fair value of net assets acquired $ 23,399 $ 3,238 $ 26,637 Consideration: Cash paid $ 97,096 $ — $ 97,096 Goodwill $ 73,697 $ (3,238) $ 70,459 A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Initial Values Recorded at Acquisition Date Measurement Period Adjustments Adjusted Values Assets acquired: Factored receivables $107,524 $— $107,524 Allowance for credit losses (37,415) — (37,415) Factored receivables, net of ACL 70,109 — 70,109 Intangible assets 3,500 — 3,500 Indemnification asset 30,959 — 30,959 Deferred income taxes 1,448 (59) 1,389 106,016 (59) 105,957 Liabilities assumed: Deposits 5,361 — 5,361 5,361 — 5,361 Fair value of net assets acquired $100,655 $ (59) $100,596 Consideration: Cash paid $108,375 — $108,375 Stock consideration 13,942 — 13,942 Cash due from seller subsequent to liquidation of stock consideration (17,196) — (17,196) Total consideration $105,121 $— $105,121 Goodwill $4,466 $59 $4,525 |
Summary of Factored Receivables, Purchased with Credit Deterioration | The following table presents information at the acquisition date for factored receivables purchased for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination: (Dollars in thousands) Purchase price of loans at acquisition $25,147 Allowance for credit losses at acquisition 37,415 Non-credit discount/(premium) at acquisition 941 Par value of acquired loans at acquisition $63,503 |
Summary of Carrying Amount of Assets in Disposal Group and Gain on Sale | A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows: (Dollars in thousands) Carrying amount of assets in the disposal group: Loans $ 84,504 Premises and equipment, net 45 Other assets 11 84,560 Carrying amount of liabilities in the disposal group: Other liabilities 479 Total carrying amount $ 84,081 Total consideration received 94,531 Gain on sale of division 10,450 Transaction costs 692 Gain on sale of division, net of transaction costs $ 9,758 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Gross Realized and Unrealized Losses Recognized on Equity Securities | The gross realized and unrealized losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Unrealized gains (losses) on equity securities held at the reporting date $ (231) $ (371) $ (203) $ 603 Realized gains (losses) on equity securities sold during the period — — — — $ (231) $ (371) $ (203) $ 603 |
Schedule of Amortized Cost of Securities and Their Estimated Fair Values | The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities: (Dollars in thousands) Amortized Gross Gross Allowance Fair September 30, 2021 Available for sale securities: U.S. Government agency obligations $ 4,999 $ 2 $ — $ — $ 5,001 Mortgage-backed securities, residential 17,308 860 (1) — 18,167 Asset-backed securities 6,860 5 (1) — 6,864 State and municipal 28,513 662 — — 29,175 CLO securities 96,928 3,806 (15) — 100,719 Corporate bonds 1,990 71 — — 2,061 SBA pooled securities 2,735 94 — — 2,829 Total available for sale securities $ 159,333 $ 5,500 $ (17) $ — $ 164,816 (Dollars in thousands) Amortized Gross Gross Fair September 30, 2021 Held to maturity securities: CLO securities $ 7,225 $ — $ (1,691) $ 5,534 Allowance for credit losses (1,737) Total held to maturity securities, net of ACL $ 5,488 (Dollars in thousands) Amortized Gross Gross Allowance for Credit Losses Fair December 31, 2020 Available for sale securities: U.S. Government agency obligations $ 14,942 $ 146 $ — $ — $ 15,088 Mortgage-backed securities, residential 26,547 1,139 (2) — 27,684 Asset-backed securities 7,091 — (52) — 7,039 State and municipal 36,238 1,157 — — 37,395 CLO Securities 118,128 4,335 (259) — 122,204 Corporate bonds 11,373 205 (5) — 11,573 SBA pooled securities 3,200 133 (6) — 3,327 Total available for sale securities $ 217,519 $ 7,115 $ (324) $ — $ 224,310 (Dollars in thousands) Amortized Gross Gross Fair December 31, 2020 Held to maturity securities: CLO securities $ 7,945 $ — $ (2,095) $ 5,850 Allowance for credit losses (2,026) Total held to maturity securities, net of ACL $ 5,919 |
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at September 30, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Held to Maturity Securities (Dollars in thousands) Amortized Fair Amortized Fair Due in one year or less $ 14,984 $ 15,046 $ — $ — Due from one year to five years 3,697 3,770 — — Due from five years to ten years 72,591 75,497 7,225 5,534 Due after ten years 41,158 42,643 — — 132,430 136,956 7,225 5,534 Mortgage-backed securities, residential 17,308 18,167 — — Asset-backed securities 6,860 6,864 — — SBA pooled securities 2,735 2,829 — — $ 159,333 $ 164,816 $ 7,225 $ 5,534 |
Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses as well as Net Gains and Losses from Calls of Debt Securities | Proceeds from sales of debt securities and the associated gross gains and losses as well as net gains and losses from calls of debt securities are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Proceeds $ — $ 65,184 $ — $ 65,184 Gross gains — 3,217 — 3,217 Gross losses — (140) — (140) Net gains and losses from calls of securities 4 32 5 133 |
Schedule of Available for Sale Debt Securities in an Unrealized Loss Position | The following table summarizes available for sale debt securities 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 individual securities have been in a continuous loss position: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized September 30, 2021 Available for sale securities: U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential — — 18 (1) 18 (1) Asset-backed securities — — 5,060 (1) 5,060 (1) State and municipal — — — — — — CLO securities 9,972 (9) 2,766 (6) 12,738 (15) Corporate bonds — — — — — — SBA pooled securities — — — — — — $ 9,972 $ (9) $ 7,844 $ (8) $ 17,816 $ (17) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2020 Available for sale securities: U.S. Government agency obligations $ — $ — $ — $ — $ — $ — Mortgage-backed securities, residential 100 (1) 215 (1) 315 (2) Asset-backed securities 129 — 6,911 (52) 7,040 (52) State and municipal — — — — — — CLO Securities 12,083 (93) 29,785 (166) 41,868 (259) Corporate bonds 498 (5) 150 — 648 (5) SBA pooled securities 889 (6) 29 — 918 (6) $ 13,699 $ (105) $ 37,090 $ (219) $ 50,789 $ (324) |
Summary of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities | The following table presents the activity in the allowance for credit losses for held to maturity debt securities: (Dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Held to Maturity CLO Securities 2021 2020 2021 2020 Allowance for credit losses: Beginning balance $ 1,727 $ 1,855 $ 2,026 $ — Impact of adopting ASC 326 — — — 126 Credit loss expense 10 106 (289) 1,835 Allowance for credit losses ending balance $ 1,737 $ 1,961 $ 1,737 $ 1,961 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Loans Held for Sale | The following table presents loans held for sale: (Dollars in thousands) September 30, 2021 December 31, 2020 Commercial real estate $ 19,519 $ — 1-4 family residential 1,554 6,319 Commercial 5,364 18,227 Total loans held for sale $ 26,437 $ 24,546 |
Schedule of Amortized Cost and Unpaid Principal | The following table presents the amortized cost and unpaid principal balance of loans held for investment: September 30, 2021 December 31, 2020 (Dollars in thousands) Amortized Unpaid Difference Amortized Unpaid Difference Commercial real estate $ 630,106 $ 632,182 $ (2,076) $ 779,158 $ 782,614 $ (3,456) Construction, land development, land 171,814 171,998 (184) 219,647 220,021 (374) 1-4 family residential 127,073 127,446 (373) 157,147 157,731 (584) Farmland 82,990 83,549 (559) 103,685 104,522 (837) Commercial 1,398,497 1,410,739 (12,242) 1,562,957 1,579,841 (16,884) Factored receivables 1,607,028 1,611,525 (4,497) 1,120,770 1,122,008 (1,238) Consumer 12,677 12,689 (12) 15,838 15,863 (25) Mortgage warehouse 752,545 752,545 — 1,037,574 1,037,574 — Total loans held for investment 4,782,730 $ 4,802,673 $ (19,943) 4,996,776 $ 5,020,174 $ (23,398) Allowance for credit losses (41,017) (95,739) $ 4,741,713 $ 4,901,037 |
Summary of Allowance for Loan and Lease Losses | The activity in the allowance for credit losses (“ACL”) related to loans held for investment is as follows: (Dollars in thousands) Beginning Credit Loss Charge-offs Recoveries Ending Three months ended September 30, 2021 Commercial real estate $ 4,404 $ (453) $ (17) $ 2 $ 3,936 Construction, land development, land 1,490 (434) — 1 1,057 1-4 family residential 545 (64) (1) 5 485 Farmland 669 (59) — — 610 Commercial 15,674 (1,187) (211) — 14,276 Factored receivables 21,823 1,186 (3,597) 239 19,651 Consumer 236 153 (139) — 250 Mortgage warehouse 853 (101) — — 752 $ 45,694 $ (959) $ (3,965) $ 247 $ 41,017 (Dollars in thousands) Beginning Initial ACL on Loans Purchased with Credit Deterioration Credit Loss Charge-offs Recoveries Ending Three months ended September 30, 2020 Commercial real estate $ 15,539 $ — $ (2,440) $ — $ 53 $ 13,152 Construction, land development, land 5,917 — (319) — 2 5,600 1-4 family residential 2,027 — (56) (6) 7 1,972 Farmland 958 — (95) — — 863 Commercial 23,283 — (657) (528) 615 22,713 Factored receivables 5,244 37,415 3,059 (773) 40 44,985 Consumer 768 — 29 (118) 31 710 Mortgage warehouse 877 — 123 — — 1,000 $ 54,613 $ 37,415 $ (356) $ (1,425) $ 748 $ 90,995 (Dollars in thousands) Beginning Credit Loss Charge-offs Recoveries Ending Nine Months Ended September 30, 2021 Commercial real estate $ 10,182 $ (6,239) $ (17) $ 10 $ 3,936 Construction, land development, land 3,418 (2,352) (12) 3 1,057 1-4 family residential 1,225 (804) (26) 90 485 Farmland 832 (222) — — 610 Commercial 22,040 (7,936) (426) 598 14,276 Factored receivables 56,463 8,547 (45,683) 324 19,651 Consumer 542 (99) (285) 92 250 Mortgage warehouse 1,037 (285) — — 752 $ 95,739 $ (9,390) $ (46,449) $ 1,117 $ 41,017 (Dollars in thousands) Beginning Impact of Initial ACL on Loans Purchased with Credit Deterioration Credit Loss Charge-offs Recoveries Reclassification Ending Nine months ended September 30, 2020 Commercial real estate $ 5,353 $ 1,372 $ — $ 6,366 $ — $ 61 $ — $ 13,152 Construction, land development, land 1,382 (187) — 4,400 — 5 — 5,600 1-4 family residential 308 513 — 1,138 (27) 40 — 1,972 Farmland 670 437 — (324) — 80 — 863 Commercial 12,566 (184) — 11,004 (1,173) 949 (449) 22,713 Factored receivables 7,657 (1,630) 37,415 4,475 (3,027) 95 — 44,985 Consumer 488 (52) — 583 (410) 101 — 710 Mortgage warehouse 668 — — 332 — — — 1,000 $ 29,092 $ 269 $ 37,415 $ 27,974 $ (4,637) $ 1,331 $ (449) $ 90,995 |
Individual And Collective Allowance For Credit Losses On Financing Receivables And Loan Balances | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans: (Dollars in thousands) Real Estate Accounts Equipment Other Total ACL September 30, 2021 Commercial real estate $ 3,544 $ — $ — $ 142 $ 3,686 $ 267 Construction, land development, land 1,008 — — — 1,008 — 1-4 family residential 1,260 — — 168 1,428 10 Farmland 1,916 — 130 — 2,046 — Commercial 569 — 4,266 3,062 7,897 2,187 Factored receivables — 45,524 — — 45,524 11,650 Consumer — — — 251 251 — Mortgage warehouse — — — — — — Total $ 8,297 $ 45,524 $ 4,396 $ 3,623 $ 61,840 $ 14,114 (Dollars in thousands) Real Estate Accounts Equipment Other Total ACL December 31, 2020 Commercial real estate $ 12,454 $ — $ — $ 162 $ 12,616 $ 1,334 Construction, land development, land 2,317 — — — 2,317 271 1-4 family residential 1,948 — — 248 2,196 34 Farmland 2,189 — 143 198 2,530 — Commercial 1,813 — 5,842 9,352 17,007 5,163 Factored receivables — 92,437 — — 92,437 51,371 Consumer — — — 253 253 37 Mortgage warehouse — — — — — — Total $ 20,721 $ 92,437 $ 5,985 $ 10,213 $ 129,356 $ 58,210 |
Summary of Contractually Past Due and Nonaccrual Loans | The following tables present an aging of contractually past due loans: (Dollars in thousands) Past Due Past Due Past Due 90 Total Current Total Past Due 90 September 30, 2021 Commercial real estate $ 376 $ — $ 16 $ 392 $ 629,714 $ 630,106 $ — Construction, land development, land — — 977 977 170,837 171,814 — 1-4 family residential 680 437 720 1,837 125,236 127,073 — Farmland — — 550 550 82,440 82,990 — Commercial 1,541 141 3,843 5,525 1,392,972 1,398,497 84 Factored receivables 49,084 14,643 36,936 100,663 1,506,365 1,607,028 36,936 Consumer 300 41 85 426 12,251 12,677 — Mortgage warehouse — — — — 752,545 752,545 — Total $ 51,981 $ 15,262 $ 43,127 $ 110,370 $ 4,672,360 $ 4,782,730 $ 37,020 (Dollars in thousands) Past Due Past Due Past Due 90 Total Current Total Past Due 90 December 31, 2020 Commercial real estate $ 1,512 $ 147 $ 7,623 $ 9,282 $ 769,876 $ 779,158 $ — Construction, land development, land 185 1,001 323 1,509 218,138 219,647 22 1-4 family residential 1,978 448 952 3,378 153,769 157,147 — Farmland 407 1,000 300 1,707 101,978 103,685 — Commercial 2,084 1,765 5,770 9,619 1,553,338 1,562,957 35 Factored receivables 33,377 28,506 72,717 134,600 986,170 1,120,770 72,717 Consumer 385 116 81 582 15,256 15,838 — Mortgage warehouse — — — — 1,037,574 1,037,574 — Total $ 39,928 $ 32,983 $ 87,766 $ 160,677 $ 4,836,099 $ 4,996,776 $ 72,774 |
Summary of Amortized Cost Basis of Loans on Nonaccrual Status | The following table presents the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses: September 30, 2021 December 31, 2020 (Dollars in thousands) Nonaccrual Nonaccrual Nonaccrual Nonaccrual Commercial real estate $ 2,113 $ 1,438 $ 9,945 $ 3,461 Construction, land development, land 986 986 2,294 1,199 1-4 family residential 1,310 1,262 1,848 1,651 Farmland 2,046 2,046 2,531 2,531 Commercial 7,828 4,262 17,202 4,891 Factored receivables — — — — Consumer 251 251 253 188 Mortgage warehouse — — — — $ 14,534 $ 10,245 $ 34,073 $ 13,921 |
Schedule of Accrued Interest on Non Accrual Loans Reversed Through Interest Income | The following table presents accrued interest on nonaccrual loans reversed through interest income: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Commercial real estate $ — $ 371 $ 8 $ 435 Construction, land development, land — 1 — 1 1-4 family residential — 21 1 31 Farmland — 36 6 36 Commercial — 37 23 76 Factored receivables — — — — Consumer 3 — 3 2 Mortgage warehouse — — — — $ 3 $ 466 $ 41 $ 581 |
Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans: (Dollars in thousands) September 30, 2021 December 31, 2020 Nonaccrual loans (1) $ 14,534 $ 34,073 Factored receivables greater than 90 days past due 26,859 13,927 Other nonperforming factored receivables (2) 1,428 10,029 Troubled debt restructurings accruing interest 17 3 $ 42,838 $ 58,032 (1) Includes troubled debt restructurings of $5,048,000 and $13,321,000 at September 30, 2021 and December 31, 2020, respectively. (2) Other nonperforming factored receivables represent the portion of the Over-Formula Advance Portfolio that is not covered by Covenant's indemnification. This amount is also considered Classified from a risk rating perspective. |
Summary of Risk Category of Loans | As of September 30, 2021 and December 31, 2020, based on the most recent analysis performed, the risk category of loans is as follows: Revolving Revolving Total (Dollars in thousands) Year of Origination September 30, 2021 2021 2020 2019 2018 2017 Prior Commercial real estate Pass $ 161,022 $ 254,852 $ 48,186 $ 33,865 $ 56,081 $ 46,685 $ 25,243 $ — $ 625,934 Classified 690 3,425 41 — 16 — — — 4,172 Total commercial real estate $ 161,712 $ 258,277 $ 48,227 $ 33,865 $ 56,097 $ 46,685 $ 25,243 $ — $ 630,106 Construction, land development, land Pass $ 76,239 $ 57,943 $ 12,580 $ 21,680 $ 1,214 $ 1,159 $ 9 $ — $ 170,824 Classified — 845 — — — 145 — — 990 Total construction, land development, land $ 76,239 $ 58,788 $ 12,580 $ 21,680 $ 1,214 $ 1,304 $ 9 $ — $ 171,814 1-4 family residential Pass $ 21,915 $ 18,191 $ 9,961 $ 7,170 $ 10,068 $ 25,998 $ 32,018 $ 327 $ 125,648 Classified 219 240 53 7 8 816 82 — 1,425 Total 1-4 family residential $ 22,134 $ 18,431 $ 10,014 $ 7,177 $ 10,076 $ 26,814 $ 32,100 $ 327 $ 127,073 Farmland Pass $ 11,922 $ 14,111 $ 11,021 $ 8,749 $ 10,212 $ 22,761 $ 1,283 $ 130 $ 80,189 Classified 699 524 650 336 128 307 157 — 2,801 Total farmland $ 12,621 $ 14,635 $ 11,671 $ 9,085 $ 10,340 $ 23,068 $ 1,440 $ 130 $ 82,990 Commercial Pass $ 419,788 $ 401,324 $ 92,389 $ 25,544 $ 17,534 $ 7,485 $ 413,973 $ 436 $ 1,378,473 Classified 1,422 7,995 5,493 571 66 464 4,013 — 20,024 Total commercial $ 421,210 $ 409,319 $ 97,882 $ 26,115 $ 17,600 $ 7,949 $ 417,986 $ 436 $ 1,398,497 Factored receivables Pass $ 1,575,756 $ — $ — $ — $ — $ — $ — $ — $ 1,575,756 Classified 10,594 20,678 — — — — — — 31,272 Total factored receivables $ 1,586,350 $ 20,678 $ — $ — $ — $ — $ — $ — $ 1,607,028 Consumer Pass $ 2,173 $ 2,072 $ 805 $ 689 $ 2,739 $ 3,881 $ 68 $ — $ 12,427 Classified 5 — — 1 123 121 — — 250 Total consumer $ 2,178 $ 2,072 $ 805 $ 690 $ 2,862 $ 4,002 $ 68 $ — $ 12,677 Mortgage warehouse Pass $ 752,545 $ — $ — $ — $ — $ — $ — $ — $ 752,545 Classified — — — — — — — — — Total mortgage warehouse $ 752,545 $ — $ — $ — $ — $ — $ — $ — $ 752,545 Total loans Pass $ 3,021,360 $ 748,493 $ 174,942 $ 97,697 $ 97,848 $ 107,969 $ 472,594 $ 893 $ 4,721,796 Classified 13,629 33,707 6,237 915 341 1,853 4,252 — 60,934 Total loans $ 3,034,989 $ 782,200 $ 181,179 $ 98,612 $ 98,189 $ 109,822 $ 476,846 $ 893 $ 4,782,730 Revolving Revolving Total (Dollars in thousands) Year of Origination December 31, 2020 2020 2019 2018 2017 2016 Prior Commercial real estate Pass $ 271,406 $ 94,085 $ 62,075 $ 49,115 $ 27,921 $ 230,731 $ 27,666 $ 908 $ 763,907 Classified 10,298 2,239 133 1,367 664 550 — — 15,251 Total commercial real estate $ 281,704 $ 96,324 $ 62,208 $ 50,482 $ 28,585 $ 231,281 $ 27,666 $ 908 $ 779,158 Construction, land development, land Pass $ 72,149 $ 12,490 $ 11,829 $ 5,820 $ 8,946 $ 105,584 $ 12 $ 500 $ 217,330 Classified 2,031 34 — — — 252 — — 2,317 Total construction, land development, land $ 74,180 $ 12,524 $ 11,829 $ 5,820 $ 8,946 $ 105,836 $ 12 $ 500 $ 219,647 1-4 family residential Pass $ 58,300 $ 11,280 $ 11,425 $ 8,982 $ 4,400 $ 20,167 $ 35,326 $ 5,320 $ 155,200 Classified 1,473 149 137 23 11 49 105 — 1,947 Total 1-4 family residential $ 59,773 $ 11,429 $ 11,562 $ 9,005 $ 4,411 $ 20,216 $ 35,431 $ 5,320 $ 157,147 Farmland Pass $ 37,212 $ 10,095 $ 7,388 $ 15,262 $ 7,908 $ 20,572 $ 1,421 $ 486 $ 100,344 Classified 994 407 403 — 22 590 925 — 3,341 Total farmland $ 38,206 $ 10,502 $ 7,791 $ 15,262 $ 7,930 $ 21,162 $ 2,346 $ 486 $ 103,685 Commercial Pass $ 470,477 $ 162,203 $ 127,569 $ 94,154 $ 70,405 $ 181,312 $ 416,197 $ 11,396 $ 1,533,713 Classified 8,128 2,390 983 190 4,470 2,787 10,296 — 29,244 Total commercial $ 478,605 $ 164,593 $ 128,552 $ 94,344 $ 74,875 $ 184,099 $ 426,493 $ 11,396 $ 1,562,957 Factored receivables Pass $ 1,081,316 $ — $ — $ — $ — $ — $ — $ — $ 1,081,316 Classified 39,454 — — — — — — — 39,454 Total factored receivables $ 1,120,770 $ — $ — $ — $ — $ — $ — $ — $ 1,120,770 Consumer Pass $ 8,382 $ 2,251 $ 1,336 $ 1,258 $ 688 $ 1,594 $ 74 $ — $ 15,583 Classified 146 28 18 36 11 16 — — 255 Total consumer $ 8,528 $ 2,279 $ 1,354 $ 1,294 $ 699 $ 1,610 $ 74 $ — $ 15,838 Mortgage warehouse Pass $ 1,037,574 $ — $ — $ — $ — $ — $ — $ — $ 1,037,574 Classified — — — — — — — — — Total mortgage warehouse $ 1,037,574 $ — $ — $ — $ — $ — $ — $ — $ 1,037,574 Total loans Pass $ 3,036,816 $ 292,404 $ 221,622 $ 174,591 $ 120,268 $ 559,960 $ 480,696 $ 18,610 $ 4,904,967 Classified 62,524 5,247 1,674 1,616 5,178 4,244 11,326 — 91,809 Total loans $ 3,099,340 $ 297,651 $ 223,296 $ 176,207 $ 125,446 $ 564,204 $ 492,022 $ 18,610 $ 4,996,776 |
Schedule of Loans Modified as Troubled Debt Restructurings | The following table presents the pre- and post-modification recorded investment of loans modified as troubled debt restructurings during the three and nine months ended September 30, 2021 and 2020. The Company did not grant principal reductions on any restructured loans. (Dollars in thousands) Extended Payment Protective Advances Total Number of Nine months ended September 30, 2021 Commercial real estate $ — $ — $ 741 $ 741 1 Three months ended September 30, 2020 Commercial 123 3,503 — 3,626 14 Nine months ended September 30, 2020 Commercial real estate $ — $ 246 $ — $ 246 2 Construction, land development, land $ 8 $ — $ — $ 8 1 Farmland 3,486 — — 3,486 1 Commercial 4,714 9,296 — 14,010 19 $ 8,208 $ 9,542 $ — $ 17,750 23 |
Balance of Loans Modified Due to COVID-19 | The following table summarizes the balance of loans modified for borrowers impacted by the COVID-19 pandemic. Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Total modifications — 12,625 10,459 617,976 |
Summary of Amortized Cost of Loans Currently in Deferral | The following table summarized the amortized cost of loans with payments currently in deferral and the accrued interest related to the loans with payments in deferral at September 30, 2021 and December 31, 2020: (Dollars in thousands) Total Balance of Percentage Accrued September 30, 2021 Commercial real estate $ 630,106 $ 30,389 4.8 % $ 105 Construction, land development, land 171,814 1,340 0.8 % 5 1-4 family residential 127,073 491 0.4 % 11 Farmland 82,990 — — % — Commercial 1,398,497 — — % — Factored receivables 1,607,028 — — % — Consumer 12,677 — — % — Mortgage warehouse 752,545 — — % — Total $ 4,782,730 $ 32,220 0.7 % $ 121 (Dollars in thousands) Total Balance of Percentage Accrued December 31, 2020 Commercial real estate $ 779,158 $ 69,980 9.0 % $ 357 Construction, land development, land 219,647 18,821 8.6 % 183 1-4 family residential 157,147 1,129 0.7 % 15 Farmland 103,685 — — % — Commercial 1,562,957 14,561 0.9 % 166 Factored receivables 1,120,770 — — % — Consumer 15,838 106 0.7 % 5 Mortgage warehouse 1,037,574 — — % — Total $ 4,996,776 $ 104,597 2.1 % $ 726 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: (Dollars in thousands) September 30, 2021 December 31, 2020 Goodwill $ 233,727 $ 163,209 September 30, 2021 December 31, 2020 (Dollars in thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposit intangibles $ 43,578 $ (30,784) $ 12,794 $ 43,578 $ (27,436) $ 16,142 Software intangible assets 16,932 (1,411) 15,521 — — — Other intangible assets 29,560 (11,547) 18,013 19,200 (8,629) 10,571 $ 90,070 $ (43,742) $ 46,328 $ 62,778 $ (36,065) $ 26,713 |
Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the three and nine months ended September 30, 2021 and 2020 are as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Beginning balance $ 286,567 $ 186,162 $ 189,922 $ 190,286 Acquired goodwill — 4,520 73,697 4,520 Acquired intangible assets — 3,500 27,292 3,500 Acquired goodwill - measurement period adjustment (3,238) — (3,179) — Amortization of intangibles (3,274) (2,141) (7,677) (6,265) Ending balance $ 280,055 $ 192,041 $ 280,055 $ 192,041 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments Classification on Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet: Derivative Assets As of September 30, 2021 As of December 31, 2020 (Dollars in thousands) Notional Balance Fair Value Notional Balance Fair Value Derivatives designated as hedging instruments: Interest rate swaps $ 200,000 Other Assets $ 3,948 $ 200,000 Other Assets $ 816 |
Schedule of Effect of Fair Value and Cash Flow Hedge on Accumulated Other Comprehensive Income, Net of Tax | The table below presents the effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income, net of tax: Amount of Amount of Location of Amount of Amount of (Dollars in thousands) Three Months Ended September 30, 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ 7 $ 7 Interest Expense $ 18 $ 18 Three Months Ended September 30, 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 257 $ 257 Interest Expense $ (16) $ (16) Nine Months Ended September 30, 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ 2,386 $ 2,386 Interest Expense $ 70 $ 70 Nine Months Ended September 30, 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 11 $ 11 Interest Expense $ (16) $ (16) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The Company holds investments in the subordinated notes of the following closed Collateralized Loan Obligation (“CLO”) funds: (Dollars in thousands) Offering Offering Trinitas CLO IV, LTD (Trinitas IV) June 2, 2016 $ 406,650 Trinitas CLO V, LTD (Trinitas V) September 22, 2016 $ 409,000 Trinitas CLO VI, LTD (Trinitas VI) June 20, 2017 $ 717,100 |
Off-Balance Sheet Loan Commit_2
Off-Balance Sheet Loan Commitments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments with Off-Balance Sheet Risk | The contractual amounts of financial instruments with off-balance sheet risk were as follows: September 30, 2021 December 31, 2020 (Dollars in thousands) Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Unused lines of credit $ 25,574 $ 381,584 $ 407,158 $ 43,406 $ 547,430 $ 590,836 Standby letters of credit $ 7,819 $ 5,782 $ 13,601 $ 5,464 $ 8,429 $ 13,893 Commitments to purchase loans $ — $ 88,620 $ 88,620 $ — $ 66,373 $ 66,373 Mortgage warehouse commitments $ — $ 844,903 $ 844,903 $ — $ 417,722 $ 417,722 |
Securities Borrowed, Allowance for Credit Loss | The following table presents credit loss expense for off balance sheet credit exposures: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Credit loss expense (benefit) $ (238) $ (8) $ (1,159) $ 3,840 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the table below. (Dollars in thousands) Fair Value Measurements Using Total September 30, 2021 Level 1 Level 2 Level 3 Assets measured at fair value on a recurring basis Securities available for sale U.S. Government agency obligations $ — $ 5,001 $ — $ 5,001 Mortgage-backed securities, residential — 18,167 — 18,167 Asset-backed securities — 6,864 — 6,864 State and municipal — 29,175 — 29,175 CLO securities — 100,719 — 100,719 Corporate bonds — 2,061 — 2,061 SBA pooled securities — 2,829 — 2,829 $ — $ 164,816 $ — $ 164,816 Equity securities Mutual fund $ 5,623 $ — $ — $ 5,623 Loans held for sale $ — $ 26,437 $ — $ 26,437 Derivative financial instruments (cash flow hedges) Interest rate swap $ — $ 3,948 $ — $ 3,948 Indemnification asset $ — $ — $ 4,786 $ 4,786 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2020 Level 1 Level 2 Level 3 Assets measured at fair value on a recurring basis Securities available for sale U.S. Government agency obligations $ — $ 15,088 $ — $ 15,088 Mortgage-backed securities, residential — 27,684 — 27,684 Asset-backed securities — 7,039 — 7,039 State and municipal — 37,395 — 37,395 CLO Securities — 122,204 — 122,204 Corporate bonds — 11,573 — 11,573 SBA pooled securities — 3,327 — 3,327 $ — $ 224,310 $ — $ 224,310 Equity securities Mutual fund $ 5,826 $ — $ — $ 5,826 Loans held for sale $ — $ 24,546 $ — $ 24,546 Derivative financial instruments (cash flow hedges) Interest rate swap $ — $ 816 $ — $ 816 Indemnification asset $ — $ — $ 36,225 $ 36,225 |
Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration | A reconciliation of the opening balance to the closing balance of the fair value of the indemnification asset is as follows: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Beginning balance $ 5,246 $ — $ 36,225 $ — Indemnification asset recognized in business combination — 30,959 — 30,959 Change in fair value of indemnification asset recognized in earnings (460) — 4,194 — Indemnification recognized — — (35,633) — Ending balance $ 4,786 $ 30,959 $ 4,786 $ 30,959 |
Fair Value of Assets Measured on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2021 and December 31, 2020. (Dollars in thousands) Fair Value Measurements Using Total September 30, 2021 Level 1 Level 2 Level 3 Collateral dependent loans Commercial real estate $ — $ — $ 408 $ 408 Construction, land development, land — — — — 1-4 family residential — — 38 38 Commercial — — 1,379 1,379 Factored receivables — — 33,874 33,874 Consumer — — — — Other real estate owned (1) Commercial real estate — — 18 18 1-4 family residential — — 65 65 Construction — — 167 167 $ — $ — $ 35,949 $ 35,949 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2020 Level 1 Level 2 Level 3 Collateral dependent loans Commercial real estate $ — $ — $ 5,107 $ 5,107 Construction, land development, land — — 824 824 1-4 family residential — — — — Commercial — — 2,355 2,355 Factored receivables — — 41,065 41,065 Consumer — — 3 3 PCI Other real estate owned (1) Commercial real estate — — 273 273 1-4 family residential — — 114 114 Farmland — — 209 209 $ — $ — $ 49,950 $ 49,950 (1) Represents the fair value of OREO that was adjusted during the year to date period and subsequent to its initial classification as OREO. |
Estimated Fair Value of Company's Financial Assets and Financial Liabilities | The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at September 30, 2021 and December 31, 2020 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total September 30, 2021 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 532,764 $ 532,764 $ — $ — $ 532,764 Securities - held to maturity 5,488 — — 5,534 5,534 Loans not previously presented, gross 4,747,031 142,996 — 4,611,706 4,754,702 FHLB and other restricted stock 4,901 N/A N/A N/A N/A Accrued interest receivable 16,031 16,031 — — 16,031 Financial liabilities: Deposits 4,822,575 — 4,823,597 — 4,823,597 Customer repurchase agreements 11,990 — 11,990 — 11,990 Federal Home Loan Bank advances 30,000 — 30,000 — 30,000 Paycheck Protection Program Liquidity Facility 97,554 — 97,554 — 97,554 Subordinated notes 106,755 — 107,536 — 107,536 Junior subordinated debentures 40,467 — 41,085 — 41,085 Accrued interest payable 1,976 1,976 — — 1,976 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2020 Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 314,393 $ 314,393 $ — $ — $ 314,393 Securities - held to maturity 5,919 — — 5,850 5,850 Loans not previously presented, gross 4,953,399 195,739 — 4,783,143 4,978,882 FHLB and other restricted stock 6,751 N/A N/A N/A N/A Accrued interest receivable 19,435 19,435 — — 19,435 Financial liabilities: Deposits 4,716,600 — 4,719,625 — 4,719,625 Customer repurchase agreements 3,099 — 3,099 — 3,099 Federal Home Loan Bank advances 105,000 — 105,000 — 105,000 Paycheck Protection Program Liquidity Facility 191,860 — 191,860 — 191,860 Subordinated notes 87,509 — 89,413 — 89,413 Junior subordinated debentures 40,072 — 40,379 — 40,379 Accrued interest payable 4,270 4,270 — — 4,270 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table. (Dollars in thousands) Actual Minimum for Capital To Be Well September 30, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 727,171 13.7% $ 424,625 8.0% N/A N/A TBK Bank, SSB $ 655,551 12.5% $ 419,553 8.0% $ 524,441 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 587,326 11.1% $ 317,474 6.0% N/A N/A TBK Bank, SSB $ 623,674 11.9% $ 314,457 6.0% $ 419,277 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 501,859 9.4% $ 240,252 4.5% N/A N/A TBK Bank, SSB $ 623,674 11.9% $ 235,843 4.5% $ 340,662 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 587,326 10.4% $ 225,895 4.0% N/A N/A TBK Bank, SSB $ 623,674 11.1% $ 224,747 4.0% $ 280,934 5.0% As of December 31, 2020 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 715,142 13.0% $ 440,087 8.0% N/A N/A TBK Bank, SSB $ 653,359 12.1% $ 431,973 8.0% $ 539,966 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 581,580 10.6% $ 329,196 6.0% N/A N/A TBK Bank, SSB $ 608,737 11.3% $ 323,223 6.0% $ 430,964 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 496,508 9.0% $ 248,254 4.5% N/A N/A TBK Bank, SSB $ 608,737 11.3% $ 242,417 4.5% $ 350,158 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 581,580 10.8% $ 215,400 4.0% N/A N/A TBK Bank, SSB $ 608,737 11.3% $ 215,482 4.0% $ 269,353 5.0% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Capital Structure | The following summarizes the capital structure of Triumph Bancorp, Inc. Preferred Stock Series C (Dollars in thousands, except per share amounts) September 30, 2021 December 31, 2020 Shares authorized 51,750 51,750 Shares issued 45,000 45,000 Shares outstanding 45,000 45,000 Par value per share $ 0.01 $ 0.01 Liquidation preference per share $ 1,000 $ 1,000 Liquidation preference amount $ 45,000 $ 45,000 Dividend rate 7.125 % 7.125 % Dividend payment dates Quarterly Quarterly Common Stock September 30, 2021 December 31, 2020 Shares authorized 50,000,000 50,000,000 Shares issued 28,224,921 27,951,721 Treasury shares (3,101,579) (3,083,503) Shares outstanding 25,123,342 24,868,218 Par value per share $ 0.01 $ 0.01 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Changes in Company's Nonvested Restricted Stock Awards | A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Nonvested RSAs Shares Weighted-Average Nonvested at January 1, 2021 205,536 29.17 Granted 232,551 87.60 Vested (78,017) 34.08 Forfeited (3,907) 50.51 Nonvested at September 30, 2021 356,163 66.01 |
Summary of Changes in Company's Nonvested Restricted Stock Units | A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Nonvested RSUs Shares Weighted-Average Nonvested at January 1, 2021 89,713 33.34 Granted 17,757 84.47 Vested — — Forfeited — — Nonvested at September 30, 2021 107,470 41.79 |
Summary of Changes in Company's Nonvested Performance Stock Units | A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Nonvested Market Based PSUs Shares Weighted-Average Nonvested at Nonvested at January 1, 2021 85,611 $ 35.65 Granted 13,520 98.03 Vested — — Forfeited (4,147) 55.02 Nonvested at September 30, 2021 94,984 $ 43.68 The fair value of the Market Based PSUs granted was determined using the following weighted-average assumptions: Nine Months Ended September 30, 2021 2020 Grant date May 1, 2021 May 1, 2020 Performance period 3.00 years 3.00 years Stock price $ 88.63 $ 26.25 Triumph stock price volatility 51.71 % 43.02 % Risk-free rate 0.35 % 0.25 % A summary of changes in the Company’s nonvested Performance Based Performance Stock Units (“Performance Based PSUs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Nonvested Performance Based PSUs Shares Weighted Average Nonvested at January 1, 2021 256,625 $ 37.56 Granted 9,000 88.63 Vested — — Forfeited (6,242) 38.02 Nonvested at September 30, 2021 259,383 $ 39.32 |
Summary of Changes in Company's Stock Options | A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the nine months ended September 30, 2021 were as follows: Stock Options Shares Weighted-Average Weighted-Average Aggregate Outstanding at January 1, 2021 227,986 $ 25.16 Granted 16,939 88.63 Exercised (48,541) 24.30 Forfeited or expired — — Outstanding at September 30, 2021 196,384 $ 31.11 6.41 $ 13,554 Fully vested shares and shares expected to vest at September 30, 2021 196,384 $ 31.11 6.41 $ 13,554 Shares exercisable at September 30, 2021 136,032 $ 24.02 5.51 $ 10,163 |
Schedule of Information Related to Stock Options | Information related to the stock options for the nine months ended September 30, 2021 and 2020 was as follows: Nine Months Ended September 30, (Dollars in thousands, except per share amounts) 2021 2020 Aggregate intrinsic value of options exercised $ 2,407 $ 10 Cash received from option exercises 196 — Tax benefit realized from option exercises 506 2 Weighted average fair value per share of options granted $ 35.37 $ 8.85 |
Fair Value of Stock Options Granted Weighted-Average Assumptions | The fair value of the stock options granted was determined using the following weighted-average assumptions: Nine Months Ended September 30, 2021 2020 Risk-free interest rate 1.16 % 0.46 % Expected term 6.25 years 6.25 years Expected stock price volatility 39.26 % 33.83 % Dividend yield — — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Factors Used in Computation of Earnings Per Share | The factors used in the earnings per share computation follow: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2021 2020 2021 2020 Basic Net income to common stockholders $ 23,627 $ 22,005 $ 83,929 $ 30,995 Weighted average common shares outstanding 24,759,419 24,592,092 24,719,861 24,298,897 Basic earnings per common share $ 0.95 $ 0.89 $ 3.40 $ 1.28 Diluted Net income to common stockholders $ 23,627 $ 22,005 $ 83,929 $ 30,995 Weighted average common shares outstanding 24,759,419 24,592,092 24,719,861 24,298,897 Dilutive effects of: Assumed exercises of stock options 121,110 48,102 129,149 53,232 Restricted stock awards 141,204 67,907 146,172 65,893 Restricted stock units 74,268 18,192 71,620 15,198 Performance stock units - market based 131,346 76,095 131,275 30,995 Performance stock units - performance based — — — — Employee stock purchase program 616 — 1,914 — Average shares and dilutive potential common shares 25,227,963 24,802,388 25,199,991 24,464,215 Diluted earnings per common share $ 0.94 $ 0.89 $ 3.33 $ 1.27 |
Schedule of Shares not Considered in Computing Diluted Earnings per Common Share | Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock options 16,939 98,513 16,939 98,513 Restricted stock awards — — 195,640 — Restricted stock units — — 17,757 — Performance stock units - market based 12,020 — 12,020 — Performance stock units - performance based 259,383 261,125 259,383 261,125 Employee stock purchase program — — — — |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table presents the Company’s operating segments. The accounting policy for reportable segments is previously disclosed in Note 1. Transactions between segments consist primarily of borrowed funds. Intersegment interest expense is allocated to the Factoring and Payments segments based on Federal Home Loan Bank advance rates. Credit loss expense is allocated based on the segment’s allowance for credit losses determination. Noninterest income and expense directly attributable to a segment are assigned to it. Taxes are paid on a consolidated basis and are not allocated for segment purposes. The Factoring segment includes only factoring originated by TBC. (Dollars in thousands) Three months ended September 30, 2021 Banking Factoring Payments Corporate Consolidated Total interest income $ 46,175 $ 47,222 $ 3,295 $ 43 $ 96,735 Intersegment interest allocations 2,452 (2,341) (111) — — Total interest expense 2,073 — — 2,891 4,964 Net interest income (expense) 46,554 44,881 3,184 (2,848) 91,771 Credit loss expense (benefit) (2,399) 1,164 38 10 (1,187) Net interest income after credit loss expense 48,953 43,717 3,146 (2,858) 92,958 Noninterest income 7,371 1,557 3,086 41 12,055 Noninterest expense 41,183 19,106 11,416 1,108 72,813 Operating income (loss) $ 15,141 $ 26,168 $ (5,184) $ (3,925) $ 32,200 (Dollars in thousands) Three months ended September 30, 2020 Banking Factoring Payments Corporate Consolidated Total interest income $ 50,927 $ 30,068 $ 1,361 $ 8 $ 82,364 Intersegment interest allocations 3,459 (3,312) (147) — — Total interest expense 6,176 — — 1,809 7,985 Net interest income (expense) 48,210 26,756 1,214 (1,801) 74,379 Credit loss expense (benefit) (3,419) 3,053 2 106 (258) Net interest income after credit loss expense 51,629 23,703 1,212 (1,907) 74,637 Noninterest income 7,443 3,157 47 (154) 10,493 Noninterest expense 37,389 13,665 3,195 1,048 55,297 Operating income (loss) $ 21,683 $ 13,195 $ (1,936) $ (3,109) $ 29,833 (Dollars in thousands) Nine months ended September 30, 2021 Banking Factoring Payments Corporate Consolidated Total interest income $ 144,087 $ 127,699 $ 7,939 $ 51 $ 279,776 Intersegment interest allocations 8,117 (7,700) (417) — — Total interest expense 8,225 — — 6,478 14,703 Net interest income (expense) 143,979 119,999 7,522 (6,427) 265,073 Credit loss expense (benefit) (19,187) 8,091 548 (290) (10,838) Net interest income after credit loss expense 163,166 111,908 6,974 (6,137) 275,911 Noninterest income 25,139 10,710 4,242 151 40,242 Noninterest expense 122,497 52,433 26,393 3,180 204,503 Operating income (loss) $ 65,808 $ 70,185 $ (15,177) $ (9,166) $ 111,650 (Dollars in thousands) Nine months ended September 30, 2020 Banking Factoring Payments Corporate Consolidated Total interest income $ 155,517 $ 73,952 $ 2,440 $ 267 $ 232,176 Intersegment interest allocations 9,139 (8,873) (266) — — Total interest expense 25,368 — — 5,678 31,046 Net interest income (expense) 139,288 65,079 2,174 (5,411) 201,130 Credit loss expense (benefit) 27,211 4,437 167 1,834 33,649 Net interest income after credit loss expense 112,077 60,642 2,007 (7,245) 167,481 Gain on sale of subsidiary or division 9,758 — — — 9,758 Other noninterest income 22,512 5,524 74 131 28,241 Noninterest expense 113,047 37,695 8,954 3,080 162,776 Operating income (loss) $ 31,300 $ 28,471 $ (6,873) $ (10,194) $ 42,704 Total assets and gross loans below include intersegment loans, which eliminate in consolidation. (Dollars in thousands) September 30, 2021 Banking Factoring Payments Corporate Eliminations Consolidated Total assets $ 5,686,761 $ 1,559,378 $ 242,446 $ 975,939 $ (2,439,989) $ 6,024,535 Gross loans $ 4,390,659 $ 1,479,989 $ 127,039 $ 700 $ (1,215,657) $ 4,782,730 (Dollars in thousands) December 31, 2020 Banking Factoring Payments Corporate Eliminations Consolidated Total assets $ 5,791,537 $ 1,121,704 $ 115,836 $ 861,967 $ (1,955,253) $ 5,935,791 Gross loans $ 4,788,093 $ 1,036,548 $ 84,222 $ 800 $ (912,887) $ 4,996,776 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)investment | Jun. 30, 2021segment | Sep. 30, 2021USD ($)investmentsegment | Dec. 31, 2020USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | segment | 3 | 4 | ||
Accrued interest receivable | $ 121 | $ 726 | ||
Balance of loans currently in deferral | 32,220 | 104,597 | ||
Loans | $ 4,782,730 | 4,782,730 | 4,996,776 | |
Deferred fees | $ 7,824 | $ 7,824 | $ 4,887 | |
Paycheck Protection Program | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Stated interest rate | 1.00% | 1.00% | ||
Number of loans funded | investment | 815 | 815 | ||
Loans | $ 87,413 | $ 87,413 | ||
Total fees received from Small Business Administration | 1,584 | 4,524 | ||
Deferred fees | $ 3,580 | $ 3,580 | ||
Minimum | Paycheck Protection Program | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Term of loans | 2 years | |||
Maximum | Paycheck Protection Program | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Term of loans | 5 years | |||
Customer Concentration Risk | Payment Deferral Benchmark | One customer | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percent of loans | 94.00% | |||
Payment Deferrals | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Accrued interest receivable | $ 121 | |||
Balance of loans currently in deferral | $ 32,220 |
Business Combinations and Div_3
Business Combinations and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed, HubTran, Inc. (Details) - USD ($) $ in Thousands | Jun. 01, 2021 | Jul. 08, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Consideration: | |||||||||
Goodwill, measurement period adjustments | $ (3,238) | $ 0 | $ (3,179) | $ 0 | |||||
Goodwill | 233,727 | $ 233,727 | 233,727 | $ 233,727 | $ 163,209 | ||||
HubTran, Inc. | |||||||||
Assets acquired: | |||||||||
Cash | $ 170 | 170 | 170 | 170 | 170 | ||||
Other assets acquired, measurement period adjustment | 24 | ||||||||
Other assets | 1,546 | 1,570 | 1,570 | 1,570 | 1,570 | ||||
Assets acquired, measurement period adjustment | 24 | ||||||||
Asset acquired | 29,008 | 29,032 | 29,032 | 29,032 | 29,032 | ||||
Liabilities assumed: | |||||||||
Deferred income taxes, measurement period adjustment | (3,230) | ||||||||
Deferred income taxes | 4,703 | 1,473 | 1,473 | 1,473 | 1,473 | ||||
Other liabilities acquired, measurement period adjustment | 16 | ||||||||
Other liabilities | 906 | 922 | 922 | 922 | 922 | ||||
Liabilities acquired, measurement period adjustment | (3,214) | ||||||||
Liabilities assumed | 5,609 | 2,395 | 2,395 | 2,395 | 2,395 | ||||
Fair value of net assets acquire, measurement period adjustment | 3,238 | ||||||||
Fair value of net assets acquired | 23,399 | 26,637 | 26,637 | 26,637 | 26,637 | ||||
Consideration: | |||||||||
Cash paid | 97,096 | ||||||||
Goodwill, measurement period adjustments | (3,238) | ||||||||
Goodwill | 73,697 | 70,459 | 70,459 | 70,459 | 70,459 | ||||
HubTran, Inc. | Capitalized Software | |||||||||
Assets acquired: | |||||||||
Intangible assets | 16,932 | 16,932 | 16,932 | 16,932 | 16,932 | ||||
HubTran, Inc. | Customer Relationships | |||||||||
Assets acquired: | |||||||||
Intangible assets | $ 10,360 | 10,360 | 10,360 | 10,360 | 10,360 | ||||
Transport Financial Solutions | |||||||||
Assets acquired: | |||||||||
Assets acquired, measurement period adjustment | (59) | ||||||||
Asset acquired | $ 106,016 | 105,957 | 105,957 | 105,957 | 105,957 | ||||
Liabilities assumed: | |||||||||
Deferred income taxes, measurement period adjustment | (59) | ||||||||
Liabilities assumed | 5,361 | 5,361 | 5,361 | 5,361 | 5,361 | ||||
Fair value of net assets acquire, measurement period adjustment | (59) | ||||||||
Fair value of net assets acquired | 100,655 | 100,596 | 100,596 | 100,596 | 100,596 | ||||
Consideration: | |||||||||
Cash paid | 108,375 | ||||||||
Goodwill, measurement period adjustments | 59 | ||||||||
Goodwill | $ 4,466 | $ 4,525 | $ 4,525 | $ 4,525 | $ 4,525 |
Business Combinations and Div_4
Business Combinations and Divestitures - Additional Information (Details) $ in Thousands | Jun. 01, 2021USD ($) | Jul. 08, 2020USD ($)clientshares | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Sep. 23, 2020USD ($)shares |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 233,727 | $ 163,209 | ||||||
Loans | 4,782,730 | 4,996,776 | ||||||
Other noninterest income | $ 28,241 | |||||||
Indemnification asset | 4,786 | 36,225 | ||||||
Current and performing equipment loan held for investment | 4,741,713 | 4,901,037 | ||||||
Gain on indemnification asset | $ 4,654 | |||||||
Indemnification asset, expected cash payments to be received | 5,038 | 39,200 | ||||||
Fair Value, Measurements, Recurring | ||||||||
Business Acquisition [Line Items] | ||||||||
Indemnification asset | 4,786 | |||||||
Level 3 | Fair Value, Measurements, Recurring | ||||||||
Business Acquisition [Line Items] | ||||||||
Indemnification asset | 4,786 | 36,225 | ||||||
HubTran, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 73,697 | 70,459 | ||||||
Business acquisition, transaction costs | 2,992 | |||||||
Cash paid | 97,096 | |||||||
HubTran, Inc. | Capitalized Software | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | 16,932 | $ 16,932 | ||||||
Intangible asset, estimated useful life | 4 years | |||||||
HubTran, Inc. | Customer Relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 10,360 | $ 10,360 | ||||||
Intangible asset, estimated useful life | 11 years | |||||||
Transport Financial Solutions | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 4,466 | $ 4,525 | ||||||
Cash paid | $ 108,375 | |||||||
Number of common stock (in shares) | shares | 630,268 | |||||||
Stock consideration | $ 13,942 | |||||||
Number of large clients | client | 3 | |||||||
Portion of purchase price returned (in shares) | shares | 630,268 | |||||||
Cash due from seller subsequent to liquidation of stock consideration | $ 17,196 | |||||||
Proceeds from sale of acquired stock | 28,064 | |||||||
Other noninterest income | $ 2,007 | $ 10,868 | ||||||
Intangible assets | $ 3,500 | 3,500 | ||||||
Intangible asset, estimated useful life | 8 years | |||||||
Indemnification asset | $ 30,959 | 30,959 | ||||||
Charge -off | 41,265 | |||||||
Credit loss expense | 2,844 | |||||||
Factored receivables acquired, contractual amount | 45,228 | |||||||
Factored receivables acquired, fair value | 44,962 | |||||||
Acquisition related costs | $ 827 | |||||||
Transport Financial Solutions | CVLG | ||||||||
Business Acquisition [Line Items] | ||||||||
Current and performing equipment loan held for investment | $ 35,633 | |||||||
Transport Financial Solutions | Indemnification Agreement | ||||||||
Business Acquisition [Line Items] | ||||||||
Percent indemnified, first $30 million of losses | 100.00% | |||||||
First increment of losses incurred | $ 30,000 | |||||||
Percent indemnified, second $30 million of losses | 50.00% | |||||||
Second increment of losses incurred | $ 30,000 | |||||||
Total indemnification amount | 45,000 | |||||||
Net orderly liquidation value | 60,000 | |||||||
Transport Financial Solutions | Indemnification Agreement | CVLG | ||||||||
Business Acquisition [Line Items] | ||||||||
Line of credit, maximum borrowing capacity | 45,000 | |||||||
Unused borrowing capacity | $ 9,361 | |||||||
Transport Financial Solutions | Over-Formula Advances | ||||||||
Business Acquisition [Line Items] | ||||||||
Loans | 62,200 | $ 62,200 | ||||||
Transport Financial Solutions | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of consideration paid included contingent consideration | $ 9,900 |
Business Combinations and Div_5
Business Combinations and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed, Transport Financial Solutions (Details) - USD ($) $ in Thousands | Jul. 08, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Consideration: | |||||||
Goodwill | $ 233,727 | $ 233,727 | $ 233,727 | $ 163,209 | |||
Goodwill, measurement period adjustments | (3,238) | $ 0 | (3,179) | $ 0 | |||
Transport Financial Solutions | |||||||
Assets acquired: | |||||||
Factored receivables | $ 107,524 | 107,524 | 107,524 | 107,524 | |||
Allowance for credit losses | (37,415) | (37,415) | (37,415) | (37,415) | |||
Factored receivables, net of ACL | 70,109 | 70,109 | 70,109 | 70,109 | |||
Intangible assets | 3,500 | 3,500 | 3,500 | 3,500 | |||
Indemnification asset | 30,959 | 30,959 | 30,959 | 30,959 | |||
Deferred income taxes | 1,448 | 1,389 | 1,389 | 1,389 | |||
Deferred income taxes, measurement period adjustment | (59) | ||||||
Asset acquired | 106,016 | 105,957 | 105,957 | 105,957 | |||
Assets acquired, measurement period adjustment | (59) | ||||||
Liabilities assumed: | |||||||
Deposits | 5,361 | 5,361 | 5,361 | 5,361 | |||
Liabilities assumed | 5,361 | 5,361 | 5,361 | 5,361 | |||
Fair value of net assets acquired | 100,655 | 100,596 | 100,596 | 100,596 | |||
Fair value of net assets acquire, measurement period adjustment | (59) | ||||||
Consideration: | |||||||
Cash paid | 108,375 | ||||||
Stock consideration | 13,942 | ||||||
Cash due from seller subsequent to liquidation of stock consideration | (17,196) | ||||||
Total consideration | 105,121 | ||||||
Goodwill | $ 4,466 | $ 4,525 | $ 4,525 | 4,525 | |||
Goodwill, measurement period adjustments | $ 59 |
Business Combinations and Div_6
Business Combinations and Divestitures - Factored Receivables Purchased with Credit Deterioration (Details) - Transport Financial Solutions - Factored receivables - Over-Formula Advances $ in Thousands | Jul. 08, 2020USD ($) |
Business Acquisition [Line Items] | |
Purchase price of loans at acquisition | $ 25,147 |
Allowance for credit losses at acquisition | 37,415 |
Non-credit discount/(premium) at acquisition | 941 |
Par value of acquired loans at acquisition | $ 63,503 |
Business Combinations and Div_7
Business Combinations and Divestitures - Summary of Carrying Amount of Assets in Disposal Group and Gain on Sale (Details) - USD ($) $ in Thousands | Apr. 20, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Carrying amount of liabilities in the disposal group: | |||||
Gain on sale of division, net of transaction costs | $ 0 | $ 0 | $ 0 | $ 9,758 | |
Triumph Premium Finance | |||||
Carrying amount of assets in the disposal group: | |||||
Loans | $ 84,504 | ||||
Premises and equipment, net | 45 | ||||
Other assets | 11 | ||||
Total carrying amount | 84,560 | ||||
Carrying amount of liabilities in the disposal group: | |||||
Other liabilities | 479 | ||||
Total carrying amount | 84,081 | ||||
Total consideration received | 94,531 | ||||
Gain on sale of division | 10,450 | ||||
Transaction costs | 692 | ||||
Gain on sale of division, net of transaction costs | $ 9,758 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)investmentsecurity | Dec. 31, 2020USD ($)investment | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, fair value | $ 5,623 | $ 5,826 |
Pledged debt securities, at carrying value | $ 88,968 | $ 73,056 |
Number of securities in an unrealized loss position | security | 12 | |
Number of investments | investment | 3 | 3 |
Held-to-maturity securities classified as nonaccrual | $ 5,810 | |
Other assets | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Accrued interest | 776 | $ 1,233 |
Mutual fund | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, fair value | $ 5,623 | $ 5,826 |
Securities - Schedule of Gross
Securities - Schedule of Gross Realized and Unrealized Losses Recognized on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized gains (losses) on equity securities held at the reporting date | $ (231) | $ (371) | $ (203) | $ 603 |
Realized gains (losses) on equity securities sold during the period | 0 | 0 | 0 | 0 |
Gross realized and unrealized gains (losses) recognized on equity securities | $ (231) | $ (371) | $ (203) | $ 603 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost of Securities and Their Estimated Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Available for sale securities: | ||||||
Amortized Cost | $ 159,333 | $ 217,519 | ||||
Gross Unrealized Gains | 5,500 | 7,115 | ||||
Gross Unrealized Losses | (17) | (324) | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Securities - available for sale | 164,816 | 224,310 | ||||
Held to maturity securities: | ||||||
Amortized cost, gross | 7,225 | |||||
Fair Value | 5,534 | 5,850 | ||||
Allowance for credit losses | (1,737) | $ (1,727) | (2,026) | $ (1,961) | $ (1,855) | $ 0 |
Amortized Cost | 5,488 | 5,919 | ||||
U.S. Government agency obligations | ||||||
Available for sale securities: | ||||||
Amortized Cost | 4,999 | 14,942 | ||||
Gross Unrealized Gains | 2 | 146 | ||||
Gross Unrealized Losses | 0 | 0 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Securities - available for sale | 5,001 | 15,088 | ||||
Mortgage-backed securities, residential | ||||||
Available for sale securities: | ||||||
Amortized Cost | 17,308 | 26,547 | ||||
Gross Unrealized Gains | 860 | 1,139 | ||||
Gross Unrealized Losses | (1) | (2) | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Securities - available for sale | 18,167 | 27,684 | ||||
Asset-backed securities | ||||||
Available for sale securities: | ||||||
Amortized Cost | 6,860 | 7,091 | ||||
Gross Unrealized Gains | 5 | 0 | ||||
Gross Unrealized Losses | (1) | (52) | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Securities - available for sale | 6,864 | 7,039 | ||||
State and municipal | ||||||
Available for sale securities: | ||||||
Amortized Cost | 28,513 | 36,238 | ||||
Gross Unrealized Gains | 662 | 1,157 | ||||
Gross Unrealized Losses | 0 | 0 | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Securities - available for sale | 29,175 | 37,395 | ||||
CLO securities | ||||||
Available for sale securities: | ||||||
Amortized Cost | 96,928 | 118,128 | ||||
Gross Unrealized Gains | 3,806 | 4,335 | ||||
Gross Unrealized Losses | (15) | (259) | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Securities - available for sale | 100,719 | 122,204 | ||||
Held to maturity securities: | ||||||
Amortized cost, gross | 7,225 | 7,945 | ||||
Gross Unrealized Gains | 0 | 0 | ||||
Gross Unrecognized Losses | (1,691) | (2,095) | ||||
Fair Value | 5,534 | 5,850 | ||||
Amortized Cost | 5,488 | 5,919 | ||||
Corporate bonds | ||||||
Available for sale securities: | ||||||
Amortized Cost | 1,990 | 11,373 | ||||
Gross Unrealized Gains | 71 | 205 | ||||
Gross Unrealized Losses | 0 | (5) | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Securities - available for sale | 2,061 | 11,573 | ||||
SBA pooled securities | ||||||
Available for sale securities: | ||||||
Amortized Cost | 2,735 | 3,200 | ||||
Gross Unrealized Gains | 94 | 133 | ||||
Gross Unrealized Losses | 0 | (6) | ||||
Allowance for Credit Losses | 0 | 0 | ||||
Securities - available for sale | $ 2,829 | $ 3,327 |
Securities - Schedule of Amor_2
Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Available for Sale Securities, Amortized Cost | ||
Due in one year or less, amortized Cost | $ 14,984 | |
Due from one year to five years, amortized Cost | 3,697 | |
Due from five years to ten years, amortized Cost | 72,591 | |
Due after ten years, amortized Cost | 41,158 | |
Available for sale securities, with single maturity date, amortized cost | 132,430 | |
Amortized Cost | 159,333 | $ 217,519 |
Available for Sale Securities, Fair Value | ||
Due in one year or less, fair value | 15,046 | |
Due from one year to five years, fair value | 3,770 | |
Due from five years to ten years, fair value | 75,497 | |
Due after ten years, fair value | 42,643 | |
Available for sale securities, with single maturity date, fair value | 136,956 | |
Securities - available for sale | 164,816 | 224,310 |
Held to Maturity Securities, Amortized Cost | ||
Due in one year or less, amortized cost | 0 | |
Due from one year to five years, amortized cost | 0 | |
Due from five years to ten years, amortized cost | 7,225 | |
Due after ten years, amortized cost | 0 | |
Held to maturity securities, with single maturity date, amortized cost | 7,225 | |
Amortized cost, gross | 7,225 | |
Held to Maturity Securities, Fair Value | ||
Due in one year or less, fair value | 0 | |
Due from one year to five years, fair value | 0 | |
Due from five years to ten years, fair value | 5,534 | |
Due after ten years, fair value | 0 | |
Held to maturity securities, with single maturity date, fair value | 5,534 | |
Fair Value | 5,534 | 5,850 |
Mortgage-backed securities, residential | ||
Available for Sale Securities, Amortized Cost | ||
Available for sale securities, without single maturity date, amortized cost | 17,308 | |
Amortized Cost | 17,308 | 26,547 |
Available for Sale Securities, Fair Value | ||
Available for sale securities, without single maturity date, fair value | 18,167 | |
Securities - available for sale | 18,167 | 27,684 |
Held to Maturity Securities, Amortized Cost | ||
Held to maturity securities, without single maturity date, amortized cost | 0 | |
Held to Maturity Securities, Fair Value | ||
Held to maturity securities, without single maturity date, fair value | 0 | |
Asset-backed securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for sale securities, without single maturity date, amortized cost | 6,860 | |
Amortized Cost | 6,860 | 7,091 |
Available for Sale Securities, Fair Value | ||
Available for sale securities, without single maturity date, fair value | 6,864 | |
Securities - available for sale | 6,864 | 7,039 |
Held to Maturity Securities, Amortized Cost | ||
Held to maturity securities, without single maturity date, amortized cost | 0 | |
Held to Maturity Securities, Fair Value | ||
Held to maturity securities, without single maturity date, fair value | 0 | |
SBA pooled securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for sale securities, without single maturity date, amortized cost | 2,735 | |
Amortized Cost | 2,735 | 3,200 |
Available for Sale Securities, Fair Value | ||
Available for sale securities, without single maturity date, fair value | 2,829 | |
Securities - available for sale | 2,829 | $ 3,327 |
Held to Maturity Securities, Amortized Cost | ||
Held to maturity securities, without single maturity date, amortized cost | 0 | |
Held to Maturity Securities, Fair Value | ||
Held to maturity securities, without single maturity date, fair value | $ 0 |
Securities - Schedule of Procee
Securities - Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses as well as Net Gains and Losses from Calls of Debt Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ 0 | $ 65,184 | $ 0 | $ 65,184 |
Gross gains | 0 | 3,217 | 0 | 3,217 |
Gross losses | 0 | (140) | 0 | (140) |
Net gains and losses from calls of securities | $ 4 | $ 32 | $ 5 | $ 133 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Debt Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 9,972 | $ 13,699 |
Less than 12 months, unrealized losses | (9) | (105) |
12 months or more, fair value | 7,844 | 37,090 |
12 months or more, unrealized losses | (8) | (219) |
Total, fair value | 17,816 | 50,789 |
Total, unrealized losses | (17) | (324) |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized losses | 0 | 0 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 0 | 0 |
Total, unrealized losses | 0 | 0 |
Mortgage-backed securities, residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | 100 |
Less than 12 months, unrealized losses | 0 | (1) |
12 months or more, fair value | 18 | 215 |
12 months or more, unrealized losses | (1) | (1) |
Total, fair value | 18 | 315 |
Total, unrealized losses | (1) | (2) |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | 129 |
Less than 12 months, unrealized losses | 0 | 0 |
12 months or more, fair value | 5,060 | 6,911 |
12 months or more, unrealized losses | (1) | (52) |
Total, fair value | 5,060 | 7,040 |
Total, unrealized losses | (1) | (52) |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | 0 |
Less than 12 months, unrealized losses | 0 | 0 |
12 months or more, fair value | 0 | 0 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 0 | 0 |
Total, unrealized losses | 0 | 0 |
CLO securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 9,972 | 12,083 |
Less than 12 months, unrealized losses | (9) | (93) |
12 months or more, fair value | 2,766 | 29,785 |
12 months or more, unrealized losses | (6) | (166) |
Total, fair value | 12,738 | 41,868 |
Total, unrealized losses | (15) | (259) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | 498 |
Less than 12 months, unrealized losses | 0 | (5) |
12 months or more, fair value | 0 | 150 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 0 | 648 |
Total, unrealized losses | 0 | (5) |
SBA pooled securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 0 | 889 |
Less than 12 months, unrealized losses | 0 | (6) |
12 months or more, fair value | 0 | 29 |
12 months or more, unrealized losses | 0 | 0 |
Total, fair value | 0 | 918 |
Total, unrealized losses | $ 0 | $ (6) |
Securities - Summary of Activit
Securities - Summary of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Allowance for credit losses: | ||||
Allowance for credit losses beginning balance | $ 1,727 | $ 1,855 | $ 2,026 | $ 0 |
Credit loss expense | 10 | 106 | (289) | 1,835 |
Allowance for credit losses ending balance | 1,737 | 1,961 | 1,737 | 1,961 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for credit losses: | ||||
Allowance for credit losses ending balance | $ 0 | $ 126 | $ 0 | $ 126 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Schedule of Loans Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | $ 26,437 | $ 24,546 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | 19,519 | 0 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | 1,554 | 6,319 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | $ 5,364 | $ 18,227 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021USD ($)investment | Sep. 30, 2020USD ($)Loan | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loanLoan | Dec. 31, 2020USD ($) | Sep. 23, 2020USD ($) | Jul. 08, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Premiums and discounts on acquired loans | $ 12,119,000 | $ 12,119,000 | $ 18,511,000 | |||||
Net deferred origination and factoring fees | 7,824,000 | 7,824,000 | 4,887,000 | |||||
Accrued interest on loans | 15,235,000 | 15,235,000 | 18,198,000 | |||||
Allowance for credit losses | 41,017,000 | 41,017,000 | 95,739,000 | |||||
Loans | 4,782,730,000 | 4,782,730,000 | 4,996,776,000 | |||||
Pledged loans | 1,652,900,000 | 1,652,900,000 | 2,255,441,000 | |||||
Loans held for investment transferred to loans held for sale | 12,373,000 | $ 56,934,000 | 76,976,000 | $ 172,565,000 | ||||
Proceeds from sale of loans | 17,446,000 | 58,313,000 | 63,028,000 | 145,513,000 | ||||
Net (gains) losses on transfer of loans to loans held for sale | (210,000) | 515,000 | (1,676,000) | 466,000 | ||||
Increase (decrease) in allowances for credit losses attributable to non-PCD net charge-offs | 3,718,000 | 4,067,000 | ||||||
Nonaccrual loans | 14,534,000 | 14,534,000 | 34,073,000 | |||||
Factored receivables greater than 90 days past due | 37,020,000 | 37,020,000 | 72,774,000 | |||||
Interest earned on nonaccrual loans | 0 | $ 0 | 0 | $ 0 | ||||
Recorded investments in troubled debt restructurings | $ 5,065,000 | $ 5,065,000 | 13,324,000 | |||||
Financing receivable, modifications, number of contracts | 0 | 23 | ||||||
Number of defaults on modified loans | loan | 3 | 2 | ||||||
Recorded investments in troubled debt restructurings | $ 1,681,000 | $ 18,000 | ||||||
Troubled Debt Restructuring | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for credit losses | $ 1,292,000 | 1,292,000 | 2,469,000 | |||||
Nonaccrual loans | 5,048,000 | 5,048,000 | 13,321,000 | |||||
Over-Formula Advances | Transport Financial Solutions | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | $ 62,200,000 | $ 62,200,000 | ||||||
Changes in Allowance for Credit Losses | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for credit losses change due to loss drivers | 177,000 | 10,319,000 | ||||||
Factored receivables | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Customer reserves | 189,565,000 | 189,565,000 | 145,892,000 | |||||
Allowance for credit losses | 56,463,000 | $ 7,657,000 | ||||||
Loans | 1,607,028,000 | 1,607,028,000 | 1,120,770,000 | |||||
Charge-offs | 45,683,000 | 3,027,000 | ||||||
Credit loss expense | 8,547,000 | 4,475,000 | ||||||
Nonaccrual loans | 0 | 0 | 0 | |||||
Factored receivables greater than 90 days past due | 36,936,000 | 36,936,000 | 72,717,000 | |||||
Factored receivables | Over-Formula Advances | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for credit losses | 10,077,000 | 10,077,000 | 48,485,000 | |||||
Loans | 62,100,000 | |||||||
Charge-offs | 41,265,000 | |||||||
Credit loss expense | 2,844,000 | |||||||
Factored receivables | Over-Formula Advances | Transport Financial Solutions | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | 62,200,000 | |||||||
Factored receivables | Over-Formula Advances | Past Due 90 Days or More | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Nonaccrual loans | 10,077,000 | 10,077,000 | 62,100,000 | |||||
Factored receivables | Misdirected Payments Receivable | United States Postal Service | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans | 19,361,000 | 19,361,000 | 19,600,000 | |||||
Factored receivables greater than 90 days past due | 6,000,000 | |||||||
1-4 family residential | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for credit losses | 1,225,000 | 308,000 | ||||||
Loans | 127,073,000 | 127,073,000 | 157,147,000 | |||||
Charge-offs | 26,000 | 27,000 | ||||||
Credit loss expense | (804,000) | 1,138,000 | ||||||
Nonaccrual loans | 1,310,000 | 1,310,000 | 1,848,000 | |||||
Factored receivables greater than 90 days past due | 0 | 0 | 0 | |||||
1-4 family residential | Real Eatate Loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Residential real estate loans in process of foreclosure | 375,000 | 375,000 | 251,000 | |||||
Commercial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Allowance for credit losses | 22,040,000 | $ 12,566,000 | ||||||
Loans | 1,398,497,000 | 1,398,497,000 | 1,562,957,000 | |||||
Charge-offs | 426,000 | 1,173,000 | ||||||
Credit loss expense | (7,936,000) | $ 11,004,000 | ||||||
Nonaccrual loans | 7,828,000 | 7,828,000 | 17,202,000 | |||||
Factored receivables greater than 90 days past due | $ 84,000 | $ 84,000 | $ 35,000 | |||||
Financing receivable, modifications, number of contracts | Loan | 14 | 19 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Schedule of Amortized Cost and Unpaid Principal for Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance total | $ 4,782,730 | $ 4,996,776 | |
Unpaid Principal | 4,802,673 | 5,020,174 | |
Difference | (19,943) | (23,398) | |
Allowance for credit losses | (41,017) | (95,739) | |
Loans, net | 4,741,713 | 4,901,037 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance total | 630,106 | 779,158 | |
Unpaid Principal | 632,182 | 782,614 | |
Difference | (2,076) | (3,456) | |
Allowance for credit losses | (10,182) | $ (5,353) | |
Construction, land development, land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance total | 171,814 | 219,647 | |
Unpaid Principal | 171,998 | 220,021 | |
Difference | (184) | (374) | |
Allowance for credit losses | (3,418) | (1,382) | |
1-4 family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance total | 127,073 | 157,147 | |
Unpaid Principal | 127,446 | 157,731 | |
Difference | (373) | (584) | |
Allowance for credit losses | (1,225) | (308) | |
Farmland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance total | 82,990 | 103,685 | |
Unpaid Principal | 83,549 | 104,522 | |
Difference | (559) | (837) | |
Allowance for credit losses | (832) | (670) | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance total | 1,398,497 | 1,562,957 | |
Unpaid Principal | 1,410,739 | 1,579,841 | |
Difference | (12,242) | (16,884) | |
Allowance for credit losses | (22,040) | (12,566) | |
Factored receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance total | 1,607,028 | 1,120,770 | |
Unpaid Principal | 1,611,525 | 1,122,008 | |
Difference | (4,497) | (1,238) | |
Allowance for credit losses | (56,463) | (7,657) | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance total | 12,677 | 15,838 | |
Unpaid Principal | 12,689 | 15,863 | |
Difference | (12) | (25) | |
Allowance for credit losses | (542) | (488) | |
Mortgage warehouse | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance total | 752,545 | 1,037,574 | |
Unpaid Principal | 752,545 | 1,037,574 | |
Difference | $ 0 | 0 | |
Allowance for credit losses | $ (1,037) | $ (668) |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 95,739 | |||
Ending Balance | $ 41,017 | 41,017 | ||
ASU 2016-13 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of Adopting ASC 326 | $ 269 | |||
Loans Held for Investment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 45,694 | $ 54,613 | 95,739 | 29,092 |
Initial ACL on Loans Purchased with Credit Deterioration | 37,415 | 37,415 | ||
Credit Loss Expense | (959) | (356) | (9,390) | 27,974 |
Charge-offs | (3,965) | (1,425) | (46,449) | (4,637) |
Recoveries | (247) | (748) | (1,117) | (1,331) |
Reclassification to Held For Sale | (449) | |||
Ending Balance | 41,017 | 90,995 | 41,017 | 90,995 |
Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 10,182 | 5,353 | ||
Initial ACL on Loans Purchased with Credit Deterioration | 0 | 0 | ||
Credit Loss Expense | (6,239) | 6,366 | ||
Charge-offs | (17) | 0 | ||
Recoveries | (10) | (61) | ||
Commercial real estate | ASU 2016-13 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of Adopting ASC 326 | 1,372 | |||
Commercial real estate | Loans Held for Investment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 4,404 | 15,539 | ||
Credit Loss Expense | (453) | (2,440) | ||
Charge-offs | (17) | 0 | ||
Recoveries | (2) | (53) | ||
Reclassification to Held For Sale | 0 | |||
Ending Balance | 3,936 | 13,152 | 3,936 | 13,152 |
Construction, land development, land | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 3,418 | 1,382 | ||
Initial ACL on Loans Purchased with Credit Deterioration | 0 | 0 | ||
Credit Loss Expense | (2,352) | 4,400 | ||
Charge-offs | (12) | 0 | ||
Recoveries | (3) | (5) | ||
Construction, land development, land | ASU 2016-13 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of Adopting ASC 326 | (187) | |||
Construction, land development, land | Loans Held for Investment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 1,490 | 5,917 | ||
Credit Loss Expense | (434) | (319) | ||
Charge-offs | 0 | 0 | ||
Recoveries | (1) | (2) | ||
Reclassification to Held For Sale | 0 | |||
Ending Balance | 1,057 | 5,600 | 1,057 | 5,600 |
1-4 family residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 1,225 | 308 | ||
Initial ACL on Loans Purchased with Credit Deterioration | 0 | 0 | ||
Credit Loss Expense | (804) | 1,138 | ||
Charge-offs | (26) | (27) | ||
Recoveries | (90) | (40) | ||
1-4 family residential | ASU 2016-13 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of Adopting ASC 326 | 513 | |||
1-4 family residential | Loans Held for Investment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 545 | 2,027 | ||
Credit Loss Expense | (64) | (56) | ||
Charge-offs | (1) | (6) | ||
Recoveries | (5) | (7) | ||
Reclassification to Held For Sale | 0 | |||
Ending Balance | 485 | 1,972 | 485 | 1,972 |
Farmland | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 832 | 670 | ||
Initial ACL on Loans Purchased with Credit Deterioration | 0 | 0 | ||
Credit Loss Expense | (222) | (324) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | (80) | ||
Farmland | ASU 2016-13 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of Adopting ASC 326 | 437 | |||
Farmland | Loans Held for Investment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 669 | 958 | ||
Credit Loss Expense | (59) | (95) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Reclassification to Held For Sale | 0 | |||
Ending Balance | 610 | 863 | 610 | 863 |
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 22,040 | 12,566 | ||
Initial ACL on Loans Purchased with Credit Deterioration | 0 | 0 | ||
Credit Loss Expense | (7,936) | 11,004 | ||
Charge-offs | (426) | (1,173) | ||
Recoveries | (598) | (949) | ||
Commercial | ASU 2016-13 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of Adopting ASC 326 | (184) | |||
Commercial | Loans Held for Investment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 15,674 | 23,283 | ||
Credit Loss Expense | (1,187) | (657) | ||
Charge-offs | (211) | (528) | ||
Recoveries | 0 | (615) | ||
Reclassification to Held For Sale | (449) | |||
Ending Balance | 14,276 | 22,713 | 14,276 | 22,713 |
Factored receivables | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 56,463 | 7,657 | ||
Initial ACL on Loans Purchased with Credit Deterioration | 37,415 | 37,415 | ||
Credit Loss Expense | 8,547 | 4,475 | ||
Charge-offs | (45,683) | (3,027) | ||
Recoveries | (324) | (95) | ||
Factored receivables | ASU 2016-13 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of Adopting ASC 326 | (1,630) | |||
Factored receivables | Loans Held for Investment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 21,823 | 5,244 | ||
Credit Loss Expense | 1,186 | 3,059 | ||
Charge-offs | (3,597) | (773) | ||
Recoveries | (239) | (40) | ||
Reclassification to Held For Sale | 0 | |||
Ending Balance | 19,651 | 44,985 | 19,651 | 44,985 |
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 542 | 488 | ||
Initial ACL on Loans Purchased with Credit Deterioration | 0 | 0 | ||
Credit Loss Expense | (99) | 583 | ||
Charge-offs | (285) | (410) | ||
Recoveries | (92) | (101) | ||
Consumer | ASU 2016-13 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of Adopting ASC 326 | (52) | |||
Consumer | Loans Held for Investment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 236 | 768 | ||
Credit Loss Expense | 153 | 29 | ||
Charge-offs | (139) | (118) | ||
Recoveries | 0 | (31) | ||
Reclassification to Held For Sale | 0 | |||
Ending Balance | 250 | 710 | 250 | 710 |
Mortgage warehouse | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 1,037 | 668 | ||
Initial ACL on Loans Purchased with Credit Deterioration | 0 | 0 | ||
Credit Loss Expense | (285) | 332 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Mortgage warehouse | ASU 2016-13 | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of Adopting ASC 326 | 0 | |||
Mortgage warehouse | Loans Held for Investment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 853 | 877 | ||
Credit Loss Expense | (101) | 123 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Reclassification to Held For Sale | 0 | |||
Ending Balance | $ 752 | $ 1,000 | $ 752 | $ 1,000 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Amortized Cost Basis of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
ACL Allocation | $ 41,017 | $ 95,739 | |
Factored receivables | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
ACL Allocation | 56,463 | $ 7,657 | |
Factored receivables | Over-Formula Advances | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
ACL Allocation | 10,077 | 48,485 | |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 3,686 | 12,616 | |
ACL Allocation | 267 | 1,334 | |
Commercial real estate | Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 3,544 | 12,454 | |
Commercial real estate | Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Commercial real estate | Equipment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Commercial real estate | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 142 | 162 | |
Construction, land development, land | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 1,008 | 2,317 | |
ACL Allocation | 0 | 271 | |
Construction, land development, land | Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 1,008 | 2,317 | |
Construction, land development, land | Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Construction, land development, land | Equipment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Construction, land development, land | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
1-4 family residential | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 1,428 | 2,196 | |
ACL Allocation | 10 | 34 | |
1-4 family residential | Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 1,260 | 1,948 | |
1-4 family residential | Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
1-4 family residential | Equipment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
1-4 family residential | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 168 | 248 | |
Farmland | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 2,046 | 2,530 | |
ACL Allocation | 0 | 0 | |
Farmland | Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 1,916 | 2,189 | |
Farmland | Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Farmland | Equipment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 130 | 143 | |
Farmland | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 198 | |
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 7,897 | 17,007 | |
ACL Allocation | 2,187 | 5,163 | |
Commercial | Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 569 | 1,813 | |
Commercial | Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Commercial | Equipment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 4,266 | 5,842 | |
Commercial | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 3,062 | 9,352 | |
Factored receivables | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 45,524 | 92,437 | |
ACL Allocation | 11,650 | 51,371 | |
Factored receivables | Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Factored receivables | Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 45,524 | 92,437 | |
Factored receivables | Equipment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Factored receivables | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 251 | 253 | |
ACL Allocation | 0 | 37 | |
Consumer | Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Consumer | Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Consumer | Equipment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Consumer | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 251 | 253 | |
Mortgage warehouse | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
ACL Allocation | 0 | 0 | |
Mortgage warehouse | Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Mortgage warehouse | Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Mortgage warehouse | Equipment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Mortgage warehouse | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 0 | 0 | |
Collateral dependent loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 61,840 | 129,356 | |
ACL Allocation | 14,114 | 58,210 | |
Collateral dependent loans | Real Estate | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 8,297 | 20,721 | |
Collateral dependent loans | Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 45,524 | 92,437 | |
Collateral dependent loans | Equipment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | 4,396 | 5,985 | |
Collateral dependent loans | Other | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Amortized cost | $ 3,623 | $ 10,213 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | $ 14,534 | $ 34,073 |
Loans | 4,782,730 | 4,996,776 |
Past due 90 days or more and accruing | 37,020 | 72,774 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 4,782,730 | 4,996,776 |
Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 51,981 | 39,928 |
Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 15,262 | 32,983 |
Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 43,127 | 87,766 |
Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 4,672,360 | 4,836,099 |
Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 110,370 | 160,677 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 2,113 | 9,945 |
Loans | 630,106 | 779,158 |
Past due 90 days or more and accruing | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 630,106 | 779,158 |
Commercial real estate | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 376 | 1,512 |
Commercial real estate | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 147 |
Commercial real estate | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 16 | 7,623 |
Commercial real estate | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 629,714 | 769,876 |
Commercial real estate | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 392 | 9,282 |
Construction, land development, land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 986 | 2,294 |
Loans | 171,814 | 219,647 |
Past due 90 days or more and accruing | 0 | 22 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 171,814 | 219,647 |
Construction, land development, land | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 185 |
Construction, land development, land | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 1,001 |
Construction, land development, land | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 977 | 323 |
Construction, land development, land | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 170,837 | 218,138 |
Construction, land development, land | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 977 | 1,509 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 1,310 | 1,848 |
Loans | 127,073 | 157,147 |
Past due 90 days or more and accruing | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 127,073 | 157,147 |
1-4 family residential | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 680 | 1,978 |
1-4 family residential | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 437 | 448 |
1-4 family residential | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 720 | 952 |
1-4 family residential | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 125,236 | 153,769 |
1-4 family residential | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,837 | 3,378 |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 2,046 | 2,531 |
Loans | 82,990 | 103,685 |
Past due 90 days or more and accruing | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 82,990 | 103,685 |
Farmland | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 407 |
Farmland | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 1,000 |
Farmland | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 550 | 300 |
Farmland | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 82,440 | 101,978 |
Farmland | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 550 | 1,707 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 7,828 | 17,202 |
Loans | 1,398,497 | 1,562,957 |
Past due 90 days or more and accruing | 84 | 35 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,398,497 | 1,562,957 |
Commercial | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,541 | 2,084 |
Commercial | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 141 | 1,765 |
Commercial | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 3,843 | 5,770 |
Commercial | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,392,972 | 1,553,338 |
Commercial | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 5,525 | 9,619 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | 0 |
Loans | 1,607,028 | 1,120,770 |
Past due 90 days or more and accruing | 36,936 | 72,717 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,607,028 | 1,120,770 |
Factored receivables | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 49,084 | 33,377 |
Factored receivables | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 14,643 | 28,506 |
Factored receivables | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 36,936 | 72,717 |
Factored receivables | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,506,365 | 986,170 |
Factored receivables | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 100,663 | 134,600 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 251 | 253 |
Loans | 12,677 | 15,838 |
Past due 90 days or more and accruing | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 12,677 | 15,838 |
Consumer | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 300 | 385 |
Consumer | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 41 | 116 |
Consumer | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 85 | 81 |
Consumer | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 12,251 | 15,256 |
Consumer | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 426 | 582 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | 0 |
Loans | 752,545 | 1,037,574 |
Past due 90 days or more and accruing | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 752,545 | 1,037,574 |
Mortgage warehouse | Past Due 30-59 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Mortgage warehouse | Past Due 60-90 Days | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Mortgage warehouse | Past Due 90 Days or More | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Mortgage warehouse | Financial Asset, Not Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 752,545 | 1,037,574 |
Mortgage warehouse | Financial Asset, Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 0 | $ 0 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | $ 14,534 | $ 34,073 |
Nonaccrual With No ACL | 10,245 | 13,921 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 2,113 | 9,945 |
Nonaccrual With No ACL | 1,438 | 3,461 |
Construction, land development, land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 986 | 2,294 |
Nonaccrual With No ACL | 986 | 1,199 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 1,310 | 1,848 |
Nonaccrual With No ACL | 1,262 | 1,651 |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 2,046 | 2,531 |
Nonaccrual With No ACL | 2,046 | 2,531 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 7,828 | 17,202 |
Nonaccrual With No ACL | 4,262 | 4,891 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | 0 |
Nonaccrual With No ACL | 0 | 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 251 | 253 |
Nonaccrual With No ACL | 251 | 188 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | 0 |
Nonaccrual With No ACL | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Accrued Interest on Non Accrual Loans Reversed Through Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest reversed through interest income | $ 3 | $ 466 | $ 41 | $ 581 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest reversed through interest income | 0 | 371 | 8 | 435 |
Construction, land development, land | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest reversed through interest income | 0 | 1 | 0 | 1 |
1-4 family residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest reversed through interest income | 0 | 21 | 1 | 31 |
Farmland | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest reversed through interest income | 0 | 36 | 6 | 36 |
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest reversed through interest income | 0 | 37 | 23 | 76 |
Factored receivables | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest reversed through interest income | 0 | 0 | 0 | 0 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest reversed through interest income | 3 | 0 | 3 | 2 |
Mortgage warehouse | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest reversed through interest income | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 14,534 | $ 34,073 |
Factored receivables greater than 90 days past due | 37,020 | 72,774 |
Troubled Debt Restructuring | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 5,048 | 13,321 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Factored receivables greater than 90 days past due | 36,936 | 72,717 |
Nonperforming Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 14,534 | 34,073 |
Other nonperforming factored receivables | 1,428 | 10,029 |
Troubled debt restructurings accruing interest | 17 | 3 |
Total loans | 42,838 | 58,032 |
Nonperforming Loans | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Factored receivables greater than 90 days past due | $ 26,859 | $ 13,927 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Analysis Performed Risk category Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 3,034,989 | $ 3,099,340 |
One year before current fiscal year | 782,200 | 297,651 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 181,179 | 223,296 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 98,612 | 176,207 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 98,189 | 125,446 |
Prior | 109,822 | 564,204 |
Revolving Loans | 476,846 | 492,022 |
Financing Receivable, Revolving, Converted to Term Loan | 893 | 18,610 |
Allowance total | 4,782,730 | 4,996,776 |
Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,021,360 | 3,036,816 |
One year before current fiscal year | 748,493 | 292,404 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 174,942 | 221,622 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 97,697 | 174,591 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 97,848 | 120,268 |
Prior | 107,969 | 559,960 |
Revolving Loans | 472,594 | 480,696 |
Financing Receivable, Revolving, Converted to Term Loan | 893 | 18,610 |
Allowance total | 4,721,796 | 4,904,967 |
Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 13,629 | 62,524 |
One year before current fiscal year | 33,707 | 5,247 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,237 | 1,674 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 915 | 1,616 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 341 | 5,178 |
Prior | 1,853 | 4,244 |
Revolving Loans | 4,252 | 11,326 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 60,934 | 91,809 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 161,712 | 281,704 |
One year before current fiscal year | 258,277 | 96,324 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 48,227 | 62,208 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 33,865 | 50,482 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 56,097 | 28,585 |
Prior | 46,685 | 231,281 |
Revolving Loans | 25,243 | 27,666 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 908 |
Allowance total | 630,106 | 779,158 |
Commercial real estate | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 161,022 | 271,406 |
One year before current fiscal year | 254,852 | 94,085 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 48,186 | 62,075 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 33,865 | 49,115 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 56,081 | 27,921 |
Prior | 46,685 | 230,731 |
Revolving Loans | 25,243 | 27,666 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 908 |
Allowance total | 625,934 | 763,907 |
Commercial real estate | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 690 | 10,298 |
One year before current fiscal year | 3,425 | 2,239 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 41 | 133 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 1,367 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 16 | 664 |
Prior | 0 | 550 |
Revolving Loans | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 4,172 | 15,251 |
Construction, land development, land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 76,239 | 74,180 |
One year before current fiscal year | 58,788 | 12,524 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 12,580 | 11,829 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 21,680 | 5,820 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,214 | 8,946 |
Prior | 1,304 | 105,836 |
Revolving Loans | 9 | 12 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 500 |
Allowance total | 171,814 | 219,647 |
Construction, land development, land | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 76,239 | 72,149 |
One year before current fiscal year | 57,943 | 12,490 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 12,580 | 11,829 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 21,680 | 5,820 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,214 | 8,946 |
Prior | 1,159 | 105,584 |
Revolving Loans | 9 | 12 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 500 |
Allowance total | 170,824 | 217,330 |
Construction, land development, land | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 2,031 |
One year before current fiscal year | 845 | 34 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Prior | 145 | 252 |
Revolving Loans | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 990 | 2,317 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 22,134 | 59,773 |
One year before current fiscal year | 18,431 | 11,429 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 10,014 | 11,562 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7,177 | 9,005 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,076 | 4,411 |
Prior | 26,814 | 20,216 |
Revolving Loans | 32,100 | 35,431 |
Financing Receivable, Revolving, Converted to Term Loan | 327 | 5,320 |
Allowance total | 127,073 | 157,147 |
1-4 family residential | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 21,915 | 58,300 |
One year before current fiscal year | 18,191 | 11,280 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 9,961 | 11,425 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7,170 | 8,982 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,068 | 4,400 |
Prior | 25,998 | 20,167 |
Revolving Loans | 32,018 | 35,326 |
Financing Receivable, Revolving, Converted to Term Loan | 327 | 5,320 |
Allowance total | 125,648 | 155,200 |
1-4 family residential | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 219 | 1,473 |
One year before current fiscal year | 240 | 149 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 53 | 137 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7 | 23 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8 | 11 |
Prior | 816 | 49 |
Revolving Loans | 82 | 105 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 1,425 | 1,947 |
Farmland | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 12,621 | 38,206 |
One year before current fiscal year | 14,635 | 10,502 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 11,671 | 7,791 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9,085 | 15,262 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,340 | 7,930 |
Prior | 23,068 | 21,162 |
Revolving Loans | 1,440 | 2,346 |
Financing Receivable, Revolving, Converted to Term Loan | 130 | 486 |
Allowance total | 82,990 | 103,685 |
Farmland | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 11,922 | 37,212 |
One year before current fiscal year | 14,111 | 10,095 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 11,021 | 7,388 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 8,749 | 15,262 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,212 | 7,908 |
Prior | 22,761 | 20,572 |
Revolving Loans | 1,283 | 1,421 |
Financing Receivable, Revolving, Converted to Term Loan | 130 | 486 |
Allowance total | 80,189 | 100,344 |
Farmland | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 699 | 994 |
One year before current fiscal year | 524 | 407 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 650 | 403 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 336 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 128 | 22 |
Prior | 307 | 590 |
Revolving Loans | 157 | 925 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 2,801 | 3,341 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 421,210 | 478,605 |
One year before current fiscal year | 409,319 | 164,593 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 97,882 | 128,552 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 26,115 | 94,344 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,600 | 74,875 |
Prior | 7,949 | 184,099 |
Revolving Loans | 417,986 | 426,493 |
Financing Receivable, Revolving, Converted to Term Loan | 436 | 11,396 |
Allowance total | 1,398,497 | 1,562,957 |
Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 419,788 | 470,477 |
One year before current fiscal year | 401,324 | 162,203 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 92,389 | 127,569 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 25,544 | 94,154 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,534 | 70,405 |
Prior | 7,485 | 181,312 |
Revolving Loans | 413,973 | 416,197 |
Financing Receivable, Revolving, Converted to Term Loan | 436 | 11,396 |
Allowance total | 1,378,473 | 1,533,713 |
Commercial | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,422 | 8,128 |
One year before current fiscal year | 7,995 | 2,390 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,493 | 983 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 571 | 190 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 66 | 4,470 |
Prior | 464 | 2,787 |
Revolving Loans | 4,013 | 10,296 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 20,024 | 29,244 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,586,350 | 1,120,770 |
One year before current fiscal year | 20,678 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 1,607,028 | 1,120,770 |
Factored receivables | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,575,756 | 1,081,316 |
One year before current fiscal year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 1,575,756 | 1,081,316 |
Factored receivables | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 10,594 | 39,454 |
One year before current fiscal year | 20,678 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 31,272 | 39,454 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,178 | 8,528 |
One year before current fiscal year | 2,072 | 2,279 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 805 | 1,354 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 690 | 1,294 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,862 | 699 |
Prior | 4,002 | 1,610 |
Revolving Loans | 68 | 74 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 12,677 | 15,838 |
Consumer | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,173 | 8,382 |
One year before current fiscal year | 2,072 | 2,251 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 805 | 1,336 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 689 | 1,258 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,739 | 688 |
Prior | 3,881 | 1,594 |
Revolving Loans | 68 | 74 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 12,427 | 15,583 |
Consumer | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 5 | 146 |
One year before current fiscal year | 0 | 28 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 18 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1 | 36 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 123 | 11 |
Prior | 121 | 16 |
Revolving Loans | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 250 | 255 |
Mortgage warehouse | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 752,545 | 1,037,574 |
One year before current fiscal year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 752,545 | 1,037,574 |
Mortgage warehouse | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 752,545 | 1,037,574 |
One year before current fiscal year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | 752,545 | 1,037,574 |
Mortgage warehouse | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
One year before current fiscal year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Allowance total | $ 0 | $ 0 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Schedule of Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)investment | Sep. 30, 2020USD ($)Loan | Sep. 30, 2021USD ($)Loan | Sep. 30, 2020USD ($)Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 17,750 | |||
Financing Receivable, Modifications, Number of Contracts | 0 | 23 | ||
Financing receivable, modifications of loans cares act | $ 0 | $ 12,625 | $ 10,459 | $ 617,976 |
Extended Amortization Period | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | 8,208 | |||
Payment Deferrals | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | 9,542 | |||
Protective Advances | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | 0 | |||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 741 | $ 246 | ||
Financing Receivable, Modifications, Number of Contracts | Loan | 1 | 2 | ||
Commercial real estate | Extended Amortization Period | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 0 | $ 0 | ||
Commercial real estate | Payment Deferrals | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | 0 | 246 | ||
Commercial real estate | Protective Advances | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 741 | 0 | ||
Construction, land development, land | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 8 | |||
Financing Receivable, Modifications, Number of Contracts | Loan | 1 | |||
Construction, land development, land | Extended Amortization Period | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 8 | |||
Construction, land development, land | Payment Deferrals | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | 0 | |||
Construction, land development, land | Protective Advances | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | 0 | |||
Farmland | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 3,486 | |||
Financing Receivable, Modifications, Number of Contracts | Loan | 1 | |||
Farmland | Extended Amortization Period | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 3,486 | |||
Farmland | Payment Deferrals | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | 0 | |||
Farmland | Protective Advances | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | 0 | |||
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 3,626 | $ 14,010 | ||
Financing Receivable, Modifications, Number of Contracts | Loan | 14 | 19 | ||
Commercial | Extended Amortization Period | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 123 | $ 4,714 | ||
Commercial | Payment Deferrals | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | 3,503 | 9,296 | ||
Commercial | Protective Advances | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Modifications | $ 0 | $ 0 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Amortized Cost of Loans Currently in Deferral (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | $ 4,782,730 | $ 4,996,776 | |
Balance of Loans Currently in Deferral | $ 32,220 | $ 104,597 | |
Percentage of Portfolio | 0.70% | 2.10% | |
Accrued Interest Receivable | $ 121 | $ 726 | |
ASU 2016-13 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impact of Adopting ASC 326 | $ 269 | ||
Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification to Held For Sale | (449) | ||
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 630,106 | 779,158 | |
Balance of Loans Currently in Deferral | $ 30,389 | $ 69,980 | |
Percentage of Portfolio | 4.80% | 9.00% | |
Accrued Interest Receivable | $ 105 | $ 357 | |
Commercial real estate | ASU 2016-13 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impact of Adopting ASC 326 | 1,372 | ||
Commercial real estate | Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification to Held For Sale | 0 | ||
Construction, land development, land | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 171,814 | 219,647 | |
Balance of Loans Currently in Deferral | $ 1,340 | $ 18,821 | |
Percentage of Portfolio | 0.80% | 8.60% | |
Accrued Interest Receivable | $ 5 | $ 183 | |
Construction, land development, land | ASU 2016-13 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impact of Adopting ASC 326 | (187) | ||
Construction, land development, land | Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification to Held For Sale | 0 | ||
1-4 family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 127,073 | 157,147 | |
Balance of Loans Currently in Deferral | $ 491 | $ 1,129 | |
Percentage of Portfolio | 0.40% | 0.70% | |
Accrued Interest Receivable | $ 11 | $ 15 | |
1-4 family residential | ASU 2016-13 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impact of Adopting ASC 326 | 513 | ||
1-4 family residential | Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification to Held For Sale | 0 | ||
Farmland | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 82,990 | 103,685 | |
Balance of Loans Currently in Deferral | $ 0 | $ 0 | |
Percentage of Portfolio | 0.00% | 0.00% | |
Accrued Interest Receivable | $ 0 | $ 0 | |
Farmland | ASU 2016-13 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impact of Adopting ASC 326 | 437 | ||
Farmland | Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification to Held For Sale | 0 | ||
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,398,497 | 1,562,957 | |
Balance of Loans Currently in Deferral | $ 0 | $ 14,561 | |
Percentage of Portfolio | 0.00% | 0.90% | |
Accrued Interest Receivable | $ 0 | $ 166 | |
Commercial | ASU 2016-13 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impact of Adopting ASC 326 | (184) | ||
Commercial | Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification to Held For Sale | (449) | ||
Factored receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 1,607,028 | 1,120,770 | |
Balance of Loans Currently in Deferral | $ 0 | $ 0 | |
Percentage of Portfolio | 0.00% | 0.00% | |
Accrued Interest Receivable | $ 0 | $ 0 | |
Factored receivables | ASU 2016-13 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impact of Adopting ASC 326 | (1,630) | ||
Factored receivables | Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification to Held For Sale | 0 | ||
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 12,677 | 15,838 | |
Balance of Loans Currently in Deferral | $ 0 | $ 106 | |
Percentage of Portfolio | 0.00% | 0.70% | |
Accrued Interest Receivable | $ 0 | $ 5 | |
Consumer | ASU 2016-13 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impact of Adopting ASC 326 | (52) | ||
Consumer | Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification to Held For Sale | 0 | ||
Mortgage warehouse | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross loans | 752,545 | 1,037,574 | |
Balance of Loans Currently in Deferral | $ 0 | $ 0 | |
Percentage of Portfolio | 0.00% | 0.00% | |
Accrued Interest Receivable | $ 0 | $ 0 | |
Mortgage warehouse | ASU 2016-13 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impact of Adopting ASC 326 | 0 | ||
Mortgage warehouse | Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification to Held For Sale | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 233,727 | $ 163,209 |
Gross Carrying Amount | 90,070 | 62,778 |
Accumulated Amortization | (43,742) | (36,065) |
Net Carrying Amount | 46,328 | 26,713 |
Core deposit intangibles | ||
Goodwill And Intangible Assets [Line Items] | ||
Gross Carrying Amount | 43,578 | 43,578 |
Accumulated Amortization | (30,784) | (27,436) |
Net Carrying Amount | 12,794 | 16,142 |
Software intangible assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,932 | 0 |
Accumulated Amortization | (1,411) | 0 |
Net Carrying Amount | 15,521 | 0 |
Other intangible assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Gross Carrying Amount | 29,560 | 19,200 |
Accumulated Amortization | (11,547) | (8,629) |
Net Carrying Amount | $ 18,013 | $ 10,571 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill [Roll Forward] | ||||
Beginning balance | $ 286,567 | $ 186,162 | $ 189,922 | $ 190,286 |
Acquired goodwill | 0 | 4,520 | 73,697 | 4,520 |
Acquired intangible assets | 0 | 3,500 | 27,292 | 3,500 |
Acquired goodwill - measurement period adjustment | (3,238) | 0 | (3,179) | 0 |
Amortization of intangibles | (3,274) | (2,141) | (7,677) | (6,265) |
Ending balance | $ 280,055 | $ 192,041 | $ 280,055 | $ 192,041 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Fair value of derivatives in a net liability position | $ 0 |
Terminal value of agreements | 3,940,000 |
Interest Expense | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of estimate additional reclassified as an increase in interest expense | $ 58,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments Classification on Balance Sheet (Details) - Derivatives designated as hedging instruments - Interest rate swaps - Other assets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 200,000 | $ 200,000 |
Fair Value Total | $ 3,948 | $ 816 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Effect of Fair Value and Cash Flow Hedge on Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative | $ 7 | $ 257 | $ 2,386 | $ 11 |
Amount of Gain or (Loss) Reclassified from AOCI into Income | (14) | 12 | (53) | 12 |
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative | 7 | 257 | 11 | |
Interest rate swaps | Derivatives in Cash Flow Hedging Relationships | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative | 2,386 | |||
Interest rate swaps | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from AOCI into Income | $ 18 | $ (16) | $ (16) | |
Interest rate swaps | Interest Expense | Derivatives in Cash Flow Hedging Relationships | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from AOCI into Income | $ 70 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Closed Collateralized Loan Obligation ("CLO") Funds (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands | Jun. 20, 2017 | Sep. 22, 2016 | Jun. 02, 2016 |
Trinitas IV | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 406,650 | ||
Trinitas V | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 409,000 | ||
Trinitas VI | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 717,100 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information - (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Securities - held to maturity, net carrying amount | $ 5,488 | $ 5,919 |
Collateralized Loan Obligation Funds | ||
Variable Interest Entity [Line Items] | ||
Securities - held to maturity, net carrying amount | $ 5,488 | $ 5,919 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) - USD ($) | Aug. 26, 2021 | Nov. 27, 2019 | Sep. 30, 2016 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||
Write off of deferred debt issuance cost | $ 755,000 | ||||
Subordinated debt | $ 106,755,000 | $ 87,509,000 | |||
Fixed-to-Floating Rate Subordinated Notes due 2026 | |||||
Debt Instrument [Line Items] | |||||
Subordinated notes issued | $ 50,000,000 | ||||
Initial interest rate | 4.875% | 6.50% | |||
Fixed-to-Floating Rate Subordinated Notes due 2026 | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Description of floating rate basis | three-month LIBOR | ||||
Basis spread on variable rate | 5.345% | ||||
Fixed-to-Floating Rate Subordinated Notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Subordinated notes issued | $ 39,500,000 | ||||
Subordinated debt | $ 38,479,000 | $ 38,356,000 | |||
Issuance costs of notes | 1,218,000 | ||||
Underwriting discount | $ 593,000 | ||||
Fixed-to-Floating Rate Subordinated Notes due 2029 | London Interbank Offered Rate (LIBOR) | |||||
Debt Instrument [Line Items] | |||||
Description of floating rate basis | three-month LIBOR | ||||
Basis spread on variable rate | 3.33% | ||||
Fixed To Floating Rate Subordinated Notes Due Two Thousand Thirty One | |||||
Debt Instrument [Line Items] | |||||
Subordinated notes issued | $ 70,000,000 | ||||
Initial interest rate | 3.50% | ||||
Subordinated debt | $ 68,276,000 | ||||
Issuance costs of notes | $ 1,776,000 | ||||
Placement fee | $ 1,225,000 | ||||
Fixed To Floating Rate Subordinated Notes Due Two Thousand Thirty One | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Debt Instrument [Line Items] | |||||
Description of floating rate basis | three-month term secured overnight financing rate | ||||
Basis spread on variable rate | 2.86% |
Off-Balance Sheet Loan Commit_3
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 25,574 | $ 43,406 |
Variable Rate | 381,584 | 547,430 |
Total | 407,158 | 590,836 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 7,819 | 5,464 |
Variable Rate | 5,782 | 8,429 |
Total | 13,601 | 13,893 |
Commitments to purchase loans | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 0 | 0 |
Variable Rate | 88,620 | 66,373 |
Total | 88,620 | 66,373 |
Mortgage warehouse commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 0 | 0 |
Variable Rate | 844,903 | 417,722 |
Total | $ 844,903 | $ 417,722 |
Off-Balance Sheet Loan Commit_4
Off-Balance Sheet Loan Commitments - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Other Noninterest Expense | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Credit loss expense (benefit) | $ (238) | $ (8) | $ (1,159) | $ 3,840 | |
Other Liabilities | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Allowance for credit losses on off-balance sheet credit exposure | $ 3,846 | $ 3,846 | $ 5,005 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indemnification asset, expected cash payments to be received | $ 5,038 | $ 39,200 |
Discount rate | 5.00% | 8.80% |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 5.00% | |
Real estate selling and closing costs, percentage of appraised value | 5.00% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 8.00% | |
Real estate selling and closing costs, percentage of appraised value | 8.00% |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | $ 164,816 | $ 224,310 |
Securities - equity investments | 5,623 | 5,826 |
Indemnification asset | 4,786 | 36,225 |
Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 164,816 | 224,310 |
Loans held for sale | 26,437 | 24,546 |
Indemnification asset | 4,786 | |
Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets measured at fair value on a recurring basis | ||
Derivative financial instruments (cash flow hedges) | 3,948 | 816 |
Mutual fund | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 5,623 | 5,826 |
Mutual fund | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 5,623 | 5,826 |
U.S. Government agency obligations | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 5,001 | 15,088 |
U.S. Government agency obligations | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 5,001 | 15,088 |
Mortgage-backed securities, residential | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 18,167 | 27,684 |
Mortgage-backed securities, residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 18,167 | 27,684 |
Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 6,864 | 7,039 |
Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 6,864 | 7,039 |
State and municipal | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 29,175 | 37,395 |
State and municipal | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 29,175 | 37,395 |
CLO securities | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 100,719 | 122,204 |
CLO securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 100,719 | 122,204 |
Corporate bonds | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 2,061 | 11,573 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 2,061 | 11,573 |
SBA pooled securities | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 2,829 | 3,327 |
SBA pooled securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 2,829 | 3,327 |
Level 1 | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Indemnification asset | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets measured at fair value on a recurring basis | ||
Derivative financial instruments (cash flow hedges) | 0 | 0 |
Level 1 | Mutual fund | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 5,623 | 5,826 |
Level 1 | U.S. Government agency obligations | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 1 | Mortgage-backed securities, residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 1 | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 1 | State and municipal | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 1 | CLO securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 1 | Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 1 | SBA pooled securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 164,816 | 224,310 |
Loans held for sale | 26,437 | 24,546 |
Indemnification asset | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets measured at fair value on a recurring basis | ||
Derivative financial instruments (cash flow hedges) | 3,948 | 816 |
Level 2 | Mutual fund | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 0 | 0 |
Level 2 | U.S. Government agency obligations | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 5,001 | 15,088 |
Level 2 | Mortgage-backed securities, residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 18,167 | 27,684 |
Level 2 | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 6,864 | 7,039 |
Level 2 | State and municipal | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 29,175 | 37,395 |
Level 2 | CLO securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 100,719 | 122,204 |
Level 2 | Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 2,061 | 11,573 |
Level 2 | SBA pooled securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 2,829 | 3,327 |
Level 3 | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Indemnification asset | 4,786 | 36,225 |
Level 3 | Fair Value, Measurements, Recurring | Interest rate swaps | ||
Assets measured at fair value on a recurring basis | ||
Derivative financial instruments (cash flow hedges) | 0 | 0 |
Level 3 | Mutual fund | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - equity investments | 0 | 0 |
Level 3 | U.S. Government agency obligations | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 3 | Mortgage-backed securities, residential | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 3 | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 3 | State and municipal | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 3 | CLO securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 3 | Corporate bonds | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | 0 | 0 |
Level 3 | SBA pooled securities | Fair Value, Measurements, Recurring | ||
Assets measured at fair value on a recurring basis | ||
Securities - available for sale | $ 0 | $ 0 |
Fair Value Disclosures - Reconc
Fair Value Disclosures - Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Indemnification recognized | $ (35,633) | $ 0 | ||
Level 3 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 5,246 | $ 0 | 36,225 | 0 |
Indemnification asset recognized in business combination | 0 | 30,959 | 0 | 30,959 |
Change in fair value of indemnification asset recognized in earnings | (460) | 0 | 4,194 | 0 |
Indemnification recognized | 0 | 0 | (35,633) | 0 |
Ending balance | $ 4,786 | $ 30,959 | $ 4,786 | $ 30,959 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Assets Measured on Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 35,949 | $ 49,950 |
Collateral dependent loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 408 | 5,107 |
Collateral dependent loans | Construction, land development, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 824 |
Collateral dependent loans | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 38 | 0 |
Collateral dependent loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 1,379 | 2,355 |
Collateral dependent loans | Factored receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 33,874 | 41,065 |
Collateral dependent loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 3 |
Collateral dependent loans | PCI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | ||
Other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 18 | 273 |
Other real estate owned | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 65 | 114 |
Other real estate owned | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 167 | |
Other real estate owned | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 209 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | Construction, land development, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | Factored receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Collateral dependent loans | PCI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | ||
Level 1 | Other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Other real estate owned | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 1 | Other real estate owned | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 1 | Other real estate owned | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | Construction, land development, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | Factored receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Collateral dependent loans | PCI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | ||
Level 2 | Other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Other real estate owned | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Level 2 | Other real estate owned | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 2 | Other real estate owned | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 35,949 | 49,950 |
Level 3 | Collateral dependent loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 408 | 5,107 |
Level 3 | Collateral dependent loans | Construction, land development, land | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 824 |
Level 3 | Collateral dependent loans | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 38 | 0 |
Level 3 | Collateral dependent loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 1,379 | 2,355 |
Level 3 | Collateral dependent loans | Factored receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 33,874 | 41,065 |
Level 3 | Collateral dependent loans | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 3 |
Level 3 | Collateral dependent loans | PCI | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | ||
Level 3 | Other real estate owned | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 18 | 273 |
Level 3 | Other real estate owned | 1-4 family residential | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 65 | 114 |
Level 3 | Other real estate owned | Construction | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 167 | |
Level 3 | Other real estate owned | Farmland | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 209 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Cash and cash equivalents, carrying amount | $ 532,764 | $ 314,393 |
Securities - held to maturity, carrying amount | 5,488 | 5,919 |
Loans not previously presented carrying amount | 4,747,031 | 4,953,399 |
FHLB and other restricted stock, carrying amount | 4,901 | 6,751 |
Accrued interest receivable, carrying amount | 16,031 | 19,435 |
Cash and cash equivalents, fair value | 532,764 | 314,393 |
Securities - held to maturity, fair value | 5,534 | 5,850 |
Loans not previously presented, fair value | 4,754,702 | 4,978,882 |
Accrued interest receivable, fair value | 16,031 | 19,435 |
Financial liabilities: | ||
Deposits, carrying amount | 4,822,575 | 4,716,600 |
Customer repurchase agreements, carrying amount | 11,990 | 3,099 |
Federal Home Loan Bank advances, carrying amount | 30,000 | 105,000 |
Paycheck Protection Program Liquidity Facility | 97,554 | 191,860 |
Subordinated notes, carrying amount | 106,755 | 87,509 |
Junior subordinated debentures | 40,467 | 40,072 |
Accrued interest payable, carrying amount | 1,976 | 4,270 |
Deposits, fair value | 4,823,597 | 4,719,625 |
Customer repurchase agreements, fair value | 11,990 | 3,099 |
Federal Home Loan Bank advances, fair value | 30,000 | 105,000 |
Paycheck Protection Program Liquidity Facility, fair value | 97,554 | 191,860 |
Subordinated notes, fair value | 107,536 | 89,413 |
Junior subordinated debentures, fair value | 41,085 | 40,379 |
Accrued interest payable, fair value | 1,976 | 4,270 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents, fair value | 532,764 | 314,393 |
Securities - held to maturity, fair value | 0 | 0 |
Loans not previously presented, fair value | 142,996 | 195,739 |
Accrued interest receivable, fair value | 16,031 | 19,435 |
Financial liabilities: | ||
Deposits, fair value | 0 | 0 |
Customer repurchase agreements, fair value | 0 | 0 |
Federal Home Loan Bank advances, fair value | 0 | 0 |
Paycheck Protection Program Liquidity Facility, fair value | 0 | 0 |
Subordinated notes, fair value | 0 | 0 |
Junior subordinated debentures, fair value | 0 | 0 |
Accrued interest payable, fair value | 1,976 | 4,270 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents, fair value | 0 | 0 |
Securities - held to maturity, fair value | 0 | 0 |
Loans not previously presented, fair value | 0 | 0 |
Accrued interest receivable, fair value | 0 | 0 |
Financial liabilities: | ||
Deposits, fair value | 4,823,597 | 4,719,625 |
Customer repurchase agreements, fair value | 11,990 | 3,099 |
Federal Home Loan Bank advances, fair value | 30,000 | 105,000 |
Paycheck Protection Program Liquidity Facility, fair value | 97,554 | 191,860 |
Subordinated notes, fair value | 107,536 | 89,413 |
Junior subordinated debentures, fair value | 41,085 | 40,379 |
Accrued interest payable, fair value | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents, fair value | 0 | 0 |
Securities - held to maturity, fair value | 5,534 | 5,850 |
Loans not previously presented, fair value | 4,611,706 | 4,783,143 |
Accrued interest receivable, fair value | 0 | 0 |
Financial liabilities: | ||
Deposits, fair value | 0 | 0 |
Customer repurchase agreements, fair value | 0 | 0 |
Federal Home Loan Bank advances, fair value | 0 | 0 |
Paycheck Protection Program Liquidity Facility, fair value | 0 | 0 |
Subordinated notes, fair value | 0 | 0 |
Junior subordinated debentures, fair value | 0 | 0 |
Accrued interest payable, fair value | $ 0 | $ 0 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Triumph Bancorp Inc | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 727,171 | $ 715,142 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 0.137 | 0.130 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 424,625 | $ 440,087 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 0.080 | 0.080 |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 587,326 | $ 581,580 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 0.111 | 0.106 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 317,474 | $ 329,196 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 0.060 | 0.060 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 501,859 | $ 496,508 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 0.094 | 0.090 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 240,252 | $ 248,254 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.045 | 0.045 |
Tier 1 Capital (to Average Assets) Actual Amount | $ 587,326 | $ 581,580 |
Tier 1 Capital (to Average Assets) Actual Ratio | 0.104 | 0.108 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 225,895 | $ 215,400 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Ratio | 0.040 | 0.040 |
TBK Bank SSB | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk Weighted Assets) Actual Amount | $ 655,551 | $ 653,359 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 0.125 | 0.121 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 419,553 | $ 431,973 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 0.080 | 0.080 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 524,441 | $ 539,966 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.100 | 0.100 |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 623,674 | $ 608,737 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 0.119 | 0.113 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 314,457 | $ 323,223 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 0.060 | 0.060 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 419,277 | $ 430,964 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.080 | 0.080 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 623,674 | $ 608,737 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 0.119 | 0.113 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 235,843 | $ 242,417 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.045 | 0.045 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 340,662 | $ 350,158 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.065 | 0.065 |
Tier 1 Capital (to Average Assets) Actual Amount | $ 623,674 | $ 608,737 |
Tier 1 Capital (to Average Assets) Actual Ratio | 0.111 | 0.113 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 224,747 | $ 215,482 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Ratio | 0.040 | 0.040 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 280,934 | $ 269,353 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.050 | 0.050 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Capital Structure (Details) - USD ($) | Sep. 30, 2020 | Jun. 19, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Shares authorized (in shares) | 50,000,000 | 50,000,000 | ||
Shares issued (in shares) | 28,224,921 | 27,951,721 | ||
Treasury shares (in shares) | (3,101,579) | (3,083,503) | ||
Shares outstanding (in shares) | 25,123,342 | 24,868,218 | ||
Par value per share (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred Stock Series C | ||||
Class of Stock [Line Items] | ||||
Shares authorized (in shares) | 51,750 | 51,750 | ||
Shares issued (in shares) | 45,000 | 45,000 | 45,000 | |
Shares outstanding (in shares) | 45,000 | 45,000 | ||
Par value per share (in dollars per shares) | $ 0.01 | $ 0.01 | $ 0.01 | |
Liquidation preference per share (in dollars per shares) | $ 1,000 | $ 1,000 | $ 1,000 | |
Liquidation preference amount | $ 45,000,000 | $ 45,000,000 | ||
Dividend rate | 7.125% | 7.125% | 7.125% | 7.125% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | Sep. 30, 2020 | Jun. 19, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Dec. 31, 2020$ / sharesshares | Oct. 16, 2019USD ($) |
Class of Stock [Line Items] | ||||||||||
Issuance of preferred stock, net of issuance costs | $ 42,364,000 | $ 0 | $ 42,364,000 | |||||||
Shares repurchased value and held into treasury stock | $ 0 | $ 1,241,000 | $ 186,000 | $ 35,586,000 | ||||||
Share repurchase program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares repurchased and held into treasury stock (in shares) | shares | 0 | 871,319 | ||||||||
Shares repurchased, average price per share (in dollars per share) | $ / shares | $ 40.81 | |||||||||
Shares repurchased value and held into treasury stock | $ 35,600,000 | |||||||||
Amount authorized under stock repurchase program | $ 50,000,000 | |||||||||
Series C Preferred Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Preferred stock, shares issued (in shares) | shares | 45,000 | 45,000 | 45,000 | 45,000 | ||||||
Preferred stock, dividend rate | 7.125% | 7.125% | 7.125% | 7.125% | ||||||
Preferred stock, par value per share (in dollars per shares) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred stock, liquidation preference per share (in dollars per shares) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | ||||||
Stock issued during period shares (in shares) | shares | 1,800,000 | |||||||||
Depositary shares, ownership interest | 0.025 | |||||||||
Gross proceeds from preferred stock offering | $ 45,000,000 | |||||||||
Issuance of preferred stock, net of issuance costs | $ 42,364,000 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) | May 16, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation | $ 4,445,000 | $ 1,309,000 | $ 9,181,000 | $ 3,443,000 | |
Shares issued under ESPP during period (in shares) | 9,101 | 9,101 | |||
2014 Omnibus Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares approved for issuance (in shares) | 2,450,000 | 2,450,000 | |||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | $ 15,794,000 | $ 15,794,000 | |||
Remaining period to recognize cost | 3 years 5 months 1 day | ||||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 3 years | ||||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 4 years | ||||
2014 Omnibus Incentive Plan | Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 2,519,000 | $ 2,519,000 | |||
Remaining period to recognize cost | 2 years 8 months 1 day | ||||
2014 Omnibus Incentive Plan | Restricted stock units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 4 years | ||||
2014 Omnibus Incentive Plan | Restricted stock units | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 5 years | ||||
2014 Omnibus Incentive Plan | Performance stock units - market based | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | $ 1,962,000 | $ 1,962,000 | |||
Remaining period to recognize cost | 2 years 21 days | ||||
2014 Omnibus Incentive Plan | Performance stock units - market based | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 3 years | ||||
Stock based compensation, award vesting percentage | 0.00% | ||||
2014 Omnibus Incentive Plan | Performance stock units - market based | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 5 years | ||||
Stock based compensation, award vesting percentage | 175.00% | ||||
2014 Omnibus Incentive Plan | Performance Based Performance Stock Units (Performance Based PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation | $ 0 | $ 0 | |||
Stock based compensation, award vesting period | 3 years | ||||
Remaining period to recognize cost | 1 year 3 months | ||||
2014 Omnibus Incentive Plan | Performance Based Performance Stock Units (Performance Based PSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation, award vesting percentage | 0.00% | ||||
2014 Omnibus Incentive Plan | Performance Based Performance Stock Units (Performance Based PSUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation, award vesting percentage | 200.00% | ||||
Total unrecognized compensation cost | $ 20,396,000 | $ 20,396,000 | |||
2014 Omnibus Incentive Plan | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 4 years | ||||
Remaining period to recognize cost | 2 years 11 months 8 days | ||||
Total unrecognized compensation cost | $ 512,000 | $ 512,000 | |||
Employees stock options contractual terms | 10 years | ||||
2019 Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock reserved for issuance (in shares) | 2,500,000 | ||||
Purchase price of common stock, percentage | 85.00% |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Changes in Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock Awards (RSAs) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Shares | |
Nonvested Shares, Beginning balance (in shares) | shares | 205,536 |
Nonvested Shares, Granted (in shares) | shares | 232,551 |
Nonvested Shares, Vested (in shares) | shares | (78,017) |
Nonvested Shares, Forfeited (in shares) | shares | (3,907) |
Nonvested Shares, Ending balance (in shares) | shares | 356,163 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance (in dollars per share) | $ / shares | $ 29.17 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted (in dollars per share) | $ / shares | 87.60 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested (in dollars per share) | $ / shares | 34.08 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited (in dollars per share) | $ / shares | 50.51 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance (in dollars per share) | $ / shares | $ 66.01 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Changes in Company's Nonvested Restricted Stock Units (Details) - Restricted stock units | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Shares | |
Nonvested Shares, Beginning balance (in shares) | shares | 89,713 |
Nonvested Shares, Granted (in shares) | shares | 17,757 |
Nonvested Shares, Vested (in shares) | shares | 0 |
Nonvested Shares, Forfeited (in shares) | shares | 0 |
Nonvested Shares, Ending balance (in shares) | shares | 107,470 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance (in dollars per share) | $ / shares | $ 33.34 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted (in dollars per share) | $ / shares | 84.47 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance (in dollars per share) | $ / shares | $ 41.79 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Changes in Company's Nonvested Market Based Performance Stock Units (Details) - Performance stock units - market based | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Shares | |
Nonvested Shares, Beginning balance (in shares) | shares | 85,611 |
Nonvested Shares, Granted (in shares) | shares | 13,520 |
Nonvested Shares, Vested (in shares) | shares | 0 |
Nonvested Shares, Forfeited (in shares) | shares | (4,147) |
Nonvested Shares, Ending balance (in shares) | shares | 94,984 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance (in dollars per share) | $ / shares | $ 35.65 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted (in dollars per share) | $ / shares | 98.03 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited (in dollars per share) | $ / shares | 55.02 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance (in dollars per share) | $ / shares | $ 43.68 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Performance Stock Units, Valuation Assumptions (Details) - Performance stock units - market based - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date | May 1, 2021 | May 1, 2020 |
Performance period | 3 years | 3 years |
Stock price (in dollars per share) | $ 88.63 | $ 26.25 |
Triumph stock price volatility | 51.71% | 43.02% |
Risk-free rate | 0.35% | 0.25% |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Changes in Company's Nonvested Performance Based Performance Stock Units (Details) - Performance Based Performance Stock Units (Performance Based PSUs) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Shares | |
Nonvested Shares, Beginning balance (in shares) | shares | 256,625 |
Nonvested Shares, Granted (in shares) | shares | 9,000 |
Nonvested Shares, Vested (in shares) | shares | 0 |
Nonvested Shares, Forfeited (in shares) | shares | (6,242) |
Nonvested Shares, Ending balance (in shares) | shares | 259,383 |
Weighted-Average Grant-Date Fair Value | |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance (in dollars per share) | $ / shares | $ 37.56 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted (in dollars per share) | $ / shares | 88.63 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested (in dollars per share) | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited (in dollars per share) | $ / shares | 38.02 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance (in dollars per share) | $ / shares | $ 39.32 |
Stock Based Compensation - Su_5
Stock Based Compensation - Summary of Changes in Company's Stock Options (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2021 | |
Shares | |
Stock Options, Beginning Balance (in shares) | 227,986 |
Stock Options, Granted (in shares) | 16,939 |
Stock Options, Exercised (in shares) | (48,541) |
Stock Options, Forfeited or expired (in shares) | 0 |
Stock Options, Ending Balance (in shares) | 196,384 |
Stock Options, Fully vested shares and shares expected (in shares) | 196,384 |
Stock Options, Shares exercisable (in shares) | 136,032 |
Weighted-Average Exercise Price | |
Weighted-Average Exercise Price, Beginning Balance (in dollars per share) | $ 25.16 |
Weighted-Average Exercise Price, Granted (in dollars per share) | 88.63 |
Weighted-Average Exercise Price, Exercised (in dollars per share) | 24.30 |
Weighted-Average Exercise Price, Forfeited or expired (in dollars per share) | 0 |
Weighted-Average Exercise Price, Ending Balance (in dollars per share) | 31.11 |
Weighted-Average Exercise Price, Fully vested shares and shares expected to vest (in dollars per share) | 31.11 |
Weighted-Average Exercise Price, Shares exercisable (in dollars per share) | $ 24.02 |
Weighted-Average Remaining Contractual Term (In Years) | |
Weighted-Average Remaining Contractual Term, Outstanding | 6 years 4 months 28 days |
Weighted-Average Remaining Contractual Term, Fully vested shares and shares expected to vest | 6 years 4 months 28 days |
Weighted-Average Remaining Contractual Term, Shares exercisable | 5 years 6 months 3 days |
Aggregate Intrinsic Value (In Thousands) | |
Aggregate Intrinsic Value, Outstanding | $ 13,554 |
Aggregate Intrinsic Value, Fully vested shares and shares expected to vest | 13,554 |
Aggregate Intrinsic Value, Shares exercisable | $ 10,163 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash received from option exercises | $ 196 | $ 0 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value of options exercised | 2,407 | 10 |
Cash received from option exercises | 196 | 0 |
Tax benefit realized from option exercises | $ 506 | $ 2 |
Weighted average fair value per share of options granted (in dollars per share) | $ 35.37 | $ 8.85 |
Stock Based Compensation - Fair
Stock Based Compensation - Fair Value of Stock Options Granted Using Weighted-Average Assumptions (Details) - Stock options | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.16% | 0.46% |
Expected term | 6 years 3 months | 6 years 3 months |
Expected stock price volatility | 39.26% | 33.83% |
Dividend yield | 0.00% | 0.00% |
Earnings Per Share - Factors Us
Earnings Per Share - Factors Used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Basic | ||||
Net income to common stockholders | $ 23,627 | $ 22,005 | $ 83,929 | $ 30,995 |
Weighted average common shares outstanding (in shares) | 24,759,419 | 24,592,092 | 24,719,861 | 24,298,897 |
Basic earnings per common share (in dollars per share) | $ 0.95 | $ 0.89 | $ 3.40 | $ 1.28 |
Diluted | ||||
Net income to common stockholders | $ 23,627 | $ 22,005 | $ 83,929 | $ 30,995 |
Weighted average common shares outstanding (in shares) | 24,759,419 | 24,592,092 | 24,719,861 | 24,298,897 |
Dilutive effects of: | ||||
Average shares and dilutive potential common shares (in shares) | 25,227,963 | 24,802,388 | 25,199,991 | 24,464,215 |
Diluted earnings per common share (in dollars per share) | $ 0.94 | $ 0.89 | $ 3.33 | $ 1.27 |
Stock options | ||||
Dilutive effects of: | ||||
Stock based compensation (in shares) | 121,110 | 48,102 | 129,149 | 53,232 |
Restricted stock awards | ||||
Dilutive effects of: | ||||
Stock based compensation (in shares) | 141,204 | 67,907 | 146,172 | 65,893 |
Restricted stock units | ||||
Dilutive effects of: | ||||
Stock based compensation (in shares) | 74,268 | 18,192 | 71,620 | 15,198 |
Performance stock units - market based | ||||
Dilutive effects of: | ||||
Stock based compensation (in shares) | 131,346 | 76,095 | 131,275 | 30,995 |
Performance stock units - performance based | ||||
Dilutive effects of: | ||||
Stock based compensation (in shares) | 0 | 0 | 0 | 0 |
Employee stock purchase program | ||||
Dilutive effects of: | ||||
Stock based compensation (in shares) | 616 | 0 | 1,914 | 0 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Shares not Considered in Computing Diluted Earnings per Common Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares (in shares) | 16,939 | 98,513 | 16,939 | 98,513 |
Restricted stock awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares (in shares) | 0 | 0 | 195,640 | 0 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares (in shares) | 0 | 0 | 17,757 | 0 |
Performance stock units - market based | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares (in shares) | 12,020 | 0 | 12,020 | 0 |
Performance stock units - performance based | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares (in shares) | 259,383 | 261,125 | 259,383 | 261,125 |
Employee stock purchase program | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares (in shares) | 0 | 0 | 0 | 0 |
Business Segment Information -
Business Segment Information - Banking Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Total interest income | $ 96,735 | $ 82,364 | $ 279,776 | $ 232,176 | |
Intersegment interest allocations | 0 | 0 | 0 | 0 | |
Total interest expense | 4,964 | 7,985 | 14,703 | 31,046 | |
Net interest income | 91,771 | 74,379 | 265,073 | 201,130 | |
Credit loss expense (benefit) | (1,187) | (258) | (10,838) | 33,649 | |
Net interest income after credit loss expense (benefit) | 92,958 | 74,637 | 275,911 | 167,481 | |
Gain on sale of subsidiary or division | 0 | 0 | 0 | 9,758 | |
Other noninterest income | 28,241 | ||||
Noninterest income | 12,055 | 10,493 | 40,242 | 37,999 | |
Noninterest expense | 72,813 | 55,297 | 204,503 | 162,776 | |
Operating income (loss) | 32,200 | 29,833 | 111,650 | 42,704 | |
Total assets | 6,024,535 | 6,024,535 | $ 5,935,791 | ||
Gross loans | 4,782,730 | 4,782,730 | 4,996,776 | ||
Operating Segments | Banking | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 46,175 | 50,927 | 144,087 | 155,517 | |
Total interest expense | 2,073 | 6,176 | 8,225 | 25,368 | |
Net interest income | 46,554 | 48,210 | 143,979 | 139,288 | |
Credit loss expense (benefit) | (2,399) | (3,419) | (19,187) | 27,211 | |
Net interest income after credit loss expense (benefit) | 48,953 | 51,629 | 163,166 | 112,077 | |
Gain on sale of subsidiary or division | 9,758 | ||||
Other noninterest income | 22,512 | ||||
Noninterest income | 7,371 | 7,443 | 25,139 | ||
Noninterest expense | 41,183 | 37,389 | 122,497 | 113,047 | |
Operating income (loss) | 15,141 | 21,683 | 65,808 | 31,300 | |
Total assets | 5,686,761 | 5,686,761 | 5,791,537 | ||
Gross loans | 4,390,659 | 4,390,659 | 4,788,093 | ||
Operating Segments | Factoring | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 47,222 | 30,068 | 127,699 | 73,952 | |
Total interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 44,881 | 26,756 | 119,999 | 65,079 | |
Credit loss expense (benefit) | 1,164 | 3,053 | 8,091 | 4,437 | |
Net interest income after credit loss expense (benefit) | 43,717 | 23,703 | 111,908 | 60,642 | |
Gain on sale of subsidiary or division | 0 | ||||
Other noninterest income | 5,524 | ||||
Noninterest income | 1,557 | 3,157 | 10,710 | ||
Noninterest expense | 19,106 | 13,665 | 52,433 | 37,695 | |
Operating income (loss) | 26,168 | 13,195 | 70,185 | 28,471 | |
Total assets | 1,559,378 | 1,559,378 | 1,121,704 | ||
Gross loans | 1,479,989 | 1,479,989 | 1,036,548 | ||
Operating Segments | Payments | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 3,295 | 1,361 | 7,939 | 2,440 | |
Total interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 3,184 | 1,214 | 7,522 | 2,174 | |
Credit loss expense (benefit) | 38 | 2 | 548 | 167 | |
Net interest income after credit loss expense (benefit) | 3,146 | 1,212 | 6,974 | 2,007 | |
Gain on sale of subsidiary or division | 0 | ||||
Other noninterest income | 74 | ||||
Noninterest income | 3,086 | 47 | 4,242 | ||
Noninterest expense | 11,416 | 3,195 | 26,393 | 8,954 | |
Operating income (loss) | (5,184) | (1,936) | (15,177) | (6,873) | |
Total assets | 242,446 | 242,446 | 115,836 | ||
Gross loans | 127,039 | 127,039 | 84,222 | ||
Operating Segments | Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 43 | 8 | 51 | 267 | |
Total interest expense | 2,891 | 1,809 | 6,478 | 5,678 | |
Net interest income | (2,848) | (1,801) | (6,427) | (5,411) | |
Credit loss expense (benefit) | 10 | 106 | (290) | 1,834 | |
Net interest income after credit loss expense (benefit) | (2,858) | (1,907) | (6,137) | (7,245) | |
Gain on sale of subsidiary or division | 0 | ||||
Other noninterest income | 131 | ||||
Noninterest income | 41 | (154) | 151 | ||
Noninterest expense | 1,108 | 1,048 | 3,180 | 3,080 | |
Operating income (loss) | (3,925) | (3,109) | (9,166) | (10,194) | |
Total assets | 975,939 | 975,939 | 861,967 | ||
Gross loans | 700 | 700 | 800 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | (2,439,989) | (2,439,989) | (1,955,253) | ||
Gross loans | (1,215,657) | (1,215,657) | $ (912,887) | ||
Eliminations | Banking | |||||
Segment Reporting Information [Line Items] | |||||
Intersegment interest allocations | 2,452 | 3,459 | 8,117 | 9,139 | |
Eliminations | Factoring | |||||
Segment Reporting Information [Line Items] | |||||
Intersegment interest allocations | (2,341) | (3,312) | (7,700) | (8,873) | |
Eliminations | Payments | |||||
Segment Reporting Information [Line Items] | |||||
Intersegment interest allocations | (111) | (147) | (417) | (266) | |
Eliminations | Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Intersegment interest allocations | $ 0 | $ 0 | $ 0 | $ 0 |