Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | BY | |
Entity Registrant Name | Byline Bancorp, Inc. | |
Entity Central Index Key | 0001702750 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38139 | |
Entity Tax Identification Number | 36-3012593 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 180 North LaSalle Street | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601 | |
City Area Code | 773 | |
Local Phone Number | 244-7000 | |
Entity Common Stock, Shares Outstanding | 37,798,160 | |
Title of each class | Common Stock | |
Name of each exchange on which registered | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 48,015 | $ 35,247 |
Interest bearing deposits with other banks | 105,564 | 122,684 |
Cash and cash equivalents | 153,579 | 157,931 |
Equity and other securities, at fair value | 10,677 | 10,578 |
Securities available-for-sale, at fair value | 1,369,368 | 1,454,542 |
Securities held-to-maturity, at amortized cost (fair value at March 31, 2022 -$3,906, December 31,2021 -$3,906) | 3,882 | 3,885 |
Restricted stock, at cost | 13,977 | 22,002 |
Loans held for sale | 39,520 | 64,460 |
Loans and leases: | ||
Loans And Leases Receivables, Gross | 4,789,068 | 4,537,128 |
Allowance for loan and lease losses | (59,458) | (55,012) |
Net loans and leases | 4,729,610 | 4,482,116 |
Servicing assets, at fair value | 24,497 | 23,744 |
Premises and equipment, net | 62,281 | 62,548 |
Other real estate owned, net | 2,221 | 2,112 |
Goodwill and other intangible assets, net | 163,962 | 165,558 |
Bank-owned life insurance | 80,604 | 80,039 |
Deferred tax assets, net | 67,335 | 50,329 |
Accrued interest receivable and other assets | 113,123 | 116,328 |
Total assets | 6,834,636 | 6,696,172 |
LIABILITIES | ||
Non-interest-bearing demand deposits | 2,281,612 | 2,158,420 |
Interest-bearing deposits | 3,248,490 | 2,996,627 |
Total deposits | 5,530,102 | 5,155,047 |
Other borrowings | 311,450 | 519,723 |
Subordinated notes, net | 73,560 | 73,517 |
Junior subordinated debentures issued to capital trusts, net | 37,011 | 36,906 |
Accrued interest payable and other liabilities | 93,842 | 74,597 |
Total liabilities | 6,045,965 | 5,859,790 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock | 10,438 | |
Common stock | 388 | 387 |
Additional paid-in capital | 595,006 | 593,753 |
Retained earnings | 290,397 | 271,676 |
Treasury stock, at cost | (40,732) | (31,570) |
Accumulated other comprehensive income (loss), net of tax | (56,388) | 8,302 |
Total stockholders’ equity | 788,671 | 836,382 |
Total liabilities and stockholders’ equity | $ 6,834,636 | $ 6,696,172 |
Preferred shares par value | $ 0.01 | $ 0.01 |
Preferred shares authorized | 50,000 | 50,000 |
Preferred shares issued | 0 | 10,438 |
Preferred shares outstanding | 0 | 10,438 |
Treasury preferred shares | 0 | 0 |
Common shares par value | $ 0.01 | $ 0.01 |
Common shares authorized | 150,000,000 | 150,000,000 |
Common shares issued | 39,534,816 | 39,203,747 |
Common shares outstanding | 37,811,582 | 37,713,903 |
Treasury common shares | 1,723,234 | 1,489,844 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, fair value | $ 3,906 | $ 3,992 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INTEREST AND DIVIDEND INCOME | ||
Interest and fees on loans and leases | $ 55,426 | $ 53,808 |
Interest on securities | 6,155 | 6,089 |
Other interest and dividend income | 237 | 262 |
Total interest and dividend income | 61,818 | 60,159 |
INTEREST EXPENSE | ||
Deposits | 1,087 | 1,421 |
Other borrowings | 395 | 502 |
Subordinated notes and debentures | 1,600 | 1,596 |
Total interest expense | 3,082 | 3,519 |
Net interest income | 58,736 | 56,640 |
PROVISION FOR LOAN AND LEASE LOSSES | 4,995 | 4,367 |
Net interest income after provision for loan and lease losses | 53,741 | 52,273 |
NON-INTEREST INCOME | ||
Fees and service charges on deposits | 1,884 | 1,664 |
Loan servicing revenue non interest income | 3,380 | 2,769 |
Loan servicing asset revaluation | (1,231) | (1,505) |
ATM and interchange fees | 1,049 | 1,012 |
Net realized gains on securities available-for-sale | 0 | 1,462 |
Change in fair value of equity securities, net | (151) | (206) |
Net gains on sales of loans | 10,827 | 8,319 |
Wealth management and trust income | 1,048 | 768 |
Other non-interest income | 2,620 | 1,459 |
Total non-interest income | 19,426 | 15,742 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 28,959 | 21,806 |
Occupancy and equipment expense, net | 5,128 | 5,779 |
Impairment loss on assets held for sale | 0 | 604 |
Loan and lease related expenses | (891) | 951 |
Legal, audit and other professional fees | 2,600 | 2,214 |
Data processing | 3,186 | 2,755 |
Net loss recognized on other real estate owned and other related expenses | 54 | 621 |
Other intangible assets amortization expense | 1,596 | 1,749 |
Other non-interest expense | 3,923 | 2,363 |
Total non-interest expense | 44,555 | 38,842 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 28,612 | 29,173 |
PROVISION FOR INCOME TAXES | 6,301 | 7,375 |
NET INCOME | 22,311 | 21,798 |
Dividends on preferred shares | 196 | 196 |
INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 22,115 | $ 21,602 |
EARNINGS PER COMMON SHARE | ||
Basic | $ 0.60 | $ 0.57 |
Diluted | $ 0.58 | $ 0.56 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Other Comprehensive Income [Abstract] | ||
Net income | $ 22,311 | $ 21,798 |
Securities available-for-sale | ||
Unrealized holding gains (losses) arising during the period | (83,843) | 40,131 |
Reclassification adjustments for net gains included in net income | 0 | (1,462) |
Tax effect | 22,747 | 11,582 |
Net of tax | (61,096) | (30,011) |
Cash flow hedges | ||
Unrealized holding gains arising during the period | 17,643 | 4,992 |
Reclassification adjustments for net losses included in net income | 210 | 21 |
Tax effect | (4,843) | (1,396) |
Net of tax | 13,010 | 3,617 |
Total other comprehensive loss | (48,086) | (26,394) |
Comprehensive loss | $ (25,775) | $ 4,596 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (UNAUDITED) - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2020 | $ 805,464,000 | $ 10,438,000 | $ 384,000 | $ 587,165,000 | $ 191,098,000 | $ (1,668,000) | $ 18,047,000 |
Beginning balance, shares at Dec. 31, 2020 | 10,438 | 38,618,054 | |||||
Net income | 21,798,000 | 21,798,000 | |||||
Other comprehensive income loss, net of tax | (26,394,000) | (26,394,000) | |||||
Issuance of common stock upon exercise of stock options | 751,000 | $ 1,000 | 750,000 | ||||
Issuance of common stock upon exercise of stock options, shares | 55,908 | ||||||
Restricted stock activity, net | (244,000) | (244,000) | |||||
Restricted stock activity, shares | 274,739 | ||||||
Issuance of common stock in connection with employee stock purchase plan | 515,000 | 515,000 | |||||
Issuance of common stock in connection with employee stock purchase plan, shares | 25,894 | ||||||
Cash dividends declared on preferred stock | (196,000) | (196,000) | |||||
Cash dividends declared on common stock | (2,315,000) | (2,315,000) | |||||
Repurchase of common stock | $ (6,363,000) | $ (332,744,000) | (6,363,000) | ||||
Repurchase of common stock, shares | (332,744) | ||||||
Share-based compensation expense | $ 779,000 | 779,000 | |||||
Ending balance at Mar. 31, 2021 | 793,795,000 | $ 10,438,000 | $ 385,000 | 589,209,000 | 210,385,000 | (8,275,000) | (8,347,000) |
Ending balance, shares at Mar. 31, 2021 | 10,438 | 38,641,851 | |||||
Beginning balance at Dec. 31, 2020 | 805,464,000 | $ 10,438,000 | $ 384,000 | 587,165,000 | 191,098,000 | (1,668,000) | 18,047,000 |
Beginning balance, shares at Dec. 31, 2020 | 10,438 | 38,618,054 | |||||
Ending balance at Dec. 31, 2021 | 836,382,000 | $ 10,438,000 | $ 387,000 | 593,753,000 | 271,676,000 | (31,570,000) | (8,302,000) |
Ending balance, shares at Dec. 31, 2021 | 10,438 | 37,713,903 | |||||
Beginning balance at Mar. 31, 2021 | 793,795,000 | $ 10,438,000 | $ 385,000 | 589,209,000 | 210,385,000 | (8,275,000) | (8,347,000) |
Beginning balance, shares at Mar. 31, 2021 | 10,438 | 38,641,851 | |||||
Net income | 28,492,000 | 28,492,000 | |||||
Other comprehensive income loss, net of tax | 8,524,000 | 8,524,000 | |||||
Issuance of common stock upon exercise of stock options | 135,000 | 135,000 | |||||
Issuance of common stock upon exercise of stock options, shares | 11,031 | ||||||
Restricted stock activity, net | (344,000) | (344,000) | |||||
Restricted stock activity, shares | 19,166 | ||||||
Cash dividends declared on preferred stock | (195,000) | (195,000) | |||||
Cash dividends declared on common stock | (2,319,000) | (2,319,000) | |||||
Repurchase of common stock | (12,093,000) | (12,093,000) | |||||
Repurchase of common stock, shares | (538,744) | ||||||
Share-based compensation expense | 1,078,000 | 1,078,000 | |||||
Ending balance at Jun. 30, 2021 | 817,073,000 | $ 10,438,000 | $ 385,000 | 590,422,000 | 236,363,000 | (20,712,000) | 177,000 |
Ending balance, shares at Jun. 30, 2021 | 10,438 | 38,094,972 | |||||
Net income | 25,306,000 | 25,306,000 | |||||
Other comprehensive income loss, net of tax | (5,691,000) | (5,691,000) | |||||
Issuance of common stock upon exercise of stock options | 283,000 | 283,000 | |||||
Issuance of common stock upon exercise of stock options, shares | 25,866 | ||||||
Restricted stock activity, net | (38,000) | $ 1,000 | (1,000) | (38,000) | |||
Restricted stock activity, shares | 12,879 | ||||||
Issuance of common stock in connection with employee stock purchase plan | 408,000 | 408,000 | |||||
Issuance of common stock in connection with employee stock purchase plan, shares | 16,590 | ||||||
Cash dividends declared on preferred stock | (196,000) | (196,000) | |||||
Cash dividends declared on common stock | (3,396,000) | (3,396,000) | |||||
Repurchase of common stock | (10,411,000) | (10,411,000) | |||||
Repurchase of common stock, shares | (460,220) | ||||||
Share-based compensation expense | 1,080,000 | 1,080,000 | |||||
Ending balance at Sep. 30, 2021 | 824,418,000 | $ 10,438,000 | $ 386,000 | 592,192,000 | 258,077,000 | (31,161,000) | (5,514,000) |
Ending balance, shares at Sep. 30, 2021 | 10,438 | 37,690,087 | |||||
Net income | 17,189,000 | ||||||
Other comprehensive income loss, net of tax | (2,788,000) | (2,788,000) | |||||
Issuance of common stock upon exercise of stock options | 287,000 | 187,000 | 100,000 | ||||
Issuance of common stock upon exercise of stock options, shares | 23,092 | ||||||
Restricted stock activity, net | (509,000) | (509,000) | |||||
Restricted stock activity, shares | 9,994 | ||||||
Issuance of common stock in connection with employee stock purchase plan | 294,000 | $ 1,000 | 293,000 | ||||
Issuance of common stock in connection with employee stock purchase plan, shares | 10,718 | ||||||
Cash dividends declared on preferred stock | (196,000) | (196,000) | |||||
Cash dividends declared on common stock | (3,394,000) | (3,394,000) | |||||
Share-based compensation expense | 1,081,000 | 1,081,000 | |||||
Ending balance at Dec. 31, 2021 | 836,382,000 | $ 10,438,000 | $ 387,000 | 593,753,000 | 271,676,000 | (31,570,000) | (8,302,000) |
Ending balance, shares at Dec. 31, 2021 | 10,438 | 37,713,903 | |||||
Net income | 22,311,000 | 22,311,000 | |||||
Other comprehensive income loss, net of tax | (48,086,000) | (48,086,000) | |||||
Issuance of common stock upon exercise of stock options | (881,000) | (9,000) | (872,000) | ||||
Issuance of common stock upon exercise of stock options, shares | 117,254 | ||||||
Restricted stock activity, net | (700,000) | $ 1,000 | (1,000) | (700,000) | |||
Restricted stock activity, shares | 263,283 | ||||||
Return of common stock in connection with employee stock purchase plan | (1,000) | (1,000) | |||||
Return of common stock in connection with employee stock purchase plan, Shares | (39) | ||||||
Redemption of preferred stock, Shares | (10,438) | ||||||
Redemption of preferred stock | (10,438,000) | $ (10,438,000) | |||||
Cash dividends declared on preferred stock | (196,000) | (196,000) | |||||
Cash dividends declared on common stock | (3,394,000) | (3,394,000) | |||||
Repurchase of common stock | $ (7,590,000) | (7,590,000) | |||||
Repurchase of common stock, shares | (282,819) | (282,819) | |||||
Share-based compensation expense | $ 1,264,000 | 1,264,000 | |||||
Ending balance at Mar. 31, 2022 | $ 788,671,000 | $ 388,000 | $ 595,006,000 | $ 290,397,000 | $ (40,732,000) | $ (56,388,000) | |
Ending balance, shares at Mar. 31, 2022 | 37,811,582 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (UNAUDITED) (Parenthetical) - $ / shares | 3 Months Ended | |||
Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends per share | $ 0.09 | $ 0.09 | $ 0.06 | $ 0.06 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 22,311 | $ 17,189 | $ 28,492 | $ 21,798 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
PROVISION FOR LOAN AND LEASE LOSSES | 4,995 | 4,367 | ||
Impairment loss on assets held for sale | 0 | 604 | ||
Depreciation and amortization of premises and equipment | 1,164 | 1,557 | ||
Net amortization of securities | 1,254 | 2,439 | ||
Net change in fair value of equity securities, net | 151 | 206 | ||
Net realized gains on securities available-for-sale | 0 | (1,462) | ||
Net gains on sales and valuation adjustments of premises and equipment | (2) | (88) | ||
Net gains on sales of loans | (10,827) | (8,319) | ||
Originations of U.S. government guaranteed loans | (78,643) | (95,563) | ||
Proceeds from U.S. government guaranteed loans sold | 97,176 | 88,489 | ||
Accretion of premiums and discounts on acquired loans, net | (1,476) | (1,968) | ||
Net change in servicing assets | (753) | (98) | ||
Net losses (gains) on sales and valuation adjustments of other real estate owned | (25) | 464 | ||
Net amortization of other acquisition accounting adjustments | 1,596 | 1,732 | ||
Amortization of subordinated debt issuance cost | 43 | 44 | ||
Accretion of junior subordinated debentures discount | 105 | 114 | ||
Share-based compensation expense | 1,264 | 779 | ||
Deferred tax provision (benefit), net of valuation | 897 | 1,705 | ||
Increase in cash surrender value of bank owned life insurance | (565) | (249) | ||
Changes in assets and liabilities: | ||||
Accrued interest receivable and other assets | 19,106 | 12,292 | ||
Accrued interest payable and other liabilities | 34,997 | (13,843) | ||
Net cash provided by operating activities | 92,768 | 15,000 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of securities available-for-sale | (52,288) | (487,027) | ||
Proceeds from maturities and calls of securities available-for-sale | 9,223 | 14,596 | ||
Proceeds from paydowns of securities available-for-sale | 44,358 | 112,038 | ||
Proceeds from sales of securities available-for-sale | 0 | 183,413 | ||
Proceeds from maturities and calls of securities held-to-maturity | 0 | 500 | ||
Purchases of Federal Home Loan Bank stock, net | 8,025 | (8,550) | ||
Net change in loans and leases | (251,446) | (117,788) | ||
Purchases of premises and equipment | (926) | (477) | ||
Proceeds from sales of premises and equipment | 26 | 296 | ||
Proceeds from sales of assets held for sale | 0 | 832 | ||
Proceeds from sales of other real estate owned | 225 | 370 | ||
Investment in bank owned life insurance | 0 | (50,000) | ||
Net cash used in investing activities | (242,803) | (351,797) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Net increase in deposits | 375,055 | 272,526 | ||
Proceeds from short-term borrowings | 4,159,000 | 4,696,000 | ||
Repayments of short-term borrowings | (4,369,000) | (4,601,000) | ||
Proceeds from Paycheck Protection Program Liquidity Facility ("PPPLF") advances | 0 | 132,410 | ||
Repayments of PPPLF advances | 0 | (116,670) | ||
Net increase (decrease) in securities sold under agreements to repurchase | 1,727 | (8,922) | ||
Dividends paid on preferred stock | (196) | (196) | ||
Dividends paid on common stock | (3,345) | (2,293) | ||
Proceeds from issuance of common stock | 470 | 1,024 | ||
Redemption of preferred stock | 10,438 | 0 | ||
Repurchases of common stock | (7,590) | (6,363) | ||
Net cash provided by financing activities | 145,683 | 366,516 | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (4,352) | 29,719 | ||
CASH AND CASH EQUIVALENTS, beginning of period | 157,931 | $ 113,139 | 83,420 | |
CASH AND CASH EQUIVALENTS, end of period | 153,579 | $ 157,931 | 113,139 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||
Cash paid during the period for interest | 1,584 | 2,568 | ||
Cash paid during the period for taxes | 269 | 179 | ||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||
Transfer of loans to other real estate owned | 309 | 436 | ||
Common dividend declared, not paid | $ 49 | $ 22 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1—Basis of Present ation These unaudited interim condensed consolidated financial statements include the accounts of Byline Bancorp, Inc., a Delaware corporation (the “Company,” “Byline,” “we,” “us,” “our”), a bank holding company whose principal activity is the ownership and management of its Illinois state chartered subsidiary bank, Byline Bank (the “Bank”), based in Chicago, Illinois. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2022 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Consolidated Financial Statements for the years ended December 31, 2021, 2020, and 2019. The Company has one reportable segment. The Company’s chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Therefore, segments disclosures are not required. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, “Subsequent Events,” the Company’s management has evaluated subsequent events for potential recognition or disclosure through the date of the issuance of these condensed consolidated financial statements. No subsequent events were identified that would have required a change to the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or stockholders’ equity. |
Accounting Pronouncements Recen
Accounting Pronouncements Recently Adopted or Issued | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements Recently Adopted or Issued | Note 2—Accounting Pronouncements Recently Adopted or Issued The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company. As the Company qualifies as an emerging growth company and has elected the extended transition period for complying with new or revised accounting pronouncements, it is not subject to new or revised accounting standards applicable to public companies during the extended transition period. The accounting pronouncements pending adoption below reflect effective dates for the Company as an emerging growth company with the extended transition period. Adopted Accounting Pronouncement Income Taxes (Topic 740) —On January 1, 2022, the Company adopted ASU No. 2019-12, Simplifying the Accounting for Income Taxes . The ASU simplifies the accounting for income taxes by removing the following: the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; the exception to the requirement to or not to recognize a deferred tax liability for a foreign entity when it becomes an equity method investment or it becomes a subsidiary, respectively; and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the ASU change current authoritative guidance by requiring the recognition of franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; requiring an evaluation when a step up in the tax basis of goodwill should be considered part the of business combination; specifying that it is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; and requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. Adoption of the provisions of ASU No. 2019-12 did not impact our financial result for the three months ended March 31, 2022. Issued Accounting Pronouncements Pending Adoption Financial Instruments—Credit Losses (Topic 326) —In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016‑13, Measurement of Credit Losses on Financial Instruments . Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this ASU require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Upon adoption, a banking organization must record a one-time adjustment to its credit loss allowances as of the beginning of the fiscal year of adoption equal to the difference, if any, between the amount of credit loss allowances under the prior methodology and the amount required under the new standard. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more useful to users of the financial statements. In February 2022, FASB issued ASU No. 2022-02, Troubled Debt Restructurings (TDRs) and Vintage Disclosures, which eliminates the specific accounting guidance for TDRs and updates the vintage disclosure requirements to require disclosure of current period charge-offs by year of origination. This guidance will be implemented upon adoption. In November 2019, FASB issued ASU No. 2019-10, Effective Dates, which delays the effective date of the ASU for entities not classified as Public Business Entities. The Company will adopt the standard on December 31, 2022. The new guidance may result in an increase in the allowance for loan losses, which will reflect the requirement to include expected losses on purchased credit-impaired loans. The extent of the increase will depend on the composition of the loan portfolio, as well as the economic conditions and forecasts as of the adoption date. Reference Rate Reform (Topic 848) —In March 2020, FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in the ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in the ASU provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments in the ASU will be in effect for all entities as of March 12, 2020 through December 31, 2022. Banking regulators have provided guidance which prohibits new financial contracts from referencing LIBOR as the relevant index after December 31, 2021. The guidance goes on to indicate that beginning after June 2023, LIBOR can no longer be used for existing financial contracts. In December 2021, management approved the use of Term Secured Overnight Financing Rate ("SOFR") as an alternative reference rate to LIBOR. Other alternative reference rates may be considered in the future. At March 31, 2022, $ 1.1 bi llion of loans, derivatives with a notional amount of $ 475.8 million, and securities available for sale with a fair value of $ 58.3 million, include fallback provisions that define the trigger events (an occurrence that precipitates the conversion from LIBOR to a new reference rate), and allow for the selection of a benchmark replacement and a spread adjustment between LIBOR and that benchmark replacement. Junior subordinated debentures carrying value of $ 37.0 million were also tied to LIBOR. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3—Securities The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses: March 31, 2022 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 24,875 $ 4 $ ( 654 ) $ 24,225 U.S. Government agencies 149,164 328 ( 9,252 ) 140,240 Obligations of states, municipalities, and 83,786 512 ( 2,170 ) 82,128 Residential mortgage-backed securities Agency 758,179 21 ( 57,343 ) 700,857 Non-agency 140,350 — ( 9,926 ) 130,424 Commercial mortgage-backed securities Agency 206,203 25 ( 16,535 ) 189,693 Corporate securities 65,798 488 ( 1,144 ) 65,142 Asset-backed securities 36,796 10 ( 147 ) 36,659 Total $ 1,465,151 $ 1,388 $ ( 97,171 ) $ 1,369,368 March 31, 2022 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and $ 3,882 $ 24 $ — $ 3,906 Total $ 3,882 $ 24 $ — $ 3,906 December 31, 2021 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 18,447 $ 37 $ ( 8 ) $ 18,476 U.S. Government agencies 141,096 661 ( 2,367 ) 139,390 Obligations of states, municipalities, and 86,454 3,238 ( 56 ) 89,636 Residential mortgage-backed securities Agency 756,549 2,122 ( 15,015 ) 743,656 Non-agency 146,499 4 ( 1,267 ) 145,236 Commercial mortgage-backed securities Agency 214,417 2,795 ( 3,661 ) 213,551 Corporate securities 65,814 1,586 ( 54 ) 67,346 Asset-backed securities 37,206 49 ( 4 ) 37,251 Total $ 1,466,482 $ 10,492 $ ( 22,432 ) $ 1,454,542 December 31, 2021 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 3,885 $ 107 $ — $ 3,992 Total $ 3,885 $ 107 $ — $ 3,992 The Company did no t classify securities as trading during the three months ended March 31, 2022 or during 2021. Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2022 and December 31, 2021, are summarized as follows: Less than 12 Months 12 Months or Longer Total March 31, 2022 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 4 $ 22,223 $ ( 654 ) $ — $ — $ 22,223 $ ( 654 ) U.S. Government agencies 15 43,883 ( 1,915 ) 74,242 ( 7,337 ) 118,125 ( 9,252 ) Obligations of states, 25 42,934 ( 2,170 ) — — 42,934 ( 2,170 ) Residential mortgage-backed Agency 93 229,246 ( 11,442 ) 469,295 ( 45,901 ) 698,541 ( 57,343 ) Non-agency 19 110,832 ( 7,854 ) 19,592 ( 2,072 ) 130,424 ( 9,926 ) Commercial mortgage-backed Agency 45 111,241 ( 6,766 ) 69,134 ( 9,769 ) 180,375 ( 16,535 ) Corporate securities 16 28,709 ( 1,144 ) — — 28,709 ( 1,144 ) Asset-backed securities 6 31,961 ( 147 ) — — 31,961 ( 147 ) Total 223 $ 621,029 $ ( 32,092 ) $ 632,263 $ ( 65,079 ) $ 1,253,292 $ ( 97,171 ) Less than 12 Months 12 Months or Longer Total December 31, 2021 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 1 $ 9,946 $ ( 8 ) $ — $ — $ 9,946 $ ( 8 ) U.S. Government agencies 10 64,585 ( 1,590 ) 19,223 ( 777 ) 83,808 ( 2,367 ) Obligations of states, municipalities and 3 9,507 ( 56 ) — — 9,507 ( 56 ) Residential mortgage-backed securities Agency 51 612,280 ( 13,894 ) 25,412 ( 1,121 ) 637,692 ( 15,015 ) Non-agency 14 96,372 ( 1,257 ) 761 ( 10 ) 97,133 ( 1,267 ) Commercial mortgage-backed securities Agency 19 64,473 ( 1,994 ) 37,063 ( 1,667 ) 101,536 ( 3,661 ) Corporate securities 3 7,502 ( 54 ) — — 7,502 ( 54 ) Asset-backed securities 3 15,978 ( 4 ) — — 15,978 ( 4 ) Total 104 $ 880,643 $ ( 18,857 ) $ 82,459 $ ( 3,575 ) $ 963,102 $ ( 22,432 ) Certain securities have fair values less than amortized cost and, therefore, contain unrealized losses. The Company evaluated the securities that had an unrealized loss for other than temporary impairment and determined all declines in value to be temporary. There were 223 securities available-for-sale with unrealized losses at March 31, 2022 . There were no securities held-to-maturity with unrealized losses at March 31, 2022. The Company anticipates full recovery of amortized cost with respect to these securities by maturity. The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost basis, which may be at maturity. The proceeds from all sales of securities available-for-sale, and the associated gains and losses on sales and calls of securities, for the three months ended March 31, 2022 and 2021 are listed below: For the Three Months Ended March 31, 2022 2021 Proceeds $ — $ 89,301 Gross gains — 1,626 Gross losses — 164 There were no sales of securities during the three months ended March 31, 2022. There were $ 1.5 million in net gains reclassified from accumulated other comprehensive income into earnings for the three months ended March 31, 2021. Securities posted and pledged as collateral were $ 463.6 million and $ 332.3 million at March 31, 2022 and December 31, 2021. At March 31, 2022 and December 31, 2021 , of those pledged, the carrying amounts of securities pledged as collateral for public fund deposits were $ 402.0 million and $ 277.1 million, respectively, and for customer repurchase agreements of $ 39.0 million and $ 38.8 million, respectively. At March 31, 2022 and December 31, 2021 , there were no securities pledged for advances from the Federal Home Loan Bank. Other securities were pledged for derivative positions, letters of credit and for purposes required or permitted by law. At March 31, 2022 and December 31, 2021 , there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10 % of stockholders’ equity. At March 31, 2022, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Amortized Fair Available-for-sale Due in one year or less $ 12,011 $ 12,051 Due from one to five years 71,166 69,792 Due from five to ten years 202,902 196,070 Due after ten years 74,340 70,481 Mortgage-backed securities 1,104,732 1,020,974 Total $ 1,465,151 $ 1,369,368 Held-to-maturity Due in one year or less $ 1,174 $ 1,182 Due from one to five years 2,708 2,724 Total $ 3,882 $ 3,906 |
Loan and Lease Receivables
Loan and Lease Receivables | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loan and Lease Receivables | Note 4—Loan and Lease Receivables Outstanding loan and lease receivables as of the dates shown were categorized as follows: March 31, December 31, 2022 2021 Commercial real estate $ 1,776,483 $ 1,663,256 Residential real estate 494,285 480,236 Construction, land development, and other land 354,697 327,143 Commercial and industrial 1,738,379 1,580,235 Paycheck Protection Program ("PPP") 37,248 127,184 Installment and other 1,312 1,322 Lease financing receivables 380,313 354,135 Total loans and leases 4,782,717 4,533,511 Net unamortized deferred fees and costs 1,980 ( 674 ) Initial direct costs 4,371 4,291 Allowance for loan and lease losses ( 59,458 ) ( 55,012 ) Net loans and leases $ 4,729,610 $ 4,482,116 March 31, December 31, 2022 2021 Lease financing receivables Net minimum lease payments $ 375,581 $ 352,948 Unguaranteed residual values 32,930 27,953 Unearned income ( 28,198 ) ( 26,766 ) Total lease financing receivables 380,313 354,135 Initial direct costs 4,371 4,291 Lease financing receivables before allowance for $ 384,684 $ 358,426 Total loans and leases consist of originated loans and leases, acquired impaired loans and acquired non-impaired loans and leases. At March 31, 2022 and December 31, 2021 , total loans and leases included the guaranteed amount of U.S. government guaranteed loans of $ 156.8 million and $ 231.2 million, respectively. At March 31, 2022 and December 31, 2021 , the discount on the unguaranteed portion of U.S. government guaranteed loans was $ 27.9 million and $ 28.3 million, respectively, which are included in total loans and leases. At March 31, 2022 and December 31, 2021 , installment and other loans included overdraft deposits of $ 371,000 and $ 445,000 , respectively, which were reclassified as loans. At March 31, 2022 and December 31, 2021 , loans and leases and loans held for sale pledged as security for borrowings were $ 2.2 billion and $ 1.9 billion, respectively. The minimum annual lease payments for lease financing receivables as of March 31, 2022 are summarized as follows: Minimum Lease 2022 $ 88,081 2023 110,682 2024 84,204 2025 58,757 2026 29,364 Thereafter 4,493 Total $ 375,581 Originated loans and leases represent originations excluding loans initially acquired in a business combination. However, once an acquired non-impaired loan reaches its maturity date, and is re-underwritten and renewed, it is internally classified as an originated loan. Acquired impaired loans are loans acquired from a business combination with evidence of credit quality deterioration and are accounted for under ASC Topic 310-30. Acquired non-impaired loans and leases represent loans and leases acquired from a business combination without more than insignificant evidence of credit quality deterioration and are accounted for under ASC Topic 310-20. Acquired leases and revolving loans having evidence of credit quality deterioration do not qualify to be accounted for as acquired impaired loans and are accounted for under ASC Topic 310-20. The following tables summarize the balances for each respective loan and lease category as of March 31, 2022 and December 31, 2021: March 31, 2022 Originated Acquired Acquired Total Commercial real estate $ 1,527,920 $ 67,092 $ 184,353 $ 1,779,365 Residential real estate 399,638 47,347 47,735 494,720 Construction, land development, and other land 351,519 1,357 196 353,072 Commercial and industrial 1,698,025 3,792 37,794 1,739,611 Paycheck Protection Program 36,260 — — 36,260 Installment and other 945 163 248 1,356 Lease financing receivables 379,527 — 5,157 384,684 Total loans and leases $ 4,393,834 $ 119,751 $ 275,483 $ 4,789,068 December 31, 2021 Originated Acquired Acquired Total Commercial real estate $ 1,379,000 $ 72,160 $ 214,588 $ 1,665,748 Residential real estate 379,796 49,401 51,317 480,514 Construction, land development, and other land 323,886 1,312 201 325,399 Commercial and industrial 1,534,745 4,014 43,202 1,581,961 Paycheck Protection Program 123,712 — — 123,712 Installment and other 940 164 264 1,368 Lease financing receivables 352,247 — 6,179 358,426 Total loans and leases $ 4,094,326 $ 127,051 $ 315,751 $ 4,537,128 Acquired impaired loans —The unpaid principal balance and carrying amount of all acquired impaired loans are summarized below. The balances do not include an allowance for loan and lease losses of $ 3.0 million and $ 3.2 million, at March 31, 2022 and December 31, 2021, respectively. March 31, 2022 December 31, 2021 Unpaid Carrying Unpaid Carrying Commercial real estate $ 107,665 $ 67,092 $ 113,257 $ 72,160 Residential real estate 92,534 47,347 95,056 49,401 Construction, land development, and other land 8,287 1,357 8,571 1,312 Commercial and industrial 5,786 3,792 10,201 4,014 Installment and other 851 163 858 164 Total acquired impaired loans $ 215,123 $ 119,751 $ 227,943 $ 127,051 The following table summarizes the changes in accretable yield for acquired impaired loans for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Beginning balance $ 18,595 $ 27,696 Accretion to interest income ( 2,313 ) ( 3,707 ) Reclassification from nonaccretable difference, net 319 1,273 Ending balance $ 16,601 $ 25,262 Acquired non-impaired loans and leases — The unpaid principal balance and carrying value for acquired non-impaired loans and leases at March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 December 31, 2021 Unpaid Carrying Unpaid Carrying Commercial real estate $ 188,627 $ 184,353 $ 219,277 $ 214,588 Residential real estate 48,211 47,735 51,839 51,317 Construction, land development, and other land 260 196 265 201 Commercial and industrial 39,314 37,794 44,827 43,202 Installment and other 257 248 273 264 Lease financing receivables 5,172 5,157 6,199 6,179 Total acquired non-impaired loans and leases $ 281,841 $ 275,483 $ 322,680 $ 315,751 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Allowance for Loan and Leases and Reserve for Unfunded Commitments | Note 5—Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments Loans and leases considered for inclusion in the allowance for loan and lease losses include acquired non-impaired loans and leases, those acquired impaired loans with credit deterioration after acquisition, and originated loans and leases. Although all acquired loans and leases are included in the following table, only those with credit deterioration subsequent to acquisition date are included in the allowance for loan and lease losses. The following tables summarize the balance and activity within the allowance for loan and lease losses, the components of the allowance for loan and lease losses in terms of loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the three months ended March 31, 2022 and 2021 are as follows: March 31, 2022 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Allowance for loan and Three months ended Beginning balance $ 16,918 $ 1,628 $ 522 $ 33,129 $ — $ 9 $ 2,806 $ 55,012 Provision 2,784 513 594 458 — 1 645 4,995 Charge-offs ( 240 ) — — ( 463 ) — — ( 363 ) ( 1,066 ) Recoveries 244 4 — 120 — — 149 517 Ending balance $ 19,706 $ 2,145 $ 1,116 $ 33,244 $ — $ 10 $ 3,237 $ 59,458 Ending balance: Individually evaluated for $ 7,731 $ 6 $ — $ 13,002 $ — $ — $ — $ 20,739 Collectively evaluated for 10,320 1,138 1,115 19,855 — 8 3,237 35,673 Loans acquired with 1,655 1,001 1 387 — 2 — 3,046 Total allowance for loan $ 19,706 $ 2,145 $ 1,116 $ 33,244 $ — $ 10 $ 3,237 $ 59,458 March 31, 2022 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 36,805 $ 2,190 $ — $ 32,457 $ — $ — $ — $ 71,452 Collectively evaluated for 1,675,468 445,183 351,715 1,703,362 36,260 1,193 384,684 4,597,865 Loans acquired with 67,092 47,347 1,357 3,792 — 163 — 119,751 Total loans and leases $ 1,779,365 $ 494,720 $ 353,072 $ 1,739,611 $ 36,260 $ 1,356 $ 384,684 $ 4,789,068 March 31, 2021 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Allowance for loan and lease losses Three months ended Beginning balance $ 19,584 $ 2,400 $ 1,352 $ 41,183 $ — $ 15 $ 1,813 $ 66,347 Provision/(recapture) 2,606 ( 302 ) ( 241 ) 1,947 — ( 3 ) 360 4,367 Charge-offs ( 1,877 ) ( 11 ) ( 326 ) ( 2,888 ) — — ( 364 ) ( 5,466 ) Recoveries 185 4 — 60 — — 93 342 Ending balance $ 20,498 $ 2,091 $ 785 $ 40,302 $ — $ 12 $ 1,902 $ 65,590 Ending balance: Individually evaluated for $ 7,409 $ 101 $ — $ 18,824 $ — $ — $ — $ 26,334 Collectively evaluated for 10,881 1,460 780 20,066 — 12 1,902 35,101 Loans acquired with 2,208 530 5 1,412 — — — 4,155 Total allowance for loan and $ 20,498 $ 2,091 $ 785 $ 40,302 $ — $ 12 $ 1,902 $ 65,590 March 31, 2021 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 54,421 $ 1,709 $ — $ 43,306 $ — $ — $ — $ 99,436 Collectively evaluated for 1,281,188 469,287 238,332 1,312,248 617,006 1,425 254,331 4,173,817 Loans acquired with 96,059 74,283 1,992 8,842 — 191 — 181,367 Total loans and leases $ 1,431,668 $ 545,279 $ 240,324 $ 1,364,396 $ 617,006 $ 1,616 $ 254,331 $ 4,454,620 The Company increased the allowance for loan and lease losses by $ 4.4 million for the three months ended March 31, 2022 , and decreased it by $ 757,000 for the three months ended March 31, 2021 . For acquired impaired loans, the Company decreased the allowance by $ 139,000 and increased it by $ 2.3 million for the three months ended March 31, 2022, and 2021, respectively. For loans individually evaluated for impairment, the Company decreased the allowance for loan and lease losses for the three months ended March 31, 2022 by $ 299,000 . The Company increased the allowance on loans individually evaluated for impairment by $ 2.4 million for the three months ended March 31, 2021 . For loans collectively evaluated for impairment, the Company increased allowance for loan and lease losses by $ 4.9 million for the three months ended March 31, 2022 , and recaptured $ 824,000 of the allowance for the three months ended March 31, 2021, respectively. An allowance for loan and lease loss allocation has not been made for PPP loans as these loans are fully guaranteed by the Small Business Association ("SBA"). On a quarterly basis, the Company assesses the collectability of its government guarantee loan and lease portfolio using historical loss experience in its small business lending unit. The following tables summarize the recorded investment, unpaid principal balance, and related allowance for loans and leases losses considered impaired as of March 31, 2022 and December 31, 2021, which exclude acquired impaired loans. For purposes of these tables, the unpaid principal balance represents the outstanding contractual balance. Impaired loans include loans that are individually evaluated for impairment as well as troubled debt restructurings for all loan categories. The sum of non-accrual loans and loans past due 90 days still on accrual will differ from the total impaired loan amount. March 31, 2022 Recorded Unpaid Related With no related allowance recorded Commercial real estate $ 14,083 $ 15,163 $ — Residential real estate 2,104 2,209 — Commercial and industrial 12,285 13,891 — With an allowance recorded Commercial real estate 22,722 26,515 7,731 Residential real estate 86 108 6 Commercial and industrial 20,172 21,472 13,002 Total impaired loans $ 71,452 $ 79,358 $ 20,739 December 31, 2021 Recorded Unpaid Related With no related allowance recorded Commercial real estate $ 17,233 $ 19,252 $ — Residential real estate 1,802 1,919 — Commercial and industrial 16,624 19,148 — With an allowance recorded Commercial real estate 17,818 20,117 6,538 Commercial and industrial 19,446 21,198 14,500 Total impaired loans $ 72,923 $ 81,634 $ 21,038 The following tables summarize the average recorded investment and interest income recognized for loans and leases considered impaired, which excludes acquired impaired loans, for the three months ended: March 31, 2022 Average Interest With no related allowance recorded Commercial real estate $ 16,068 $ 236 Residential real estate 2,005 12 Commercial and industrial 17,380 123 With an allowance recorded Commercial real estate 21,252 375 Residential real estate 29 — Commercial and industrial 20,611 278 Total impaired loans $ 77,345 $ 1,024 March 31, 2021 Average Interest With no related allowance recorded Commercial real estate $ 34,961 $ 311 Residential real estate 3,080 18 Commercial and industrial 16,568 129 With an allowance recorded Commercial real estate 22,178 161 Residential real estate 298 2 Commercial and industrial 31,089 273 Total impaired loans $ 108,174 $ 894 The following tables summarize the risk rating categories of the loans and leases considered for inclusion in the allowance for loan and lease losses calculation, excluding acquired impaired loans, as of March 31, 2022 and December 31, 2021: March 31, 2022 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Pass $ 1,530,253 $ 423,884 $ 316,400 $ 1,541,963 $ 36,260 $ 1,113 $ 380,897 $ 4,230,770 Watch 107,164 17,934 29,774 136,986 — 80 2,017 293,955 Special Mention 38,012 3,624 5,541 23,162 — — 1,381 71,720 Substandard 36,844 1,931 — 33,708 — — 329 72,812 Doubtful — — — — — — 60 60 Loss — — — — — — — — Total $ 1,712,273 $ 447,373 $ 351,715 $ 1,735,819 $ 36,260 $ 1,193 $ 384,684 $ 4,669,317 December 31, 2021 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Pass $ 1,397,228 $ 406,948 $ 286,434 $ 1,341,826 $ 123,712 $ 1,123 $ 354,380 $ 3,911,651 Watch 123,248 19,062 31,768 177,638 — 81 1,992 353,789 Special Mention 37,340 3,118 5,885 21,586 — — 1,609 69,538 Substandard 35,772 1,985 — 36,897 — — 348 75,002 Doubtful — — — — — — 97 97 Loss — — — — — — — — Total $ 1,593,588 $ 431,113 $ 324,087 $ 1,577,947 $ 123,712 $ 1,204 $ 358,426 $ 4,410,077 The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category at March 31, 2022 and December 31, 2021: March 31, 2022 30-59 Days 60-89 Greater Non- Total Current Total Commercial real estate $ 8,457 $ 10,684 $ — $ 10,988 $ 30,129 $ 1,682,144 $ 1,712,273 Residential real estate 2,213 2,430 — 1,923 6,566 440,807 447,373 Construction, land development, — — — — — 351,715 351,715 Commercial and industrial 4,671 — — 7,003 11,674 1,724,145 1,735,819 Paycheck Protection Program — — — — — 36,260 36,260 Installment and other 2 34 — — 36 1,157 1,193 Lease financing receivables 515 16 — 363 894 383,790 384,684 Total $ 15,858 $ 13,164 $ — $ 20,277 $ 49,299 $ 4,620,018 $ 4,669,317 December 31, 2021 30-59 60-89 Greater Non- Total Current Total Commercial real estate $ 5,185 $ 2,361 $ — $ 12,751 $ 20,297 $ 1,573,291 $ 1,593,588 Residential real estate 14,282 852 — 1,450 16,584 414,529 431,113 Construction, land development, 5,885 — — — 5,885 318,202 324,087 Commercial and industrial 2,479 1,097 — 8,600 12,176 1,565,771 1,577,947 Paycheck Protection Program — — — — — 123,712 123,712 Installment and other 3 35 — — 38 1,166 1,204 Lease financing receivables 1,661 251 — 329 2,241 356,185 358,426 Total $ 29,495 $ 4,596 $ — $ 23,130 $ 57,221 $ 4,352,856 $ 4,410,077 Trouble debt restructurings (“TDRs”) are granted due to borrower financial difficulty and provide for a modification of loan repayment terms. TDRs are treated in the same manner as impaired loans for purposes of calculating the allowance for loan and lease losses. The tables below present TDRs by loan category as of March 31, 2022 and December 31, 2021: March 31, 2022 Number Pre- Post- Charge-offs Specific Accruing: Commercial real estate 4 $ 1,244 $ 1,244 $ — $ 158 Commercial and industrial 1 50 50 — 50 Residential real estate 2 162 162 — — Total accruing 7 1,456 1,456 — 208 Non-accruing: Commercial real estate 4 899 783 116 163 Commercial and industrial 3 1,717 560 1,157 — Total non-accruing 7 2,616 1,343 1,273 163 Total troubled debt restructurings 14 $ 4,072 $ 2,799 $ 1,273 $ 371 December 31, 2021 Number Pre- Post- Charge-offs Specific Accruing: Commercial real estate 5 $ 1,703 $ 1,703 $ — $ 215 Commercial and industrial 1 56 56 — 131 Residential real estate 2 168 168 — — Total accruing 8 1,927 1,927 — 346 Non-accruing: Commercial real estate 4 1,034 918 116 111 Commercial and industrial 3 1,745 588 1,157 — Total non-accruing 7 2,779 1,506 1,273 111 Total troubled debt restructurings 15 $ 4,706 $ 3,433 $ 1,273 $ 457 Loans modified as troubled debt restructurings that occurred during the three months ended March 31, 2022 and 2021 were: Three Months Ended March 31, 2022 2021 Accruing: Beginning balance $ 1,927 $ 2,495 Additions — 281 Net payments ( 471 ) ( 57 ) Net transfers from non-accrual — — Ending balance 1,456 2,719 Non-accruing: Beginning balance 1,506 5,650 Additions — 673 Net payments ( 163 ) ( 343 ) Charge-offs — ( 395 ) Net transfers to accrual — — Ending balance 1,343 5,585 Total troubled debt restructurings $ 2,799 $ 8,304 There were no troubled debt restructurings that subsequently defaulted within twelve months of the restructure date during the three months ended March 31, 2022 or 2021. In addition, there was no commitment outstanding on troubled debt restructurings at March 31, 2022 or December 31, 2021. At March 31, 2022 and December 31, 2021 , the reserve for unfunded commitments was $ 2.0 million and $ 1.4 million, respectively. During the three months ended March 31, 2022 , the increase to unfunded commitments was $ 599,000 . During the three months ended March 31, 2021 , there was a recapture for unfunded commitments of $ 120,000 . There were no charge-offs or recoveries related to the reserve for unfunded commitments during the periods. |
Servicing Assets
Servicing Assets | 3 Months Ended |
Mar. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Servicing Assets | Note 6—Servicing Assets Activity for servicing assets and the related changes in fair value for the three months ended March 31, 2022 and 2021 was as follows: Three Months Ended 2022 2021 Beginning balance $ 23,744 $ 22,042 Additions, net 1,984 1,603 Changes in fair value ( 1,231 ) ( 1,505 ) Ending balance $ 24,497 $ 22,140 Loans serviced for others are not included in the Consolidated Statements of Financial Condition. The unpaid principal balances of these loans serviced for others as of March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, 2022 2021 Loan portfolios serviced for: SBA guaranteed loans $ 1,514,240 $ 1,510,375 USDA guaranteed loans 190,797 183,026 Total $ 1,705,037 $ 1,693,401 Loan servicing revenue totaled $ 3.4 million and $ 2.8 million for each of the three months ended March 31, 2022 and 2021 , respectively. Loan servicing asset revaluation, which represents the changes in fair value of servicing assets, resulted in a downward valuation adjustment of $ 1.2 million and $ 1.5 million for three months ended March 31, 2022 and 2021, respectively. The fair value of servicing rights is highly sensitive to changes in underlying assumptions. Changes in secondary market premiums and prepayment speed assumptions have the most significant impact on the fair value of servicing rights. Generally, as interest rates rise on variable rate loans, loan prepayments increase due to an increase in refinance activity, which may result in a decrease in the fair value of servicing assets. Measurement of fair value is limited to the conditions existing and the assumptions used as of a particular point in time, and those assumptions may change over time. Refer to Note 15—Fair Value Measurement for further details. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
Other Real Estate Owned | Note 7—Other Real Estate Owned The following table presents the change in other real estate owned (“OREO”) for the three months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 Beginning balance $ 2,112 $ 6,350 Net additions to OREO 309 436 Proceeds from sales of OREO ( 225 ) ( 370 ) Gains on sales of OREO 76 28 Valuation adjustments ( 51 ) ( 492 ) Ending balance $ 2,221 $ 5,952 At March 31, 2022 and December 31, 2021 , the balance of real estate owned included no foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property. At March 31, 2022 and December 31, 2021 , the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $ 3.2 million and $ 2.5 million, respectively. There were no internally financed sales of OREO for the three months ended March 31, 2022 or 2021. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 8—Leases The Company enters into leases in the normal course of business primarily for its banking facilities and branches. The Company’s operating leases have varying maturity dates through year end 2042 , some of which include renewal or termination options to extend the lease. In addition, the Company leases or subleases real estate to third parties. The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option. In addition, the Company has elected to account for any non-lease components in its real estate leases as part of the associated lease component. The Company has also elected not to recognize leases with original lease terms of 12 months or less (short-term leases) on the Company’s Condensed Consolidated Statements of Financial Condition. Leases are classified at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The following table summarizes the amount and balance sheet line item for our operating lease right-of-use asset and liability as of March 31, 2022: Balance Sheet Line Item March 31, 2022 December 31, 2021 Operating lease right-of-use asset Accrued interest receivable and other assets $ 11,769 $ 11,646 Operating lease liability Accrued interest payable and other liabilities 15,562 15,629 The Company uses its incremental borrowing rate at lease commencement to calculate the present value of lease payments when the rate implicit in a lease is not known. The Company’s incremental borrowing rate is based on the FHLB regular advance rate, adjusted for the lease term and other factors. At March 31, 2022 , the weighted-average discount rate of operating leases was 1.19 % and the weighted average remaining life of operating leases was 5.9 years, compared to 0.99 % and 6.0 years as of December 31, 2021. The following table presents components of total lease costs included as a component of occupancy expense on the Consolidated Statement of Operations for the following periods: Three Months Ended 2022 2021 Operating lease cost $ 858 $ 865 Short-term lease cost 37 96 Variable lease cost 469 466 Less: Sublease income ( 127 ) ( 154 ) Total lease cost, net $ 1,237 $ 1,273 The future minimum lease payments for operating leases, subsequent to March 31, 2022, as recorded on the Condensed Consolidated Statements of Financial Condition, are summarized as follows: Operating Lease 2022 $ 3,030 2023 3,465 2024 3,233 2025 2,487 2026 1,719 Thereafter 2,364 Total undiscounted lease payments 16,298 Less: imputed interest ( 736 ) Net lease liabilities $ 15,562 The Company’s rental expenses for the three months ended March 31, 2022 and 2021 were $ 1.4 million. For the three months ended March 31, 2022 and 2021 , the Company received $ 127,000 and $ 154,000 , respectively, in sublease income. The total amount of minimum rentals to be received in the future on these subleases is approximately $ 1.3 million, and the leases have contractual lives extending through 2026 . In addition to the above required lease payments, the Company has contractual obligations related primarily to information technology contracts and other maintenance contracts. |
Goodwill, Core Deposit Intangib
Goodwill, Core Deposit Intangible and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Core Deposit Intangible and Other Intangible Assets | Note 9—Goodwill, Core Deposit Intangible and Other Intangible Assets The following tables summarize the changes in the Company’s goodwill, core deposit intangible assets, and customer relationship intangible assets for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Goodwill Core Deposit Customer Relationship Goodwill Core Deposit Customer Relationship Beginning balance $ 148,353 $ 15,004 $ 2,201 $ 148,353 $ 21,809 $ 2,469 Amortization — ( 1,529 ) ( 67 ) — ( 1,683 ) ( 66 ) Ending balance $ 148,353 $ 13,475 $ 2,134 $ 148,353 $ 20,126 $ 2,403 Accumulated amortization N/A $ 41,991 $ 1,082 N/A $ 33,340 $ 813 Weighted average remaining N/A 4.7 Years 8.0 Years N/A 5.4 Years 9.0 Years The following table presents the estimated amortization expense for core deposit intangible and customer relationship intangible assets remaining at March 31, 2022: Estimated 2022 $ 4,789 2023 4,336 2024 2,286 2025 1,721 2026 1,157 Thereafter 1,320 Total $ 15,609 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10—Income Taxes The Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual pre-tax income, permanent tax differences and statutory tax rates. The effective tax rate for the three months ended March 31, 2022 and 2021 was 22.0 % and 25.3 %, respectively. The decrease in the effective tax rate during the first quarter of 2022 was a result of income tax benefits related to share-based compensation. The Company recorded discrete income tax benefit of $ 1.1 million and $ 28,000 related to the exercise of stock options and vesting of restricted shares for the three months ended March 31, 2022 and 2021, respectively. Net deferred tax assets increased to $ 67.3 million at March 31, 2022 compared to $ 50.3 million at December 31, 2021 primarily as a result of unrealized losses on available-for-sale securities. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Note 11—Deposits The composition of deposits was as follows as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Non-interest-bearing demand deposits $ 2,281,612 $ 2,158,420 Interest-bearing checking accounts 596,497 572,426 Money market demand accounts 1,357,679 1,106,272 Other savings 659,218 638,218 Time deposits (below $250,000) 505,141 532,589 Time deposits ($250,000 and above) 129,955 147,122 Total deposits $ 5,530,102 $ 5,155,047 There were no brokered deposits included in Time deposits of $ 250,000 or more at March 31, 2022 and December 31, 2021. At March 31, 2022, the scheduled maturity of time deposits was: Scheduled Maturities 2022 $ 493,491 2023 97,866 2024 23,251 2025 7,368 2026 and thereafter 13,120 Total $ 635,096 |
Other Borrowings
Other Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Note 12—Other Borrowings The following is a summary of the Company’s other borrowings as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Federal Home Loan Bank advances $ 280,000 $ 490,000 Securities sold under agreements to repurchase 31,450 29,723 Line of credit — — Total $ 311,450 $ 519,723 Byline Bank has the capacity to borrow funds from the discount window of the Federal Reserve System. As of March 31, 2022 and December 31, 2021, there were no outstanding advances under the Federal Reserve Bank discount window line. At March 31, 2022 , fixed-rate Federal Home Loan Bank (“FHLB”) advances totaled $ 80.0 million, with interest rates ranging from 0.00 % to 0.66 % and maturities ranging from May 2022 to June 2022 . Total variable rate advances were $ 200.0 million at March 31, 2022, with interest rates of 0.44 % and 0.49 % that may reset daily, and mature in May 2022. Advances from the FHLB are collateralized by residential real estate loans, commercial real estate loans, and securities. The Bank’s maximum borrowing capacity is limited to 35 % of total assets. Required investment in FHLB stock is $ 4.50 for every $100 in advances thereafter. Securities sold under agreements to repurchase represent a demand deposit product offered to customers that sweep balances in excess of the FDIC insurance limit into overnight repurchase agreements. The Company pledges securities as collateral for the repurchase agreements. Refer to Note 3—Securities for additional discussion. On October 13, 2016, the Company entered into a $ 30.0 million revolving credit agreement with a correspondent bank. Through subsequent amendments, the revolving credit agreement was reduced to $ 15.0 million and the maturity of the credit facility was extended to October 7, 2022 . The amended revolving line of credit bears interest at either LIBOR plus 195 basis points or the Prime Rate minus 75 basis points, not to be less than 2.00%, based on the Company’s election, which is required to be communicated at least three business days prior to the commencement of an interest period. If the Company fails to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. At March 31, 2022 and December 31, 2021, the line of credit had no outstanding balance. The following table presents short-term credit lines available for use as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Federal Home Loan Bank line $ 2,040,248 $ 1,883,349 Federal Reserve Bank of Chicago discount window line 747,988 602,962 Available federal funds lines 115,000 115,000 The Company hedges interest rates on borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. Refer to Note 16—Derivative Instruments and Hedging Activities for additional discussion. |
Subordinated Notes and Junior S
Subordinated Notes and Junior Subordinated Debentures | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Subordinated Notes and Junior Subordinated Debentures | Note 13—Subordinated Notes and Junior Subordinated Debentures In 2020, the Company issued $ 75.0 million in fixed-to-floating subordinated notes that mature on July 1, 2030 . The subordinated notes bear a fixed interest rate of 6.00 % until July 1, 2025 and a floating interest rate equal to a benchmark rate, which is expected to be the three-month SOFR, plus 588 basis points thereafter until maturity. The transaction resulted in debt issuance costs of approximately $ 1.7 million that will be amortized over 10 years . As of March 31, 2022 , the net liability outstanding of the subordinated notes was $ 73.6 million. The Company may, at its option, redeem the notes, in whole or in part, on a semi-annual basis beginning on July 1, 2025, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. At March 31, 2022 and December 31, 2021, the Company’s junior subordinated debentures by issuance were as follows: Name of Trust Aggregate Principal Amount March 31, 2022 Aggregate Stated Contractual Rate at March 31, 2022 Interest Rate Spread Metropolitan Statutory Trust 1 $ 35,000 $ 35,000 March 17, 2034 3.71 % Three-month 2.79 % First Evanston Bancorp Trust I 10,000 10,000 March 15, 2035 2.61 % Three-month 1.78 % Total liability, at par 45,000 45,000 Discount ( 7,989 ) ( 8,094 ) Total liability, at carrying value $ 37,011 $ 36,906 In 2004, the Company’s predecessor, Metropolitan Bank Group, Inc., issued $ 35.0 million floating rate junior subordinated debentures to Metropolitan Statutory Trust 1, which was formed for the issuance of trust preferred securities. The debentures bear interest at three-month LIBOR plus 2.79 % ( 3.71 % and 3.01 % at March 31, 2022 and December 31, 2021 , respectively). Interest is paid on a quarterly basis. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after March 2009. Accrued interest payable was $ 56,000 and $ 45,000 as of March 31, 2022 and December 31, 2021, respectively. As part of the First Evanston acquisition, the Company assumed the obligations to First Evanston Bancorp Trust I of $ 10.0 million in principal amount, which was formed for the issuance of trust preferred securities. Beginning on March 15, 2010, the interest rate reset to the three-month LIBOR plus 1.78 % ( 2.61 % and 1.98 % at March 31, 2022 and December 31, 2021 , respectively), which is in effect until the debentures mature in 2035. Interest is paid on a quarterly basis. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after March 2010. The Company has the option to defer interest payments on the debentures from time to time for a period not to exceed five consecutive years. Accrued interest payable was $ 12,000 and $ 9,000 as of March 31, 2022 and December 31, 2021, respectively. The Trusts are not consolidated with the Company. Accordingly, the Company reports the subordinated debentures held by the Trusts as liabilities. The Company owns all of the common securities of each trust. The junior subordinated debentures qualify, and are treated as, Tier 1 regulatory capital of the Company subject to regulatory limitations. The trust preferred securities issued by each trust rank equally with the common securities in right of payment, except that if an event of default under the indenture governing the notes has occurred and is continuing, the preferred securities will rank senior to the common securities in right of payment. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 14—Commitments and Contingent Liabilities Legal contingencies —In the ordinary course of business, the Company and Bank have various outstanding commitments and contingent liabilities that are not recognized in the accompanying consolidated financial statements. In addition, the Company may be a defendant in certain claims and legal actions arising in the ordinary course of business. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these matters is currently not expected to have a material adverse effect on the Company’s Consolidated Financial Statements. Operating lease commitments —Refer to Note 8—Leases for discussion of operating lease commitments. Commitments to extend credit —The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The contractual or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the contractual or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for funded instruments. The Company does not anticipate any material losses as a result of the commitments and letters of credit. The following table summarizes the contract or notional amount of outstanding loan and lease commitments at March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Commitments to extend credit $ 247,494 $ 1,666,980 $ 1,914,474 $ 176,014 $ 1,578,405 $ 1,754,419 Letters of credit 579 57,745 58,324 599 58,543 59,142 Total $ 248,073 $ 1,724,725 $ 1,972,798 $ 176,613 $ 1,636,948 $ 1,813,561 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral is primarily obtained in the form of commercial and residential real estate (including income producing commercial properties). Letters of credit are conditional commitments issued by the Company to guarantee to a third-party the performance of a customer. Those guarantees are primarily issued to support public and private borrowing arrangements, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 1.25 % to 18.00 % and maturities up to 2045 . Variable rate loan commitments have interest rates ranging from 1.25 % to 15.00 % and maturities up to 2048 . |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Note 15—Fair Value Measurement 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. In addition, the Company has the ability to obtain fair values for markets that are not accessible. These types of inputs create the following fair value hierarchy: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available. The Company’s own data used to develop unobservable inputs may be adjusted for market considerations when reasonably available. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to assets and liabilities. The Company used the following methods and significant assumptions to estimate fair value for certain assets measured and carried at fair value on a recurring basis: Securities available-for-sale —The Company obtains fair value measurements from an independent pricing service. Management reviews the procedures used by the third party, including significant inputs used in the fair value calculations. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. When market quotes are not readily accessible or available, alternative approaches are utilized, such as matrix or model pricing. The Company’s methodology for pricing non-rated bonds focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated municipal bond, the Company references a publicly issued bond by the same issuer if available as well as other additional key metrics to support the credit worthiness. Typically, pricing for these types of bonds would require a higher yield than a similar rated bond from the same issuer. A reduction in price is applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one notch lower (i.e. a “AA” rating for a comparable bond would be reduced to “AA-” for the Company’s valuation). In 2022 and 2021, all of the ratings derived by the Company were “BBB” or better with and without comparable bond proxies. The fair value measurement of municipal bonds is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined, the Company obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Equity and other securities —The Company utilizes the same fair value measurement methodology for equity and other securities as detailed in the securities available-sale portfolio above. Servicing assets —Fair value is based on a loan-by-loan basis taking into consideration the original term to maturity, the current age of the loan and the remaining term to maturity. The valuation methodology utilized for the servicing assets begins with generating estimated future cash flows for each servicing asset, based on their unique characteristics and market-based assumptions for prepayment speeds and costs to service. The present value of the future cash flows are then calculated utilizing market-based discount rate assumptions. Derivative instruments —Interest rate derivatives are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are validated by comparison with valuations provided by the respective counterparties. Derivative financial instruments are included in other assets and other liabilities in the Condensed Consolidated Statements of Financial Condition. The following tables summarize the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021: Fair Value Measurements Using March 31, 2022 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 24,225 $ 24,225 $ — $ — U.S. Government agencies 140,240 — 140,240 — Obligations of states, municipalities, and political 82,128 — 82,128 — Mortgage-backed securities; residential Agency 700,857 — 700,857 — Non-Agency 130,424 — 130,424 — Mortgage-backed securities; commercial Agency 189,693 — 189,693 — Corporate securities 65,142 — 65,142 — Asset-backed securities 36,659 — 36,659 — Equity and other securities, at fair value Mutual funds 4,872 4,872 — — Equity securities 5,805 — 5,130 675 Servicing assets 24,497 — — 24,497 Derivative assets 29,113 — 29,113 — Financial liabilities Derivative liabilities 7,475 — 7,475 — Fair Value Measurements Using December 31, 2021 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 18,476 $ 18,476 $ — $ — U.S. Government agencies 139,390 — 139,390 — Obligations of states, municipalities, and political 89,636 — 89,636 Mortgage-backed securities; residential Agency 743,656 — 743,656 — Non-Agency 145,236 — 145,236 — Mortgage-backed securities; commercial Agency 213,551 — 213,551 — Corporate securities 67,346 — 67,346 — Asset-backed securities 37,251 — 37,251 — Equity and other securities, at fair value Mutual funds 4,880 4,880 — — Equity securities 5,698 — 5,012 686 Servicing assets 23,744 — — 23,744 Derivative assets 13,375 — 13,375 — Financial liabilities Derivative liabilities 9,665 — 9,665 — The Company did no t have any transfers to or from Level 3 of the fair value hierarchy during the three months ended March 31, 2022 and 2021. The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3): Three Months Ended March 31, 2022 2021 2022 2021 Investment Securities Servicing Assets Balance, beginning of period $ 686 $ 685 $ 23,744 $ 22,042 Additions, net — — 1,984 1,603 Change in fair value ( 11 ) 1 ( 1,231 ) ( 1,505 ) Balance, end of period $ 675 $ 686 $ 24,497 $ 22,140 The following table presents additional information about the unobservable inputs used in the fair value measurements on recurring basis that were categorized within Level 3 of the fair value hierarchy as of March 31, 2022: Financial Instruments Valuation Technique Unobservable Inputs Range of Weighted Impact to Single issuer trust preferred Discounted cash flow Discount rate 3.2 % - 6.4 % 4.6 % Decrease Servicing assets Discounted cash flow Prepayment speeds 0.0 % - 32.6 % 13.5 % Decrease Discount rate ( 0.6 )% - 53.1 % 8.7 % Decrease Expected weighted 0.0 - 9.2 years 3.9 years Increase The Company used the following methods and significant assumptions to estimate fair value for certain assets measured and carried at fair value on a no n-recurring basis: Impaired loans (excluding acquired impaired loans) —Impaired loans, other than those existing on the date of a business acquisition, are primarily carried at the fair value of the underlying collateral, less estimated costs to sell, if the loan is collateral dependent. Valuations of impaired loans that are collateral dependent are supported by third party appraisals in accordance with the Bank’s credit policy. Other valuation methods include analysis of discounted cash flows, which measures the present value of expected future cash flows discounted at the loan’s effective interest rate. Impaired loans that are not collateral dependent are not material. Assets held for sale —Assets held for sale consist of former branch locations and real estate previously purchased for expansion. Assets are considered held for sale when management has approved to sell the assets following a branch closure or other events. The properties are being actively marketed and transferred to assets held for sale based on the lower of carrying value or its fair value, less estimated costs to sell. The Company records assets held for sale on the Condensed Consolidated Statements of Financial Condition within accrued interest receivable and other assets. Other real estate owned —Certain assets held within other real estate owned represent real estate or other collateral that has been adjusted to its estimated fair value, less cost to sell, as a result of transferring from the loan portfolio at the time of foreclosure or repossession and based on management’s periodic impairment evaluation. From time to time, non-recurring fair value adjustments to other real estate owned are recorded to reflect partial write-downs based on an observable market price or current appraised value of property. Adjustments to fair value based on such non-recurring transactions generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment. The following tables summarize the Company’s assets that were measured at fair value on a non-recurring basis, excluding acquired impaired loans, as of March 31, 2022 and December 31, 2021: Fair Value Measurements Using March 31, 2022 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 29,074 $ — $ — $ 29,074 Residential real estate 2,184 — — 2,184 Commercial and industrial 19,455 — — 19,455 Assets held for sale 9,153 — — 9,153 Other real estate owned 2,221 — — 2,221 Fair Value Measurements Using December 31, 2021 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 28,513 $ — $ — $ 28,513 Residential real estate 1,802 — — 1,802 Commercial and industrial 21,570 — — 21,570 Assets held for sale 9,153 — — 9,153 Other real estate owned 2,112 — — 2,112 The following methods and assumptions were used by the Company in estimating fair values of other assets and liabilities for disclosure purposes: Cash and cash equivalents and interest bearing deposits with other banks —For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities held-to-maturity —The Company obtains fair value measurements from an independent pricing service. Management reviews the procedures used by the third party, including significant inputs used in the fair value calculations. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. When market quotes are not readily accessible or available, alternative approaches are utilized, such as matrix or model pricing. Restricted stock —The fair value has been determined to approximate cost. Loans held for sale— The fair value of loans held for sale are based on quoted market prices, where available, and determined by discounted estimated cash flows using interest rates approximating the Company’s current origination rates for similar loans adjusted to reflect the inherent credit risk. Loan and lease receivables, net —For certain variable rate loans that reprice frequently and with no significant changes in credit risk, fair value is estimated at carrying value. The fair value of other types of loans is estimated using an exit price notion. It is estimated by discounting future cash flows, using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Deposits —The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is estimated by discounting future cash flows, using rates currently offered for deposits of similar remaining maturities. Paycheck Protection Program Liquidity Facility —The carrying amount approximates fair value. Federal Home Loan Bank advances —The fair value of FHLB advances is estimated by discounting the agreements based on maturities using rates currently offered for FHLB advances of similar remaining maturities adjusted for prepayment penalties that would be incurred if the borrowings were paid off on the measurement date. Securities sold under agreements to repurchase —The carrying amount approximates fair value due to maturities of less than ninety days. Subordinated notes —The fair value is based on available market prices. Junior subordinated debentures —The fair value of junior subordinated debentures, in the form of trust preferred securities, is determined using rates currently available to the Company for debt with similar terms and remaining maturities. Accrued interest receivable and payable —The carrying amount approximates fair value. Commitments to extend credit and letters of credit —The fair values of these off-balance sheet commitments to extend credit and commercial and letters of credit are not considered practicable to estimate because of the lack of quoted market prices and the inability to estimate fair value without incurring excessive costs. The estimated fair values of financial instruments not carried at fair value and levels within the fair value hierarchy are as follows: March 31, December 31, Fair Value 2022 2021 Hierarchy Carrying Estimated Carrying Estimated Financial assets Cash and due from banks 1 $ 48,015 $ 48,015 $ 35,247 $ 35,247 Interest bearing deposits with other banks 2 105,564 105,564 122,684 122,684 Securities held-to-maturity 2 3,882 3,906 3,885 3,992 Restricted stock 2 13,977 13,977 22,002 22,002 Loans held for sale 3 39,520 39,520 64,460 69,081 Loans and lease receivables, net (less impaired 3 4,678,897 4,643,327 4,430,231 4,428,509 Accrued interest receivable 3 18,757 18,757 18,875 18,875 Financial liabilities Non-interest-bearing deposits 2 2,281,612 2,281,612 2,158,420 2,158,420 Interest-bearing deposits 2 3,248,490 3,248,063 2,996,627 2,997,026 Accrued interest payable 2 1,402 1,402 262 262 Federal Home Loan Bank advances 2 280,000 280,000 490,000 490,000 Securities sold under repurchase agreement 2 31,450 31,450 29,723 29,723 Subordinated notes 2 73,560 79,159 73,517 81,744 Junior subordinated debentures 3 37,011 40,389 36,906 40,901 |
Derivative Instruments and Hedg
Derivative Instruments and Hedge Activities | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedge Activities | Note 16—Derivative Instruments and Hedge Activities As required by ASC 815, the Company records all derivatives on the Condensed Consolidated Statements of Financial Condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company records derivative assets and derivative liabilities on the Condensed Consolidated Statements of Financial Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. The following tables present the fair value of the Company’s derivative financial instruments and classification on the Condensed Consolidated Statements of Financial Condition as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Fair Value Fair Value Notional Other Other Notional Other Other Derivatives designated as hedging instruments Interest rate swaps designated as cash flow $ 450,000 $ 21,782 $ — $ 400,000 $ 4,140 $ — Derivatives not designated as hedging Other interest rate derivatives 488,064 7,331 ( 7,474 ) 439,876 9,235 ( 9,660 ) Other credit derivatives 7,350 — ( 1 ) 7,571 — ( 5 ) Total derivatives $ 945,414 $ 29,113 $ ( 7,475 ) $ 847,447 $ 13,375 $ ( 9,665 ) Interest rate swaps designated as cash flow hedges —Cash flow hedges of interest payments associated with certain other borrowings had notional amounts totaling $ 450.0 million as of March 31, 2022 , and $ 400.0 million as of December 31, 2021. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value of the derivatives hedging instrument with the fair value of the designated hedged transactions. As of March 31, 2022 , the cash flow hedges aggregating $ 450.0 million in notional amounts are comprised of five forward starting pay fixed interest rate swaps totaling $ 350.0 million, of which one for $ 50.0 million is effective in September 2022; two totaling $ 200.0 million are effective in March 2023; one for $ 50.0 million is effective in May 2023; and one for $ 50.0 million is effective in September 2023. Included in other comprehensive income is the remaining balance related to previously terminated interest rate swaps designated as cash flow hedges of $ 97,000 as of March 31, 2022 and $ 199,000 as of December 31, 2021. These are amortized over the original life of the cash flow hedge. Interest recorded on these swap transactions was $ 210,000 and $ 21,000 during the three months ended March 31, 2022, and 2021, respectively, and is reported as a component of interest expense on other borrowings. As of March 31, 2022 , the Company estimates $ 1.2 million of the unrealized gain to be reclassified as a decrease to interest expense during the next twelve months. The following table reflects the cash flow hedges as of March 31, 2022: Notional amounts $ 450,000 Derivative assets fair value 21,782 Derivative liabilities fair value — Weighted average maturity 4.7 years The weighted average pay rates of the swaps are 1.04 % as of March 31, 2022, and weighted average receive rates are determined at the time the forward swaps become effective. The weighted average receive rate for the effective hedge of $ 100.0 million is 0.2 0% as of March 31, 2022 . The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Condensed Consolidated Statements of Operations relating to the cash flow derivative instruments for the three months ended: March 31, 2022 March 31, 2021 Amount of Amount of Amount of Amount of Amount of Amount of Interest rate swaps $ 17,643 $ ( 210 ) $ — $ 4,992 $ ( 21 ) $ — Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements and/or the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Other interest rate derivatives —The total combined notional amount was $ 488.1 million as of March 31, 2022 with maturities ranging from April 2022 to March 2032 . The fair values of the interest rate derivative agreements are reflected in other assets and other liabilities with corresponding gains or losses reflected in non-interest income. During the three months ended March 31, 2022 and 2021 , there were $ 1.1 million and $ 42,000 of net transaction fees, respectively, included in other non-interest income, related to these derivative instruments. These instruments are inherently subject to market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the Company’s risk of loss when the counterparty to a derivative contract fails to perform according to the terms of the agreement. Market and credit risks are managed and monitored as part of the Company’s overall asset-liability management process. The credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company’s loan underwriting process. The Company’s loan underwriting process also approves the Bank’s swap counterparty used to mirror the borrowers’ swap. The Company has a bilateral agreement with each swap counterparty that provides that fluctuations in derivative values are to be fully collateralized with either cash or securities. The following table reflects other interest rate derivatives as of March 31, 2022: Notional amounts $ 488,064 Derivative assets fair value 7,331 Derivative liabilities fair value 7,474 Weighted average pay rates 4.13 % Weighted average receive rates 4.33 % Weighted average maturity 5.9 years Other credit derivatives — The Company has entered into risk participation agreements with counterparty banks to assume a portion of the credit risk related to borrower transactions. The credit risk related to these other credit derivatives is managed through the Company’s loan underwriting process. The total notional amount was $ 7.4 million and $ 7.6 million as of March 31, 2022 and December 31, 2021, respectively. The fair value of the other credit derivatives is reflected in other liabilities with corresponding gains or losses reflected in non-interest income. The Company has agreements with its derivative counterparties that contain a cross-default provision under which if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain derivative counterparties that contain a provision where if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations resulted in a net asset position. The following table reflects amounts included in non-interest income in the Condensed Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Other interest rate derivatives $ ( 282 ) $ 556 Other credit derivatives ( 4 ) 5 Total $ ( 286 ) $ 561 The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative asset and liabilities on the Condensed Consolidated Statements of Financial Condition. The table below summarizes the Company’s interest rate derivatives and offsetting positions as of: March 31, 2022 December 31, 2021 Derivative Derivative Derivative Derivative Gross amounts recognized $ 29,113 $ ( 7,475 ) $ 13,375 $ ( 9,665 ) Less: Amounts offset in the Condensed Consolidated — — — — Net amount presented in the Condensed Consolidated $ 29,113 $ ( 7,475 ) $ 13,375 $ ( 9,665 ) Gross amounts not offset in the Condensed Consolidated Offsetting derivative positions ( 2,336 ) 2,336 (3,253 ) 3,253 Collateral posted ( 26,777 ) 5,138 ( 10,122 ) 6,412 Net credit exposure $ — $ ( 1 ) $ — $ — As of March 31, 2022 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $ 7.5 million. The Company has posted $ 5.1 million collateral related to these agreements as of March 31, 2022. If the Company had breached any of these provisions at March 31, 2022 , it could have been required to settle its obligations under the agreements at their termination value less offsetting positions of $ 2.3 million. For purposes of this disclosure, the amount of posted collateral by the Company and counterparties is limited to the amount offsetting the derivative asset and derivative liability. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 17 – Share-Based Compensation In June 2017, the Company's Board of Directors adopted, and the Company's stockholder approved, the 2017 Omnibus Incentive Compensation Plan (the “Omnibus Plan”). The Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights and other equity-based, equity-related or cash-based awards. A total of 1,550,000 shares of our common stock have been reserved for issuance under the Omnibus Plan. As of March 31, 2022 , there were 400,377 shares available for future grants under the Omnibus Plan. The Company primarily grants time-based restricted share awards that vest over a one to four year period, subject to continued employment. The Company also grants performance-based restricted share awards. The number of shares which may be earned under the award is dependent upon the Company’s return on average assets, weighted equally over a three-year period and measured against a peer group consisting of publicly-traded bank holding companies. Results will be measured cumulatively at the end of the three years. Any earned shares will vest on the third anniversary of the grant date. During 2022, the Company granted 289,277 shares of restricted common stock, par value $ 0.01 per share. Of this total, 166,290 restricted shares will vest ratably over four years on each anniversary of the grant date, 69,910 restricted shares will vest ratably over three years on each anniversary of the grant date, and 10,589 restricted shares will cliff vest on the third anniversary of the grant date. In addition, 42,488 performance-based restricted shares were included in the 2022 grant which have a period ending December 31, 2024. The following table discloses the changes in restricted shares for the three months ended March 31, 2022: Omnibus Plan Number of Shares Weighted Average Beginning balance, January 1, 2022 542,520 $ 19.04 Granted 289,277 26.97 Vested ( 75,171 ) 18.47 Forfeited ( 169 ) 18.33 Ending balance outstanding at March 31, 2022 756,457 $ 22.13 A total of 75,171 restricted shares vested during the three months ended March 31, 2022 . A total of 148,577 restricted shares vested during the year ended December 31, 2021. The fair value of restricted shares that vested during the three months ended March 31, 2022 was $ 2.0 million. The fair value of restricted shares that vested during the year ended December 31, 2021 was $ 3.4 million. The Company recognizes share-based compensation based on the estimated fair value of the restricted stock at the grant date. Share-based compensation expense is included in non-interest expense in the Condensed Consolidated Statements of Operations. The following table summarizes restricted stock compensation expense for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Total share-based compensation - restricted stock $ 1,264 $ 783 Income tax benefit 343 218 Unrecognized compensation expense 13,525 9,720 Weighted-average amortization period remaining 2.9 years 2.7 years The fair value of the unvested restricted stock awards at March 31, 2022 was $ 20.2 million. In October 2014, the Company adopted the Byline Bancorp, Inc. Equity Incentive Plan (“BYB Plan”). The maximum number of shares available for grants under this plan was 2,476,122 shares. The Company granted 1,846,968 options to purchase shares under this plan. In June 2017, the Board of Directors terminated the BYB Plan and no future grants can be made under this plan. Options to purchase a total of 1,080,554 shares remain outstanding under the BYB Plan at March 31, 2022. The types of stock options granted under the BYB Plan were Time Options and Performance Options. The exercise price of each option is equal to the fair value of the stock as of the date of grant. These option awards have vesting periods ranging from one to five years and have 10-year contractual terms. Stock volatility was computed as the average of the volatilities of peer group companies. All outstanding stock options were fully vested and exercisable at March 31, 2022. The fair values of the stock options were determined using the Black-Scholes-Merton model for Time Options and a Monte Carlo simulation model for Performance Options. The following table discloses the activity in shares subject to options and the weighted average exercise prices, in actual dollars, for the three months ended March 31, 2022: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2022 1,337,048 $ 11.26 $ 21,519 3.5 Exercised ( 256,494 ) 11.18 $ 4,054 Expired — Ending balance outstanding at March 31, 2022 1,080,554 $ 11.27 $ 16,647 3.2 Exercisable at March 31, 2022 1,080,554 $ 11.27 $ 16,647 3.2 A total of 256,494 stock options were exercised during the three months ended March 31, 2022 , proceeds of which were $ 470,000 , with a related tax benefit of $ 1.1 million. A total of 53,531 stock options were exercised during the year ended December 31, 2021, with proceeds of $ 751,000 and a related tax benefit of $ 121,000 . No stock options vested during the three months ended March 31, 2022. The Company did not recognize any stock option compensation expense during three months ended March 31, 2022 or for the three months ended March 31, 2021. There was no unrecognized stock option compensation expenses as of March 31, 2022. Pursuant to the terms of the Agreement and Plan of Merger with First Evanston and its subsidiaries, dated as of November 27, 2017 (the "Merger Agreement"), each outstanding First Evanston option held by a participant in the First Evanston Bancorp, Inc. Stock Incentive Plan (the “FEB Plan”) ceased to represent a right to acquire shares of First Evanston common stock and was assumed and converted automatically into a fully vested and exercisable adjusted option to purchase shares of Byline common stock (each an “Adjusted Option”). In accordance with the Merger Agreement, the number of shares of Byline common stock to which each such Adjusted Option relates is equal to the product (rounded down to the nearest whole share of Byline common stock) of: (a) the number of shares of First Evanston common stock subject to the First Evanston Option immediately prior to May 31, 2018, multiplied by (b) 4.725 . Each Adjusted Option has an exercise price per share of Byline common stock equal to the quotient (rounded up to the nearest whole cent) of (x) the per share exercise price of such First Evanston Option immediately prior to May 31, 2018, divided by (y) 4.725 . The description of the conversion process is based on, and qualified by, the Merger Agreement. The following table discloses the activity in shares subject to options under the FEB Plan and the weighted average exercise prices, in actual dollars, for the three months ended March 31, 2022: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2022 170,697 $ 11.60 $ 2,688 3.4 Exercised — Expired — Ending balance outstanding at March 31, 2022 170,697 $ 11.60 $ 2,574 3.1 Exercisable at March 31, 2022 170,697 $ 11.60 $ 2,574 3.1 No stock options were exercised during the three months ended March 31, 2022 . A total of 62,366 stock options were exercised during the year ended December 31, 2021, proceeds of which were $ 705,000 and a related tax benefit of $ 153,000 . No stock options vested during the three months ended March 31, 2022 . |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 18—Earnings per Share A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 1,251,251 and 1,568,301 shares of common stock were outstanding as of March 31, 2022 and 2021, respectively. There were 756,457 and 633,430 restricted stock awards outstanding at March 31, 2022 and 2021, respectively. For the three ended March 31, 2022 and 2021, no stock options outstanding were excluded from the calculation of diluted earnings per common share. The following represent the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended 2022 2021 Net income $ 22,311 $ 21,798 Less: Dividends on preferred shares 196 196 Net income available to common stockholders $ 22,115 $ 21,602 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 37,123,161 38,164,201 Incremental shares 919,661 751,281 Weighted-average common stock outstanding (dilutive) 38,042,822 38,915,482 Basic earnings per common share $ 0.60 $ 0.57 Diluted earnings per common share $ 0.58 $ 0.56 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Note 19—Stockholders’ Equity A summary of the Company’s preferred and common stock at March 31, 2022 and December 31, 2021 is as follows: March 31, December 31, 2022 2021 Series B 7.5 % fixed to floating non-cumulative Par value $ 0.01 $ 0.01 Shares authorized 50,000 50,000 Shares issued — 10,438 Shares outstanding — 10,438 Common stock, voting Par value $ 0.01 $ 0.01 Shares authorized 150,000,000 150,000,000 Shares issued 39,534,816 39,203,747 Shares outstanding 37,811,582 37,713,903 Treasury shares 1,723,234 1,489,844 During 2016, the Company authorized and issued Series B 7.50 % fixed-to-floating non-voting, noncumulative perpetual preferred stock with a liquidation preference of $1,000 per share, plus the amount of unpaid dividends, if any, which was redeemable at the Company’s option on or after March 31, 2022. Holders of Series B Preferred Stock did not have any rights to convert such stock into shares of any other class of capital stock of the Company. Holders of Series B Preferred Stock were entitled to receive a fixed dividend of 7.50 % per annum from the original issue date through December 30, 2021 . On February 15, 2022, the Company gave notice of its intention to redeem all of its outstanding shares of the Series B Preferred Stock (the “Preferred Stock Redemption”). The Preferred Stock Redemption was in accordance with the terms of the Certificate of Designations of the Series B Preferred Stock dated as of June 16, 2017 (the “Certificate of Designation”). There were 10,438 shares of Series B Preferred Stock outstanding. The redemption date for the Series B Preferred Stock was March 31, 2022 . Under the Certificate of Designations, the per share redemption price was the liquidation preference of $ 1,000 per share plus an amount equal to any declared and unpaid dividends thereon for any prior dividend period and totaled $ 10.6 million. For the three months ended March 31, 2022 and 2021, the Company declared and paid dividends on the Series B preferred stock of $ 196,000 . On December 10, 2020, the Company announced that its Board of Directors approved a stock repurchase program authorizing the purchase of up to an aggregate of 1,250,000 shares of the Company’s outstanding common stock, and on July 27, 2021, the Company's Board of Directors authorized an expansion of its current stock repurchase program. Under the extended program, the Company is authorized to repurchase an additional 1,250,000 shares of the Company's outstanding common stock. The shares may, at the discretion of management, be repurchased from time to time in open market purchases as market conditions warrant or in privately negotiated transactions. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time. The actual timing, number and share price of shares purchased under the repurchase program will be determined by the Company at its discretion and will depend on a number of factors, including the market price of the Company’s stock, general market and economic conditions and applicable legal requirements. The program will be in effect until December 31, 2022 unless terminated earlier. The Company purchased 282,819 shares at a cost of $ 7.6 million under the stock repurchase program during the three months ended March 31, 2022 . The Company purchased 332,744 shares at a cost of $ 6.4 million under this program during the three months ended March 31, 2021. Repurchased shares are recorded as treasury shares on the trade date using the treasury stock method, and the cash paid is recorded as treasury stock. Treasury stock acquired is recorded at cost and is carried as a reduction of stockholders’ equity in the Condensed Consolidated Statements of Financial Condition. For the three months ended March 31, 2022 and 2021, cash dividends were declared and paid to stockholders of record of the Company's common stock of $ 0.09 and $ 0.06 per share, respectively. On April 26, 2022, the Company’s Board of Directors declared a cash dividend of $ 0.09 per share payable on May 23, 2022 to stockholders of record of the Company’s common stock as of May 9, 2022 . |
Consolidated Statements of Chan
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | Note 20—Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021: (dollars in thousands) Unrealized Unrealized Gains Total Balance, January 1, 2021 $ ( 305 ) $ 18,352 $ 18,047 Other comprehensive income (loss), net of tax 3,617 ( 30,011 ) ( 26,394 ) Balance, March 31, 2021 $ 3,312 $ ( 11,659 ) $ ( 8,347 ) Balance, January 1, 2022 $ 2,817 $ ( 11,119 ) $ ( 8,302 ) Other comprehensive income (loss), net of tax 13,010 ( 61,096 ) ( 48,086 ) Balance, March 31, 2022 $ 15,827 $ ( 72,215 ) $ ( 56,388 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | These unaudited interim condensed consolidated financial statements include the accounts of Byline Bancorp, Inc., a Delaware corporation (the “Company,” “Byline,” “we,” “us,” “our”), a bank holding company whose principal activity is the ownership and management of its Illinois state chartered subsidiary bank, Byline Bank (the “Bank”), based in Chicago, Illinois. These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2022 for potential recognition or disclosure. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information in footnote disclosures normally included in financial statements prepared in accordance with GAAP has been condensed or omitted pursuant to the rules and regulations of the SEC and the accounting standards for interim financial statements. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Consolidated Financial Statements for the years ended December 31, 2021, 2020, and 2019. The Company has one reportable segment. The Company’s chief operating decision maker evaluates the operations of the Company using consolidated information for purposes of allocating resources and assessing performance. Therefore, segments disclosures are not required. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 855, “Subsequent Events,” the Company’s management has evaluated subsequent events for potential recognition or disclosure through the date of the issuance of these condensed consolidated financial statements. No subsequent events were identified that would have required a change to the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements. Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications did not result in any changes to previously reported net income or stockholders’ equity. |
Accounting Pronouncements Recently Adopted or Issued | The following reflect recent accounting pronouncements that have been adopted or are pending adoption by the Company. As the Company qualifies as an emerging growth company and has elected the extended transition period for complying with new or revised accounting pronouncements, it is not subject to new or revised accounting standards applicable to public companies during the extended transition period. The accounting pronouncements pending adoption below reflect effective dates for the Company as an emerging growth company with the extended transition period. Adopted Accounting Pronouncement Income Taxes (Topic 740) —On January 1, 2022, the Company adopted ASU No. 2019-12, Simplifying the Accounting for Income Taxes . The ASU simplifies the accounting for income taxes by removing the following: the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items; the exception to the requirement to or not to recognize a deferred tax liability for a foreign entity when it becomes an equity method investment or it becomes a subsidiary, respectively; and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the ASU change current authoritative guidance by requiring the recognition of franchise tax that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax; requiring an evaluation when a step up in the tax basis of goodwill should be considered part the of business combination; specifying that it is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; and requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. Adoption of the provisions of ASU No. 2019-12 did not impact our financial result for the three months ended March 31, 2022. Issued Accounting Pronouncements Pending Adoption Financial Instruments—Credit Losses (Topic 326) —In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016‑13, Measurement of Credit Losses on Financial Instruments . Current GAAP requires an “incurred loss” methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this ASU replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this ASU require a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The measurement of expected credit losses will be based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Upon adoption, a banking organization must record a one-time adjustment to its credit loss allowances as of the beginning of the fiscal year of adoption equal to the difference, if any, between the amount of credit loss allowances under the prior methodology and the amount required under the new standard. The amendments in this ASU broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss, which will be more useful to users of the financial statements. In February 2022, FASB issued ASU No. 2022-02, Troubled Debt Restructurings (TDRs) and Vintage Disclosures, which eliminates the specific accounting guidance for TDRs and updates the vintage disclosure requirements to require disclosure of current period charge-offs by year of origination. This guidance will be implemented upon adoption. In November 2019, FASB issued ASU No. 2019-10, Effective Dates, which delays the effective date of the ASU for entities not classified as Public Business Entities. The Company will adopt the standard on December 31, 2022. The new guidance may result in an increase in the allowance for loan losses, which will reflect the requirement to include expected losses on purchased credit-impaired loans. The extent of the increase will depend on the composition of the loan portfolio, as well as the economic conditions and forecasts as of the adoption date. Reference Rate Reform (Topic 848) —In March 2020, FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The amendments in the ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in the ASU provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. The amendments in the ASU will be in effect for all entities as of March 12, 2020 through December 31, 2022. Banking regulators have provided guidance which prohibits new financial contracts from referencing LIBOR as the relevant index after December 31, 2021. The guidance goes on to indicate that beginning after June 2023, LIBOR can no longer be used for existing financial contracts. In December 2021, management approved the use of Term Secured Overnight Financing Rate ("SOFR") as an alternative reference rate to LIBOR. Other alternative reference rates may be considered in the future. At March 31, 2022, $ 1.1 bi llion of loans, derivatives with a notional amount of $ 475.8 million, and securities available for sale with a fair value of $ 58.3 million, include fallback provisions that define the trigger events (an occurrence that precipitates the conversion from LIBOR to a new reference rate), and allow for the selection of a benchmark replacement and a spread adjustment between LIBOR and that benchmark replacement. Junior subordinated debentures carrying value of $ 37.0 million were also tied to LIBOR. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Values of Securities Available-for-sale, and Held to Maturity | The following tables summarize the amortized cost and fair values of securities available-for-sale and securities held-to-maturity as of the dates shown and the corresponding amounts of gross unrealized gains and losses: March 31, 2022 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 24,875 $ 4 $ ( 654 ) $ 24,225 U.S. Government agencies 149,164 328 ( 9,252 ) 140,240 Obligations of states, municipalities, and 83,786 512 ( 2,170 ) 82,128 Residential mortgage-backed securities Agency 758,179 21 ( 57,343 ) 700,857 Non-agency 140,350 — ( 9,926 ) 130,424 Commercial mortgage-backed securities Agency 206,203 25 ( 16,535 ) 189,693 Corporate securities 65,798 488 ( 1,144 ) 65,142 Asset-backed securities 36,796 10 ( 147 ) 36,659 Total $ 1,465,151 $ 1,388 $ ( 97,171 ) $ 1,369,368 March 31, 2022 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and $ 3,882 $ 24 $ — $ 3,906 Total $ 3,882 $ 24 $ — $ 3,906 December 31, 2021 Amortized Gross Gross Fair Available-for-sale U.S. Treasury Notes $ 18,447 $ 37 $ ( 8 ) $ 18,476 U.S. Government agencies 141,096 661 ( 2,367 ) 139,390 Obligations of states, municipalities, and 86,454 3,238 ( 56 ) 89,636 Residential mortgage-backed securities Agency 756,549 2,122 ( 15,015 ) 743,656 Non-agency 146,499 4 ( 1,267 ) 145,236 Commercial mortgage-backed securities Agency 214,417 2,795 ( 3,661 ) 213,551 Corporate securities 65,814 1,586 ( 54 ) 67,346 Asset-backed securities 37,206 49 ( 4 ) 37,251 Total $ 1,466,482 $ 10,492 $ ( 22,432 ) $ 1,454,542 December 31, 2021 Amortized Gross Gross Fair Held-to-maturity Obligations of states, municipalities, and political $ 3,885 $ 107 $ — $ 3,992 Total $ 3,885 $ 107 $ — $ 3,992 |
Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale and Held to Maturity | Gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2022 and December 31, 2021, are summarized as follows: Less than 12 Months 12 Months or Longer Total March 31, 2022 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 4 $ 22,223 $ ( 654 ) $ — $ — $ 22,223 $ ( 654 ) U.S. Government agencies 15 43,883 ( 1,915 ) 74,242 ( 7,337 ) 118,125 ( 9,252 ) Obligations of states, 25 42,934 ( 2,170 ) — — 42,934 ( 2,170 ) Residential mortgage-backed Agency 93 229,246 ( 11,442 ) 469,295 ( 45,901 ) 698,541 ( 57,343 ) Non-agency 19 110,832 ( 7,854 ) 19,592 ( 2,072 ) 130,424 ( 9,926 ) Commercial mortgage-backed Agency 45 111,241 ( 6,766 ) 69,134 ( 9,769 ) 180,375 ( 16,535 ) Corporate securities 16 28,709 ( 1,144 ) — — 28,709 ( 1,144 ) Asset-backed securities 6 31,961 ( 147 ) — — 31,961 ( 147 ) Total 223 $ 621,029 $ ( 32,092 ) $ 632,263 $ ( 65,079 ) $ 1,253,292 $ ( 97,171 ) Less than 12 Months 12 Months or Longer Total December 31, 2021 # of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale U.S. Treasury Notes 1 $ 9,946 $ ( 8 ) $ — $ — $ 9,946 $ ( 8 ) U.S. Government agencies 10 64,585 ( 1,590 ) 19,223 ( 777 ) 83,808 ( 2,367 ) Obligations of states, municipalities and 3 9,507 ( 56 ) — — 9,507 ( 56 ) Residential mortgage-backed securities Agency 51 612,280 ( 13,894 ) 25,412 ( 1,121 ) 637,692 ( 15,015 ) Non-agency 14 96,372 ( 1,257 ) 761 ( 10 ) 97,133 ( 1,267 ) Commercial mortgage-backed securities Agency 19 64,473 ( 1,994 ) 37,063 ( 1,667 ) 101,536 ( 3,661 ) Corporate securities 3 7,502 ( 54 ) — — 7,502 ( 54 ) Asset-backed securities 3 15,978 ( 4 ) — — 15,978 ( 4 ) Total 104 $ 880,643 $ ( 18,857 ) $ 82,459 $ ( 3,575 ) $ 963,102 $ ( 22,432 ) |
Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses | The proceeds from all sales of securities available-for-sale, and the associated gains and losses on sales and calls of securities, for the three months ended March 31, 2022 and 2021 are listed below: For the Three Months Ended March 31, 2022 2021 Proceeds $ — $ 89,301 Gross gains — 1,626 Gross losses — 164 |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | At March 31, 2022, the amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Amortized Fair Available-for-sale Due in one year or less $ 12,011 $ 12,051 Due from one to five years 71,166 69,792 Due from five to ten years 202,902 196,070 Due after ten years 74,340 70,481 Mortgage-backed securities 1,104,732 1,020,974 Total $ 1,465,151 $ 1,369,368 Held-to-maturity Due in one year or less $ 1,174 $ 1,182 Due from one to five years 2,708 2,724 Total $ 3,882 $ 3,906 |
Loan and Lease Receivables (Tab
Loan and Lease Receivables (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Outstanding Loan and Lease Receivables | Outstanding loan and lease receivables as of the dates shown were categorized as follows: March 31, December 31, 2022 2021 Commercial real estate $ 1,776,483 $ 1,663,256 Residential real estate 494,285 480,236 Construction, land development, and other land 354,697 327,143 Commercial and industrial 1,738,379 1,580,235 Paycheck Protection Program ("PPP") 37,248 127,184 Installment and other 1,312 1,322 Lease financing receivables 380,313 354,135 Total loans and leases 4,782,717 4,533,511 Net unamortized deferred fees and costs 1,980 ( 674 ) Initial direct costs 4,371 4,291 Allowance for loan and lease losses ( 59,458 ) ( 55,012 ) Net loans and leases $ 4,729,610 $ 4,482,116 March 31, December 31, 2022 2021 Lease financing receivables Net minimum lease payments $ 375,581 $ 352,948 Unguaranteed residual values 32,930 27,953 Unearned income ( 28,198 ) ( 26,766 ) Total lease financing receivables 380,313 354,135 Initial direct costs 4,371 4,291 Lease financing receivables before allowance for $ 384,684 $ 358,426 |
Summary of Minimum Annual Lease Payments for Lease Financing Receivables | The minimum annual lease payments for lease financing receivables as of March 31, 2022 are summarized as follows: Minimum Lease 2022 $ 88,081 2023 110,682 2024 84,204 2025 58,757 2026 29,364 Thereafter 4,493 Total $ 375,581 |
Summary of Balances for Each Respective Loan and Lease Category | The following tables summarize the balances for each respective loan and lease category as of March 31, 2022 and December 31, 2021: March 31, 2022 Originated Acquired Acquired Total Commercial real estate $ 1,527,920 $ 67,092 $ 184,353 $ 1,779,365 Residential real estate 399,638 47,347 47,735 494,720 Construction, land development, and other land 351,519 1,357 196 353,072 Commercial and industrial 1,698,025 3,792 37,794 1,739,611 Paycheck Protection Program 36,260 — — 36,260 Installment and other 945 163 248 1,356 Lease financing receivables 379,527 — 5,157 384,684 Total loans and leases $ 4,393,834 $ 119,751 $ 275,483 $ 4,789,068 December 31, 2021 Originated Acquired Acquired Total Commercial real estate $ 1,379,000 $ 72,160 $ 214,588 $ 1,665,748 Residential real estate 379,796 49,401 51,317 480,514 Construction, land development, and other land 323,886 1,312 201 325,399 Commercial and industrial 1,534,745 4,014 43,202 1,581,961 Paycheck Protection Program 123,712 — — 123,712 Installment and other 940 164 264 1,368 Lease financing receivables 352,247 — 6,179 358,426 Total loans and leases $ 4,094,326 $ 127,051 $ 315,751 $ 4,537,128 |
Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans | The balances do not include an allowance for loan and lease losses of $ 3.0 million and $ 3.2 million, at March 31, 2022 and December 31, 2021, respectively. March 31, 2022 December 31, 2021 Unpaid Carrying Unpaid Carrying Commercial real estate $ 107,665 $ 67,092 $ 113,257 $ 72,160 Residential real estate 92,534 47,347 95,056 49,401 Construction, land development, and other land 8,287 1,357 8,571 1,312 Commercial and industrial 5,786 3,792 10,201 4,014 Installment and other 851 163 858 164 Total acquired impaired loans $ 215,123 $ 119,751 $ 227,943 $ 127,051 |
Summary of Changes in Accretable Yield for Acquired Impaired Loans | The following table summarizes the changes in accretable yield for acquired impaired loans for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Beginning balance $ 18,595 $ 27,696 Accretion to interest income ( 2,313 ) ( 3,707 ) Reclassification from nonaccretable difference, net 319 1,273 Ending balance $ 16,601 $ 25,262 |
Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-Impaired Loans and Leases | The unpaid principal balance and carrying value for acquired non-impaired loans and leases at March 31, 2022 and December 31, 2021 were as follows: March 31, 2022 December 31, 2021 Unpaid Carrying Unpaid Carrying Commercial real estate $ 188,627 $ 184,353 $ 219,277 $ 214,588 Residential real estate 48,211 47,735 51,839 51,317 Construction, land development, and other land 260 196 265 201 Commercial and industrial 39,314 37,794 44,827 43,202 Installment and other 257 248 273 264 Lease financing receivables 5,172 5,157 6,199 6,179 Total acquired non-impaired loans and leases $ 281,841 $ 275,483 $ 322,680 $ 315,751 |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments | The following tables summarize the balance and activity within the allowance for loan and lease losses, the components of the allowance for loan and lease losses in terms of loans and leases individually and collectively evaluated for impairment, and corresponding loan and lease balances by type for the three months ended March 31, 2022 and 2021 are as follows: March 31, 2022 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Allowance for loan and Three months ended Beginning balance $ 16,918 $ 1,628 $ 522 $ 33,129 $ — $ 9 $ 2,806 $ 55,012 Provision 2,784 513 594 458 — 1 645 4,995 Charge-offs ( 240 ) — — ( 463 ) — — ( 363 ) ( 1,066 ) Recoveries 244 4 — 120 — — 149 517 Ending balance $ 19,706 $ 2,145 $ 1,116 $ 33,244 $ — $ 10 $ 3,237 $ 59,458 Ending balance: Individually evaluated for $ 7,731 $ 6 $ — $ 13,002 $ — $ — $ — $ 20,739 Collectively evaluated for 10,320 1,138 1,115 19,855 — 8 3,237 35,673 Loans acquired with 1,655 1,001 1 387 — 2 — 3,046 Total allowance for loan $ 19,706 $ 2,145 $ 1,116 $ 33,244 $ — $ 10 $ 3,237 $ 59,458 March 31, 2022 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 36,805 $ 2,190 $ — $ 32,457 $ — $ — $ — $ 71,452 Collectively evaluated for 1,675,468 445,183 351,715 1,703,362 36,260 1,193 384,684 4,597,865 Loans acquired with 67,092 47,347 1,357 3,792 — 163 — 119,751 Total loans and leases $ 1,779,365 $ 494,720 $ 353,072 $ 1,739,611 $ 36,260 $ 1,356 $ 384,684 $ 4,789,068 March 31, 2021 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Allowance for loan and lease losses Three months ended Beginning balance $ 19,584 $ 2,400 $ 1,352 $ 41,183 $ — $ 15 $ 1,813 $ 66,347 Provision/(recapture) 2,606 ( 302 ) ( 241 ) 1,947 — ( 3 ) 360 4,367 Charge-offs ( 1,877 ) ( 11 ) ( 326 ) ( 2,888 ) — — ( 364 ) ( 5,466 ) Recoveries 185 4 — 60 — — 93 342 Ending balance $ 20,498 $ 2,091 $ 785 $ 40,302 $ — $ 12 $ 1,902 $ 65,590 Ending balance: Individually evaluated for $ 7,409 $ 101 $ — $ 18,824 $ — $ — $ — $ 26,334 Collectively evaluated for 10,881 1,460 780 20,066 — 12 1,902 35,101 Loans acquired with 2,208 530 5 1,412 — — — 4,155 Total allowance for loan and $ 20,498 $ 2,091 $ 785 $ 40,302 $ — $ 12 $ 1,902 $ 65,590 March 31, 2021 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Loans and leases ending balance: Individually evaluated for $ 54,421 $ 1,709 $ — $ 43,306 $ — $ — $ — $ 99,436 Collectively evaluated for 1,281,188 469,287 238,332 1,312,248 617,006 1,425 254,331 4,173,817 Loans acquired with 96,059 74,283 1,992 8,842 — 191 — 181,367 Total loans and leases $ 1,431,668 $ 545,279 $ 240,324 $ 1,364,396 $ 617,006 $ 1,616 $ 254,331 $ 4,454,620 |
Summary of Recorded Investment, Unpaid Principal Balance, and Related Allowance for Loans and Leases Considered Impaired | The following tables summarize the recorded investment, unpaid principal balance, and related allowance for loans and leases losses considered impaired as of March 31, 2022 and December 31, 2021, which exclude acquired impaired loans. For purposes of these tables, the unpaid principal balance represents the outstanding contractual balance. Impaired loans include loans that are individually evaluated for impairment as well as troubled debt restructurings for all loan categories. The sum of non-accrual loans and loans past due 90 days still on accrual will differ from the total impaired loan amount. March 31, 2022 Recorded Unpaid Related With no related allowance recorded Commercial real estate $ 14,083 $ 15,163 $ — Residential real estate 2,104 2,209 — Commercial and industrial 12,285 13,891 — With an allowance recorded Commercial real estate 22,722 26,515 7,731 Residential real estate 86 108 6 Commercial and industrial 20,172 21,472 13,002 Total impaired loans $ 71,452 $ 79,358 $ 20,739 December 31, 2021 Recorded Unpaid Related With no related allowance recorded Commercial real estate $ 17,233 $ 19,252 $ — Residential real estate 1,802 1,919 — Commercial and industrial 16,624 19,148 — With an allowance recorded Commercial real estate 17,818 20,117 6,538 Commercial and industrial 19,446 21,198 14,500 Total impaired loans $ 72,923 $ 81,634 $ 21,038 |
Summary of Average Recorded Investment and Interest Income Recognized for Loans and Leases Considered Impaired | The following tables summarize the average recorded investment and interest income recognized for loans and leases considered impaired, which excludes acquired impaired loans, for the three months ended: March 31, 2022 Average Interest With no related allowance recorded Commercial real estate $ 16,068 $ 236 Residential real estate 2,005 12 Commercial and industrial 17,380 123 With an allowance recorded Commercial real estate 21,252 375 Residential real estate 29 — Commercial and industrial 20,611 278 Total impaired loans $ 77,345 $ 1,024 March 31, 2021 Average Interest With no related allowance recorded Commercial real estate $ 34,961 $ 311 Residential real estate 3,080 18 Commercial and industrial 16,568 129 With an allowance recorded Commercial real estate 22,178 161 Residential real estate 298 2 Commercial and industrial 31,089 273 Total impaired loans $ 108,174 $ 894 |
Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation | The following tables summarize the risk rating categories of the loans and leases considered for inclusion in the allowance for loan and lease losses calculation, excluding acquired impaired loans, as of March 31, 2022 and December 31, 2021: March 31, 2022 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Pass $ 1,530,253 $ 423,884 $ 316,400 $ 1,541,963 $ 36,260 $ 1,113 $ 380,897 $ 4,230,770 Watch 107,164 17,934 29,774 136,986 — 80 2,017 293,955 Special Mention 38,012 3,624 5,541 23,162 — — 1,381 71,720 Substandard 36,844 1,931 — 33,708 — — 329 72,812 Doubtful — — — — — — 60 60 Loss — — — — — — — — Total $ 1,712,273 $ 447,373 $ 351,715 $ 1,735,819 $ 36,260 $ 1,193 $ 384,684 $ 4,669,317 December 31, 2021 Commercial Residential Construction, Commercial Paycheck Installment Lease Total Pass $ 1,397,228 $ 406,948 $ 286,434 $ 1,341,826 $ 123,712 $ 1,123 $ 354,380 $ 3,911,651 Watch 123,248 19,062 31,768 177,638 — 81 1,992 353,789 Special Mention 37,340 3,118 5,885 21,586 — — 1,609 69,538 Substandard 35,772 1,985 — 36,897 — — 348 75,002 Doubtful — — — — — — 97 97 Loss — — — — — — — — Total $ 1,593,588 $ 431,113 $ 324,087 $ 1,577,947 $ 123,712 $ 1,204 $ 358,426 $ 4,410,077 |
Summary of Contractual Delinquency Information | The following tables summarize contractual delinquency information for acquired non-impaired and originated loans and leases by category at March 31, 2022 and December 31, 2021: March 31, 2022 30-59 Days 60-89 Greater Non- Total Current Total Commercial real estate $ 8,457 $ 10,684 $ — $ 10,988 $ 30,129 $ 1,682,144 $ 1,712,273 Residential real estate 2,213 2,430 — 1,923 6,566 440,807 447,373 Construction, land development, — — — — — 351,715 351,715 Commercial and industrial 4,671 — — 7,003 11,674 1,724,145 1,735,819 Paycheck Protection Program — — — — — 36,260 36,260 Installment and other 2 34 — — 36 1,157 1,193 Lease financing receivables 515 16 — 363 894 383,790 384,684 Total $ 15,858 $ 13,164 $ — $ 20,277 $ 49,299 $ 4,620,018 $ 4,669,317 December 31, 2021 30-59 60-89 Greater Non- Total Current Total Commercial real estate $ 5,185 $ 2,361 $ — $ 12,751 $ 20,297 $ 1,573,291 $ 1,593,588 Residential real estate 14,282 852 — 1,450 16,584 414,529 431,113 Construction, land development, 5,885 — — — 5,885 318,202 324,087 Commercial and industrial 2,479 1,097 — 8,600 12,176 1,565,771 1,577,947 Paycheck Protection Program — — — — — 123,712 123,712 Installment and other 3 35 — — 38 1,166 1,204 Lease financing receivables 1,661 251 — 329 2,241 356,185 358,426 Total $ 29,495 $ 4,596 $ — $ 23,130 $ 57,221 $ 4,352,856 $ 4,410,077 |
Summary of TDR's by Loan Category | The tables below present TDRs by loan category as of March 31, 2022 and December 31, 2021: March 31, 2022 Number Pre- Post- Charge-offs Specific Accruing: Commercial real estate 4 $ 1,244 $ 1,244 $ — $ 158 Commercial and industrial 1 50 50 — 50 Residential real estate 2 162 162 — — Total accruing 7 1,456 1,456 — 208 Non-accruing: Commercial real estate 4 899 783 116 163 Commercial and industrial 3 1,717 560 1,157 — Total non-accruing 7 2,616 1,343 1,273 163 Total troubled debt restructurings 14 $ 4,072 $ 2,799 $ 1,273 $ 371 December 31, 2021 Number Pre- Post- Charge-offs Specific Accruing: Commercial real estate 5 $ 1,703 $ 1,703 $ — $ 215 Commercial and industrial 1 56 56 — 131 Residential real estate 2 168 168 — — Total accruing 8 1,927 1,927 — 346 Non-accruing: Commercial real estate 4 1,034 918 116 111 Commercial and industrial 3 1,745 588 1,157 — Total non-accruing 7 2,779 1,506 1,273 111 Total troubled debt restructurings 15 $ 4,706 $ 3,433 $ 1,273 $ 457 |
Summary of Loans Modified as Troubled Debt Restructurings | Loans modified as troubled debt restructurings that occurred during the three months ended March 31, 2022 and 2021 were: Three Months Ended March 31, 2022 2021 Accruing: Beginning balance $ 1,927 $ 2,495 Additions — 281 Net payments ( 471 ) ( 57 ) Net transfers from non-accrual — — Ending balance 1,456 2,719 Non-accruing: Beginning balance 1,506 5,650 Additions — 673 Net payments ( 163 ) ( 343 ) Charge-offs — ( 395 ) Net transfers to accrual — — Ending balance 1,343 5,585 Total troubled debt restructurings $ 2,799 $ 8,304 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Activity for Servicing Assets and Related Changes in Fair Value | Activity for servicing assets and the related changes in fair value for the three months ended March 31, 2022 and 2021 was as follows: Three Months Ended 2022 2021 Beginning balance $ 23,744 $ 22,042 Additions, net 1,984 1,603 Changes in fair value ( 1,231 ) ( 1,505 ) Ending balance $ 24,497 $ 22,140 |
Unpaid Principal Balances of Loans Serviced for Others | The unpaid principal balances of these loans serviced for others as of March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, 2022 2021 Loan portfolios serviced for: SBA guaranteed loans $ 1,514,240 $ 1,510,375 USDA guaranteed loans 190,797 183,026 Total $ 1,705,037 $ 1,693,401 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
Change in Other Real Estate Owned | The following table presents the change in other real estate owned (“OREO”) for the three months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 Beginning balance $ 2,112 $ 6,350 Net additions to OREO 309 436 Proceeds from sales of OREO ( 225 ) ( 370 ) Gains on sales of OREO 76 28 Valuation adjustments ( 51 ) ( 492 ) Ending balance $ 2,221 $ 5,952 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of Operating Lease Right-of-use Asset and Liability | The following table summarizes the amount and balance sheet line item for our operating lease right-of-use asset and liability as of March 31, 2022: Balance Sheet Line Item March 31, 2022 December 31, 2021 Operating lease right-of-use asset Accrued interest receivable and other assets $ 11,769 $ 11,646 Operating lease liability Accrued interest payable and other liabilities 15,562 15,629 |
Summary of Lease Costs and Company's Operating Leases | The following table presents components of total lease costs included as a component of occupancy expense on the Consolidated Statement of Operations for the following periods: Three Months Ended 2022 2021 Operating lease cost $ 858 $ 865 Short-term lease cost 37 96 Variable lease cost 469 466 Less: Sublease income ( 127 ) ( 154 ) Total lease cost, net $ 1,237 $ 1,273 |
Schedule of Future Minimum Lease Payments for Operating Leases | The future minimum lease payments for operating leases, subsequent to March 31, 2022, as recorded on the Condensed Consolidated Statements of Financial Condition, are summarized as follows: Operating Lease 2022 $ 3,030 2023 3,465 2024 3,233 2025 2,487 2026 1,719 Thereafter 2,364 Total undiscounted lease payments 16,298 Less: imputed interest ( 736 ) Net lease liabilities $ 15,562 |
Goodwill, Core Deposit Intang_2
Goodwill, Core Deposit Intangible and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill, Core Deposit Intangible Assets and Customer Relationship Intangible Assets | The following tables summarize the changes in the Company’s goodwill, core deposit intangible assets, and customer relationship intangible assets for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Goodwill Core Deposit Customer Relationship Goodwill Core Deposit Customer Relationship Beginning balance $ 148,353 $ 15,004 $ 2,201 $ 148,353 $ 21,809 $ 2,469 Amortization — ( 1,529 ) ( 67 ) — ( 1,683 ) ( 66 ) Ending balance $ 148,353 $ 13,475 $ 2,134 $ 148,353 $ 20,126 $ 2,403 Accumulated amortization N/A $ 41,991 $ 1,082 N/A $ 33,340 $ 813 Weighted average remaining N/A 4.7 Years 8.0 Years N/A 5.4 Years 9.0 Years |
Estimated Amortization Expense for Core Deposit Intangible and Customer Relationship Intangible Recognized | The following table presents the estimated amortization expense for core deposit intangible and customer relationship intangible assets remaining at March 31, 2022: Estimated 2022 $ 4,789 2023 4,336 2024 2,286 2025 1,721 2026 1,157 Thereafter 1,320 Total $ 15,609 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Composition of Deposits | The composition of deposits was as follows as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Non-interest-bearing demand deposits $ 2,281,612 $ 2,158,420 Interest-bearing checking accounts 596,497 572,426 Money market demand accounts 1,357,679 1,106,272 Other savings 659,218 638,218 Time deposits (below $250,000) 505,141 532,589 Time deposits ($250,000 and above) 129,955 147,122 Total deposits $ 5,530,102 $ 5,155,047 |
Schedule of Maturities of Time Deposits | At March 31, 2022, the scheduled maturity of time deposits was: Scheduled Maturities 2022 $ 493,491 2023 97,866 2024 23,251 2025 7,368 2026 and thereafter 13,120 Total $ 635,096 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Other Borrowings | The following is a summary of the Company’s other borrowings as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Federal Home Loan Bank advances $ 280,000 $ 490,000 Securities sold under agreements to repurchase 31,450 29,723 Line of credit — — Total $ 311,450 $ 519,723 |
Summary of Short-term Credit Lines Available for Use | The following table presents short-term credit lines available for use as of March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Federal Home Loan Bank line $ 2,040,248 $ 1,883,349 Federal Reserve Bank of Chicago discount window line 747,988 602,962 Available federal funds lines 115,000 115,000 |
Subordinated Notes and Junior_2
Subordinated Notes and Junior Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures by Issuance | At March 31, 2022 and December 31, 2021, the Company’s junior subordinated debentures by issuance were as follows: Name of Trust Aggregate Principal Amount March 31, 2022 Aggregate Stated Contractual Rate at March 31, 2022 Interest Rate Spread Metropolitan Statutory Trust 1 $ 35,000 $ 35,000 March 17, 2034 3.71 % Three-month 2.79 % First Evanston Bancorp Trust I 10,000 10,000 March 15, 2035 2.61 % Three-month 1.78 % Total liability, at par 45,000 45,000 Discount ( 7,989 ) ( 8,094 ) Total liability, at carrying value $ 37,011 $ 36,906 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments | The following table summarizes the contract or notional amount of outstanding loan and lease commitments at March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Commitments to extend credit $ 247,494 $ 1,666,980 $ 1,914,474 $ 176,014 $ 1,578,405 $ 1,754,419 Letters of credit 579 57,745 58,324 599 58,543 59,142 Total $ 248,073 $ 1,724,725 $ 1,972,798 $ 176,613 $ 1,636,948 $ 1,813,561 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021: Fair Value Measurements Using March 31, 2022 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 24,225 $ 24,225 $ — $ — U.S. Government agencies 140,240 — 140,240 — Obligations of states, municipalities, and political 82,128 — 82,128 — Mortgage-backed securities; residential Agency 700,857 — 700,857 — Non-Agency 130,424 — 130,424 — Mortgage-backed securities; commercial Agency 189,693 — 189,693 — Corporate securities 65,142 — 65,142 — Asset-backed securities 36,659 — 36,659 — Equity and other securities, at fair value Mutual funds 4,872 4,872 — — Equity securities 5,805 — 5,130 675 Servicing assets 24,497 — — 24,497 Derivative assets 29,113 — 29,113 — Financial liabilities Derivative liabilities 7,475 — 7,475 — Fair Value Measurements Using December 31, 2021 Fair Value Level 1 Level 2 Level 3 Financial assets Securities available-for-sale U.S. Treasury Notes $ 18,476 $ 18,476 $ — $ — U.S. Government agencies 139,390 — 139,390 — Obligations of states, municipalities, and political 89,636 — 89,636 Mortgage-backed securities; residential Agency 743,656 — 743,656 — Non-Agency 145,236 — 145,236 — Mortgage-backed securities; commercial Agency 213,551 — 213,551 — Corporate securities 67,346 — 67,346 — Asset-backed securities 37,251 — 37,251 — Equity and other securities, at fair value Mutual funds 4,880 4,880 — — Equity securities 5,698 — 5,012 686 Servicing assets 23,744 — — 23,744 Derivative assets 13,375 — 13,375 — Financial liabilities Derivative liabilities 9,665 — 9,665 — |
Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table presents additional information about financial assets measured at fair value on recurring basis for which the Company used significant unobservable inputs (Level 3): Three Months Ended March 31, 2022 2021 2022 2021 Investment Securities Servicing Assets Balance, beginning of period $ 686 $ 685 $ 23,744 $ 22,042 Additions, net — — 1,984 1,603 Change in fair value ( 11 ) 1 ( 1,231 ) ( 1,505 ) Balance, end of period $ 675 $ 686 $ 24,497 $ 22,140 |
Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis | The following table presents additional information about the unobservable inputs used in the fair value measurements on recurring basis that were categorized within Level 3 of the fair value hierarchy as of March 31, 2022: Financial Instruments Valuation Technique Unobservable Inputs Range of Weighted Impact to Single issuer trust preferred Discounted cash flow Discount rate 3.2 % - 6.4 % 4.6 % Decrease Servicing assets Discounted cash flow Prepayment speeds 0.0 % - 32.6 % 13.5 % Decrease Discount rate ( 0.6 )% - 53.1 % 8.7 % Decrease Expected weighted 0.0 - 9.2 years 3.9 years Increase |
Summary of Assets Measured at Fair Value on Non-Recurring Basis, Excluding Acquired Impaired Loans | The following tables summarize the Company’s assets that were measured at fair value on a non-recurring basis, excluding acquired impaired loans, as of March 31, 2022 and December 31, 2021: Fair Value Measurements Using March 31, 2022 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 29,074 $ — $ — $ 29,074 Residential real estate 2,184 — — 2,184 Commercial and industrial 19,455 — — 19,455 Assets held for sale 9,153 — — 9,153 Other real estate owned 2,221 — — 2,221 Fair Value Measurements Using December 31, 2021 Fair Value Level 1 Level 2 Level 3 Non-recurring Impaired loans (excluding acquired impaired loans) Commercial real estate $ 28,513 $ — $ — $ 28,513 Residential real estate 1,802 — — 1,802 Commercial and industrial 21,570 — — 21,570 Assets held for sale 9,153 — — 9,153 Other real estate owned 2,112 — — 2,112 |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments not carried at fair value and levels within the fair value hierarchy are as follows: March 31, December 31, Fair Value 2022 2021 Hierarchy Carrying Estimated Carrying Estimated Financial assets Cash and due from banks 1 $ 48,015 $ 48,015 $ 35,247 $ 35,247 Interest bearing deposits with other banks 2 105,564 105,564 122,684 122,684 Securities held-to-maturity 2 3,882 3,906 3,885 3,992 Restricted stock 2 13,977 13,977 22,002 22,002 Loans held for sale 3 39,520 39,520 64,460 69,081 Loans and lease receivables, net (less impaired 3 4,678,897 4,643,327 4,430,231 4,428,509 Accrued interest receivable 3 18,757 18,757 18,875 18,875 Financial liabilities Non-interest-bearing deposits 2 2,281,612 2,281,612 2,158,420 2,158,420 Interest-bearing deposits 2 3,248,490 3,248,063 2,996,627 2,997,026 Accrued interest payable 2 1,402 1,402 262 262 Federal Home Loan Bank advances 2 280,000 280,000 490,000 490,000 Securities sold under repurchase agreement 2 31,450 31,450 29,723 29,723 Subordinated notes 2 73,560 79,159 73,517 81,744 Junior subordinated debentures 3 37,011 40,389 36,906 40,901 |
Derivative Instruments and He_2
Derivative Instruments and Hedge Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | The following tables present the fair value of the Company’s derivative financial instruments and classification on the Condensed Consolidated Statements of Financial Condition as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Fair Value Fair Value Notional Other Other Notional Other Other Derivatives designated as hedging instruments Interest rate swaps designated as cash flow $ 450,000 $ 21,782 $ — $ 400,000 $ 4,140 $ — Derivatives not designated as hedging Other interest rate derivatives 488,064 7,331 ( 7,474 ) 439,876 9,235 ( 9,660 ) Other credit derivatives 7,350 — ( 1 ) 7,571 — ( 5 ) Total derivatives $ 945,414 $ 29,113 $ ( 7,475 ) $ 847,447 $ 13,375 $ ( 9,665 ) |
Summary of Cash Flow Hedges | The following table reflects the cash flow hedges as of March 31, 2022: Notional amounts $ 450,000 Derivative assets fair value 21,782 Derivative liabilities fair value — Weighted average maturity 4.7 years The weighted average pay rates of the swaps are 1.04 % as of March 31, 2022, and weighted average receive rates are determined at the time the forward swaps become effective. The weighted average receive rate for the effective hedge of $ 100.0 million is 0.2 0% as of March 31, 2022 . |
Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations Relating to Cash Flow Derivative Instruments | The following table reflects the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Condensed Consolidated Statements of Operations relating to the cash flow derivative instruments for the three months ended: March 31, 2022 March 31, 2021 Amount of Amount of Amount of Amount of Amount of Amount of Interest rate swaps $ 17,643 $ ( 210 ) $ — $ 4,992 $ ( 21 ) $ — |
Summary of Other Interest Rate Derivatives | The following table reflects other interest rate derivatives as of March 31, 2022: Notional amounts $ 488,064 Derivative assets fair value 7,331 Derivative liabilities fair value 7,474 Weighted average pay rates 4.13 % Weighted average receive rates 4.33 % Weighted average maturity 5.9 years |
Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations Relating to Derivative Instruments not Designated in Hedging Relationship | The following table reflects amounts included in non-interest income in the Condensed Consolidated Statements of Operations relating to derivative instruments that are not designated in a hedging relationship for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Other interest rate derivatives $ ( 282 ) $ 556 Other credit derivatives ( 4 ) 5 Total $ ( 286 ) $ 561 |
Summary of Company's Interest Rate Derivative and Offsetting Positions | The table below summarizes the Company’s interest rate derivatives and offsetting positions as of: March 31, 2022 December 31, 2021 Derivative Derivative Derivative Derivative Gross amounts recognized $ 29,113 $ ( 7,475 ) $ 13,375 $ ( 9,665 ) Less: Amounts offset in the Condensed Consolidated — — — — Net amount presented in the Condensed Consolidated $ 29,113 $ ( 7,475 ) $ 13,375 $ ( 9,665 ) Gross amounts not offset in the Condensed Consolidated Offsetting derivative positions ( 2,336 ) 2,336 (3,253 ) 3,253 Collateral posted ( 26,777 ) 5,138 ( 10,122 ) 6,412 Net credit exposure $ — $ ( 1 ) $ — $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Compensation Expense | The following table summarizes restricted stock compensation expense for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Total share-based compensation - restricted stock $ 1,264 $ 783 Income tax benefit 343 218 Unrecognized compensation expense 13,525 9,720 Weighted-average amortization period remaining 2.9 years 2.7 years |
Omnibus Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Changes in Restricted Shares | The following table discloses the changes in restricted shares for the three months ended March 31, 2022: Omnibus Plan Number of Shares Weighted Average Beginning balance, January 1, 2022 542,520 $ 19.04 Granted 289,277 26.97 Vested ( 75,171 ) 18.47 Forfeited ( 169 ) 18.33 Ending balance outstanding at March 31, 2022 756,457 $ 22.13 |
BYB Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity in shares Subjected to Options and Weighted Average Exercise Prices | The following table discloses the activity in shares subject to options and the weighted average exercise prices, in actual dollars, for the three months ended March 31, 2022: BYB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2022 1,337,048 $ 11.26 $ 21,519 3.5 Exercised ( 256,494 ) 11.18 $ 4,054 Expired — Ending balance outstanding at March 31, 2022 1,080,554 $ 11.27 $ 16,647 3.2 Exercisable at March 31, 2022 1,080,554 $ 11.27 $ 16,647 3.2 |
FEB Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity in shares Subjected to Options and Weighted Average Exercise Prices | The following table discloses the activity in shares subject to options under the FEB Plan and the weighted average exercise prices, in actual dollars, for the three months ended March 31, 2022: FEB Plan Number of Shares Weighted Average Exercise Price Intrinsic Weighted Average Remaining Contractual Term (in Years) Beginning balance, January 1, 2022 170,697 $ 11.60 $ 2,688 3.4 Exercised — Expired — Ending balance outstanding at March 31, 2022 170,697 $ 11.60 $ 2,574 3.1 Exercisable at March 31, 2022 170,697 $ 11.60 $ 2,574 3.1 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted Earnings per Share | The following represent the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended 2022 2021 Net income $ 22,311 $ 21,798 Less: Dividends on preferred shares 196 196 Net income available to common stockholders $ 22,115 $ 21,602 Weighted-average common stock outstanding: Weighted-average common stock outstanding (basic) 37,123,161 38,164,201 Incremental shares 919,661 751,281 Weighted-average common stock outstanding (dilutive) 38,042,822 38,915,482 Basic earnings per common share $ 0.60 $ 0.57 Diluted earnings per common share $ 0.58 $ 0.56 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Summary of Preferred and Common Stock | A summary of the Company’s preferred and common stock at March 31, 2022 and December 31, 2021 is as follows: March 31, December 31, 2022 2021 Series B 7.5 % fixed to floating non-cumulative Par value $ 0.01 $ 0.01 Shares authorized 50,000 50,000 Shares issued — 10,438 Shares outstanding — 10,438 Common stock, voting Par value $ 0.01 $ 0.01 Shares authorized 150,000,000 150,000,000 Shares issued 39,534,816 39,203,747 Shares outstanding 37,811,582 37,713,903 Treasury shares 1,723,234 1,489,844 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021: (dollars in thousands) Unrealized Unrealized Gains Total Balance, January 1, 2021 $ ( 305 ) $ 18,352 $ 18,047 Other comprehensive income (loss), net of tax 3,617 ( 30,011 ) ( 26,394 ) Balance, March 31, 2021 $ 3,312 $ ( 11,659 ) $ ( 8,347 ) Balance, January 1, 2022 $ 2,817 $ ( 11,119 ) $ ( 8,302 ) Other comprehensive income (loss), net of tax 13,010 ( 61,096 ) ( 48,086 ) Balance, March 31, 2022 $ 15,827 $ ( 72,215 ) $ ( 56,388 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022Segment | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of reportable segments | 1 |
Accounting Pronouncements Rec_2
Accounting Pronouncements Recently Adopted or Issued - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 15,562 | |
Notional Amount | 945,414 | $ 847,447 |
Securities available-for-sale, at fair value | 1,369,368 | 1,454,542 |
Junior subordinated debentures issued to capital trusts, net | 37,011 | $ 36,906 |
LIBOR Rate | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Loans | 1,100,000 | |
Notional Amount | 475,800 | |
Securities available-for-sale, at fair value | 58,300 | |
Junior subordinated debentures issued to capital trusts, net | $ 37,000 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Fair Values of Securities Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 1,465,151 | $ 1,466,482 |
Available-for-sale Securities, Gross Unrealized Gains | 1,388 | 10,492 |
Available-for-sale Securities, Gross Unrealized Losses | (97,171) | (22,432) |
Available-for-sale Securities, Fair Value | 1,369,368 | 1,454,542 |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 24,875 | 18,447 |
Available-for-sale Securities, Gross Unrealized Gains | 4 | 37 |
Available-for-sale Securities, Gross Unrealized Losses | (654) | (8) |
Available-for-sale Securities, Fair Value | 24,225 | 18,476 |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 149,164 | 141,096 |
Available-for-sale Securities, Gross Unrealized Gains | 328 | 661 |
Available-for-sale Securities, Gross Unrealized Losses | (9,252) | (2,367) |
Available-for-sale Securities, Fair Value | 140,240 | 139,390 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 83,786 | 86,454 |
Available-for-sale Securities, Gross Unrealized Gains | 512 | 3,238 |
Available-for-sale Securities, Gross Unrealized Losses | (2,170) | (56) |
Available-for-sale Securities, Fair Value | 82,128 | 89,636 |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 758,179 | 756,549 |
Available-for-sale Securities, Gross Unrealized Gains | 21 | 2,122 |
Available-for-sale Securities, Gross Unrealized Losses | (57,343) | (15,015) |
Available-for-sale Securities, Fair Value | 700,857 | 743,656 |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 140,350 | 146,499 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 4 |
Available-for-sale Securities, Gross Unrealized Losses | (9,926) | (1,267) |
Available-for-sale Securities, Fair Value | 130,424 | 145,236 |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 206,203 | 214,417 |
Available-for-sale Securities, Gross Unrealized Gains | 25 | 2,795 |
Available-for-sale Securities, Gross Unrealized Losses | (16,535) | (3,661) |
Available-for-sale Securities, Fair Value | 189,693 | 213,551 |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 65,798 | 65,814 |
Available-for-sale Securities, Gross Unrealized Gains | 488 | 1,586 |
Available-for-sale Securities, Gross Unrealized Losses | (1,144) | (54) |
Available-for-sale Securities, Fair Value | 65,142 | 67,346 |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 36,796 | 37,206 |
Available-for-sale Securities, Gross Unrealized Gains | 10 | 49 |
Available-for-sale Securities, Gross Unrealized Losses | (147) | (4) |
Available-for-sale Securities, Fair Value | $ 36,659 | $ 37,251 |
Securities - Summary of Amort_2
Securities - Summary of Amortized Cost and Fair Values of Securities Held-to-maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | $ 3,882 | $ 3,885 |
Held-to-maturity Securities, Gross Unrealized Gains | 24 | 107 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 3,906 | 3,992 |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity Securities, Amortized Cost | 3,882 | 3,885 |
Held-to-maturity Securities, Gross Unrealized Gains | 24 | 107 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | $ 3,906 | $ 3,992 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($)Security | Dec. 31, 2021USD ($) | |
Schedule Of Investments [Line Items] | |||
Trading securities | $ 0 | ||
Net gains reclassified from accumulated other comprehensive income earnings | $ 1,500 | ||
Investment securities posted as collateral | $ 463,600 | $ 332,300 | |
Minimum | |||
Schedule Of Investments [Line Items] | |||
Percentage of shareholders equity for which securities holdings exceeds for no issuer other than U.S. Government and agencies | 10.00% | 10.00% | |
Federal Home Loan Bank Advances | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | $ 0 | $ 0 | |
Public Fund Deposits | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | 402,000 | 277,100 | |
Customer Repurchase Agreements | |||
Schedule Of Investments [Line Items] | |||
Carrying amount of securities pledged as collateral | $ 39,000 | $ 38,800 | |
Available-for-sale Securities | |||
Schedule Of Investments [Line Items] | |||
Investment securities with unrealized losses | Security | 223 | ||
Held-to-maturity Securities | |||
Schedule Of Investments [Line Items] | |||
Investment securities with unrealized losses | Security | 0 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Values, Aggregated by Investment Category and Length of Individual Securities Continuous Unrealized Loss Position Available-for-sale (Details) $ in Thousands | Mar. 31, 2022USD ($)Security | Dec. 31, 2021USD ($)Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 223 | 104 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 621,029 | $ 880,643 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (32,092) | (18,857) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 632,263 | 82,459 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (65,079) | (3,575) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 1,253,292 | 963,102 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (97,171) | $ (22,432) |
U.S. treasury notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 4 | 1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 22,223 | $ 9,946 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (654) | (8) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 22,223 | 9,946 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (654) | $ (8) |
U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 15 | 10 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 43,883 | $ 64,585 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,915) | (1,590) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 74,242 | 19,223 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (7,337) | (777) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 118,125 | 83,808 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (9,252) | $ (2,367) |
Obligations of States, Municipalities, and Political Subdivisions | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 25 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 42,934 | $ 9,507 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (2,170) | (56) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 42,934 | 9,507 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (2,170) | $ (56) |
Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 93 | 51 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 229,246 | $ 612,280 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (11,442) | (13,894) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 469,295 | 25,412 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (45,901) | (1,121) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 698,541 | 637,692 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (57,343) | $ (15,015) |
Non-Agency, Residential Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 19 | 14 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 110,832 | $ 96,372 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (7,854) | (1,257) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 19,592 | 761 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (2,072) | (10) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 130,424 | 97,133 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (9,926) | $ (1,267) |
Agency, Commercial Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 45 | 19 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 111,241 | $ 64,473 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (6,766) | (1,994) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 69,134 | 37,063 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | (9,769) | (1,667) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 180,375 | 101,536 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (16,535) | $ (3,661) |
Corporate Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 16 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 28,709 | $ 7,502 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (1,144) | (54) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 28,709 | 7,502 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (1,144) | $ (54) |
Asset-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Number of Securities | Security | 6 | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 31,961 | $ 15,978 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | (147) | (4) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Fair Value | 31,961 | 15,978 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Total Unrealized Losses | $ (147) | $ (4) |
Securities - Summary of Proceed
Securities - Summary of Proceeds From Sales of Securities Available-for-sale and Associated Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract] | ||
Proceeds | $ 0 | $ 89,301 |
Gross gains | 0 | 1,626 |
Gross losses | $ 0 | $ 164 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Amortized Cost | $ 12,011 | |
Available-for-sale Securities, Due from one to five years, Amortized Cost | 71,166 | |
Available-for-sale Securities, Due from five to ten years, Amortized Cost | 202,902 | |
Available-for-sale Securities, Due after ten years, Amortized Cost | 74,340 | |
Available-for-sale Securities, Amortized Cost | 1,465,151 | $ 1,466,482 |
Held-to-maturity Securities Debt Maturities, Amortized Cost [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Amortized Cost | 1,174 | |
Held-to-maturity Securities, Due from one to five years, Amortized Cost | 2,708 | |
Held-to-maturity Securities, Amortized Cost | 3,882 | 3,885 |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Due in one year or less, Fair Value | 12,051 | |
Available-for-sale Securities, Due from one to five years, Fair Value | 69,792 | |
Available-for-sale Securities, Due from five to ten years, Fair Value | 196,070 | |
Available-for-sale Securities, Due after ten years, Fair Value | 70,481 | |
Available-for-sale Securities, Fair Value, Total | 1,369,368 | 1,454,542 |
Held-to-maturity Securities Debt Maturities, Fair Value [Abstract] | ||
Held-to-maturity Securities, Due in one year or less, Fair Value | 1,182 | |
Held-to-maturity Securities, Due from one to five years, Fair Value | 2,724 | |
Held-to-maturity securities, Fair Value, Total | 3,906 | $ 3,992 |
Mortgage-Backed Securities | ||
Available-for-sale Securities Debt Maturities, Amortized Cost [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Amortized Cost | 1,104,732 | |
Available-for-sale Securities Debt Maturities, Fair Value [Abstract] | ||
Available-for-sale Securities, Not due at single maturity, Fair Value | $ 1,020,974 |
Loan and Lease Receivables - Sc
Loan and Lease Receivables - Schedule of Outstanding Loan and Lease Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | $ 4,782,717 | $ 4,533,511 | ||
Net unamortized deferred fees and costs | (1,980) | (674) | ||
Initial direct costs | 4,371 | 4,291 | ||
Allowance for loan and lease losses | (59,458) | (55,012) | $ (65,590) | $ (66,347) |
Net loans and leases | 4,729,610 | 4,482,116 | ||
Net minimum lease payments | 375,581 | 352,948 | ||
Unguaranteed residual values | 32,930 | 27,953 | ||
Unearned income | (28,198) | (26,766) | ||
Total lease financing receivables | 380,313 | 354,135 | ||
Initial direct costs | 4,371 | 4,291 | ||
Lease financial receivables before allowance for lease losses | 384,684 | 358,426 | ||
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,776,483 | 1,663,256 | ||
Allowance for loan and lease losses | (19,706) | (16,918) | (20,498) | (19,584) |
Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 494,285 | 480,236 | ||
Allowance for loan and lease losses | (2,145) | 1,628 | (2,091) | 2,400 |
Construction, Land Development, and Other Land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 354,697 | 327,143 | ||
Allowance for loan and lease losses | (1,116) | (522) | (785) | (1,352) |
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,738,379 | 1,580,235 | ||
Allowance for loan and lease losses | (33,244) | (33,129) | (40,302) | (41,183) |
Paycheck Protection Program | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 37,248 | 127,184 | ||
Allowance for loan and lease losses | 0 | 0 | 0 | 0 |
Installment and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,312 | 1,322 | ||
Allowance for loan and lease losses | (10) | (9) | (12) | (15) |
Lease Financing Receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 380,313 | 354,135 | ||
Allowance for loan and lease losses | $ (3,237) | $ (2,806) | $ (1,902) | $ (1,813) |
Loan and Lease Receivables - Ad
Loan and Lease Receivables - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | $ 4,782,717,000 | $ 4,533,511,000 | ||
Loans held for sale pledged as security for borrowings | 2,200,000,000 | 1,900,000,000 | ||
Allowance for loan and lease losses | 59,458,000 | 55,012,000 | $ 65,590,000 | $ 66,347,000 |
Acquired Impaired Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for loan and lease losses | 3,000,000 | 3,200 | ||
Installment and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,312,000 | 1,322,000 | ||
Overdraft deposits reclassified as loans | 371,000,000 | 445,000,000,000 | ||
Allowance for loan and lease losses | 10,000 | 9,000 | $ 12,000 | $ 15,000 |
U.S. Government Guaranteed Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 156,800,000 | 231,200,000 | ||
Discount on the unguaranteed portion of government guaranteed loans | $ 27,900,000 | $ 28,300,000 |
Loan and Lease Receivables - Su
Loan and Lease Receivables - Summary of Minimum Annual Lease Payments for Lease Financing Receivables (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Receivables [Abstract] | |
2022 | $ 88,081 |
2023 | 110,682 |
2024 | 84,204 |
2025 | 58,757 |
2026 | 29,364 |
Thereafter | 4,493 |
Total | $ 375,581 |
Loan and Lease Receivables - _2
Loan and Lease Receivables - Summary of Balances for Each Respective Loan and Lease Category (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | $ 4,789,068 | $ 4,537,128 | $ 4,454,620 | |
Originated | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 4,393,834 | 4,094,326 | ||
Acquired Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 119,751 | 127,051 | ||
Acquired Non-Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 275,483 | 315,751 | ||
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,779,365 | 1,665,748 | 1,431,668 | |
Commercial Real Estate | Originated | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,527,920 | 1,379,000 | ||
Commercial Real Estate | Acquired Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 67,092 | 72,160 | ||
Commercial Real Estate | Acquired Non-Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 184,353 | 214,588 | ||
Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 494,720 | 480,514 | 545,279 | |
Residential Real Estate | Originated | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 399,638 | 379,796 | ||
Residential Real Estate | Acquired Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 47,347 | 49,401 | ||
Residential Real Estate | Acquired Non-Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 47,735 | 51,317 | ||
Construction, Land Development, and Other Land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 353,072 | 325,399 | 240,324 | |
Construction, Land Development, and Other Land | Originated | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 351,519 | 323,886 | ||
Construction, Land Development, and Other Land | Acquired Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,357 | 1,312 | ||
Construction, Land Development, and Other Land | Acquired Non-Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 196 | 201 | ||
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,739,611 | 1,581,961 | 1,364,396 | |
Commercial and Industrial | Originated | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,698,025 | 1,534,745 | ||
Commercial and Industrial | Acquired Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 3,792 | 4,014 | ||
Commercial and Industrial | Acquired Non-Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 37,794 | 43,202 | ||
Paycheck Protection Program | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 36,260 | 123,712 | 617,006 | |
Paycheck Protection Program | Originated | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 36,260 | 123,712 | ||
Paycheck Protection Program | Acquired Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Paycheck Protection Program | Acquired Non-Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Installment and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 1,356 | 1,368 | 1,616 | |
Installment and Other | Originated | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 945 | 940 | ||
Installment and Other | Acquired Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 163 | 164 | ||
Installment and Other | Acquired Non-Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 248 | 264 | ||
Lease Financing Receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 384,684 | 358,426 | $ 384,684 | $ 254,331 |
Lease Financing Receivables | Originated | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 352,247 | 379,527 | ||
Lease Financing Receivables | Acquired Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Lease Financing Receivables | Acquired Non-Impaired | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total loans and leases | $ 5,157 | $ 6,179 | $ 5,157 |
Loan and Lease Receivables - _3
Loan and Lease Receivables - Summary of Outstanding Balance and Carrying Amount of All Acquired Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Acquired Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | $ 215,123 | $ 227,943 |
Carrying Value | 119,751 | 127,051 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 107,665 | 113,257 |
Carrying Value | 67,092 | 72,160 |
Residential Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 92,534 | 95,056 |
Carrying Value | 47,347 | 49,401 |
Construction, Land Development, and Other Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 8,287 | 8,571 |
Carrying Value | 1,357 | 1,312 |
Commercial and Industrial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 5,786 | 10,201 |
Carrying Value | 3,792 | 4,014 |
Installment and Other | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid Principal Balance | 851 | 858 |
Carrying Value | $ 163 | $ 164 |
Loan and Lease Receivables - _4
Loan and Lease Receivables - Summary of Changes in Accretable Yield for Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Beginning balance | $ 18,595 | $ 27,696 |
Accretion to interest income | (2,313) | (3,707) |
Reclassification from nonaccretable difference, net | 319 | 1,273 |
Ending balance | $ 16,601 | $ 25,262 |
Loan and Lease Receivables - _5
Loan and Lease Receivables - Schedule of Unpaid Principal Balance and Carrying Value for Acquired Non-impaired Loans and Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans And Leases Receivables, Gross | $ 4,789,068 | $ 4,537,128 | $ 4,454,620 | |
Acquired Non-impaired Loans and Leases | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Unpaid Principal Balance | 281,841 | 322,680 | ||
Loans And Leases Receivables, Gross | 275,483 | 315,751 | ||
Commercial Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans And Leases Receivables, Gross | 1,779,365 | 1,665,748 | 1,431,668 | |
Commercial Real Estate | Acquired Non-impaired Loans and Leases | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Unpaid Principal Balance | 188,627 | 219,277 | ||
Loans And Leases Receivables, Gross | 184,353 | 214,588 | ||
Residential Real Estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans And Leases Receivables, Gross | 494,720 | 480,514 | 545,279 | |
Residential Real Estate | Acquired Non-impaired Loans and Leases | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Unpaid Principal Balance | 48,211 | 51,839 | ||
Loans And Leases Receivables, Gross | 47,735 | 51,317 | ||
Construction, Land Development, and Other Land | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans And Leases Receivables, Gross | 353,072 | 325,399 | 240,324 | |
Construction, Land Development, and Other Land | Acquired Non-impaired Loans and Leases | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Unpaid Principal Balance | 260 | 265 | ||
Loans And Leases Receivables, Gross | 196 | 201 | ||
Commercial and Industrial | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans And Leases Receivables, Gross | 1,739,611 | 1,581,961 | 1,364,396 | |
Commercial and Industrial | Acquired Non-impaired Loans and Leases | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Unpaid Principal Balance | 39,314 | 44,827 | ||
Loans And Leases Receivables, Gross | 37,794 | 43,202 | ||
Installment and Other | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans And Leases Receivables, Gross | 1,356 | 1,368 | 1,616 | |
Installment and Other | Acquired Non-impaired Loans and Leases | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Unpaid Principal Balance | 257 | 273 | ||
Loans And Leases Receivables, Gross | 248 | 264 | ||
Lease Financing Receivables | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Loans And Leases Receivables, Gross | 384,684 | 358,426 | $ 384,684 | $ 254,331 |
Lease Financing Receivables | Acquired Non-impaired Loans and Leases | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Unpaid Principal Balance | 5,172 | 6,199 | ||
Loans And Leases Receivables, Gross | $ 5,157 | $ 6,179 | $ 5,157 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Allowance for Loan and Lease Losses and Corresponding Loan and Lease Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | $ (55,012) | $ (66,347) | ||
Provisions (recapture) | 4,995 | 4,367 | ||
Charge-offs | (1,066) | (5,466) | ||
Recoveries | 517 | 342 | ||
Ending balance | 59,458 | 65,590 | ||
Individually evaluated for impairment | 20,739 | 26,334 | ||
Collectively evaluated for impairment | 35,673 | 35,101 | ||
Loans acquired with deteriorated credit quality | 3,046 | 4,155 | ||
Allowance for loan and lease losses | 59,458 | 65,590 | $ 55,012 | |
Individually evaluated for impairment | 71,452 | 99,436 | ||
Collectively evaluated for impairment | 4,597,865 | 4,173,817 | ||
Total loans and leases | 4,789,068 | 4,454,620 | 4,537,128 | |
Loans Acquired with Deteriorated Credit Quality | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 119,751 | 181,367 | ||
Commercial Real Estate | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | (16,918) | (19,584) | ||
Provisions (recapture) | 2,784 | 2,606 | ||
Charge-offs | (240) | (1,877) | ||
Recoveries | 244 | 185 | ||
Ending balance | 19,706 | 20,498 | ||
Individually evaluated for impairment | 7,731 | 7,409 | ||
Collectively evaluated for impairment | 10,320 | 10,881 | ||
Loans acquired with deteriorated credit quality | 1,655 | 2,208 | ||
Allowance for loan and lease losses | 19,706 | 20,498 | 16,918 | |
Individually evaluated for impairment | 36,805 | 54,421 | ||
Collectively evaluated for impairment | 1,675,468 | 1,281,188 | ||
Total loans and leases | 1,779,365 | 1,431,668 | 1,665,748 | |
Commercial Real Estate | Loans Acquired with Deteriorated Credit Quality | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 67,092 | 96,059 | ||
Residential Real Estate | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 1,628 | 2,400 | ||
Provisions (recapture) | 513 | (302) | ||
Charge-offs | 0 | (11) | ||
Recoveries | 4 | 4 | ||
Ending balance | 2,145 | 2,091 | ||
Individually evaluated for impairment | 6 | 101 | ||
Collectively evaluated for impairment | 1,138 | 1,460 | ||
Loans acquired with deteriorated credit quality | 1,001 | 530 | ||
Allowance for loan and lease losses | 2,145 | 2,091 | (1,628) | |
Individually evaluated for impairment | 2,190 | 1,709 | ||
Collectively evaluated for impairment | 445,183 | 469,287 | ||
Total loans and leases | 494,720 | 545,279 | 480,514 | |
Residential Real Estate | Loans Acquired with Deteriorated Credit Quality | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 47,347 | 74,283 | ||
Construction, Land Development, and Other Land | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | (522) | (1,352) | ||
Provisions (recapture) | 594 | (241) | ||
Charge-offs | 0 | (326) | ||
Recoveries | 0 | 0 | ||
Ending balance | 1,116 | 785 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,115 | 780 | ||
Loans acquired with deteriorated credit quality | 1 | 5 | ||
Allowance for loan and lease losses | 1,116 | 785 | 522 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 351,715 | 238,332 | ||
Total loans and leases | 353,072 | 240,324 | 325,399 | |
Construction, Land Development, and Other Land | Loans Acquired with Deteriorated Credit Quality | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 1,357 | 1,992 | ||
Commercial and Industrial | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | (33,129) | (41,183) | ||
Provisions (recapture) | (458) | 1,947 | ||
Charge-offs | 463 | 2,888 | ||
Recoveries | 120 | 60 | ||
Ending balance | 33,244 | 40,302 | ||
Individually evaluated for impairment | 13,002 | 18,824 | ||
Collectively evaluated for impairment | 19,855 | 20,066 | ||
Loans acquired with deteriorated credit quality | 387 | 1,412 | ||
Allowance for loan and lease losses | 33,244 | 40,302 | 33,129 | |
Individually evaluated for impairment | 32,457 | 43,306 | ||
Collectively evaluated for impairment | 1,703,362 | 1,312,248 | ||
Total loans and leases | 1,739,611 | 1,364,396 | 1,581,961 | |
Commercial and Industrial | Loans Acquired with Deteriorated Credit Quality | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 3,792 | 8,842 | ||
Paycheck Protection Program | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 0 | 0 | ||
Provisions (recapture) | 0 | 0 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 0 | 0 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 0 | 0 | ||
Loans acquired with deteriorated credit quality | 0 | |||
Allowance for loan and lease losses | 0 | 0 | 0 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 36,260 | 617,006 | ||
Loans acquired with deteriorated credit quality | 0 | |||
Total loans and leases | 36,260 | 617,006 | 123,712 | |
Paycheck Protection Program | Loans Acquired with Deteriorated Credit Quality | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Installment and Other | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | (9) | (15) | ||
Provisions (recapture) | (1) | (3) | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Ending balance | 10 | 12 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 8 | 12 | ||
Loans acquired with deteriorated credit quality | 2 | 0 | ||
Allowance for loan and lease losses | 10 | 12 | 9 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,193 | 1,425 | ||
Total loans and leases | 1,356 | 1,616 | 1,368 | |
Installment and Other | Loans Acquired with Deteriorated Credit Quality | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | 163 | 191 | ||
Lease Financing Receivables | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | (2,806) | (1,813) | ||
Provisions (recapture) | 645 | 360 | ||
Charge-offs | (363) | (364) | ||
Recoveries | 149 | 93 | ||
Ending balance | 3,237 | 1,902 | ||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 3,237 | 1,902 | ||
Loans acquired with deteriorated credit quality | 0 | 0 | ||
Allowance for loan and lease losses | 3,237 | 1,902 | 2,806 | |
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 384,684 | 254,331 | ||
Total loans and leases | 384,684 | 254,331 | $ 358,426 | $ 384,684 |
Lease Financing Receivables | Loans Acquired with Deteriorated Credit Quality | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Loans And Leases Receivable Disclosure [Line Items] | |||
Increase (Recaptured) in allowance for loan and lease losses | $ 4,400,000 | $ 757,000,000 | |
Commitments outstanding on troubled debt restructurings | 0 | 0 | |
Recorded investment in troubled debt restructurings that subsequently defaulted within twelve months | 0 | 0 | |
Reserve for unfunded commitments | 2,000 | $ 1,400,000 | |
Provisions for (credits to) unfunded commitments | 599,000,000 | 120,000,000 | |
Charge-offs or recoveries related to reserve for unfunded commitments | 0 | 0 | |
Acquired Impaired Loans | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Increase (Recaptured) in allowance for loan and lease losses | 139,000,000 | 2,300,000 | |
Individually Evaluated For Impairment | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Increase (Recaptured) in allowance for loan and lease losses | 299,000,000 | 2,400,000 | |
Collectively Evaluated For Impairment | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Increase (Recaptured) in allowance for loan and lease losses | $ 4,900,000 | $ 824,000,000 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Recorded Investment, Unpaid Principal Balance, and Related Allowance for Loans and Leases Considered Impaired (Details) - Loans Excluding Acquired Impaired Loans - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Impaired [Line Items] | ||
Recorded Investment | $ 71,452 | $ 72,923 |
Unpaid Principal Balance | 79,358 | 81,634 |
Related Allowance | 20,739 | 21,038 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 14,083 | 17,233 |
Recorded Investment, With an allowance recorded | 22,722 | 17,818 |
Unpaid Principal Balance, With no related allowance recorded | 15,163 | 19,252 |
Unpaid Principal Balance, With an allowance recorded | 26,515 | 20,117 |
Related Allowance | 7,731 | 6,538 |
Residential Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 2,104 | 1,802 |
Recorded Investment, With an allowance recorded | 86 | |
Unpaid Principal Balance, With no related allowance recorded | 2,209 | 1,919 |
Unpaid Principal Balance, With an allowance recorded | 108 | |
Related Allowance | 6 | |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment, With no related allowance recorded | 12,285 | 16,624 |
Recorded Investment, With an allowance recorded | 20,172 | 19,446 |
Unpaid Principal Balance, With no related allowance recorded | 13,891 | 19,148 |
Unpaid Principal Balance, With an allowance recorded | 21,472 | 21,198 |
Related Allowance | $ 13,002 | $ 14,500 |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Average Recorded Investment and Interest Income Recognized for Loans and Leases Considered Impaired (Details) - Loans Excluding Acquired Impaired Loans - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment | $ 77,345 | $ 108,174 |
Interest Income Recognized | 1,024 | 894 |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 16,068 | 34,961 |
Average Recorded Investment, With an allowance recorded | 21,252 | 22,178 |
Interest Income Recognized, With no related allowance recorded | 236 | 311 |
Interest Income Recognized, With an allowance recorded | 375 | 161 |
Residential Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 2,005 | 3,080 |
Average Recorded Investment, With an allowance recorded | 29 | 298 |
Interest Income Recognized, With no related allowance recorded | 12 | 18 |
Interest Income Recognized, With an allowance recorded | 0 | 2 |
Commercial and Industrial | ||
Financing Receivable Impaired [Line Items] | ||
Average Recorded Investment, With no related allowance recorded | 17,380 | 16,568 |
Average Recorded Investment, With an allowance recorded | 20,611 | 31,089 |
Interest Income Recognized, With no related allowance recorded | 123 | 129 |
Interest Income Recognized, With an allowance recorded | $ 278 | $ 273 |
Allowance for Loan and Lease _7
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Risk Rating Categories of Loans and Leases Considered for Inclusion in Allowance for Loan and Lease Losses Calculation (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | $ 4,789,068 | $ 4,537,128 | $ 4,454,620 | |
Commercial Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,779,365 | 1,665,748 | 1,431,668 | |
Residential Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 494,720 | 480,514 | 545,279 | |
Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 353,072 | 325,399 | 240,324 | |
Commercial and Industrial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,739,611 | 1,581,961 | 1,364,396 | |
Paycheck Protection Program | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 36,260 | 123,712 | 617,006 | |
Installment and Other | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,356 | 1,368 | 1,616 | |
Lease Financing Receivables | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 384,684 | 358,426 | $ 384,684 | $ 254,331 |
Loans Excluding Acquired Impaired Loans | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 4,669,317 | 4,410,077 | ||
Loans Excluding Acquired Impaired Loans | Commercial Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,712,273 | 1,593,588 | ||
Loans Excluding Acquired Impaired Loans | Residential Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 447,373 | 431,113 | ||
Loans Excluding Acquired Impaired Loans | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 351,715 | 324,087 | ||
Loans Excluding Acquired Impaired Loans | Commercial and Industrial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,735,819 | 1,577,947 | ||
Loans Excluding Acquired Impaired Loans | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 36,260 | 123,712 | ||
Loans Excluding Acquired Impaired Loans | Installment and Other | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,193 | 1,204 | ||
Loans Excluding Acquired Impaired Loans | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 384,684 | 358,426 | ||
Loans Excluding Acquired Impaired Loans | Pass | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 4,230,770 | 3,911,651 | ||
Loans Excluding Acquired Impaired Loans | Pass | Commercial Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,530,253 | 1,397,228 | ||
Loans Excluding Acquired Impaired Loans | Pass | Residential Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 423,884 | 406,948 | ||
Loans Excluding Acquired Impaired Loans | Pass | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 316,400 | 286,434 | ||
Loans Excluding Acquired Impaired Loans | Pass | Commercial and Industrial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,541,963 | 1,341,826 | ||
Loans Excluding Acquired Impaired Loans | Pass | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 36,260 | 123,712 | ||
Loans Excluding Acquired Impaired Loans | Pass | Installment and Other | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,113 | 1,123 | ||
Loans Excluding Acquired Impaired Loans | Pass | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 380,897 | 354,380 | ||
Loans Excluding Acquired Impaired Loans | Watch | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 293,955 | 353,789 | ||
Loans Excluding Acquired Impaired Loans | Watch | Commercial Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 107,164 | 123,248 | ||
Loans Excluding Acquired Impaired Loans | Watch | Residential Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 17,934 | 19,062 | ||
Loans Excluding Acquired Impaired Loans | Watch | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 29,774 | 31,768 | ||
Loans Excluding Acquired Impaired Loans | Watch | Commercial and Industrial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 136,986 | 177,638 | ||
Loans Excluding Acquired Impaired Loans | Watch | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Watch | Installment and Other | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 80 | 81 | ||
Loans Excluding Acquired Impaired Loans | Watch | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 2,017 | 1,992 | ||
Loans Excluding Acquired Impaired Loans | Special Mention | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 71,720 | 69,538 | ||
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 38,012 | 37,340 | ||
Loans Excluding Acquired Impaired Loans | Special Mention | Residential Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 3,624 | 3,118 | ||
Loans Excluding Acquired Impaired Loans | Special Mention | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 5,541 | 5,885 | ||
Loans Excluding Acquired Impaired Loans | Special Mention | Commercial and Industrial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 23,162 | 21,586 | ||
Loans Excluding Acquired Impaired Loans | Special Mention | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Special Mention | Installment and Other | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Special Mention | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,381 | 1,609 | ||
Loans Excluding Acquired Impaired Loans | Substandard | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 72,812 | 75,002 | ||
Loans Excluding Acquired Impaired Loans | Substandard | Commercial Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 36,844 | 35,772 | ||
Loans Excluding Acquired Impaired Loans | Substandard | Residential Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 1,931 | 1,985 | ||
Loans Excluding Acquired Impaired Loans | Substandard | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Substandard | Commercial and Industrial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 33,708 | 36,897 | ||
Loans Excluding Acquired Impaired Loans | Substandard | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Substandard | Installment and Other | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Substandard | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 329 | 348 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 60 | 97 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Commercial Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Residential Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Commercial and Industrial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Installment and Other | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Doubtful | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 60 | 97 | ||
Loans Excluding Acquired Impaired Loans | Loss | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | |||
Loans Excluding Acquired Impaired Loans | Loss | Commercial Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Residential Real Estate | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Commercial and Industrial | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Installment and Other | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | $ 0 | 0 | ||
Loans Excluding Acquired Impaired Loans | Loss | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment [Line Items] | ||||
Total loans and leases | $ 0 |
Allowance for Loan and Lease _8
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Contractual Delinquency Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Loans And Leases Receivables, Gross | $ 4,789,068 | $ 4,537,128 | $ 4,454,620 | |
Commercial Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Loans And Leases Receivables, Gross | 1,779,365 | 1,665,748 | 1,431,668 | |
Residential Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Loans And Leases Receivables, Gross | 494,720 | 480,514 | 545,279 | |
Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Loans And Leases Receivables, Gross | 353,072 | 325,399 | 240,324 | |
Commercial and Industrial | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Loans And Leases Receivables, Gross | 1,739,611 | 1,581,961 | 1,364,396 | |
Paycheck Protection Program | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Loans And Leases Receivables, Gross | 36,260 | 123,712 | 617,006 | |
Installment and Other | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Loans And Leases Receivables, Gross | 1,356 | 1,368 | 1,616 | |
Lease Financing Receivables | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Loans And Leases Receivables, Gross | 384,684 | 358,426 | $ 384,684 | $ 254,331 |
Acquired Non-Impaired and Originated Loans | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, Non-accrual | 20,277 | 23,130 | ||
Loans And Leases Receivables, Gross | 4,669,317 | 4,410,077 | ||
Acquired Non-Impaired and Originated Loans | Commercial Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, Non-accrual | 10,988 | 12,751 | ||
Loans And Leases Receivables, Gross | 1,712,273 | 1,593,588 | ||
Acquired Non-Impaired and Originated Loans | Residential Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, Non-accrual | 1,923 | 1,450 | ||
Loans And Leases Receivables, Gross | 447,373 | 431,113 | ||
Acquired Non-Impaired and Originated Loans | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, Non-accrual | 0 | 0 | ||
Loans And Leases Receivables, Gross | 351,715 | 324,087 | ||
Acquired Non-Impaired and Originated Loans | Commercial and Industrial | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, Non-accrual | 7,003 | 8,600 | ||
Loans And Leases Receivables, Gross | 1,735,819 | 1,577,947 | ||
Acquired Non-Impaired and Originated Loans | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, Non-accrual | 0 | |||
Loans And Leases Receivables, Gross | 36,260 | 123,712 | ||
Acquired Non-Impaired and Originated Loans | Installment and Other | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, Non-accrual | 0 | 0 | ||
Loans And Leases Receivables, Gross | 1,193 | 1,204 | ||
Acquired Non-Impaired and Originated Loans | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, Non-accrual | 363 | 329 | ||
Loans And Leases Receivables, Gross | 384,684 | 358,426 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 15,858 | 29,495 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 8,457 | 5,185 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Residential Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 2,213 | 14,282 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 5,885 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Commercial and Industrial | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4,671 | 2,479 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Installment and Other | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 2 | 3 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 30 to 59 Days Past Due [Member] | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 515 | 1,661 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 13,164 | 4,596 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 10,684 | 2,361 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Residential Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 2,430 | 852 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Commercial and Industrial | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 1,097 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Installment and Other | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 34 | 35 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, 60 to 89 Days Past Due [Member] | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 16 | 251 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and Industrial | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Installment and Other | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 49,299 | 57,221 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Commercial Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 30,129 | 20,297 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Residential Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 6,566 | 16,584 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 5,885 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Commercial and Industrial | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 11,674 | 12,176 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Installment and Other | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 36 | 38 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Past Due [Member] | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 894 | 2,241 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4,620,018 | 4,352,856 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Commercial Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,682,144 | 1,573,291 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Residential Real Estate | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 440,807 | 414,529 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Construction, Land Development, and Other Land | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 351,715 | 318,202 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Commercial and Industrial | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,724,145 | 1,565,771 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Paycheck Protection Program | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 36,260 | 123,712 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Installment and Other | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,157 | 1,166 | ||
Acquired Non-Impaired and Originated Loans | Financial Asset, Not Past Due [Member] | Lease Financing Receivables | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 383,790 | $ 356,185 |
Allowance for Loan and Lease _9
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of TDR's by Loan Category (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)Loan | Dec. 31, 2021USD ($)Loan | |
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 14 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 4,072 | $ 4,706 |
Post-Modification Outstanding Recorded Investment | 2,799 | 3,433 |
Charge-offs | 1,273 | 1,273 |
Specific Reserves | $ 371 | $ 457 |
Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 7 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 1,456 | $ 1,927 |
Post-Modification Outstanding Recorded Investment | 1,456 | 1,927 |
Specific Reserves | $ 208 | $ 346 |
Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 7 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 2,616 | $ 2,779 |
Post-Modification Outstanding Recorded Investment | 1,343 | 1,506 |
Charge-offs | 1,273 | 1,273 |
Specific Reserves | $ 163 | $ 111 |
Commercial Real Estate | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 4 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 1,244 | $ 1,703 |
Post-Modification Outstanding Recorded Investment | 1,244 | 1,703 |
Specific Reserves | $ 158 | $ 215 |
Commercial Real Estate | Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 4 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 899 | $ 1,034 |
Post-Modification Outstanding Recorded Investment | 783 | 918 |
Charge-offs | 116 | 116 |
Specific Reserves | $ 163 | $ 111 |
Commercial and Industrial | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 50 | $ 56 |
Post-Modification Outstanding Recorded Investment | 50 | 56 |
Specific Reserves | $ 50 | $ 131 |
Commercial and Industrial | Non-accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 3 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 1,717 | $ 1,745 |
Post-Modification Outstanding Recorded Investment | 560 | 588 |
Charge-offs | 1,157 | 1,157 |
Specific Reserves | $ 0 | $ 0 |
Residential Real Estate | Accruing | ||
Financing Receivable Modifications [Line Items] | ||
Number of Loans | Loan | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 162 | $ 168 |
Post-Modification Outstanding Recorded Investment | 162 | 168 |
Specific Reserves | $ 0 | $ 0 |
Allowance for Loan and Lease_10
Allowance for Loan and Lease Losses and Reserve for Unfunded Commitments - Summary of Loans Modified as Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Receivables [Abstract] | ||
Beginning balance | $ 1,927 | $ 2,495 |
Additions | 0 | 281 |
Net payments | (471) | (57) |
Net transfers from non-accrual | 0 | 0 |
Ending balance | 1,456 | 2,719 |
Beginning balance | 1,506 | 5,650 |
Additions | 0 | 673 |
Net payments | (163) | (343) |
Charge-offs | 0 | (395) |
Net transfers to accrual | 0 | 0 |
Ending balance | 1,343 | 5,585 |
Total troubled debt restructurings | $ 2,799 | $ 8,304 |
Servicing Assets - Activity for
Servicing Assets - Activity for Servicing Assets and Related Changes in Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Transfers and Servicing [Abstract] | ||
Beginning balance | $ 23,744 | $ 22,042 |
Additions, net | 1,984 | 1,603 |
Changes in fair value | (1,231) | (1,505) |
Ending balance | $ 24,497 | $ 22,140 |
Servicing Assets - Unpaid Princ
Servicing Assets - Unpaid Principal Balances of Loans Serviced for Others (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 1,705,037 | $ 1,693,401 |
SBA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | 1,514,240 | 1,510,375 |
USDA guaranteed loans | ||
Loan portfolios serviced for: | ||
Unpaid principal balances of loans serviced | $ 190,797 | $ 183,026 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | ||
Changes in fair value of servicing assets | $ (1,231) | $ (1,505) |
Loan Servicing Revenue [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Fair value of servicing assets | $ 3,400 | $ 2,800 |
Other Real Estate Owned - Chang
Other Real Estate Owned - Change in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Real Estate [Abstract] | ||
Other real estate owned, beginning balance | $ 2,112 | $ 6,350 |
Net additions to OREO | 309 | 436 |
Proceeds from sales of OREO | (225) | (370) |
Gains on sales of OREO | 76 | 28 |
Valuation adjustments | (51) | (492) |
Other real estate owned, ending balance | $ 2,221 | $ 5,952 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Line Items] | ||||
Foreclosed real estate properties recorded as result of obtaining physical possession of property | $ 2,221,000 | $ 5,952,000 | $ 2,112,000 | $ 6,350,000 |
Residential consumer mortgage loans in process of foreclosure | 3,200,000 | 2,500,000 | ||
Proceeds from sale of internally financed sales of OREO | 0 | $ 0 | ||
Residential Real Estate | ||||
Real Estate [Line Items] | ||||
Foreclosed real estate properties recorded as result of obtaining physical possession of property | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Lessor, Operating Lease Maturity Year | 2042 | ||
Weighted-average discount rate of operating leases | 1.19% | 0.99% | |
Weighted average remaining life of operating leases | 5 years 10 months 24 days | 6 years | |
Rental expenses | $ 1,400,000 | $ 1,400,000 | |
Sublease Income | 127,000 | $ 154,000 | |
Minimum rental to be received in future on subleases | $ 1,300,000 | ||
Sublease contract maturity year | 2026 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Right-of-use Asset and Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Lessee Lease Description [Line Items] | ||
Operating lease liabilities | $ 15,562 | |
Accrued Interest Receivable and Other Assets | ||
Lessee Lease Description [Line Items] | ||
Operating right-of-use assets | 11,769 | $ 11,646 |
Accrued Interest Payable and Other Liabilities | ||
Lessee Lease Description [Line Items] | ||
Operating lease liabilities | $ 15,562 | $ 15,629 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs and Company's Operating Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease, cost | $ 858,000 | $ 865,000 |
Short-term lease cost | 37,000 | 96,000 |
Variable lease cost | 469,000 | 466,000 |
Sublease Income | 127,000 | 154,000 |
Lease, Cost, Total | $ 1,237,000 | $ 1,273,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
2022 | $ 3,030 |
2023 | 3,465 |
2024 | 3,233 |
2025 | 2,487 |
2026 | 1,719 |
Thereafter | 2,364 |
Total undiscounted lease payments | 16,298 |
Less: imputed interest | (736) |
Net lease liabilities | $ 15,562 |
Goodwill, Core Deposit Intang_3
Goodwill, Core Deposit Intangible and Other Intangible Assets - Summary of Changes in Goodwill, Core Deposit Intangible Assets and Customer Relationship Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance, Goodwill | $ 148,353 | $ 148,353 |
Ending balance, Goodwill | 148,353 | 148,353 |
Amortization | (1,596) | (1,749) |
Core Deposits | ||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Ending balance, Goodwill | 13,475 | |
Beginning balance | 15,004 | 21,809 |
Amortization | (1,529) | (1,683) |
Ending balance | 20,126 | |
Accumulated amortization | $ 41,991 | $ 33,340 |
Weighted average remaining amortization period | 4 years 8 months 12 days | 5 years 4 months 24 days |
Customer Relationships | ||
Schedule Of Goodwill And Intangible Assets [Line Items] | ||
Beginning balance | $ 2,201 | $ 2,469 |
Amortization | (67) | (66) |
Ending balance | 2,134 | 2,403 |
Accumulated amortization | $ 1,082 | $ 813 |
Weighted average remaining amortization period | 8 years | 9 years |
Goodwill, Core Deposit Intang_4
Goodwill, Core Deposit Intangible and Other Intangible Assets - Estimated Amortization Expense for Core Deposit Intangible and Customer Relationship Intangible Recognized (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 4,789 |
2023 | 4,336 |
2024 | 2,286 |
2025 | 1,721 |
2026 | 1,157 |
Thereafter | 1,320 |
Total | $ 15,609 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Effective tax rate | 22.00% | 25.30% | |
Net income tax provision related to exercise of stock options | $ 1,100,000 | ||
Net income tax benefit related to vesting of restricted shares | $ 28,000 | ||
Deferred tax assets, net | $ 67,300,000 | $ 50,300,000 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||||
Non-interest-bearing demand deposits | $ 2,281,612 | $ 2,158,420 | $ 2,281,612 | $ 2,158,420 |
Interest-bearing checking accounts | 596,497 | 572,426 | ||
Money market demand accounts | 1,357,679 | 1,106,272 | ||
Other savings | 659,218 | 638,218 | ||
Time deposits (below $250,000) | 505,141 | 532,589 | ||
Time deposits ($250,000 and above) | 129,955 | 147,122 | ||
Total deposits | $ 5,530,102 | $ 5,155,047 | $ 5,530,102 | $ 5,155,047 |
Deposits - Scheduled maturity o
Deposits - Scheduled maturity of time deposits (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Deposits [Abstract] | |
2022 | $ 493,491 |
2023 | 97,866 |
2024 | 23,251 |
2025 | 7,368 |
2026 and thereafter | 13,120 |
Total | $ 635,096 |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Time deposits | $ 250,000,000 | |
Brokered deposits | $ 0 | $ 0 |
Other Borrowings - Summary of O
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Federal Home Loan Bank advances | $ 280,000 | $ 490,000 |
Securities sold under agreements to repurchase | 31,450 | 29,723 |
Line of credit | 0 | 0 |
Total | $ 311,450 | $ 519,723 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Details) - USD ($) | Oct. 10, 2019 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Oct. 13, 2016 |
Line Of Credit Facility [Line Items] | |||||
Federal Reserve Bank discount window borrowing | $ 0 | $ 0 | |||
Federal Home Loan Bank advances | $ 280,000,000 | 490,000,000 | |||
Federal home loan bank advances maximum borrowing capacity as percentage of total assets | 35.00% | ||||
Federal home loan bank, required investment conversion ratio | 4.50 | ||||
Line of credit facility, amount | $ 0 | 0 | |||
Federal Home Loan Bank fixed rate advances | 80,000,000 | ||||
Federal Home Loan Bank Variable Rate Advances | $ 200,000,000 | ||||
Minimum | |||||
Line Of Credit Facility [Line Items] | |||||
Federal home loan bank advances, Fixed interest rate | 0.00% | ||||
Federal home loan bank fixed rate advances, maturity date | 2022-05 | ||||
Federal Home Loan Bank, Advances, Interest Rate | 0.44% | ||||
Maximum | |||||
Line Of Credit Facility [Line Items] | |||||
Federal home loan bank advances, Fixed interest rate | 66.00% | ||||
Federal home loan bank fixed rate advances, maturity date | 2022-06 | ||||
Federal Home Loan Bank, Advances, Interest Rate | 0.49% | ||||
Correspondent Bank | Credit agreement | Ridgestone | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit facility, amount | $ 30,000,000 | ||||
Correspondent Bank | Fourth Amendment Revolving Credit Agreement | Ridgestone | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit facility, amount | $ 0 | $ 0 | $ 15,000,000 | ||
Line of credit facility, extended maturity date | Oct. 7, 2022 | ||||
Line of credit facility, interest rate terms | The amended revolving line of credit bears interest at either LIBOR plus 195 basis points or the Prime Rate minus 75 basis points, not to be less than 2.00%, based on the Company’s election, which is required to be communicated at least three business days prior to the commencement of an interest period. If the Company fails to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. At March 31, 2022 and December 31, 2021, the line of credit had no outstanding balance. | ||||
Correspondent Bank | Amended Credit Agreement | Ridgestone | LIBOR Rate | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate spread | 1.95% | ||||
Correspondent Bank | Amended Credit Agreement | Ridgestone | Prime Rate | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate spread | 0.75% |
Other Borrowings - Summary of S
Other Borrowings - Summary of Short-term Credit Lines Available for Use (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 2,040,248 | $ 1,883,349 |
Federal Reserve Bank of Chicago Discount Window Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | 747,988 | 602,962 |
Available Federal Funds Line | ||
Debt Instrument [Line Items] | ||
Short-term credit lines available for use | $ 115,000 | $ 115,000 |
Subordinated Notes and Junior_3
Subordinated Notes and Junior Subordinated Debentures - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Principal amount | $ 45,000,000 | $ 45,000,000 | |
Fixed-To-Floating Subordinate Notes Mature on July 1, 2030 | Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 75,000,000 | ||
Debt instrument, interest rate | 6.00% | ||
Debt instrument, maturity date | Jul. 1, 2030 | ||
Debt instrument, redemption, description | As of March 31, 2022, the net liability outstanding of the subordinated notes was $73.6 million. The Company may, at its option, redeem the notes, in whole or in part, on a semi-annual basis beginning on July 1, 2025, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required. | ||
Debt issuance costs | $ 1,700,000 | ||
Debt issuance costs, amortization period | 10 years | ||
Loans | $ 73,600,000 | ||
Fixed-To-Floating Subordinate Notes Mature on July 1, 2030 | Subordinated Notes | Three-Month Secured Overnight Financing Rate Plus 588 Basis Points | |||
Debt Instrument [Line Items] | |||
Debt instrument, description of variable rate basis | The subordinated notes bear a fixed interest rate of 6.00% until July 1, 2025 and a floating interest rate equal to a benchmark rate, which is expected to be the three-month SOFR, plus 588 basis points thereafter until maturity. | ||
Metropolitan Statutory Trust 1 | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 35,000,000 | $ 35,000,000 | |
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | Mar. 17, 2034 | ||
Contractual rate | 3.71% | 3.01% | |
Accrued interest payable | $ 56,000,000 | $ 45,000 | |
Metropolitan Statutory Trust 1 | Junior Subordinated Debentures | Three-month LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, description of variable rate basis | Three-monthLIBOR + 2.79% | ||
Interest rate spread | 2.79% | 2.79% | |
First Evanston Bancorp Trust I | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 10,000,000 | $ 10,000,000 | |
First Evanston Bancorp Trust I | Junior Subordinated Debentures | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | Mar. 15, 2035 | ||
Contractual rate | 2.61% | 1.98% | |
Accrued interest payable | $ 12,000,000 | $ 9,000 | |
First Evanston Bancorp Trust I | Junior Subordinated Debentures | Three-month LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument, description of variable rate basis | Three-monthLIBOR + 1.78% | ||
Interest rate spread | 1.78% | 1.78% |
Subordinated Notes and Junior_4
Subordinated Notes and Junior Subordinated Debentures - Junior Subordinated Debentures by Issuance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | $ 45,000 | $ 45,000 |
Total liability, at carrying value | 37,011 | 36,906 |
Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | 35,000 | 35,000 |
First Evanston Bancorp Trust I | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Total liability, at par | 10,000 | 10,000 |
Junior Subordinated Debentures | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Discount | $ (7,989) | $ (8,094) |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Mar. 17, 2034 | |
Contractual Rate | 3.71% | 3.01% |
Junior Subordinated Debentures | Metropolitan Statutory Trust 1 | Three-month LIBOR | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Interest Rate Spread, Description | Three-monthLIBOR + 2.79% | |
Interest Rate Spread | 2.79% | 2.79% |
Junior Subordinated Debentures | First Evanston Bancorp Trust I | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Stated Maturity | Mar. 15, 2035 | |
Contractual Rate | 2.61% | 1.98% |
Junior Subordinated Debentures | First Evanston Bancorp Trust I | Three-month LIBOR | ||
Shares Subject To Mandatory Redemption By Settlement Terms [Line Items] | ||
Interest Rate Spread, Description | Three-monthLIBOR + 1.78% | |
Interest Rate Spread | 1.78% | 1.78% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Summary of Contract or Notional Amount of Outstanding Loan and Lease Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | $ 248,073 | $ 176,613 |
Variable Rate | 1,724,725 | 1,636,948 |
Total | 1,972,798 | 1,813,561 |
Commitments to Extend Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 247,494 | 176,014 |
Variable Rate | 1,666,980 | 1,578,405 |
Total | 1,914,474 | 1,754,419 |
Letters of Credit | ||
Commitments And Contingencies Liabilities [Line Items] | ||
Fixed Rate | 579 | 599 |
Variable Rate | 57,745 | 58,543 |
Total | $ 58,324 | $ 59,142 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Liabilities [Line Items] | |
Fixed rate loan commitments maturity year | 2045 |
Variable rate loan commitments maturity year | 2048 |
Maximum | |
Commitments And Contingencies Liabilities [Line Items] | |
Commitments to make loans period | 90 days |
Loan commitments fixed interest rate | 18.00% |
Loan commitments variable interest rate | 15.00% |
Minimum | |
Commitments And Contingencies Liabilities [Line Items] | |
Loan commitments fixed interest rate | 1.25% |
Loan commitments variable interest rate | 1.25% |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | $ 1,369,368 | $ 1,454,542 | ||
Equity and other securities, at fair value | 10,677 | 10,578 | ||
Servicing assets, at fair value | 24,497 | 23,744 | $ 22,140 | $ 22,042 |
Derivative assets | 29,113 | 13,375 | ||
Derivative liabilities | 7,475 | 9,665 | ||
U.S. Treasury Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 24,225 | 18,476 | ||
U.S. Government Agencies | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 140,240 | 139,390 | ||
Obligations of States, Municipalities, and Political Subdivisions | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 82,128 | 89,636 | ||
Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 65,142 | 67,346 | ||
Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 36,659 | 37,251 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 24,497 | 23,744 | ||
Derivative assets | 29,113 | 13,375 | ||
Derivative liabilities | 7,475 | 9,665 | ||
Fair Value, Measurements, Recurring | U.S. Treasury Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 24,225 | 18,476 | ||
Fair Value, Measurements, Recurring | U.S. Government Agencies | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 140,240 | 139,390 | ||
Fair Value, Measurements, Recurring | Obligations of States, Municipalities, and Political Subdivisions | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 82,128 | 89,636 | ||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 700,857 | 743,656 | ||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Residential | Non-Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 130,424 | 145,236 | ||
Fair Value, Measurements, Recurring | Mortgage-Backed Securities; Commercial | Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 189,693 | 213,551 | ||
Fair Value, Measurements, Recurring | Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 65,142 | 67,346 | ||
Fair Value, Measurements, Recurring | Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 36,659 | 37,251 | ||
Fair Value, Measurements, Recurring | Mutual Funds | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | 4,872 | 4,880 | ||
Fair Value, Measurements, Recurring | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | 5,805 | 5,698 | ||
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury Notes | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 24,225 | 18,476 | ||
Fair Value, Measurements, Recurring | Level 1 | Mutual Funds | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | 4,872 | 4,880 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Derivative assets | 29,113 | 13,375 | ||
Derivative liabilities | 7,475 | 9,665 | ||
Fair Value, Measurements, Recurring | Level 2 | U.S. Government Agencies | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 140,240 | 139,390 | ||
Fair Value, Measurements, Recurring | Level 2 | Obligations of States, Municipalities, and Political Subdivisions | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 82,128 | 89,636 | ||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 700,857 | 743,656 | ||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Residential | Non-Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 130,424 | 145,236 | ||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-Backed Securities; Commercial | Agency | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 189,693 | 213,551 | ||
Fair Value, Measurements, Recurring | Level 2 | Corporate Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 65,142 | 67,346 | ||
Fair Value, Measurements, Recurring | Level 2 | Asset-Backed Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Securities available-for-sale, at fair value | 36,659 | 37,251 | ||
Fair Value, Measurements, Recurring | Level 2 | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | 5,130 | 5,012 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Servicing assets, at fair value | 24,497 | 23,744 | ||
Fair Value, Measurements, Recurring | Level 3 | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Equity and other securities, at fair value | $ 675 | $ 686 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Fair value, assets, to or from level 3 transfers, amount | $ 0 | $ 0 |
Fair value, equity, to or from level 3 transfers, amount | $ 0 | $ 0 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | $ 686 | $ 685 |
Additions, net | 0 | 0 |
Change in fair value | 11 | (1) |
Balance, end of period | 675 | 686 |
Servicing Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Balance, beginning of period | 23,744 | 22,042 |
Additions, net | 1,984 | 1,603 |
Change in fair value | (1,231) | (1,505) |
Balance, end of period | $ 24,497 | $ 22,140 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Unobservable Inputs Used in the Fair Value Measurements on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Level 3 | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Debt Instrument, Valuation Technique [Extensible List] | Single Issuer Trust Preferred |
Servicing Asset, Valuation Technique [Extensible List] | Servicing Assets |
Single Issuer Trust Preferred | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Single Issuer Trust Preferred | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.032 |
Single Issuer Trust Preferred | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.064 |
Single Issuer Trust Preferred | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.046 |
Servicing Assets | Prepayment Speeds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Servicing Assets | Prepayment Speeds | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0 |
Servicing Assets | Prepayment Speeds | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.326 |
Servicing Assets | Prepayment Speeds | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.135 |
Servicing Assets | Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Impact to Valuation from an Increased or Higher Input Value | Decrease |
Servicing Assets | Discount Rate | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.006 |
Servicing Assets | Discount Rate | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.531 |
Servicing Assets | Discount Rate | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Unobservable Inputs | 0.087 |
Servicing Assets | Expected Weighted Average Loan life | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Impact to Valuation from an Increased or Higher Input Value | Increase |
Servicing Assets | Expected Weighted Average Loan life | Minimum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected weighted average loan life | 0 years |
Servicing Assets | Expected Weighted Average Loan life | Maximum | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected weighted average loan life | 9 years 2 months 12 days |
Servicing Assets | Expected Weighted Average Loan life | Weighted Average | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Expected weighted average loan life | 3 years 10 months 24 days |
Fair Value Measurement - Summ_4
Fair Value Measurement - Summary of Assets Measured at Fair Value on Non-Recurring Basis, Excluding Acquired Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 29,074 | $ 28,513 |
Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,184 | 1,802 |
Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 19,455 | 21,570 |
Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,221 | 2,112 |
Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 9,153 | 9,153 |
Level 3 | Commercial Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 29,074 | 28,513 |
Level 3 | Residential Real Estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,184 | 1,802 |
Level 3 | Commercial and Industrial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 19,455 | 21,570 |
Level 3 | Other Real Estate Owned | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | 2,221 | 2,112 |
Level 3 | Assets Held For Sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Assets, Fair Value | $ 9,153 | $ 9,153 |
Fair Value Measurement - Summ_5
Fair Value Measurement - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets | ||
Cash and due from banks | $ 48,015 | $ 35,247 |
Interest bearing deposits with other banks | 105,564 | 122,684 |
Securities held-to-maturity, fair value | 3,906 | 3,992 |
Restricted stock, at cost | 13,977 | 22,002 |
Loans held for sale | 39,520 | 64,460 |
Loans and lease receivables, net (less impaired loans at fair value | 4,729,610 | 4,482,116 |
Financial liabilities | ||
Federal Home Loan Bank advances | 280,000 | 490,000 |
Securities sold under agreements to repurchase | 31,450 | 29,723 |
Subordinated notes, net | 73,560 | 73,517 |
Junior subordinated debentures issued to capital trusts, net | 37,011 | 36,906 |
Level 1 | Carrying Amount | ||
Financial assets | ||
Cash and due from banks | 48,015 | 35,247 |
Level 1 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Cash and due from banks | 48,015 | 35,247 |
Level 2 | Carrying Amount | ||
Financial assets | ||
Interest bearing deposits with other banks | 105,564 | 122,684 |
Securities held-to-maturity, fair value | 3,882 | 3,885 |
Restricted stock, at cost | 13,977 | 22,002 |
Financial liabilities | ||
Non-interest-bearing deposits | 2,281,612 | 2,158,420 |
Interest-bearing deposits | 3,248,490 | 2,996,627 |
Accrued interest payable | 1,402 | 262 |
Paycheck Protection Program Liquidity Facility | 490,000 | |
Federal Home Loan Bank advances | 31,450 | 29,723 |
Securities sold under agreements to repurchase | 73,560 | 73,517 |
Subordinated notes, net | 37,011 | 36,906 |
Level 2 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Interest bearing deposits with other banks | 105,564 | 122,684 |
Securities held-to-maturity, fair value | 3,906 | 3,992 |
Restricted stock, at cost | 13,977 | 22,002 |
Financial liabilities | ||
Non-interest-bearing deposits | 2,281,612 | 2,158,420 |
Interest-bearing deposits | 2,997,026 | |
Accrued interest payable | 1,402 | 262 |
Paycheck Protection Program Liquidity Facility | 280,000 | 490,000 |
Federal Home Loan Bank advances | 31,450 | 29,723 |
Securities sold under agreements to repurchase | 79,159 | 81,744 |
Subordinated notes, net | 40,389 | 40,901 |
Level 3 | Carrying Amount | ||
Financial assets | ||
Loans held for sale | 39,520 | 64,460 |
Loans and lease receivables, net (less impaired loans at fair value | 4,430,231 | |
Accrued interest receivable | 18,757 | 18,875 |
Level 3 | Estimate of Fair Value Measurement | ||
Financial assets | ||
Loans held for sale | 39,520 | 69,081 |
Loans and lease receivables, net (less impaired loans at fair value | 4,428,509 | |
Accrued interest receivable | $ 18,757 | $ 18,875 |
Derivative Instruments and He_3
Derivative Instruments and Hedge Activities - Summary of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Derivatives Fair Value [Line Items] | |||
Notional Amount | $ 945,414 | $ 847,447 | |
Other Assets | 29,113 | 13,375 | |
Other Liabilities | (7,475) | (9,665) | |
Cash Flow Hedging | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 450,000 | ||
Other Assets | 21,782 | ||
Other Liabilities | 0 | ||
Other Interest Rate Derivatives | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 488,064 | ||
Other Assets | 7,331 | ||
Other Liabilities | $ (7,474) | ||
Other Interest Rate Derivatives | Cash Flow Hedging | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 100,000 | ||
Derivatives Designated as Hedging Instruments | Interest Rate Swaps | Cash Flow Hedging | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 450,000 | 400,000 | |
Other Assets | 21,782 | 4,140 | |
Other Liabilities | 0 | 0 | |
Derivatives Not Designated As Hedging Instruments | Other Credit Derivatives | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 7,350 | 7,571 | |
Other Assets | 0 | 0 | |
Other Liabilities | 1 | 5 | |
Derivatives Not Designated As Hedging Instruments | Other Interest Rate Derivatives | |||
Derivatives Fair Value [Line Items] | |||
Notional Amount | 488,064 | 439,876 | |
Other Assets | 7,331 | 9,235 | |
Other Liabilities | $ 7,474 | $ 9,660 |
Derivative Instruments and He_4
Derivative Instruments and Hedge Activities - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Derivative notional amount | $ 945,414,000 | $ 847,447,000 | |
Interest recorded | 395,000 | $ 502,000 | |
Unrealized gain (loss) to be reclassified as an decrease to interest expense during the next twelve months | 1,200,000 | ||
Derivative instruments transaction fees | 420,000 | ||
Fair value of derivatives net liability position | 7,500,000 | ||
Collateral amount posted | 5,100,000 | ||
Offsetting derivative positions | 2,336,000 | ||
Interest Rate Swap | |||
Derivative [Line Items] | |||
Interest recorded | 210,000,000 | $ 21,000 | |
Other Interest Rate Derivatives | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 488,064,000 | ||
Weighted average pay rates | 4.13% | ||
Derivative Weighted Average Receive Rate | 4.33% | ||
Derivative maturity date, start year | 2022-04 | ||
Derivative maturity date, end year | 2032-03 | ||
Derivative instruments transaction fees | $ 1,100,000 | ||
Other Credit Derivatives | |||
Derivative [Line Items] | |||
Derivative notional amount | 7,400,000 | 7,600,000 | |
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 450,000,000 | ||
Weighted average pay rates | 1.04% | ||
Derivative Weighted Average Receive Rate | 0.20% | ||
Cash Flow Hedging | Other Interest Rate Derivatives | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 100,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative notional amount | 450,000,000 | 400,000,000 | |
Remaining balance in other comprehensive income | 97,000,000 | $ 199,000,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swaps Effective in March 2022 | |||
Derivative [Line Items] | |||
Derivative notional amount | 350,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swaps Effective in September 2022 | |||
Derivative [Line Items] | |||
Derivative notional amount | 50,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swaps Effective in March 2023 | |||
Derivative [Line Items] | |||
Derivative notional amount | 200,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swaps Effective in May 2023 | |||
Derivative [Line Items] | |||
Derivative notional amount | 50,000,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Fixed Interest Rate Swaps Effective in September 2023 | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 50,000,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedge Activities - Summary of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Notional Amount | $ 945,414 | $ 847,447 |
Gross amounts recognized | 29,113 | 13,375 |
Derivative liabilities fair value | 7,475 | $ 9,665 |
Cash Flow Hedges | ||
Derivative [Line Items] | ||
Notional Amount | 450,000 | |
Gross amounts recognized | 21,782 | |
Derivative liabilities fair value | $ 0 | |
Weighted average pay rates | 1.04% | |
Weighted average receive rates | 0.20% | |
Weighted average maturity | 4 years 8 months 12 days |
Derivative Instruments and He_6
Derivative Instruments and Hedge Activities - Summary of Net Gains (Losses) Recorded in Accumulated Other Comprehensive Income (Loss) and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Amount of Loss Recognized in OCI | $ 17,643 | $ 4,992 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Amount of Loss Recognized in OCI | 17,643 | |
Amount of Loss Reclassified from OCI to Income as an Increase to Interest Expense | (210) | (21) |
Amount of Gain (Loss) Recognized in Other Non-Interest Income |
Derivative Instruments and He_7
Derivative Instruments and Hedge Activities - Summary of Other Interest Rate Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Derivative [Line Items] | |||
Notional Amount | $ 945,414 | $ 847,447 | |
Gross amounts recognized | 29,113 | 13,375 | |
Derivative liabilities fair value | (7,475) | $ (9,665) | |
Other Interest Rate Derivatives | |||
Derivative [Line Items] | |||
Notional Amount | 488,064 | ||
Gross amounts recognized | $ 7,331 | ||
Derivative liabilities fair value | $ (7,474) | ||
Weighted average pay rates | 4.13% | ||
Weighted average receive rates | 4.33% | ||
Weighted average maturity | 5 years 10 months 24 days |
Derivative Instruments and He_8
Derivative Instruments and Hedge Activities - Summary of Amounts Included in Non-Interest Income in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | $ 286 | $ 561 |
Other Credit Derivatives | ||
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | 4 | 5 |
Other Interest Rate Derivatives | ||
Derivative [Line Items] | ||
Amounts relating to derivative instruments, not designated in hedging relationship | $ 282 | $ 556 |
Derivative Instruments and He_9
Derivative Instruments and Hedge Activities - Summary of Company's Interest Rate Derivative and Offsetting Positions (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross amounts recognized | $ 29,113 | $ 13,375 |
Less: Amounts offset in the Consolidated Statements of Financial Condition | ||
Net amount presented in the Consolidated Statements of Financial Condition | 29,113 | 13,375 |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | (2,336) | |
Collateral posted | (26,777) | (10,122) |
Net credit exposure | ||
Derivative liabilities fair value | (7,475) | (9,665) |
Less: Amounts offset in the Consolidated Statements of Financial Condition | ||
Net amount presented in the Consolidated Statements of Financial Condition | (7,475) | (9,665) |
Gross amounts not offset in the Consolidated Statements of Financial Condition | ||
Offsetting derivative positions | 2,336 | |
Collateral posted | 5,138 | 6,412 |
Net credit exposure | $ (1) |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Oct. 30, 2014 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Jun. 30, 2017 | Oct. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of common shares available for future grants | 400,377 | ||||||||
Common stock, voting par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Unrecognized stock option compensation expenses | $ 0 | ||||||||
Common Stock | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 117,254 | 23,092 | 25,866 | 11,031 | 55,908 | ||||
Restricted Shares | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Unrecognized stock option compensation expenses | $ 13,525 | $ 9,720 | |||||||
Restricted Shares | Common Stock | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares of restricted voting common stock granted | 289,277 | ||||||||
Common stock, voting par value | $ 0.01 | ||||||||
Restricted Shares | Common Stock | Each Anniversary of Grant Date Over Four Years | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares vest on grant date | 166,290 | ||||||||
Award vesting period | 4 years | ||||||||
Restricted Shares | Common Stock | Each Anniversary of Grant Date Vest Over Three Years | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares vest on grant date | 69,910 | ||||||||
Award vesting period | 3 years | ||||||||
Restricted Shares | Common Stock | Third Anniversary of Grant Date | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares vest on grant date | 10,589 | ||||||||
Performance-based Restricted Shares | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares of restricted voting common stock granted | 42,488 | ||||||||
Omnibus Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of common stock reserved for issuance | 1,550,000 | ||||||||
Omnibus Plan | Restricted Shares | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares of restricted voting common stock granted | 289,277 | ||||||||
Restricted shares vested | 75,171 | 148,577 | |||||||
Fair value of restricted shares, vested | $ 2,000 | $ 3,400 | |||||||
Fair value of unvested restricted stock awards | $ 20,200 | ||||||||
Omnibus Plan | Time Options Grants | Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting period | 4 years | ||||||||
Omnibus Plan | Time Options Grants | Minimum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting period | 1 year | ||||||||
BYB Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of common shares available for future grants | 0 | ||||||||
Number of options granted | 1,846,968 | ||||||||
Number of shares outstanding | 1,080,554 | 1,337,048 | 1,337,048 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 256,494 | 53,531 | |||||||
Proceeds from the exercise of stock options | $ 470,000 | $ 751,000 | |||||||
Tax benefit from exercise of stock options | $ 1,100 | $ 121,000 | |||||||
Options vested | 0 | ||||||||
BYB Plan | Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of common shares available for future grants | 2,476,122 | ||||||||
BYB Plan | Time Options Grants | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award contractual term | 10 years | ||||||||
BYB Plan | Time Options Grants | Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
BYB Plan | Time Options Grants | Minimum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting period | 1 year | ||||||||
BYB Plan | Performance Options Grants | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award contractual term | 10 years | ||||||||
BYB Plan | Performance Options Grants | Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting period | 5 years | ||||||||
BYB Plan | Performance Options Grants | Minimum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting period | 1 year | ||||||||
FEB Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of shares outstanding | 170,697 | 170,697 | 170,697 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 62,366 | |||||||
Proceeds from the exercise of stock options | $ 705,000 | ||||||||
Tax benefit from exercise of stock options | $ 153,000 | ||||||||
Options vested | 0 | ||||||||
Conversion calculation percentage | 4.725% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Changes in Restricted Shares (Details) - Omnibus Plan - Restricted Shares - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares, beginning balance | 542,520 | |
Number of shares, granted | 289,277 | |
Number of shares, vested | (75,171) | (148,577) |
Number of shares, forfeited | (169) | |
Number of shares, ending balance | 756,457 | 542,520 |
Weighted average grant date fair value, beginning balance | $ 19.04 | |
Weighted average grant date fair value, granted | 26.97 | |
Weighted average grant date fair value, vested | 18.47 | |
Weighted average grant date fair value, forfeited | 18.33 | |
Weighted average grant date fair value, ending balance | $ 22.13 | $ 19.04 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Unrecognized compensation expense | $ 0 | |
Restricted Shares | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total share-based compensation - restricted stock | 1,264 | $ 783 |
Income tax benefit | 343 | 218 |
Unrecognized compensation expense | $ 13,525 | $ 9,720 |
Weighted-average amortization period remaining | 2 years 10 months 24 days | 2 years 8 months 12 days |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary Activity in shares Subjected to Options and Weighted Average Exercise Prices (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
BYB Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 1,337,048 | |
Number of Shares, Exercised | (256,494) | (53,531) |
Number of Shares, Ending balance | 1,080,554 | 1,337,048 |
Number of Shares, Exercisable | 1,080,554 | |
Weighted Average Exercise Price, Beginning balance | $ 11.26 | |
Weighted Average Exercise Price, Exercised | 11.18 | |
Weighted Average Exercise Price, Ending balance | 11.27 | $ 11.26 |
Weighted Average Exercise Price, Exercisable | $ 11.27 | |
Intrinsic Value, Beginning balance | $ 21,519 | |
Intrinsic Value, Exercised | 4,054 | |
Intrinsic Value, Ending balance | 16,647 | $ 21,519 |
Intrinsic Value, Exercisable | $ 16,647 | |
Weighted Average Remaining Contractual Term (in Years) | 3 years 2 months 12 days | 3 years 6 months |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 3 years 2 months 12 days | |
FEB Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 170,697 | |
Number of Shares, Exercised | 0 | (62,366) |
Number of Shares, Ending balance | 170,697 | 170,697 |
Number of Shares, Exercisable | 170,697 | |
Weighted Average Exercise Price, Beginning balance | $ 11.60 | |
Weighted Average Exercise Price, Ending balance | 11.60 | $ 11.60 |
Weighted Average Exercise Price, Exercisable | $ 11.60 | |
Intrinsic Value, Beginning balance | $ 2,688 | |
Intrinsic Value, Ending balance | 2,574 | $ 2,688 |
Intrinsic Value, Exercisable | $ 2,574 | |
Weighted Average Remaining Contractual Term (in Years) | 3 years 1 month 6 days | 3 years 4 months 24 days |
Weighted Average Remaining Contractual Term (in Years), Exercisable | 3 years 1 month 6 days |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 37,123,161 | 38,164,201 |
Common Stock | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 1,251,251 | 1,568,301 |
Restricted Stock Award | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 756,457 | 633,430 |
Stock Options | ||
Earnings Per Share Basic [Line Items] | ||
Shares outstanding | 0 | 0 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |||||
Net income | $ 22,311 | $ 17,189 | $ 25,306 | $ 28,492 | $ 21,798 |
Dividends on preferred shares | 196 | 196 | |||
Net income available to common stockholders | $ 22,115 | $ 21,602 | |||
Weighted-average common stock outstanding: | |||||
Weighted-average common stock outstanding (basic) | 37,123,161 | 38,164,201 | |||
Incremental shares | 919,661 | 751,281 | |||
Weighted-average common stock outstanding (dilutive) | 38,042,822 | 38,915,482 | |||
Basic earnings per common share | $ 0.60 | $ 0.57 | |||
Diluted earnings per common share | $ 0.58 | $ 0.56 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Preferred and Common Stock (Details) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | ||
Shares authorized | 50,000 | 50,000 |
Shares issued | 0 | 10,438 |
Shares outstanding | 0 | 10,438 |
Common stock, voting par value | $ 0.01 | $ 0.01 |
Common stock, voting shares authorized | 150,000,000 | 150,000,000 |
Common stock, voting shares issued | 39,534,816 | 39,203,747 |
Shares outstanding | 37,811,582 | 37,713,903 |
Treasury common shares | 1,723,234 | 1,489,844 |
Series B 7.5% Fixed to Floating Non-Cumulative Perpetual Preferred Stock | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | $ 0.01 |
Shares authorized | 50,000 | 50,000 |
Shares issued | 0 | 10,438 |
Shares outstanding | 0 | 10,438 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Preferred and Common Stock (Parenthetical) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Series B 7.5% Fixed to Floating Non-Cumulative Perpetual Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred stock, dividend rate, percentage | 7.50% | 7.50% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | Apr. 26, 2022 | Feb. 15, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2016 | Dec. 31, 2021 | Jul. 27, 2021 | Dec. 10, 2020 |
Class Of Stock [Line Items] | ||||||||||
Dividends declared and paid | $ 196,000 | $ 196,000 | ||||||||
Aggregate number of shares authorized to repurchase | 1,250,000 | 1,250,000 | ||||||||
Number of shares purchased | 282,819 | 332,744 | ||||||||
Value of shares purchased | $ 7,590,000 | $ 10,411,000 | $ 12,093,000 | $ 6,363,000 | ||||||
Common stock, cash dividends paid | $ 0.09 | $ 0.06 | ||||||||
Preferred shares outstanding | 0 | 10,438 | ||||||||
Series B Preferred Stock | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Preferred stock, dividend rate, percentage | 7.50% | |||||||||
Preferred stock fixed dividend close date | Dec. 30, 2021 | |||||||||
Preferred stock redemption price per share | $ 1 | |||||||||
Dividends declared and paid | $ 196,000 | $ 196,000 | ||||||||
Preferred shares outstanding | 10,438 | |||||||||
Preferred Stock, Redemption Date | Mar. 31, 2022 | |||||||||
Dividends, Preferred Stock, Total | $ 10,600,000 | |||||||||
Subsequent Event | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Cash dividend declared | $ 0.09 | |||||||||
Dividend payable date | May 23, 2022 | |||||||||
Dividends record date | May 9, 2022 | |||||||||
Cash dividend declared | $ 0.09 |
Consolidated Statements of Ch_3
Consolidated Statements of Change in Accumulated Other Comprehensive Income (Loss) - Schedule of Consolidated Statements of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | $ 836,382 | $ 824,418 | $ 817,073 | $ 793,795 | $ 805,464 |
Other comprehensive income loss, net of tax | (48,086) | (2,788) | (5,691) | 8,524 | (26,394) |
Ending balance | 788,671 | 836,382 | 824,418 | 817,073 | 793,795 |
Unrealized Gains (Losses) on Cash Flow Hedges | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | 2,817 | 3,312 | (305) | ||
Other comprehensive income loss, net of tax | 13,010 | 3,617 | |||
Ending balance | 15,827 | 2,817 | 3,312 | ||
Unrealized Gains (Losses) on Available-for-Sale Securities | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | (11,119) | (11,659) | 18,352 | ||
Other comprehensive income loss, net of tax | (61,096) | (30,011) | |||
Ending balance | (72,215) | (11,119) | (11,659) | ||
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Beginning balance | (8,302) | (5,514) | 177 | (8,347) | 18,047 |
Other comprehensive income loss, net of tax | (48,086) | (2,788) | (5,691) | 8,524 | (26,394) |
Ending balance | $ (56,388) | $ (8,302) | $ (5,514) | $ 177 | $ (8,347) |