Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 26, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38534 | |
Entity Registrant Name | Amerant Bancorp Inc. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 65-0032379 | |
Entity Address, Address Line One | 220 Alhambra Circle | |
Entity Address, City or Town | Coral Gables, | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33134 | |
City Area Code | (305) | |
Local Phone Number | 460-4038 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001734342 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | AMTB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 29,010,321 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class B Common Stock | |
Trading Symbol | AMTBB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 8,471,120 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 45,198 | $ 30,179 |
Interest earning deposits with banks | 126,314 | 184,207 |
Cash and cash equivalents | 171,512 | 214,386 |
Securities | ||
Debt securities available for sale | 1,194,068 | 1,225,083 |
Debt securities held to maturity | 93,311 | 58,127 |
Trading securities | 198 | 0 |
Equity securities with readily determinable fair value not held for trading | 23,988 | 24,342 |
Federal Reserve Bank and Federal Home Loan Bank stock | 47,675 | 65,015 |
Securities | 1,359,240 | 1,372,567 |
Mortgage loans held for sale (at fair value) | 1,775 | 0 |
Loans held for investment, gross | 5,606,773 | 5,842,337 |
Less: Allowance for loan losses | 104,185 | 110,902 |
Loans held for investment, net | 5,502,588 | 5,731,435 |
Bank owned life insurance | 220,271 | 217,547 |
Premises and equipment, net | 108,708 | 109,990 |
Deferred tax assets, net | 13,516 | 11,691 |
Goodwill | 19,506 | 19,506 |
Accrued interest receivable and other assets | 135,728 | 93,771 |
Total assets | 7,532,844 | 7,770,893 |
Deposits | ||
Noninterest bearing | 1,065,622 | 872,151 |
Interest bearing | 1,293,626 | 1,230,054 |
Savings and money market | 1,682,619 | 1,587,876 |
Time | 1,633,041 | 2,041,562 |
Total deposits | 5,674,908 | 5,731,643 |
Advances from the Federal Home Loan Bank | 808,614 | 1,050,000 |
Senior notes | 58,736 | 58,577 |
Junior subordinated debentures held by trust subsidiaries | 64,178 | 64,178 |
Accounts payable, accrued liabilities and other liabilities | 127,340 | 83,074 |
Total liabilities | 6,733,776 | 6,987,472 |
Contingencies (Note 16) | ||
Stockholders’ equity | ||
Additional paid in capital | 299,547 | 305,569 |
Retained earnings | 472,823 | 442,402 |
Accumulated other comprehensive income | 23,758 | 31,664 |
Total stockholders' equity before noncontrolling interest | 799,885 | 783,421 |
Noncontrolling interest | (817) | 0 |
Total stockholders' equity | 799,068 | 783,421 |
Total liabilities and stockholders' equity | 7,532,844 | 7,770,893 |
Class A Common Stock | ||
Stockholders’ equity | ||
Common stock | 2,904 | 2,882 |
Class B Common Stock | ||
Stockholders’ equity | ||
Common stock | $ 853 | $ 904 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 29,028,672 | 28,806,344 |
Common stock, shares outstanding (in shares) | 29,028,672 | 28,806,344 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 8,534,120 | 9,036,352 |
Common stock, shares outstanding (in shares) | 8,534,120 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income | ||||
Loans | $ 53,612 | $ 53,483 | $ 106,383 | $ 113,271 |
Investment securities | 7,499 | 10,628 | 15,006 | 21,693 |
Interest earning deposits with banks | 62 | 56 | 113 | 518 |
Total interest income | 61,173 | 64,167 | 121,502 | 135,482 |
Interest expense | ||||
Interest bearing demand deposits | 123 | 104 | 236 | 239 |
Savings and money market deposits | 945 | 1,569 | 1,925 | 4,835 |
Time deposits | 6,327 | 12,406 | 13,687 | 25,890 |
Advances from the Federal Home Loan Bank | 2,255 | 3,110 | 5,013 | 7,522 |
Senior notes | 942 | 84 | 1,884 | 84 |
Junior subordinated debentures | 609 | 571 | 1,216 | 1,360 |
Securities sold under agreements to repurchase | 1 | 0 | 1 | 0 |
Total interest expense | 11,202 | 17,844 | 23,962 | 39,930 |
Net interest income | 49,971 | 46,323 | 97,540 | 95,552 |
(Reversal of) provision for loan losses | (5,000) | 48,620 | (5,000) | 70,620 |
Net interest income (loss) after (reversal of) provision for loan losses | 54,971 | (2,297) | 102,540 | 24,932 |
Noninterest income | ||||
Deposits and service fees | 4,284 | 3,438 | 8,390 | 7,728 |
Brokerage, advisory and fiduciary activities | 4,431 | 4,325 | 9,034 | 8,458 |
Change in cash surrender value of bank owned life insurance | 1,368 | 1,427 | 2,724 | 2,841 |
Securities gains, net | 1,329 | 7,737 | 3,911 | 17,357 |
Cards and trade finance servicing fees | 388 | 273 | 727 | 668 |
Loss on early extinguishment of advances from the Federal Home Loan Bank, net | (2,488) | (66) | (2,488) | (73) |
Other noninterest income | 6,422 | 2,619 | 7,599 | 4,684 |
Total noninterest income | 15,734 | 19,753 | 29,897 | 41,663 |
Noninterest expense | ||||
Salaries and employee benefits | 30,796 | 21,570 | 57,223 | 50,896 |
Occupancy and equipment | 5,342 | 4,220 | 9,830 | 8,023 |
Telecommunication and data processing | 3,515 | 3,157 | 7,242 | 6,621 |
Professional and other services fees | 4,693 | 3,965 | 8,477 | 6,919 |
Depreciation and amortization | 1,872 | 1,960 | 3,658 | 3,919 |
FDIC assessments and insurance | 1,702 | 1,240 | 3,457 | 2,358 |
Other operating expenses | 3,205 | 628 | 4,863 | 2,871 |
Total noninterest expenses | 51,125 | 36,740 | 94,750 | 81,607 |
Income (loss) before income tax expense (benefit) | 19,580 | (19,284) | 37,687 | (15,012) |
Income tax (expense) benefit | (4,435) | 4,005 | (8,083) | 3,115 |
Net income (loss) before attribution of noncontrolling interest | 15,145 | (15,279) | 29,604 | (11,897) |
Noncontrolling interest | (817) | 0 | (817) | 0 |
Net income (loss) attributable to Amerant Bancorp Inc. | 15,962 | (15,279) | 30,421 | (11,897) |
Other comprehensive income (loss), net of tax | ||||
Net unrealized holding gains (losses) on debt securities available for sale arising during the period | 4,937 | 9,361 | (4,529) | 36,063 |
Net unrealized holding (losses) gains on cash flow hedges arising during the period | (29) | (160) | 7 | (1,674) |
Reclassification adjustment for items included in net income | (1,059) | (5,591) | (3,384) | (12,896) |
Other comprehensive income (loss) | 3,849 | 3,610 | (7,906) | 21,493 |
Comprehensive income (loss) | $ 19,811 | $ (11,669) | $ 22,515 | $ 9,596 |
Earnings Per Share (Note 18): | ||||
Basic earnings (loss) per common share (in dollars per share) | $ 0.43 | $ (0.37) | $ 0.81 | $ (0.28) |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.42 | $ (0.37) | $ 0.81 | $ (0.28) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A | Class B | Total Stockholders' Equity Before Noncontrolling Interest | Common Stock | Common StockClass A | Common StockClass B | Additional Paid in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling interest |
Beginning balance (in shares) at Dec. 31, 2019 | 28,927,576 | 14,218,596 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 834,701 | $ 2,893 | $ 1,775 | $ 419,048 | $ (46,373) | $ 444,124 | $ 13,234 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Repurchase of Class B common stock (in shares) | (932,459) | |||||||||||
Repurchase of Class B common stock | (15,239) | (15,239) | ||||||||||
Treasury stock retired | 0 | $ (446) | (61,166) | 61,612 | ||||||||
Restricted stock issued (in shares) | 6,591 | |||||||||||
Restricted stock issued | 0 | $ 1 | (1) | |||||||||
Restricted stock surrendered (in shares) | (129) | |||||||||||
Restricted stock surrendered | (2) | (2) | ||||||||||
Restricted stock forfeited (in shares) | (54,462) | |||||||||||
Restricted stock forfeited | 0 | $ (6) | 6 | |||||||||
Stock-based compensation expense | 392 | 392 | ||||||||||
Net income (loss) | 3,382 | 3,382 | ||||||||||
Other comprehensive (loss) income | 17,883 | 17,883 | ||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 28,879,576 | 13,286,137 | ||||||||||
Ending balance at Mar. 31, 2020 | 841,117 | $ 2,888 | $ 1,329 | 358,277 | 0 | 447,506 | 31,117 | |||||
Beginning balance (in shares) at Dec. 31, 2019 | 28,927,576 | 14,218,596 | ||||||||||
Beginning balance at Dec. 31, 2019 | 834,701 | $ 2,893 | $ 1,775 | 419,048 | (46,373) | 444,124 | 13,234 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | (11,897) | |||||||||||
Net loss attributable to noncontrolling-interest shareholders | 0 | |||||||||||
Other comprehensive (loss) income | 21,493 | |||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 28,873,196 | 13,286,137 | ||||||||||
Ending balance at Jun. 30, 2020 | 830,198 | $ 2,887 | $ 1,329 | 359,028 | 0 | 432,227 | 34,727 | |||||
Beginning balance (in shares) at Mar. 31, 2020 | 28,879,576 | 13,286,137 | ||||||||||
Beginning balance at Mar. 31, 2020 | 841,117 | $ 2,888 | $ 1,329 | 358,277 | 0 | 447,506 | 31,117 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Restricted stock forfeited (in shares) | (9,819) | |||||||||||
Restricted stock forfeited | 0 | $ (1) | 1 | |||||||||
Restricted stock units vested (in shares) | 3,439 | |||||||||||
Restricted stock units vested | 0 | |||||||||||
Stock-based compensation expense | 750 | 750 | ||||||||||
Net income (loss) | (15,279) | (15,279) | ||||||||||
Net loss attributable to noncontrolling-interest shareholders | 0 | |||||||||||
Other comprehensive (loss) income | 3,610 | 3,610 | ||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 28,873,196 | 13,286,137 | ||||||||||
Ending balance at Jun. 30, 2020 | 830,198 | $ 2,887 | $ 1,329 | 359,028 | 0 | 432,227 | 34,727 | |||||
Beginning balance (in shares) at Dec. 31, 2020 | 28,806,344 | 28,806,344 | 9,036,352 | |||||||||
Beginning balance at Dec. 31, 2020 | 783,421 | $ 783,421 | $ 2,882 | $ 904 | 305,569 | 0 | 442,402 | 31,664 | $ 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Repurchase of Class B common stock (in shares) | (116,037) | |||||||||||
Repurchase of Class B common stock | (1,855) | (1,855) | (1,855) | |||||||||
Treasury stock retired | 0 | 0 | $ (12) | (1,843) | 1,855 | |||||||
Restricted stock issued (in shares) | 196,015 | |||||||||||
Restricted stock issued | 0 | 0 | $ 22 | (22) | ||||||||
Restricted stock surrendered (in shares) | (713) | |||||||||||
Restricted stock surrendered | (13) | (13) | (13) | |||||||||
Stock-based compensation expense | 757 | 757 | 757 | |||||||||
Net income (loss) | 14,459 | 14,459 | 14,459 | |||||||||
Other comprehensive (loss) income | (11,755) | (11,755) | (11,755) | |||||||||
Ending balance (in shares) at Mar. 31, 2021 | 29,001,646 | 8,920,315 | ||||||||||
Ending balance at Mar. 31, 2021 | 785,014 | 785,014 | $ 2,904 | $ 892 | 304,448 | 0 | 456,861 | 19,909 | 0 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 28,806,344 | 28,806,344 | 9,036,352 | |||||||||
Beginning balance at Dec. 31, 2020 | 783,421 | 783,421 | $ 2,882 | $ 904 | 305,569 | 0 | 442,402 | 31,664 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 30,421 | |||||||||||
Net loss attributable to noncontrolling-interest shareholders | (817) | |||||||||||
Other comprehensive (loss) income | (7,906) | |||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 29,028,672 | 8,534,120 | 29,028,672 | 8,534,120 | ||||||||
Ending balance at Jun. 30, 2021 | 799,068 | 799,885 | $ 2,904 | $ 853 | 299,547 | 0 | 472,823 | 23,758 | (817) | |||
Beginning balance (in shares) at Mar. 31, 2021 | 29,001,646 | 8,920,315 | ||||||||||
Beginning balance at Mar. 31, 2021 | 785,014 | 785,014 | $ 2,904 | $ 892 | 304,448 | 0 | 456,861 | 19,909 | 0 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Repurchase of Class B common stock (in shares) | (386,195) | |||||||||||
Repurchase of Class B common stock | (6,540) | (6,540) | (6,540) | |||||||||
Treasury stock retired | 0 | 0 | $ (39) | (6,501) | 6,540 | |||||||
Restricted stock surrendered (in shares) | (1,213) | |||||||||||
Restricted stock surrendered | (26) | (26) | (26) | |||||||||
Restricted stock forfeited (in shares) | (7,270) | |||||||||||
Restricted stock forfeited | 0 | 0 | $ (2) | 2 | ||||||||
Restricted stock units vested (in shares) | 33,780 | |||||||||||
Restricted stock units vested | 0 | 0 | $ 2 | (2) | ||||||||
Performance share units vested (in shares) | 1,729 | |||||||||||
Performance share units vested | 0 | 0 | ||||||||||
Stock-based compensation expense | 1,626 | 1,626 | 1,626 | |||||||||
Net income (loss) | 15,962 | 15,962 | 15,962 | |||||||||
Net loss attributable to noncontrolling-interest shareholders | (817) | 0 | (817) | |||||||||
Other comprehensive (loss) income | 3,849 | 3,849 | 3,849 | |||||||||
Ending balance (in shares) at Jun. 30, 2021 | 29,028,672 | 8,534,120 | 29,028,672 | 8,534,120 | ||||||||
Ending balance at Jun. 30, 2021 | $ 799,068 | $ 799,885 | $ 2,904 | $ 853 | $ 299,547 | $ 0 | $ 472,823 | $ 23,758 | $ (817) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income (loss) before attribution of noncontrolling interest | $ 29,604 | $ (11,897) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
(Reversal of) provision for loan losses | (5,000) | 70,620 |
Net premium amortization on securities | 6,999 | 7,448 |
Depreciation and amortization | 3,658 | 3,919 |
Stock-based compensation expense | 2,383 | 1,142 |
Change in cash surrender value of bank owned life insurance | (2,724) | (2,841) |
Securities gains, net | (3,911) | (17,357) |
Gains on sale of loans, net | (3,806) | 0 |
Deferred taxes and others | 1,225 | (16,934) |
Loss on early extinguishment of advances from the FHLB, net | 2,488 | 73 |
Net increase in mortgage loans held for sale (at fair value) | (1,775) | 0 |
Net changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | (1,224) | (6,551) |
Accounts payable, accrued liabilities and other liabilities | 4,103 | (652) |
Net cash provided by operating activities | 32,020 | 26,970 |
Purchases of investment securities: | ||
Available for sale | (214,273) | (293,027) |
Held to maturity securities | (50,274) | 0 |
Federal Home Loan Bank stock | (19) | (8,538) |
Purchases of investment securities | (264,566) | (301,565) |
Maturities, sales, calls and paydowns of investment securities: | ||
Available for sale | 232,518 | 383,073 |
Held to maturity | 14,733 | 7,886 |
Federal Home Loan Bank stock | 17,360 | 16,486 |
Maturities, sales, calls and paydowns of investment securities | 264,611 | 407,445 |
Net decrease (increase) in loans | 131,882 | (146,318) |
Proceeds from loan sales | 105,771 | 15,235 |
Net purchases of premises and equipment and others | (2,268) | (3,331) |
Cash paid in business acquisition | (1,037) | 0 |
Net cash provided by (used in) investing activities | 234,393 | (28,534) |
Cash flows from financing activities | ||
Net increase in demand, savings and money market accounts | 351,786 | 253,821 |
Net (decrease) increase in time deposits | (408,521) | 13,738 |
Proceeds from Advances from the Federal Home Loan Bank | 285,500 | 700,000 |
Repayments of Advances from the Federal Home Loan Bank | (529,618) | (885,073) |
Proceeds from issuance of Senior Notes, net of issuance costs | 0 | 58,412 |
Redemption of junior subordinated debentures | 0 | (28,068) |
Repurchase of common stock - Class B | (8,395) | (15,239) |
Common stock retired to cover tax withholding | (39) | (2) |
Net cash (used in) provided by financing activities | (309,287) | 97,589 |
Net increase in cash and cash equivalents | (42,874) | 96,025 |
Cash and cash equivalents | ||
Beginning of period | 214,386 | 121,324 |
End of period | 171,512 | 217,349 |
Supplemental disclosures of cash flow information | ||
Cash paid for Interest | 26,106 | 41,037 |
Cash paid for Income taxes | 8,398 | 948 |
Initial recognition of operating lease right-of-use assets | 55,670 | 0 |
Initial recognition of operating lease liabilities | $ 56,024 | $ 0 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business, Basis of Presentation and Summary of Significant Accounting Policies | Business, Basis of Presentation and Summary of Significant Accounting Policies a) Business Amerant Bancorp Inc. (the “Company”), is a Florida corporation incorporated in 1985, which has operated since January 1987. The Company is a bank holding company registered under the Bank Holding Company Act of 1956, as a result of its 100% indirect ownership of Amerant Bank, N.A. (the “Bank”). The Company’s principal office is in the City of Coral Gables, Florida. The Bank is a member of the Federal Reserve Bank of Atlanta (“Federal Reserve Bank”) and the Federal Home Loan Bank of Atlanta (“FHLB”). The Bank has three operating subsidiaries, Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”), Amerant Mortgage, LLC (“Amerant Mortgage”), a 51% owned mortgage lending company domiciled in Florida, and Elant Bank & Trust (the “Cayman Bank”), a bank and trust company domiciled in the Cayman Islands acquired in November 2019. In March 2021, the Bank and Amerant Trust, N.A, a non-depository trust company (“Amerant Trust”) received authorization to merge Amerant Trust with and into the Bank, with the Bank as sole survivor, effective on April 1, 2021. The Company completed the merger of Amerant Trust with and into the Bank on April 1, 2021. In May 2021, the Company incorporated a new wholly owned subsidiary, Amerant SPV, LLC (“Amerant SPV”) with the purpose of investing and acquiring non-controlling interests in companies, including fintech and specialty finance companies. The Company’s Class A common stock, par value $0.10 per common share, and Class B common stock, par value $0.10 per common share, are listed and trade on the Nasdaq Global Select Market under the symbols “AMTB” and “AMTBB,” respectively. Restructuring Activities The Company continues to work on better aligning its operating structure and resources with its business activities. As part of these efforts, the Company decided to cease the origination of loans in New York and closed its New York City loan production office (the “NY LPO”). In addition, the Company decided to outsource the internal audit function and eliminated various other support positions. Additionally, the Company’s Chief Operating Officer (“COO”) stepped down from his position on June 30, 2021. Severance costs resulting from these events were approximately $3.3 million in the second quarter of 2021. Severance costs were mostly recorded in “salaries and employees benefits expense” in the Company’s consolidated statement of operations and comprehensive income.. Additionally, in the second quarter of 2021, the Company recorded a $0.8 million right-of-use asset (“ROUA”) impairment associated with the closing of the NY LPO. The impairment was recorded in “occupancy and equipment expense” in the Company’s consolidated statement of operations and comprehensive income.. Stock Repurchase Program On March 10, 2021, the Company’s Board of Directors approved a stock repurchase program which provides for the potential repurchase of up to $40 million of shares of the Company’s Class B common stock (the “2021 Stock Repurchase Program”). For more information about the 2021 Stock Repurchase Program, see Note 15 to our unaudited interim financial statements in this Form 10-Q. Acquisition On May 12, 2021 (the “Acquisition Date”), Amerant Mortgage completed the acquisition of First Mortgage Company (“FMC”). Amerant Mortgage and FMC were ultimately merged, allowing Amerant Mortgage to operate its business nationally with direct access to federal housing agencies. We refer to these transactions as the “FMC Acquisition”. The FMC Acquisition was recorded as a business acquisition using the acquisition method of accounting. The purchase price of approximately $1.0 million was paid in cash and represented the fair value of $0.5 million in mortgage servicing rights (“MSR”) acquired, plus a premium of $0.5 million. No liabilities were assumed in the transaction. The Company allocated the premium paid on the purchase to an indefinite-lived intangible license which was recorded at its fair value of $0.5 million as of the Acquisition Date. The MSRs and premium assigned to an intangible asset were recorded in “Other assets” in the consolidated balance sheets. The transaction resulted in no goodwill. COVID-19 Pandemic CARES Act On March 11, 2020, the World Health Organization recognized an outbreak of a novel strain of the coronavirus, COVID-19, as a pandemic. The COVID-19 pandemic adversely affected the economy resulting in a 150-basis-point reduction in the federal funds rate, and the enactment of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act provided emergency economic relief to individuals, small businesses, mid-size companies, large corporations, hospitals and other public health facilities, and state and local governments, and allocated the Small Business Administration, or SBA, $350.0 billion to provide loans of up to $10.0 million per small business as defined in the CARES Act. On April 2, 2020, the Bank began participating in the SBA’s Paycheck Protection Program, or PPP, by providing loans to these businesses to cover payroll, rent, mortgage, healthcare, and utilities costs, among other essential expenses. In early January 2021, a third round of PPP loans provided additional stimulus relief to small businesses and individuals who are self-employed or independent contractors. As of June 30, 2021, total PPP loans were $23.6 million , or 0.4% of total loans, compared to $198.5 million, or 3.4% of total loans as of December 31, 2020. The Company estimates as of June 30, 2021, there were $131.4 million of deposits related to the PPP compared to $95.4 million as of December 31, 2020. On May 4, 2021, the Company entered into an agreement to sell to a third party, in cash, PPP loans with an outstanding balance of approximately $95.1 million, and realized a pre-tax gain on the sale of approximately $3.8 million. The Company did not retain loan servicing rights. Loan Modification Programs On March 26, 2020, the Company began offering loan payment relief options to customers impacted by the COVID-19 pandemic, including interest-only and/or forbearance options. These programs continued throughout 2020 and in the six months ended June 30, 2021. In the first quarter of 2021, the Company also began to selectively offer additional temporary loan modifications that allowed it to extend the deferral and/or forbearance period beyond 180 days. Loans which have been modified under these programs totaled $1.1 billion as of June 30, 2021 and December 31, 2020. As of June 30, 2021, modified loans totaling $54.4 million, or 1.0% of total ($43.4 million, or 0.7%, at December 31, 2020), were still under the deferral and/or forbearance period. Consistent with accounting and regulatory guidance, temporary modifications granted under these programs are not considered troubled debt restructurings, or TDRs. b) Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for a fair statement of financial position, results of operations and cash flows in conformity with GAAP. These unaudited interim consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year or any other period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2020 and 2019 and for each of the three years in the period ended December 31, 2020 and the accompanying footnote disclosures for the Company, which are included in the Company’s annual report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”), on March 19, 2021 (the “Form 10-K”). For a complete summary of our significant accounting policies, please see Note 1 to the Company’s audited consolidated financial statements in the Company’s annual report on the Form 10-K. Non-Controlling Interest Non-controlling interests on the consolidated financial statements include a 49% non-controlling interest of Amerant Mortgage. The Company records net loss attributable to non-controlling interests in its condensed consolidated statement of operations equal to the percentage of the economic or ownership interest retained in the interest of Amerant Mortgage and presents non-controlling interests as a component of stockholders’ equity on the consolidated balance sheets and separately as net loss attributable to non-controlling interests on the consolidated statement of operations and comprehensive income. Mortgage Loans Held for Sale Mortgage loans originated for sale are carried at fair value, with changes in fair value recognized in current period earnings. The fair value is measured on an individual loan basis using quoted market prices and when not available, comparable market value or discounted cash flow analysis may be utilized. Gains and losses on loan sales are recognized in other noninterest income in the consolidated statements of operations and comprehensive income. Mortgage Servicing Rights The Company recognizes as an asset the rights to service mortgage loans, either when the mortgage loans are sold and the associated servicing rights are retained or when servicing rights are obtained from acquisitions. The Company has elected to measure all MSRs at fair value. MSRs are reported on the consolidated balance sheets in the “Other assets” section, with changes to the fair value recorded as other noninterest income in the consolidated statements of operations and comprehensive income. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: (i) the determination of the allowance for loan losses; (ii) the fair values of securities and the value assigned to goodwill during periodic goodwill impairment tests; (iii) the cash surrender value of bank owned life insurance; and (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized. Management believes that these estimates are appropriate. Actual results could differ from these estimates. The COVID-19 pandemic has severely restricted the level of economic activity in the U.S. and around the world since March 2020. Several states and cities across the U.S., including the States of Florida, New York and Texas and cities where we have banking centers, and where our principal place of business is located or where we and our customers do business, have also implemented quarantines, restrictions on travel, “shelter at home” orders, and restrictions on types of business that may continue to operate or may be reinstated in the future. While most of these measures and restrictions have been lifted and businesses have begun to reopen, the Company cannot predict whether restrictions that have been lifted will need to be imposed or tightened in the future if viewed as necessary due to public health concerns. Given the uncertainty regarding the spread and severity of the COVID-19 pandemic and its adverse effects on the U.S. and global economies, the impact to the Company’s financial statements cannot be accurately predicted at this time. c) Recently Issued Accounting Pronouncements Issued and Adopted New Guidance on Leases In December 2018, the Financial Accounting Standards Board (“FASB”) issued amendments to new guidance issued in February 2016 for the recognition and measurement of all leases. The amendments address certain lessor’s issues associated with: (i) sales taxes and other similar taxes collected from lessees, (ii) certain lessor costs, and (iii) recognition of variable payments for contracts with lease and nonlease components. The new guidance on leases issued in February 2016 requires lessees to recognize a ROUA and a lease liability for most leases within the scope of the guidance. The Company adopted this standard on January 1, 2021 using the modified retrospective transition approach. Upon adoption of this standard, the Company recorded an ROUA and a lease liability of $54.5 million and $54.0 million, respectively, which are presented in other assets and other liabilities as of June 30, 2021, respectively. The Company determines if an arrangement is or contains a lease at the inception of the contract. Operating lease ROUAs and liabilities are recognized at the inception date based on the present value of lease payments over the lease term. At lease inception, when the rate implicit in each lease is not readily available, the Company is required to apply an incremental borrowing rate to calculate the ROUA and lease liability. The incremental borrowing rate is based on factors including the lease term and various market rates. Additionally, the Company also considers lease renewal options reasonably certain of exercise for purposes of determining the lease term. Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued targeted amendments to the guidance for recognition, presentation and disclosure of hedging activities. These targeted amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments also simplify the application of hedge accounting guidance. In June 2020, the FASB amended the effective date of the new guidance on hedging. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years for public business entities. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The adoption of this guidance in the first quarter of 2021 did not have an effect on the Company’s consolidated financial statements. d) Subsequent Events The effects of significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements. |
Interest Earning Deposits with
Interest Earning Deposits with Banks | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Interest Earning Deposits with Banks | Interest Earning Deposits with Banks At June 30, 2021 and December 31, 2020, interest earning deposits with banks are mainly comprised of deposits with the Federal Reserve and other U.S. banks of approximately $126 million and $184 million, respectively. At June 30, 2021 and December 31, 2020, the average interest rate on these deposits was approximately 0.10% and 0.31%, respectively. These deposits mature within one year. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Amortized cost and approximate fair values of debt securities available for sale are summarized as follows: June 30, 2021 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities $ 530,324 $ 14,580 $ (1,321) $ 543,583 Corporate debt securities 348,370 13,076 (720) 360,726 U.S. government agency debt securities 283,187 3,474 (2,256) 284,405 U.S. treasury securities 2,503 4 — 2,507 Municipal bonds 2,707 140 — 2,847 Total debt securities available for sale (1) $ 1,167,091 $ 31,274 $ (4,297) $ 1,194,068 __________________ (1) As of June 30, 2021, includes residential and commercial mortgage-backed securities with amortized cost of $633.4 million and $129.4 million, respectively, and fair value of $646.5 million and $131.8 million, respectively. December 31, 2020 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities $ 640,796 $ 21,546 $ (1,007) $ 661,335 Corporate debt securities 292,033 10,787 (1,106) 301,714 U.S. government agency debt securities 202,135 4,458 (2,015) 204,578 U.S. treasury securities 2,505 7 — 2,512 Municipal bonds 50,309 4,635 — 54,944 Total debt securities available for sale (1) $ 1,187,778 $ 41,433 $ (4,128) $ 1,225,083 __________________ (1) As of December 31, 2020, includes residential and commercial mortgage-backed securities with amortized cost of $647.0 million and $123.9 million, respectively, and fair value of $666.7 million and $128.4 million, respectively. The Company had investments in foreign corporate debt securities available for sale of $16.5 million and $17.1 million at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, the Company had no foreign sovereign or foreign government agency debt securities available for sale. In the three and six month periods ended June 30, 2021 and 2020, proceeds from sales, redemptions and calls, gross realized gains, gross realized losses of debt securities available for sale were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Proceeds from sales, redemptions and calls of debt securities available for sale $ 29,261 $ 100,666 $ 73,115 $ 239,738 Gross realized gains $ 1,254 $ 7,537 4,201 16,803 Gross realized losses — — — (23) Realized gains, net on sales of debt investment securities $ 1,254 $ 7,537 $ 4,201 $ 16,780 The Company’s investment in debt securities available for sale with unrealized losses that are deemed temporary, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: June 30, 2021 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities $ 71,184 $ (1,176) $ 6,861 $ (145) $ 78,045 $ (1,321) Corporate debt securities 14,249 (114) 8,350 (606) 22,599 (720) U.S. government agency debt securities 97,821 (696) 68,631 (1,560) 166,452 (2,256) $ 183,254 $ (1,986) $ 83,842 $ (2,311) $ 267,096 $ (4,297) December 31, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities $ 71,825 $ (661) $ 14,472 $ (346) $ 86,297 $ (1,007) Corporate debt securities 31,777 (1,106) — — 31,777 (1,106) U.S. government agency debt securities 9,254 (62) 80,964 (1,953) 90,218 (2,015) $ 112,856 $ (1,829) $ 95,436 $ (2,299) $ 208,292 $ (4,128) At June 30, 2021 and December 31, 2020, the Company held certain debt securities issued or guaranteed by the U.S. government and U.S. government-sponsored entities and agencies. The Company believes these issuers to present little credit risk. The Company considers these securities are not other-than-temporarily impaired because the decline in fair value is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. The Company does not intend to sell these debt securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. Unrealized losses on corporate debt securities are attributable to changes in interest rates and investment securities markets, generally, and as a result, temporary in nature. The Company considers these securities are not other-than-temporarily impaired because the issuers of these debt securities are considered to be high quality, and generally present little credit risk. The Company does not intend to sell these investments and it is more likely than not that it will not be required to sell these investments before their anticipated recovery. As of June 30, 2021, the fair value of debt securities held to maturity totaled $94.6 million ($93.3 million - amortized cost), including residential and commercial mortgage-backed securities totaling $63.9 million ($64.2 million - amortized cost) and $30.7 million ($29.1 million - amortized cost), respectively. At June 30, 2021, unrealized gains and losses related to these securities totaled $2.1 million and $0.7 million, respectively. As of December 31, 2020, the fair value of debt securities held to maturity totaled $61.1 million ($58.1 million - amortized cost), including residential and commercial mortgage-backed securities totaling $29.5 million ($28.7 million - amortized cost) and $31.6 million ($29.5 million - amortized cost), respectively. At December 31, 2020, unrealized gains related to these securities totaled $3.0 million. There were no unrealized losses at December 31, 2020. At June 30, 2021 and December 31, 2020, all debt securities held to maturity were issued or guaranteed by the U.S. government or U.S. government-sponsored entities and agencies. Contractual maturities of debt securities at June 30, 2021 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 25,786 $ 26,080 $ — $ — After 1 year through 5 years 121,784 125,084 12,589 12,534 After 5 years through 10 years 299,231 311,735 11,299 11,782 After 10 years 720,290 731,169 69,423 70,318 $ 1,167,091 $ 1,194,068 $ 93,311 $ 94,634 Equity securities with readily available fair value not held for trading consist of mutual funds with an original cost of $24.0 million, and fair value of $24.0 million and $24.3 million as of June 30, 2021 and December 31, 2020, respectively. These equity securities have no stated maturities. The Company recognized unrealized gains of $22 thousand and $0.2 million during the three months ended June 30, 2021 and 2020, respectively, and unrealized losses of $0.4 million and unrealized gains of $0.6 million in the six months ended June 30, 2021 and 2020, respectively, related to the change in fair value of these mutual funds and recorded in results of operations. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans | Loans The loan portfolio consists of the following loan classes: (in thousands) June 30, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,699,876 $ 1,749,839 Multi-family residential 658,022 737,696 Land development and construction loans 361,077 349,800 2,718,975 2,837,335 Single-family residential 616,545 639,569 Owner occupied 943,342 947,127 4,278,862 4,424,031 Commercial loans 1,003,411 1,154,550 Loans to financial institutions and acceptances 13,672 16,636 Consumer loans and overdrafts 310,828 247,120 $ 5,606,773 $ 5,842,337 At June 30, 2021 and December 31, 2020, loans with an outstanding principal balance of $1.3 billion and $1.4 billion, respectively, were pledged as collateral to secure advances from the FHLB. The amounts above include loans under syndication facilities of approximately $397 million and $455 million at June 30, 2021 and December 31, 2020, respectively, which include Shared National Credit facilities and agreements to enter into credit agreements with other lenders (club deals) and other agreements. International loans included above were $121.1 million and $152.9 million at June 30, 2021 and December 31, 2020, respectively. During the three months ended June 30, 2021, the Company sold PPP loans with an outstanding balance of approximately $95.1 million, and realized a pre-tax gain on sale of approximately $3.8 million. The Company retained no loan servicing rights on these PPP loans. The age analysis of the loan portfolio by class, including nonaccrual loans, as of June 30, 2021 and December 31, 2020 are summarized in the following tables: June 30, 2021 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,699,876 $ 1,676,197 $ 5,247 $ 18,432 $ — $ 23,679 $ 48,347 $ — Multi-family residential 658,022 658,022 — — — — 9,928 — Land development and construction loans 361,077 361,077 — — — — — — 2,718,975 2,695,296 5,247 18,432 — 23,679 58,275 — Single-family residential 616,545 610,588 653 1,393 3,911 5,957 7,174 20 Owner occupied 943,342 939,235 253 178 3,676 4,107 11,277 — 4,278,862 4,245,119 6,153 20,003 7,587 33,743 76,726 20 Commercial loans 1,003,411 963,026 2,186 22 38,177 40,385 43,876 295 Loans to financial institutions and acceptances 13,672 13,672 — — — — — — Consumer loans and overdrafts 310,828 310,764 17 20 27 64 198 4 $ 5,606,773 $ 5,532,581 $ 8,356 $ 20,045 $ 45,791 $ 74,192 $ 120,800 $ 319 December 31, 2020 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,749,839 $ 1,741,862 $ 1,487 $ — $ 6,490 $ 7,977 $ 8,219 $ — Multi-family residential 737,696 737,696 — — — — 11,340 — Land development and construction loans 349,800 349,800 — — — — — — 2,837,335 2,829,358 1,487 — 6,490 7,977 19,559 — Single-family residential 639,569 631,801 3,143 671 3,954 7,768 10,667 — Owner occupied 947,127 941,566 439 — 5,122 5,561 12,815 220 4,424,031 4,402,725 5,069 671 15,566 21,306 43,041 220 Commercial loans 1,154,550 1,113,469 3,675 1,715 35,691 41,081 44,205 — Loans to financial institutions and acceptances 16,636 16,636 — — — — — — Consumer loans and overdrafts 247,120 246,997 85 6 32 123 233 1 $ 5,842,337 $ 5,779,827 $ 8,829 $ 2,392 $ 51,289 $ 62,510 $ 87,479 $ 221 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The analyses by loan segment of the changes in the allowance for loan losses for the three and six month periods ended June 30, 2021 and 2020, and its allocation by impairment methodology and the related investment in loans, net as of June 30, 2021 and 2020 are summarized in the following tables: Three Months Ended June 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 48,291 $ 49,202 $ 1 $ 13,446 $ 110,940 (Reversal of) provision for loan losses (9,713) 5,017 — (304) (5,000) Loans charged-off Domestic — (1,688) — (844) (2,532) International — — — — — Recoveries 70 517 — 190 777 Balances at end of the period $ 38,648 $ 53,048 $ 1 $ 12,488 $ 104,185 Six Months Ended June 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 50,227 $ 48,130 $ 1 $ 12,544 $ 110,902 (Reversal of) provision for loan losses (11,649) 5,719 — 930 (5,000) Loans charged-off Domestic — (1,923) — (1,275) (3,198) International — — — — — Recoveries 70 1,122 — 289 1,481 Balances at end of the period $ 38,648 $ 53,048 $ 1 $ 12,488 $ 104,185 June 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 11,665 $ 22,869 $ — $ 1,232 $ 35,766 Collectively evaluated 26,983 30,179 1 11,256 68,419 $ 38,648 $ 53,048 $ 1 $ 12,488 $ 104,185 Investment in loans, net of unearned income: Individually evaluated $ 58,342 $ 58,076 $ — $ 7,627 $ 124,045 Collectively evaluated 2,633,318 2,049,944 15,333 784,133 5,482,728 $ 2,691,660 $ 2,108,020 $ 15,333 $ 791,760 $ 5,606,773 Three Months Ended June 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 36,430 $ 29,062 $ 42 $ 7,414 $ 72,948 Provision for (reversal of ) loan losses 18,068 30,542 (42) 52 48,620 Loans charged-off Domestic — (2,075) — (44) (2,119) International — — — (7) (7) Recoveries — 50 — 160 210 Balances at end of the period $ 54,498 $ 57,579 $ — $ 7,575 $ 119,652 Six Months Ended June 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 25,040 $ 22,482 $ 42 $ 4,659 $ 52,223 Provision for (reversal of) loan losses 29,458 38,072 (42) 3,132 70,620 Loans charged-off Domestic — (3,176) — (266) (3,442) International — (34) — (258) (292) Recoveries — 235 — 308 543 Balances at end of the period $ 54,498 $ 57,579 $ — $ 7,575 $ 119,652 June 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 2,565 $ 23,640 $ — $ 1,499 $ 27,704 Collectively evaluated 51,933 33,939 — 6,076 91,948 $ 54,498 $ 57,579 $ — $ 7,575 $ 119,652 Investment in loans, net of unearned income: Individually evaluated $ 8,426 $ 61,101 $ — $ 8,022 $ 77,549 Collectively evaluated 2,918,353 2,270,212 16,597 589,560 5,794,722 $ 2,926,779 $ 2,331,313 $ 16,597 $ 597,582 $ 5,872,271 The following is a summary of the recorded investment amount of loan sales by portfolio segment: Three Months Ended June 30, (in thousands) Real Estate Commercial Financial Consumer Total 2021 $ — $ 102,247 $ — $ 2,351 $ 104,598 2020 $ — $ — $ — $ 2,126 $ 2,126 Six Months Ended June 30, (in thousands) Real Estate Commercial Financial Consumer Total 2021 $ — $ 102,247 $ — $ 3,524 $ 105,771 2020 $ — $ 11,901 $ — $ 3,334 $ 15,235 The following is a summary of impaired loans as of June 30, 2021 and December 31, 2020: June 30, 2021 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 37,522 $ 10,892 $ 48,414 $ 18,361 $ 48,418 $ 11,665 Multi-family residential — 9,928 9,928 8,530 9,839 — Land development and construction — — — — — — 37,522 20,820 58,342 26,891 58,257 11,665 Single-family residential 5,350 2,081 7,431 10,189 7,351 1,107 Owner occupied 603 10,674 11,277 12,789 11,120 200 43,475 33,575 77,050 49,869 76,728 12,972 Commercial loans 33,138 13,661 46,799 46,823 68,545 22,669 Consumer loans and overdrafts 195 1 196 200 195 125 $ 76,808 $ 47,237 $ 124,045 $ 96,892 $ 145,468 $ 35,766 _______________ (1) Average using trailing four quarter balances. December 31, 2020 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 8,219 $ — $ 8,219 $ 6,718 $ 8,227 $ 3,175 Multi-family residential — 11,341 11,341 3,206 11,306 — Land development and construction loans — — — — — — 8,219 11,341 19,560 9,924 19,533 3,175 Single-family residential 5,675 5,250 10,925 9,457 10,990 1,232 Owner occupied 636 12,178 12,814 13,295 12,658 214 14,530 28,769 43,299 32,676 43,181 4,621 Commercial loans 33,110 11,100 44,210 38,534 66,010 25,180 Consumer loans and overdrafts 232 — 232 221 229 147 $ 47,872 $ 39,869 $ 87,741 $ 71,431 $ 109,420 $ 29,948 _______________ (1) Average using trailing four quarter balances. Troubled Debt Restructurings The following table shows information about loans modified in TDRs as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied 1 $ 1,592 1 $ 1,729 Single-family residential 2 260 2 267 Owner occupied 4 6,508 4 6,784 7 8,360 7 8,780 Commercial loans 11 5,048 11 3,851 Total (1) 18 $ 13,408 18 $ 12,631 ______________ (1) Balances as of June 30, 2021 and December 31, 2020 include a multiple loan relationship with a South Florida customer consisting of CRE, owner occupied and commercial loans totaling $9.6 million and $8.4 million, respectively. This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves. As of June 30, 2021 and December 31, 2020, this relationship included two and four residential loans totaling $1.5 million, which were not modified. During 2020, the company charged off $1.9 million against the ALL associated with this commercial loan relationship. The Company believes the specific reserves associated with these loans, which total $1.1 million at June 30, 2021 and December 31, 2020, are adequate to cover probable losses given current facts and circumstances. During the six months ended June 30, 2021, new TDRs consisted of one commercial loan with a recorded investment of $0.4 million as of June 30, 2021, and one single-family residential loan of $0.5 million which was paid off during the second quarter of 2021. There were no new TDRs during the six months ended June 30, 2020. During the six months ended June 30, 2021, TDR loans that subsequently defaulted within the 12 months of restructuring totaled $4.0 million, including six commercial loans totaling $3.2 million and one owner occupied loan of $0.8 million. In the six months ended June 30 2021, the Company had no charge-offs against the allowance for loan losses as a result of TDR loans. In the six months ended June 30 2020, the Company charged-off $1.9 million against the allowance for loan losses associated with TDR loans. Loans by Credit Quality Indicators Loans by credit quality indicators as of June 30, 2021 and December 31, 2020 are summarized in the following tables: June 30, 2021 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,618,672 $ 32,858 $ 36,040 $ 12,306 $ — $ 1,699,876 Multi-family residential 648,094 — 9,928 — — 658,022 Land development and construction loans 361,077 — — — — 361,077 2,627,843 32,858 45,968 12,306 — 2,718,975 Single-family residential 609,351 — 7,194 — — 616,545 Owner occupied 912,511 19,456 11,375 — — 943,342 4,149,705 52,314 64,537 12,306 — 4,278,862 Commercial loans 917,659 40,151 23,055 22,546 — 1,003,411 Loans to financial institutions and acceptances 13,672 — — — — 13,672 Consumer loans and overdrafts 310,627 — 201 — — 310,828 $ 5,391,663 $ 92,465 $ 87,793 $ 34,852 $ — $ 5,606,773 December 31, 2020 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,694,004 $ 46,872 $ 4,994 $ 3,969 $ — $ 1,749,839 Multi-family residential 726,356 — 11,340 — — 737,696 Land development and construction loans 342,636 7,164 — — — 349,800 2,762,996 54,036 16,334 3,969 — 2,837,335 Single-family residential 628,902 — 10,667 — — 639,569 Owner occupied 911,867 22,343 12,917 — — 947,127 4,303,765 76,379 39,918 3,969 — 4,424,031 Commercial loans 1,067,708 42,434 21,152 23,256 — 1,154,550 Loans to financial institutions and acceptances 16,636 — — — — 16,636 Consumer loans and overdrafts 246,882 — 238 — — 247,120 $ 5,634,991 $ 118,813 $ 61,308 $ 27,225 $ — $ 5,842,337 |
Time Deposits
Time Deposits | 6 Months Ended |
Jun. 30, 2021 | |
Time Deposits Disclosure [Abstract] | |
Time Deposits | Time DepositsTime deposits in denominations of $100,000 or more amounted to approximately $1.0 billion and $1.3 billion at June 30, 2021 and December 31, 2020, respectively. Time deposits in denominations of more than $250,000 amounted to approximately $522 million and $661 million at June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021 and December 31, 2020, brokered time deposits amounted to $390 million and $494 million, respectively. |
Advances from the Federal Home
Advances from the Federal Home Loan Bank | 6 Months Ended |
Jun. 30, 2021 | |
Advances from Federal Home Loan Banks [Abstract] | |
Advances from the Federal Home Loan Bank | Advances from the Federal Home Loan Bank At June 30, 2021 and December 31, 2020, the Company had outstanding advances from the FHLB as follows: Outstanding Balance Year of Maturity Interest Interest At June 30, 2021 At December 31, 2020 (in thousands) 2022 0.65% Fixed — 50,000 2023 0.62% to 1.06% Fixed 104,063 70,000 2024 and after (1) 0.62% to 2.42% Fixed 704,551 930,000 $ 808,614 $ 1,050,000 _______________ (1) As of June 30, 2021 and December 31, 2020, includes $530 million (fixed interest rates raging from 0.62% to 0.97%) in advances from the FHLB that are callable prior to maturity. In May 2021, the Company restructured $285 million of its fixed-rate FHLB advances. This restructuring consisted of changing the original maturity at lower interest rates. The new maturities of these FHLB advances range from 2 to 4 years compared to original maturities ranging from 2 to 8 years. The Company incurred an early termination and modification penalty of $6.6 million which was deferred and is being amortized over the term of the new advances, as an adjustment to the yields. The modifications were not considered substantial in accordance with GAAP. During the second quarter of 2021, the Company had a loss of $2.5 million on the early repayment of $235 million of FHLB advances. |
Senior Notes
Senior Notes | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Senior Notes | Senior NotesOn June 23, 2020, the Company completed a $60.0 million offering of senior notes with a coupon rate of 5.75% and a maturity date of June 30, 2025 (the “Senior Notes”). The net proceeds, after direct issuance costs of $1.6 million, totaled $58.4 million. As of June 30, 2021, these Senior Notes amounted to $58.7 million, net of direct unamortized issuance costs of $1.3 million. The Senior Notes are presented net of direct issuance costs in the consolidated financial statements. These costs have been deferred and are being amortized over the term of the Senior Notes of 5 years as an adjustment to yield. These Senior Notes are unsecured and unsubordinated, rank equally with all of our existing and future unsecured and unsubordinated indebtedness, and are fully and unconditionally guaranteed by our wholly-owned intermediate holding company subsidiary Amerant Florida Bancorp (“Amerant Florida”). |
Junior Subordinated Debentures
Junior Subordinated Debentures Held by Trust Subsidiaries | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures Held by Trust Subsidiaries | Junior Subordinated Debentures Held by Trust Subsidiaries The following table provides information on the outstanding Trust Preferred Securities issued by, and the junior subordinated debentures issued to, each of the statutory trust subsidiaries as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (in thousands) Amount of Principal Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust VI 9,250 9,537 9,250 9,537 2002 3-M LIBOR + 3.35% 2033 Commercebank Capital Trust VII 8,000 8,248 8,000 8,248 2003 3-M LIBOR + 3.25% 2033 Commercebank Capital Trust VIII 5,000 5,155 5,000 5,155 2004 3-M LIBOR + 2.85% 2034 Commercebank Capital Trust IX 25,000 25,774 25,000 25,774 2006 3-M LIBOR + 1.75% 2038 Commercebank Capital Trust X 15,000 15,464 15,000 15,464 2006 3-M LIBOR + 1.78% 2036 $ 62,250 $ 64,178 $ 62,250 $ 64,178 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments At June 30, 2021 and December 31, 2020, the fair values of the Company’s derivative instruments were as follows: June 30, 2021 December 31, 2020 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ — $ 1,230 $ — $ 1,658 Interest rate swaps not designated as hedging instruments: Customers 26,453 980 39,715 — Third party broker 980 26,453 — 39,715 27,433 27,433 39,715 39,715 Interest rate caps not designated as hedging instruments: Customers — 140 — 58 Third party broker 6 — 6 — 6 140 6 58 Mortgage derivatives not designated as hedging instruments: Interest rate lock commitments 36 — — — $ 27,475 $ 28,803 $ 39,721 $ 41,431 Derivatives Designated as Hedging Instruments The Company enters into interest rate swap contracts which the Company designates and qualifies as cash flow hedges. These interest rate swaps are designed as cash flow hedges to manage the exposure that arises from differences in the amount of the Company’s known or expected cash receipts and the known or expected cash payments on designated debt instruments. These interest rate swap contracts involve the Company’s payment of fixed-rate amounts in exchange for the Company receiving variable-rate payments over the life of the contracts without exchange of the underlying notional amount. At June 30, 2021 and December 31, 2020, the Company had five interest rate swap contracts with notional amounts totaling $64.2 million that were designated as cash flow hedges to manage the exposure of variable rate interest payments on all of the Company’s outstanding variable-rate junior subordinated debentures with principal amounts at June 30, 2021 and December 31, 2020 totaling $64.2 million. The Company expects these interest rate swaps to be highly effective in offsetting the effects of changes in interest rates on cash flows associated with the Company’s variable-rate junior subordinated debentures. In the second quarter and six months ended June 30, 2021, we recognized unrealized losses of $0.2 million and $0.4 million, respectively, in connection with these interest rate swap contracts (unrealized losses of $0.1 million and unrealized gains of $12 thousand in the second quarter and six months ended June 30, 2020, respectively), which were included as part of interest expense on junior subordinated debentures in the Company’s consolidated statement of operations and comprehensive income. As of June 30, 2021, the estimated net unrealized losses in accumulated other comprehensive income expected to be reclassified into expense in the next twelve months amounted to $0.8 million. In 2019, the Company terminated 16 interest rate swaps that had been designated as cash flow hedges of variable rate interest payments on the outstanding and expected rollover of variable-rate advances from the FHLB. The Company is recognizing the contracts’ cumulative net unrealized gains of $8.9 million in earnings over the remaining original life of the terminated interest rate swaps ranging between one month and seven years. The Company recognized approximately $0.3 million and $0.7 million in the second quarter and six months ended June 30, 2021, respectively, as a reduction of interest expense on FHLB advances as a result of this amortization ($0.3 million and $0.7 million, in the second quarter and six months ended June 30, 2020, respectively), as a reduction of interest expense on FHLB advances as a result of this amortization. Derivatives Not Designated as Hedging Instruments Interest Rate Swaps At June 30, 2021 and December 31, 2020, the Company had 89 and 76 interest rate swap contracts with customers, respectively, with a total notional amount of $523.4 million and $475.6 million, respectively. These instruments involve the payment of variable-rate amounts in exchange for the Company receiving fixed-rate amounts over the life of the contract. In addition, at June 30, 2021 and December 31, 2020, the Company had 89 and 76 interest rate swap mirror contracts, respectively, with third party brokers with similar terms. In 2019, the Company entered into swap participation agreements with other financial institutions to manage the credit risk exposure on certain interest rate swaps with customers. Under these agreements, the Company, as the beneficiary or guarantor, will receive or make payments from/to the counterparty if the borrower defaults on the related interest rate swap contract. As of June 30, 2021 and December 31, 2020, the Company had two swap participation agreements with total notional amounts of approximately $32.0 million. The notional amount of these agreements is based on the Company’s pro-rata share of the related interest rate swap contracts. As of June 30, 2021 and December 31, 2020, the fair value of swap participation agreements was not significant. Interest Rate Caps At June 30, 2021 and December 31, 2020, the Company had 21 and 23 interest rate cap contracts with customers with a total notional amount of $437.9 million and $486.5 million, respectively. These instruments involve the Company making payments if an interest rate exceeds the agreed strike price. In addition, at June 30, 2021 and December 31, 2020, the Company had 6 and 8 interest rate cap mirror contracts, respectively, with various third party brokers with total notional amounts of $108.2 million and $152.2 million, respectively. Credit Risk-Related Contingent Features Some agreements may require the posting of pledged securities when the valuation of the interest rate swap falls below a certain amount. At June 30, 2021 and December 31, 2020, the derivative contracts subject to credit-risk related contingent features was as follows: (in thousands) June 30, 2021 December 31, 2020 Fair value of derivative contracts $ 28,663 $ 41,373 Securities Pledged 32,214 52,857 Liquidity exposure $ (3,551) $ (11,484) |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company leases certain premises and equipment under operating leases. The leases have remaining lease terms ranging from less than one year to 45 years, some of which have renewal options reasonably certain to be exercised and, therefore, have been reflected in the total lease term and used for the calculation of minimum payments required. The Company had $0.3 million and $0.7 million in variable lease payments during the three and six months ended June 30, 2021, respectively, which include mostly common area maintenance and taxes, included in occupancy and equipment on the consolidated statements of income. Additionally, the Company recorded a $0.8 million impairment of ROUA associated with the closing of the NY LPO. This impairment was recorded as occupancy and equipment expense on the consolidated statements of income. The following table presents lease costs for the three and six months ended June 30, 2021: (in thousands) Three months ended June 30, 2021 Six months ended June 30, 2021 Lease cost Operating lease cost $ 1,914 $ 3,823 Short-term lease cost 21 176 Variable lease cost 334 667 Sublease income 0 (108) Total lease cost $ 2,269 $ 4,558 As of June 30, 2021, a right-of-use asset of $52.5 million and an operating lease liability of $54.0 million were included in “Other assets” and “Other liabilities”, respectively, on the unaudited consolidated balance sheets. The table provides supplemental information to leases as of and for the three and six months ended June 30, 2021: (in thousands, except weighted average data) Cash paid for amounts included in the measurement of operating lease liabilities 1,771 Operating lease right-of-use asset obtained in exchange for operating lease liability 1,038 Weighted average remaining lease term for operating leases 21.0 years Weighted average discount rate for operating leases 5.75 % The following table presents a maturity analysis and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of June 30, 2021: (in thousands) Twelve Months Ended June 30, 2021 $ 7,084 2022 5,689 2023 4,512 2024 4,412 2025 4,118 Thereafter 76,746 Total minimum payments required 102,561 Less: implied interest (48,521) Total lease obligations $ 54,040 |
Stock-based Incentive Compensat
Stock-based Incentive Compensation Plan | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Incentive Compensation Plan | Stock-based Incentive Compensation Plan The Company sponsors the 2018 Equity and Incentive Compensation Plan (the “2018 Equity Plan”). See Note 11 to the Company’s audited consolidated financial statements on the Form 10-K for more information on the 2018 Equity Plan and stock-based compensation awards for the year ended December 31, 2020, including restricted stocks and restricted stock units (“RSUs”). On February 11, 2021, the Company adopted a new form of performance based restricted stock unit agreement (“PSU Agreement”), and a new form of restricted stock unit agreement (the “RSU Agreement”) that will be used in connection with a Long-Term Incentive Plan (the “LTI Plan”), a sub-plan under the 2018 Equity Plan. See detailed information below. Restricted Stock Awards The following table shows the activity of restricted stock awards during the six months ended June 30, 2021: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 210,423 $ 13.55 Granted 196,015 16.65 Vested (2,630) 14.91 Forfeited (7,270) 16.65 Non-vested shares at June 30, 2021 396,538 $ 15.02 On February 16, 2021, the Company granted 194,492 shares of restricted Class A common stock to certain of its employees under the LTI Plan. These shares of restricted stock will vest in three On March 2, 2021, the Company granted 1,523 shares of restricted Class A common stock to a new employee. These shares of restricted stock will vest in three The Company recorded compensation expense related to the restricted stock awards of $0.9 million and $0.6 million during the three months ended June 30, 2021 and 2020, respectively, and $1.4 million and $1.0 million during the six months ended June 30, 2021 and 2020, respectively. The total unamortized deferred compensation expense of $2.8 million for all unvested restricted stock outstanding at June 30, 2021 will be recognized over a weighted average period of 1.6 years. Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”) The following table shows the activity of RSUs and PSUs during the six months ended June 30, 2021: Stock-settled RSUs Cash-settled RSUs Total RSUs Stock-settled PSUs Number of RSUs Weighted-average grant date fair value Number of RSUs Weighted-average grant date fair value Number of RSUs Weighted-average grant date fair value Number of PSUs Weighted-average grant date fair value Nonvested, beginning of year 38,327 $ 13.45 20,766 $ 13.45 59,093 $ 13.72 — — Granted 137,376 17.20 6,573 22.82 143,949 17.46 120,513 13.82 Vested (33,780) 13.75 (11,151) 13.45 (44,931) 13.68 (1,729) 16.67 Forfeited (8,378) 16.65 — — (8,378) 16.65 (8,000) 16.67 Non-vested, end of year 133,545 $ 17.03 16,188 $ 17.25 149,733 $ 17.16 110,784 $ 13.57 On February 16, 2021, in connection with the LTI Plan, the Company entered into five separate PSU Agreements with five executives which granted awards consisting of the opportunity to earn, in the aggregate, a target of 58,136 performance based restricted stock units, or PSUs. These PSUs generally vest at the end of a three On February 16, 2021, in connection with the LTI Plan, the Company entered into five separate RSU Agreements with five executives which granted, in the aggregate, 58,136 RSUs that will vest in three three On February 16, 2021, in connection with a sign-on grant, the Company entered into a PSU Agreement with one executive which granted an award consisting of the opportunity to earn a target of 62,377 PSUs. These PSUs generally vest at the end of a three On February 16, 2021, in connection with a sign-on grant, the Company entered into a RSU Agreement with one executive which granted 62,377 RSUs that will vest in three three On June 9, 2021, the Company granted 19,719 RSUs to its independent directors, including 13,146 stock-settled RSUs and 6,573 cash-settled RSUs. The fair value of the RSUs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $22.82 per RSU. These RSUs will vest on June 9, 2022. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual consolidated pre-tax income, permanent tax differences and statutory tax rates. Under this method, the tax effect of certain items that do not meet the definition of ordinary income or expense are computed and recognized as discrete items when they occur. The effective combined federal and state tax rates for the six months ended June 30, 2021 and 2020 were 21.45% and 20.75%, respectively. Effective tax rates differ from the statutory rates mainly due to the impact of forecasted permanent non-taxable interest and other income, and the effect of corporate state taxes. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (“AOCI”) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (“AOCI”) | Accumulated Other Comprehensive Income (“AOCI”): The components of AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: June 30, 2021 December 31, 2020 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale $ 26,977 $ (6,507) $ 20,470 $ 37,305 $ (9,120) $ 28,185 Net unrealized holding gains on interest rate swaps designated as cash flow hedges 4,352 (1,064) 3,288 4,605 (1,126) $ 3,479 Total AOCI $ 31,329 $ (7,571) $ 23,758 $ 41,910 $ (10,246) $ 31,664 The components of other comprehensive loss/income for the periods presented is summarized as follows: Three Months Ended June 30, 2021 2020 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale: Change in fair value arising during the period $ 6,401 $ (1,464) $ 4,937 $ 12,390 $ (3,029) $ 9,361 Reclassification adjustment for net gains included in net income (1,254) 294 (960) (7,117) 1,740 (5,377) 5,147 (1,170) 3,977 5,273 (1,289) 3,984 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (39) 10 (29) (211) 51 (160) Reclassification adjustment for net interest income included in net income (130) 31 (99) (283) 69 (214) (169) 41 (128) (494) 120 (374) Total other comprehensive income $ 4,978 $ (1,129) $ 3,849 $ 4,779 $ (1,169) $ 3,610 Six Months Ended June 30, 2021 2020 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding (losses) gains on debt securities available for sale: Change in fair value arising during the period $ (6,127) $ 1,598 $ (4,529) $ 47,732 $ (11,669) $ 36,063 Reclassification adjustment for net gains included in net income (4,201) 1,015 (3,186) (16,360) 4,000 (12,360) (10,328) 2,613 (7,715) 31,372 (7,669) 23,703 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 8 (1) 7 (2,215) 541 (1,674) Reclassification adjustment for net interest income included in net income (261) 63 (198) (709) 173 (536) (253) 62 (191) (2,924) 714 (2,210) Total other comprehensive (loss) income $ (10,581) $ 2,675 $ (7,906) $ 28,448 $ (6,955) $ 21,493 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity a) Class A Common Stock Shares of the Company’s Class A common stock issued and outstanding as of June 30, 2021 and December 31, 2020 were 29,028,672 and 28,806,344, respectively. The Company had no shares of Class A common stock held as treasury stock. b) Class B Common Stock and Treasury Stock Shares of the Company’s Class B common stock issued and outstanding as of June 30, 2021 and December 31, 2020 were 8,534,120 and 9,036,352, respectively. As of June 30, 2021 and December 31, 2020, the Company had no shares of Class B common stock held as treasury stock. On March 10, 2021, the Company’s Board of Directors approved a stock repurchase program which provides for the potential repurchase of up to $40 million of shares of the Company’s Class B common stock. Under the 2021 Stock Repurchase Program, the Company may repurchase shares of Class B common stock through open market purchases, by block purchase, in privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Exchange Act. The extent to which the Company repurchases its shares of Class B common stock and the timing of such purchases will depend upon market conditions, regulatory requirements, other corporate liquidity requirements and priorities and other factors as may be considered in the Company’s sole discretion. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The 2021 Stock Repurchase Program does not obligate the Company to repurchase any particular amount of shares of Class B common stock, and may be suspended or discontinued at any time without notice. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company and its subsidiaries are parties to various legal actions arising in the ordinary course of business. In the opinion of management, the outcome of these proceedings will not have a significant effect on the Company’s consolidated financial position or results of operations. Financial instruments whose contract amount represents off-balance sheet credit risk at June 30, 2021 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 749,185 Standby letters of credit 10,456 Commercial letters of credit 826 $ 760,467 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2021 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 543,583 $ — $ 543,583 Corporate debt securities — 360,726 — 360,726 U.S. government agency debt securities — 284,405 — 284,405 Municipal bonds — 2,847 — 2,847 U.S treasury securities — 2,507 — 2,507 — 1,194,068 — 1,194,068 Equity securities with readily determinable fair values not held for trading — 23,988 — 23,988 Trading securities 198 — — 198 Mortgage loans held for sale (at fair value) — 1,775 — 1,775 Mortgage servicing rights (MSRs) — — 537 537 Bank owned life insurance — 220,271 — 220,271 Derivative instruments — 27,475 — 27,475 $ 198 $ 1,467,577 $ 537 $ 1,468,312 Liabilities Derivative instruments $ — $ 28,803 $ — $ 28,803 December 31, 2020 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 661,335 $ — $ 661,335 Corporate debt securities — 301,714 — 301,714 U.S. government agency debt securities — 204,578 — 204,578 U.S treasury securities — 2,512 — 2,512 Municipal bonds — 54,944 — 54,944 — 1,225,083 — 1,225,083 Equity securities with readily determinable fair values not held for trading — 24,342 — 24,342 Bank owned life insurance — 217,547 — 217,547 Derivative instruments — 39,721 — 39,721 $ — $ 1,506,693 $ — $ 1,506,693 Liabilities Derivative instruments $ — $ 41,431 $ — $ 41,431 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following tables present the major categories of assets measured at fair value on a non-recurring basis at June 30, 2021 and December 31, 2020: June 30, 2021 (in thousands) Carrying Amount Quoted Significant Significant Total Impairments Description Loans held for investment measured for impairments using the fair value of the collateral $ 39,625 $ — $ — $ 39,625 $ 19,838 December 31, 2020 (in thousands) Carrying Amount Quoted Significant Significant Total Impairments Description Loans held for investment measured for impairments using the fair value of the collateral $ 50,199 $ — $ — $ 50,199 $ 19,843 Collateral Dependent Loans Measured For Impairment The Company measures the impairment of collateral dependent loans based on the fair value of the collateral in accordance with the provisions of ASC-310-35 “Impairment of Loans and Receivables”. The Company primarily uses third party appraisals to assist in measuring impairment on collateral dependent impaired loans. The Company also uses third party appraisal reviewers for loans with an outstanding balance of $1 million and above. These appraisals generally use the market or income approach valuation technique and use market observable data to formulate an opinion of the fair value of the loan’s collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral or properties and may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, the Company uses judgment on market conditions to adjust the most current appraisal. The sales prices may reflect prices of sales contracts not closed and the amount of time required to sell out the real estate project may be derived from current appraisals of similar projects. As a consequence, the fair value of the collateral is considered a Level 3 valuation. There were no other significant assets or liabilities measured at fair value on a nonrecurring basis at June 30, 2021 and December 31, 2020. Fair Value of Financial Instruments The estimated fair value of financial instruments where fair value differs from carrying value are as follows: June 30, 2021 December 31, 2020 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Loans $ 2,709,554 $ 2,640,886 $ 2,884,550 $ 2,801,279 Financial liabilities: Time deposits 1,242,693 1,258,659 1,547,396 1,569,897 Advances from the FHLB 808,614 823,321 1,050,000 1,078,786 Senior notes 58,736 61,985 58,577 61,528 Junior subordinated debentures 64,178 54,256 64,178 55,912 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table shows the calculation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) before attribution of noncontrolling interest $ 15,145 $ (15,279) $ 29,604 $ (11,897) Noncontrolling interest (817) — (817) — Net income (loss) attributable to Amerant Bancorp Inc. $ 15,962 $ (15,279) $ 30,421 $ (11,897) Net income (loss) available to common stockholders $ 15,962 $ (15,279) $ 30,421 $ (11,897) Denominator: ` Basic weighted average shares outstanding 37,330 41,720 37,473 41,953 Dilutive effect of share-based compensation awards 363 — 295 — Diluted weighted average shares outstanding 37,693 41,720 37,768 41,953 Basic earnings (loss) per common share $ 0.43 $ (0.37) $ 0.81 $ (0.28) Diluted earnings (loss) per common share $ 0.42 $ (0.37) $ 0.81 $ (0.28) As of June 30, 2021, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance share units totaling 638,676 (June 30, 2020 - 491,360 unvested shares of restricted stock and restricted stock units). In the three and six month periods ended June 30, 2021, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings. In the three and six month periods ended June 30, 2020, potential dilutive instruments were not included in the diluted earnings per share computation because the Company reported a net loss and their inclusion would have an anti-dilutive effect. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Severance Expense | Restructuring ActivitiesThe Company continues to work on better aligning its operating structure and resources with its business activities. As part of these efforts, the Company decided to cease the origination of loans in New York and closed its New York City loan production office (the “NY LPO”). In addition, the Company decided to outsource the internal audit function and eliminated various other support positions. Additionally, the Company’s Chief Operating Officer (“COO”) stepped down from his position on June 30, 2021. |
Basis of Presentation | The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for a fair statement of financial position, results of operations and cash flows in conformity with GAAP. These unaudited interim consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year or any other period. |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale Mortgage loans originated for sale are carried at fair value, with changes in fair value recognized in current period earnings. The fair value is measured on an individual loan basis using quoted market prices and when not available, comparable market value or discounted cash flow analysis may be utilized. Gains and losses on loan sales are recognized in other noninterest income in the consolidated statements of operations and comprehensive income. Mortgage Servicing Rights The Company recognizes as an asset the rights to service mortgage loans, either when the mortgage loans are sold and the associated servicing rights are retained or when servicing rights are obtained from acquisitions. The Company has elected to measure all MSRs at fair value. MSRs are reported on the consolidated balance sheets in the “Other assets” section, with changes to the fair value recorded as other noninterest income in the consolidated statements of operations and comprehensive income. |
Estimates | Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: (i) the determination of the allowance for loan losses; (ii) the fair values of securities and the value assigned to goodwill during periodic goodwill impairment tests; (iii) the cash surrender value of bank owned life insurance; and (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized. Management believes that these estimates are appropriate. Actual results could differ from these estimates. The COVID-19 pandemic has severely restricted the level of economic activity in the U.S. and around the world since March 2020. Several states and cities across the U.S., including the States of Florida, New York and Texas and cities where we have banking centers, and where our principal place of business is located or where we and our customers do business, have also implemented quarantines, restrictions on travel, “shelter at home” orders, and restrictions on types of business that may continue to operate or may be reinstated in the future. While most of these measures and restrictions have been lifted and businesses have begun to reopen, the Company cannot predict whether restrictions that have been lifted will need to be imposed or tightened in the future if viewed as necessary due to public health concerns. Given the uncertainty regarding the spread and severity of the COVID-19 pandemic and its adverse effects on the U.S. and global economies, the impact to the Company’s financial statements cannot be accurately predicted at this time. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Issued and Adopted New Guidance on Leases In December 2018, the Financial Accounting Standards Board (“FASB”) issued amendments to new guidance issued in February 2016 for the recognition and measurement of all leases. The amendments address certain lessor’s issues associated with: (i) sales taxes and other similar taxes collected from lessees, (ii) certain lessor costs, and (iii) recognition of variable payments for contracts with lease and nonlease components. The new guidance on leases issued in February 2016 requires lessees to recognize a ROUA and a lease liability for most leases within the scope of the guidance. The Company adopted this standard on January 1, 2021 using the modified retrospective transition approach. Upon adoption of this standard, the Company recorded an ROUA and a lease liability of $54.5 million and $54.0 million, respectively, which are presented in other assets and other liabilities as of June 30, 2021, respectively. The Company determines if an arrangement is or contains a lease at the inception of the contract. Operating lease ROUAs and liabilities are recognized at the inception date based on the present value of lease payments over the lease term. At lease inception, when the rate implicit in each lease is not readily available, the Company is required to apply an incremental borrowing rate to calculate the ROUA and lease liability. The incremental borrowing rate is based on factors including the lease term and various market rates. Additionally, the Company also considers lease renewal options reasonably certain of exercise for purposes of determining the lease term. Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued targeted amendments to the guidance for recognition, presentation and disclosure of hedging activities. These targeted amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments also simplify the application of hedge accounting guidance. In June 2020, the FASB amended the effective date of the new guidance on hedging. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years for public business entities. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The adoption of this guidance in the first quarter of 2021 did not have an effect on the Company’s consolidated financial statements. |
Subsequent Events | Subsequent EventsThe effects of significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of available for sale securities from amortized cost to fair value | Amortized cost and approximate fair values of debt securities available for sale are summarized as follows: June 30, 2021 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities $ 530,324 $ 14,580 $ (1,321) $ 543,583 Corporate debt securities 348,370 13,076 (720) 360,726 U.S. government agency debt securities 283,187 3,474 (2,256) 284,405 U.S. treasury securities 2,503 4 — 2,507 Municipal bonds 2,707 140 — 2,847 Total debt securities available for sale (1) $ 1,167,091 $ 31,274 $ (4,297) $ 1,194,068 __________________ (1) As of June 30, 2021, includes residential and commercial mortgage-backed securities with amortized cost of $633.4 million and $129.4 million, respectively, and fair value of $646.5 million and $131.8 million, respectively. December 31, 2020 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities $ 640,796 $ 21,546 $ (1,007) $ 661,335 Corporate debt securities 292,033 10,787 (1,106) 301,714 U.S. government agency debt securities 202,135 4,458 (2,015) 204,578 U.S. treasury securities 2,505 7 — 2,512 Municipal bonds 50,309 4,635 — 54,944 Total debt securities available for sale (1) $ 1,187,778 $ 41,433 $ (4,128) $ 1,225,083 __________________ (1) As of December 31, 2020, includes residential and commercial mortgage-backed securities with amortized cost of $647.0 million and $123.9 million, respectively, and fair value of $666.7 million and $128.4 million, respectively. |
Schedule of realized gain (loss) | In the three and six month periods ended June 30, 2021 and 2020, proceeds from sales, redemptions and calls, gross realized gains, gross realized losses of debt securities available for sale were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Proceeds from sales, redemptions and calls of debt securities available for sale $ 29,261 $ 100,666 $ 73,115 $ 239,738 Gross realized gains $ 1,254 $ 7,537 4,201 16,803 Gross realized losses — — — (23) Realized gains, net on sales of debt investment securities $ 1,254 $ 7,537 $ 4,201 $ 16,780 |
Schedule of available for sale securities with unrealized losses | The Company’s investment in debt securities available for sale with unrealized losses that are deemed temporary, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: June 30, 2021 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities $ 71,184 $ (1,176) $ 6,861 $ (145) $ 78,045 $ (1,321) Corporate debt securities 14,249 (114) 8,350 (606) 22,599 (720) U.S. government agency debt securities 97,821 (696) 68,631 (1,560) 166,452 (2,256) $ 183,254 $ (1,986) $ 83,842 $ (2,311) $ 267,096 $ (4,297) December 31, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities $ 71,825 $ (661) $ 14,472 $ (346) $ 86,297 $ (1,007) Corporate debt securities 31,777 (1,106) — — 31,777 (1,106) U.S. government agency debt securities 9,254 (62) 80,964 (1,953) 90,218 (2,015) $ 112,856 $ (1,829) $ 95,436 $ (2,299) $ 208,292 $ (4,128) |
Schedule of contractual maturities of securities | Contractual maturities of debt securities at June 30, 2021 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 25,786 $ 26,080 $ — $ — After 1 year through 5 years 121,784 125,084 12,589 12,534 After 5 years through 10 years 299,231 311,735 11,299 11,782 After 10 years 720,290 731,169 69,423 70,318 $ 1,167,091 $ 1,194,068 $ 93,311 $ 94,634 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of loan portfolio by classes and countries | The loan portfolio consists of the following loan classes: (in thousands) June 30, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,699,876 $ 1,749,839 Multi-family residential 658,022 737,696 Land development and construction loans 361,077 349,800 2,718,975 2,837,335 Single-family residential 616,545 639,569 Owner occupied 943,342 947,127 4,278,862 4,424,031 Commercial loans 1,003,411 1,154,550 Loans to financial institutions and acceptances 13,672 16,636 Consumer loans and overdrafts 310,828 247,120 $ 5,606,773 $ 5,842,337 |
Schedule of loan portfolio delinquencies | The age analysis of the loan portfolio by class, including nonaccrual loans, as of June 30, 2021 and December 31, 2020 are summarized in the following tables: June 30, 2021 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,699,876 $ 1,676,197 $ 5,247 $ 18,432 $ — $ 23,679 $ 48,347 $ — Multi-family residential 658,022 658,022 — — — — 9,928 — Land development and construction loans 361,077 361,077 — — — — — — 2,718,975 2,695,296 5,247 18,432 — 23,679 58,275 — Single-family residential 616,545 610,588 653 1,393 3,911 5,957 7,174 20 Owner occupied 943,342 939,235 253 178 3,676 4,107 11,277 — 4,278,862 4,245,119 6,153 20,003 7,587 33,743 76,726 20 Commercial loans 1,003,411 963,026 2,186 22 38,177 40,385 43,876 295 Loans to financial institutions and acceptances 13,672 13,672 — — — — — — Consumer loans and overdrafts 310,828 310,764 17 20 27 64 198 4 $ 5,606,773 $ 5,532,581 $ 8,356 $ 20,045 $ 45,791 $ 74,192 $ 120,800 $ 319 December 31, 2020 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,749,839 $ 1,741,862 $ 1,487 $ — $ 6,490 $ 7,977 $ 8,219 $ — Multi-family residential 737,696 737,696 — — — — 11,340 — Land development and construction loans 349,800 349,800 — — — — — — 2,837,335 2,829,358 1,487 — 6,490 7,977 19,559 — Single-family residential 639,569 631,801 3,143 671 3,954 7,768 10,667 — Owner occupied 947,127 941,566 439 — 5,122 5,561 12,815 220 4,424,031 4,402,725 5,069 671 15,566 21,306 43,041 220 Commercial loans 1,154,550 1,113,469 3,675 1,715 35,691 41,081 44,205 — Loans to financial institutions and acceptances 16,636 16,636 — — — — — — Consumer loans and overdrafts 247,120 246,997 85 6 32 123 233 1 $ 5,842,337 $ 5,779,827 $ 8,829 $ 2,392 $ 51,289 $ 62,510 $ 87,479 $ 221 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of allowance for loan losses | The analyses by loan segment of the changes in the allowance for loan losses for the three and six month periods ended June 30, 2021 and 2020, and its allocation by impairment methodology and the related investment in loans, net as of June 30, 2021 and 2020 are summarized in the following tables: Three Months Ended June 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 48,291 $ 49,202 $ 1 $ 13,446 $ 110,940 (Reversal of) provision for loan losses (9,713) 5,017 — (304) (5,000) Loans charged-off Domestic — (1,688) — (844) (2,532) International — — — — — Recoveries 70 517 — 190 777 Balances at end of the period $ 38,648 $ 53,048 $ 1 $ 12,488 $ 104,185 Six Months Ended June 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 50,227 $ 48,130 $ 1 $ 12,544 $ 110,902 (Reversal of) provision for loan losses (11,649) 5,719 — 930 (5,000) Loans charged-off Domestic — (1,923) — (1,275) (3,198) International — — — — — Recoveries 70 1,122 — 289 1,481 Balances at end of the period $ 38,648 $ 53,048 $ 1 $ 12,488 $ 104,185 June 30, 2021 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 11,665 $ 22,869 $ — $ 1,232 $ 35,766 Collectively evaluated 26,983 30,179 1 11,256 68,419 $ 38,648 $ 53,048 $ 1 $ 12,488 $ 104,185 Investment in loans, net of unearned income: Individually evaluated $ 58,342 $ 58,076 $ — $ 7,627 $ 124,045 Collectively evaluated 2,633,318 2,049,944 15,333 784,133 5,482,728 $ 2,691,660 $ 2,108,020 $ 15,333 $ 791,760 $ 5,606,773 Three Months Ended June 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 36,430 $ 29,062 $ 42 $ 7,414 $ 72,948 Provision for (reversal of ) loan losses 18,068 30,542 (42) 52 48,620 Loans charged-off Domestic — (2,075) — (44) (2,119) International — — — (7) (7) Recoveries — 50 — 160 210 Balances at end of the period $ 54,498 $ 57,579 $ — $ 7,575 $ 119,652 Six Months Ended June 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 25,040 $ 22,482 $ 42 $ 4,659 $ 52,223 Provision for (reversal of) loan losses 29,458 38,072 (42) 3,132 70,620 Loans charged-off Domestic — (3,176) — (266) (3,442) International — (34) — (258) (292) Recoveries — 235 — 308 543 Balances at end of the period $ 54,498 $ 57,579 $ — $ 7,575 $ 119,652 June 30, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Allowance for loan losses by impairment methodology: Individually evaluated $ 2,565 $ 23,640 $ — $ 1,499 $ 27,704 Collectively evaluated 51,933 33,939 — 6,076 91,948 $ 54,498 $ 57,579 $ — $ 7,575 $ 119,652 Investment in loans, net of unearned income: Individually evaluated $ 8,426 $ 61,101 $ — $ 8,022 $ 77,549 Collectively evaluated 2,918,353 2,270,212 16,597 589,560 5,794,722 $ 2,926,779 $ 2,331,313 $ 16,597 $ 597,582 $ 5,872,271 The following is a summary of the recorded investment amount of loan sales by portfolio segment: Three Months Ended June 30, (in thousands) Real Estate Commercial Financial Consumer Total 2021 $ — $ 102,247 $ — $ 2,351 $ 104,598 2020 $ — $ — $ — $ 2,126 $ 2,126 Six Months Ended June 30, (in thousands) Real Estate Commercial Financial Consumer Total 2021 $ — $ 102,247 $ — $ 3,524 $ 105,771 2020 $ — $ 11,901 $ — $ 3,334 $ 15,235 |
Schedule of impaired loans | The following is a summary of impaired loans as of June 30, 2021 and December 31, 2020: June 30, 2021 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 37,522 $ 10,892 $ 48,414 $ 18,361 $ 48,418 $ 11,665 Multi-family residential — 9,928 9,928 8,530 9,839 — Land development and construction — — — — — — 37,522 20,820 58,342 26,891 58,257 11,665 Single-family residential 5,350 2,081 7,431 10,189 7,351 1,107 Owner occupied 603 10,674 11,277 12,789 11,120 200 43,475 33,575 77,050 49,869 76,728 12,972 Commercial loans 33,138 13,661 46,799 46,823 68,545 22,669 Consumer loans and overdrafts 195 1 196 200 195 125 $ 76,808 $ 47,237 $ 124,045 $ 96,892 $ 145,468 $ 35,766 _______________ (1) Average using trailing four quarter balances. December 31, 2020 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 8,219 $ — $ 8,219 $ 6,718 $ 8,227 $ 3,175 Multi-family residential — 11,341 11,341 3,206 11,306 — Land development and construction loans — — — — — — 8,219 11,341 19,560 9,924 19,533 3,175 Single-family residential 5,675 5,250 10,925 9,457 10,990 1,232 Owner occupied 636 12,178 12,814 13,295 12,658 214 14,530 28,769 43,299 32,676 43,181 4,621 Commercial loans 33,110 11,100 44,210 38,534 66,010 25,180 Consumer loans and overdrafts 232 — 232 221 229 147 $ 47,872 $ 39,869 $ 87,741 $ 71,431 $ 109,420 $ 29,948 _______________ (1) Average using trailing four quarter balances. |
Schedule of loans modified in troubled debt restructurings | The following table shows information about loans modified in TDRs as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 (in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Real estate loans Commercial real estate Non-owner occupied 1 $ 1,592 1 $ 1,729 Single-family residential 2 260 2 267 Owner occupied 4 6,508 4 6,784 7 8,360 7 8,780 Commercial loans 11 5,048 11 3,851 Total (1) 18 $ 13,408 18 $ 12,631 ______________ (1) Balances as of June 30, 2021 and December 31, 2020 include a multiple loan relationship with a South Florida customer consisting of CRE, owner occupied and commercial loans totaling $9.6 million and $8.4 million, respectively. This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves. As of June 30, 2021 and December 31, 2020, this relationship included two and four residential loans totaling $1.5 million, which were not modified. During 2020, the company charged off $1.9 million against the ALL associated with this commercial loan relationship. The Company believes the specific reserves associated with these loans, which total $1.1 million at June 30, 2021 and December 31, 2020, are adequate to cover probable losses given current facts and circumstances. |
Schedule of credit quality indicators | Loans by credit quality indicators as of June 30, 2021 and December 31, 2020 are summarized in the following tables: June 30, 2021 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,618,672 $ 32,858 $ 36,040 $ 12,306 $ — $ 1,699,876 Multi-family residential 648,094 — 9,928 — — 658,022 Land development and construction loans 361,077 — — — — 361,077 2,627,843 32,858 45,968 12,306 — 2,718,975 Single-family residential 609,351 — 7,194 — — 616,545 Owner occupied 912,511 19,456 11,375 — — 943,342 4,149,705 52,314 64,537 12,306 — 4,278,862 Commercial loans 917,659 40,151 23,055 22,546 — 1,003,411 Loans to financial institutions and acceptances 13,672 — — — — 13,672 Consumer loans and overdrafts 310,627 — 201 — — 310,828 $ 5,391,663 $ 92,465 $ 87,793 $ 34,852 $ — $ 5,606,773 December 31, 2020 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,694,004 $ 46,872 $ 4,994 $ 3,969 $ — $ 1,749,839 Multi-family residential 726,356 — 11,340 — — 737,696 Land development and construction loans 342,636 7,164 — — — 349,800 2,762,996 54,036 16,334 3,969 — 2,837,335 Single-family residential 628,902 — 10,667 — — 639,569 Owner occupied 911,867 22,343 12,917 — — 947,127 4,303,765 76,379 39,918 3,969 — 4,424,031 Commercial loans 1,067,708 42,434 21,152 23,256 — 1,154,550 Loans to financial institutions and acceptances 16,636 — — — — 16,636 Consumer loans and overdrafts 246,882 — 238 — — 247,120 $ 5,634,991 $ 118,813 $ 61,308 $ 27,225 $ — $ 5,842,337 |
Advances from the Federal Hom_2
Advances from the Federal Home Loan Bank (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of outstanding advances from the FHLB | At June 30, 2021 and December 31, 2020, the Company had outstanding advances from the FHLB as follows: Outstanding Balance Year of Maturity Interest Interest At June 30, 2021 At December 31, 2020 (in thousands) 2022 0.65% Fixed — 50,000 2023 0.62% to 1.06% Fixed 104,063 70,000 2024 and after (1) 0.62% to 2.42% Fixed 704,551 930,000 $ 808,614 $ 1,050,000 _______________ |
Junior Subordinated Debenture_2
Junior Subordinated Debentures Held by Trust Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of the Outstanding Trust Preferred Securities | The following table provides information on the outstanding Trust Preferred Securities issued by, and the junior subordinated debentures issued to, each of the statutory trust subsidiaries as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 (in thousands) Amount of Principal Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust VI 9,250 9,537 9,250 9,537 2002 3-M LIBOR + 3.35% 2033 Commercebank Capital Trust VII 8,000 8,248 8,000 8,248 2003 3-M LIBOR + 3.25% 2033 Commercebank Capital Trust VIII 5,000 5,155 5,000 5,155 2004 3-M LIBOR + 2.85% 2034 Commercebank Capital Trust IX 25,000 25,774 25,000 25,774 2006 3-M LIBOR + 1.75% 2038 Commercebank Capital Trust X 15,000 15,464 15,000 15,464 2006 3-M LIBOR + 1.78% 2036 $ 62,250 $ 64,178 $ 62,250 $ 64,178 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | At June 30, 2021 and December 31, 2020, the fair values of the Company’s derivative instruments were as follows: June 30, 2021 December 31, 2020 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ — $ 1,230 $ — $ 1,658 Interest rate swaps not designated as hedging instruments: Customers 26,453 980 39,715 — Third party broker 980 26,453 — 39,715 27,433 27,433 39,715 39,715 Interest rate caps not designated as hedging instruments: Customers — 140 — 58 Third party broker 6 — 6 — 6 140 6 58 Mortgage derivatives not designated as hedging instruments: Interest rate lock commitments 36 — — — $ 27,475 $ 28,803 $ 39,721 $ 41,431 |
Schedule of Derivative Contracts Subject to Credit-Risk Related Contingent Features | At June 30, 2021 and December 31, 2020, the derivative contracts subject to credit-risk related contingent features was as follows: (in thousands) June 30, 2021 December 31, 2020 Fair value of derivative contracts $ 28,663 $ 41,373 Securities Pledged 32,214 52,857 Liquidity exposure $ (3,551) $ (11,484) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Lease Cost | The following table presents lease costs for the three and six months ended June 30, 2021: (in thousands) Three months ended June 30, 2021 Six months ended June 30, 2021 Lease cost Operating lease cost $ 1,914 $ 3,823 Short-term lease cost 21 176 Variable lease cost 334 667 Sublease income 0 (108) Total lease cost $ 2,269 $ 4,558 (in thousands, except weighted average data) Cash paid for amounts included in the measurement of operating lease liabilities 1,771 Operating lease right-of-use asset obtained in exchange for operating lease liability 1,038 Weighted average remaining lease term for operating leases 21.0 years Weighted average discount rate for operating leases 5.75 % |
Schedule of Lessee, Operating Lease, Liability, Maturity | The following table presents a maturity analysis and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of June 30, 2021: (in thousands) Twelve Months Ended June 30, 2021 $ 7,084 2022 5,689 2023 4,512 2024 4,412 2025 4,118 Thereafter 76,746 Total minimum payments required 102,561 Less: implied interest (48,521) Total lease obligations $ 54,040 |
Stock-based Incentive Compens_2
Stock-based Incentive Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Activity | The following table shows the activity of restricted stock awards during the six months ended June 30, 2021: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 210,423 $ 13.55 Granted 196,015 16.65 Vested (2,630) 14.91 Forfeited (7,270) 16.65 Non-vested shares at June 30, 2021 396,538 $ 15.02 |
Schedule of Restricted Stock Units and Performance Stock Units | The following table shows the activity of RSUs and PSUs during the six months ended June 30, 2021: Stock-settled RSUs Cash-settled RSUs Total RSUs Stock-settled PSUs Number of RSUs Weighted-average grant date fair value Number of RSUs Weighted-average grant date fair value Number of RSUs Weighted-average grant date fair value Number of PSUs Weighted-average grant date fair value Nonvested, beginning of year 38,327 $ 13.45 20,766 $ 13.45 59,093 $ 13.72 — — Granted 137,376 17.20 6,573 22.82 143,949 17.46 120,513 13.82 Vested (33,780) 13.75 (11,151) 13.45 (44,931) 13.68 (1,729) 16.67 Forfeited (8,378) 16.65 — — (8,378) 16.65 (8,000) 16.67 Non-vested, end of year 133,545 $ 17.03 16,188 $ 17.25 149,733 $ 17.16 110,784 $ 13.57 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (“AOCI”) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Components of AOCI | The components of AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: June 30, 2021 December 31, 2020 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale $ 26,977 $ (6,507) $ 20,470 $ 37,305 $ (9,120) $ 28,185 Net unrealized holding gains on interest rate swaps designated as cash flow hedges 4,352 (1,064) 3,288 4,605 (1,126) $ 3,479 Total AOCI $ 31,329 $ (7,571) $ 23,758 $ 41,910 $ (10,246) $ 31,664 |
Components of Other Comprehensive Income | The components of other comprehensive loss/income for the periods presented is summarized as follows: Three Months Ended June 30, 2021 2020 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale: Change in fair value arising during the period $ 6,401 $ (1,464) $ 4,937 $ 12,390 $ (3,029) $ 9,361 Reclassification adjustment for net gains included in net income (1,254) 294 (960) (7,117) 1,740 (5,377) 5,147 (1,170) 3,977 5,273 (1,289) 3,984 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (39) 10 (29) (211) 51 (160) Reclassification adjustment for net interest income included in net income (130) 31 (99) (283) 69 (214) (169) 41 (128) (494) 120 (374) Total other comprehensive income $ 4,978 $ (1,129) $ 3,849 $ 4,779 $ (1,169) $ 3,610 Six Months Ended June 30, 2021 2020 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding (losses) gains on debt securities available for sale: Change in fair value arising during the period $ (6,127) $ 1,598 $ (4,529) $ 47,732 $ (11,669) $ 36,063 Reclassification adjustment for net gains included in net income (4,201) 1,015 (3,186) (16,360) 4,000 (12,360) (10,328) 2,613 (7,715) 31,372 (7,669) 23,703 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 8 (1) 7 (2,215) 541 (1,674) Reclassification adjustment for net interest income included in net income (261) 63 (198) (709) 173 (536) (253) 62 (191) (2,924) 714 (2,210) Total other comprehensive (loss) income $ (10,581) $ 2,675 $ (7,906) $ 28,448 $ (6,955) $ 21,493 |
Contingencies (Tables)
Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Whose Contract Amount Represents Off-Balance Sheet Credit Risk | Financial instruments whose contract amount represents off-balance sheet credit risk at June 30, 2021 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 749,185 Standby letters of credit 10,456 Commercial letters of credit 826 $ 760,467 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: June 30, 2021 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 543,583 $ — $ 543,583 Corporate debt securities — 360,726 — 360,726 U.S. government agency debt securities — 284,405 — 284,405 Municipal bonds — 2,847 — 2,847 U.S treasury securities — 2,507 — 2,507 — 1,194,068 — 1,194,068 Equity securities with readily determinable fair values not held for trading — 23,988 — 23,988 Trading securities 198 — — 198 Mortgage loans held for sale (at fair value) — 1,775 — 1,775 Mortgage servicing rights (MSRs) — — 537 537 Bank owned life insurance — 220,271 — 220,271 Derivative instruments — 27,475 — 27,475 $ 198 $ 1,467,577 $ 537 $ 1,468,312 Liabilities Derivative instruments $ — $ 28,803 $ — $ 28,803 December 31, 2020 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 661,335 $ — $ 661,335 Corporate debt securities — 301,714 — 301,714 U.S. government agency debt securities — 204,578 — 204,578 U.S treasury securities — 2,512 — 2,512 Municipal bonds — 54,944 — 54,944 — 1,225,083 — 1,225,083 Equity securities with readily determinable fair values not held for trading — 24,342 — 24,342 Bank owned life insurance — 217,547 — 217,547 Derivative instruments — 39,721 — 39,721 $ — $ 1,506,693 $ — $ 1,506,693 Liabilities Derivative instruments $ — $ 41,431 $ — $ 41,431 |
Summary of Major Categories of Assets Measured at Fair Value on a Nonrecurring Basis | The following tables present the major categories of assets measured at fair value on a non-recurring basis at June 30, 2021 and December 31, 2020: June 30, 2021 (in thousands) Carrying Amount Quoted Significant Significant Total Impairments Description Loans held for investment measured for impairments using the fair value of the collateral $ 39,625 $ — $ — $ 39,625 $ 19,838 December 31, 2020 (in thousands) Carrying Amount Quoted Significant Significant Total Impairments Description Loans held for investment measured for impairments using the fair value of the collateral $ 50,199 $ — $ — $ 50,199 $ 19,843 |
Summary of Estimated Fair Value of Financial Instruments Where Fair Value Differs from Carrying Value | The estimated fair value of financial instruments where fair value differs from carrying value are as follows: June 30, 2021 December 31, 2020 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Loans $ 2,709,554 $ 2,640,886 $ 2,884,550 $ 2,801,279 Financial liabilities: Time deposits 1,242,693 1,258,659 1,547,396 1,569,897 Advances from the FHLB 808,614 823,321 1,050,000 1,078,786 Senior notes 58,736 61,985 58,577 61,528 Junior subordinated debentures 64,178 54,256 64,178 55,912 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table shows the calculation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) before attribution of noncontrolling interest $ 15,145 $ (15,279) $ 29,604 $ (11,897) Noncontrolling interest (817) — (817) — Net income (loss) attributable to Amerant Bancorp Inc. $ 15,962 $ (15,279) $ 30,421 $ (11,897) Net income (loss) available to common stockholders $ 15,962 $ (15,279) $ 30,421 $ (11,897) Denominator: ` Basic weighted average shares outstanding 37,330 41,720 37,473 41,953 Dilutive effect of share-based compensation awards 363 — 295 — Diluted weighted average shares outstanding 37,693 41,720 37,768 41,953 Basic earnings (loss) per common share $ 0.43 $ (0.37) $ 0.81 $ (0.28) Diluted earnings (loss) per common share $ 0.42 $ (0.37) $ 0.81 $ (0.28) |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) | May 12, 2021USD ($) | May 04, 2021USD ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2021USD ($)subsidiary$ / shares | Dec. 31, 2020USD ($)$ / shares | Mar. 31, 2021USD ($) | Mar. 10, 2021USD ($) | Jan. 01, 2021USD ($) |
Class of Stock [Line Items] | ||||||||
Number of subsidiaries | subsidiary | 3 | |||||||
Goodwill | $ 19,506,000 | $ 19,506,000 | $ 19,506,000 | |||||
Loans and Leases Receivable, Gain (Loss) on Sales, Paycheck Protection Program | $ 3,800,000 | |||||||
Financing receivable modification, CARES Act, percent | 1.00% | 1.00% | 0.70% | |||||
Right-of-use asset | $ 52,500,000 | $ 52,500,000 | $ 54,500,000 | |||||
Total lease obligations | 54,040,000 | 54,040,000 | $ 54,000,000 | |||||
COVID-19 | ||||||||
Class of Stock [Line Items] | ||||||||
Loans, net | $ 1,100,000,000 | 1,100,000,000 | $ 1,100,000,000 | |||||
COVID-19 | Deferral and/or Forbearance Period, Third Deferral | ||||||||
Class of Stock [Line Items] | ||||||||
Period | 180 days | |||||||
COVID-19 | Deferral and/or Forbearance Period | ||||||||
Class of Stock [Line Items] | ||||||||
Loans, net | $ 54,400,000 | 54,400,000 | 43,400,000 | |||||
PPP Loans | ||||||||
Class of Stock [Line Items] | ||||||||
Amount of loans approved | $ 198,500,000 | $ 23,600,000 | ||||||
Amount of loans approved, percent of total loans | 3.40% | 0.40% | ||||||
Estimated deposits, PPP | 131,400,000 | $ 131,400,000 | $ 95,400,000 | |||||
PPP loans sold | $ 95,100,000 | |||||||
First Mortgage Company (FMC) | ||||||||
Class of Stock [Line Items] | ||||||||
Payments to acquire businesses | $ 1,000,000 | |||||||
Fair value of mortgage servicing rights acquired | 500,000 | |||||||
Premium | 500,000 | |||||||
Indefinite-lived intangible assets acquired | 500,000 | |||||||
Goodwill | $ 0 | |||||||
Facility Closing | ||||||||
Class of Stock [Line Items] | ||||||||
Severance expense | $ 3,300,000 | |||||||
Class A Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | |||||
Class B Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | |||||
Stock repurchase program, authorized amount | $ 40,000,000 | |||||||
Amerant Bank, N.A | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership percentage of subsidiary | 100.00% | 100.00% | ||||||
Amerant Mortgage | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership percentage of subsidiary | 51.00% | 51.00% | ||||||
Ownership percentage by noncontrolling owners | 49.00% | 49.00% |
Interest Earning Deposits wit_2
Interest Earning Deposits with Banks (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | ||
Interest earning deposits with banks | $ 126,314 | $ 184,207 |
Average interest rate on deposits with banks | 0.10% | 0.31% |
Interest earning deposits with banks, maturity | 1 year |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value of Available for Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,167,091 | $ 1,187,778 |
Gross Unrealized Gains | 31,274 | 41,433 |
Gross Unrealized Losses | (4,297) | (4,128) |
Estimated Fair Value | 1,194,068 | 1,225,083 |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 530,324 | 640,796 |
Gross Unrealized Gains | 14,580 | 21,546 |
Gross Unrealized Losses | (1,321) | (1,007) |
Estimated Fair Value | 543,583 | 661,335 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 348,370 | 292,033 |
Gross Unrealized Gains | 13,076 | 10,787 |
Gross Unrealized Losses | (720) | (1,106) |
Estimated Fair Value | 360,726 | 301,714 |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 283,187 | 202,135 |
Gross Unrealized Gains | 3,474 | 4,458 |
Gross Unrealized Losses | (2,256) | (2,015) |
Estimated Fair Value | 284,405 | 204,578 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,503 | 2,505 |
Gross Unrealized Gains | 4 | 7 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 2,507 | 2,512 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,707 | 50,309 |
Gross Unrealized Gains | 140 | 4,635 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 2,847 | 54,944 |
Residential Mortgage Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 633,400 | 647,000 |
Estimated Fair Value | 646,500 | 666,700 |
Commercial Mortgage Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 129,400 | 123,900 |
Estimated Fair Value | $ 131,800 | $ 128,400 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Investments | $ 1,359,240,000 | $ 1,359,240,000 | $ 1,372,567,000 | ||
Debt securities available for sale | 1,194,068,000 | 1,194,068,000 | 1,225,083,000 | ||
Original cost | 24,000,000 | 24,000,000 | |||
Held-to-maturity, fair value | 94,634,000 | 94,634,000 | 61,100,000 | ||
Debt securities held to maturity | 93,311,000 | 93,311,000 | 58,127,000 | ||
Unrecognized gain | 2,100,000 | 2,100,000 | 3,000,000 | ||
Gross unrealized losses | 700,000 | 700,000 | 0 | ||
Equity securities with readily determinable fair value not held for trading | 23,988,000 | 23,988,000 | 24,342,000 | ||
Foreign Corporate Debt Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Investments | 16,500,000 | 16,500,000 | 17,100,000 | ||
Debt securities available for sale | 0 | 0 | 0 | ||
Mutual funds | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Unrealized gains | 22,000 | $ 200,000 | $ 600,000 | ||
Unrealized loss | 400,000 | ||||
Residential Mortgage Backed Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale | 646,500,000 | 646,500,000 | 666,700,000 | ||
Held-to-maturity, fair value | 63,900,000 | 63,900,000 | 29,500,000 | ||
Debt securities held to maturity | 64,200,000 | 64,200,000 | 28,700,000 | ||
Commercial Mortgage Backed Securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale | 131,800,000 | 131,800,000 | 128,400,000 | ||
Held-to-maturity, fair value | 30,700,000 | 30,700,000 | 31,600,000 | ||
Debt securities held to maturity | $ 29,100,000 | $ 29,100,000 | $ 29,500,000 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales, redemptions and calls of debt securities available for sale | $ 29,261 | $ 100,666 | $ 73,115 | $ 239,738 |
Gross realized gains | 1,254 | 7,537 | 4,201 | 16,803 |
Gross realized losses | 0 | 0 | 0 | (23) |
Realized gains, net on sales of debt investment securities | $ 1,254 | $ 7,537 | $ 4,201 | $ 16,780 |
Securities - Unrealized Loss on
Securities - Unrealized Loss on Available for Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | $ 183,254 | $ 112,856 |
12 Months or More, Estimated Fair Value | 83,842 | 95,436 |
Total, Estimated Fair Value | 267,096 | 208,292 |
Less Than 12 Months, Unrealized Loss | (1,986) | (1,829) |
12 Months or More, Unrealized Loss | (2,311) | (2,299) |
Total, Unrealized Loss | (4,297) | (4,128) |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 71,184 | 71,825 |
12 Months or More, Estimated Fair Value | 6,861 | 14,472 |
Total, Estimated Fair Value | 78,045 | 86,297 |
Less Than 12 Months, Unrealized Loss | (1,176) | (661) |
12 Months or More, Unrealized Loss | (145) | (346) |
Total, Unrealized Loss | (1,321) | (1,007) |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 14,249 | 31,777 |
12 Months or More, Estimated Fair Value | 8,350 | 0 |
Total, Estimated Fair Value | 22,599 | 31,777 |
Less Than 12 Months, Unrealized Loss | (114) | (1,106) |
12 Months or More, Unrealized Loss | (606) | 0 |
Total, Unrealized Loss | (720) | (1,106) |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 97,821 | 9,254 |
12 Months or More, Estimated Fair Value | 68,631 | 80,964 |
Total, Estimated Fair Value | 166,452 | 90,218 |
Less Than 12 Months, Unrealized Loss | (696) | (62) |
12 Months or More, Unrealized Loss | (1,560) | (1,953) |
Total, Unrealized Loss | $ (2,256) | $ (2,015) |
Securities - Contractual Maturi
Securities - Contractual Maturities on Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 25,786 | |
After 1 year through 5 years | 121,784 | |
After 5 years through 10 years | 299,231 | |
After 10 years | 720,290 | |
Amortized Cost | 1,167,091 | $ 1,187,778 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 26,080 | |
After 1 year through 5 years | 125,084 | |
After 5 years through 10 years | 311,735 | |
After 10 years | 731,169 | |
Estimated Fair Value | 1,194,068 | 1,225,083 |
Held to Maturity, Amortized Cost | ||
Within 1 year | 0 | |
After 1 year through 5 years | 12,589 | |
After 5 years through 10 years | 11,299 | |
After 10 years | 69,423 | |
Amortized Cost | 93,311 | 58,127 |
Held to Maturity, Estimated Fair Value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 12,534 | |
After 5 years through 10 years | 11,782 | |
After 10 years | 70,318 | |
Estimated Fair Value | $ 94,634 | $ 61,100 |
Loans - Loan Portfolio by Class
Loans - Loan Portfolio by Classes (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,606,773 | $ 5,842,337 | $ 5,872,271 |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,278,862 | 4,424,031 | 2,926,779 |
Real estate loans | Non-owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,699,876 | 1,749,839 | |
Real estate loans | Multi-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 658,022 | 737,696 | |
Real estate loans | Land development and construction loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 361,077 | 349,800 | |
Real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,718,975 | 2,837,335 | |
Real estate loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 616,545 | 639,569 | |
Real estate loans | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 943,342 | 947,127 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,003,411 | 1,154,550 | 2,331,313 |
Loans to financial institutions and acceptances | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 13,672 | 16,636 | 16,597 |
Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 310,828 | $ 247,120 | $ 597,582 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Receivables [Abstract] | |||
Loans pledged as collateral | $ 1,300,000 | $ 1,400,000 | |
Syndication facilities included in loans | 397,000 | 455,000 | |
PPP Loans, outstanding balance, disposed of | 95,100 | ||
Gain on sale of PPP loans | 3,800 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, gross | 5,606,773 | 5,842,337 | $ 5,872,271 |
International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment, gross | $ 121,100 | $ 152,900 |
Loans - Loans by Delinquency (D
Loans - Loans by Delinquency (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 5,606,773 | $ 5,842,337 |
Total Loans in Nonaccrual Status | 120,800 | 87,479 |
Total Loans 90 Days or More Past Due and Accruing | 319 | 221 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,532,581 | 5,779,827 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 74,192 | 62,510 |
30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 8,356 | 8,829 |
60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 20,045 | 2,392 |
Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 45,791 | 51,289 |
Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,278,862 | 4,424,031 |
Total Loans in Nonaccrual Status | 76,726 | 43,041 |
Total Loans 90 Days or More Past Due and Accruing | 20 | 220 |
Real estate loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,245,119 | 4,402,725 |
Real estate loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 33,743 | 21,306 |
Real estate loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 6,153 | 5,069 |
Real estate loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 20,003 | 671 |
Real estate loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 7,587 | 15,566 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,699,876 | 1,749,839 |
Total Loans in Nonaccrual Status | 48,347 | 8,219 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Real estate loans | Non-owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,676,197 | 1,741,862 |
Real estate loans | Non-owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 23,679 | 7,977 |
Real estate loans | Non-owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,247 | 1,487 |
Real estate loans | Non-owner occupied | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 18,432 | 0 |
Real estate loans | Non-owner occupied | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 6,490 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 658,022 | 737,696 |
Total Loans in Nonaccrual Status | 9,928 | 11,340 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Real estate loans | Multi-family residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 658,022 | 737,696 |
Real estate loans | Multi-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Multi-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Multi-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Multi-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 361,077 | 349,800 |
Total Loans in Nonaccrual Status | 0 | 0 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Real estate loans | Land development and construction loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 361,077 | 349,800 |
Real estate loans | Land development and construction loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Land development and construction loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Land development and construction loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Land development and construction loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,718,975 | 2,837,335 |
Total Loans in Nonaccrual Status | 58,275 | 19,559 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Real estate loans | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,695,296 | 2,829,358 |
Real estate loans | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 23,679 | 7,977 |
Real estate loans | Commercial real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,247 | 1,487 |
Real estate loans | Commercial real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 18,432 | 0 |
Real estate loans | Commercial real estate | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 6,490 |
Real estate loans | Single-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 616,545 | 639,569 |
Total Loans in Nonaccrual Status | 7,174 | 10,667 |
Total Loans 90 Days or More Past Due and Accruing | 20 | 0 |
Real estate loans | Single-family residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 610,588 | 631,801 |
Real estate loans | Single-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,957 | 7,768 |
Real estate loans | Single-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 653 | 3,143 |
Real estate loans | Single-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,393 | 671 |
Real estate loans | Single-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,911 | 3,954 |
Real estate loans | Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 943,342 | 947,127 |
Total Loans in Nonaccrual Status | 11,277 | 12,815 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 220 |
Real estate loans | Owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 939,235 | 941,566 |
Real estate loans | Owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,107 | 5,561 |
Real estate loans | Owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 253 | 439 |
Real estate loans | Owner occupied | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 178 | 0 |
Real estate loans | Owner occupied | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,676 | 5,122 |
Commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,003,411 | 1,154,550 |
Total Loans in Nonaccrual Status | 43,876 | 44,205 |
Total Loans 90 Days or More Past Due and Accruing | 295 | 0 |
Commercial loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 963,026 | 1,113,469 |
Commercial loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 40,385 | 41,081 |
Commercial loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,186 | 3,675 |
Commercial loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 22 | 1,715 |
Commercial loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 38,177 | 35,691 |
Loans to financial institutions and acceptances | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,672 | 16,636 |
Total Loans in Nonaccrual Status | 0 | 0 |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 |
Loans to financial institutions and acceptances | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,672 | 16,636 |
Loans to financial institutions and acceptances | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Loans to financial institutions and acceptances | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Loans to financial institutions and acceptances | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Loans to financial institutions and acceptances | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Consumer loans and overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 310,828 | 247,120 |
Total Loans in Nonaccrual Status | 198 | 233 |
Total Loans 90 Days or More Past Due and Accruing | 4 | 1 |
Consumer loans and overdrafts | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 310,764 | 246,997 |
Consumer loans and overdrafts | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 64 | 123 |
Consumer loans and overdrafts | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 17 | 85 |
Consumer loans and overdrafts | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 20 | 6 |
Consumer loans and overdrafts | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 27 | $ 32 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowances by Loan Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Allowance for Credit Losses | |||||
Balances at beginning of the period | $ 110,940 | $ 72,948 | $ 110,902 | $ 52,223 | |
Provision for (reversal of ) loan losses | (5,000) | 48,620 | (5,000) | 70,620 | |
Recoveries | 777 | 210 | 1,481 | 543 | |
Balances at end of the period | 104,185 | 119,652 | 104,185 | 119,652 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 35,766 | 27,704 | 35,766 | 27,704 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 68,419 | 91,948 | 68,419 | 91,948 | |
Allowance for credit loss | 104,185 | 119,652 | 104,185 | 119,652 | $ 110,902 |
Investment in loans, net of unearned income, Individually evaluated | 124,045 | 77,549 | 124,045 | 77,549 | |
Investment in loans, net of unearned income, Collectively evaluated | 5,482,728 | 5,794,722 | 5,482,728 | 5,794,722 | |
Total Loans, Net of Unearned Income | 5,606,773 | 5,872,271 | 5,606,773 | 5,872,271 | 5,842,337 |
Domestic | |||||
Allowance for Credit Losses | |||||
Loans charged-off | (2,532) | (2,119) | (3,198) | (3,442) | |
International | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | (7) | 0 | (292) | |
Total Loans, Net of Unearned Income | 121,100 | 121,100 | 152,900 | ||
Real Estate | |||||
Allowance for Credit Losses | |||||
Balances at beginning of the period | 48,291 | 36,430 | 50,227 | 25,040 | |
Provision for (reversal of ) loan losses | (9,713) | 18,068 | (11,649) | 29,458 | |
Recoveries | 70 | 0 | 70 | 0 | |
Balances at end of the period | 38,648 | 54,498 | 38,648 | 54,498 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 11,665 | 2,565 | 11,665 | 2,565 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 26,983 | 51,933 | 26,983 | 51,933 | |
Allowance for credit loss | 38,648 | 54,498 | 38,648 | 54,498 | 50,227 |
Investment in loans, net of unearned income, Individually evaluated | 8,426 | 8,426 | |||
Investment in loans, net of unearned income, Collectively evaluated | 2,918,353 | 2,918,353 | |||
Total Loans, Net of Unearned Income | 4,278,862 | 2,926,779 | 4,278,862 | 2,926,779 | 4,424,031 |
Real Estate | Financing Receivable | |||||
Allowance for Credit Losses | |||||
Investment in loans, net of unearned income, Individually evaluated | 58,342 | 58,342 | |||
Investment in loans, net of unearned income, Collectively evaluated | 2,633,318 | 2,633,318 | |||
Total Loans, Net of Unearned Income | 2,691,660 | 2,691,660 | |||
Real Estate | Domestic | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | 0 | 0 | 0 | |
Real Estate | International | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | 0 | 0 | 0 | |
Commercial | |||||
Allowance for Credit Losses | |||||
Balances at beginning of the period | 49,202 | 29,062 | 48,130 | 22,482 | |
Provision for (reversal of ) loan losses | 5,017 | 30,542 | 5,719 | 38,072 | |
Recoveries | 517 | 50 | 1,122 | 235 | |
Balances at end of the period | 53,048 | 57,579 | 53,048 | 57,579 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 22,869 | 23,640 | 22,869 | 23,640 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 30,179 | 33,939 | 30,179 | 33,939 | |
Allowance for credit loss | 53,048 | 57,579 | 53,048 | 57,579 | 48,130 |
Investment in loans, net of unearned income, Individually evaluated | 61,101 | 61,101 | |||
Investment in loans, net of unearned income, Collectively evaluated | 2,270,212 | 2,270,212 | |||
Total Loans, Net of Unearned Income | 1,003,411 | 2,331,313 | 1,003,411 | 2,331,313 | 1,154,550 |
Commercial | Financing Receivable | |||||
Allowance for Credit Losses | |||||
Investment in loans, net of unearned income, Individually evaluated | 58,076 | 58,076 | |||
Investment in loans, net of unearned income, Collectively evaluated | 2,049,944 | 2,049,944 | |||
Total Loans, Net of Unearned Income | 2,108,020 | 2,108,020 | |||
Commercial | Domestic | |||||
Allowance for Credit Losses | |||||
Loans charged-off | (1,688) | (2,075) | (1,923) | (3,176) | |
Commercial | International | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | 0 | 0 | (34) | |
Financial Institutions | |||||
Allowance for Credit Losses | |||||
Balances at beginning of the period | 1 | 42 | 1 | 42 | |
Provision for (reversal of ) loan losses | 0 | (42) | 0 | (42) | |
Recoveries | 0 | 0 | 0 | 0 | |
Balances at end of the period | 1 | 0 | 1 | 0 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 0 | 0 | 0 | 0 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 1 | 0 | 1 | 0 | |
Allowance for credit loss | 1 | 0 | 1 | 0 | 1 |
Investment in loans, net of unearned income, Individually evaluated | 0 | 0 | |||
Investment in loans, net of unearned income, Collectively evaluated | 16,597 | 16,597 | |||
Total Loans, Net of Unearned Income | 13,672 | 16,597 | 13,672 | 16,597 | 16,636 |
Financial Institutions | Financing Receivable | |||||
Allowance for Credit Losses | |||||
Investment in loans, net of unearned income, Individually evaluated | 0 | 0 | |||
Investment in loans, net of unearned income, Collectively evaluated | 15,333 | 15,333 | |||
Total Loans, Net of Unearned Income | 15,333 | 15,333 | |||
Financial Institutions | Domestic | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | 0 | 0 | 0 | |
Financial Institutions | International | |||||
Allowance for Credit Losses | |||||
Loans charged-off | 0 | 0 | 0 | 0 | |
Consumer and Others | |||||
Allowance for Credit Losses | |||||
Balances at beginning of the period | 13,446 | 7,414 | 12,544 | 4,659 | |
Provision for (reversal of ) loan losses | (304) | 52 | 930 | 3,132 | |
Recoveries | 190 | 160 | 289 | 308 | |
Balances at end of the period | 12,488 | 7,575 | 12,488 | 7,575 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 1,232 | 1,499 | 1,232 | 1,499 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 11,256 | 6,076 | 11,256 | 6,076 | |
Allowance for credit loss | 12,488 | 7,575 | 12,488 | 7,575 | 12,544 |
Investment in loans, net of unearned income, Individually evaluated | 8,022 | 8,022 | |||
Investment in loans, net of unearned income, Collectively evaluated | 589,560 | 589,560 | |||
Total Loans, Net of Unearned Income | 310,828 | 597,582 | 310,828 | 597,582 | $ 247,120 |
Consumer and Others | Financing Receivable | |||||
Allowance for Credit Losses | |||||
Investment in loans, net of unearned income, Individually evaluated | 7,627 | 7,627 | |||
Investment in loans, net of unearned income, Collectively evaluated | 784,133 | 784,133 | |||
Total Loans, Net of Unearned Income | 791,760 | 791,760 | |||
Consumer and Others | Domestic | |||||
Allowance for Credit Losses | |||||
Loans charged-off | (844) | (44) | (1,275) | (266) | |
Consumer and Others | International | |||||
Allowance for Credit Losses | |||||
Loans charged-off | $ 0 | $ (7) | $ 0 | $ (258) |
Allowance for Loan Losses - Rec
Allowance for Loan Losses - Recorded Investment of Loan Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | $ 104,598 | $ 2,126 | $ 105,771 | $ 15,235 |
Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 0 | 0 | 0 | 0 |
Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 102,247 | 0 | 102,247 | 11,901 |
Financial Institutions | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 0 | 0 | 0 | 0 |
Consumer and Others | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | $ 2,351 | $ 2,126 | $ 3,524 | $ 3,334 |
Allowance for Loan Losses - Imp
Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | $ 76,808 | $ 47,872 | |
Recorded Investment, Without a Valuation Allowance | 47,237 | 39,869 | |
Recorded Investment, Total | 124,045 | 87,741 | |
Year Average | $ 71,431 | 96,892 | |
Total Unpaid Principal Balance | 145,468 | 109,420 | |
Valuation Allowance | 35,766 | 29,948 | |
Real estate loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 43,475 | 14,530 | |
Recorded Investment, Without a Valuation Allowance | 33,575 | 28,769 | |
Recorded Investment, Total | 77,050 | 43,299 | |
Year Average | 32,676 | 49,869 | |
Total Unpaid Principal Balance | 76,728 | 43,181 | |
Valuation Allowance | 12,972 | 4,621 | |
Real estate loans | Non-owner occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 37,522 | 8,219 | |
Recorded Investment, Without a Valuation Allowance | 10,892 | 0 | |
Recorded Investment, Total | 48,414 | 8,219 | |
Year Average | 6,718 | 18,361 | |
Total Unpaid Principal Balance | 48,418 | 8,227 | |
Valuation Allowance | 11,665 | 3,175 | |
Real estate loans | Multi-family residential | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 0 | 0 | |
Recorded Investment, Without a Valuation Allowance | 9,928 | 11,341 | |
Recorded Investment, Total | 9,928 | 11,341 | |
Year Average | 3,206 | 8,530 | |
Total Unpaid Principal Balance | 9,839 | 11,306 | |
Valuation Allowance | 0 | 0 | |
Real estate loans | Land development and construction loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 0 | 0 | |
Recorded Investment, Without a Valuation Allowance | 0 | 0 | |
Recorded Investment, Total | 0 | 0 | |
Year Average | 0 | 0 | |
Total Unpaid Principal Balance | 0 | 0 | |
Valuation Allowance | 0 | 0 | |
Real estate loans | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 37,522 | 8,219 | |
Recorded Investment, Without a Valuation Allowance | 20,820 | 11,341 | |
Recorded Investment, Total | 58,342 | 19,560 | |
Year Average | 9,924 | 26,891 | |
Total Unpaid Principal Balance | 58,257 | 19,533 | |
Valuation Allowance | 11,665 | 3,175 | |
Real estate loans | Single-family residential | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 5,350 | 5,675 | |
Recorded Investment, Without a Valuation Allowance | 2,081 | 5,250 | |
Recorded Investment, Total | 7,431 | 10,925 | |
Year Average | 9,457 | 10,189 | |
Total Unpaid Principal Balance | 7,351 | 10,990 | |
Valuation Allowance | 1,107 | 1,232 | |
Real estate loans | Owner occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 603 | 636 | |
Recorded Investment, Without a Valuation Allowance | 10,674 | 12,178 | |
Recorded Investment, Total | 11,277 | 12,814 | |
Year Average | 13,295 | 12,789 | |
Total Unpaid Principal Balance | 11,120 | 12,658 | |
Valuation Allowance | 200 | 214 | |
Commercial loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 33,138 | 33,110 | |
Recorded Investment, Without a Valuation Allowance | 13,661 | 11,100 | |
Recorded Investment, Total | 46,799 | 44,210 | |
Year Average | 38,534 | 46,823 | |
Total Unpaid Principal Balance | 68,545 | 66,010 | |
Valuation Allowance | 22,669 | 25,180 | |
Consumer loans and overdrafts | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment, With a Valuation Allowance | 195 | 232 | |
Recorded Investment, Without a Valuation Allowance | 1 | 0 | |
Recorded Investment, Total | 196 | 232 | |
Year Average | $ 221 | 200 | |
Total Unpaid Principal Balance | 195 | 229 | |
Valuation Allowance | $ 125 | $ 147 |
Allowance for Loan Losses - TDR
Allowance for Loan Losses - TDR Loans (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021contract | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 18 | 18 | |||
Recorded Investment | $ 13,408,000 | $ 12,631,000 | |||
Recorded investment | 124,045,000 | $ 87,741,000 | |||
TDR loans modified that subsequently defaulted | 4,000,000 | ||||
Charge-offs against the allowance for loan losses as a result of TDR loans | $ 0 | $ 1,900,000 | |||
Real estate loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 7 | 7 | |||
Recorded Investment | $ 8,360,000 | $ 8,780,000 | |||
Recorded investment | 77,050,000 | 43,299,000 | |||
Real estate loans | South Florida | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded Investment | $ 9,600,000 | $ 8,400,000 | |||
Real estate loans | Non-owner occupied | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 1 | 1 | |||
Recorded Investment | $ 1,592,000 | $ 1,729,000 | |||
Recorded investment | $ 48,414,000 | $ 8,219,000 | |||
Write-offs | $ 1,900,000 | ||||
Real estate loans | Single-family residential | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 2 | 2 | |||
Recorded Investment | $ 260,000 | $ 267,000 | |||
Recorded investment | $ 7,431,000 | $ 10,925,000 | |||
Number of contracts | contract | 1 | ||||
Recorded investment | $ 500,000 | $ 0 | |||
Real estate loans | Owner occupied | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 4 | 4 | |||
Recorded Investment | $ 6,508,000 | $ 6,784,000 | |||
Recorded investment | $ 11,277,000 | 12,814,000 | |||
TDRs subsequently defaulted | contract | 1 | ||||
TDR loans modified that subsequently defaulted | $ 800,000 | ||||
Real estate loans | Residential Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded investment | $ 1,500,000 | $ 1,500,000 | |||
Financing receivable, not modified, number of contracts | contract | 4 | 2 | |||
Commercial loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Contracts | contract | 11 | 11 | |||
Recorded Investment | $ 5,048,000 | $ 3,851,000 | |||
Recorded investment | $ 46,799,000 | $ 44,210,000 | |||
Number of contracts | contract | 1 | ||||
Recorded investment | $ 400,000 | ||||
TDRs subsequently defaulted | contract | 6 | ||||
TDR loans modified that subsequently defaulted | $ 3,200,000 | ||||
Real Estate and Commercial | Owner occupied | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Specific reserves | $ 1,100,000 |
Allowance for Loan Losses - Cre
Allowance for Loan Losses - Credit Risk Quality (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 5,606,773 | $ 5,842,337 | $ 5,872,271 |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 5,391,663 | 5,634,991 | |
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 92,465 | 118,813 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 87,793 | 61,308 | |
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 34,852 | 27,225 | |
Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,278,862 | 4,424,031 | 2,926,779 |
Real estate loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,149,705 | 4,303,765 | |
Real estate loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 52,314 | 76,379 | |
Real estate loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 64,537 | 39,918 | |
Real estate loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 12,306 | 3,969 | |
Real estate loans | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Non-owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,699,876 | 1,749,839 | |
Real estate loans | Non-owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,618,672 | 1,694,004 | |
Real estate loans | Non-owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 32,858 | 46,872 | |
Real estate loans | Non-owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 36,040 | 4,994 | |
Real estate loans | Non-owner occupied | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 12,306 | 3,969 | |
Real estate loans | Non-owner occupied | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 658,022 | 737,696 | |
Real estate loans | Multi-family residential | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 648,094 | 726,356 | |
Real estate loans | Multi-family residential | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 9,928 | 11,340 | |
Real estate loans | Multi-family residential | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Land development and construction loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 361,077 | 349,800 | |
Real estate loans | Land development and construction loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 361,077 | 342,636 | |
Real estate loans | Land development and construction loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 7,164 | |
Real estate loans | Land development and construction loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Land development and construction loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Land development and construction loans | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,718,975 | 2,837,335 | |
Real estate loans | Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,627,843 | 2,762,996 | |
Real estate loans | Commercial real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 32,858 | 54,036 | |
Real estate loans | Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 45,968 | 16,334 | |
Real estate loans | Commercial real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 12,306 | 3,969 | |
Real estate loans | Commercial real estate | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Single-family residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 616,545 | 639,569 | |
Real estate loans | Single-family residential | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 609,351 | 628,902 | |
Real estate loans | Single-family residential | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Single-family residential | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 7,194 | 10,667 | |
Real estate loans | Single-family residential | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Single-family residential | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 943,342 | 947,127 | |
Real estate loans | Owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 912,511 | 911,867 | |
Real estate loans | Owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 19,456 | 22,343 | |
Real estate loans | Owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 11,375 | 12,917 | |
Real estate loans | Owner occupied | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Owner occupied | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Commercial loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,003,411 | 1,154,550 | 2,331,313 |
Commercial loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 917,659 | 1,067,708 | |
Commercial loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 40,151 | 42,434 | |
Commercial loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 23,055 | 21,152 | |
Commercial loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 22,546 | 23,256 | |
Commercial loans | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,672 | 16,636 | 16,597 |
Loans to financial institutions and acceptances | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 13,672 | 16,636 | |
Loans to financial institutions and acceptances | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Consumer loans and overdrafts | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 310,828 | 247,120 | $ 597,582 |
Consumer loans and overdrafts | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 310,627 | 246,882 | |
Consumer loans and overdrafts | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Consumer loans and overdrafts | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 201 | 238 | |
Consumer loans and overdrafts | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Consumer loans and overdrafts | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 0 | $ 0 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Time Deposits Disclosure [Abstract] | ||
Time deposits, $100,000 or more | $ 1,000 | $ 1,300 |
Time deposits, $250,000 or more | 522 | 661 |
Brokered time deposits | $ 390 | $ 494 |
Advances from the Federal Hom_3
Advances from the Federal Home Loan Bank (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | |
May 31, 2021 | Jun. 30, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Interest Rate 2022 | 650.00% | |||
2022 | $ 0 | $ 50,000 | ||
2023 | 104,063 | 70,000 | ||
2024 | 704,551 | 930,000 | ||
Advances from Federal Home Loan Banks | 808,614 | 1,050,000 | ||
Advances from Federal Home Loan Banks with modified maturities | $ 285,000 | |||
Loss on advances from Federal Home Loan Banks with modified maturities | $ 6,600 | |||
Loss on early repayments of advances from Federal Home Loan Banks | 2,500 | |||
Advances from Federal Home Loan Banks, amount of early repayment | 235,000 | |||
Callable Option | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Advances from Federal Home Loan Banks | $ 530,000 | $ 530,000 | ||
Minimum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
FHLB advances, maturity period | 2 years | 2 years | ||
Minimum | Callable Option | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Fixed interest rate | 0.62% | 0.62% | ||
Maximum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
FHLB advances, maturity period | 4 years | 8 years | ||
Maximum | Callable Option | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Fixed interest rate | 0.97% | 0.97% | ||
3-month LIBOR | Minimum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Interest Rate 2023 | 0.62% | |||
Interest Rate 2024 | 0.62% | |||
3-month LIBOR | Maximum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Interest Rate 2023 | 1.06% | |||
Interest Rate 2024 | 2.42% |
Senior Notes (Details)
Senior Notes (Details) - Senior Notes - 5.75% Senior Notes due 2025 - USD ($) $ in Millions | Jun. 23, 2020 | Sep. 30, 2020 | Jun. 30, 2021 |
Debt Instrument [Line Items] | |||
Face amount | $ 60 | ||
Interest rate, stated percentage | 5.75% | ||
Debt issuance costs | $ 1.6 | $ 1.3 | |
Proceeds from issuance of debt | $ 58.4 | $ 58.7 | |
Debt issuance costs, amortization period | 5 years |
Junior Subordinated Debenture_3
Junior Subordinated Debentures Held by Trust Subsidiaries (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 62,250 | $ 62,250 |
Principal Amount of Debenture Issued to Trust | 64,178 | 64,178 |
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VI | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 9,537 | 9,537 |
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VI | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 3.35% | |
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VII | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 8,248 | 8,248 |
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VII | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 3.25% | |
Junior Subordinated Notes, Maturing 2033 | Commercebank Capital Trust VI | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 9,250 | 9,250 |
Junior Subordinated Notes, Maturing 2033 | Commercebank Capital Trust VII | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 8,000 | 8,000 |
Junior Subordinated Notes, Maturing 2034 | Junior Subordinated Debt | Commercebank Capital Trust VIII | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 5,155 | 5,155 |
Junior Subordinated Notes, Maturing 2034 | Junior Subordinated Debt | Commercebank Capital Trust VIII | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 2.85% | |
Junior Subordinated Notes, Maturing 2034 | Commercebank Capital Trust VIII | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 5,000 | 5,000 |
Junior Subordinated Notes, Maturing 2038 | Junior Subordinated Debt | Commercebank Capital Trust IX | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 25,774 | 25,774 |
Junior Subordinated Notes, Maturing 2038 | Junior Subordinated Debt | Commercebank Capital Trust IX | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 1.75% | |
Junior Subordinated Notes, Maturing 2038 | Commercebank Capital Trust IX | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 25,000 | 25,000 |
Junior Subordinated Notes, Maturing 2036 | Junior Subordinated Debt | Commercebank Capital Trust X | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 15,464 | 15,464 |
Junior Subordinated Notes, Maturing 2036 | Junior Subordinated Debt | Commercebank Capital Trust X | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 1.78% | |
Junior Subordinated Notes, Maturing 2036 | Commercebank Capital Trust X | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 15,000 | $ 15,000 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 27,475 | $ 39,721 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 28,803 | 41,431 |
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 0 |
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 1,230 | 1,658 |
Derivatives Not Designated as Hedging Instruments | Other Assets | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 36 | 0 |
Derivatives Not Designated as Hedging Instruments | Other Liabilities | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 27,433 | 39,715 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 27,433 | 39,715 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 26,453 | 39,715 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 980 | 0 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 980 | 0 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 26,453 | 39,715 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 6 | 6 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 140 | 58 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 140 | 58 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 6 | 6 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | $ 0 | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($)instrument | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($)contract | Jun. 30, 2021USD ($)instrument | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)instrument | |
Derivatives, Fair Value [Line Items] | ||||||
Net unrealized losses in accumulated other comprehensive expected to be reclassified into expense in the next twelve months | $ 800,000 | $ 800,000 | ||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Federal Home Loan Bank Advances | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of instruments terminated | contract | 16 | |||||
Gain (loss) on termination of cash flow hedge | $ 8,900,000 | |||||
FHLB, advances, reduction of interest expense | $ 300,000 | $ 300,000 | $ 700,000 | $ 700,000 | ||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Federal Home Loan Bank Advances | Minimum | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Average remaining maturity | 1 month | |||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Federal Home Loan Bank Advances | Maximum | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Average remaining maturity | 7 years | |||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Junior Subordinated Debentures | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of instruments held | instrument | 5 | 5 | 5 | |||
Notional amount | $ 64,200,000 | $ 64,200,000 | $ 64,200,000 | |||
Amount of hedged item | 64,200,000 | 64,200,000 | $ 64,200,000 | |||
Unrealized gain (loss) | $ (200,000) | $ (100,000) | $ (400,000) | $ 12,000 | ||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of instruments held | instrument | 89 | 89 | 76 | |||
Notional amount | $ 523,400,000 | $ 523,400,000 | $ 475,600,000 | |||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of instruments held | instrument | 89 | 89 | 76 | |||
Derivatives Not Designated as Hedging Instruments | Credit Risk Contract | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of instruments held | instrument | 2 | 2 | 2 | |||
Notional amount | $ 32,000,000 | $ 32,000,000 | $ 32,000,000 | |||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of instruments held | instrument | 21 | 21 | 23 | |||
Notional amount | $ 437,900,000 | $ 437,900,000 | $ 486,500,000 | |||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of instruments held | instrument | 6 | 6 | 8 | |||
Notional amount | $ 108,200,000 | $ 108,200,000 | $ 152,200,000 |
Derivative Instruments - Credit
Derivative Instruments - Credit Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair value of derivative contracts | $ 28,663 | $ 41,373 |
Securities Pledged | 32,214 | 52,857 |
Liquidity exposure | $ (3,551) | $ (11,484) |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jan. 01, 2021 | |
Leases [Abstract] | |||
Variable lease cost | $ 334 | $ 667 | |
Impairments of operating lease ROU asset | 800 | 800 | |
Right-of-use asset | 52,500 | 52,500 | $ 54,500 |
Total lease obligations | $ 54,040 | $ 54,040 | $ 54,000 |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Term of contract | 1 year | 1 year | |
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Term of contract | 45 years | 45 years |
Leases - Cost (Details)
Leases - Cost (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |
Lease cost | ||
Operating lease cost | $ 1,914 | $ 3,823 |
Short-term lease cost | 21 | 176 |
Variable lease cost | 334 | 667 |
Sublease income | 0 | (108) |
Total lease cost | $ 2,269 | 4,558 |
Cash paid for amounts included in the measurement of operating lease liabilities | 1,771 | |
Operating lease right-of-use asset obtained in exchange for operating lease liability | $ 1,038 | |
Weighted average remaining lease term for operating leases | 21 years | 21 years |
Weighted average discount rate for operating leases | 5.75% | 5.75% |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jan. 01, 2021 |
Twelve Months Ended June 30, | ||
2021 | $ 7,084 | |
2022 | 5,689 | |
2023 | 4,512 | |
2024 | 4,412 | |
2025 | 4,118 | |
Thereafter | 76,746 | |
Total minimum payments required | 102,561 | |
Less: implied interest | (48,521) | |
Total lease obligations | $ 54,040 | $ 54,000 |
Stock-based Incentive Compens_3
Stock-based Incentive Compensation Plan - Restricted Stock (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number of restricted shares (in shares) | |
Non-vested shares, end of year (in shares) | 638,676 |
Restricted Stock | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 210,423 |
Grants in period (in shares) | 196,015 |
Vested (in shares) | (2,630) |
Forfeited (in shares) | (7,270) |
Non-vested shares, end of year (in shares) | 396,538 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 13.55 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 16.65 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 14.91 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 16.65 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 15.02 |
Stock-based Incentive Compens_4
Stock-based Incentive Compensation Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 09, 2021 | Mar. 02, 2021 | Feb. 16, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Restricted Stock | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants in period (in shares) | 196,015 | ||||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 16.65 | ||||||
Restricted Stock | Class A Common Stock | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants in period (in shares) | 1,523 | 194,492 | |||||
Award vesting period | 3 years | 3 years | |||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 16.41 | $ 16.65 | |||||
Share-based compensation expense | $ 0.9 | $ 0.6 | $ 1.4 | $ 1 | |||
Nonvested awards, compensation not yet recognized | $ 2.8 | $ 2.8 | |||||
Nonvested awards, period of recognition | 1 year 7 months 6 days | ||||||
RSUs | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants in period (in shares) | 143,949 | ||||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 17.46 | ||||||
RSUs | Executive | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants in period (in shares) | 62,377 | ||||||
Award vesting period | 3 years | ||||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 16.65 | ||||||
RSUs | Director | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants in period (in shares) | 19,719 | ||||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 22.82 | ||||||
Stock-settled RRSUs | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants in period (in shares) | 137,376 | ||||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 17.20 | ||||||
Stock-settled RRSUs | Director | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants in period (in shares) | 13,146 | ||||||
Cash-settled RSUs | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants in period (in shares) | 6,573 | ||||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 22.82 | ||||||
Cash-settled RSUs | Director | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants in period (in shares) | 6,573 |
Stock-based Incentive Compens_5
Stock-based Incentive Compensation Plan - Restricted Stock Units, Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 16, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
PSUs | Five Executives | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period (in shares) | 58,136 | ||||
Award vesting period | 3 years | ||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 16.67 | ||||
PSUs | Five Executives | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Actual numbers of awards earned as percent of target | 50.00% | ||||
PSUs | Five Executives | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Actual numbers of awards earned as percent of target | 150.00% | ||||
PSUs | Executive | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period (in shares) | 62,377 | ||||
Award vesting period | 3 years | ||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 11.15 | ||||
PSUs | Executive | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Actual numbers of awards earned as percent of target | 50.00% | ||||
PSUs | Executive | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Actual numbers of awards earned as percent of target | 100.00% | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period (in shares) | 143,949 | ||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 17.46 | ||||
RSUs | Five Executives | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period (in shares) | 58,136 | ||||
Award vesting period | 3 years | ||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 16.65 | ||||
RSUs | Executive | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period (in shares) | 62,377 | ||||
Award vesting period | 3 years | ||||
Grants in period, weighted average grant date fair value (in dollars per share) | $ 16.65 | ||||
RSUs and PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 0.9 | $ 0.1 | $ 1.2 | $ 0.2 | |
Nonvested awards, compensation not yet recognized | $ 3 | $ 3 | |||
Nonvested awards, period of recognition | 2 years |
Stock-based Incentive Compens_6
Stock-based Incentive Compensation Plan - Restricted Stock Units (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number of restricted shares (in shares) | |
Non-vested shares, end of year (in shares) | 638,676 |
Stock-settled RRSUs | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 38,327 |
Grants in period (in shares) | 137,376 |
Vested (in shares) | (33,780) |
Forfeited (in shares) | (8,378) |
Non-vested shares, end of year (in shares) | 133,545 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 13.45 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 17.20 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.75 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 16.65 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 17.03 |
Cash-settled RSUs | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 20,766 |
Grants in period (in shares) | 6,573 |
Vested (in shares) | (11,151) |
Forfeited (in shares) | 0 |
Non-vested shares, end of year (in shares) | 16,188 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 13.45 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 22.82 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.45 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 0 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 17.25 |
RSUs | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 59,093 |
Grants in period (in shares) | 143,949 |
Vested (in shares) | (44,931) |
Forfeited (in shares) | (8,378) |
Non-vested shares, end of year (in shares) | 149,733 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 13.72 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 17.46 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.68 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 16.65 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 17.16 |
Stock-settled PSUs | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 0 |
Grants in period (in shares) | 120,513 |
Vested (in shares) | (1,729) |
Forfeited (in shares) | (8,000) |
Non-vested shares, end of year (in shares) | 110,784 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 0 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.82 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 16.67 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 16.67 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 13.57 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 21.45% | 20.75% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (“AOCI”) - Components of AOCL (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | $ 31,329 | $ 41,910 |
Tax Effect | (7,571) | (10,246) |
Net of Tax Amount | 23,758 | 31,664 |
Net unrealized holding gains on debt securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 26,977 | 37,305 |
Tax Effect | (6,507) | (9,120) |
Net of Tax Amount | 20,470 | 28,185 |
Net unrealized holding gains on interest rate swaps designated as cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 4,352 | 4,605 |
Tax Effect | (1,064) | (1,126) |
Net of Tax Amount | $ 3,288 | $ 3,479 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (“AOCI”) - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Before Tax Amount | ||||||
Total other comprehensive (loss) income, Before Tax Amount | $ 4,978 | $ 4,779 | $ (10,581) | $ 28,448 | ||
Tax Effect | ||||||
Total other comprehensive (loss) income, Tax Effect | (1,129) | (1,169) | 2,675 | (6,955) | ||
Net of Tax Amount | ||||||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (1,059) | (5,591) | (3,384) | (12,896) | ||
Other comprehensive income (loss) | 3,849 | $ (11,755) | 3,610 | $ 17,883 | (7,906) | 21,493 |
Net unrealized holding gains on debt securities available for sale: | ||||||
Before Tax Amount | ||||||
Change in fair value arising during the period, Before Tax Amount | 6,401 | 12,390 | (6,127) | 47,732 | ||
Reclassification adjustment for net gains (losses) included in net income, Before Tax Amount | (1,254) | (7,117) | (4,201) | (16,360) | ||
Total other comprehensive (loss) income, Before Tax Amount | 5,147 | 5,273 | (10,328) | 31,372 | ||
Tax Effect | ||||||
Change in fair value arising during the period, Tax Effect | (1,464) | (3,029) | 1,598 | (11,669) | ||
Reclassification adjustment for net gains (losses) included in net income, Tax Effect | 294 | 1,740 | 1,015 | 4,000 | ||
Total other comprehensive (loss) income, Tax Effect | (1,170) | (1,289) | 2,613 | (7,669) | ||
Net of Tax Amount | ||||||
Change in fair value arising during the period, Net of Tax Amount | 4,937 | 9,361 | (4,529) | 36,063 | ||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (960) | (5,377) | (3,186) | (12,360) | ||
Other comprehensive income (loss) | 3,977 | 3,984 | (7,715) | 23,703 | ||
Net unrealized holding losses on interest rate swaps designated as cash flow hedges: | ||||||
Before Tax Amount | ||||||
Change in fair value arising during the period, Before Tax Amount | (39) | (211) | 8 | (2,215) | ||
Reclassification adjustment for net gains (losses) included in net income, Before Tax Amount | (130) | (283) | (261) | (709) | ||
Total other comprehensive (loss) income, Before Tax Amount | (169) | (494) | (253) | (2,924) | ||
Tax Effect | ||||||
Change in fair value arising during the period, Tax Effect | 10 | 51 | (1) | 541 | ||
Reclassification adjustment for net gains (losses) included in net income, Tax Effect | 31 | 69 | 63 | 173 | ||
Total other comprehensive (loss) income, Tax Effect | 41 | 120 | 62 | 714 | ||
Net of Tax Amount | ||||||
Change in fair value arising during the period, Net of Tax Amount | (29) | (160) | 7 | (1,674) | ||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (99) | (214) | (198) | (536) | ||
Other comprehensive income (loss) | $ (128) | $ (374) | $ (191) | $ (2,210) |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) | 6 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 10, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Class A Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares outstanding (in shares) | 29,028,672 | 28,806,344 | |||||
Common stock, shares issued (in shares) | 29,028,672 | 28,806,344 | |||||
Treasury stock (in shares) | 0 | ||||||
Class A Common Stock | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares outstanding (in shares) | 29,028,672 | 29,001,646 | 28,806,344 | 28,873,196 | 28,879,576 | 28,927,576 | |
Class B Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares outstanding (in shares) | 8,534,120 | ||||||
Common stock, shares issued (in shares) | 8,534,120 | 9,036,352 | |||||
Treasury stock (in shares) | 0 | ||||||
Stock repurchase program, authorized amount | $ 40,000,000 | ||||||
Treasury stock, acquired (in shares) | 502,232 | ||||||
Treasury stock acquired (in dollars per share) | $ 16.71 | ||||||
Treasury stock acquired | $ 8,400,000 | ||||||
Treasury stock authorized for cancellation (in shares) | 502,232 | ||||||
Class B Common Stock | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares outstanding (in shares) | 8,534,120 | 8,920,315 | 9,036,352 | 13,286,137 | 13,286,137 | 14,218,596 | |
Class B Common Stock | Common Stock | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 40,000,000 |
Contingencies (Details)
Contingencies (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 760,467 |
Commitments to extend credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 749,185 |
Standby letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 10,456 |
Commercial letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 826 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt securities available for sale | ||
Debt securities available for sale | $ 1,194,068 | $ 1,225,083 |
Equity securities with readily determinable fair value not held for trading | 23,988 | 24,342 |
Trading securities | 198 | 0 |
Mortgage loans held for sale (at fair value) | 1,775 | 0 |
Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,194,068 | 1,225,083 |
Equity securities with readily determinable fair value not held for trading | 23,988 | 24,342 |
Trading securities | 198 | |
Mortgage loans held for sale (at fair value) | 1,775 | |
Mortgage servicing rights (MSRs) | 537 | |
Bank owned life insurance | 220,271 | 217,547 |
Derivative instruments | 27,475 | 39,721 |
Assets, fair value | 1,468,312 | 1,506,693 |
Liabilities | ||
Derivative instruments | 28,803 | 41,431 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Trading securities | 198 | |
Mortgage loans held for sale (at fair value) | 0 | |
Mortgage servicing rights (MSRs) | 0 | |
Bank owned life insurance | 0 | 0 |
Derivative instruments | 0 | 0 |
Assets, fair value | 198 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,194,068 | 1,225,083 |
Equity securities with readily determinable fair value not held for trading | 23,988 | 24,342 |
Trading securities | 0 | |
Mortgage loans held for sale (at fair value) | 1,775 | |
Mortgage servicing rights (MSRs) | 0 | |
Bank owned life insurance | 220,271 | 217,547 |
Derivative instruments | 27,475 | 39,721 |
Assets, fair value | 1,467,577 | 1,506,693 |
Liabilities | ||
Derivative instruments | 28,803 | 41,431 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Trading securities | 0 | |
Mortgage loans held for sale (at fair value) | 0 | |
Mortgage servicing rights (MSRs) | 537 | |
Bank owned life insurance | 0 | 0 |
Derivative instruments | 0 | 0 |
Assets, fair value | 537 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
U.S. government-sponsored enterprise debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 543,583 | 661,335 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 543,583 | 661,335 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 543,583 | 661,335 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Corporate debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 360,726 | 301,714 |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 360,726 | 301,714 |
Corporate debt securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Corporate debt securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 360,726 | 301,714 |
Corporate debt securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S. government agency debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 284,405 | 204,578 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 284,405 | 204,578 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 284,405 | 204,578 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Municipal bonds | ||
Debt securities available for sale | ||
Debt securities available for sale | 2,847 | 54,944 |
Municipal bonds | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 2,847 | 54,944 |
Municipal bonds | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Municipal bonds | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 2,847 | 54,944 |
Municipal bonds | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S treasury securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 2,507 | 2,512 |
U.S treasury securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 2,507 | 2,512 |
U.S treasury securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S treasury securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 2,507 | 2,512 |
U.S treasury securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Minimum outstanding balance of loans for third party appraisal | $ 1,000,000 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets (liabilities) measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 50,199 | |
Total Impairments | 19,843 | |
Loans held for investment measured for impairments using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 39,625 | |
Total Impairments | 19,838 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for investment measured for impairments using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Loans held for investment measured for impairments using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Significant Other Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 50,199 | |
Significant Other Unobservable Inputs (Level 3) | Loans held for investment measured for impairments using the fair value of the collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 39,625 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Where Fair Value Differs from Carrying Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Financial assets: | ||
Loans | $ 2,709,554 | $ 2,884,550 |
Financial liabilities: | ||
Time deposits | 1,242,693 | 1,547,396 |
Advances from the FHLB | 808,614 | 1,050,000 |
Senior notes | 58,736 | 58,577 |
Junior subordinated debentures | 64,178 | 64,178 |
Estimated Fair Value | ||
Financial assets: | ||
Loans | 2,640,886 | 2,801,279 |
Financial liabilities: | ||
Time deposits | 1,258,659 | 1,569,897 |
Advances from the FHLB | 823,321 | 1,078,786 |
Senior notes | 61,985 | 61,528 |
Junior subordinated debentures | $ 54,256 | $ 55,912 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||
Net income (loss) before attribution of noncontrolling interest | $ 15,145 | $ (15,279) | $ 29,604 | $ (11,897) | ||
Noncontrolling interest | (817) | 0 | (817) | 0 | ||
Net income (loss) available to common stockholders | $ 15,962 | $ 14,459 | $ (15,279) | $ 3,382 | $ 30,421 | $ (11,897) |
Basic weighted average shares outstanding (in shares) | 37,330,000 | 41,720,000 | 37,473,000 | 41,953,000 | ||
Dilutive effect of share-based compensation awards (in shares) | 363,000 | 0 | 295,000 | 0 | ||
Diluted weighted average shares outstanding (in shares) | 37,693,000 | 41,720,000 | 37,768,000 | 41,953,000 | ||
Basic earnings per common share (in dollars per share) | $ 0.43 | $ (0.37) | $ 0.81 | $ (0.28) | ||
Diluted earnings per common share (in dollars per share) | $ 0.42 | $ (0.37) | $ 0.81 | $ (0.28) | ||
Non-vested shares (in shares) | 638,676 | 491,360 | 638,676 | 491,360 |