Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 23, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | 460-4728 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | AMTB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,576,894 | |
Entity Central Index Key | 0001734342 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 48,145,000 | $ 19,486,000 |
Interest earning deposits with banks | 202,946,000 | 228,955,000 |
Restricted cash | 51,837,000 | 42,160,000 |
Other short-term investments | 6,024,000 | 0 |
Cash and cash equivalents | 308,952,000 | 290,601,000 |
Securities | ||
Debt securities available for sale, at fair value | 1,033,797,000 | 1,057,621,000 |
Debt securities held to maturity, at amortized cost (estimated fair value of $195,165 and $217,609 at September 30, 2023 and December 31, 2022, respectively) | 230,254,000 | 242,101,000 |
Equity securities with readily determinable fair value not held for trading | 2,438,000 | 11,383,000 |
Federal Reserve Bank and Federal Home Loan Bank stock | 47,878,000 | 55,575,000 |
Securities | 1,314,367,000 | 1,366,680,000 |
Loans held for sale, at lower of fair value or cost | 43,257,000 | 0 |
Mortgage loans held for sale, at fair value | 25,952,000 | 62,438,000 |
Loans held for investment, gross | 7,073,387,000 | 6,857,194,000 |
Less: Allowance for credit losses | 98,773,000 | 83,500,000 |
Loans held for investment, net | 6,974,614,000 | 6,773,694,000 |
Bank owned life insurance | 232,736,000 | 228,412,000 |
Premises and equipment, net | 43,004,000 | 41,772,000 |
Deferred tax assets, net | 63,501,000 | 48,703,000 |
Operating lease right-of-use assets | 116,763,000 | 139,987,000 |
Goodwill | 20,525,000 | 19,506,000 |
Accrued interest receivable and other assets | 202,029,000 | 156,011,000 |
Total assets | 9,345,700,000 | 9,127,804,000 |
Deposits | ||
Noninterest bearing | 1,370,157,000 | 1,367,664,000 |
Interest bearing | 2,416,797,000 | 2,300,469,000 |
Savings and money market | 1,457,080,000 | 1,647,811,000 |
Time | 2,302,878,000 | 1,728,255,000 |
Total deposits | 7,546,912,000 | 7,044,199,000 |
Advances from the Federal Home Loan Bank | 595,000,000 | 906,486,000 |
Senior notes | 59,447,000 | 59,210,000 |
Subordinated notes | 29,412,000 | 29,284,000 |
Junior subordinated debentures held by trust subsidiaries | 64,178,000 | 64,178,000 |
Operating lease liabilities | 120,665,000 | 140,147,000 |
Accounts payable, accrued liabilities and other liabilities | 210,299,000 | 178,574,000 |
Total liabilities | 8,625,913,000 | 8,422,078,000 |
Contingencies (Note 16) | ||
Stockholders’ equity | ||
Class A common stock, $0.10 par value, 250 million shares authorized; 33,583,621 shares issued and outstanding at September 30, 2023 (33,815,161 shares issued and outstanding at December 31, 2022) | 3,359,000 | 3,382,000 |
Additional paid in capital | 194,103,000 | 194,694,000 |
Retained earnings | 630,933,000 | 590,375,000 |
Accumulated other comprehensive loss | (105,634,000) | (80,635,000) |
Total stockholders' equity before noncontrolling interest | 722,761,000 | 707,816,000 |
Noncontrolling interest | (2,974,000) | (2,090,000) |
Total stockholders' equity | 719,787,000 | 705,726,000 |
Total liabilities and stockholders' equity | $ 9,345,700,000 | $ 9,127,804,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, fair value | $ 195,165 | $ 217,609 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 33,583,621 | 33,815,161 |
Common stock, shares outstanding (in shares) | 33,583,621 | 33,815,161 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income | ||||
Loans | $ 120,244 | $ 76,779 | $ 348,315 | $ 194,631 |
Investment securities | 13,868 | 10,906 | 40,400 | 28,669 |
Interest earning deposits with banks and other interest income | 5,271 | 1,452 | 14,295 | 2,102 |
Total interest income | 139,383 | 89,137 | 403,010 | 225,402 |
Interest expense | ||||
Interest bearing demand deposits | 16,668 | 4,934 | 46,201 | 6,258 |
Savings and money market deposits | 11,045 | 3,609 | 28,409 | 5,719 |
Time deposits | 22,482 | 4,717 | 53,844 | 13,501 |
Advances from the Federal Home Loan Bank | 8,207 | 3,977 | 22,591 | 9,799 |
Senior notes | 942 | 941 | 2,825 | 2,825 |
Subordinated notes | 361 | 362 | 1,084 | 811 |
Junior subordinated debentures | 1,097 | 700 | 3,264 | 2,002 |
Securities sold under agreements to repurchase | 4 | 0 | 5 | 0 |
Total interest expense | 60,806 | 19,240 | 158,223 | 40,915 |
Net interest income | 78,577 | 69,897 | 244,787 | 184,487 |
Provision for (reversal of) credit losses | 8,000 | 7,314 | 48,777 | (2,912) |
Net interest income after provision for (reversal of) credit losses | 70,577 | 62,583 | 196,010 | 187,399 |
Noninterest income | ||||
Deposits and service fees | 5,053 | 4,629 | 14,952 | 13,826 |
Brokerage, advisory and fiduciary activities | 4,370 | 4,619 | 12,808 | 13,654 |
Change in cash surrender value of bank owned life insurance | 1,483 | 1,352 | 4,324 | 4,028 |
Loan-level derivative income | 1,196 | 2,786 | 3,743 | 6,947 |
Cards and trade finance servicing fees | 734 | 622 | 1,829 | 1,720 |
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net | 7,010 | 0 | 33,623 | (712) |
Derivative (losses) gains, net | (77) | (95) | 179 | (585) |
Securities (losses) gains, net | (54) | 1,508 | (11,022) | (325) |
Other noninterest income | 2,206 | 535 | 7,447 | 4,359 |
Total noninterest income | 21,921 | 15,956 | 67,883 | 42,912 |
Noninterest expense | ||||
Salaries and employee benefits | 31,334 | 30,109 | 100,457 | 90,724 |
Occupancy and equipment | 7,293 | 6,559 | 20,828 | 21,044 |
Professional and other services fees | 5,325 | 5,045 | 20,368 | 15,918 |
Telecommunication and data processing | 3,556 | 3,861 | 11,647 | 11,113 |
Advertising expenses | 2,724 | 2,066 | 9,642 | 8,291 |
FDIC assessments and insurance | 2,590 | 1,746 | 8,066 | 4,668 |
Depreciation and amortization | 1,795 | 1,481 | 5,362 | 3,927 |
Loan-level derivative expense | 18 | 1,810 | 1,728 | 4,865 |
Other real estate owned and repossessed assets (income) expense, net | (134) | 234 | 2,297 | 3,408 |
Contract termination costs | 0 | 289 | 1,550 | 7,103 |
Loans held for sale valuation expense | 5,562 | 0 | 5,562 | 159 |
Other operating expenses | 4,357 | 2,913 | 14,146 | 7,952 |
Total noninterest expenses | 64,420 | 56,113 | 201,653 | 179,172 |
Income before income tax expense | 28,078 | 22,426 | 62,240 | 51,139 |
Income tax expense | (6,337) | (4,936) | (13,511) | (10,994) |
Net income before attribution of noncontrolling interest | 21,741 | 17,490 | 48,729 | 40,145 |
Noncontrolling interest | (378) | (44) | (884) | (1,192) |
Net income attributable to Amerant Bancorp Inc. | 22,119 | 17,534 | 49,613 | 41,337 |
Other comprehensive loss, net of tax | ||||
Net unrealized holding losses on debt securities available for sale arising during the period | (18,569) | (34,959) | (25,939) | (101,038) |
Net unrealized holding gains (losses) on cash flow hedges arising during the period | 129 | (16) | 217 | 162 |
Reclassification adjustment for items included in net income | (268) | (274) | 723 | (549) |
Other comprehensive loss | (18,708) | (35,249) | (24,999) | (101,425) |
Comprehensive income (loss) | $ 3,411 | $ (17,715) | $ 24,614 | $ (60,088) |
Earnings Per Share (Note 18): | ||||
Basic earnings per common share (in dollars per share) | $ 0.66 | $ 0.52 | $ 1.48 | $ 1.22 |
Diluted earnings per common share (in dollars per share) | $ 0.66 | $ 0.52 | $ 1.47 | $ 1.21 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative effect of adoption of accounting principle, net of tax | Class A | Total Stockholders' Equity Before Noncontrolling Interest | Total Stockholders' Equity Before Noncontrolling Interest Cumulative effect of adoption of accounting principle, net of tax | Total Stockholders' Equity Before Noncontrolling Interest Class A | Common Stock Class A | Additional Paid in Capital | Treasury Stock | Treasury Stock Class A | Retained Earnings | Retained Earnings Cumulative effect of adoption of accounting principle, net of tax | Accumulated Other Comprehensive Income (loss) | Noncontrolling interest |
Beginning balance (in shares) at Dec. 31, 2021 | 35,883,320 | |||||||||||||
Beginning balance at Dec. 31, 2021 | $ 831,873 | $ (13,872) | $ 834,483 | $ (13,872) | $ 3,589 | $ 262,510 | $ 0 | $ 553,167 | $ (13,872) | $ 15,217 | $ (2,610) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Repurchase of Class A common stock (in shares) | (1,643,480) | |||||||||||||
Repurchase of Class A common stock | $ (54,820) | $ (54,820) | $ (54,820) | |||||||||||
Treasury stock retired | 0 | 0 | $ (165) | (54,655) | 54,820 | |||||||||
Restricted stock issued (in shares) | 104,762 | |||||||||||||
Restricted stock issued | 0 | 0 | $ 10 | (10) | ||||||||||
Restricted stock surrendered (in shares) | (15,174) | |||||||||||||
Restricted stock and restricted stock units surrendered | (996) | (996) | $ (2) | (994) | ||||||||||
Restricted stock forfeited (in shares) | (1,000) | |||||||||||||
Restricted stock forfeited | 0 | 0 | ||||||||||||
Restricted stock units vested (in shares) | 22,394 | |||||||||||||
Restricted stock units vested | 0 | 0 | $ 2 | (2) | ||||||||||
Stock-based compensation expense | 1,260 | 1,260 | 1,260 | |||||||||||
Net income attributable to Amerant Bancorp Inc. | 15,379 | 15,379 | 15,379 | |||||||||||
Dividends paid | (3,154) | (3,154) | (3,154) | |||||||||||
Net loss attributable to noncontrolling-interest shareholders | (1,076) | 0 | (1,076) | |||||||||||
Other comprehensive income (loss) | (39,641) | (39,641) | (39,641) | |||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 34,350,822 | |||||||||||||
Ending balance at Mar. 31, 2022 | 734,953 | 738,639 | $ 3,434 | 208,109 | 0 | 551,520 | (24,424) | (3,686) | ||||||
Beginning balance (in shares) at Dec. 31, 2021 | 35,883,320 | |||||||||||||
Beginning balance at Dec. 31, 2021 | 831,873 | $ (13,872) | 834,483 | $ (13,872) | $ 3,589 | 262,510 | 0 | 553,167 | $ (13,872) | 15,217 | (2,610) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income attributable to Amerant Bancorp Inc. | 41,337 | |||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (1,192) | |||||||||||||
Other comprehensive income (loss) | (101,425) | |||||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 33,773,249 | |||||||||||||
Ending balance at Sep. 30, 2022 | 678,619 | 680,554 | $ 3,376 | 191,970 | 0 | 571,416 | (86,208) | (1,935) | ||||||
Beginning balance (in shares) at Mar. 31, 2022 | 34,350,822 | |||||||||||||
Beginning balance at Mar. 31, 2022 | 734,953 | 738,639 | $ 3,434 | 208,109 | 0 | 551,520 | (24,424) | (3,686) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Repurchase of Class A common stock (in shares) | (611,525) | |||||||||||||
Repurchase of Class A common stock | $ (17,240) | (17,240) | (17,240) | |||||||||||
Treasury stock retired | 0 | 0 | $ (61) | (17,179) | 17,240 | |||||||||
Restricted stock issued (in shares) | 37,938 | |||||||||||||
Restricted stock issued | 0 | 0 | $ 4 | (4) | ||||||||||
Restricted stock forfeited (in shares) | (28,586) | |||||||||||||
Restricted stock forfeited | 0 | 0 | $ (3) | 3 | ||||||||||
Restricted stock units vested (in shares) | 10,955 | |||||||||||||
Restricted stock units vested | 0 | 0 | $ 1 | (1) | ||||||||||
Stock-based compensation expense | 1,276 | 1,276 | 1,276 | |||||||||||
Net income attributable to Amerant Bancorp Inc. | 8,424 | 8,424 | 8,424 | |||||||||||
Dividends paid | (3,049) | (3,049) | (3,049) | |||||||||||
Transfer of subsidiary shares from noncontrolling interest | 0 | (1,867) | (1,867) | 1,867 | ||||||||||
Net loss attributable to noncontrolling-interest shareholders | (72) | 0 | (72) | |||||||||||
Other comprehensive income (loss) | (26,535) | (26,535) | (26,535) | |||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 33,759,604 | |||||||||||||
Ending balance at Jun. 30, 2022 | 697,757 | 699,648 | $ 3,375 | 190,337 | 0 | 556,895 | (50,959) | (1,891) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Restricted stock issued (in shares) | 22,200 | |||||||||||||
Restricted stock issued | 0 | 0 | $ 2 | (2) | ||||||||||
Restricted stock surrendered (in shares) | (618) | |||||||||||||
Restricted stock and restricted stock units surrendered | (17) | (17) | (17) | |||||||||||
Restricted stock forfeited (in shares) | (7,937) | |||||||||||||
Restricted stock forfeited | 0 | 0 | $ (1) | 1 | ||||||||||
Stock-based compensation expense | 1,651 | 1,651 | 1,651 | |||||||||||
Net income attributable to Amerant Bancorp Inc. | 17,534 | 17,534 | 17,534 | |||||||||||
Dividends paid | (3,013) | (3,013) | (3,013) | |||||||||||
Net loss attributable to noncontrolling-interest shareholders | (44) | 0 | (44) | |||||||||||
Other comprehensive income (loss) | (35,249) | (35,249) | (35,249) | |||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 33,773,249 | |||||||||||||
Ending balance at Sep. 30, 2022 | 678,619 | 680,554 | $ 3,376 | 191,970 | 0 | 571,416 | (86,208) | (1,935) | ||||||
Beginning balance (in shares) at Dec. 31, 2022 | 33,815,161 | 33,815,161 | ||||||||||||
Beginning balance at Dec. 31, 2022 | 705,726 | 707,816 | $ 3,382 | 194,694 | 0 | 590,375 | (80,635) | (2,090) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Repurchase of Class A common stock (in shares) | (22,403) | |||||||||||||
Repurchase of Class A common stock | $ (566) | (566) | (566) | |||||||||||
Treasury stock retired | 0 | 0 | $ (2) | (564) | 566 | |||||||||
Restricted stock issued (in shares) | 10,440 | |||||||||||||
Restricted stock issued | 0 | 0 | $ 1 | (1) | ||||||||||
Restricted stock, restricted stock units and performance stock units surrendered (in shares) | (44,896) | |||||||||||||
Restricted stock, restricted stock units and performance stock units surrendered | (1,170) | (1,170) | $ (4) | (1,166) | ||||||||||
Restricted stock forfeited (in shares) | (1,394) | |||||||||||||
Restricted stock forfeited | 0 | 0 | ||||||||||||
Performance stock units vested (in shares) | 10,621 | |||||||||||||
Performance stock units vested | 0 | 0 | $ 1 | (1) | ||||||||||
Restricted stock units vested (in shares) | 46,731 | |||||||||||||
Restricted stock units vested | 0 | 0 | $ 5 | (5) | ||||||||||
Stock-based compensation expense | 1,825 | 1,825 | 1,825 | |||||||||||
Net income attributable to Amerant Bancorp Inc. | 20,186 | 20,186 | 20,186 | |||||||||||
Dividends paid | (3,017) | (3,017) | (3,017) | |||||||||||
Net loss attributable to noncontrolling-interest shareholders | (244) | 0 | (244) | |||||||||||
Other comprehensive income (loss) | 6,316 | 6,316 | 6,316 | |||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 33,814,260 | |||||||||||||
Ending balance at Mar. 31, 2023 | 729,056 | 731,390 | $ 3,383 | 194,782 | 0 | 607,544 | (74,319) | (2,334) | ||||||
Beginning balance (in shares) at Dec. 31, 2022 | 33,815,161 | 33,815,161 | ||||||||||||
Beginning balance at Dec. 31, 2022 | 705,726 | 707,816 | $ 3,382 | 194,694 | 0 | 590,375 | (80,635) | (2,090) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Repurchase of Class A common stock (in shares) | (259,853) | |||||||||||||
Stock issued for employee stock purchase plan (in shares) | 30,557 | |||||||||||||
Net income attributable to Amerant Bancorp Inc. | 49,613 | |||||||||||||
Net loss attributable to noncontrolling-interest shareholders | (884) | |||||||||||||
Other comprehensive income (loss) | (24,999) | |||||||||||||
Ending balance (in shares) at Sep. 30, 2023 | 33,583,621 | 33,583,621 | ||||||||||||
Ending balance at Sep. 30, 2023 | 719,787 | 722,761 | $ 3,359 | 194,103 | 0 | 630,933 | (105,634) | (2,974) | ||||||
Beginning balance (in shares) at Mar. 31, 2023 | 33,814,260 | |||||||||||||
Beginning balance at Mar. 31, 2023 | 729,056 | 731,390 | $ 3,383 | 194,782 | 0 | 607,544 | (74,319) | (2,334) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Repurchase of Class A common stock (in shares) | (95,262) | |||||||||||||
Repurchase of Class A common stock | $ (1,659) | (1,659) | (1,659) | |||||||||||
Treasury stock retired | 0 | 0 | $ (10) | (1,649) | 1,659 | |||||||||
Restricted stock, restricted stock units and performance stock units surrendered (in shares) | (4,414) | |||||||||||||
Restricted stock, restricted stock units and performance stock units surrendered | (199) | (199) | $ (1) | (198) | ||||||||||
Stock issued for employee stock purchase plan | 686 | 686 | $ 3 | 683 | ||||||||||
Restricted stock forfeited (in shares) | (26,432) | |||||||||||||
Restricted stock forfeited | 0 | 0 | $ (3) | 3 | ||||||||||
Restricted stock units vested (in shares) | 17,450 | |||||||||||||
Restricted stock units vested | 0 | 0 | $ 2 | (2) | ||||||||||
Stock-based compensation expense | 1,656 | 1,656 | 1,656 | |||||||||||
Net income attributable to Amerant Bancorp Inc. | 7,308 | 7,308 | 7,308 | |||||||||||
Dividends paid | (3,023) | (3,023) | (3,023) | |||||||||||
Net loss attributable to noncontrolling-interest shareholders | (262) | 0 | (262) | |||||||||||
Other comprehensive income (loss) | (12,607) | (12,607) | (12,607) | |||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 33,736,159 | |||||||||||||
Ending balance at Jun. 30, 2023 | 720,956 | 723,552 | $ 3,374 | 195,275 | 0 | 611,829 | (86,926) | (2,596) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Repurchase of Class A common stock (in shares) | (142,188) | |||||||||||||
Repurchase of Class A common stock | $ (2,708) | $ (2,708) | $ 2,708 | |||||||||||
Treasury stock retired | 0 | 0 | $ (14) | (2,694) | 2,708 | |||||||||
Restricted stock, restricted stock units and performance stock units surrendered (in shares) | (2,124) | |||||||||||||
Restricted stock, restricted stock units and performance stock units surrendered | (17) | |||||||||||||
Restricted stock and restricted stock units surrendered | (17) | (17) | ||||||||||||
Restricted stock forfeited (in shares) | (8,865) | |||||||||||||
Restricted stock forfeited | 0 | 0 | $ (1) | 1 | ||||||||||
Restricted stock units vested (in shares) | 639 | |||||||||||||
Restricted stock units vested | 0 | 0 | ||||||||||||
Stock-based compensation expense | 1,538 | 1,538 | 1,538 | |||||||||||
Net income attributable to Amerant Bancorp Inc. | 22,119 | 22,119 | 22,119 | |||||||||||
Dividends paid | (3,015) | (3,015) | (3,015) | |||||||||||
Net loss attributable to noncontrolling-interest shareholders | (378) | 0 | (378) | |||||||||||
Other comprehensive income (loss) | (18,708) | (18,708) | (18,708) | |||||||||||
Ending balance (in shares) at Sep. 30, 2023 | 33,583,621 | 33,583,621 | ||||||||||||
Ending balance at Sep. 30, 2023 | $ 719,787 | $ 722,761 | $ 3,359 | $ 194,103 | $ 0 | $ 630,933 | $ (105,634) | $ (2,974) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net income before attribution of noncontrolling interest | $ 48,729 | $ 40,145 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Provision for (reversal of) credit losses | 48,777 | (2,912) |
Net premium amortization on securities | 3,656 | 6,977 |
Depreciation and amortization | 5,362 | 3,927 |
Stock-based compensation expense | 5,019 | 4,187 |
Change in cash surrender value of bank owned life insurance | (4,324) | (4,028) |
Securities losses, net | 11,022 | 325 |
Derivative (gains) losses, net | (179) | 585 |
(Gains) losses on sale of loans, net | (3,502) | 656 |
Loans held for sale valuation expense | 5,562 | 159 |
Loss on sale of other repossessed assets | (2,649) | 0 |
Impairment on investment carried at cost | 1,963 | 0 |
Deferred taxes and others | (3,254) | 4,593 |
(Gain) Loss on early extinguishment of advances from the FHLB, net | (33,623) | 712 |
Proceeds from sales and repayments of loans held for sale (at fair value) | 213,467 | 115,827 |
Originations and purchases of loans held for sale (at fair value) | (268,242) | (210,791) |
Net changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | (16,249) | (14,175) |
Accounts payable, accrued liabilities and other liabilities | 24,153 | 21,677 |
Net cash provided by (used in) operating activities | 40,986 | (32,136) |
Purchases of investment securities: | ||
Available for sale | (104,904) | (207,352) |
Held to maturity securities | 0 | (129,996) |
Equity securities with readily determinable fair value not held for trading | (2,500) | (12,656) |
Federal Home Loan Bank stock | (51,016) | (20,824) |
Purchases of investment securities | (158,420) | (370,828) |
Maturities, sales, calls and paydowns of investment securities: | ||
Available for sale | 82,175 | 188,408 |
Held to maturity | 11,281 | 13,255 |
Federal Home Loan Bank stock | 58,713 | 14,527 |
Equity securities with readily determinable fair value not held for trading | 11,168 | 252 |
Maturities, sales, calls and paydowns of investment securities | 163,337 | 216,442 |
Net increase in loans | (270,969) | (927,531) |
Proceeds from loan sales | 41,871 | 76,615 |
Cash paid in business acquisition | (1,970) | 0 |
Net purchases of premises and equipment and others | (8,317) | (8,032) |
Proceeds from sale of repossessed assets | 2,464 | 0 |
Net cash used in investing activities | (232,004) | (1,013,334) |
Cash flows from financing activities | ||
Net (decrease) increase in demand, savings and money market accounts | (71,910) | 908,650 |
Net increase in time deposits | 574,623 | 48,601 |
Proceeds from Advances from the Federal Home Loan Bank | 1,280,000 | 730,000 |
Repayments of Advances from the Federal Home Loan Bank | (1,558,438) | (560,712) |
Proceeds from issuance of subordinated notes, net of issuance costs | 0 | 29,146 |
Repurchase of common stock - Class A | (4,933) | (72,060) |
Dividend paid | (9,055) | (9,216) |
Disbursements arising from stock-based compensation, net | (918) | (1,013) |
Net cash provided by financing activities | 209,369 | 1,073,396 |
Net increase in cash and cash equivalents and restricted cash | 18,351 | 27,926 |
Cash, cash equivalents and restricted cash | ||
Beginning of period | 290,601 | 274,208 |
End of period | 308,952 | 302,134 |
Cash paid: | ||
Interest | 150,526 | 37,248 |
Income taxes | 20,038 | 21,766 |
Right-of-use assets obtained in exchange for new lease obligations | 8,573 | 5,617 |
Noncash investing activities: | ||
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 95,674 | 51,640 |
Loans transferred to other assets | 26,534 | 0 |
Loans held for investment (at lower of fair value or cost) transferred to loans held for sale | 48,819 | 0 |
Loans held for sale (at lower of cost or fair value) transferred to loans held for investment | $ 0 | $ 65,802 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [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 (“BHC Act”), as a result of its 100% 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 Deposit Insurance Corporation (“FDIC”), the Federal Reserve Bank of Atlanta (“Federal Reserve”) and the Federal Home Loan Bank of Atlanta (“FHLB”). The Bank has three main operating subsidiaries, Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”), Amerant Mortgage, LLC (“Amerant Mortgage”), a majority-owned mortgage lending company domiciled in Florida, and Elant Bank & Trust, a Grand-Cayman based trust company (the “Cayman Bank”). On August 3, 2023, the “Company” provided written notice to The Nasdaq Stock Market LLC (“Nasdaq”) of its determination to voluntarily withdraw the principal listing of the Company’s Class A common stock, $0.10 par value per share (the “Common Stock”), from Nasdaq and transfer the listing of the Common Stock to the New York Stock Exchange (“NYSE”). The Company’s Common Stock listing and trading on Nasdaq ended at market close on August 28, 2023, and trading commenced on the NYSE at market open on August 29, 2023 where it continues to trade under the stock symbol “AMTB”. Restructuring costs The Company continues to work at optimizing its operating structure to best support its business activities. In the nine months ended September 30, 2023, the Company recorded estimated contract termination and related costs of approximately $1.6 million in connection with the implementation of the multi-year outsourcing agreement with a recognized third party financial technology services provider entered into in 2021 ($0.3 million and $7.1 million in the three and nine month periods ended September 30, 2022, respectively). There were no contract termination costs in the three months ended September 30, 2023. The Company currently does not expect to incur additional significant contract termination costs in connection with the implementation of this agreement. During the three and nine month periods ended September 30, 2023, the Company recorded severance costs of approximately $0.5 million and $2.9 million, respectively, and branch closure expenses and related charges of $0.3 million and $2.3 million, respectively. In addition, in the nine months ended September 30, 2023, the Company recorded consulting and other professional fees of $4.8 million (none in the three months ended September 30, 2023), and a charge of $1.4 million related to the disposition of fixed assets due to the write off of in-development software (none in the three months ended September 30, 2023). During the three and nine month periods ended September 30, 2022, the Company recorded severance costs of approximately $0.4 million and $1.8 million, respectively, and consulting and other professional fees of $1.1 million and $2.4 million, respectively. In addition, in the nine months ended September 30, 2022, the Company recorded a lease impairment charge of $1.6 million mainly related to the closing of a branch in Pembroke Pines, Florida in 2022. Severance costs are included in “salaries and employees benefits expense” in the Company’s consolidated statement of operations and comprehensive (loss) income. Stock Repurchase Programs On December 19, 2022, the Company announced that the Board of Directors authorized a new repurchase program pursuant to which the Company may purchase, from time to time, up to an aggregate amount of $25 million of its shares of Class A common stock (the “2023 Class A Common Stock Repurchase Program”). The 2023 Class A Common Stock Repurchase Program is effective from January 1, 2023 until December 31, 2023. In the three and nine month periods ended September 30, 2023, the Company repurchased an aggregate of 142,188 shares of Class A common stock at a weighted average price of $19.05 per share, and 259,853 shares of Class A common stock at a weighted average price of $18.98 per share, respectively, under the 2023 Class A Common Stock Repurchase Program. The aggregate purchase price for these transactions was $2.7 million and $4.9 million in the three and nine month periods ended September 30, 2023, respectively, including transaction costs. In January 2022, the Company repurchased an aggregate of 652,118 shares of Class A common stock under a stock repurchase program to repurchase up to $50 million of the Company’s Class A common stock authorized by the Board of Directors in September 2021 (the “2021 Class A Common Stock Repurchase Program”). The aggregate purchase price for these transactions was approximately $22.1 million, including transaction costs. On January 31, 2022, the Company announced the completion of the 2021 Class A Common Stock Repurchase Program. See the 2022 Form 10-K for more details. On January 31, 2022, the Company announced that the Board of Directors authorized a new repurchase program pursuant to which the Company may purchase, from time to time, up to an aggregate amount of $50 million of its shares of Class A common stock (the “2022 Common Stock Repurchase Program”). In the nine months ended September 30, 2022, the Company repurchased an aggregate of 1,602,887 shares of Class A common stock at a weighted average price of $31.14 under the 2022 Common Stock Repurchase Program. The aggregate purchase price for these transactions was approximately $49.9 million, including transaction costs. On May 19, 2022, the Company announced the completion of the 2022 Common Stock Repurchase Program. There were no repurchases of shares of Class A common stock in the three months ended September 30, 2022. In the nine months ended September 30, 2023 and 2022, the Company’s Board of Directors authorized the cancellation of all shares of Class A common stock previously repurchased. As of September 30, 2023 and 2022, there were no shares of Class A common stock held as treasury stock. For more information about repurchase programs, see Note 18 to the Company’s consolidated financial statements in the Company’s annual report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”), on March 1, 2023 (the “2022 Form 10-K”). Employee Stock Purchase Plan The Company offers an Employee Stock Purchase Plan (“ESPP”). The number of shares of Class A common stock issued in the nine months ended September 30, 2023 under the ESPP was 30,557. The Company recognized compensation expense of $0.1 million and $0.3 million in the three months ended September 30, 2023 and 2022, respectively, and $0.4 million and $0.3 million in the nine months ended September 30, 2023 and 2022, respectively, in connection with the ESPP. See the 2022 Form 10-K for more details on the ESPP. Dividends Set forth below are the details of dividends declared and paid by the Company in the three and nine month periods ended September 30, 2023 and 2022: Declaration Date Record Date Payment Date Dividend Per Share Dividend Amount 07/19/2023 08/15/2023 08/31/2023 $0.09 $3.0 million 04/19/2023 05/15/2023 05/31/2023 $0.09 $3.0 million 01/18/2023 02/13/2023 02/28/2023 $0.09 $3.0 million 07/20/2022 08/17/2022 08/31/2022 $0.09 $3.0 million 04/13/2022 05/13/2022 05/31/2022 $0.09 $3.0 million 01/19/2022 02/11/2022 02/28/2022 $0.09 $3.2 million On October 18, 2023, the Company’s Board of Directors declared a cash dividend of $0.09 per share of the Company’s Class A common stock. The dividend is payable on November 30, 2023, to shareholders of record on November 14, 2023. Business Acquisition On January 13, 2023 (the “Acquisition Date”), Amerant Mortgage completed the acquisition of certain assets and the assumption of certain liabilities of F&B Acquisition Group LLC (“F&B”), including access to an assembled workforce and other identifiable intangibles which collectively constitute a business (the “F&B Acquisition.”) The F&B Acquisition was recorded as a business acquisition using the acquisition method of accounting. The initial purchase price of approximately $2.0 million was paid in cash and included the fair value of certain loans held for sale of $1.0 million. The initial purchase price excludes any contingent consideration. The Company recorded preliminary goodwill of $1.0 million, which represents the excess of the initial purchase price over the estimated fair value of tangible and intangible assets acquired, net of the liabilities assumed. As of September 30, 2023, the Company has not completed its determination of the final allocation of the purchase price to the assets and liabilities of the F&B Acquisition, including any identifiable intangible assets and any contingent consideration. Any adjustment to the assets purchased and liabilities assumed with the F&B Acquisition, including adjustments from any identifiable intangible asset and contingent consideration, will result in an adjustment of goodwill. The final allocation of purchase price is expected to be finalized by December 31, 2023. Impairment on Investments Carried At Cost In the nine months ended September 30, 2023, the Company recorded an impairment charge of $2.0 million related to an investment carried at cost and included in other assets in the consolidated balance sheets. See the 2022 Form 10-K for more details on our investments carried at cost. Naming Rights In September 2023, the Company acquired exclusive naming rights to an arena in Broward County, Florida. The naming rights have been recorded as an intangible asset with an offsetting liability for related payments to be made in the future. The naming rights intangible asset is included in other assets in the Company’s consolidated balance sheets. The naming rights liability is included as part of other liabilities in the Company’s consolidated balance sheets. Bank Owned Life Insurance In October 2023, the Company restructured certain of its Bank Owned Life Insurance (“BOLI”) contracts, by surrendering existing lower-yielding policies and reinvesting the proceeds in higher-yielding policies. The restructuring had no material impact to results of operations. b) Basis of Presentation and Summary of Significant Accounting Policies 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, 2022 and 2021 and for each of the three years in the period ended December 31, 2022 and the accompanying footnote disclosures for the Company, which are included in the 2022 Form 10-K. For a complete summary of our significant accounting policies, see Note 1 to the Company’s audited consolidated financial statements in the 2022 Form 10-K. 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 credit losses; (ii) the fair values of loans held for sale and securities, the value assigned to goodwill during periodic goodwill impairment tests, and the fair value of other real estate owned (“OREO”); (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. Reclassifications In the three and nine month periods ended September 30, 2023, loan-level derivative expenses are presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income. Previously, these expenses were presented as a component of professional and other services fees in the Company’s consolidated statement of operations and comprehensive (loss) income. In the three and nine months ended September 30, 2023, OREO and repossessed assets, net expense is presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income. OREO and repossessed assets expense includes expenses and revenue (rental income) from the operation of foreclosed property/assets as well as fair value adjustments and gains/losses from the sale of OREO and repossessed assets. In 2022, while OREO valuation expense was presented separately, all other OREO-related expenses were presented as part of other operating expenses in the Company’s consolidated statement of operations and comprehensive (loss) income. We had no other repossessed assets in 2022. Beginning in the three months ended September 30, 2023, the provision for credit losses for off-balance sheet exposures is included as part of provision for (reversal of) credit losses in the Company’s consolidated statements of comprehensive income (loss). Prior to that period, the provision for credit losses for off-balance sheet exposures was included as part of other operating expenses in the the Company’s consolidated statements of comprehensive income (loss). c) Recently Issued Accounting Pronouncements Issued and Adopted Guidance on Troubled Debt Restructurings In March 2022, the Financial Accounting Standards Board (“FASB”) issued guidance that eliminates the recognition and measurement guidance on troubled debt restructurings, or TDR, for creditors, and aligns it with existing guidance to determine whether a loan modification results in a new loan or a continuation of an existing loan. The guidance also requires enhanced disclosures about certain loan modifications by creditors when a borrower is experiencing financial difficulty. The amended guidance is effective in periods beginning after December 15, 2022 using either a prospective or modified retrospective transition approach. Early adoption was permitted if an entity had already adopted the guidance on accounting for credit losses on financial instruments (“CECL”). The Company adopted this guidance on TDR as of January 1, 2023, and determined that its adoption had no material impact to the Company’s consolidated financial statements. Guidance on Accounting for Credit Losses on Financial Instruments In 2022, the Company adopted ASC Topic 326 on CECL. The Company adopted the CECL guidance as of the beginning of the reporting period of adoption, January 1, 2022, using a modified retrospective approach for all its financial assets measured at amortized cost and off-balance sheet credit exposures. For more details on the adoption of CECL, see the 2022 Form 10-K. The following table reflects the impact of adopting CECL on the allowance for credit losses (“ACL”) and other line items on the Company’s consolidated financial statements as of and for the three and nine month periods ended September 30, 2022: Consolidated Balance Sheets As of September 30, 2022 (in thousands) As Reported As Recast (1) Changes Assets Allowance for credit losses $ 53,711 $ 76,473 $ 22,762 Deferred tax assets, net 45,791 51,644 5,853 Liabilities Accounts payable, accrued liabilities and other liabilities 181,693 181,863 170 Stockholders’ Equity Retained earnings 588,495 571,416 (17,079) Consolidated Statements of Operations Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in thousands, except per share amounts) As Reported As Recast (1) Changes As Reported As Recast (1) Changes Total interest income $ 89,137 $ 89,137 $ — $ 225,402 $ 225,402 $ — Total interest expense 19,240 19,240 — 40,915 40,915 — Net interest income 69,897 69,897 — 184,487 184,487 — Provision for (reversal of) credit losses 3,000 7,314 4,314 (7,000) (2,912) 4,088 Net interest income after provision for (reversal of) credit losses 66,897 62,583 (4,314) 191,487 187,399 (4,088) Total noninterest income 15,956 15,956 — 42,912 42,912 — Total noninterest expense 56,113 56,113 — 179,172 179,172 — Income before income taxes 26,740 22,426 (4,314) 55,227 51,139 (4,088) Income tax expense (5,864) (4,936) 928 (11,875) (10,994) 881 Net income before attribution of noncontrolling interest 20,876 17,490 (3,386) 43,352 40,145 (3,207) Noncontrolling interest (44) (44) — (1,192) (1,192) — Net income attributable to Amerant Bancorp Inc. $ 20,920 $ 17,534 $ (3,386) $ 44,544 $ 41,337 $ (3,207) Basic earnings per common share $ 0.62 $ 0.52 $ (0.10) $ 1.31 $ 1.22 $ (0.09) Diluted earnings per common share $ 0.62 $ 0.52 $ (0.10) $ 1.30 $ 1.21 $ (0.09) Cash dividends declared per common share $ 0.09 $ 0.09 $ — $ 0.27 $ 0.27 $ — __________________ (1) Quarterly amounts previously reported on our quarterly reports on Form 10-Q for the periods ended March 31, 2022, June 30, 2022 and September 30, 2022 do not reflect the adoption of CECL. In the fourth quarter of 2022, the Company recorded a provision for credit losses totaling $20.9 million, including $11.1 million related to the retroactive effect of adopting CECL for all previous quarterly periods in the year ended December 31, 2022, including loan growth and changes to macro-economic conditions during the period. Quarterly amounts included in the 2022 Form 10-K and in this Form 10-Q reflect the impacts of the adoption of CECL on each interim period of 2022. See the 2022 Form 10-K for more details on the adoption of CECL. Guidance on Fair Value Hedges In March 2022, the FASB issued amended guidance to expand and clarify existing guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The amendments clarify, among others, the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment also improves the last-of-layer concepts and expands them to non-prepayable financial assets, allowing more flexibility in the structure of derivatives used to hedge interest rate risk. The amended guidance is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. For all other entities, the amended guidance is effective for fiscal years beginning after December 15, 2023. The amended guidance is available for early adoption. The Company adopted this guidance as of January 1, 2023, and determined that its adoption had no impact to its consolidated financial statements. Issued and Not Yet Adopted For a complete summary of recently issued accounting guidance that has not yet been adopted, see Note 1 to the Company’s audited consolidated financial statements in the 2022 Form 10-K. d) Subsequent Events The effects of other 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, Other Short-Term Investments and Restricted Cash | 9 Months Ended |
Sep. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash | Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash At September 30, 2023 and December 31, 2022, interest-earning deposits with banks were mainly comprised of deposits with the Federal Reserve and other U.S. banks of approximately $203 million and $229 million, respectively. At September 30, 2023 and December 31, 2022, the average interest rate on these deposits was approximately 5.58% and 1.79%, respectively. These deposits have no stated maturity dates. As of September 30, 2023, the Company held US Treasury Bills classified as part of other short-term investments in the Company’s consolidated balance sheets. At September 30, 2023, the Company held $6.0 million with an average yield of 4.65% related to these investments. These other short-term investments have a stated maturity of 90 days or less and as such are deemed cash and cash equivalents. There were no other short-term investments at December 31, 2022. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities a) Debt Securities Debt securities available for sale Amortized cost, allowance for credit losses and approximate fair values of debt securities available for sale are summarized as follows: September 30, 2023 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities (1) (2) $ 473,047 $ 26 $ (58,438) $ — $ 414,635 Corporate debt securities (2) 285,370 — (32,792) — 252,578 U.S. government agency debt securities (1) (2) 409,306 61 (53,380) — 355,987 Collateralized loan obligations 5,000 5 — — 5,005 Municipal bonds (1) 1,732 — (92) — 1,640 U.S. treasury securities 3,976 — (24) — 3,952 Total debt securities available for sale (3) $ 1,178,431 $ 92 $ (144,726) $ — $ 1,033,797 __________________ (1) Includes residential mortgage-backed securities. As of September 30, 2023, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $769.4 million and fair value of $668.7 million. (2) Includes commercial mortgage-backed securities. As of September 30, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $101.1 million and fair value of $88.8 million . (3) Excludes accrued interest receivable of $6.3 million as of September 30, 2023, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three and nine month periods ended September 30, 2023. December 31, 2022 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities (1) (2) $ 480,359 $ 981 $ (43,666) $ — $ 437,674 Corporate debt securities (2) 306,898 1 (26,199) — 280,700 U.S. government agency debt securities (1) (2) 373,593 42 (42,814) — 330,821 U.S. treasury securities 1,997 — (1) — 1,996 Municipal bonds (1) 1,731 — (75) — 1,656 Collateralized loan obligations 5,000 — (226) — 4,774 Total debt securities available for sale (3) $ 1,169,578 $ 1,024 $ (112,981) $ — $ 1,057,621 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2022, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $743.0 million and fair value of $666.5 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2022, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $91.0 million and fair value of $80.9 million. (3) Excludes accrued interest receivable of $5.6 million as of December 31, 2022, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2022. The Company had investments in foreign corporate debt securities available for sale, primarily in Canada, of $9.8 million and $9.7 million at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023 and December 31, 2022, the Company had no foreign sovereign or foreign government agency debt securities available for sale. Investments in foreign corporate debt securities available for sale are denominated in U.S. Dollars. In the three and nine month periods ended September 30, 2023 and 2022, proceeds from sales, redemptions and calls, gross realized gains, and gross realized losses of debt securities available for sale were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Proceeds from sales, redemptions and calls of debt securities available for sale $ — $ 12,154 $ 1,240 $ 26,312 Gross realized gains $ — $ 22 $ — $ 71 Gross realized losses — — (10,760) — Realized (loss) gain, net $ — $ 22 $ (10,760) $ 71 The Company’s investment in debt securities available for sale with unrealized losses aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: September 30, 2023 Less Than 12 Months 12 Months or More Total (in thousands, except securities count) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities 52 $ 79,491 $ (3,063) 335 $ 333,171 $ (55,375) $ 412,662 $ (58,438) Corporate debt securities 6 13,242 (673) 55 239,336 (32,119) 252,578 (32,792) U.S. government agency debt securities 30 43,592 (941) 167 294,482 (52,439) 338,074 (53,380) Municipal bonds — — — 3 1,640 (92) 1,640 (92) U.S. treasury securities 2 3,952 (24) — — — 3,952 (24) 90 $ 140,277 $ (4,701) 560 $ 868,629 $ (140,025) $ 1,008,906 $ (144,726) December 31, 2022 Less Than 12 Months 12 Months or More Total (in thousands, except securities count) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities 250 $ 292,595 $ (22,315) 108 $ 96,986 $ (21,351) $ 389,581 $ (43,666) Corporate debt securities 50 203,516 (13,374) 14 72,190 (12,825) 275,706 (26,199) U.S. government agency debt securities 92 88,056 (4,976) 104 240,668 (37,838) 328,724 (42,814) Municipal bonds 3 1,656 (75) — — — 1,656 (75) U.S. treasury securities 1 1,996 (1) — — — 1,996 (1) Collateralized Loan Obligations 1 4,774 (226) — — — 4,774 (226) 397 $ 592,593 $ (40,967) 226 $ 409,844 $ (72,014) $ 1,002,437 $ (112,981) U.S. Government Sponsored Enterprise Debt Securities and U.S. Government Agency Debt Securities At September 30, 2023 and December 31, 2022, the Company held certain debt securities issued or guaranteed by the U.S. government and U.S. government-sponsored entities and agencies. 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. The Company evaluates these securities for credit losses by reviewing current market conditions, the extent and nature of changes in fair value, credit ratings, default and delinquency rates and current analysts’ evaluations. The Company believes the decline in fair value on these debt securities is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. As a result, the Company did not record an ACL on these securities as of September 30, 2023 and December 31, 2022. Corporate Debt Securities Investments in corporate debt securities available for sale in an unrealized loss position as of September 30, 2023 include: (i) securities considered “investment-grade-quality,” primarily issued by financial institutions, with a fair value of $229.7 million ($258.8 million at December 31, 2022) and total unrealized losses of $28.7 million at that date ($24.1 million at December 31, 2022), and (ii) securities considered “non-investment-grade-quality,” primarily issued by financial institutions and companies in the technology industry, with a fair value of $22.9 million ($16.9 million at December 31, 2022) and total unrealized losses of $4.1 million at that date ($2.1 million at December 31, 2022). As of September 30, 2023 and December 31, 2022 , our corporate debt securities available for sale issued by financial institutions were primarily “investment-grade-quality”, and had a fair value of $182.2 million and $206.3 million, respectively, and net unrealized losses of $22.9 million and $16.6 million, respectively. At December 31, 2022, the Bank had one corporate debt security held for sale (the “Signature Bond”) issued by Signature Bank, N.A. (“Signature”) with a fair value of $9.1 million and unrealized loss of $0.9 million. At December 31, 2022, the Signature Bond was in an unrealized loss position for less than one year. On March 12, 2023, Signature was closed by the New York State Department of Financial Services, which appointed the FDIC as receiver. The FDIC, as receiver, announced that shareholders and certain unsecured debt holders will not be protected. On March 27, 2023, the Bank sold the Signature Bond in an open market transaction and realized a pretax loss on sale of approximately $9.5 million which is recorded in the consolidated statement of comprehensive income (loss) for the nine months ended September 30, 2023. In May 2023, the Company sold a portion of its investment in a corporate debt security held for sale issued by a financial institution, to reduce single point exposure. The Company had proceeds of $0.8 million and realized a pre-tax loss of $1.2 million in connection with this transaction. This loss was recorded in the consolidated statement of comprehensive (loss) income for the nine months ended September 30, 2023. The Company does not intend to sell its investments in corporate debt securities available for sale and it is more likely than not that it will not be required to sell these investments before their anticipated recovery. The Company evaluates corporate debt securities for credit losses by reviewing various qualitative and quantitative factors such as current market conditions, the extent and nature of changes in fair value, credit ratings, default and delinquency rates, and current analysts’ evaluations. The Company believes the decline in fair value on these debt securities is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. As a result, the Company did not record an ACL on these securities as of September 30, 2023 and December 31, 2022. Debt securities held to maturity Amortized cost and approximate fair values of debt securities held to maturity are summarized as follows: September 30, 2023 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 65,002 $ — $ (10,338) $ 54,664 $ — U.S. government sponsored enterprise debt securities(1) (2) 165,252 — (24,751) 140,501 — Total debt securities held to maturity (3) $ 230,254 $ — $ (35,089) $ 195,165 $ — __________________ (1) Includes residential mortgage-backed securities. As of September 30, 2023, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $202.6 million and fair value of $170.6 million. (2) Includes commercial mortgage-backed securities. As of September 30, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $27.6 million and fair value of $24.5 million. (3) Excludes accrued interest receivable of $0.7 million as of September 30, 2023, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three and nine month periods ended September 30, 2023. December 31, 2022 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 68,556 $ 109 $ (7,778) $ 60,887 $ — U.S. government sponsored enterprise debt securities (1) (2) 173,545 — (16,823) 156,722 — Total debt securities held to maturity (3) $ 242,101 $ 109 $ (24,601) $ 217,609 $ — __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2022, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $213.9 million and fair value of $191.4 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2022, includes total commercial mortgage-backed securities with amortized cost of $28.2 million and fair value of $26.2 million. (3) Excludes accrued interest receivable of $0.8 million as of December 31, 2022, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2022. The Company’s investment in debt securities held to maturity with unrealized losses aggregated by length of time that individual securities have been in a continuous unrealized loss position, are summarized below: September 30, 2023 Less Than 12 Months 12 Months or More Total (in thousands) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government agency debt securities 1 $ 9,425 $ (500) 12 $ 45,239 $ (9,838) $ 54,664 $ (10,338) U.S. government sponsored enterprise debt securities — — — 34 140,501 (24,751) 140,501 (24,751) 1 $ 9,425 $ (500) 46 $ 185,740 $ (34,589) $ 195,165 $ (35,089) December 31, 2022 Less Than 12 Months 12 Months or More Total (in thousands) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government agency debt securities — $ — $ — 12 $ 50,755 $ (7,778) $ 50,755 $ (7,778) U.S. government sponsored enterprise debt securities 31 142,033 (9,085) 3 14,689 (7,738) 156,722 (16,823) 31 $ 142,033 $ (9,085) 15 $ 65,444 $ (15,516) $ 207,477 $ (24,601) Beginning January 1, 2022, the Company evaluates all debt securities held to maturity quarterly to determine if any securities in an unrealized loss position require an ACL. The Company considers that all debt securities held to maturity issued or sponsored by the U.S. government are considered to be risk-free as they have the backing of the government. The Company believes there are no current expected credit losses on these securities and, therefore, did not record an ACL on any of its debt securities held to maturity as of September 30, 2023 and December 31, 2022. The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. As of September 30, 2023 and December 31, 2022, all debt securities held to maturity held by the Company were rated investment grade or higher. Contractual maturities Contractual maturities of debt securities at September 30, 2023 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 2,705 $ 2,682 $ — $ — After 1 year through 5 years 125,842 118,742 6,603 3,247 After 5 years through 10 years 228,020 199,276 14,634 13,358 After 10 years 821,864 713,097 209,017 178,560 $ 1,178,431 $ 1,033,797 $ 230,254 $ 195,165 b) Equity securities with readily available fair value not held for trading As of September 30, 2023, the Company had an equity security with readily available fair value not held for trading with an original cost of $2.5 million and fair value of $2.4 million, which was purchased in the second quarter of 2023. As of December 31, 2022, the Company had equity securities with readily available fair value not held for trading with an original cost of $12.7 million and fair value of $11.4 million. These equity securities have no stated maturities. The Company recognized net unrealized losses of $0.1 million and unrealized gains of $1.5 million in the three month periods ended September 30, 2023 and 2022, respectively, and unrealized net losses of $0.1 million and $0.4 million in the nine month periods ended September 30, 2023 and 2022, respectively, related to the change in market value of these equity securities. In the three months ended March 31, 2023, the Company sold its equity securities with readily available fair value not held for trading, with a total fair value of $11.2 million at the time of sale, and recognized a net loss of $0.2 million in connection with this transaction. c) Securities Pledged As of September 30, 2023 and December 31, 2022, the Company had $159.5 million and $314.5 million, respectively, in securities pledged as collateral. These securities were pledged to secure advances from the Federal Home Loan Bank, public funds and for other purposes as permitted by law. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Loans | Loans a) Loans held for investment Loans held for investment consist of the following loan classes: (in thousands) September 30, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,593,571 $ 1,615,716 Multi-family residential 771,654 820,023 Land development and construction loans 301,938 273,174 2,667,163 2,708,913 Single-family residential 1,371,194 1,102,845 Owner occupied 1,129,921 1,046,450 5,168,278 4,858,208 Commercial loans (1) 1,452,759 1,381,234 Loans to financial institutions and acceptances 13,353 13,292 Consumer loans and overdrafts 438,997 604,460 Total loans held for investment, gross (2) $ 7,073,387 $ 6,857,194 _________________ (1) At September 30, 2023 and December 31, 2022, includes equipment loans and leases totaling $49.3 million and $45.3 million, respectively. (2) Excludes accrued interest receivable. At September 30, 2023 and December 31, 2022, loans with outstanding principal balances of $2.5 billion and $1.2 billion, respectively, were pledged as collateral to secure advances from the FHLB. The amounts above include loans under syndication facilities of approximately $312 million and $367 million at September 30, 2023 and December 31, 2022, respectively, which include Shared National Credit facilities and agreements to enter into credit agreements with other lenders (club deals) and other agreements. In addition, consumer loans and overdrafts in the table above include indirect consumer loans purchased totaling $254.7 million and $433.3 million at September 30, 2023 and December 31, 2022, respectively. International loans included above were $103.3 million and $99.2 million at September 30, 2023 and December 31, 2022, respectively, mainly single-family residential loans. These loans are net of collateral of cash, cash equivalents or other financial instruments totaling $6.6 million and $6.3 million as of September 30, 2023 and December 31, 2022, respectively. The Company purchased single-family residential loans totaling $10.3 million and $110.3 million in the three months ended September 30, 2023 and 2022, respectively, and $17.5 million and $132.1 million in the nine months ended September 30, 2023 and 2022, respectively. In the three and nine month periods ended September 30, 2022, the Company purchased $91 million and $345 million, respectively, in indirect consumer loans. There were no purchases of indirect consumer loans in the three and nine month periods ended September 30, 2023. The age analyses of the loan portfolio by class as of September 30, 2023 and December 31, 2022, are summarized in the following tables: September 30, 2023 Total Loans, Past Due (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,593,571 $ 1,593,571 $ — $ — $ — $ — Multi-family residential 771,654 748,075 235 — 23,344 23,579 Land development and construction loans 301,938 301,938 — — — — 2,667,163 2,643,584 235 — 23,344 23,579 Single-family residential 1,371,194 1,369,078 — 1,845 271 2,116 Owner occupied 1,129,921 1,124,503 1,393 1,229 2,796 5,418 5,168,278 5,137,165 1,628 3,074 26,411 31,113 Commercial loans 1,452,759 1,442,915 3,225 4,209 2,410 9,844 Loans to financial institutions and acceptances 13,353 13,353 — — — — Consumer loans and overdrafts 438,997 433,444 2,995 2,558 — 5,553 $ 7,073,387 $ 7,026,877 $ 7,848 $ 9,841 $ 28,821 $ 46,510 December 31, 2022 Total Loans, Past Due (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,615,716 $ 1,615,716 $ — $ — $ — $ — Multi-family residential 820,023 818,394 1,387 242 — 1,629 Land development and construction loans 273,174 273,174 — — — — 2,708,913 2,707,284 1,387 242 — 1,629 Single-family residential 1,102,845 1,098,310 3,140 150 1,245 4,535 Owner occupied 1,046,450 1,039,928 172 6,014 336 6,522 4,858,208 4,845,522 4,699 6,406 1,581 12,686 Commercial loans 1,381,234 1,373,042 1,523 475 6,194 8,192 Loans to financial institutions and acceptances 13,292 13,292 — — — — Consumer loans and overdrafts 604,460 601,921 2,439 62 38 2,539 $ 6,857,194 $ 6,833,777 $ 8,661 $ 6,943 $ 7,813 $ 23,417 Nonaccrual status The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days and still accruing as of September 30, 2023 and December 31, 2022: As of September 30, 2023 (in thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccrual Loans (1) Loans Past Due Over 90 Days and Still Accruing Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — Multi-family residential — 23,344 $ 23,344 — — 23,344 23,344 — Single-family residential 843 1,690 $ 2,533 — Owner occupied 1,951 149 2,100 — 2,794 25,183 $ 27,977 — Commercial loans 959 3,754 $ 4,713 504 Consumer loans and overdrafts 1 — 1 — Total $ 3,754 $ 28,937 $ 32,691 $ 504 As of December 31, 2022 (in thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccrual Loans (1) Loans Past Due Over 90 Days and Still Accruing Real estate loans Commercial real estate Nonowner occupied $ 20,057 $ — $ 20,057 $ — Multi-family residential — — — — 20,057 — 20,057 — Single-family residential — 1,526 1,526 253 Owner occupied 5,936 334 6,270 — 25,993 1,860 27,853 253 Commercial loans 482 8,789 9,271 183 Consumer loans and overdrafts — 4 4 35 Total $ 26,475 $ 10,653 $ 37,128 $ 471 The Company did not recognize any interest income on nonaccrual loans during the three and nine month periods ended September 30, 2023 and 2022. b) Loans held for sale Loans held for sale consist of the following loan classes: (in thousands) September 30, December 31, 2022 Loans held for sale at the lower of fair value or cost Real estate loans Commercial real estate Non-owner occupied $ 43,256 $ — Total loans held for sale at the lower of fair value or cost (1) 43,256 — Mortgage loans held for sale at fair value Land development and construction loans (2) 6,931 9,424 Single-family residential (3) 19,022 53,014 Total loans held for sale at fair value (4) 25,953 62,438 Total loans held for sale (5)(6) $ 69,209 $ 62,438 _______________ (1) In the third quarter of 2023, the Company transferred a New York-based CRE loan held for investment to the loans held for sale category, and recognized a valuation allowance of $5.6 million as result of the fair value adjustment of this loan. The Company subsequently sold this loan and there was no material impact to the Company’s results of operations as result of this transaction. (2) In the nine months ended September 30, 2023, the Company transferred approximately $14 million in land development and construction loans held for sale to the loans held for investment category. (3) In the nine months ended September 30, 2023, the Company transferred approximately $81 million in single-family residential loans held for sale to the loans held for investment category. (4) Loans held for sale in connection with Amerant Mortgage’s ongoing business. (5) Remained current and in accrual status at each of the periods shown. (6) Excludes accrued interest receivable. c) Concentration of risk The Company’s loan portfolio is dependent mostly on the economic conditions that affect South Florida, Tampa Bay and the greater Houston and New York City areas. The Company manages diversification of its loan portfolio held for investment and held for sale, through policies with limitations primarily for exposure to individual or related debtors, economic sectors, geography, loan types, and for country risk exposure. d) Accrued interest receivable on loans Accrued interest receivable on total loans, including loans held for investment and held for sale, was $33.0 million and $27.7 million as of September 30, 2023 and December 31, 2022, respectively. In the three and nine month periods ended September 30, 2023, the Company reversed approximately $0.1 million and $0.5 million, respectively, of accrued interest receivable against interest income in connection with real estate and commercial loans placed in non-accrual status during the periods. In the three months ended September 30, 2022, the Company reversed approximately $0.3 million of accrued interest receivable against interest income in connection with consumer loans and overdrafts placed in non-accrual status during the period. In the nine months ended September 30, 2022, the Company reversed approximately $0.6 million of accrued interest receivable against interest income in connection with loans placed in non-accrual status during the period, including: (i) $0.5 million related to consumer loans and overdrafts, and (ii) a total of $0.1 million related to real estate and commercial loans. |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The analyses by loan segment of the changes in the ACL for the three and nine month periods ended September 30, 2023 and 2022 is summarized in the following tables: Three Months Ended September 30, 2023 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 42,238 $ 36,626 $ — $ 27,092 $ 105,956 (Reversal of ) provision for credit losses - loans (3,067) 4,852 — 5,615 7,400 Loans charged-off (90) (9,288) — (6,441) (15,819) Recoveries 10 736 — 490 1,236 Balance at end of the period $ 39,091 $ 32,926 $ — $ 26,756 $ 98,773 Nine Months Ended September 30, 2023 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 25,237 $ 25,888 $ — $ 32,375 $ 83,500 Provision for credit losses - loans 13,655 20,639 — 13,883 48,177 Loans charged-off (90) (18,715) — (20,428) (39,233) Recoveries 289 5,114 — 926 6,329 Balance at end of the period $ 39,091 $ 32,926 $ — $ 26,756 $ 98,773 Three Months Ended September 30, 2022 Recast (1) (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 20,459 $ 21,152 $ — $ 28,864 $ 70,475 Provision for credit losses - loans (1) 2,869 927 — 3,518 7,314 Loans charged-off — (99) — (1,712) (1,811) Recoveries 12 443 — 40 495 Balance at end of the period (1) $ 23,340 $ 22,423 $ — $ 30,710 $ 76,473 _______________ (1) Recast amounts reflect the impact of the adoption of CECL effective as of January 1, 2022. See Note 1 “Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information. Nine Months Ended September 30, 2022 Recast (1) (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 17,952 $ 38,979 $ 42 $ 12,926 $ 69,899 Cumulative effect of adoption of accounting principle (1) 17,418 (8,281) (42) 9,579 18,674 (Reversal of) provision for credit losses - loans (1) (12,056) (2,435) — 11,579 (2,912) Loans charged-off — (7,979) — (3,674) (11,653) Recoveries 26 2,139 — 300 2,465 Balance at end of the period (1) $ 23,340 $ 22,423 $ — $ 30,710 $ 76,473 ______________ (1) Recast amounts reflect the impact of the adoption of CECL effective as of January 1, 2022. See Note 1 “Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information. The ACL was determined utilizing a reasonable and supportable forecast period. The ACL was determined using a weighted-average of various economic scenarios provided by a third-party, and incorporated qualitative components. There has not been material changes in our policies and methodology to estimate the ACL in the three and nine month periods ended September 30, 2023. The ACL increased by $15.3 million, or 18.3% at September 30, 2023, compared to December 31, 2022. The ACL as a percentage of total loans held for investment was 1.40% at September 30, 2023 compared to 1.22% at December 31, 2022. The provision for credit losses on loans in the nine months ended September 30, 2023 was partially offset by net charge-offs. During the third quarter of 2023, the provision for credit losses on loans included $7.6 million to cover charge-offs and $1.4 million due to loan composition and volume changes. These provision requirements were partially offset by a $0.4 million release due to credit quality and macroeconomic factor updates and a $1.2 million release due to recoveries. I n the first nine months of 2023, the provision for credit losses on loans includes $36.3 million in additional reserve requirements for loan charge-offs and credit quality, $2.3 million to account for loan growth and composition in the period and $9.6 million to reflect updated macroeconomic factors and loss factor update. The following is a summary of net proceeds from sales of loans held for investment by portfolio segment: Three Months Ended September 30, Real Estate Commercial Financial Consumer Total 2023 $ 20,500 $ 6,909 $ — $ — $ 27,409 2022 $ — $ 6,483 $ — $ — $ 6,483 Nine Months Ended September 30, Real Estate Commercial Financial Consumer Total 2023 $ 34,075 $ 7,796 $ — $ — $ 41,871 2022 $ 11,566 $ 6,483 $ — $ 1,313 $ 19,362 Loan Modifications to Borrowers Experiencing Financial Difficulty The Company modifies loans related to borrowers experiencing financial difficulties by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. The Company had no new loan modifications to borrowers experiencing financial difficulty during the three and nine month periods ended September 30, 2023. There were no loans that defaulted in the three and nine month periods ended September 30, 2023 and had been modified within 12 months preceding the payment default related to these modifications. Troubled Debt Restructurings As result of adoption of guidance related to CECL effective as of January 1, 2023, the Company had no reportable balances related to TDRs as of and for the three and nine month periods ended September 30, 2023. See Note 1 “Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information. There were no new TDRs in the three and nine month periods ended September 30, 2022. In addition, during the three and nine month periods ended September 30, 2022, there were no TDR loans that subsequently defaulted within the 12 months of restructuring in the three and nine month periods ended September 30, 2022. Credit Risk Quality The sufficiency of the ACL is reviewed at least quarterly by the Chief Risk Officer and the Chief Financial Officer. The Board of Directors considers the ACL as part of its review of the Company’s consolidated financial statements. As of September 30, 2023 and December 31, 2022, the Company believes the ACL to be sufficient to absorb expected credit losses in the loans portfolio in accordance with GAAP. Loans may be classified but not considered collateral dependent due to one of the following reasons: (1) the Company has established minimum dollar amount thresholds for individual assessment of expected credit losses, which results in loans under those thresholds being excluded from individual assessment of expected credit losses; and (2) classified loans may be considered in the assessment because the Company expects to collect all amounts due. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related primarily to (i) the risk rating of loans, (ii) the loan payment status, (iii) net charge-offs, (iv) nonperforming loans and (v) the general economic conditions in the main geographies where the Company’s borrowers conduct their businesses. The Company considers the views of its regulators as to loan classification and in the process of estimating expected credit losses. The Company utilizes an internal risk rating system to identify the risk characteristics of each of its loans, or group of homogeneous loans such as consumer loans. Internal risk ratings are updated on a continuous basis on a scale from 1 (worst credit quality) to 10 (best credit quality). Loans are then grouped in five master risk categories for purposes of monitoring rising levels of potential loss risks and to enable the activation of collection or recovery processes as defined in the Company’s Credit Risk Policy. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Generally, internal risk ratings for commercial real estate loans and commercial loans with balances over $3 million are updated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. For consumer loans, single-family residential loans and smaller commercial loans under $3 million, risk ratings are updated based on the loans past due status.The following is a summary of the master risk categories and their associated loan risk ratings, as well as a description of the general characteristics of the master risk category: Loan Risk Rating Master risk category Nonclassified 4 to 10 Classified 1 to 3 Substandard 3 Doubtful 2 Loss 1 N onclassified This category includes loans considered as Pass (5-10) and Special Mention (4). A loan classified as Pass is considered of sufficient quality to preclude a lower adverse rating. These loans are generally well protected by the current net worth and paying capacity of the borrower or by the value of any collateral received. Special Mention loans are defined as having potential weaknesses that deserve management’s close attention which, if left uncorrected, could potentially result in further credit deterioration. Special Mention loans may include loans originated with certain credit weaknesses or that developed those weaknesses since their origination. Classified This classification indicates the presence of credit weaknesses which could make loan repayment unlikely, such as partial or total late payments and other contractual defaults. Substandard A loan classified substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. They are characterized by the distinct possibility that the Company will sustain some loss if the credit weaknesses are not corrected. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets. Doubtful These loans have all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collection in full in a reasonable period of time. As a result, the possibility of loss is extremely high. Loss Loans classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the assets have absolutely no recovery or salvage value, but not to the point where a write-off should be deferred even though partial recoveries may occur in the future. This classification is based upon current facts, not probabilities. As a result, loans in this category should be promptly charged off in the period in which they are determined to be uncollectible. Loans held for investment by Credit Quality Indicators The following tables present Loans held for investment by credit quality indicators and year of origination as of September 30, 2023 and December 31, 2022: September 30, 2023 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Real estate loans Commercial real estate Nonowner occupied Credit Risk Rating: Nonclassified Pass $ 99,056 $ 191,221 $ 597,265 $ 35,803 $ 90,311 $ 402,213 $ 177,702 $ 1,593,571 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 99,056 191,221 597,265 35,803 90,311 402,213 177,702 1,593,571 Multi-family residential Credit Risk Rating: Nonclassified Pass 1,801 70,396 105,857 26,605 117,535 120,969 305,147 748,310 Special Mention — — — — — — — — Classified Substandard — — — — — 23,344 — 23,344 Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 1,801 70,396 105,857 26,605 117,535 144,313 305,147 771,654 Land development and construction loans Credit Risk Rating: Nonclassified Pass 42,384 9,735 28,911 21,945 — 26,928 172,035 301,938 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 42,384 9,735 28,911 21,945 — 26,928 172,035 301,938 Single-family residential Credit Risk Rating: Nonclassified Pass 286,064 460,287 181,306 65,722 21,041 71,615 282,074 1,368,109 Special Mention — — — — — — — — Classified Substandard — — — — — 691 2,394 3,085 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 286,064 460,287 181,306 65,722 21,041 72,306 284,468 1,371,194 Owner occupied Credit Risk Rating: Nonclassified Pass 143,861 262,104 434,620 20,904 58,112 161,840 44,066 1,125,507 Special Mention — — — — — 354 1,880 2,234 Classified Substandard — — 1,316 — — 864 — 2,180 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 143,861 262,104 435,936 20,904 58,112 163,058 45,946 1,129,921 September 30, 2023 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Non-real estate loans Commercial Loans Credit Risk Rating: Nonclassified Pass 302,410 292,024 79,465 12,127 34,900 38,184 660,939 1,420,049 Special Mention 7,007 — — — — — 19,968 26,975 Classified Substandard — 623 17 106 1,777 854 2,355 5,732 Doubtful — — — — 3 — — 3 Loss — — — — — — — — Total commercial Loans 309,417 292,647 79,482 12,233 36,680 39,038 683,262 1,452,759 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass — — — — — 13,353 — 13,353 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances — — — — — 13,353 — 13,353 Consumer loans Credit Risk Rating: Nonclassified Pass 28,583 211,027 61,386 21,306 35 10 116,649 438,996 Special Mention — — — — — — — — Classified Substandard — — — — — 1 — 1 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans 28,583 211,027 61,386 21,306 35 11 116,649 438,997 Total loans held for investment, gross $ 911,166 $ 1,497,417 $ 1,490,143 $ 204,518 $ 323,714 $ 861,220 $ 1,785,209 $ 7,073,387 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Real estate loans Commercial real estate Nonowner occupied Credit Risk Rating: Nonclassified Pass $ 177,852 $ 637,015 $ 34,525 $ 91,941 $ 82,385 $ 342,174 $ 221,333 $ 1,587,225 Special Mention — — — — — 8,378 — 8,378 Classified Substandard — — — 20,113 — — — 20,113 Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 177,852 637,015 34,525 112,054 82,385 350,552 221,333 1,615,716 Multi-family residential Credit Risk Rating: Nonclassified Pass 85,670 110,943 26,881 126,724 27,242 124,433 318,130 820,023 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 85,670 110,943 26,881 126,724 27,242 124,433 318,130 820,023 Land development and construction loans Credit Risk Rating: Nonclassified Pass 8,846 27,746 23,459 188 — 26,930 186,005 273,174 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 8,846 27,746 23,459 188 — 26,930 186,005 273,174 Single-family residential Credit Risk Rating: Nonclassified Pass 480,328 186,790 70,853 21,654 16,630 65,249 259,411 1,100,915 Special Mention — — — — — — — — Classified Substandard — — — — — 741 1,189 1,930 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 480,328 186,790 70,853 21,654 16,630 65,990 260,600 1,102,845 Owner occupied Credit Risk Rating: Nonclassified Pass 256,816 479,961 22,341 63,629 21,790 162,411 33,146 1,040,094 Special Mention — — — — — — — — Classified Substandard 2,096 1,631 656 — 650 1,283 40 6,356 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 258,912 481,592 22,997 63,629 22,440 163,694 33,186 1,046,450 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Non-real estate loans Commercial Loans Credit Risk Rating: Nonclassified Pass 400,781 95,470 19,815 42,936 32,248 16,297 761,489 1,369,036 Special Mention — — — — 1,499 — 250 1,749 Classified Substandard — 84 267 194 27 984 8,890 10,446 Doubtful — — — 3 — — — 3 Loss — — — — — — — — Total commercial Loans 400,781 95,554 20,082 43,133 33,774 17,281 770,629 1,381,234 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass — — — — — 13,292 — 13,292 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances — — — — — 13,292 — 13,292 Consumer loans Credit Risk Rating: Nonclassified Pass 338,744 121,011 29,053 68 54 — 115,300 604,230 Special Mention — — — — — — — — Classified Substandard 98 128 — — — 4 — 230 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans 338,842 121,139 29,053 68 54 4 115,300 604,460 Total loans held for investment, gross $ 1,751,231 $ 1,660,779 $ 227,850 $ 367,450 $ 182,525 $ 762,176 $ 1,905,183 $ 6,857,194 The following tables present gross charge-offs by year of origination for the periods presented: Three Months Ended September 30, 2023 Term Loans Charge-offs by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Quarter-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ 90 $ — $ 90 Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — 90 — 90 Single-family residential — — — — — — — — Owner occupied — — — — — — — — — — — — — 90 — 90 Commercial loans 108 534 46 4,868 1,814 1,918 — 9,288 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 193 3,527 2,365 185 9 162 — 6,441 Total Quarter-To-Date Gross Charge-Offs $ 301 $ 4,061 $ 2,411 $ 5,053 $ 1,823 $ 2,170 $ — $ 15,819 Nine Months Ended September 30, 2023 Term Loans Charge-offs by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Year-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ 90 $ — $ 90 Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — 90 — 90 Single-family residential — — — — — 39 — 39 Owner occupied — — — — — — — — — — — — — 129 — 129 Commercial loans 108 9,308 216 5,026 1,814 2,243 — 18,715 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 592 9,589 8,608 1,031 22 547 — 20,389 Total Year-To-Date Gross Charge-Offs $ 700 $ 18,897 $ 8,824 $ 6,057 $ 1,836 $ 2,919 $ — $ 39,233 Three Months Ended September 30, 2022 Term Loans Charge-offs by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Quarter-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — — — — Single-family residential — — — — — — — Owner occupied — — — — — — — — — — — — — — — — Commercial loans — — — — — 99 — 99 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 622 785 305 — — — 1,712 Total Quarter-To-Date Gross Charge-Offs $ 622 $ 785 $ 305 $ — $ — $ 99 $ — $ 1,811 Nine Months Ended September 30, 2022 Term Loans Charge-offs by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Year-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — — — — Single-family residential — — — — — 14 — 14 Owner occupied — — — — — — — — — — — — — 14 — 14 Commercial loans 2,523 — 4,429 541 — 486 — 7,979 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 665 2,008 986 — — 1 — 3,660 Total Year-To-Date Gross Charge-Offs $ 3,188 $ 2,008 $ 5,415 $ 541 $ — $ 501 $ — $ 11,653 Collateral -Dependent Loans Loans are considered collateral-dependent when the repayment of the loan is expected to be provided by the sale or operation of the underlying collateral. The Company performs an individual evaluation as part of the process of calculating the allowance for credit losses related to these loans. The following tables present the amortized cost basis of collateral dependent loans related to borrowers experiencing financial difficulty by type of collateral as of September 30, 2023 and December 31, 2022: As of September 30, 2023 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Commercial real estate Multi-family residential $ 23,344 — — $ 23,344 8,567 Single-family residential (1) — 797 — 797 — Owner occupied (2) 1,951 — — 1,951 — Commercial loans — — 3,620 3,620 — Total $ 25,295 $ 797 $ 3,620 $ 29,712 $ 8,567 _________________ (1) Weighted-average loan-to-value was approximately 66.8% at September 30, 2023. (2) Weighted-average loan-to-value was approximately 58.1% at September 30, 2023. As of December 31, 2022 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Commercial real estate Nonowner occupied (1) $ 20,121 $ — $ — $ 20,121 $ — Owner occupied (2) 5,934 — — 5,934 — 26,055 — — 26,055 — Commercial loans (3) 1,998 — 6,401 8,399 5,179 Total $ 28,053 $ — $ 6,401 $ 34,454 $ 5,179 _________________ (1) Weighted-average loan-to-value was approximately 92.7% at December 31, 2022. (2) Weighted-average loan-to-value was approximately 62.7% at December 31, 2022. (3) Includes loans with no specific reserves totaling $0.5 million with a weighted-average loan-to-value of approximately 42.0% at December 31, 2022. |
Time Deposits
Time Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Time Deposits Disclosure [Abstract] | |
Time Deposits | Time Deposits Time deposits in denominations of $100,000 or more amounted to approximately $1.3 billion at September 30, 2023 and $928 million at December 31, 2022, respectively. Time deposits in denominations of more than $250,000 amounted to approximately $700 million and $486 million at September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, brokered time deposits amounted to $723 million and $609 million, respectively. Large Time Deposits by Maturity The following table sets forth the maturities of our time deposits with individual balances equal to or greater than $100,000 as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 (in thousands, except percentages) Less than 3 months $ 394,866 30.1 % $ 140,292 15.1 % 3 to 6 months 151,991 11.6 % 148,137 16.0 % 6 to 12 months 598,763 45.7 % 497,436 53.6 % 1 to 3 years 157,740 12.0 % 135,663 14.6 % Over 3 years 8,215 0.6 % 6,889 0.7 % Total $ 1,311,575 100.0 % $ 928,417 100.0 % |
Advances from the Federal Home
Advances from the Federal Home Loan Bank | 9 Months Ended |
Sep. 30, 2023 | |
Advance from Federal Home Loan Bank [Abstract] | |
Advances from the Federal Home Loan Bank | Advances from the Federal Home Loan Bank At September 30, 2023 and December 31, 2022, the Company had outstanding advances from the FHLB as follows: Outstanding Balance Year of Maturity Interest Interest At September 30, 2023 At December 31, 2022 (in thousands) 2023 0.61% to 4.84% Fixed — 304,821 2024 1.68% Fixed — 100,000 2025 1.40% to 3.07% Fixed — 451,665 2026 4.25% to 4.90% Fixed 110,000 — 2027 and after (1) 1.82% to 4.40% Fixed 485,000 50,000 $ 595,000 $ 906,486 _______________ (1) There were no callable advances from the FHLB as of September 30, 2023 and December 31, 2022. |
Senior Notes
Senior Notes | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Senior Notes | Senior Notes On 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 September 30, 2023 and December 31, 2022, these Senior Notes amounted to $59.4 million and $59.2 million, respectively, n et of direct unamortized issuance costs of $0.6 million and $0.8 million, respectively. 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, and rank equally with all of our existing and future unsecured and unsubordinated indebtedness. On March 9, 2022, the Company entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with Amerant Florida Bancorp Inc (“Amerant Florida” or the “Guarantor”), and qualified institutional buyers pursuant to which the Company sold and issued $30.0 million aggregate principal amount of its 4.25% Fixed-to-Floating Rate Subordinated Notes due March 15, 2032 (the “Subordinated Notes”). Net proceeds were $29.1 million, after estimated direct issuance costs of approximately $0.9 million. Unamortized direct issuance costs are deferred and amortized over the term of the Subordinated Notes of 10 years. As of September 30, 2023 and December 31, 2022, these Subordinated Notes amounted to $29.4 million and $29.3 million, respectively, net of direct unamortized issuance costs of $0.6 million and $0.7 million, respectively. The Subordinated Notes initially bear interest at a fixed rate of 4.25% per annum, from and including March 9, 2022, to but excluding March 15, 2027, with interest payable semi-annually in arrears. From and including March 15, 2027, to but excluding the stated maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to the then-current benchmark rate, which will initially be the three-month Secured Overnight Financing Rate (“SOFR”) plus 251 basis points, with interest during such period payable quarterly in arrears. If the three-month SOFR cannot be determined during the applicable floating rate period, a different index will be determined and used in accordance with the terms of the Subordinated Notes. These Subordinated Notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to all of the Company’s current and future senior indebtedness. Prior to March 15, 2027, the Company may redeem the Subordinated Notes, in whole but not in part, only under certain limited circumstances. On or after March 15, 2027, the Company may, at its option, redeem the Subordinated Notes, in whole or in part, on any interest payment date, subject to the receipt of any required regulatory approvals. The Subordinated Notes have been structured to qualify as Tier 2 capital of the Company for regulatory capital purposes, and rank equally in right of payment to all of our existing and future subordinated indebtedness. The Subordinated Notes were offered and sold by the Company in a private placement offering in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D under the Securities Act. In connection with the sale and issuance of the Subordinated Notes, the Company entered into a registration rights agreement, pursuant to which the Company agreed to take certain actions to provide for the exchange of the Subordinated Notes for subordinated notes that are registered under the Securities Act and will have substantially the same terms. |
Subordinated Notes
Subordinated Notes | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Subordinated Notes | Senior Notes On 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 September 30, 2023 and December 31, 2022, these Senior Notes amounted to $59.4 million and $59.2 million, respectively, n et of direct unamortized issuance costs of $0.6 million and $0.8 million, respectively. 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, and rank equally with all of our existing and future unsecured and unsubordinated indebtedness. On March 9, 2022, the Company entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with Amerant Florida Bancorp Inc (“Amerant Florida” or the “Guarantor”), and qualified institutional buyers pursuant to which the Company sold and issued $30.0 million aggregate principal amount of its 4.25% Fixed-to-Floating Rate Subordinated Notes due March 15, 2032 (the “Subordinated Notes”). Net proceeds were $29.1 million, after estimated direct issuance costs of approximately $0.9 million. Unamortized direct issuance costs are deferred and amortized over the term of the Subordinated Notes of 10 years. As of September 30, 2023 and December 31, 2022, these Subordinated Notes amounted to $29.4 million and $29.3 million, respectively, net of direct unamortized issuance costs of $0.6 million and $0.7 million, respectively. The Subordinated Notes initially bear interest at a fixed rate of 4.25% per annum, from and including March 9, 2022, to but excluding March 15, 2027, with interest payable semi-annually in arrears. From and including March 15, 2027, to but excluding the stated maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to the then-current benchmark rate, which will initially be the three-month Secured Overnight Financing Rate (“SOFR”) plus 251 basis points, with interest during such period payable quarterly in arrears. If the three-month SOFR cannot be determined during the applicable floating rate period, a different index will be determined and used in accordance with the terms of the Subordinated Notes. These Subordinated Notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to all of the Company’s current and future senior indebtedness. Prior to March 15, 2027, the Company may redeem the Subordinated Notes, in whole but not in part, only under certain limited circumstances. On or after March 15, 2027, the Company may, at its option, redeem the Subordinated Notes, in whole or in part, on any interest payment date, subject to the receipt of any required regulatory approvals. The Subordinated Notes have been structured to qualify as Tier 2 capital of the Company for regulatory capital purposes, and rank equally in right of payment to all of our existing and future subordinated indebtedness. The Subordinated Notes were offered and sold by the Company in a private placement offering in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D under the Securities Act. In connection with the sale and issuance of the Subordinated Notes, the Company entered into a registration rights agreement, pursuant to which the Company agreed to take certain actions to provide for the exchange of the Subordinated Notes for subordinated notes that are registered under the Securities Act and will have substantially the same terms. |
Junior Subordinated Debentures
Junior Subordinated Debentures Held by Trust Subsidiaries | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures Held by Trust Subsidiaries | Junior Subordinated Debentures Held by Trust Subsidiaries The following tables provide information on the outstanding Trust Preferred Securities issued by, and the junior subordinated debentures issued to, each of the statutory trust subsidiaries as of September 30, 2023 and December 31, 2022: September 30, 2023 (in thousands) Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust VI $ 9,250 $ 9,537 2002 3-M SOFR + 3.61% 2033 Commercebank Capital Trust VII 8,000 8,248 2003 3-M SOFR + 3.51% 2033 Commercebank Capital Trust VIII 5,000 5,155 2004 3-M SOFR + 3.11% 2034 Commercebank Capital Trust IX 25,000 25,774 2006 3-M SOFR + 2.01% 2038 Commercebank Capital Trust X 15,000 15,464 2006 3-M SOFR + 2.04% 2036 $ 62,250 $ 64,178 December 31, 2022 (in thousands) Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust VI $ 9,250 $ 9,537 2002 3-M LIBOR + 3.35% 2033 Commercebank Capital Trust VII 8,000 8,248 2003 3-M LIBOR + 3.25% 2033 Commercebank Capital Trust VIII 5,000 5,155 2004 3-M LIBOR + 2.85% 2034 Commercebank Capital Trust IX 25,000 25,774 2006 3-M LIBOR + 1.75% 2038 Commercebank Capital Trust X 15,000 15,464 2006 3-M LIBOR + 1.78% 2036 $ 62,250 $ 64,178 In the third quarter of 2023, SOFR replaced LIBOR as the floating rate for the Company’s junior subordinated debentures. See the 2022 Form 10-K for more details on the LIBOR cessation and its impact on our financial instruments. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments At September 30, 2023 and December 31, 2022, the fair values of the Company’s derivative instruments were as follows: September 30, 2023 December 31, 2022 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ 1,199 $ 919 $ 167 $ 45 Interest rate swaps not designated as hedging instruments: Customers 62 76,173 603 66,439 Third party broker 76,173 62 66,439 603 76,235 76,235 67,042 67,042 Interest rate caps not designated as hedging instruments: Customers — 8,374 — 10,002 Third party broker 8,715 — 10,207 — 8,715 8,374 10,207 10,002 Mortgage derivatives not designated as hedging instruments: Interest rate lock commitments 708 — 727 — Forward contracts 287 90 107 71 995 90 834 71 $ 87,144 $ 85,618 $ 78,250 $ 77,160 Derivatives Designated as Hedging Instruments Interest Rate Swaps On Debt Instruments The Company enters into interest rate swap contracts on debt instruments 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 September 30, 2023 and December 31, 2022, the Company had five interest rate swap contracts on debt instruments with notional amounts totaling $64.2 million maturing in the third and fourth quarters of 2025. These contracts 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 September 30, 2023 and December 31, 2022 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. The Company recognized unrealized gains of $0.2 million and $8 thousand in the three months ended September 30, 2023 and 2022, respectively, and unrealized gains of $0.3 million and unrealized losses of $0.3 million in the nine months ended September 30, 2023 and 2022, respectively, related to these interest rate swap contracts. These unrealized losses were included as part of interest expense on junior subordinated debentures in the Company’s consolidated statement of operations and comprehensive (loss) income. As of September 30, 2023, the estimated net unrealized gains in accumulated other comprehensive income expected to be reclassified into expense in the next twelve months amounted to $0.3 million. In 2019, the Company terminated 16 interest rate swaps on debt instruments 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 in each of the three months ended September 30, 2023 and 2022 and $1.0 million in each of the nine months ended September 30, 2023 and 2022 as a reduction of interest expense on FHLB advances as a result of this amortization. Interest Rate Swaps On Loans In the second quarter of 2023, the Company entered into an interest rate swap contract with a notional amount of $50.0 million, and maturity in the second quarter of 2025. The Company designated this interest rate swap as a cash flow hedge to manage interest rate risk exposure on variable rate interest receipts on the first $50 million principal balance of a pool of loans. This interest rate swap contract involves the Company’s payment of variable-rate amounts in exchange for the Company receiving fixed-rate payments over the life of the contract without exchange of the underlying notional amount. In the three and nine month periods ended September 30, 2023, the Company recognized unrealized losses of $0.2 million related to this interest rate swap contract. These unrealized losses were included as part of interest income on loans in the Company’s consolidated statement of operations and comprehensive (loss) income. As of September 30, 2023, the estimated net unrealized losses in accumulated other comprehensive (loss) income expected to be reclassified into interest income in the next twelve months amounted to $0.7 million. Derivatives Not Designated as Hedging Instruments Interest Rate Swaps At September 30, 2023 and December 31, 2022, the Company had 143 interest rate swap contracts with customers, respectively, with total notional amounts of $969.4 million and $925.4 million, respectively. These instruments involve the Company’s payment of variable-rate amounts to customers in exchange for the Company receiving fixed-rate payments from customers over the life of the contracts without exchange of the underlying notional amount. In addition, as of September 30, 2023 and December 31, 2022, the Company had interest rate swap mirror contracts with third party brokers with similar terms. The Company enters 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 September 30, 2023 and December 31, 2022, the Company had four swap participation agreements with total notional amounts of approximately $72.6 million and $74.0 million, respectively. The notional amount of these agreements is based on the Company’s pro-rata share of the related interest rate swap contracts. As of September 30, 2023 and December 31, 2022, the fair value of swap participation agreements was not significant. Interest Rate Caps At September 30, 2023 and December 31, 2022, the Company had 15 and 19 interest rate cap contracts with customers with total notional amounts of $353.4 million and $448.8 million, respectively. These instruments involve the Company making payments if an interest rate exceeds the agreed strike price. In addition, at September 30, 2023 and December 31, 2022, the Company had 14 and 16 interest rate cap mirror contracts, respectively, with a third party broker with total notional amounts of $332.4 million and $371.9 million, respectively. In April 2022, the Company entered into 4 interest rate cap contracts with various third-party brokers with total notional amounts of $140.0 million. These interest rate caps initially served to partially offset changes in the estimated fair value of interest rate cap contracts with customers at December 31, 2022. At September 30, 2023 and December 31, 2022, there were 1 and 4 interest rate cap contracts, respectively, with total notional amounts of $35.0 million and $140.0 million, respectively, in connection with this transaction. Mortgage Derivatives The Company enters into interest rate lock commitments and forward sale contracts to manage the risk exposure in the mortgage banking area. At September 30, 2023 and December 31, 2022, the Company had interest rate lock commitments with notional amounts of $92.4 million and $77.0 million, respectively, and forward contracts with notional amounts of $36.5 million and $17.0 million, respectively. Interest rate lock commitments guarantee the funding of residential mortgage loans originated for sale, at specified interest rates and times in the future. Forward sale contracts consist of commitments to deliver mortgage loans, originated and/or purchased, in the secondary market at a future date. The change in the fair value of these instruments was an unrealized gain of $0.1 million in each of the three months ended September 30, 2023 and 2022, and an unrealized gain of $0.1 million and $0.3 million in the nine months ended September 30, 2023 and 2022, respectively. These amounts were recorded as part of other noninterest income in the consolidated statements of operations and comprehensive (loss) income. Credit Risk-Related Contingent Features As of September 30, 2023 and December 31, 2022, the aggregate fair value of interest rate swaps in a liability position was $77.2 million and $67.1 million, respectively. Some agreements may require pledging of securities when the valuation of a interest rate swap falls below a certain amount. There were no securities pledged as collateral for interest rate swaps in a liability position at September 30, 2023. At December 31, 2022, there were $0.5 million in debt securities held for sale pledged as collateral to secure interest rate swaps designated as cash flow hedges, with a fair value of $45 thousand. In addition, as of September 30, 2023 and December 31, 2022, the Company had cash held as collateral of $51.2 million and $41.6 million, respectively, for derivatives margin calls. See Note 2 “Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash” for additional information about cash held as collateral. As of September 30, 2023, there were no collateral requirements related to interest rate swaps with third-party brokers not designated as hedging instruments. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
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 42 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 variable lease payments of $0.6 million and $0.4 million during the three months ended September 30, 2023 and 2022, respectively, and $1.7 million and $1.3 million during the nine months ended September 30, 2023 and 2022, respectively, which include mostly common area maintenance and taxes, included in occupancy and equipment on the consolidated statements of income. In addition, the Company recorded right of use (“ROU”) asset impairment charges of $1.1 million and $1.6 million in the nine months ended September 30, 2023 and 2022, respectively. ROU asset impairment charges in the first nine months of 2023 were in connection with the closure of a branch in Houston, Texas in 2023, and with the decision to close another branch in Miami, Florida in 2023 (First nine months of 2022 - in connection with the closure of a branch in Pembroke Pines, Florida in 2022). These impairments were recorded as occupancy and equipment expense on the consolidated statements of operations and comprehensive (loss) income. Lease costs for the three and nine month periods ended September 30, 2023 and 2022 were as follows: (in thousands) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Lease cost Operating lease cost $ 5,248 $ 4,278 $ 13,866 $ 13,008 Short-term lease cost 24 18 24 62 Variable lease cost 588 414 1,675 1,304 Sublease income (1) (857) (527) (2,582) (2,164) Total lease cost, net $ 5,003 $ 4,183 $ 12,983 $ 12,210 _______________ (1) Primarily in connection with the subleasing of portions of the Company’s headquarters building and, to a lesser extent, the sublease of the New York office space. As of September 30, 2023 and December 31, 2022, the Company had an ROU asset of $116.8 million and $140.0 million and total operating lease liability of $124.1 million and $145.3 million, respectively. As of September 30, 2023 and December 31, 2022, the Company had a short-term lease liability of $3.4 million and $5.2 million, respectively, included as part of other liabilities in the consolidated balance sheet. The following table provides supplemental information to leases as of and for the three and nine month periods ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended Ended September 30, 2023 2022 2023 2022 (in thousands, except weighted average data) Cash paid for amounts included in the measurement of operating lease liabilities 4,267 3,499 11,908 10,811 Weighted average remaining lease term for operating leases 17.0 years 18.3 years 17.0 years 18.3 years Weighted average discount rate for operating leases 9.66 % 5.94 % 9.66 % 5.94 % The following table presents a maturity analysis and reconciliation of the undiscounted cash flows to the total operating lease liabilities as of September 30, 2023 for the remaining 3 months of 2023 and thereafter: (in thousands) For the remaining three months of 2023 $ 3,585 2024 14,579 2025 14,659 2026 14,905 2027 15,216 Thereafter 199,817 Total minimum payments required 262,761 Less: implied interest (138,689) Total lease obligations $ 124,072 The Company provides equipment financing through a variety of loan and lease structures, including direct or sale type finance leases and operating leases. As of September 30, 2023 and December 31, 2022, there were $2.5 million and $13.6 million, respectively, in direct or sale type finance leases included as part of loans held for investment, gross in the Company’s consolidated balance sheet, and included as part of commercial loans in our loan portfolio held for investment. As of September 30, 2023, there were $3.1 million in operating leases included as part of premises and equipment, net of accumulated depreciation, in the Company’s consolidated balance sheet. |
Stock-based Incentive Compensat
Stock-based Incentive Compensation Plan | 9 Months Ended |
Sep. 30, 2023 | |
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 14 to the Company’s audited consolidated financial statements in the 2022 Form 10-K for more information on the 2018 Equity Plan, the Long-Term Incentive (LTI) Plan and stock-based compensation awards for the year ended December 31, 2022, including restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance stock units (“PSUs”). Restricted Stock Awards The following table shows the activity of restricted stock awards during the nine months ended September 30, 2023: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 295,076 $ 25.83 Granted 10,440 27.42 Vested (103,118) 24.22 Forfeited (36,691) 23.87 Non-vested shares at September 30, 2023 165,707 $ 27.37 In the first nine months of 2023, the Company granted an aggregate of 10,440 RSAs to various employees, under the LTI Plan. The fair value of the RSAs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which averaged $27.42 per RSA. These RSAs will vest in three three The Company recorded compensation expense related to the RSAs of $0.3 million and $0.9 million during the three months ended September 30, 2023 and 2022, respectively, and $1.8 million and $2.4 million during the nine months September 30, 2023 and 2022, respectively. The total unamortized deferred compensation expense of $1.5 million for all unvested restricted stock outstanding at September 30, 2023 will be recognized over a weighted average period of 1.2 years. Restricted Stock Units and Performance Stock Units The following table shows the activity of RSUs and PSUs during the nine months ended September 30, 2023: Stock-settled RSUs Stock-settled PSUs Number of RSUs Weighted-average grant date fair value Number of PSUs Weighted-average grant date fair value Non-vested, beginning of year 123,970 $ 22.83 137,199 $ 17.43 Granted 231,976 24.18 53,420 25.09 Vested (64,820) 22.71 (10,442) 19.00 Forfeited (12,081) 27.08 (2,867) 33.63 Non-vested, at September 30, 2023 279,045 $ 23.80 177,310 $ 19.38 On February 16, 2023, the Company granted an aggregate of 113,297 RSUs to various executive officers under the LTI Plan. 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 $28.93 per RSU. These RSUs will vest in three three On February 16, 2023, the Company granted a target of 38,049 PSUs to various executive officers under the LTI Plan. These PSUs generally vest at the end of a three-year performance period, but only result in the issuance of shares of Class A common stock if the Company achieves a performance target. The Company used an option pricing model to estimate fair value of the PSUs granted which was $29.11 per PSU. In the second quarter of 2023, the Company granted an aggregate of 65,759 RSUs to various executive officers and employees. The fair values of the RSUs granted were based on the market price of the shares of the Company’s Class A common stock at the grant date. The weighted average fair value of these RSUs was $19.04 per RSU. These RSUs will vest in three three In the second quarter of 2023, the Company granted a target of 15,371 PSUs to various executive officers under the LTI Plan. These PSUs generally vest at the end of a three-year performance period, but only result in the issuance of shares of Class A common stock if the Company achieves a performance target. The Company used an option pricing model to estimate fair value of the PSUs granted. The weighted average fair value of the PSUs granted was $15.60 per PSU. In the third quarter of 2023, the Company granted an aggregate of 24,000 RSUs to various executive officers and employees. Included in those 24,000 shares are 16,111 shares that will vest as follows: 40% will vest in two three three On June 7, 2023, the Company granted 28,920 stock-settled RSUs to its independent directors. 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 $20.74 per RSU. These RSUs will vest within one year. The Company recorded compensation expense related to RSUs and PSUs of $1.3 million and $0.7 million during the three months ended September 30, 2023 and 2022, respectively, and $3.2 million and $1.7 million during the nine months September 30, 2023 and 2022, respectively. The total unamortized deferred compensation expense of $5.6 million for all unvested stock-settled RSUs and PSUs outstanding at September 30, 2023 will be recognized over a weighted average period of 1.9 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual 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 nine months ended September 30, 2023 and 2022 were 21.71% and 21.50%, respectively. Effective tax rates differ from the statutory rates mainly due to the impact of forecasted permanent non-taxable interest and other income, forecasted permanent non-deductible expenses, and the effect of corporate state taxes. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) | Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”): The components of AOCL/AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: September 30, 2023 December 31, 2022 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale $ (144,634) $ 36,907 $ (107,727) $ (111,957) $ 28,605 $ (83,352) Net unrealized holding gains on interest rate swaps designated as cash flow hedges 2,818 (725) 2,093 3,659 (942) 2,717 Total (AOCL) AOCI $ (141,816) $ 36,182 $ (105,634) $ (108,298) $ 27,663 $ (80,635) The components of other comprehensive loss for the periods presented are summarized as follows: Three Months Ended September 30, 2023 2022 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (25,007) $ 6,438 $ (18,569) $ (47,015) $ 12,056 $ (34,959) Reclassification adjustment for net losses included in net income — — — (22) 5 (17) (25,007) 6,438 (18,569) (47,037) 12,061 (34,976) Net unrealized holding losses (gains) on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 174 (45) 129 (22) 6 (16) Reclassification adjustment for net interest income included in net income (360) 92 (268) (345) 88 (257) (186) 47 (139) (367) 94 (273) Total other comprehensive loss $ (25,193) $ 6,485 $ (18,708) $ (47,404) $ 12,155 $ (35,249) Nine Months Ended September 30, 2023 2022 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (34,775) $ 8,836 $ (25,939) $ (135,554) $ 34,516 $ (101,038) Reclassification adjustment for net losses (gains) included in net income 2,098 (534) 1,564 (71) 18 (53) (32,677) 8,302 (24,375) (135,625) 34,534 (101,091) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 288 (71) 217 295 (133) 162 Reclassification adjustment for net interest income included in net income (1,129) 288 (841) (667) 171 (496) (841) 217 (624) (372) 38 (334) Total other comprehensive loss $ (33,518) $ 8,519 $ (24,999) $ (135,997) $ 34,572 $ (101,425) |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies From time to time the Company and its subsidiaries may be exposed to loss contingencies. In the ordinary, course of business, those contingencies may include, known but unasserted claims, and legal/regulatory inquiries or examinations. The Company records these loss contingencies as a liability when the likehood of loss is probable and an amount or range of loss can be reasonably estimated. In the opinion of management, the Company maintains a liability that is in an estimated amount sufficient to cover said loss contingencies, if any, at the reporting dates. Financial instruments whose contract amount represents off-balance sheet credit risk at September 30, 2023 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 1,238,080 Standby letters of credit 32,300 Commercial letters of credit 64 $ 1,270,444 The following table summarizes the changes in the allowance for credit losses for off-balance sheet credit risk exposures for the three and nine month periods ended September 30, 2023 and 2022: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balances at beginning of the period $ 2,002 $ 1,702 $ 1,702 $ 1,702 Provision for credit losses - off balance sheet exposures 600 — 900 — Balances at end of period $ 2,602 $ 1,702 $ 2,602 $ 1,702 Beginning in the three months ended September 30, 2023, the provision for credit losses for off-balance sheet exposures is included as part of provision for (reversal of) credit losses in the Company’s consolidated statements of comprehensive income (loss). Prior to that period, the provision for credit losses for off-balance sheet exposures was included as part of other operating expenses in the Company’s consolidated statements of comprehensive income (loss). |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis are summarized below: September 30, 2023 (in thousands) Quoted Third-Party Internal Total Assets Cash and cash equivalents Other short-term investments $ — $ 6,024 $ — $ 6,024 Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities — 414,635 — 414,635 Corporate debt securities — 252,578 — 252,578 U.S. government agency debt securities — 355,987 — 355,987 Collateralized loan obligations — 5,005 — 5,005 Municipal bonds — 1,640 — 1,640 U.S treasury securities — 3,952 — 3,952 — 1,033,797 — 1,033,797 Equity securities with readily determinable fair values not held for trading 2,438 — — 2,438 2,438 1,033,797 — 1,036,235 Mortgage loans held for sale (at fair value) — 25,952 — 25,952 Bank owned life insurance — 232,736 — 232,736 Other assets Mortgage servicing rights (MSRs) — — 1,306 1,306 Derivative instruments — 87,144 — 87,144 $ 2,438 $ 1,385,653 $ 1,306 $ 1,389,397 Liabilities Other liabilities Derivative instruments $ — $ 85,618 $ — $ 85,618 December 31, 2022 (in thousands) Quoted Third-Party Internal Total Assets Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 437,674 $ — $ 437,674 Corporate debt securities — 280,700 — 280,700 U.S. government agency debt securities — 330,821 — 330,821 Collateralized loan obligations — 4,774 — 4,774 U.S treasury securities — 1,996 — 1,996 Municipal bonds — 1,656 — 1,656 — 1,057,621 — 1,057,621 Equity securities with readily determinable fair values not held for trading 11,383 — — 11,383 11,383 1,057,621 — 1,069,004 Mortgage loans held for sale (at fair value) — 62,438 — 62,438 Bank owned life insurance — 228,412 — 228,412 Other assets Mortgage servicing rights (MSRs) — — 1,307 1,307 Derivative instruments — 78,250 — 78,250 $ 11,383 $ 1,426,721 $ 1,307 $ 1,439,411 Liabilities Other liabilities Derivative instruments $ — $ 77,160 $ — $ 77,160 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 September 30, 2023 and December 31, 2022: September 30, 2023 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for sale, at lower of fair value or cost $ 43,257 $ — $ — $ 43,257 $ 5,562 Loans held for investment measured for impairments using the fair value of the collateral (1) 24,146 — — 24,146 4,371 Other Real Estate Owned (2) 20,181 — — 20,181 — $ 87,584 $ — $ — $ 87,584 $ 9,933 _______________ (1) Include loans with specific reserves of $8.6 million and total write downs of $4.4 million at September 30, 2023. (2) Consists of commercial real estate property. December 31, 2022 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for investment measured for impairments using the fair value of the collateral (1) $ 30,158 $ — $ — $ 30,158 $ 3,851 _______________ (1) Include loans with specific reserves of $5.2 million and total write downs of $3.9 million at December 31, 2022. The following table presents the significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis. Financial Instrument Unobservable Inputs Valuation Methods Discount Range Typical Discount Collateral dependent loans Discount to fair value Appraisal value, as adjusted 0-30% 6-7% Inventory 0-100% 30-50% Accounts receivables 0-100% 20-30% Equipment 0-100% 20-30% Other Real Estate Owned Discount to fair value Appraisal value, as adjusted N/A 6-7% There were no other significant assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2023 and December 31, 2022. Loans Held for Sale, at Lower of Fair Value or Cost For loans held for sale that are carried at the lower of fair value or cost, the fair value is generally based on quoted market prices of similar loans and is considered to be Level 2. Collateral Dependent Loans Measured For Expected Credit Losses The carrying amount of collateral dependent loans is typically based on the fair value of the underlying collateral. The Company primarily uses third party appraisals to assist in measuring expected credit losses on collateral dependent 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. OREO and Repossessed Assets The Company values OREO at the lower of cost or fair value of the property, less cost to sell. The fair value of the property is generally based upon recent appraisal values of the property, less cost to sell. The Company primarily uses third party appraisals to assist in measuring the valuation of OREO. Period revaluations are classified as level 3 as the assumptions used may not be observable. The fair value of non-real estate repossessed assets is provided by a third party based on their assumptions and quoted market prices for similar assets, when available. At March 31, 2023, the Company had other repossessed assets with a carrying value of $6.4 million. In the nine months ended September 30, 2023, the Company sold these repossessed assets and recognized a loss on sale of $2.6 million which is included in the result of operations for that period. The Company had no OREO or repossessed asset balances as of December 31, 2022. Fair Value of Financial Instruments The estimated fair value of financial instruments where fair value differs from carrying value are as follows: September 30, 2023 December 31, 2022 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Debt securities held to maturity $ 230,254 $ 195,165 $ 242,101 $ 217,609 Loans 3,319,421 3,145,042 3,314,553 3,181,696 Financial liabilities: Time deposits 1,579,458 1,569,852 1,119,510 1,099,294 Advances from the FHLB 595,000 588,604 906,486 873,852 Senior notes 59,447 56,293 59,210 58,755 Subordinated notes 29,412 28,481 29,284 28,481 Junior subordinated debentures 64,178 63,237 64,178 64,182 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Nine Months Ended September 30, (in thousands, except share data and per share amounts) 2023 2022 (1) 2023 2022 (1) Numerator: Net income before attribution of noncontrolling interest (1) $ 21,741 $ 17,490 $ 48,729 $ 40,145 Noncontrolling interest (378) (44) (884) (1,192) Net income attributable to Amerant Bancorp Inc. (1) $ 22,119 $ 17,534 $ 49,613 $ 41,337 Net income available to common stockholders (1) $ 22,119 $ 17,534 $ 49,613 $ 41,337 Denominator: Basic weighted average shares outstanding 33,489,560 33,476,418 33,537,759 33,985,856 Dilutive effect of share-based compensation awards 207,060 270,460 218,756 267,706 Diluted weighted average shares outstanding 33,696,620 33,746,878 33,756,515 34,253,562 Basic earnings per common share (1) $ 0.66 $ 0.52 $ 1.48 $ 1.22 Diluted earnings per common share (1) $ 0.66 $ 0.52 $ 1.47 $ 1.21 _______________ (1) Amounts reflect the impact of the adoption of CECL effective as of January 1, 2022. See Note 1 “Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information. As of September 30, 2023 and 2022, potential dilutive instruments consisted of unvested shares of restricted stock, RSUs and PSUs totaling 577,511 and 532,867, respectively. In the three and nine month periods ended September 30, 2023 and 2022, 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 on per share earnings. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income attributable to Amerant Bancorp Inc. | $ 22,119 | $ 7,308 | $ 20,186 | $ 17,534 | $ 8,424 | $ 15,379 | $ 49,613 | $ 41,337 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Restructuring costs | Restructuring costsThe Company continues to work at optimizing its operating structure to best support its business activities. |
Significant Accounting Policies | 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, 2022 and 2021 and for each of the three years in the period ended December 31, 2022 and the accompanying footnote disclosures for the Company, which are included in the 2022 Form 10-K. For a complete summary of our significant accounting policies, see |
Estimates | EstimatesThe 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 credit losses; (ii) the fair values of loans held for sale and securities, the value assigned to goodwill during periodic goodwill impairment tests, and the fair value of other real estate owned (“OREO”); (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. |
Reclassifications | Reclassifications In the three and nine month periods ended September 30, 2023, loan-level derivative expenses are presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income. Previously, these expenses were presented as a component of professional and other services fees in the Company’s consolidated statement of operations and comprehensive (loss) income. In the three and nine months ended September 30, 2023, OREO and repossessed assets, net expense is presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income. OREO and repossessed assets expense includes expenses and revenue (rental income) from the operation of foreclosed property/assets as well as fair value adjustments and gains/losses from the sale of OREO and repossessed assets. In 2022, while OREO valuation expense was presented separately, all other OREO-related expenses were presented as part of other operating expenses in the Company’s consolidated statement of operations and comprehensive (loss) income. We had no other repossessed assets in 2022. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Issued and Adopted Guidance on Troubled Debt Restructurings In March 2022, the Financial Accounting Standards Board (“FASB”) issued guidance that eliminates the recognition and measurement guidance on troubled debt restructurings, or TDR, for creditors, and aligns it with existing guidance to determine whether a loan modification results in a new loan or a continuation of an existing loan. The guidance also requires enhanced disclosures about certain loan modifications by creditors when a borrower is experiencing financial difficulty. The amended guidance is effective in periods beginning after December 15, 2022 using either a prospective or modified retrospective transition approach. Early adoption was permitted if an entity had already adopted the guidance on accounting for credit losses on financial instruments (“CECL”). The Company adopted this guidance on TDR as of January 1, 2023, and determined that its adoption had no material impact to the Company’s consolidated financial statements. Guidance on Accounting for Credit Losses on Financial Instruments In 2022, the Company adopted ASC Topic 326 on CECL. The Company adopted the CECL guidance as of the beginning of the reporting period of adoption, January 1, 2022, using a modified retrospective approach for all its financial assets measured at amortized cost and off-balance sheet credit exposures. For more details on the adoption of CECL, see the 2022 Form 10-K. The following table reflects the impact of adopting CECL on the allowance for credit losses (“ACL”) and other line items on the Company’s consolidated financial statements as of and for the three and nine month periods ended September 30, 2022: Consolidated Balance Sheets As of September 30, 2022 (in thousands) As Reported As Recast (1) Changes Assets Allowance for credit losses $ 53,711 $ 76,473 $ 22,762 Deferred tax assets, net 45,791 51,644 5,853 Liabilities Accounts payable, accrued liabilities and other liabilities 181,693 181,863 170 Stockholders’ Equity Retained earnings 588,495 571,416 (17,079) Consolidated Statements of Operations Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in thousands, except per share amounts) As Reported As Recast (1) Changes As Reported As Recast (1) Changes Total interest income $ 89,137 $ 89,137 $ — $ 225,402 $ 225,402 $ — Total interest expense 19,240 19,240 — 40,915 40,915 — Net interest income 69,897 69,897 — 184,487 184,487 — Provision for (reversal of) credit losses 3,000 7,314 4,314 (7,000) (2,912) 4,088 Net interest income after provision for (reversal of) credit losses 66,897 62,583 (4,314) 191,487 187,399 (4,088) Total noninterest income 15,956 15,956 — 42,912 42,912 — Total noninterest expense 56,113 56,113 — 179,172 179,172 — Income before income taxes 26,740 22,426 (4,314) 55,227 51,139 (4,088) Income tax expense (5,864) (4,936) 928 (11,875) (10,994) 881 Net income before attribution of noncontrolling interest 20,876 17,490 (3,386) 43,352 40,145 (3,207) Noncontrolling interest (44) (44) — (1,192) (1,192) — Net income attributable to Amerant Bancorp Inc. $ 20,920 $ 17,534 $ (3,386) $ 44,544 $ 41,337 $ (3,207) Basic earnings per common share $ 0.62 $ 0.52 $ (0.10) $ 1.31 $ 1.22 $ (0.09) Diluted earnings per common share $ 0.62 $ 0.52 $ (0.10) $ 1.30 $ 1.21 $ (0.09) Cash dividends declared per common share $ 0.09 $ 0.09 $ — $ 0.27 $ 0.27 $ — __________________ (1) Quarterly amounts previously reported on our quarterly reports on Form 10-Q for the periods ended March 31, 2022, June 30, 2022 and September 30, 2022 do not reflect the adoption of CECL. In the fourth quarter of 2022, the Company recorded a provision for credit losses totaling $20.9 million, including $11.1 million related to the retroactive effect of adopting CECL for all previous quarterly periods in the year ended December 31, 2022, including loan growth and changes to macro-economic conditions during the period. Quarterly amounts included in the 2022 Form 10-K and in this Form 10-Q reflect the impacts of the adoption of CECL on each interim period of 2022. See the 2022 Form 10-K for more details on the adoption of CECL. Guidance on Fair Value Hedges In March 2022, the FASB issued amended guidance to expand and clarify existing guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The amendments clarify, among others, the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment also improves the last-of-layer concepts and expands them to non-prepayable financial assets, allowing more flexibility in the structure of derivatives used to hedge interest rate risk. The amended guidance is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. For all other entities, the amended guidance is effective for fiscal years beginning after December 15, 2023. The amended guidance is available for early adoption. The Company adopted this guidance as of January 1, 2023, and determined that its adoption had no impact to its consolidated financial statements. Issued and Not Yet Adopted For a complete summary of recently issued accounting guidance that has not yet been adopted, see |
Subsequent Events | Subsequent EventsThe effects of other significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Dividends Declared | Set forth below are the details of dividends declared and paid by the Company in the three and nine month periods ended September 30, 2023 and 2022: Declaration Date Record Date Payment Date Dividend Per Share Dividend Amount 07/19/2023 08/15/2023 08/31/2023 $0.09 $3.0 million 04/19/2023 05/15/2023 05/31/2023 $0.09 $3.0 million 01/18/2023 02/13/2023 02/28/2023 $0.09 $3.0 million 07/20/2022 08/17/2022 08/31/2022 $0.09 $3.0 million 04/13/2022 05/13/2022 05/31/2022 $0.09 $3.0 million 01/19/2022 02/11/2022 02/28/2022 $0.09 $3.2 million |
Schedule of Impact of Adopting CECL | The following table reflects the impact of adopting CECL on the allowance for credit losses (“ACL”) and other line items on the Company’s consolidated financial statements as of and for the three and nine month periods ended September 30, 2022: Consolidated Balance Sheets As of September 30, 2022 (in thousands) As Reported As Recast (1) Changes Assets Allowance for credit losses $ 53,711 $ 76,473 $ 22,762 Deferred tax assets, net 45,791 51,644 5,853 Liabilities Accounts payable, accrued liabilities and other liabilities 181,693 181,863 170 Stockholders’ Equity Retained earnings 588,495 571,416 (17,079) Consolidated Statements of Operations Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 (in thousands, except per share amounts) As Reported As Recast (1) Changes As Reported As Recast (1) Changes Total interest income $ 89,137 $ 89,137 $ — $ 225,402 $ 225,402 $ — Total interest expense 19,240 19,240 — 40,915 40,915 — Net interest income 69,897 69,897 — 184,487 184,487 — Provision for (reversal of) credit losses 3,000 7,314 4,314 (7,000) (2,912) 4,088 Net interest income after provision for (reversal of) credit losses 66,897 62,583 (4,314) 191,487 187,399 (4,088) Total noninterest income 15,956 15,956 — 42,912 42,912 — Total noninterest expense 56,113 56,113 — 179,172 179,172 — Income before income taxes 26,740 22,426 (4,314) 55,227 51,139 (4,088) Income tax expense (5,864) (4,936) 928 (11,875) (10,994) 881 Net income before attribution of noncontrolling interest 20,876 17,490 (3,386) 43,352 40,145 (3,207) Noncontrolling interest (44) (44) — (1,192) (1,192) — Net income attributable to Amerant Bancorp Inc. $ 20,920 $ 17,534 $ (3,386) $ 44,544 $ 41,337 $ (3,207) Basic earnings per common share $ 0.62 $ 0.52 $ (0.10) $ 1.31 $ 1.22 $ (0.09) Diluted earnings per common share $ 0.62 $ 0.52 $ (0.10) $ 1.30 $ 1.21 $ (0.09) Cash dividends declared per common share $ 0.09 $ 0.09 $ — $ 0.27 $ 0.27 $ — __________________ (1) Quarterly amounts previously reported on our quarterly reports on Form 10-Q for the periods ended March 31, 2022, June 30, 2022 and September 30, 2022 do not reflect the adoption of CECL. In the fourth quarter of 2022, the Company recorded a provision for credit losses totaling $20.9 million, including $11.1 million related to the retroactive effect of adopting CECL for all previous quarterly periods in the year ended December 31, 2022, including loan growth and changes to macro-economic conditions during the period. Quarterly amounts included in the 2022 Form 10-K and in this Form 10-Q reflect the impacts of the adoption of CECL on each interim period of 2022. See the 2022 Form 10-K for more details on the adoption of CECL. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available for Sale Securities from Amortized Cost to Fair Value | Amortized cost, allowance for credit losses and approximate fair values of debt securities available for sale are summarized as follows: September 30, 2023 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities (1) (2) $ 473,047 $ 26 $ (58,438) $ — $ 414,635 Corporate debt securities (2) 285,370 — (32,792) — 252,578 U.S. government agency debt securities (1) (2) 409,306 61 (53,380) — 355,987 Collateralized loan obligations 5,000 5 — — 5,005 Municipal bonds (1) 1,732 — (92) — 1,640 U.S. treasury securities 3,976 — (24) — 3,952 Total debt securities available for sale (3) $ 1,178,431 $ 92 $ (144,726) $ — $ 1,033,797 __________________ (1) Includes residential mortgage-backed securities. As of September 30, 2023, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $769.4 million and fair value of $668.7 million. (2) Includes commercial mortgage-backed securities. As of September 30, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $101.1 million and fair value of $88.8 million . (3) Excludes accrued interest receivable of $6.3 million as of September 30, 2023, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three and nine month periods ended September 30, 2023. December 31, 2022 Amortized Gross Unrealized Allowance for Credit Losses Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities (1) (2) $ 480,359 $ 981 $ (43,666) $ — $ 437,674 Corporate debt securities (2) 306,898 1 (26,199) — 280,700 U.S. government agency debt securities (1) (2) 373,593 42 (42,814) — 330,821 U.S. treasury securities 1,997 — (1) — 1,996 Municipal bonds (1) 1,731 — (75) — 1,656 Collateralized loan obligations 5,000 — (226) — 4,774 Total debt securities available for sale (3) $ 1,169,578 $ 1,024 $ (112,981) $ — $ 1,057,621 __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2022, we had total residential-mortgage backed securities, included as part of total debt securities available for sale, with amortized cost of $743.0 million and fair value of $666.5 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2022, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $91.0 million and fair value of $80.9 million. (3) Excludes accrued interest receivable of $5.6 million as of December 31, 2022, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2022. |
Schedule of Realized Gain (Loss) | In the three and nine month periods ended September 30, 2023 and 2022, proceeds from sales, redemptions and calls, gross realized gains, and gross realized losses of debt securities available for sale were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Proceeds from sales, redemptions and calls of debt securities available for sale $ — $ 12,154 $ 1,240 $ 26,312 Gross realized gains $ — $ 22 $ — $ 71 Gross realized losses — — (10,760) — Realized (loss) gain, net $ — $ 22 $ (10,760) $ 71 |
Schedule of Available for Sale Securities with Unrealized Losses | The Company’s investment in debt securities available for sale with unrealized losses aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: September 30, 2023 Less Than 12 Months 12 Months or More Total (in thousands, except securities count) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities 52 $ 79,491 $ (3,063) 335 $ 333,171 $ (55,375) $ 412,662 $ (58,438) Corporate debt securities 6 13,242 (673) 55 239,336 (32,119) 252,578 (32,792) U.S. government agency debt securities 30 43,592 (941) 167 294,482 (52,439) 338,074 (53,380) Municipal bonds — — — 3 1,640 (92) 1,640 (92) U.S. treasury securities 2 3,952 (24) — — — 3,952 (24) 90 $ 140,277 $ (4,701) 560 $ 868,629 $ (140,025) $ 1,008,906 $ (144,726) December 31, 2022 Less Than 12 Months 12 Months or More Total (in thousands, except securities count) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities 250 $ 292,595 $ (22,315) 108 $ 96,986 $ (21,351) $ 389,581 $ (43,666) Corporate debt securities 50 203,516 (13,374) 14 72,190 (12,825) 275,706 (26,199) U.S. government agency debt securities 92 88,056 (4,976) 104 240,668 (37,838) 328,724 (42,814) Municipal bonds 3 1,656 (75) — — — 1,656 (75) U.S. treasury securities 1 1,996 (1) — — — 1,996 (1) Collateralized Loan Obligations 1 4,774 (226) — — — 4,774 (226) 397 $ 592,593 $ (40,967) 226 $ 409,844 $ (72,014) $ 1,002,437 $ (112,981) The Company’s investment in debt securities held to maturity with unrealized losses aggregated by length of time that individual securities have been in a continuous unrealized loss position, are summarized below: September 30, 2023 Less Than 12 Months 12 Months or More Total (in thousands) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government agency debt securities 1 $ 9,425 $ (500) 12 $ 45,239 $ (9,838) $ 54,664 $ (10,338) U.S. government sponsored enterprise debt securities — — — 34 140,501 (24,751) 140,501 (24,751) 1 $ 9,425 $ (500) 46 $ 185,740 $ (34,589) $ 195,165 $ (35,089) December 31, 2022 Less Than 12 Months 12 Months or More Total (in thousands) Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized U.S. government agency debt securities — $ — $ — 12 $ 50,755 $ (7,778) $ 50,755 $ (7,778) U.S. government sponsored enterprise debt securities 31 142,033 (9,085) 3 14,689 (7,738) 156,722 (16,823) 31 $ 142,033 $ (9,085) 15 $ 65,444 $ (15,516) $ 207,477 $ (24,601) |
Schedule of Debt Securities, Held-to-Maturity | Amortized cost and approximate fair values of debt securities held to maturity are summarized as follows: September 30, 2023 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 65,002 $ — $ (10,338) $ 54,664 $ — U.S. government sponsored enterprise debt securities(1) (2) 165,252 — (24,751) 140,501 — Total debt securities held to maturity (3) $ 230,254 $ — $ (35,089) $ 195,165 $ — __________________ (1) Includes residential mortgage-backed securities. As of September 30, 2023, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $202.6 million and fair value of $170.6 million. (2) Includes commercial mortgage-backed securities. As of September 30, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $27.6 million and fair value of $24.5 million. (3) Excludes accrued interest receivable of $0.7 million as of September 30, 2023, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three and nine month periods ended September 30, 2023. December 31, 2022 Amortized Gross Unrealized Estimated Allowance for Credit Losses (in thousands) Gains Losses U.S. government agency debt securities (1) $ 68,556 $ 109 $ (7,778) $ 60,887 $ — U.S. government sponsored enterprise debt securities (1) (2) 173,545 — (16,823) 156,722 — Total debt securities held to maturity (3) $ 242,101 $ 109 $ (24,601) $ 217,609 $ — __________________ (1) Includes residential mortgage-backed securities. As of December 31, 2022, we had total residential mortgage-backed securities, included as part of total debt securities held to maturity, with amortized cost of $213.9 million and fair value of $191.4 million. (2) Includes commercial mortgage-backed securities. As of December 31, 2022, includes total commercial mortgage-backed securities with amortized cost of $28.2 million and fair value of $26.2 million. (3) Excludes accrued interest receivable of $0.8 million as of December 31, 2022, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2022. |
Schedule of Contractual Maturities of Securities | Contractual maturities of debt securities at September 30, 2023 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 2,705 $ 2,682 $ — $ — After 1 year through 5 years 125,842 118,742 6,603 3,247 After 5 years through 10 years 228,020 199,276 14,634 13,358 After 10 years 821,864 713,097 209,017 178,560 $ 1,178,431 $ 1,033,797 $ 230,254 $ 195,165 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio by Classes | Loans held for investment consist of the following loan classes: (in thousands) September 30, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,593,571 $ 1,615,716 Multi-family residential 771,654 820,023 Land development and construction loans 301,938 273,174 2,667,163 2,708,913 Single-family residential 1,371,194 1,102,845 Owner occupied 1,129,921 1,046,450 5,168,278 4,858,208 Commercial loans (1) 1,452,759 1,381,234 Loans to financial institutions and acceptances 13,353 13,292 Consumer loans and overdrafts 438,997 604,460 Total loans held for investment, gross (2) $ 7,073,387 $ 6,857,194 _________________ (1) At September 30, 2023 and December 31, 2022, includes equipment loans and leases totaling $49.3 million and $45.3 million, respectively. (2) Excludes accrued interest receivable. (in thousands) September 30, December 31, 2022 Loans held for sale at the lower of fair value or cost Real estate loans Commercial real estate Non-owner occupied $ 43,256 $ — Total loans held for sale at the lower of fair value or cost (1) 43,256 — Mortgage loans held for sale at fair value Land development and construction loans (2) 6,931 9,424 Single-family residential (3) 19,022 53,014 Total loans held for sale at fair value (4) 25,953 62,438 Total loans held for sale (5)(6) $ 69,209 $ 62,438 _______________ (1) In the third quarter of 2023, the Company transferred a New York-based CRE loan held for investment to the loans held for sale category, and recognized a valuation allowance of $5.6 million as result of the fair value adjustment of this loan. The Company subsequently sold this loan and there was no material impact to the Company’s results of operations as result of this transaction. (2) In the nine months ended September 30, 2023, the Company transferred approximately $14 million in land development and construction loans held for sale to the loans held for investment category. (3) In the nine months ended September 30, 2023, the Company transferred approximately $81 million in single-family residential loans held for sale to the loans held for investment category. (4) Loans held for sale in connection with Amerant Mortgage’s ongoing business. (5) Remained current and in accrual status at each of the periods shown. (6) Excludes accrued interest receivable. |
Schedule of Loan Portfolio Delinquencies | The age analyses of the loan portfolio by class as of September 30, 2023 and December 31, 2022, are summarized in the following tables: September 30, 2023 Total Loans, Past Due (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,593,571 $ 1,593,571 $ — $ — $ — $ — Multi-family residential 771,654 748,075 235 — 23,344 23,579 Land development and construction loans 301,938 301,938 — — — — 2,667,163 2,643,584 235 — 23,344 23,579 Single-family residential 1,371,194 1,369,078 — 1,845 271 2,116 Owner occupied 1,129,921 1,124,503 1,393 1,229 2,796 5,418 5,168,278 5,137,165 1,628 3,074 26,411 31,113 Commercial loans 1,452,759 1,442,915 3,225 4,209 2,410 9,844 Loans to financial institutions and acceptances 13,353 13,353 — — — — Consumer loans and overdrafts 438,997 433,444 2,995 2,558 — 5,553 $ 7,073,387 $ 7,026,877 $ 7,848 $ 9,841 $ 28,821 $ 46,510 December 31, 2022 Total Loans, Past Due (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,615,716 $ 1,615,716 $ — $ — $ — $ — Multi-family residential 820,023 818,394 1,387 242 — 1,629 Land development and construction loans 273,174 273,174 — — — — 2,708,913 2,707,284 1,387 242 — 1,629 Single-family residential 1,102,845 1,098,310 3,140 150 1,245 4,535 Owner occupied 1,046,450 1,039,928 172 6,014 336 6,522 4,858,208 4,845,522 4,699 6,406 1,581 12,686 Commercial loans 1,381,234 1,373,042 1,523 475 6,194 8,192 Loans to financial institutions and acceptances 13,292 13,292 — — — — Consumer loans and overdrafts 604,460 601,921 2,439 62 38 2,539 $ 6,857,194 $ 6,833,777 $ 8,661 $ 6,943 $ 7,813 $ 23,417 The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 90 days and still accruing as of September 30, 2023 and December 31, 2022: As of September 30, 2023 (in thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccrual Loans (1) Loans Past Due Over 90 Days and Still Accruing Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — Multi-family residential — 23,344 $ 23,344 — — 23,344 23,344 — Single-family residential 843 1,690 $ 2,533 — Owner occupied 1,951 149 2,100 — 2,794 25,183 $ 27,977 — Commercial loans 959 3,754 $ 4,713 504 Consumer loans and overdrafts 1 — 1 — Total $ 3,754 $ 28,937 $ 32,691 $ 504 As of December 31, 2022 (in thousands) Nonaccrual Loans With No Related Allowance Nonaccrual Loans With Related Allowance Total Nonaccrual Loans (1) Loans Past Due Over 90 Days and Still Accruing Real estate loans Commercial real estate Nonowner occupied $ 20,057 $ — $ 20,057 $ — Multi-family residential — — — — 20,057 — 20,057 — Single-family residential — 1,526 1,526 253 Owner occupied 5,936 334 6,270 — 25,993 1,860 27,853 253 Commercial loans 482 8,789 9,271 183 Consumer loans and overdrafts — 4 4 35 Total $ 26,475 $ 10,653 $ 37,128 $ 471 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses | The analyses by loan segment of the changes in the ACL for the three and nine month periods ended September 30, 2023 and 2022 is summarized in the following tables: Three Months Ended September 30, 2023 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 42,238 $ 36,626 $ — $ 27,092 $ 105,956 (Reversal of ) provision for credit losses - loans (3,067) 4,852 — 5,615 7,400 Loans charged-off (90) (9,288) — (6,441) (15,819) Recoveries 10 736 — 490 1,236 Balance at end of the period $ 39,091 $ 32,926 $ — $ 26,756 $ 98,773 Nine Months Ended September 30, 2023 (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 25,237 $ 25,888 $ — $ 32,375 $ 83,500 Provision for credit losses - loans 13,655 20,639 — 13,883 48,177 Loans charged-off (90) (18,715) — (20,428) (39,233) Recoveries 289 5,114 — 926 6,329 Balance at end of the period $ 39,091 $ 32,926 $ — $ 26,756 $ 98,773 Three Months Ended September 30, 2022 Recast (1) (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 20,459 $ 21,152 $ — $ 28,864 $ 70,475 Provision for credit losses - loans (1) 2,869 927 — 3,518 7,314 Loans charged-off — (99) — (1,712) (1,811) Recoveries 12 443 — 40 495 Balance at end of the period (1) $ 23,340 $ 22,423 $ — $ 30,710 $ 76,473 _______________ (1) Recast amounts reflect the impact of the adoption of CECL effective as of January 1, 2022. See Note 1 “Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information. Nine Months Ended September 30, 2022 Recast (1) (in thousands) Real Estate Commercial Financial Consumer Total Balance at beginning of the period $ 17,952 $ 38,979 $ 42 $ 12,926 $ 69,899 Cumulative effect of adoption of accounting principle (1) 17,418 (8,281) (42) 9,579 18,674 (Reversal of) provision for credit losses - loans (1) (12,056) (2,435) — 11,579 (2,912) Loans charged-off — (7,979) — (3,674) (11,653) Recoveries 26 2,139 — 300 2,465 Balance at end of the period (1) $ 23,340 $ 22,423 $ — $ 30,710 $ 76,473 ______________ (1) Recast amounts reflect the impact of the adoption of CECL effective as of January 1, 2022. See Note 1 “Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information. The following is a summary of net proceeds from sales of loans held for investment by portfolio segment: Three Months Ended September 30, Real Estate Commercial Financial Consumer Total 2023 $ 20,500 $ 6,909 $ — $ — $ 27,409 2022 $ — $ 6,483 $ — $ — $ 6,483 Nine Months Ended September 30, Real Estate Commercial Financial Consumer Total 2023 $ 34,075 $ 7,796 $ — $ — $ 41,871 2022 $ 11,566 $ 6,483 $ — $ 1,313 $ 19,362 |
Schedule of Credit Quality Indicators | The following is a summary of the master risk categories and their associated loan risk ratings, as well as a description of the general characteristics of the master risk category: Loan Risk Rating Master risk category Nonclassified 4 to 10 Classified 1 to 3 Substandard 3 Doubtful 2 Loss 1 |
Schedule Of Financing Receivables By Type Of Collateral | The following tables present Loans held for investment by credit quality indicators and year of origination as of September 30, 2023 and December 31, 2022: September 30, 2023 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Real estate loans Commercial real estate Nonowner occupied Credit Risk Rating: Nonclassified Pass $ 99,056 $ 191,221 $ 597,265 $ 35,803 $ 90,311 $ 402,213 $ 177,702 $ 1,593,571 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 99,056 191,221 597,265 35,803 90,311 402,213 177,702 1,593,571 Multi-family residential Credit Risk Rating: Nonclassified Pass 1,801 70,396 105,857 26,605 117,535 120,969 305,147 748,310 Special Mention — — — — — — — — Classified Substandard — — — — — 23,344 — 23,344 Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 1,801 70,396 105,857 26,605 117,535 144,313 305,147 771,654 Land development and construction loans Credit Risk Rating: Nonclassified Pass 42,384 9,735 28,911 21,945 — 26,928 172,035 301,938 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 42,384 9,735 28,911 21,945 — 26,928 172,035 301,938 Single-family residential Credit Risk Rating: Nonclassified Pass 286,064 460,287 181,306 65,722 21,041 71,615 282,074 1,368,109 Special Mention — — — — — — — — Classified Substandard — — — — — 691 2,394 3,085 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 286,064 460,287 181,306 65,722 21,041 72,306 284,468 1,371,194 Owner occupied Credit Risk Rating: Nonclassified Pass 143,861 262,104 434,620 20,904 58,112 161,840 44,066 1,125,507 Special Mention — — — — — 354 1,880 2,234 Classified Substandard — — 1,316 — — 864 — 2,180 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 143,861 262,104 435,936 20,904 58,112 163,058 45,946 1,129,921 September 30, 2023 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Non-real estate loans Commercial Loans Credit Risk Rating: Nonclassified Pass 302,410 292,024 79,465 12,127 34,900 38,184 660,939 1,420,049 Special Mention 7,007 — — — — — 19,968 26,975 Classified Substandard — 623 17 106 1,777 854 2,355 5,732 Doubtful — — — — 3 — — 3 Loss — — — — — — — — Total commercial Loans 309,417 292,647 79,482 12,233 36,680 39,038 683,262 1,452,759 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass — — — — — 13,353 — 13,353 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances — — — — — 13,353 — 13,353 Consumer loans Credit Risk Rating: Nonclassified Pass 28,583 211,027 61,386 21,306 35 10 116,649 438,996 Special Mention — — — — — — — — Classified Substandard — — — — — 1 — 1 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans 28,583 211,027 61,386 21,306 35 11 116,649 438,997 Total loans held for investment, gross $ 911,166 $ 1,497,417 $ 1,490,143 $ 204,518 $ 323,714 $ 861,220 $ 1,785,209 $ 7,073,387 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Real estate loans Commercial real estate Nonowner occupied Credit Risk Rating: Nonclassified Pass $ 177,852 $ 637,015 $ 34,525 $ 91,941 $ 82,385 $ 342,174 $ 221,333 $ 1,587,225 Special Mention — — — — — 8,378 — 8,378 Classified Substandard — — — 20,113 — — — 20,113 Doubtful — — — — — — — — Loss — — — — — — — — Total Nonowner occupied 177,852 637,015 34,525 112,054 82,385 350,552 221,333 1,615,716 Multi-family residential Credit Risk Rating: Nonclassified Pass 85,670 110,943 26,881 126,724 27,242 124,433 318,130 820,023 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total Multi-family residential 85,670 110,943 26,881 126,724 27,242 124,433 318,130 820,023 Land development and construction loans Credit Risk Rating: Nonclassified Pass 8,846 27,746 23,459 188 — 26,930 186,005 273,174 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total land development and construction loans 8,846 27,746 23,459 188 — 26,930 186,005 273,174 Single-family residential Credit Risk Rating: Nonclassified Pass 480,328 186,790 70,853 21,654 16,630 65,249 259,411 1,100,915 Special Mention — — — — — — — — Classified Substandard — — — — — 741 1,189 1,930 Doubtful — — — — — — — — Loss — — — — — — — — Total Single-family residential 480,328 186,790 70,853 21,654 16,630 65,990 260,600 1,102,845 Owner occupied Credit Risk Rating: Nonclassified Pass 256,816 479,961 22,341 63,629 21,790 162,411 33,146 1,040,094 Special Mention — — — — — — — — Classified Substandard 2,096 1,631 656 — 650 1,283 40 6,356 Doubtful — — — — — — — — Loss — — — — — — — — Total owner occupied 258,912 481,592 22,997 63,629 22,440 163,694 33,186 1,046,450 December 31, 2022 Term Loans Amortized Cost Basis by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Non-real estate loans Commercial Loans Credit Risk Rating: Nonclassified Pass 400,781 95,470 19,815 42,936 32,248 16,297 761,489 1,369,036 Special Mention — — — — 1,499 — 250 1,749 Classified Substandard — 84 267 194 27 984 8,890 10,446 Doubtful — — — 3 — — — 3 Loss — — — — — — — — Total commercial Loans 400,781 95,554 20,082 43,133 33,774 17,281 770,629 1,381,234 Loans to financial institutions and acceptances Credit Risk Rating: Nonclassified Pass — — — — — 13,292 — 13,292 Special Mention — — — — — — — — Classified Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Total loans to financial institutions and acceptances — — — — — 13,292 — 13,292 Consumer loans Credit Risk Rating: Nonclassified Pass 338,744 121,011 29,053 68 54 — 115,300 604,230 Special Mention — — — — — — — — Classified Substandard 98 128 — — — 4 — 230 Doubtful — — — — — — — — Loss — — — — — — — — Total consumer loans 338,842 121,139 29,053 68 54 4 115,300 604,460 Total loans held for investment, gross $ 1,751,231 $ 1,660,779 $ 227,850 $ 367,450 $ 182,525 $ 762,176 $ 1,905,183 $ 6,857,194 The following tables present gross charge-offs by year of origination for the periods presented: Three Months Ended September 30, 2023 Term Loans Charge-offs by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Quarter-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ 90 $ — $ 90 Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — 90 — 90 Single-family residential — — — — — — — — Owner occupied — — — — — — — — — — — — — 90 — 90 Commercial loans 108 534 46 4,868 1,814 1,918 — 9,288 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 193 3,527 2,365 185 9 162 — 6,441 Total Quarter-To-Date Gross Charge-Offs $ 301 $ 4,061 $ 2,411 $ 5,053 $ 1,823 $ 2,170 $ — $ 15,819 Nine Months Ended September 30, 2023 Term Loans Charge-offs by Origination Year (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Total Year-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ 90 $ — $ 90 Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — 90 — 90 Single-family residential — — — — — 39 — 39 Owner occupied — — — — — — — — — — — — — 129 — 129 Commercial loans 108 9,308 216 5,026 1,814 2,243 — 18,715 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 592 9,589 8,608 1,031 22 547 — 20,389 Total Year-To-Date Gross Charge-Offs $ 700 $ 18,897 $ 8,824 $ 6,057 $ 1,836 $ 2,919 $ — $ 39,233 Three Months Ended September 30, 2022 Term Loans Charge-offs by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Quarter-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — — — — Single-family residential — — — — — — — Owner occupied — — — — — — — — — — — — — — — — Commercial loans — — — — — 99 — 99 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 622 785 305 — — — 1,712 Total Quarter-To-Date Gross Charge-Offs $ 622 $ 785 $ 305 $ — $ — $ 99 $ — $ 1,811 Nine Months Ended September 30, 2022 Term Loans Charge-offs by Origination Year (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Total Year-To-Date Gross Charge-offs Real estate loans Commercial real estate Nonowner occupied $ — $ — $ — $ — $ — $ — $ — $ — Multi-family residential — — — — — — — — Land development and construction loans — — — — — — — — — — — — — — — — Single-family residential — — — — — 14 — 14 Owner occupied — — — — — — — — — — — — — 14 — 14 Commercial loans 2,523 — 4,429 541 — 486 — 7,979 Loans to financial institutions and acceptances — — — — — — — — Consumer loans and overdrafts 665 2,008 986 — — 1 — 3,660 Total Year-To-Date Gross Charge-Offs $ 3,188 $ 2,008 $ 5,415 $ 541 $ — $ 501 $ — $ 11,653 As of September 30, 2023 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Commercial real estate Multi-family residential $ 23,344 — — $ 23,344 8,567 Single-family residential (1) — 797 — 797 — Owner occupied (2) 1,951 — — 1,951 — Commercial loans — — 3,620 3,620 — Total $ 25,295 $ 797 $ 3,620 $ 29,712 $ 8,567 _________________ (1) Weighted-average loan-to-value was approximately 66.8% at September 30, 2023. (2) Weighted-average loan-to-value was approximately 58.1% at September 30, 2023. As of December 31, 2022 Collateral Type (in thousands) Commercial Real Estate Residential Real Estate Other Total Specific Reserves Real estate loans Commercial real estate Nonowner occupied (1) $ 20,121 $ — $ — $ 20,121 $ — Owner occupied (2) 5,934 — — 5,934 — 26,055 — — 26,055 — Commercial loans (3) 1,998 — 6,401 8,399 5,179 Total $ 28,053 $ — $ 6,401 $ 34,454 $ 5,179 _________________ (1) Weighted-average loan-to-value was approximately 92.7% at December 31, 2022. (2) Weighted-average loan-to-value was approximately 62.7% at December 31, 2022. (3) Includes loans with no specific reserves totaling $0.5 million with a weighted-average loan-to-value of approximately 42.0% at December 31, 2022. |
Time Deposits (Tables)
Time Deposits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Time Deposits Disclosure [Abstract] | |
Schedule of Time Deposit Maturities | The following table sets forth the maturities of our time deposits with individual balances equal to or greater than $100,000 as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 (in thousands, except percentages) Less than 3 months $ 394,866 30.1 % $ 140,292 15.1 % 3 to 6 months 151,991 11.6 % 148,137 16.0 % 6 to 12 months 598,763 45.7 % 497,436 53.6 % 1 to 3 years 157,740 12.0 % 135,663 14.6 % Over 3 years 8,215 0.6 % 6,889 0.7 % Total $ 1,311,575 100.0 % $ 928,417 100.0 % |
Advances from the Federal Hom_2
Advances from the Federal Home Loan Bank (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Advance from Federal Home Loan Bank [Abstract] | |
Schedule of Outstanding Advances from the FHLB | At September 30, 2023 and December 31, 2022, the Company had outstanding advances from the FHLB as follows: Outstanding Balance Year of Maturity Interest Interest At September 30, 2023 At December 31, 2022 (in thousands) 2023 0.61% to 4.84% Fixed — 304,821 2024 1.68% Fixed — 100,000 2025 1.40% to 3.07% Fixed — 451,665 2026 4.25% to 4.90% Fixed 110,000 — 2027 and after (1) 1.82% to 4.40% Fixed 485,000 50,000 $ 595,000 $ 906,486 _______________ |
Junior Subordinated Debenture_2
Junior Subordinated Debentures Held by Trust Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of the Outstanding Trust Preferred Securities | The following tables provide information on the outstanding Trust Preferred Securities issued by, and the junior subordinated debentures issued to, each of the statutory trust subsidiaries as of September 30, 2023 and December 31, 2022: September 30, 2023 (in thousands) Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust VI $ 9,250 $ 9,537 2002 3-M SOFR + 3.61% 2033 Commercebank Capital Trust VII 8,000 8,248 2003 3-M SOFR + 3.51% 2033 Commercebank Capital Trust VIII 5,000 5,155 2004 3-M SOFR + 3.11% 2034 Commercebank Capital Trust IX 25,000 25,774 2006 3-M SOFR + 2.01% 2038 Commercebank Capital Trust X 15,000 15,464 2006 3-M SOFR + 2.04% 2036 $ 62,250 $ 64,178 December 31, 2022 (in thousands) Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust VI $ 9,250 $ 9,537 2002 3-M LIBOR + 3.35% 2033 Commercebank Capital Trust VII 8,000 8,248 2003 3-M LIBOR + 3.25% 2033 Commercebank Capital Trust VIII 5,000 5,155 2004 3-M LIBOR + 2.85% 2034 Commercebank Capital Trust IX 25,000 25,774 2006 3-M LIBOR + 1.75% 2038 Commercebank Capital Trust X 15,000 15,464 2006 3-M LIBOR + 1.78% 2036 $ 62,250 $ 64,178 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | At September 30, 2023 and December 31, 2022, the fair values of the Company’s derivative instruments were as follows: September 30, 2023 December 31, 2022 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ 1,199 $ 919 $ 167 $ 45 Interest rate swaps not designated as hedging instruments: Customers 62 76,173 603 66,439 Third party broker 76,173 62 66,439 603 76,235 76,235 67,042 67,042 Interest rate caps not designated as hedging instruments: Customers — 8,374 — 10,002 Third party broker 8,715 — 10,207 — 8,715 8,374 10,207 10,002 Mortgage derivatives not designated as hedging instruments: Interest rate lock commitments 708 — 727 — Forward contracts 287 90 107 71 995 90 834 71 $ 87,144 $ 85,618 $ 78,250 $ 77,160 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Cost | Lease costs for the three and nine month periods ended September 30, 2023 and 2022 were as follows: (in thousands) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Lease cost Operating lease cost $ 5,248 $ 4,278 $ 13,866 $ 13,008 Short-term lease cost 24 18 24 62 Variable lease cost 588 414 1,675 1,304 Sublease income (1) (857) (527) (2,582) (2,164) Total lease cost, net $ 5,003 $ 4,183 $ 12,983 $ 12,210 _______________ (1) Primarily in connection with the subleasing of portions of the Company’s headquarters building and, to a lesser extent, the sublease of the New York office space. The following table provides supplemental information to leases as of and for the three and nine month periods ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended Ended September 30, 2023 2022 2023 2022 (in thousands, except weighted average data) Cash paid for amounts included in the measurement of operating lease liabilities 4,267 3,499 11,908 10,811 Weighted average remaining lease term for operating leases 17.0 years 18.3 years 17.0 years 18.3 years Weighted average discount rate for operating leases 9.66 % 5.94 % 9.66 % 5.94 % |
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 September 30, 2023 for the remaining 3 months of 2023 and thereafter: (in thousands) For the remaining three months of 2023 $ 3,585 2024 14,579 2025 14,659 2026 14,905 2027 15,216 Thereafter 199,817 Total minimum payments required 262,761 Less: implied interest (138,689) Total lease obligations $ 124,072 |
Stock-based Incentive Compens_2
Stock-based Incentive Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Activity | The following table shows the activity of restricted stock awards during the nine months ended September 30, 2023: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 295,076 $ 25.83 Granted 10,440 27.42 Vested (103,118) 24.22 Forfeited (36,691) 23.87 Non-vested shares at September 30, 2023 165,707 $ 27.37 |
Schedule of Restricted Stock Units and Performance Stock Units | The following table shows the activity of RSUs and PSUs during the nine months ended September 30, 2023: Stock-settled RSUs Stock-settled PSUs Number of RSUs Weighted-average grant date fair value Number of PSUs Weighted-average grant date fair value Non-vested, beginning of year 123,970 $ 22.83 137,199 $ 17.43 Granted 231,976 24.18 53,420 25.09 Vested (64,820) 22.71 (10,442) 19.00 Forfeited (12,081) 27.08 (2,867) 33.63 Non-vested, at September 30, 2023 279,045 $ 23.80 177,310 $ 19.38 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Components of AOCL/AOCI | The components of AOCL/AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: September 30, 2023 December 31, 2022 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale $ (144,634) $ 36,907 $ (107,727) $ (111,957) $ 28,605 $ (83,352) Net unrealized holding gains on interest rate swaps designated as cash flow hedges 2,818 (725) 2,093 3,659 (942) 2,717 Total (AOCL) AOCI $ (141,816) $ 36,182 $ (105,634) $ (108,298) $ 27,663 $ (80,635) |
Schedule of Components of Other Comprehensive Loss | The components of other comprehensive loss for the periods presented are summarized as follows: Three Months Ended September 30, 2023 2022 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (25,007) $ 6,438 $ (18,569) $ (47,015) $ 12,056 $ (34,959) Reclassification adjustment for net losses included in net income — — — (22) 5 (17) (25,007) 6,438 (18,569) (47,037) 12,061 (34,976) Net unrealized holding losses (gains) on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 174 (45) 129 (22) 6 (16) Reclassification adjustment for net interest income included in net income (360) 92 (268) (345) 88 (257) (186) 47 (139) (367) 94 (273) Total other comprehensive loss $ (25,193) $ 6,485 $ (18,708) $ (47,404) $ 12,155 $ (35,249) Nine Months Ended September 30, 2023 2022 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding losses on debt securities available for sale: Change in fair value arising during the period $ (34,775) $ 8,836 $ (25,939) $ (135,554) $ 34,516 $ (101,038) Reclassification adjustment for net losses (gains) included in net income 2,098 (534) 1,564 (71) 18 (53) (32,677) 8,302 (24,375) (135,625) 34,534 (101,091) Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period 288 (71) 217 295 (133) 162 Reclassification adjustment for net interest income included in net income (1,129) 288 (841) (667) 171 (496) (841) 217 (624) (372) 38 (334) Total other comprehensive loss $ (33,518) $ 8,519 $ (24,999) $ (135,997) $ 34,572 $ (101,425) |
Contingencies (Tables)
Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Financial Instruments whose Contract Amount Represents Off-Balance Sheet Credit Risk | Financial instruments whose contract amount represents off-balance sheet credit risk at September 30, 2023 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 1,238,080 Standby letters of credit 32,300 Commercial letters of credit 64 $ 1,270,444 |
Schedule of Changes in the Allowance for Credit Losses for Off-Balance Sheet | The following table summarizes the changes in the allowance for credit losses for off-balance sheet credit risk exposures for the three and nine month periods ended September 30, 2023 and 2022: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balances at beginning of the period $ 2,002 $ 1,702 $ 1,702 $ 1,702 Provision for credit losses - off balance sheet exposures 600 — 900 — Balances at end of period $ 2,602 $ 1,702 $ 2,602 $ 1,702 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule 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: September 30, 2023 (in thousands) Quoted Third-Party Internal Total Assets Cash and cash equivalents Other short-term investments $ — $ 6,024 $ — $ 6,024 Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities — 414,635 — 414,635 Corporate debt securities — 252,578 — 252,578 U.S. government agency debt securities — 355,987 — 355,987 Collateralized loan obligations — 5,005 — 5,005 Municipal bonds — 1,640 — 1,640 U.S treasury securities — 3,952 — 3,952 — 1,033,797 — 1,033,797 Equity securities with readily determinable fair values not held for trading 2,438 — — 2,438 2,438 1,033,797 — 1,036,235 Mortgage loans held for sale (at fair value) — 25,952 — 25,952 Bank owned life insurance — 232,736 — 232,736 Other assets Mortgage servicing rights (MSRs) — — 1,306 1,306 Derivative instruments — 87,144 — 87,144 $ 2,438 $ 1,385,653 $ 1,306 $ 1,389,397 Liabilities Other liabilities Derivative instruments $ — $ 85,618 $ — $ 85,618 December 31, 2022 (in thousands) Quoted Third-Party Internal Total Assets Securities Debt securities available for sale U.S. government-sponsored enterprise debt securities $ — $ 437,674 $ — $ 437,674 Corporate debt securities — 280,700 — 280,700 U.S. government agency debt securities — 330,821 — 330,821 Collateralized loan obligations — 4,774 — 4,774 U.S treasury securities — 1,996 — 1,996 Municipal bonds — 1,656 — 1,656 — 1,057,621 — 1,057,621 Equity securities with readily determinable fair values not held for trading 11,383 — — 11,383 11,383 1,057,621 — 1,069,004 Mortgage loans held for sale (at fair value) — 62,438 — 62,438 Bank owned life insurance — 228,412 — 228,412 Other assets Mortgage servicing rights (MSRs) — — 1,307 1,307 Derivative instruments — 78,250 — 78,250 $ 11,383 $ 1,426,721 $ 1,307 $ 1,439,411 Liabilities Other liabilities Derivative instruments $ — $ 77,160 $ — $ 77,160 |
Schedule 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 September 30, 2023 and December 31, 2022: September 30, 2023 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for sale, at lower of fair value or cost $ 43,257 $ — $ — $ 43,257 $ 5,562 Loans held for investment measured for impairments using the fair value of the collateral (1) 24,146 — — 24,146 4,371 Other Real Estate Owned (2) 20,181 — — 20,181 — $ 87,584 $ — $ — $ 87,584 $ 9,933 _______________ (1) Include loans with specific reserves of $8.6 million and total write downs of $4.4 million at September 30, 2023. (2) Consists of commercial real estate property. December 31, 2022 (in thousands) Carrying Amount Quoted Significant Significant Total Write Downs Description Loans held for investment measured for impairments using the fair value of the collateral (1) $ 30,158 $ — $ — $ 30,158 $ 3,851 _______________ (1) Include loans with specific reserves of $5.2 million and total write downs of $3.9 million at December 31, 2022. |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table presents the significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis. Financial Instrument Unobservable Inputs Valuation Methods Discount Range Typical Discount Collateral dependent loans Discount to fair value Appraisal value, as adjusted 0-30% 6-7% Inventory 0-100% 30-50% Accounts receivables 0-100% 20-30% Equipment 0-100% 20-30% Other Real Estate Owned Discount to fair value Appraisal value, as adjusted N/A 6-7% |
Schedule 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: September 30, 2023 December 31, 2022 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Debt securities held to maturity $ 230,254 $ 195,165 $ 242,101 $ 217,609 Loans 3,319,421 3,145,042 3,314,553 3,181,696 Financial liabilities: Time deposits 1,579,458 1,569,852 1,119,510 1,099,294 Advances from the FHLB 595,000 588,604 906,486 873,852 Senior notes 59,447 56,293 59,210 58,755 Subordinated notes 29,412 28,481 29,284 28,481 Junior subordinated debentures 64,178 63,237 64,178 64,182 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, Nine Months Ended September 30, (in thousands, except share data and per share amounts) 2023 2022 (1) 2023 2022 (1) Numerator: Net income before attribution of noncontrolling interest (1) $ 21,741 $ 17,490 $ 48,729 $ 40,145 Noncontrolling interest (378) (44) (884) (1,192) Net income attributable to Amerant Bancorp Inc. (1) $ 22,119 $ 17,534 $ 49,613 $ 41,337 Net income available to common stockholders (1) $ 22,119 $ 17,534 $ 49,613 $ 41,337 Denominator: Basic weighted average shares outstanding 33,489,560 33,476,418 33,537,759 33,985,856 Dilutive effect of share-based compensation awards 207,060 270,460 218,756 267,706 Diluted weighted average shares outstanding 33,696,620 33,746,878 33,756,515 34,253,562 Basic earnings per common share (1) $ 0.66 $ 0.52 $ 1.48 $ 1.22 Diluted earnings per common share (1) $ 0.66 $ 0.52 $ 1.47 $ 1.21 _______________ (1) Amounts reflect the impact of the adoption of CECL effective as of January 1, 2022. See Note 1 “Business, Basis of Presentation and Summary of Significant Accounting Policies” for additional information. |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
Oct. 18, 2023 $ / shares | Jul. 20, 2023 $ / shares | Jul. 19, 2023 $ / shares | Apr. 19, 2023 $ / shares | Jan. 18, 2023 $ / shares | Jan. 13, 2023 USD ($) | Apr. 13, 2022 $ / shares | Jan. 19, 2022 $ / shares | Jan. 31, 2022 USD ($) shares | Sep. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) shares | Mar. 31, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Sep. 30, 2023 USD ($) subsidiary $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Aug. 03, 2023 $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 19, 2022 USD ($) | |
Class of Stock [Line Items] | ||||||||||||||||||||
Number of subsidiaries | subsidiary | 3 | |||||||||||||||||||
Professional and other services fees | $ 5,325,000 | $ 5,045,000 | $ 20,368,000 | $ 15,918,000 | ||||||||||||||||
Repurchase of common stock - Class A | (4,933,000) | (72,060,000) | ||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | ||||||||||||||
Goodwill | 20,525,000 | 20,525,000 | $ 19,506,000 | |||||||||||||||||
Impairment on investment carried at cost | 1,963,000 | 0 | ||||||||||||||||||
Employee Stock | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based compensation expense | 100,000 | 300,000 | 400,000 | 300,000 | ||||||||||||||||
F&B Acquisition Group LLC | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Payments to acquire businesses | $ 2,000,000 | |||||||||||||||||||
Loans held for sale at fair value | 1,000,000 | |||||||||||||||||||
Goodwill | $ 1,000,000 | |||||||||||||||||||
Subsequent Event | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 0.09 | |||||||||||||||||||
Multi-Year Outsourcing Agreement | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Severance expense | 500,000 | 400,000 | 2,900,000 | 1,800,000 | ||||||||||||||||
Professional and other services fees | 1,100,000 | 2,400,000 | ||||||||||||||||||
Impairments of operating lease ROU asset | 1,600,000 | |||||||||||||||||||
Contract Termination | Multi-Year Outsourcing Agreement | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Restructuring costs | 0 | $ 300,000 | 1,600,000 | $ 7,100,000 | ||||||||||||||||
Facility Closing | Multi-Year Outsourcing Agreement | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Restructuring costs | 300,000 | 2,300,000 | ||||||||||||||||||
Professional and other services fees | 0 | 4,800,000 | ||||||||||||||||||
Capitalized computer software, impairments | $ 0 | $ 1,400,000 | ||||||||||||||||||
Class A Common Stock | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||||||||||
Repurchase of common stock | $ 2,708,000 | $ 1,659,000 | $ 566,000 | $ 17,240,000 | $ 54,820,000 | |||||||||||||||
Treasury stock (in shares) | shares | 0 | 0 | 0 | 0 | ||||||||||||||||
Class A Common Stock | Common Stock | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Repurchase of Class A common stock (in shares) | shares | (142,188) | (95,262) | (22,403) | (611,525) | (1,643,480) | (259,853) | ||||||||||||||
Treasury stock acquired (in dollars per share) | $ / shares | $ 19.05 | $ 18.98 | ||||||||||||||||||
Repurchase of common stock - Class A | $ (4,900,000) | |||||||||||||||||||
Stock issued for employee stock purchase plan (in shares) | shares | 30,557 | |||||||||||||||||||
Class A Common Stock | Treasury Stock | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Repurchase of common stock | $ (2,708,000) | $ 1,659,000 | $ 566,000 | $ 17,240,000 | $ 54,820,000 | |||||||||||||||
Class A Common Stock | 2023 Class A Common Stock Repurchase Program Member | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Stock repurchase program, authorized amount | $ 25,000,000 | |||||||||||||||||||
Class A Common Stock | 2021 Class A Common Stock Repurchase Program | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Stock repurchase program, authorized amount | $ 50,000,000 | |||||||||||||||||||
Treasury stock, acquired (in shares) | shares | 652,118 | |||||||||||||||||||
Treasury stock acquired | $ 22,100,000 | |||||||||||||||||||
Class A Common Stock | 2022 Class A Common Stock Repurchase Program | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Stock repurchase program, authorized amount | $ 50,000,000 | |||||||||||||||||||
Treasury stock acquired (in dollars per share) | $ / shares | $ 31.14 | |||||||||||||||||||
Treasury stock, acquired (in shares) | shares | 0 | 1,602,887 | ||||||||||||||||||
Treasury stock acquired | $ 49,900,000 | |||||||||||||||||||
Amerant Bank, N.A | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Ownership percentage of subsidiary | 100% | 100% |
Business, Basis of Presentati_5
Business, Basis of Presentation and Summary of Significant Accounting Policies - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||||||||||||
Aug. 31, 2023 | Jul. 20, 2023 | Jul. 19, 2023 | May 31, 2023 | Apr. 19, 2023 | Feb. 28, 2023 | Jan. 18, 2023 | Aug. 31, 2022 | May 31, 2022 | Apr. 13, 2022 | Feb. 28, 2022 | Jan. 19, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||||||||||||||||||
Dividend Per Share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | ||||||||||||
Dividend Amount | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,200 | $ 3,015 | $ 3,023 | $ 3,017 | $ 3,013 | $ 3,049 | $ 3,154 |
Business, Basis of Presentati_6
Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Impact of Adopting CECL (Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Assets | |||
Deferred tax assets, net | $ 63,501 | $ 48,703 | |
Stockholder’s Equity | |||
Retained earnings | $ 630,933 | $ 590,375 | |
As Reported | |||
Assets | |||
Allowance for credit losses | $ 53,711 | ||
Deferred tax assets, net | 45,791 | ||
Liabilities | |||
Accounts payable, accrued liabilities and other liabilities | 181,693 | ||
Stockholder’s Equity | |||
Retained earnings | 588,495 | ||
As Recast | |||
Assets | |||
Allowance for credit losses | 76,473 | ||
Deferred tax assets, net | 51,644 | ||
Liabilities | |||
Accounts payable, accrued liabilities and other liabilities | 181,863 | ||
Stockholder’s Equity | |||
Retained earnings | 571,416 | ||
Changes | |||
Assets | |||
Allowance for credit losses | 22,762 | ||
Deferred tax assets, net | 5,853 | ||
Liabilities | |||
Accounts payable, accrued liabilities and other liabilities | 170 | ||
Stockholder’s Equity | |||
Retained earnings | $ (17,079) |
Business, Basis of Presentati_7
Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Impact of Adopting CECL (Consolidated Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||||||
Jul. 20, 2023 | Jul. 19, 2023 | Apr. 19, 2023 | Jan. 18, 2023 | Apr. 13, 2022 | Jan. 19, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total interest income | $ 139,383 | $ 89,137 | $ 403,010 | $ 225,402 | |||||||||||
Total interest expense | 60,806 | 19,240 | 158,223 | 40,915 | |||||||||||
Net interest income | 78,577 | 69,897 | 244,787 | 184,487 | |||||||||||
Provision for (reversal of) credit losses | 8,000 | 7,314 | 48,777 | (2,912) | |||||||||||
Net interest income after provision for (reversal of) credit losses | 70,577 | 62,583 | 196,010 | 187,399 | |||||||||||
Total noninterest income | 21,921 | 15,956 | 67,883 | 42,912 | |||||||||||
Total noninterest expense | 64,420 | 56,113 | 201,653 | 179,172 | |||||||||||
Income before income tax expense | 28,078 | 22,426 | 62,240 | 51,139 | |||||||||||
Income tax expense | (6,337) | (4,936) | (13,511) | (10,994) | |||||||||||
Net income before attribution of noncontrolling interest | 21,741 | 17,490 | 48,729 | 40,145 | |||||||||||
Noncontrolling interest | (378) | $ (262) | $ (244) | (44) | $ (72) | $ (1,076) | (884) | (1,192) | |||||||
Net income attributable to Amerant Bancorp Inc. | $ 22,119 | $ 7,308 | $ 20,186 | $ 17,534 | $ 8,424 | $ 15,379 | $ 49,613 | $ 41,337 | |||||||
Basic earnings per common share (in dollars per share) | $ 0.66 | $ 0.52 | $ 1.48 | $ 1.22 | |||||||||||
Diluted earnings per common share (in dollars per share) | $ 0.66 | $ 0.52 | $ 1.47 | $ 1.21 | |||||||||||
Dividend Per Share (in dollars per share) | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | |||||||||
Provision for credit losses | $ 20,900 | ||||||||||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||||||
Provision for credit losses | $ 11,100 | ||||||||||||||
As Reported | |||||||||||||||
Total interest income | $ 89,137 | $ 225,402 | |||||||||||||
Total interest expense | 19,240 | 40,915 | |||||||||||||
Net interest income | 69,897 | 184,487 | |||||||||||||
Provision for (reversal of) credit losses | 3,000 | (7,000) | |||||||||||||
Net interest income after provision for (reversal of) credit losses | 66,897 | 191,487 | |||||||||||||
Total noninterest income | 15,956 | 42,912 | |||||||||||||
Total noninterest expense | 56,113 | 179,172 | |||||||||||||
Income before income tax expense | 26,740 | 55,227 | |||||||||||||
Income tax expense | (5,864) | (11,875) | |||||||||||||
Net income before attribution of noncontrolling interest | 20,876 | 43,352 | |||||||||||||
Noncontrolling interest | (44) | (1,192) | |||||||||||||
Net income attributable to Amerant Bancorp Inc. | $ 20,920 | $ 44,544 | |||||||||||||
Basic earnings per common share (in dollars per share) | $ 0.62 | $ 1.31 | |||||||||||||
Diluted earnings per common share (in dollars per share) | 0.62 | 1.30 | |||||||||||||
Dividend Per Share (in dollars per share) | $ 0.09 | $ 0.27 | |||||||||||||
As Recast | |||||||||||||||
Total interest income | $ 89,137 | $ 225,402 | |||||||||||||
Total interest expense | 19,240 | 40,915 | |||||||||||||
Net interest income | 69,897 | 184,487 | |||||||||||||
Provision for (reversal of) credit losses | 7,314 | (2,912) | |||||||||||||
Net interest income after provision for (reversal of) credit losses | 62,583 | 187,399 | |||||||||||||
Total noninterest income | 15,956 | 42,912 | |||||||||||||
Total noninterest expense | 56,113 | 179,172 | |||||||||||||
Income before income tax expense | 22,426 | 51,139 | |||||||||||||
Income tax expense | (4,936) | (10,994) | |||||||||||||
Net income before attribution of noncontrolling interest | 17,490 | 40,145 | |||||||||||||
Noncontrolling interest | (44) | (1,192) | |||||||||||||
Net income attributable to Amerant Bancorp Inc. | $ 17,534 | $ 41,337 | |||||||||||||
Basic earnings per common share (in dollars per share) | $ 0.52 | $ 1.22 | |||||||||||||
Diluted earnings per common share (in dollars per share) | 0.52 | 1.21 | |||||||||||||
Dividend Per Share (in dollars per share) | $ 0.09 | $ 0.27 | |||||||||||||
Changes | |||||||||||||||
Total interest income | $ 0 | $ 0 | |||||||||||||
Total interest expense | 0 | 0 | |||||||||||||
Net interest income | 0 | 0 | |||||||||||||
Provision for (reversal of) credit losses | 4,314 | 4,088 | |||||||||||||
Net interest income after provision for (reversal of) credit losses | (4,314) | (4,088) | |||||||||||||
Total noninterest income | 0 | 0 | |||||||||||||
Total noninterest expense | 0 | 0 | |||||||||||||
Income before income tax expense | (4,314) | (4,088) | |||||||||||||
Income tax expense | 928 | 881 | |||||||||||||
Net income before attribution of noncontrolling interest | (3,386) | (3,207) | |||||||||||||
Noncontrolling interest | 0 | 0 | |||||||||||||
Net income attributable to Amerant Bancorp Inc. | $ (3,386) | $ (3,207) | |||||||||||||
Basic earnings per common share (in dollars per share) | $ (0.10) | $ (0.09) | |||||||||||||
Diluted earnings per common share (in dollars per share) | (0.10) | (0.09) | |||||||||||||
Dividend Per Share (in dollars per share) | $ 0 | $ 0 |
Interest Earning Deposits wit_2
Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Interest earning deposits with banks | $ 202,946,000 | $ 228,955,000 |
Average interest rate on deposits with banks | 5.58% | 1.79% |
Other short-term investments | $ 6,024,000 | $ 0 |
Debt securities, available-for-sale, weighted average yield | 4.65% | |
Restricted cash | $ 51,837,000 | 42,160,000 |
Obligation to repay | 51,200,000 | $ 41,600,000 |
Letter of Credit | ||
Capital Requirements on Foreign Financial Institutions [Line Items] | ||
Restricted cash | $ 600,000 |
Securities - Schedule of Availa
Securities - Schedule of Available for Sale Securities from Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,178,431 | $ 1,169,578 |
Gross unrealized gains | 92 | 1,024 |
Gross unrealized losses | (144,726) | (112,981) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 1,033,797 | 1,057,621 |
Debt securities available for sale accrued interest | 6,300 | 5,600 |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 473,047 | 480,359 |
Gross unrealized gains | 26 | 981 |
Gross unrealized losses | (58,438) | (43,666) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 414,635 | 437,674 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 285,370 | 306,898 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | (32,792) | (26,199) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 252,578 | 280,700 |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 409,306 | 373,593 |
Gross unrealized gains | 61 | 42 |
Gross unrealized losses | (53,380) | (42,814) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 355,987 | 330,821 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,000 | 5,000 |
Gross unrealized gains | 5 | 0 |
Gross unrealized losses | 0 | (226) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 5,005 | 4,774 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,732 | 1,731 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (92) | (75) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 1,640 | 1,656 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,976 | 1,997 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (24) | (1) |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 3,952 | 1,996 |
Residential Mortgage Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 769,400 | 743,000 |
Estimated Fair Value | 668,700 | 666,500 |
Commercial Mortgage Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 101,100 | 91,000 |
Estimated Fair Value | $ 88,800 | $ 80,900 |
Securities - Narrative (Details
Securities - Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) contract | |
Debt Securities, Available-for-sale [Line Items] | |||||||
Securities | $ 1,314,367,000 | $ 1,314,367,000 | $ 1,366,680,000 | ||||
Debt securities available for sale, at fair value | 1,033,797,000 | 1,033,797,000 | 1,057,621,000 | ||||
Allowance for credit losses | 0 | 0 | 0 | ||||
Total unrealized loss | 1,008,906,000 | 1,008,906,000 | 1,002,437,000 | ||||
Equity securities, unrealized loss | 100,000 | 100,000 | |||||
Pre-tax loss | 0 | $ 0 | 10,760,000 | $ 0 | |||
Equity securities, original costs | 2,500,000 | 2,500,000 | |||||
Equity securities with readily determinable fair value not held for trading | 2,438,000 | 2,438,000 | 11,383,000 | ||||
Unrealized gains | $ 1,500,000 | $ 400,000 | |||||
Foreign Corporate Debt Securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Debt securities available for sale, at fair value | 0 | 0 | 0 | ||||
Corporate debt securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Debt securities available for sale, at fair value | 252,578,000 | 252,578,000 | 280,700,000 | ||||
Allowance for credit losses | 0 | 0 | 0 | ||||
Total unrealized loss | 252,578,000 | 252,578,000 | 275,706,000 | ||||
Proceeds from sale of debt securities, available-for-sale | $ 800,000 | ||||||
Pre-tax loss | $ 1,200,000 | ||||||
Investment-Grade | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Debt securities available for sale, at fair value | 182,200,000 | 182,200,000 | 206,300,000 | ||||
Unrealized loss | 22,900,000 | 16,600,000 | |||||
Equity Securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Debt securities available for sale, at fair value | $ 11,200,000 | ||||||
Realized loss | $ 200,000 | ||||||
Pledged as Collateral | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Securities pledged as collateral | 159,500,000 | 159,500,000 | 314,500,000 | ||||
Foreign Corporate Debt Securities | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Securities | 9,800,000 | 9,800,000 | 9,700,000 | ||||
US Government | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Allowance for credit losses | 0 | 0 | 0 | ||||
Investment-Grade | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Securities | 229,700,000 | 229,700,000 | 258,800,000 | ||||
Allowance for credit losses | 0 | 0 | 0 | ||||
Total unrealized loss | 28,700,000 | 28,700,000 | 24,100,000 | ||||
Non-Investment-Grade | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Securities | 22,900,000 | 22,900,000 | 16,900,000 | ||||
Total unrealized loss | $ 4,100,000 | 4,100,000 | 2,100,000 | ||||
Signature Bond | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Total unrealized loss | $ 9,100,000 | ||||||
Number of instruments held-for-sale | contract | 1 | ||||||
Equity securities, unrealized loss | $ 900,000 | ||||||
Realized loss | $ 9,500,000 | ||||||
Mutual funds | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Equity securities, original costs | $ 12,700,000 |
Securities - Schedule of Realiz
Securities - Schedule of Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales, redemptions and calls of debt securities available for sale | $ 0 | $ 12,154 | $ 1,240 | $ 26,312 |
Gross realized gains | 0 | 22 | 0 | 71 |
Gross realized losses | 0 | 0 | (10,760) | 0 |
Realized (loss) gain, net | $ 0 | $ 22 | $ (10,760) | $ 71 |
Securities - Schedule of Avai_2
Securities - Schedule of Available for Sale Securities with Unrealized Losses (Details) $ in Thousands | Sep. 30, 2023 USD ($) contract | Dec. 31, 2022 USD ($) contract |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, number of securities | contract | 90 | 397 |
Less than 12 months, estimated fair value | $ 140,277 | $ 592,593 |
Less than 12 months, unrealized loss | $ (4,701) | $ (40,967) |
12 months or more, number of securities | contract | 560 | 226 |
12 months or more, estimated fair value | $ 868,629 | $ 409,844 |
12 months or more, unrealized loss | (140,025) | (72,014) |
Total, estimated fair value | 1,008,906 | 1,002,437 |
Total, unrealized loss | $ (144,726) | $ (112,981) |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, number of securities | contract | 52 | 250 |
Less than 12 months, estimated fair value | $ 79,491 | $ 292,595 |
Less than 12 months, unrealized loss | $ (3,063) | $ (22,315) |
12 months or more, number of securities | contract | 335 | 108 |
12 months or more, estimated fair value | $ 333,171 | $ 96,986 |
12 months or more, unrealized loss | (55,375) | (21,351) |
Total, estimated fair value | 412,662 | 389,581 |
Total, unrealized loss | $ (58,438) | $ (43,666) |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, number of securities | contract | 6 | 50 |
Less than 12 months, estimated fair value | $ 13,242 | $ 203,516 |
Less than 12 months, unrealized loss | $ (673) | $ (13,374) |
12 months or more, number of securities | contract | 55 | 14 |
12 months or more, estimated fair value | $ 239,336 | $ 72,190 |
12 months or more, unrealized loss | (32,119) | (12,825) |
Total, estimated fair value | 252,578 | 275,706 |
Total, unrealized loss | $ (32,792) | $ (26,199) |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, number of securities | contract | 30 | 92 |
Less than 12 months, estimated fair value | $ 43,592 | $ 88,056 |
Less than 12 months, unrealized loss | $ (941) | $ (4,976) |
12 months or more, number of securities | contract | 167 | 104 |
12 months or more, estimated fair value | $ 294,482 | $ 240,668 |
12 months or more, unrealized loss | (52,439) | (37,838) |
Total, estimated fair value | 338,074 | 328,724 |
Total, unrealized loss | $ (53,380) | $ (42,814) |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, number of securities | contract | 0 | 3 |
Less than 12 months, estimated fair value | $ 0 | $ 1,656 |
Less than 12 months, unrealized loss | $ 0 | $ (75) |
12 months or more, number of securities | contract | 3 | 0 |
12 months or more, estimated fair value | $ 1,640 | $ 0 |
12 months or more, unrealized loss | (92) | 0 |
Total, estimated fair value | 1,640 | 1,656 |
Total, unrealized loss | $ (92) | $ (75) |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, number of securities | contract | 2 | 1 |
Less than 12 months, estimated fair value | $ 3,952 | $ 1,996 |
Less than 12 months, unrealized loss | $ (24) | $ (1) |
12 months or more, number of securities | contract | 0 | 0 |
12 months or more, estimated fair value | $ 0 | $ 0 |
12 months or more, unrealized loss | 0 | 0 |
Total, estimated fair value | 3,952 | 1,996 |
Total, unrealized loss | $ (24) | $ (1) |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, number of securities | contract | 1 | |
Less than 12 months, estimated fair value | $ 4,774 | |
Less than 12 months, unrealized loss | $ (226) | |
12 months or more, number of securities | contract | 0 | |
12 months or more, estimated fair value | $ 0 | |
12 months or more, unrealized loss | 0 | |
Total, estimated fair value | 4,774 | |
Total, unrealized loss | $ (226) |
Securities - Schedule of Held t
Securities - Schedule of Held to Maturity Securities - Amortized Cost (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 230,254 | $ 242,101 |
Gross unrealized gains | 0 | 109 |
Gross unrealized losses | (35,089) | (24,601) |
Estimated Fair Value | 195,165 | 217,609 |
Allowance for Credit Losses | 0 | 0 |
Debt securities held to maturity accrued interest | 700 | 800 |
U.S. government agency debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 65,002 | 68,556 |
Gross unrealized gains | 0 | 109 |
Gross unrealized losses | (10,338) | (7,778) |
Estimated Fair Value | 54,664 | 60,887 |
Allowance for Credit Losses | 0 | 0 |
U.S. government-sponsored enterprise debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 165,252 | 173,545 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (24,751) | (16,823) |
Estimated Fair Value | 140,501 | 156,722 |
Allowance for Credit Losses | 0 | 0 |
Residential Mortgage Backed Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 202,600 | 213,900 |
Estimated Fair Value | 170,600 | 191,400 |
Commercial Mortgage Backed Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 27,600 | 28,200 |
Estimated Fair Value | $ 24,500 | $ 26,200 |
Securities - Schedule of Held_2
Securities - Schedule of Held to Maturity Securities - Unrealized Losses (Details) $ in Thousands | Sep. 30, 2023 USD ($) contract | Dec. 31, 2022 USD ($) contract |
Number of Securities | ||
Less than 12 months, number of securities | contract | 1 | 31 |
12 months or more, number of securities | contract | 46 | 15 |
Estimated Fair Value | ||
less than 12 months | $ 9,425 | $ 142,033 |
12 months or more | 185,740 | 65,444 |
Total | 195,165 | 207,477 |
Unrealized Loss | ||
Less than 12 months | (500) | (9,085) |
12 months or more | (34,589) | (15,516) |
Total | $ (35,089) | $ (24,601) |
U.S. government agency debt securities | ||
Number of Securities | ||
Less than 12 months, number of securities | contract | 1 | 0 |
12 months or more, number of securities | contract | 12 | 12 |
Estimated Fair Value | ||
less than 12 months | $ 9,425 | $ 0 |
12 months or more | 45,239 | 50,755 |
Total | 54,664 | 50,755 |
Unrealized Loss | ||
Less than 12 months | (500) | 0 |
12 months or more | (9,838) | (7,778) |
Total | $ (10,338) | $ (7,778) |
U.S. government-sponsored enterprise debt securities | ||
Number of Securities | ||
Less than 12 months, number of securities | contract | 0 | 31 |
12 months or more, number of securities | contract | 34 | 3 |
Estimated Fair Value | ||
less than 12 months | $ 0 | $ 142,033 |
12 months or more | 140,501 | 14,689 |
Total | 140,501 | 156,722 |
Unrealized Loss | ||
Less than 12 months | 0 | (9,085) |
12 months or more | (24,751) | (7,738) |
Total | $ (24,751) | $ (16,823) |
Securities - Schedule of Contra
Securities - Schedule of Contractual Maturities of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 2,705 | |
After 1 year through 5 years | 125,842 | |
After 5 years through 10 years | 228,020 | |
After 10 years | 821,864 | |
Amortized Cost | 1,178,431 | $ 1,169,578 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 2,682 | |
After 1 year through 5 years | 118,742 | |
After 5 years through 10 years | 199,276 | |
After 10 years | 713,097 | |
Estimated Fair Value | 1,033,797 | 1,057,621 |
Held to Maturity, Amortized Cost | ||
Within 1 year | 0 | |
After 1 year through 5 years | 6,603 | |
After 5 years through 10 years | 14,634 | |
After 10 years | 209,017 | |
Amortized Cost | 230,254 | 242,101 |
Held to Maturity, Estimated Fair Value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 3,247 | |
After 5 years through 10 years | 13,358 | |
After 10 years | 178,560 | |
Estimated Fair Value | $ 195,165 | $ 217,609 |
Loans - Schedule of Loan Portfo
Loans - Schedule of Loan Portfolio by Classes (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 7,073,387 | $ 6,857,194 |
Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,168,278 | 4,858,208 |
Real estate loans | Non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,593,571 | 1,615,716 |
Real estate loans | Multi-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 771,654 | 820,023 |
Real estate loans | Land development and construction loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 301,938 | 273,174 |
Real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,667,163 | 2,708,913 |
Real estate loans | Single-family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,371,194 | 1,102,845 |
Real estate loans | Owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,129,921 | 1,046,450 |
Commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,452,759 | 1,381,234 |
Commercial loans | Equipment Financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 49,300 | 45,300 |
Loans to financial institutions and acceptances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 13,353 | 13,292 |
Consumer loans and overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 438,997 | $ 604,460 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 7,073,387,000 | $ 7,073,387,000 | $ 6,857,194,000 | ||
Syndication facilities included in loans | 312,000,000 | 312,000,000 | 367,000,000 | ||
Collateral of cash, cash equivalents or other financial instruments | 6,600,000 | 6,600,000 | 6,300,000 | ||
Interest income on nonaccrual loans | 0 | $ 0 | 0 | $ 0 | |
Interest receivable | 33,000,000 | 33,000,000 | 27,700,000 | ||
Reversal of interest receivable | 100,000 | 500,000 | |||
International | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 103,300,000 | 103,300,000 | 99,200,000 | ||
Consumer loans and overdrafts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 438,997,000 | 438,997,000 | 604,460,000 | ||
Reversal of interest receivable | 300,000 | ||||
Real estate loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 5,168,278,000 | 5,168,278,000 | 4,858,208,000 | ||
Real estate loans | Indirect Consumer Loans Purchased | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments to acquire loans held-for-investment | 91,000,000 | 345,000,000 | |||
Real estate loans | Single-family residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 1,371,194,000 | 1,371,194,000 | 1,102,845,000 | ||
Payments to acquire loans held-for-investment | 10,300,000 | $ 110,300,000 | 17,500,000 | 132,100,000 | |
Commercial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 1,452,759,000 | 1,452,759,000 | 1,381,234,000 | ||
Commercial loans | Indirect Consumer Loans Purchased | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments to acquire loans held-for-investment | 0 | 0 | |||
Indirect Consumer Loans Purchased | Consumer loans and overdrafts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 254,700,000 | 254,700,000 | 433,300,000 | ||
Under Non-Accrual Status | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Reversal of interest receivable | 600,000 | ||||
Under Non-Accrual Status | Consumer loans and overdrafts | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Reversal of interest receivable | 500,000 | ||||
Under Non-Accrual Status | Real estate loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Reversal of interest receivable | $ 100,000 | ||||
Pledged as Collateral | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | $ 2,500,000,000 | $ 2,500,000,000 | $ 1,200,000,000 |
Loans - Schedule of Loan Port_2
Loans - Schedule of Loan Portfolio Delinquencies (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 7,073,387 | $ 6,857,194 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 7,026,877 | 6,833,777 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 46,510 | 23,417 |
30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 7,848 | 8,661 |
60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 9,841 | 6,943 |
Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 28,821 | 7,813 |
Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,168,278 | 4,858,208 |
Real estate loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,137,165 | 4,845,522 |
Real estate loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 31,113 | 12,686 |
Real estate loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,628 | 4,699 |
Real estate loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,074 | 6,406 |
Real estate loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 26,411 | 1,581 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,593,571 | 1,615,716 |
Real estate loans | Non-owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,593,571 | 1,615,716 |
Real estate loans | Non-owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Non-owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Non-owner occupied | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Non-owner occupied | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 0 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 771,654 | 820,023 |
Real estate loans | Multi-family residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 748,075 | 818,394 |
Real estate loans | Multi-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 23,579 | 1,629 |
Real estate loans | Multi-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 235 | 1,387 |
Real estate loans | Multi-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 242 |
Real estate loans | Multi-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 23,344 | 0 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 301,938 | 273,174 |
Real estate loans | Land development and construction loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 301,938 | 273,174 |
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 | 2,667,163 | 2,708,913 |
Real estate loans | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,643,584 | 2,707,284 |
Real estate loans | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 23,579 | 1,629 |
Real estate loans | Commercial real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 235 | 1,387 |
Real estate loans | Commercial real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 242 |
Real estate loans | Commercial real estate | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 23,344 | 0 |
Real estate loans | Single-family residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,371,194 | 1,102,845 |
Real estate loans | Single-family residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,369,078 | 1,098,310 |
Real estate loans | Single-family residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,116 | 4,535 |
Real estate loans | Single-family residential | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 0 | 3,140 |
Real estate loans | Single-family residential | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,845 | 150 |
Real estate loans | Single-family residential | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 271 | 1,245 |
Real estate loans | Owner occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,129,921 | 1,046,450 |
Real estate loans | Owner occupied | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,124,503 | 1,039,928 |
Real estate loans | Owner occupied | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,418 | 6,522 |
Real estate loans | Owner occupied | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,393 | 172 |
Real estate loans | Owner occupied | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,229 | 6,014 |
Real estate loans | Owner occupied | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,796 | 336 |
Commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,452,759 | 1,381,234 |
Commercial loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 1,442,915 | 1,373,042 |
Commercial loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 9,844 | 8,192 |
Commercial loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 3,225 | 1,523 |
Commercial loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 4,209 | 475 |
Commercial loans | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,410 | 6,194 |
Loans to financial institutions and acceptances | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,353 | 13,292 |
Loans to financial institutions and acceptances | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 13,353 | 13,292 |
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 | 438,997 | 604,460 |
Consumer loans and overdrafts | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 433,444 | 601,921 |
Consumer loans and overdrafts | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 5,553 | 2,539 |
Consumer loans and overdrafts | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,995 | 2,439 |
Consumer loans and overdrafts | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | 2,558 | 62 |
Consumer loans and overdrafts | Greater than 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans, Net of Unearned Income | $ 0 | $ 38 |
Loans - Schedule of Nonaccrual
Loans - Schedule of Nonaccrual Status and Loans Past Due (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | $ 3,754 | $ 26,475 |
Nonaccrual Loans With Related Allowance | 28,937 | 10,653 |
Total Nonaccrual Loans | 32,691 | 37,128 |
Loans Past Due Over 90 Days and Still Accruing | 504 | 471 |
Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 2,794 | 25,993 |
Nonaccrual Loans With Related Allowance | 25,183 | 1,860 |
Total Nonaccrual Loans | 27,977 | 27,853 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 253 |
Commercial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 959 | 482 |
Nonaccrual Loans With Related Allowance | 3,754 | 8,789 |
Total Nonaccrual Loans | 4,713 | 9,271 |
Loans Past Due Over 90 Days and Still Accruing | 504 | 183 |
Consumer loans and overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 1 | 0 |
Nonaccrual Loans With Related Allowance | 0 | 4 |
Total Nonaccrual Loans | 1 | 4 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 35 |
Non-owner occupied | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 20,057 |
Nonaccrual Loans With Related Allowance | 0 | 0 |
Total Nonaccrual Loans | 0 | 20,057 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 0 |
Multi-family residential | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 0 |
Nonaccrual Loans With Related Allowance | 23,344 | 0 |
Total Nonaccrual Loans | 23,344 | 0 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 0 |
Commercial real estate | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 0 | 20,057 |
Nonaccrual Loans With Related Allowance | 23,344 | 0 |
Total Nonaccrual Loans | 23,344 | 20,057 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 0 |
Single-family residential | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 843 | 0 |
Nonaccrual Loans With Related Allowance | 1,690 | 1,526 |
Total Nonaccrual Loans | 2,533 | 1,526 |
Loans Past Due Over 90 Days and Still Accruing | 0 | 253 |
Owner occupied | Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans With No Related Allowance | 1,951 | 5,936 |
Nonaccrual Loans With Related Allowance | 149 | 334 |
Total Nonaccrual Loans | 2,100 | 6,270 |
Loans Past Due Over 90 Days and Still Accruing | $ 0 | $ 0 |
Loans - Schedule of Loans Held
Loans - Schedule of Loans Held for Sale (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at the lower of fair value or cost | $ 43,257 | $ 0 | |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 95,674 | $ 51,640 | |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at the lower of fair value or cost | 43,256 | 0 | |
Total loans held for sale at fair value | 25,953 | 62,438 | |
Total loans held for sale | 69,209 | 62,438 | |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 5,600 | ||
Real estate loans | Non-owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non-owner occupied | 43,256 | 0 | |
Real estate loans | Land development and construction loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at fair value | 6,931 | 9,424 | |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 14,000 | ||
Real estate loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans held for sale at fair value | 19,022 | $ 53,014 | |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | $ 81,000 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Allowance for Credit Losses | ||||
Balance at beginning of the period | $ 105,956 | $ 70,475 | $ 83,500 | $ 69,899 |
(Reversal of ) provision for credit losses - loans | 7,400 | 48,177 | ||
(Reversal of ) provision for credit losses - loans | 8,000 | 7,314 | 48,777 | (2,912) |
Loans charged-off | (15,819) | (1,811) | (39,233) | (11,653) |
Recoveries | 1,236 | 495 | 6,329 | 2,465 |
Balance at end of the period | 98,773 | 76,473 | 98,773 | 76,473 |
Cumulative effect of adoption of accounting principle | ||||
Allowance for Credit Losses | ||||
Balance at beginning of the period | 18,674 | |||
Real Estate | ||||
Allowance for Credit Losses | ||||
Balance at beginning of the period | 42,238 | 20,459 | 25,237 | 17,952 |
(Reversal of ) provision for credit losses - loans | (3,067) | 13,655 | ||
(Reversal of ) provision for credit losses - loans | 2,869 | (12,056) | ||
Loans charged-off | (90) | 0 | (90) | 0 |
Recoveries | 10 | 12 | 289 | 26 |
Balance at end of the period | 39,091 | 23,340 | 39,091 | 23,340 |
Real Estate | Cumulative effect of adoption of accounting principle | ||||
Allowance for Credit Losses | ||||
Balance at beginning of the period | 17,418 | |||
Commercial | ||||
Allowance for Credit Losses | ||||
Balance at beginning of the period | 36,626 | 21,152 | 25,888 | 38,979 |
(Reversal of ) provision for credit losses - loans | 4,852 | 20,639 | ||
(Reversal of ) provision for credit losses - loans | 927 | (2,435) | ||
Loans charged-off | (9,288) | (99) | (18,715) | (7,979) |
Recoveries | 736 | 443 | 5,114 | 2,139 |
Balance at end of the period | 32,926 | 22,423 | 32,926 | 22,423 |
Commercial | Cumulative effect of adoption of accounting principle | ||||
Allowance for Credit Losses | ||||
Balance at beginning of the period | (8,281) | |||
Financial Institutions | ||||
Allowance for Credit Losses | ||||
Balance at beginning of the period | 0 | 0 | 0 | 42 |
(Reversal of ) provision for credit losses - loans | 0 | 0 | ||
(Reversal of ) provision for credit losses - loans | 0 | 0 | ||
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of the period | 0 | 0 | 0 | 0 |
Financial Institutions | Cumulative effect of adoption of accounting principle | ||||
Allowance for Credit Losses | ||||
Balance at beginning of the period | (42) | |||
Consumer and Others | ||||
Allowance for Credit Losses | ||||
Balance at beginning of the period | 27,092 | 28,864 | 32,375 | 12,926 |
(Reversal of ) provision for credit losses - loans | 5,615 | 13,883 | ||
(Reversal of ) provision for credit losses - loans | 3,518 | 11,579 | ||
Loans charged-off | (6,441) | (1,712) | (20,428) | (3,674) |
Recoveries | 490 | 40 | 926 | 300 |
Balance at end of the period | $ 26,756 | $ 30,710 | $ 26,756 | 30,710 |
Consumer and Others | Cumulative effect of adoption of accounting principle | ||||
Allowance for Credit Losses | ||||
Balance at beginning of the period | $ 9,579 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Allowance for credit loss, increase | $ 15.3 | ||
Allowance for credit loss, increase, percent | 18.30% | ||
Allowance for credit loss, percent of total loans | 1.40% | 1.40% | 1.22% |
Additional reserve requirements for charge-offs and credit quality | $ 7.6 | $ 36.3 | |
Additional reserve requirements due to loan composition and volume changes | 1.4 | ||
Updated economic factors | 0.4 | 9.6 | |
Release due to recoveries | $ 1.2 | ||
Account for loan growth | 2.3 | ||
Commercial Real Estate And Commercial Portfolio Segments Member | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Internal risk ratings, loan balance, minimum | 3 | ||
Real estate loans | Single-family residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Internal risk ratings, loan balance, minimum | $ 3 | ||
Real estate loans | Owner occupied | Commercial Real Estate | Collateralized Loan Obligations | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Decrease in weighted-average loan-to-values | 2% |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Schedule of Recorded Investment of Loan Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | $ 27,409 | $ 6,483 | $ 41,871 | $ 19,362 |
Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 20,500 | 0 | 34,075 | 11,566 |
Commercial | ||||
Financing Receivable, Impaired [Line Items] | ||||
Amount of loan sales | 6,909 | 6,483 | 7,796 | 6,483 |
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 | $ 0 | $ 0 | $ 0 | $ 1,313 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Schedule of TDR Loans (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 contract | Sep. 30, 2022 contract | Sep. 30, 2023 USD ($) | |
Receivables [Abstract] | |||
Troubled debt restructuring | $ | $ 0 | ||
Troubled debt restructuring, number of contracts | 0 | 0 | |
TDRs subsequently defaulted | 0 | 0 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Schedule of Master Risk Categories and Associated Loan Risk Ratings (Details) | Sep. 30, 2023 |
Substandard | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 3 |
Doubtful | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 2 |
Loss | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 1 |
Minimum | Nonclassified | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 4 |
Minimum | Classified | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 1 |
Maximum | Nonclassified | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 10 |
Maximum | Classified | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Loan Risk Rating | 3 |
Allowance for Credit Losses -_5
Allowance for Credit Losses - Schedule of Loans Held For Investment by Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 911,166 | $ 1,751,231 |
2022 | 1,497,417 | 1,660,779 |
2021 | 1,490,143 | 227,850 |
2020 | 204,518 | 367,450 |
2019 | 323,714 | 182,525 |
Prior | 861,220 | 762,176 |
Revolving Loans Amortized Cost Basis | 1,785,209 | 1,905,183 |
Total | 7,073,387 | 6,857,194 |
Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,168,278 | 4,858,208 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 99,056 | 177,852 |
2022 | 191,221 | 637,015 |
2021 | 597,265 | 34,525 |
2020 | 35,803 | 112,054 |
2019 | 90,311 | 82,385 |
Prior | 402,213 | 350,552 |
Revolving Loans Amortized Cost Basis | 177,702 | 221,333 |
Total | 1,593,571 | 1,615,716 |
Real estate loans | Non-owner occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 99,056 | 177,852 |
2022 | 191,221 | 637,015 |
2021 | 597,265 | 34,525 |
2020 | 35,803 | 91,941 |
2019 | 90,311 | 82,385 |
Prior | 402,213 | 342,174 |
Revolving Loans Amortized Cost Basis | 177,702 | 221,333 |
Total | 1,593,571 | 1,587,225 |
Real estate loans | Non-owner occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 8,378 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 8,378 |
Real estate loans | Non-owner occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 20,113 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 20,113 |
Real estate loans | Non-owner occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Non-owner occupied | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,801 | 85,670 |
2022 | 70,396 | 110,943 |
2021 | 105,857 | 26,881 |
2020 | 26,605 | 126,724 |
2019 | 117,535 | 27,242 |
Prior | 144,313 | 124,433 |
Revolving Loans Amortized Cost Basis | 305,147 | 318,130 |
Total | 771,654 | 820,023 |
Real estate loans | Multi-family residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 1,801 | 85,670 |
2022 | 70,396 | 110,943 |
2021 | 105,857 | 26,881 |
2020 | 26,605 | 126,724 |
2019 | 117,535 | 27,242 |
Prior | 120,969 | 124,433 |
Revolving Loans Amortized Cost Basis | 305,147 | 318,130 |
Total | 748,310 | 820,023 |
Real estate loans | Multi-family residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Multi-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 23,344 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 23,344 | 0 |
Real estate loans | Multi-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Multi-family residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 42,384 | 8,846 |
2022 | 9,735 | 27,746 |
2021 | 28,911 | 23,459 |
2020 | 21,945 | 188 |
2019 | 0 | 0 |
Prior | 26,928 | 26,930 |
Revolving Loans Amortized Cost Basis | 172,035 | 186,005 |
Total | 301,938 | 273,174 |
Real estate loans | Land development and construction loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 42,384 | 8,846 |
2022 | 9,735 | 27,746 |
2021 | 28,911 | 23,459 |
2020 | 21,945 | 188 |
2019 | 0 | 0 |
Prior | 26,928 | 26,930 |
Revolving Loans Amortized Cost Basis | 172,035 | 186,005 |
Total | 301,938 | 273,174 |
Real estate loans | Land development and construction loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Land development and construction loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Land development and construction loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Land development and construction loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 286,064 | 480,328 |
2022 | 460,287 | 186,790 |
2021 | 181,306 | 70,853 |
2020 | 65,722 | 21,654 |
2019 | 21,041 | 16,630 |
Prior | 72,306 | 65,990 |
Revolving Loans Amortized Cost Basis | 284,468 | 260,600 |
Total | 1,371,194 | 1,102,845 |
Real estate loans | Single-family residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 286,064 | 480,328 |
2022 | 460,287 | 186,790 |
2021 | 181,306 | 70,853 |
2020 | 65,722 | 21,654 |
2019 | 21,041 | 16,630 |
Prior | 71,615 | 65,249 |
Revolving Loans Amortized Cost Basis | 282,074 | 259,411 |
Total | 1,368,109 | 1,100,915 |
Real estate loans | Single-family residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Single-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 691 | 741 |
Revolving Loans Amortized Cost Basis | 2,394 | 1,189 |
Total | 3,085 | 1,930 |
Real estate loans | Single-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Single-family residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 143,861 | 258,912 |
2022 | 262,104 | 481,592 |
2021 | 435,936 | 22,997 |
2020 | 20,904 | 63,629 |
2019 | 58,112 | 22,440 |
Prior | 163,058 | 163,694 |
Revolving Loans Amortized Cost Basis | 45,946 | 33,186 |
Total | 1,129,921 | 1,046,450 |
Real estate loans | Owner occupied | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 143,861 | 256,816 |
2022 | 262,104 | 479,961 |
2021 | 434,620 | 22,341 |
2020 | 20,904 | 63,629 |
2019 | 58,112 | 21,790 |
Prior | 161,840 | 162,411 |
Revolving Loans Amortized Cost Basis | 44,066 | 33,146 |
Total | 1,125,507 | 1,040,094 |
Real estate loans | Owner occupied | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 354 | 0 |
Revolving Loans Amortized Cost Basis | 1,880 | 0 |
Total | 2,234 | 0 |
Real estate loans | Owner occupied | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 2,096 |
2022 | 0 | 1,631 |
2021 | 1,316 | 656 |
2020 | 0 | 0 |
2019 | 0 | 650 |
Prior | 864 | 1,283 |
Revolving Loans Amortized Cost Basis | 0 | 40 |
Total | 2,180 | 6,356 |
Real estate loans | Owner occupied | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Owner occupied | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 309,417 | 400,781 |
2022 | 292,647 | 95,554 |
2021 | 79,482 | 20,082 |
2020 | 12,233 | 43,133 |
2019 | 36,680 | 33,774 |
Prior | 39,038 | 17,281 |
Revolving Loans Amortized Cost Basis | 683,262 | 770,629 |
Total | 1,452,759 | 1,381,234 |
Commercial loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 302,410 | 400,781 |
2022 | 292,024 | 95,470 |
2021 | 79,465 | 19,815 |
2020 | 12,127 | 42,936 |
2019 | 34,900 | 32,248 |
Prior | 38,184 | 16,297 |
Revolving Loans Amortized Cost Basis | 660,939 | 761,489 |
Total | 1,420,049 | 1,369,036 |
Commercial loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 7,007 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 1,499 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 19,968 | 250 |
Total | 26,975 | 1,749 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 623 | 84 |
2021 | 17 | 267 |
2020 | 106 | 194 |
2019 | 1,777 | 27 |
Prior | 854 | 984 |
Revolving Loans Amortized Cost Basis | 2,355 | 8,890 |
Total | 5,732 | 10,446 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 3 |
2019 | 3 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 3 | 3 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Loans to financial institutions and acceptances | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 13,353 | 13,292 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 13,353 | 13,292 |
Loans to financial institutions and acceptances | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 13,353 | 13,292 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 13,353 | 13,292 |
Loans to financial institutions and acceptances | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Loans to financial institutions and acceptances | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Loans to financial institutions and acceptances | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Loans to financial institutions and acceptances | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Consumer loans and overdrafts | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 28,583 | 338,842 |
2022 | 211,027 | 121,139 |
2021 | 61,386 | 29,053 |
2020 | 21,306 | 68 |
2019 | 35 | 54 |
Prior | 11 | 4 |
Revolving Loans Amortized Cost Basis | 116,649 | 115,300 |
Total | 438,997 | 604,460 |
Consumer loans and overdrafts | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 28,583 | 338,744 |
2022 | 211,027 | 121,011 |
2021 | 61,386 | 29,053 |
2020 | 21,306 | 68 |
2019 | 35 | 54 |
Prior | 10 | 0 |
Revolving Loans Amortized Cost Basis | 116,649 | 115,300 |
Total | 438,996 | 604,230 |
Consumer loans and overdrafts | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Consumer loans and overdrafts | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 98 |
2022 | 0 | 128 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 1 | 4 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1 | 230 |
Consumer loans and overdrafts | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Consumer loans and overdrafts | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | $ 0 | $ 0 |
Allowance for Credit Losses -_6
Allowance for Credit Losses - Schedule of Gross Charge-Offs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | $ 301 | $ 622 | $ 700 | $ 3,188 |
2022 | 4,061 | 785 | 18,897 | 2,008 |
2021 | 2,411 | 305 | 8,824 | 5,415 |
2020 | 5,053 | 0 | 6,057 | 541 |
2019 | 1,823 | 0 | 1,836 | 0 |
Prior | 2,170 | 99 | 2,919 | 501 |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 15,819 | 1,811 | 39,233 | 11,653 |
Real estate loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 | 0 |
2019 | 0 | 0 | 0 | 0 |
Prior | 90 | 0 | 129 | 14 |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 90 | 0 | 129 | 14 |
Real estate loans | Non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 | 0 |
2019 | 0 | 0 | 0 | 0 |
Prior | 90 | 0 | 90 | 0 |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 90 | 0 | 90 | 0 |
Real estate loans | Multi-family residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 | 0 |
2019 | 0 | 0 | 0 | 0 |
Prior | 0 | 0 | 0 | 0 |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 0 | 0 | 0 | 0 |
Real estate loans | Land development and construction loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 | 0 |
2019 | 0 | 0 | 0 | 0 |
Prior | 0 | 0 | 0 | 0 |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 0 | 0 | 0 | 0 |
Real estate loans | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 | 0 |
2019 | 0 | 0 | 0 | 0 |
Prior | 90 | 0 | 90 | 0 |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 90 | 0 | 90 | 0 |
Real estate loans | Single-family residential | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 | 0 |
2019 | 0 | 0 | 0 | 0 |
Prior | 0 | 39 | 14 | |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 0 | 0 | 39 | 14 |
Real estate loans | Owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 | 0 |
2019 | 0 | 0 | 0 | 0 |
Prior | 0 | 0 | 0 | 0 |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 0 | 0 | 0 | 0 |
Commercial loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 108 | 0 | 108 | 2,523 |
2022 | 534 | 0 | 9,308 | 0 |
2021 | 46 | 0 | 216 | 4,429 |
2020 | 4,868 | 0 | 5,026 | 541 |
2019 | 1,814 | 0 | 1,814 | 0 |
Prior | 1,918 | 99 | 2,243 | 486 |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 9,288 | 99 | 18,715 | 7,979 |
Loans to financial institutions and acceptances | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 0 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 | 0 |
2019 | 0 | 0 | 0 | 0 |
Prior | 0 | 0 | 0 | 0 |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | 0 | 0 | 0 | 0 |
Consumer loans and overdrafts | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
2023 | 193 | 622 | 592 | 665 |
2022 | 3,527 | 785 | 9,589 | 2,008 |
2021 | 2,365 | 305 | 8,608 | 986 |
2020 | 185 | 0 | 1,031 | 0 |
2019 | 9 | 0 | 22 | 0 |
Prior | 162 | 547 | 1 | |
Revolving Loans Charge-Offs | 0 | 0 | 0 | 0 |
Total | $ 6,441 | $ 1,712 | $ 20,389 | $ 3,660 |
Allowance for Credit Losses -_7
Allowance for Credit Losses - Schedule Of Financing Receivables By Type Of Collateral (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 7,073,387 | $ 6,857,194 |
Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 5,168,278 | 4,858,208 |
Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,452,759 | 1,381,234 |
Collateralized Loan Obligations | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 29,712 | 34,454 |
Collateralized Loan Obligations | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 25,295 | 28,053 |
Collateralized Loan Obligations | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 797 | 0 |
Collateralized Loan Obligations | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 3,620 | 6,401 |
Collateralized Loan Obligations | Specific Reserves | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 8,567 | 5,179 |
Collateralized Loan Obligations | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 26,055 | |
Collateralized Loan Obligations | Real estate loans | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 26,055 | |
Collateralized Loan Obligations | Real estate loans | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Collateralized Loan Obligations | Real estate loans | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Collateralized Loan Obligations | Real estate loans | Specific Reserves | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Collateralized Loan Obligations | Commercial loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 3,620 | 8,399 |
Collateralized Loan Obligations | Commercial loans | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | $ 1,998 |
Weighted-average loan-to-value | 42% | |
Collateralized Loan Obligations | Commercial loans | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | $ 0 |
Collateralized Loan Obligations | Commercial loans | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 3,620 | 6,401 |
Collateralized Loan Obligations | Commercial loans | Specific Reserves | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 5,179 |
Loans, no specific reserve | 500 | |
Non-owner occupied | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,593,571 | 1,615,716 |
Non-owner occupied | Collateralized Loan Obligations | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 20,121 | |
Non-owner occupied | Collateralized Loan Obligations | Real estate loans | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 20,121 | |
Weighted-average loan-to-value | 92.70% | |
Non-owner occupied | Collateralized Loan Obligations | Real estate loans | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 0 | |
Non-owner occupied | Collateralized Loan Obligations | Real estate loans | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Non-owner occupied | Collateralized Loan Obligations | Real estate loans | Specific Reserves | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Multi-family residential | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 771,654 | 820,023 |
Multi-family residential | Collateralized Loan Obligations | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 23,344 | |
Multi-family residential | Collateralized Loan Obligations | Real estate loans | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 23,344 | |
Multi-family residential | Collateralized Loan Obligations | Real estate loans | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Multi-family residential | Collateralized Loan Obligations | Real estate loans | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Multi-family residential | Collateralized Loan Obligations | Real estate loans | Specific Reserves | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 8,567 | |
Single-family residential | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,371,194 | 1,102,845 |
Single-family residential | Collateralized Loan Obligations | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 797 | |
Single-family residential | Collateralized Loan Obligations | Real estate loans | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 0 | |
Weighted-average loan-to-value | 66.80% | |
Single-family residential | Collateralized Loan Obligations | Real estate loans | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 797 | |
Single-family residential | Collateralized Loan Obligations | Real estate loans | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Single-family residential | Collateralized Loan Obligations | Real estate loans | Specific Reserves | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | |
Owner occupied | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,129,921 | 1,046,450 |
Owner occupied | Collateralized Loan Obligations | Real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 1,951 | 5,934 |
Owner occupied | Collateralized Loan Obligations | Real estate loans | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 1,951 | $ 5,934 |
Weighted-average loan-to-value | 58.10% | 62.70% |
Owner occupied | Collateralized Loan Obligations | Real estate loans | Residential Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 0 | $ 0 |
Owner occupied | Collateralized Loan Obligations | Real estate loans | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | 0 | 0 |
Owner occupied | Collateralized Loan Obligations | Real estate loans | Specific Reserves | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans | $ 0 | $ 0 |
Time Deposits - Narrative (Deta
Time Deposits - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Time Deposits Disclosure [Abstract] | ||
Time deposits, $100,000 or more | $ 1,311,575 | $ 928,417 |
Time deposits, $250,000 or more | 700,000 | 486,000 |
Brokered time deposits | $ 723,000 | $ 609,000 |
Time Deposits - Schedule of Tim
Time Deposits - Schedule of Time Deposit Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Time Deposits, $100,000 or More [Abstract] | ||
Less than 3 months | $ 394,866 | $ 140,292 |
3 to 6 months | 151,991 | 148,137 |
6 to 12 months | 598,763 | 497,436 |
1 to 3 years | 157,740 | 135,663 |
Over 3 years | 8,215 | 6,889 |
Total | $ 1,311,575 | $ 928,417 |
Weighted Average Interest Rate of Time Deposits, $100,000 or More [Abstract] | ||
Less than 3 months | 30.10% | 15.10% |
3 to 6 months | 11.60% | 16% |
6 to 12 months | 45.70% | 53.60% |
1 to 3 years | 12% | 14.60% |
Over 3 years | 0.60% | 0.70% |
Total | 100% | 100% |
Advances from the Federal Hom_3
Advances from the Federal Home Loan Bank (Details) - USD ($) | 3 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
2023 | $ 0 | $ 304,821,000 | ||
Interest rate 2024 | 1.68% | |||
2024 | $ 0 | 100,000,000 | ||
2025 | 0 | 451,665,000 | ||
2026 | 110,000,000 | 0 | ||
2027 and after | 485,000,000 | 50,000,000 | ||
Advances from the Federal Home Loan Bank | 595,000,000 | 906,486,000 | ||
Gain on early extinguishment of advances from the Federal Home Loan Bank, net | 7,000,000 | $ 13,400,000 | $ 13,200,000 | |
Repayments | 225,000,000 | $ 355,000,000 | $ 565,000,000 | |
Callable Option | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Advances from the Federal Home Loan Bank | $ 0 | $ 0 | ||
Minimum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Interest Rate 2023 | 0.61% | |||
Interest rate 2025 | 1.40% | |||
Interest rate 2026 | 4.25% | |||
Interest rate 2027 and after | 1.82% | |||
Maximum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Interest Rate 2023 | 4.84% | |||
Interest rate 2025 | 3.07% | |||
Interest rate 2026 | 4.90% | |||
Interest rate 2027 and after | 4.40% |
Senior Notes (Details)
Senior Notes (Details) - Senior notes - 5.75% Senior Notes due 2025 - USD ($) | 9 Months Ended | 12 Months Ended | |
Jun. 23, 2020 | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Face amount | $ 60,000,000 | ||
Interest rate, stated percentage | 5.75% | ||
Debt issuance costs | $ 1,600,000 | $ 600,000 | $ 800,000 |
Proceeds from issuance of debt | $ 58,400,000 | $ 59,400,000 | $ 59,200,000 |
Debt issuance costs, amortization period | 5 years |
Subordinated Notes (Details)
Subordinated Notes (Details) - USD ($) | Mar. 09, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | Jun. 21, 2022 |
Debt Instrument [Line Items] | ||||
Subordinated notes | $ 29,412,000 | $ 29,284,000 | ||
Subordinated notes | 4.50% Fixed-to-Floating Rate and Due in March 15, 2032 | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 30,000,000 | |||
Effective percentage | 4.25% | 4.25% | ||
Proceeds from issuance of debt | $ 29,100,000 | |||
Debt issuance costs | $ 900,000 | 600,000 | 700,000 | |
Amortization period | 10 years | |||
Subordinated notes | $ 29,400,000 | $ 29,300,000 | ||
Interest rate, stated percentage | 4.25% | |||
Variable rate | 2.51% |
Junior Subordinated Debenture_3
Junior Subordinated Debentures Held by Trust Subsidiaries (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
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 | SOFR | |||
Debt Instrument [Line Items] | |||
Annual Rate of Trust Preferred Securities and Debentures | 3.61% | ||
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VI | 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 | SOFR | |||
Debt Instrument [Line Items] | |||
Annual Rate of Trust Preferred Securities and Debentures | 3.51% | ||
Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | Commercebank Capital Trust VII | 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 | SOFR | |||
Debt Instrument [Line Items] | |||
Annual Rate of Trust Preferred Securities and Debentures | 3.11% | ||
Junior Subordinated Notes, Maturing 2034 | Junior Subordinated Debt | Commercebank Capital Trust VIII | 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 | SOFR | |||
Debt Instrument [Line Items] | |||
Annual Rate of Trust Preferred Securities and Debentures | 2.01% | ||
Junior Subordinated Notes, Maturing 2038 | Junior Subordinated Debt | Commercebank Capital Trust IX | 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 | SOFR | |||
Debt Instrument [Line Items] | |||
Annual Rate of Trust Preferred Securities and Debentures | 2.04% | ||
Junior Subordinated Notes, Maturing 2036 | Junior Subordinated Debt | Commercebank Capital Trust X | 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 Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Other Assets | $ 87,144 | $ 78,250 |
Other Liabilities | 85,618 | 77,160 |
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 1,199 | 167 |
Other Liabilities | 919 | 45 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 76,235 | 67,042 |
Other Liabilities | 76,235 | 67,042 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 62 | 603 |
Other Liabilities | 76,173 | 66,439 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third party broker | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 76,173 | 66,439 |
Other Liabilities | 62 | 603 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 8,715 | 10,207 |
Other Liabilities | 8,374 | 10,002 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 0 | 0 |
Other Liabilities | 8,374 | 10,002 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third party broker | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 8,715 | 10,207 |
Other Liabilities | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Mortgage Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 995 | 834 |
Other Liabilities | 90 | 71 |
Derivatives Not Designated as Hedging Instruments | Mortgage Derivatives | Interest rate lock commitments | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 708 | 727 |
Other Liabilities | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Mortgage Derivatives | Forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Other Assets | 287 | 107 |
Other Liabilities | $ 90 | $ 71 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2023 USD ($) instrument | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) instrument | Sep. 30, 2022 USD ($) | Dec. 31, 2019 USD ($) contract | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) instrument | Apr. 30, 2022 USD ($) instrument | |
Derivatives, Fair Value [Line Items] | ||||||||
Net unrealized losses in accumulated other comprehensive expected to be reclassified into expense in the next twelve months | $ 300,000 | $ 300,000 | ||||||
Interest Rate Swap Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | $ 50,000,000 | |||||||
Unrealized gain (loss) | (200,000) | (200,000) | ||||||
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Net unrealized losses in accumulated other comprehensive expected to be reclassified into expense in the next twelve months | 700,000 | 700,000 | ||||||
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 on termination of cash flow hedge | $ 8,900,000 | |||||||
FHLB, advances, reduction of interest expense | $ 300,000 | $ 300,000 | $ 1,000,000 | $ 1,000,000 | ||||
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 | 8,000 | 300,000 | (300,000) | ||||
Derivatives Designated as Hedging Instruments | Variable Interest Rate | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | $ 50,000,000 | |||||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 143 | |||||||
Notional amount | $ 969,400,000 | $ 969,400,000 | $ 925,400,000 | |||||
Derivatives Not Designated as Hedging Instruments | Credit Risk Contract | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 4 | 4 | 4 | |||||
Notional amount | $ 72,600,000 | $ 72,600,000 | $ 74,000,000 | |||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 15 | 15 | 19 | |||||
Notional amount | $ 353,400,000 | $ 353,400,000 | $ 448,800,000 | |||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third party broker | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 14 | 14 | 16 | |||||
Notional amount | $ 332,400,000 | $ 332,400,000 | $ 371,900,000 | |||||
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contract | Third party broker | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of instruments held | instrument | 1 | 1 | 4 | 4 | ||||
Notional amount | $ 35,000,000 | $ 35,000,000 | $ 140,000,000 | $ 140,000,000 | ||||
Derivatives Not Designated as Hedging Instruments | Interest rate lock commitments | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 92,400,000 | 92,400,000 | 77,000,000 | |||||
Derivatives Not Designated as Hedging Instruments | Forward contracts | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Notional amount | 36,500,000 | 36,500,000 | $ 17,000,000 | |||||
Gain due to change in fair value | $ 100,000 | $ 100,000 | $ 100,000 | $ 300,000 |
Derivative Instruments - Credit
Derivative Instruments - Credit Risk (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Other Liabilities | $ 85,618 | $ 77,160 |
Obligation to repay | 51,200 | 41,600 |
Interest Rate Swap Contracts | ||
Derivative [Line Items] | ||
Fair value of derivative contracts | 77,200 | 67,100 |
Interest Rate Swap Contracts | Derivatives Designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Securities pledged | 0 | 500 |
Other Liabilities | $ 919 | $ 45 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||||
Variable lease cost | $ 588 | $ 414 | $ 1,675 | $ 1,304 | |
Operating lease right-of-use assets | 116,763 | 116,763 | $ 139,987 | ||
Total lease obligations | 124,072 | 124,072 | 145,300 | ||
Short-term lease liability | 3,400 | 3,400 | 5,200 | ||
Direct or sale type finance leases | 2,500 | 2,500 | 13,600 | ||
Premises and equipment, net | 43,004 | 43,004 | $ 41,772 | ||
Operating Leases | |||||
Lessee, Lease, Description [Line Items] | |||||
Premises and equipment, net | $ 3,100 | $ 3,100 | |||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of contract | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of contract | 42 years | 42 years | |||
Florida | |||||
Lessee, Lease, Description [Line Items] | |||||
Impairments of operating lease ROU asset | $ 1,100 | $ 1,600 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lease cost | ||||
Operating lease cost | $ 5,248 | $ 4,278 | $ 13,866 | $ 13,008 |
Short-term lease cost | 24 | 18 | 24 | 62 |
Variable lease cost | 588 | 414 | 1,675 | 1,304 |
Sublease income | (857) | (527) | (2,582) | (2,164) |
Total lease cost, net | $ 5,003 | $ 4,183 | $ 12,983 | $ 12,210 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 4,267 | $ 3,499 | $ 11,908 | $ 10,811 |
Weighted average remaining lease term for operating leases | 17 years | 18 years 3 months 18 days | 17 years | 18 years 3 months 18 days |
Weighted average discount rate for operating leases | 9.66% | 5.94% | 9.66% | 5.94% |
Leases - Schedule of Lessee, Op
Leases - Schedule of Lessee, Operating Lease, Liability, Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
For the remaining three months of 2023 | $ 3,585 | |
2024 | 14,579 | |
2025 | 14,659 | |
2026 | 14,905 | |
2027 | 15,216 | |
Thereafter | 199,817 | |
Total minimum payments required | 262,761 | |
Less: implied interest | (138,689) | |
Total lease obligations | $ 124,072 | $ 145,300 |
Stock-based Incentive Compens_3
Stock-based Incentive Compensation Plan - Schedule of Restricted Stock Activity (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Number of restricted shares (in shares) | |
Non-vested shares, end of year (in shares) | 577,511 |
Restricted Stock | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | 295,076 |
Grants (in shares) | 10,440 |
Vested (in shares) | (103,118) |
Forfeited (in shares) | (36,691) |
Non-vested shares, end of year (in shares) | 165,707 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 25.83 |
Granted, Weighted-average grant date fair value (in dollars per share) | $ / shares | 27.42 |
Vested, Weighted-average grant date fair value (in dollars per share) | $ / shares | 24.22 |
Forfeited, Weighted-average grant date fair value (in dollars per share) | $ / shares | 23.87 |
Non-vested shares, end of year, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 27.37 |
Stock-based Incentive Compens_4
Stock-based Incentive Compensation Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Jun. 07, 2023 | Feb. 16, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restricted Stock | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants (in shares) | 10,440 | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $ 27.42 | ||||||
Vested (in shares) | 103,118 | ||||||
Restricted Stock | Class A Common Stock | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Share-based compensation expense | $ 0.3 | $ 0.9 | $ 1.8 | $ 2.4 | |||
Nonvested awards, compensation not yet recognized | $ 1.5 | $ 1.5 | |||||
Nonvested awards, period of recognition | 1 year 2 months 12 days | ||||||
Restricted Stock | LTI Plan | Class A Common Stock | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants (in shares) | 10,440 | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $ 27.42 | ||||||
Award vesting period | 3 years | ||||||
Restricted Stock Units (RSUs) | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants (in shares) | 65,759 | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $ 19.04 | ||||||
Award vesting period | 3 years | ||||||
Restricted Stock Units (RSUs) | Executive Officers | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants (in shares) | 113,297 | 24,000 | |||||
Granted, weighted average grant date fair value (in dollars per share) | $ 28.93 | $ 19.96 | |||||
Award vesting period | 3 years | ||||||
Restricted Stock Units (RSUs) | Executive Officers | Vesting in Two Years | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Award vesting period | 2 years | ||||||
Vested (in shares) | 16,111 | ||||||
Vesting percentage | 40% | ||||||
Restricted Stock Units (RSUs) | Executive Officers | Vesting in Three Years | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Vested (in shares) | 7,889 | ||||||
Vesting percentage | 60% | ||||||
Restricted Stock Units (RSUs) | Director | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants (in shares) | 28,920 | ||||||
Granted, weighted average grant date fair value (in dollars per share) | $ 20.74 | ||||||
Award vesting period | 1 year | ||||||
PSUs | Executive Officers | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Grants (in shares) | 38,049 | 15,371 | |||||
Granted, weighted average grant date fair value (in dollars per share) | $ 15.60 | ||||||
Award vesting period | 3 years | ||||||
PSUs | Class A Common Stock | Executive Officers | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Granted, weighted average grant date fair value (in dollars per share) | $ 29.11 | ||||||
Award vesting period | 3 years | ||||||
RSUs and PSUs | |||||||
Defined Contribution Plan Disclosure [Line Items] | |||||||
Share-based compensation expense | $ 1.3 | $ 0.7 | $ 3.2 | $ 1.7 | |||
Nonvested awards, compensation not yet recognized | $ 5.6 | $ 5.6 | |||||
Nonvested awards, period of recognition | 1 year 10 months 24 days |
Stock-based Incentive Compens_5
Stock-based Incentive Compensation Plan - Schedule of Restricted Stock Units and Performance Stock Units (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Number of RSUs (in shares) | |
Non-vested shares, end of year (in shares) | 577,511 |
Stock-settled RSUs | |
Number of RSUs (in shares) | |
Non-vested shares, beginning of year (in shares) | 123,970 |
Grants (in shares) | 231,976 |
Vested (in shares) | (64,820) |
Forfeited (in shares) | (12,081) |
Non-vested shares, end of year (in shares) | 279,045 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 22.83 |
Granted, Weighted-average grant date fair value (in dollars per share) | $ / shares | 24.18 |
Vested, Weighted-average grant date fair value (in dollars per share) | $ / shares | 22.71 |
Forfeited, Weighted-average grant date fair value (in dollars per share) | $ / shares | 27.08 |
Non-vested shares, end of year, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 23.80 |
Stock-settled PSUs | |
Number of RSUs (in shares) | |
Non-vested shares, beginning of year (in shares) | 137,199 |
Grants (in shares) | 53,420 |
Vested (in shares) | (10,442) |
Forfeited (in shares) | (2,867) |
Non-vested shares, end of year (in shares) | 177,310 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 17.43 |
Granted, Weighted-average grant date fair value (in dollars per share) | $ / shares | 25.09 |
Vested, Weighted-average grant date fair value (in dollars per share) | $ / shares | 19 |
Forfeited, Weighted-average grant date fair value (in dollars per share) | $ / shares | 33.63 |
Non-vested shares, end of year, Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 19.38 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 21.71% | 21.50% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) - Schedule of Components of AOCI (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | $ (141,816) | $ (108,298) |
Tax Effect | 36,182 | 27,663 |
Net of Tax Amount | (105,634) | (80,635) |
Net unrealized holding losses on debt securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | (144,634) | (111,957) |
Tax Effect | 36,907 | 28,605 |
Net of Tax Amount | (107,727) | (83,352) |
Net unrealized holding losses (gains) on interest rate swaps designated as cash flow hedges: | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 2,818 | 3,659 |
Tax Effect | (725) | (942) |
Net of Tax Amount | $ 2,093 | $ 2,717 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (loss) Income (“AOCL/AOCI”) - Schedule of Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Before Tax Amount | ||||||||
Total other comprehensive loss | $ (25,193) | $ (47,404) | $ (33,518) | $ (135,997) | ||||
Tax Effect | ||||||||
Total other comprehensive loss | 6,485 | 12,155 | 8,519 | 34,572 | ||||
Net of Tax Amount | ||||||||
Reclassification adjustment for net losses (gains) included in net income, net of tax amount | (268) | (274) | 723 | (549) | ||||
Other comprehensive loss | (18,708) | $ (12,607) | $ 6,316 | (35,249) | $ (26,535) | $ (39,641) | (24,999) | (101,425) |
Net unrealized holding losses on debt securities available for sale: | ||||||||
Before Tax Amount | ||||||||
Change in fair value arising during the period, before tax amount | (25,007) | (47,015) | (34,775) | (135,554) | ||||
Reclassification adjustment for net losses (gains) included in net income, before tax amount | 0 | (22) | 2,098 | (71) | ||||
Total other comprehensive loss | (25,007) | (47,037) | (32,677) | (135,625) | ||||
Tax Effect | ||||||||
Change in fair value arising during the period, tax effect | 6,438 | 12,056 | 8,836 | 34,516 | ||||
Reclassification adjustment for net losses (gains) included in net income, tax effect | 0 | 5 | (534) | 18 | ||||
Total other comprehensive loss | 6,438 | 12,061 | 8,302 | 34,534 | ||||
Net of Tax Amount | ||||||||
Change in fair value arising during the period, net of tax amount | (18,569) | (34,959) | (25,939) | (101,038) | ||||
Reclassification adjustment for net losses (gains) included in net income, net of tax amount | 0 | (17) | 1,564 | (53) | ||||
Other comprehensive loss | (18,569) | (34,976) | (24,375) | (101,091) | ||||
Net unrealized holding losses (gains) on interest rate swaps designated as cash flow hedges: | ||||||||
Before Tax Amount | ||||||||
Change in fair value arising during the period, before tax amount | 174 | (22) | 288 | 295 | ||||
Reclassification adjustment for net losses (gains) included in net income, before tax amount | (360) | (345) | (1,129) | (667) | ||||
Total other comprehensive loss | (186) | (367) | (841) | (372) | ||||
Tax Effect | ||||||||
Change in fair value arising during the period, tax effect | (45) | 6 | (71) | (133) | ||||
Reclassification adjustment for net losses (gains) included in net income, tax effect | 92 | 88 | 288 | 171 | ||||
Total other comprehensive loss | 47 | 94 | 217 | 38 | ||||
Net of Tax Amount | ||||||||
Change in fair value arising during the period, net of tax amount | 129 | (16) | 217 | 162 | ||||
Reclassification adjustment for net losses (gains) included in net income, net of tax amount | (268) | (257) | (841) | (496) | ||||
Other comprehensive loss | $ (139) | $ (273) | $ (624) | $ (334) |
Contingencies - Schedule of Fin
Contingencies - Schedule of Financial Instruments whose Contract Amount Represents Off-Balance Sheet Credit Risk (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 1,270,444 |
Commitments to extend credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 1,238,080 |
Standby letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 32,300 |
Commercial letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 64 |
Contingencies - Schedule of Cha
Contingencies - Schedule of Changes in the Allowance for Credit Losses for Off-Balance Sheet (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward] | ||||
Beginning balance | $ 2,002 | $ 1,702 | $ 1,702 | $ 1,702 |
Provision for credit losses - off balance sheet exposures | 600 | 0 | 900 | 0 |
Ending balance | $ 2,602 | $ 1,702 | $ 2,602 | $ 1,702 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Other short-term investments | $ 6,024,000 | $ 0 |
Debt securities available for sale | ||
Equity securities with readily determinable fair value not held for trading | 2,438,000 | 11,383,000 |
Securities | 1,314,367,000 | 1,366,680,000 |
Mortgage loans held for sale (at fair value) | 25,952,000 | 62,438,000 |
Derivative instruments | 87,144,000 | 78,250,000 |
Liabilities | ||
Derivative instruments | 85,618,000 | 77,160,000 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Other short-term investments | 6,024,000 | |
Debt securities available for sale | ||
Debt securities available for sale | 1,033,797,000 | 1,057,621,000 |
Equity securities with readily determinable fair value not held for trading | 2,438,000 | 11,383,000 |
Securities | 1,036,235,000 | 1,069,004,000 |
Mortgage loans held for sale (at fair value) | 25,952,000 | 62,438,000 |
Bank owned life insurance | 232,736,000 | 228,412,000 |
Mortgage servicing rights (MSRs) | 1,306,000 | 1,307,000 |
Derivative instruments | 87,144,000 | 78,250,000 |
Assets measured at fair value | 1,389,397,000 | 1,439,411,000 |
Liabilities | ||
Derivative instruments | 85,618,000 | 77,160,000 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Other short-term investments | 0 | |
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Equity securities with readily determinable fair value not held for trading | 2,438,000 | 11,383,000 |
Securities | 2,438,000 | 11,383,000 |
Mortgage loans held for sale (at fair value) | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Derivative instruments | 0 | 0 |
Assets measured at fair value | 2,438,000 | 11,383,000 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Assets | ||
Other short-term investments | 6,024,000 | |
Debt securities available for sale | ||
Debt securities available for sale | 1,033,797,000 | 1,057,621,000 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Securities | 1,033,797,000 | 1,057,621,000 |
Mortgage loans held for sale (at fair value) | 25,952,000 | 62,438,000 |
Bank owned life insurance | 232,736,000 | 228,412,000 |
Mortgage servicing rights (MSRs) | 0 | 0 |
Derivative instruments | 87,144,000 | 78,250,000 |
Assets measured at fair value | 1,385,653,000 | 1,426,721,000 |
Liabilities | ||
Derivative instruments | 85,618,000 | 77,160,000 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Assets | ||
Other short-term investments | 0 | |
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 |
Securities | 0 | 0 |
Mortgage loans held for sale (at fair value) | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Mortgage servicing rights (MSRs) | 1,306,000 | 1,307,000 |
Derivative instruments | 0 | 0 |
Assets measured at fair value | 1,306,000 | 1,307,000 |
Liabilities | ||
Derivative instruments | 0 | 0 |
U.S. government-sponsored enterprise debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 414,635,000 | 437,674,000 |
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 | 414,635,000 | 437,674,000 |
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 | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 252,578,000 | 280,700,000 |
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 | 252,578,000 | 280,700,000 |
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 | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 355,987,000 | 330,821,000 |
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 | 355,987,000 | 330,821,000 |
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 |
Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 5,005,000 | 4,774,000 |
Collateralized loan obligations | 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 |
Collateralized loan obligations | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 5,005,000 | 4,774,000 |
Collateralized loan obligations | 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 | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,640,000 | 1,656,000 |
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 | 1,640,000 | 1,656,000 |
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 | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 3,952,000 | 1,996,000 |
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 | 3,952,000 | 1,996,000 |
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 - Sch_2
Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 7,073,387 | $ 6,857,194 |
Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 29,712 | 34,454 |
Specific Reserves | Collateralized Loan Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 8,567 | 5,179 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 87,584 | |
Total Write Downs | 9,933 | 3,900 |
Fair Value, Measurements, Nonrecurring | Loans held for sale, at lower of fair value or cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 43,257 | |
Total Write Downs | 5,562 | |
Fair Value, Measurements, Nonrecurring | 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 | 24,146 | 30,158 |
Total Write Downs | 4,371 | 3,851 |
Fair Value, Measurements, Nonrecurring | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 20,181 | |
Total Write Downs | 0 | |
Fair Value, Measurements, Nonrecurring | 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 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for sale, at lower of fair value or cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Fair Value, Measurements, Nonrecurring | 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 | 0 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Fair Value, Measurements, Nonrecurring | 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 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Loans held for sale, at lower of fair value or cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Fair Value, Measurements, Nonrecurring | 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 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 87,584 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Loans held for sale, at lower of fair value or cost | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 43,257 | |
Fair Value, Measurements, Nonrecurring | Significant 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 | 24,146 | $ 30,158 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other Real Estate Owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 20,181 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Internal Models with Unobservable Market Inputs (Level 3) | Sep. 30, 2023 |
Collateral dependent loans | Minimum | Discount Range | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0 |
Collateral dependent loans | Minimum | Discount Range | Inventory | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0 |
Collateral dependent loans | Minimum | Discount Range | Accounts receivables | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0 |
Collateral dependent loans | Minimum | Discount Range | Equipment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0 |
Collateral dependent loans | Minimum | Typical Discount | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.06 |
Collateral dependent loans | Minimum | Typical Discount | Inventory | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.30 |
Collateral dependent loans | Minimum | Typical Discount | Accounts receivables | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.20 |
Collateral dependent loans | Minimum | Typical Discount | Equipment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.20 |
Collateral dependent loans | Maximum | Discount Range | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.30 |
Collateral dependent loans | Maximum | Discount Range | Inventory | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 1 |
Collateral dependent loans | Maximum | Discount Range | Accounts receivables | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 1 |
Collateral dependent loans | Maximum | Discount Range | Equipment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 1 |
Collateral dependent loans | Maximum | Typical Discount | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.07 |
Collateral dependent loans | Maximum | Typical Discount | Inventory | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.50 |
Collateral dependent loans | Maximum | Typical Discount | Accounts receivables | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.30 |
Collateral dependent loans | Maximum | Typical Discount | Equipment | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.30 |
OREO and other repossessed assets | Minimum | Typical Discount | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.06 |
OREO and other repossessed assets | Maximum | Typical Discount | Appraisal value, as adjusted | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unobservable input | 0.07 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Minimum outstanding balance of loans for third party appraisal | $ 1,000,000 | |||
Other repossessed assets | $ 6,400,000 | |||
Loss on sale of other repossessed assets | $ 2,649,000 | $ 0 | ||
Repossessed asset | $ 0 |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Estimated Fair Value of Financial Instruments where Fair Value Differs from Carrying Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Debt securities held to maturity, carrying value | $ 230,254 | $ 242,101 |
Debt securities held to maturity, fair value | 195,165 | 217,609 |
Carrying Value | ||
Financial assets: | ||
Loans | 3,319,421 | 3,314,553 |
Financial liabilities: | ||
Time deposits | 1,579,458 | 1,119,510 |
Advances from the FHLB | 595,000 | 906,486 |
Carrying Value | Senior notes | ||
Financial liabilities: | ||
Senior notes | 59,447 | 59,210 |
Carrying Value | Subordinated notes | ||
Financial liabilities: | ||
Junior subordinated debentures | 29,412 | 29,284 |
Carrying Value | Junior subordinated debentures | ||
Financial liabilities: | ||
Junior subordinated debentures | 64,178 | 64,178 |
Estimated Fair Value | ||
Financial assets: | ||
Loans | 3,145,042 | 3,181,696 |
Financial liabilities: | ||
Time deposits | 1,569,852 | 1,099,294 |
Advances from the FHLB | 588,604 | 873,852 |
Estimated Fair Value | Senior notes | ||
Financial liabilities: | ||
Senior notes | 56,293 | 58,755 |
Estimated Fair Value | Subordinated notes | ||
Financial liabilities: | ||
Junior subordinated debentures | 28,481 | 28,481 |
Estimated Fair Value | Junior subordinated debentures | ||
Financial liabilities: | ||
Junior subordinated debentures | $ 63,237 | $ 64,182 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Net income before attribution of noncontrolling interest | $ 21,741 | $ 17,490 | $ 48,729 | $ 40,145 | ||||
Noncontrolling interest | (378) | $ (262) | $ (244) | (44) | $ (72) | $ (1,076) | (884) | (1,192) |
Net income attributable to Amerant Bancorp Inc. | $ 22,119 | $ 7,308 | $ 20,186 | $ 17,534 | $ 8,424 | $ 15,379 | $ 49,613 | $ 41,337 |
Basic weighted average shares outstanding (in shares) | 33,489,560 | 33,476,418 | 33,537,759 | 33,985,856 | ||||
Dilutive effect of share-based compensation awards (in shares) | 207,060 | 270,460 | 218,756 | 267,706 | ||||
Diluted weighted average shares outstanding (in shares) | 33,696,620 | 33,746,878 | 33,756,515 | 34,253,562 | ||||
Basic earnings per common share (in dollars per share) | $ 0.66 | $ 0.52 | $ 1.48 | $ 1.22 | ||||
Diluted earnings per common share (in dollars per share) | $ 0.66 | $ 0.52 | $ 1.47 | $ 1.21 | ||||
Non-vested shares (in shares) | 577,511 | 532,867 | 577,511 | 532,867 |